* | Consent of Independent Registered Public Accounting Firm, attached as Exhibit 23.1 to this report and incorporated herein by reference; |
* | Part II, Item 6: Selected Financial Data, attached as Exhibit 99.1 to this report and incorporated herein by reference; |
* | Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations, attached as Exhibit 99.2 to this report and incorporated herein by reference; |
* | Consolidated Financial Statements of the Company and Notes thereto, included in Part II, Item 8, attached as Exhibit 99.3 to this report and incorporated herein by reference; and |
* | Part IV, Item 15: Financial Statement Schedule, attached as Exhibit 99.4 to this report and incorporated herein by reference. |
23.1 | Consent of Independent Registered Public Accounting Firm. |
99.1 | Part II, Item 6 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011: Selected Financial Data, revised only to reflect the reclassification. |
99.2 | Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011: Management’s Discussion and Analysis of Financial Condition and Results of Operations, revised only to reflect the reclassification. |
99.3 | Consolidated Financial Statements of the Company and Notes thereto, included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, revised only to reflect the reclassification (included with the Consolidated Financial Statements is the Report of the Independent Registered Public Accounting Firm dated February 27, 2012, except with respect to the opinion on the consolidated financial statements insofar as it relates to the effects of the presentation of discontinued operations discussed in Note 5 and the adoption of the new comprehensive income disclosure discussed in Note 1, as to which the date is May 2, 2012). |
99.4 | Part IV, Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011: Financial Statement Schedule, revised only to reflect the reclassification. |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
Exhibit No. | Description | Page | ||
23.1 | Consent of Independent Registered Public Accounting Firm. | |||
99.1 | Part II, Item 6 of Visteon Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011: Selected Financial Data, revised only to reflect the reclassification. | |||
99.2 | Part II, Item 7 of Visteon Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011: Management’s Discussion and Analysis of Financial Condition and Results of Operations, revised only to reflect the reclassification. | |||
99.3 | Consolidated Financial Statements of Visteon Corporation and Notes thereto, included in Part II, Item 8 of Visteon Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011, revised only to reflect the reclassification (included with the Consolidated Financial Statements is the Report of the Independent Registered Public Accounting Firm dated February 27, 2012, except with respect to the opinion on the consolidated financial statements insofar as it relates to the effects of the presentation of discontinued operations discussed in Note 5 and the adoption of the new comprehensive income disclosure discussed in Note 1, as to which the date is May 2, 2012). | |||
99.4 | Part IV, Item 15 of Visteon Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011: Financial Statement Schedule, revised only to reflect the reclassification. | |||
101.INS | XBRL Instance Document. | |||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
Successor | Predecessor | |||||||||||||||||||||||
Year Ended December 31 | Three months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | Year Ended December 31 | Year Ended December 31 | |||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
(Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||||||||||
Statement of Operations Data | ||||||||||||||||||||||||
Net sales | $ | 7,532 | $ | 1,778 | $ | 5,244 | $ | 6,328 | $ | 8,963 | $ | 10,727 | ||||||||||||
Gross margin | 618 | 244 | 549 | 618 | 494 | 613 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | 337 | 129 | 1,130 | 299 | (465 | ) | (230 | ) | ||||||||||||||||
Net income (loss) from continuing operations | 210 | 105 | 982 | 227 | (583 | ) | (250 | ) | ||||||||||||||||
Income (loss) from discontinued operations, net of tax | (56 | ) | — | 14 | (43 | ) | (64 | ) | (79 | ) | ||||||||||||||
Net income (loss) | 154 | 105 | 996 | 184 | (647 | ) | (329 | ) | ||||||||||||||||
Net income attributable to non-controlling interests | 74 | 19 | 56 | 56 | 34 | 43 | ||||||||||||||||||
Net income (loss) attributable to Visteon Corporation: | ||||||||||||||||||||||||
Net income (loss) from continuing operations | 136 | 86 | 926 | 171 | (617 | ) | (293 | ) | ||||||||||||||||
Income (loss) from discontinued operations | (56 | ) | — | 14 | (43 | ) | (64 | ) | (79 | ) | ||||||||||||||
Net income (loss) attributable to Visteon Corporation | $ | 80 | $ | 86 | $ | 940 | $ | 128 | $ | (681 | ) | $ | (372 | ) | ||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Continuing operations | $ | 2.65 | $ | 1.71 | $ | 7.10 | $ | 1.31 | $ | (4.77 | ) | $ | (2.26 | ) | ||||||||||
Discontinued operations | (1.09 | ) | — | 0.11 | (0.33 | ) | (0.49 | ) | (0.61 | ) | ||||||||||||||
Basic earnings (loss) attributable to Visteon Corporation | $ | 1.56 | $ | 1.71 | $ | 7.21 | $ | 0.98 | $ | (5.26 | ) | $ | (2.87 | ) | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Continuing operations | $ | 2.62 | $ | 1.66 | $ | 7.10 | $ | 1.31 | $ | (4.77 | ) | $ | (2.26 | ) | ||||||||||
Discontinued operations | (1.08 | ) | — | 0.11 | (0.33 | ) | (0.49 | ) | (0.61 | ) | ||||||||||||||
Diluted earnings (loss) attributable to Visteon Corporation | $ | 1.54 | $ | 1.66 | $ | 7.21 | $ | 0.98 | $ | (5.26 | ) | $ | (2.87 | ) | ||||||||||
Balance Sheet Data | ||||||||||||||||||||||||
Total assets | $ | 4,969 | $ | 5,208 | N/A | $ | 5,019 | $ | 5,248 | $ | 7,205 | |||||||||||||
Total debt | $ | 599 | $ | 561 | N/A | $ | 231 | $ | 2,762 | $ | 2,840 | |||||||||||||
Total Visteon Corporation shareholders' equity (deficit) | $ | 1,307 | $ | 1,260 | N/A | $ | (772 | ) | $ | (887 | ) | $ | (90 | ) | ||||||||||
Statement of Cash Flows Data | ||||||||||||||||||||||||
Cash provided from (used by) operating activities | $ | 175 | $ | 154 | $ | 20 | $ | 141 | $ | (116 | ) | $ | 293 | |||||||||||
Cash used by investing activities | $ | (331 | ) | $ | (76 | ) | $ | (75 | ) | $ | (123 | ) | $ | (208 | ) | $ | (177 | ) | ||||||
Cash (used by) provided from financing activities | $ | (3 | ) | $ | (40 | ) | $ | (42 | ) | $ | (259 | ) | $ | (193 | ) | $ | 547 |
Light Vehicle Sales | Light Vehicle Production | ||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||
Global | 74.2 | 71.4 | 3.8 | % | 76.6 | 74.4 | 2.9 | % | |||||||||
North America | 15.3 | 14.0 | 9.4 | % | 13.1 | 11.9 | 9.9 | % | |||||||||
South America | 5.4 | 5.0 | 8.1 | % | 4.3 | 4.1 | 3.4 | % | |||||||||
Europe | 19.3 | 18.4 | 4.7 | % | 20.1 | 19.1 | 5.2 | % | |||||||||
China | 18.0 | 17.4 | 3.7 | % | 17.5 | 16.1 | 2.3 | % | |||||||||
Japan/Korea | 5.7 | 6.4 | (11.2 | )% | 12.5 | 13.3 | (6.0 | )% | |||||||||
India | 2.9 | 2.7 | 6.9 | % | 3.6 | 3.2 | 10.0 | % | |||||||||
ASEAN | 2.4 | 2.3 | 1.5 | % | 2.8 | 2.9 | (4.1 | )% |
• | In March 2012, the Company entered into an agreement to sell its Lighting business for $92 million in cash (the "Lighting Transaction"). The Lighting Transaction, which is subject to regulatory reviews and other conditions, is expected to be completed in the third quarter of 2012. The Company's Lighting business, which has operations located in Novy Jicin and Rychvald, Czech Republic, Monterrey, Mexico and Pune, India that manufacture front and rear lighting systems, auxiliary lamps and key subcomponents such as projectors and electronic modules, recorded sales for the year ended December 31, 2011 of $531 million. The results of operations of the Lighting business have been reclassified to “Income from discontinued operations, net of tax” in the Consolidated Statements of Operations for all the periods presented. |
• | During January 2012 the Company reached agreements for the closure of the Cadiz Electronics operation in El Puerto de Santa Maria, Spain. These agreements were subsequently ratified by the workforce and approved by governmental authorities in February 2012. |
• | In November 2011, Visteon and Yanfeng Visteon Automotive Trim Systems, Co. Ltd. ("YFV"), a 50% owned non-consolidated affiliate of the Company, entered into a non-binding memorandum of understanding with respect to a potential transaction that would combine the majority of Visteon’s Interiors business with YFV. |
• | During the fourth quarter of 2011 the Company commenced a program designed to commonize global business systems and processes across its Climate operations for the purpose of reducing costs. |
• | In November 2011, Visteon completed the acquisition of a 37.5% non-controlling interest in Wuhu Bonaire Auto Electrical Systems Co., Ltd. ("Bonaire"), through its 70% owned consolidated affiliate Halla Climate Control Corporation. Bonaire is a subsidiary of Chery Technology and a major supplier to Chinese vehicle manufacturer Chery Automobile Co., Ltd. Bonaire develops and manufactures heating, ventilation and air conditioning systems and engine cooling systems. |
• | On October 31, 2011, the Company sold a portion of its ownership interest in Duckyang Industry Co. Ltd ("Duckyang"), an Interiors joint venture, which resulted in the deconsolidation of Duckyang from the Company's financial statements. |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Increase/ | |||||||||||||
2011 | 2010 | 2010 | (Decrease) | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Product sales | $ | 7,532 | $ | 1,777 | $ | 5,102 | $ | 653 | ||||||||
Product gross margin | 618 | 244 | 547 | (173 | ) | |||||||||||
Equity in net income of non-consolidated affiliates | 168 | 41 | 105 | 22 | ||||||||||||
Net income attributable to Visteon Corporation | 80 | 86 | 940 | (946 | ) | |||||||||||
Adjusted EBITDA* | 685 | 109 | 505 | 71 | ||||||||||||
Cash provided from operating activities | 175 | 154 | 20 | 1 | ||||||||||||
Free Cash Flow* | (83 | ) | 62 | (97 | ) | (48 | ) | |||||||||
* Adjusted EBITDA and Free Cash Flow are Non-GAAP financial measures, as further discussed below. |
Net Sales | Gross Margin | Net Income | |||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||||||||
Yanfeng | $ | 3,014 | $ | 2,573 | $ | 1,452 | $ | 473 | $ | 398 | $ | 217 | $ | 246 | $ | 218 | $ | 118 | |||||||||||||||||
All other | 1,681 | 893 | 711 | 176 | 142 | 109 | 90 | 71 | 42 | ||||||||||||||||||||||||||
$ | 4,695 | $ | 3,466 | $ | 2,163 | $ | 649 | $ | 540 | $ | 326 | $ | 336 | $ | 289 | $ | 160 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Net income attributable to Visteon | $ | 80 | $ | 86 | $ | 940 | $ | 128 | ||||||||
Interest expense, net | 27 | 9 | 159 | 106 | ||||||||||||
Provision for income taxes | 127 | 24 | 148 | 72 | ||||||||||||
Depreciation and amortization | 295 | 69 | 185 | 307 | ||||||||||||
Asset impairments | — | — | 4 | 10 | ||||||||||||
Loss on debt extinguishment | 24 | — | — | — | ||||||||||||
Restructuring expenses, net | 24 | 27 | 14 | 18 | ||||||||||||
Reorganization expenses, net | — | — | (938 | ) | 60 | |||||||||||
Deconsolidation gains | (8 | ) | — | — | (95 | ) | ||||||||||
Other (income) expense, net | (5 | ) | 13 | 22 | (20 | ) | ||||||||||
OPEB and other employee charges | 11 | (146 | ) | (30 | ) | (195 | ) | |||||||||
Other non-operating costs, net | 19 | 25 | (15 | ) | 7 | |||||||||||
Discontinued operations | 91 | 2 | 16 | 56 | ||||||||||||
Adjusted EBITDA | $ | 685 | $ | 109 | $ | 505 | $ | 454 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Cash provided from operating activities | $ | 175 | $ | 154 | $ | 20 | $ | 141 | ||||||||
Capital expenditures | (258 | ) | (92 | ) | (117 | ) | (151 | ) | ||||||||
Free Cash Flow | $ | (83 | ) | $ | 62 | $ | (97 | ) | $ | (10 | ) |
Climate | Electronics | Interiors | Eliminations | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Twelve months ended December 31, 2011 - Successor | $ | 4,053 | $ | 1,367 | $ | 2,285 | $ | (173 | ) | $ | 7,532 | ||||||||
Three months ended December 31, 2010 - Successor | 954 | 326 | 554 | (57 | ) | 1,777 | |||||||||||||
Nine months ended October 1, 2010 - Predecessor | 2,660 | 935 | 1,641 | (134 | ) | 5,102 | |||||||||||||
Increase | $ | 439 | $ | 106 | $ | 90 | $ | 18 | $ | 653 | |||||||||
Twelve months ended December 31, 2011 - Successor | |||||||||||||||||||
Volume and mix | $ | 322 | $ | 82 | $ | 178 | $ | 43 | $ | 625 | |||||||||
Currency | 161 | 58 | 139 | — | 358 | ||||||||||||||
Divestitures and closures | — | (21 | ) | (145 | ) | — | (166 | ) | |||||||||||
Duckyang deconsolidation | — | — | (83 | ) | — | (83 | ) | ||||||||||||
Other | (44 | ) | (13 | ) | 1 | (25 | ) | (81 | ) | ||||||||||
Total | $ | 439 | $ | 106 | $ | 90 | $ | 18 | $ | 653 |
Climate | Electronics | Interiors | Eliminations | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Twelve months ended December 31, 2011 - Successor | $ | 3,702 | $ | 1,239 | $ | 2,146 | $ | (173 | ) | $ | 6,914 | ||||||||
Three months ended December 31, 2010 - Successor | 836 | 237 | 517 | (57 | ) | 1,533 | |||||||||||||
Nine months ended October 1, 2010 - Predecessor | 2,338 | 799 | 1,552 | (134 | ) | 4,555 | |||||||||||||
Increase | $ | 528 | $ | 203 | $ | 77 | $ | 18 | $ | 826 | |||||||||
Twelve months ended December 31, 2011 - Successor | |||||||||||||||||||
Material | $ | 355 | $ | 86 | $ | 83 | $ | 47 | $ | 571 | |||||||||
Freight and duty | 4 | (4 | ) | (2 | ) | 1 | (1 | ) | |||||||||||
Labor and overhead | 149 | 112 | 34 | (19 | ) | 276 | |||||||||||||
Depreciation and amortization | 46 | 7 | (1 | ) | 5 | 57 | |||||||||||||
Other | (26 | ) | 2 | (37 | ) | (16 | ) | (77 | ) | ||||||||||
Total | $ | 528 | $ | 203 | $ | 77 | $ | 18 | $ | 826 |
Interiors | Climate | Electronics | Central | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Successor - December 31, 2010 | $ | 37 | $ | 2 | $ | 3 | $ | 1 | $ | 43 | |||||||||
Expenses | 7 | 3 | 24 | — | 34 | ||||||||||||||
Reversals | (7 | ) | (1 | ) | (2 | ) | — | (10 | ) | ||||||||||
Exchange | 2 | — | (2 | ) | — | — | |||||||||||||
Utilization | (33 | ) | (3 | ) | (4 | ) | (1 | ) | (41 | ) | |||||||||
Successor - December 31, 2011 | $ | 6 | $ | 1 | $ | 19 | $ | — | $ | 26 |
• | During the fourth quarter of 2011 the Company commenced a program designed to commonize global business systems and processes across its Climate operations for the purpose of reducing costs. Related employee severance and termination benefit costs of $3 million were recorded during 2011 associated with approximately 50 salaried and 130 hourly employees, for which severance and termination benefits were deemed probable and estimable. The Company anticipates that this program could result in the separation of approximately 500 employees at an additional cash cost of approximately $20 million in future periods when elements of the plan are finalized and the timing of activities and amount of related costs are not likely to change. |
• | The Company informed employees at its Cadiz Electronics operation in El Puerto de Santa Maria, Spain of its intention to permanently cease production and close the facility. The Company recorded $24 million primarily related to severance and termination benefits representing the minimum amount of employee separation costs pursuant to statutory regulations, all of which are expected to be cash separation payments. During January 2012 the Company reached agreements with the local unions and Spanish government for the closure of the Cadiz operation, which were subsequently ratified by the employees in February 2012. Pursuant to the agreements, the Company agreed to pay one-time termination benefits, in excess of the statutory minimum requirement, of approximately $29 million and agreed to transfer land, building and machinery with a net book value of approximately $14 million for the benefit of the employees. The Company expects to record additional charges during the first quarter of 2012 approximating $47 million in connection with the execution of these agreements. Additionally, pursuant to the Release Agreement with Ford, the Company anticipates recovery of approximately $19 million of such costs in 2012, which is in addition to approximate $4 million recovered in 2011. |
• | Additional severance and termination associated with previously announced actions at two European Interiors facilities resulting in $7 million of incremental employee-related cash costs. |
Liabilities Subject to Compromise September 30 2010 | Plan of Reorganization Adjustments | Reorganization Gain October 1, 2010 | |||||||||
(Dollars in Millions) | |||||||||||
Debt | $ | 2,490 | $ | 1,717 | $ | 773 | |||||
Employee liabilities | 324 | 218 | 106 | ||||||||
Interest payable | 183 | 160 | 23 | ||||||||
Other claims | 124 | 70 | 54 | ||||||||
$ | 3,121 | $ | 2,165 | $ | 956 |
Successor | Predecessor | |||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Dollars in Millions) | ||||||||||||
UK Administration recovery | $ | (18 | ) | $ | — | $ | — | |||||
Transformation costs | 7 | — | — | |||||||||
Reorganization-related costs, net | 8 | 14 | — | |||||||||
(Gain) loss on sale of assets | (2 | ) | (1 | ) | 22 | |||||||
$ | (5 | ) | $ | 13 | $ | 22 |
Successor | Predecessor | |||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Dollars in Millions) | ||||||||||||
Sales | $ | 515 | $ | 109 | $ | 335 | ||||||
Cost of sales | 490 | 109 | 319 | |||||||||
Gross margin | 25 | — | 16 | |||||||||
Selling, general and administrative expenses | 11 | 3 | 8 | |||||||||
Asset impairments | 66 | — | — | |||||||||
Restructuring expenses | — | 1 | 6 | |||||||||
Other expense (income), net | 2 | — | (1 | ) | ||||||||
Reorganization expenses, net | — | — | 5 | |||||||||
Operating income | (54 | ) | (4 | ) | (2 | ) | ||||||
Interest expense | 2 | 1 | 1 | |||||||||
Income before income taxes | (56 | ) | (5 | ) | (3 | ) | ||||||
(Benefit) provision for income taxes | — | (5 | ) | (17 | ) | |||||||
Net (loss) income from discontinued operations attributable to Visteon Corporation | $ | (56 | ) | $ | — | $ | 14 |
Climate | Electronics | Interiors | Eliminations | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Three months ended December 31, 2010 - Successor | $ | 954 | $ | 326 | $ | 554 | $ | (57 | ) | $ | 1,777 | ||||||||
Nine months ended October 1, 2010 - Predecessor | 2,660 | 935 | 1,641 | (134 | ) | 5,102 | |||||||||||||
Twelve months ended December 31, 2009 - Predecessor | 2,835 | 1,208 | 2,137 | (117 | ) | 6,063 | |||||||||||||
Increase / (decrease) | $ | 779 | $ | 53 | $ | 58 | $ | (74 | ) | $ | 816 | ||||||||
Three months ended December 31, 2010 - Successor | |||||||||||||||||||
Volume and mix | $ | 99 | $ | (1 | ) | $ | 29 | $ | (11 | ) | $ | 116 | |||||||
Currency | (6 | ) | (14 | ) | (11 | ) | — | (31 | ) | ||||||||||
Divestitures and closures | (2 | ) | (18 | ) | (108 | ) | — | (128 | ) | ||||||||||
Other | (5 | ) | (2 | ) | (18 | ) | (7 | ) | (32 | ) | |||||||||
Nine months ended October 1, 2010 - Predecessor | |||||||||||||||||||
Volume and mix | 617 | 146 | 316 | (80 | ) | 999 | |||||||||||||
Currency | 97 | (1 | ) | 84 | — | 180 | |||||||||||||
Divestitures and closures | (20 | ) | (52 | ) | (222 | ) | — | (294 | ) | ||||||||||
Other | (1 | ) | (5 | ) | (12 | ) | 24 | 6 | |||||||||||
Total | $ | 779 | $ | 53 | $ | 58 | $ | (74 | ) | $ | 816 |
Climate | Electronics | Interiors | Eliminations | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Three months ended December 31, 2010 - Successor | $ | 836 | $ | 237 | $ | 517 | $ | (57 | ) | $ | 1,533 | ||||||||
Nine months ended October 1, 2010 - Predecessor | 2,338 | 799 | 1,552 | (134 | ) | 4,555 | |||||||||||||
Twelve months ended December 31, 2009 - Predecessor | 2,461 | 1,083 | 2,022 | (117 | ) | 5,449 | |||||||||||||
Increase / (decrease) | $ | 713 | $ | (47 | ) | $ | 47 | $ | (74 | ) | $ | 639 | |||||||
Three months ended December 31, 2010 - Successor | |||||||||||||||||||
Material | $ | 76 | $ | (7 | ) | $ | (56 | ) | $ | (11 | ) | $ | 2 | ||||||
Freight and duty | 6 | 2 | (5 | ) | 1 | 4 | |||||||||||||
Labor and overhead | 21 | (16 | ) | (25 | ) | (2 | ) | (22 | ) | ||||||||||
Depreciation and amortization | 1 | (3 | ) | (5 | ) | 6 | (1 | ) | |||||||||||
Other | 45 | (22 | ) | 36 | (1 | ) | 58 | ||||||||||||
Nine months ended October 1, 2010 - Predecessor | |||||||||||||||||||
Material | 428 | 75 | 95 | (83 | ) | 515 | |||||||||||||
Freight and duty | 31 | 15 | 7 | (2 | ) | 51 | |||||||||||||
Labor and overhead | 77 | (1 | ) | (2 | ) | 16 | 90 | ||||||||||||
Depreciation and amortization | (1 | ) | (5 | ) | (9 | ) | (23 | ) | (38 | ) | |||||||||
Other | 29 | (85 | ) | 11 | 25 | (20 | ) | ||||||||||||
Total | $ | 713 | $ | (47 | ) | $ | 47 | $ | (74 | ) | $ | 639 |
Interiors | Climate | Electronics | Central | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Predecessor - December 31, 2009 | $ | 21 | $ | — | $ | 13 | $ | 5 | $ | 39 | |||||||||
Expenses | 6 | 1 | 2 | 11 | 20 | ||||||||||||||
Exchange | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Utilization | (9 | ) | (1 | ) | (13 | ) | (14 | ) | (37 | ) | |||||||||
Predecessor - October 1, 2010 | $ | 17 | $ | — | $ | 2 | $ | 2 | $ | 21 | |||||||||
Expenses | 24 | 2 | 1 | 1 | 28 | ||||||||||||||
Exchange | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Utilization | (3 | ) | — | — | (2 | ) | (5 | ) | |||||||||||
Successor - December 31, 2010 | $ | 37 | $ | 2 | $ | 3 | $ | 1 | $ | 43 |
• | The non-recurrence of certain 2009 discrete items including $59 million of benefits associated with changes in uncertain tax positions, including interest and penalties; $12 million of expense associated with the establishment of a deferred tax valuation allowance for the Company’s operations in Spain; $12 million of expense associated with changes in accumulated other comprehensive income; and $3 million of expense for tax law changes. |
• | Lower tax expense in jurisdictions where the Company is profitable and records income and withholding tax of $19 million. |
• | Income tax of $47 million associated with the adoption of fresh-start accounting on October 1, 2010. |
• | $25 million increase in tax expense primarily attributable to overall higher earnings in those jurisdictions where the Company is profitable, which includes the year-over-year impact of changes in the mix of earnings and differing tax rates between jurisdictions. |
• | $9 million increase in uncertain tax positions, including interest and penalties. |
• | The non-recurrence of a 2009 net benefit associated with changes in accumulated other comprehensive income of $6 million. |
Successor | Predecessor | |||||||||||
Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | ||||||||||
2010 | 2010 | 2009 | ||||||||||
(Dollars in Millions) | ||||||||||||
Sales | $ | 109 | $ | 335 | $ | 357 | ||||||
Cost of sales | 109 | 319 | 378 | |||||||||
Gross margin | — | 16 | (21 | ) | ||||||||
Selling, general and administrative expenses | 3 | 8 | 10 | |||||||||
Asset impairments | — | — | (1 | ) | ||||||||
Restructuring expenses | 1 | 6 | 4 | |||||||||
Other (income) expense, net | — | (1 | ) | — | ||||||||
Reorganization expenses, net | — | 5 | — | |||||||||
Operating loss | (4 | ) | (2 | ) | (34 | ) | ||||||
Interest expense | 1 | 1 | — | |||||||||
Equity in net income of non-consolidated Affiliates | — | — | (1 | ) | ||||||||
Loss before income taxes | (5 | ) | (3 | ) | (35 | ) | ||||||
(Benefit) provision for income taxes | (5 | ) | (17 | ) | 8 | |||||||
Net income (loss) from discontinued operations attributable to Visteon Corporation | $ | — | $ | 14 | $ | (43 | ) |
Total | 2012 | 2013-2014 | 2015-2016 | 2017 & After | |||||||||||||||
Debt, including capital leases | $ | 599 | $ | 87 | $ | 12 | $ | 5 | $ | 495 | |||||||||
Purchase obligations | 212 | 126 | 83 | 3 | — | ||||||||||||||
Interest payments on long-term debt (a) | 211 | 40 | 69 | 68 | 34 | ||||||||||||||
Operating leases | 125 | 31 | 42 | 21 | 31 | ||||||||||||||
Total contractual obligations | $ | 1,147 | $ | 284 | $ | 206 | $ | 97 | $ | 560 |
(a) | Payments do not assume the replenishment of retired debt. |
• | The estimate involves matters that are highly uncertain at the time the accounting estimate is made; and |
• | Different estimates or changes to an estimate could have a material impact on the reported financial position, changes in financial condition or results of operations. |
• | Long-term rate of return on plan assets: The expected long-term rate of return is used to calculate net periodic pension cost. The required use of the expected long-term rate of return on plan assets may result in recognized returns that are greater or less than the actual returns on those plan assets in any given year. Over time, however, the expected long-term rate of return on plan assets is designed to approximate actual earned long-term returns. The expected long-term rate of return for pension assets has been chosen based on various inputs, including historical returns for the different asset classes held by the Company’s trusts and its asset allocation, as well as inputs from internal and external sources regarding expected capital market returns, inflation and other variables. In determining its pension expense for 2011, the Company used long-term rates of return on plan assets ranging from 3.25% to 10.00% outside the U.S. and 7.5% in the U.S. The Company has set the assumptions for its 2012 pension expense which range from 2.3% to 10.25% outside the U.S. and 7% in the U.S. |
• | Actual returns on U. S. pension assets for 2011, 2010 and 2009 were 18.2%, 18.4%, and 7.5%, respectively, compared to the expected rate of return assumption of 7.5%, 7.7%, and 8.1% respectively, for each of those years. The Company’s market-related value of pension assets reflects changes in the fair value of assets over a five-year period, with a one-third weighting to the most recent year. Market-related value was reset to fair value at October 1, 2010. |
• | Discount rate: The discount rate is used to calculate pension obligations. The discount rate assumption is based on market rates for a hypothetical portfolio of high-quality corporate bonds rated Aa or better with maturities closely matched to the timing of projected benefit payments for each plan at its annual measurement date. The Company used discount rates ranging from 1.65% to 10.25% to determine its pension and other benefit obligations as of December 31, 2011, including weighted average discount rates of 4.85% for U.S. pension plans, and 5.85% for non-U.S. pension plans. |
Impact on U.S. 2012 Pre-tax Pension Expense | Impact on U.S. Plan 2011 Funded Status | Impact on Non-U.S. 2012 Pre-tax Pension Expense | Impact on Non-U.S. Plan 2011 Funded Status | ||||
25 basis point decrease in discount rate (a) (b) | - less than $1 million | -$56 million | +$1 million | -$19 million | |||
25 basis point increase in discount rate (a) (b) | + less than $1 million | +$53 million | -$1 million | +$18 million | |||
25 basis point decrease in expected return on assets (a) | +$3 million | +$1 million | |||||
25 basis point increase in expected return on assets (a) | -$3 million | -$1 million | |||||
____________ | |||||||
(a) Assumes all other assumptions are held constant. | |||||||
(b) Excludes impact of assets used to hedge discount rate volatility. |
• | Visteon’s ability to satisfy its future capital and liquidity requirements; Visteon’s ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to Visteon; Visteon’s ability to comply with covenants applicable to it; and the continuation of acceptable supplier payment terms. |
• | Visteon’s ability to satisfy its pension and other postretirement employee benefit obligations, and to retire outstanding debt and satisfy other contractual commitments, all at the levels and times planned by management. |
• | Visteon’s ability to access funds generated by its foreign subsidiaries and joint ventures on a timely and cost effective basis. |
• | Changes in the operations (including products, product planning and part sourcing), financial condition, results of operations or market share of Visteon’s customers. |
• | Changes in vehicle production volume of Visteon’s customers in the markets where it operates, and in particular changes in Ford’s and Hyundai Kia’s vehicle production volumes and platform mix. |
• | Increases in commodity costs or disruptions in the supply of commodities, including steel, resins, aluminum, copper, fuel and natural gas. |
• | Visteon’s ability to generate cost savings to offset or exceed agreed upon price reductions or price reductions to win additional business and, in general, improve its operating performance; to achieve the benefits of its restructuring actions; and to recover engineering and tooling costs and capital investments. |
• | Visteon’s ability to compete favorably with automotive parts suppliers with lower cost structures and greater ability to rationalize operations; and to exit non-performing businesses on satisfactory terms, particularly due to limited flexibility under existing labor agreements. |
• | Restrictions in labor contracts with unions that restrict Visteon’s ability to close plants, divest unprofitable, noncompetitive businesses, change local work rules and practices at a number of facilities and implement cost-saving measures. |
• | The costs and timing of facility closures or dispositions, business or product realignments, or similar restructuring actions, including potential asset impairment or other charges related to the implementation of these actions or other adverse industry conditions and contingent liabilities. |
• | Significant changes in the competitive environment in the major markets where Visteon procures materials, components or supplies or where its products are manufactured, distributed or sold. |
• | Legal and administrative proceedings, investigations and claims, including shareholder class actions, inquiries by regulatory agencies, product liability, warranty, employee-related, environmental and safety claims and any recalls of products manufactured or sold by Visteon. |
• | Changes in economic conditions, currency exchange rates, changes in foreign laws, regulations or trade policies or political stability in foreign countries where Visteon procures materials, components or supplies or where its products are manufactured, distributed or sold. |
• | Shortages of materials or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to or difficulties in the employment of labor in the major markets where Visteon purchases materials, components or supplies to manufacture its products or where its products are manufactured, distributed or sold. |
• | Changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon’s products or assets. |
• | Possible terrorist attacks or acts of war, which could exacerbate other risks such as slowed vehicle production, interruptions in the transportation system or fuel prices and supply. |
• | The cyclical and seasonal nature of the automotive industry. |
• | Visteon’s ability to comply with environmental, safety and other regulations applicable to it and any increase in the requirements, responsibilities and associated expenses and expenditures of these regulations. |
• | Visteon’s ability to protect its intellectual property rights, and to respond to changes in technology and technological risks and to claims by others that Visteon infringes their intellectual property rights. |
• | Visteon’s ability to quickly and adequately remediate control deficiencies in its internal control over financial reporting. |
• | Other factors, risks and uncertainties detailed from time to time in Visteon’s Securities and Exchange Commission filings. |
Page No. | |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
Net sales | ||||||||||||||||
Products | $ | 7,532 | $ | 1,777 | $ | 5,102 | $ | 6,063 | ||||||||
Services | — | 1 | 142 | 265 | ||||||||||||
$ | 7,532 | $ | 1,778 | $ | 5,244 | $ | 6,328 | |||||||||
Cost of sales | ||||||||||||||||
Products | 6,914 | 1,533 | 4,555 | 5,449 | ||||||||||||
Services | — | 1 | 140 | 261 | ||||||||||||
6,914 | 1,534 | 4,695 | 5,710 | |||||||||||||
Gross margin | 618 | 244 | 549 | 618 | ||||||||||||
Selling, general and administrative expenses | 387 | 107 | 263 | 321 | ||||||||||||
Asset impairments | — | — | 4 | 10 | ||||||||||||
Restructuring expenses | 24 | 27 | 14 | 80 | ||||||||||||
Deconsolidation gains | (8 | ) | — | — | (95 | ) | ||||||||||
Other (income) expense, net | (5 | ) | 13 | 22 | (20 | ) | ||||||||||
Reorganization expenses, net | — | — | (938 | ) | 60 | |||||||||||
Reimbursement from escrow account | — | — | — | 62 | ||||||||||||
Operating income | 220 | 97 | 1,184 | 324 | ||||||||||||
Interest expense | 48 | 15 | 169 | 117 | ||||||||||||
Interest income | 21 | 6 | 10 | 11 | ||||||||||||
Loss on debt extinguishment | 24 | — | — | — | ||||||||||||
Equity in net income of non-consolidated affiliates | 168 | 41 | 105 | 81 | ||||||||||||
Income before income taxes | 337 | 129 | 1,130 | 299 | ||||||||||||
Provision for income taxes | 127 | 24 | 148 | 72 | ||||||||||||
Income from continuing operations | 210 | 105 | 982 | 227 | ||||||||||||
(Loss) income from discontinued operations, net of tax | (56 | ) | — | 14 | (43 | ) | ||||||||||
Net income | 154 | 105 | 996 | 184 | ||||||||||||
Net income attributable to non-controlling interests | 74 | 19 | 56 | 56 | ||||||||||||
Net income attributable to Visteon Corporation | $ | 80 | $ | 86 | $ | 940 | $ | 128 | ||||||||
Basic earnings (losses) per share | ||||||||||||||||
Continuing operations | $ | 2.65 | $ | 1.71 | $ | 7.10 | $ | 1.31 | ||||||||
Discontinued operations | (1.09 | ) | — | 0.11 | (0.33 | ) | ||||||||||
Basic earnings attributable to Visteon Corporation | $ | 1.56 | $ | 1.71 | $ | 7.21 | $ | 0.98 | ||||||||
Diluted earnings (losses) per share | ||||||||||||||||
Continuing operations | $ | 2.62 | $ | 1.66 | $ | 7.10 | $ | 1.31 | ||||||||
Discontinued operations | (1.08 | ) | — | 0.11 | (0.33 | ) | ||||||||||
Diluted earnings attributable to Visteon Corporation | $ | 1.54 | $ | 1.66 | $ | 7.21 | $ | 0.98 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
Net income | $ | 154 | $ | 105 | $ | 996 | $ | 184 | ||||||||
Other comprehensive (loss) income, net of tax | ||||||||||||||||
Foreign currency translation adjustments | (53 | ) | 3 | 20 | (108 | ) | ||||||||||
Benefit plans | (26 | ) | 51 | (232 | ) | 92 | ||||||||||
Unrealized hedging (losses) gains and other | (9 | ) | (1 | ) | 5 | 10 | ||||||||||
Other comprehensive (loss) income, net of tax | (88 | ) | 53 | (207 | ) | (6 | ) | |||||||||
Comprehensive income | 66 | 158 | 789 | 178 | ||||||||||||
Comprehensive income attributable to non-controlling interests | 61 | 22 | 65 | 65 | ||||||||||||
Comprehensive income attributable to Visteon Corporation | $ | 5 | $ | 136 | $ | 724 | $ | 113 |
December 31 | ||||||||
2011 | 2010 | |||||||
(Dollars in Millions) | ||||||||
ASSETS | ||||||||
Cash and equivalents | $ | 723 | $ | 905 | ||||
Restricted cash | 23 | 74 | ||||||
Accounts receivable, net | 1,063 | 1,092 | ||||||
Inventories, net | 381 | 364 | ||||||
Other current assets | 304 | 267 | ||||||
Total current assets | 2,494 | 2,702 | ||||||
Property and equipment, net | 1,412 | 1,576 | ||||||
Equity in net assets of non-consolidated affiliates | 644 | 439 | ||||||
Intangible assets, net | 353 | 402 | ||||||
Other non-current assets | 66 | 89 | ||||||
Total assets | $ | 4,969 | $ | 5,208 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Short-term debt, including current portion of long-term debt | $ | 87 | $ | 78 | ||||
Accounts payable | 1,010 | 1,203 | ||||||
Accrued employee liabilities | 189 | 196 | ||||||
Other current liabilities | 267 | 365 | ||||||
Total current liabilities | 1,553 | 1,842 | ||||||
Long-term debt | 512 | 483 | ||||||
Employee benefits | 495 | 526 | ||||||
Deferred tax liabilities | 187 | 190 | ||||||
Other non-current liabilities | 225 | 217 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding at December 31, 2011 and 2010) | — | — | ||||||
Common stock (par value $0.01, 250 million shares authorized, 52 million and 51 million shares issued and outstanding at December 31, 2011 and 2010, respectively) | 1 | 1 | ||||||
Stock warrants | 13 | 29 | ||||||
Additional paid-in capital | 1,165 | 1,099 | ||||||
Retained earnings | 166 | 86 | ||||||
Accumulated other comprehensive (loss) income | (25 | ) | 50 | |||||
Treasury stock | (13 | ) | (5 | ) | ||||
Total Visteon Corporation shareholders’ equity | 1,307 | 1,260 | ||||||
Non-controlling interests | 690 | 690 | ||||||
Total shareholders’ equity | 1,997 | 1,950 | ||||||
Total liabilities and shareholders’ equity | $ | 4,969 | $ | 5,208 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Operating Activities | ||||||||||||||||
Net income | $ | 154 | $ | 105 | $ | 996 | $ | 184 | ||||||||
Adjustments to reconcile net income to net cash provided from operating activities: | ||||||||||||||||
Depreciation and amortization | 316 | 73 | 207 | 352 | ||||||||||||
Asset impairments | 66 | — | 4 | 9 | ||||||||||||
Equity in net income of non-consolidated affiliates, net of dividends remitted | (122 | ) | (41 | ) | (92 | ) | (38 | ) | ||||||||
Loss on debt extinguishment | 24 | — | — | — | ||||||||||||
Deconsolidation gains | (8 | ) | — | — | (95 | ) | ||||||||||
Pension and OPEB, net | — | (146 | ) | (41 | ) | (215 | ) | |||||||||
Reorganization items | — | — | (933 | ) | 60 | |||||||||||
Other non-cash items | 35 | 44 | 61 | (12 | ) | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | (102 | ) | (53 | ) | (79 | ) | (127 | ) | ||||||||
Inventories | (33 | ) | 5 | (75 | ) | 33 | ||||||||||
Accounts payable | (25 | ) | 174 | 55 | 79 | |||||||||||
Income taxes deferred and payable, net | (5 | ) | — | 12 | 47 | |||||||||||
Other assets and other liabilities | (125 | ) | (7 | ) | (95 | ) | (136 | ) | ||||||||
Net cash provided from operating activities | 175 | 154 | 20 | 141 | ||||||||||||
Investing Activities | ||||||||||||||||
Capital expenditures | (258 | ) | (92 | ) | (117 | ) | (151 | ) | ||||||||
Cash associated with deconsolidations | (52 | ) | — | — | (11 | ) | ||||||||||
Acquisitions of joint venture interests | (29 | ) | — | (3 | ) | (30 | ) | |||||||||
Proceeds from divestitures and asset sales | 14 | 16 | 45 | 69 | ||||||||||||
Other | (6 | ) | — | — | — | |||||||||||
Net cash used by investing activities | (331 | ) | (76 | ) | (75 | ) | (123 | ) | ||||||||
Financing Activities | ||||||||||||||||
Short-term debt, net | 17 | 6 | (9 | ) | (19 | ) | ||||||||||
Cash restriction, net | 51 | 16 | 43 | (133 | ) | |||||||||||
Proceeds from (payments on) DIP facility, net of issuance costs | — | — | (75 | ) | 71 | |||||||||||
Proceeds from rights offering, net of issuance costs | (33 | ) | — | 1,190 | — | |||||||||||
Proceeds from issuance of debt, net of issuance costs | 503 | — | 481 | 57 | ||||||||||||
Principal payments on debt | (513 | ) | (61 | ) | (1,651 | ) | (173 | ) | ||||||||
Other | (28 | ) | (1 | ) | (21 | ) | (62 | ) | ||||||||
Net cash used by financing activities | (3 | ) | (40 | ) | (42 | ) | (259 | ) | ||||||||
Effect of exchange rate changes on cash | (23 | ) | 1 | 1 | 23 | |||||||||||
Net (decrease) increase in cash and equivalents | (182 | ) | 39 | (96 | ) | (218 | ) | |||||||||
Cash and equivalents at beginning of period | 905 | 866 | 962 | 1,180 | ||||||||||||
Cash and equivalents at end of period | $ | 723 | $ | 905 | $ | 866 | $ | 962 | ||||||||
Supplemental Disclosures: | ||||||||||||||||
Cash paid for interest | $ | 51 | $ | 5 | $ | 179 | $ | 126 | ||||||||
Cash paid for income taxes, net of refunds | $ | 127 | $ | 20 | $ | 83 | $ | 77 |
Common Stock | Stock Warrants | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-Controlling Interests | Total | ||||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||||
Balance at January 1, 2009 - Predecessor | $ | 131 | $ | 127 | $ | 3,405 | $ | (4,704 | ) | $ | 157 | $ | (3 | ) | $ | 264 | $ | (623 | ) | ||||||||||||
Net income | — | — | — | 128 | — | — | 56 | 184 | |||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | (15 | ) | — | 9 | (6 | ) | |||||||||||||||||||||
Stock-based compensation, net | — | — | 2 | — | — | — | — | 2 | |||||||||||||||||||||||
Cash dividends | — | — | — | — | — | — | (12 | ) | (12 | ) | |||||||||||||||||||||
Balance at December 31, 2009 - Predecessor | $ | 131 | $ | 127 | $ | 3,407 | $ | (4,576 | ) | $ | 142 | $ | (3 | ) | $ | 317 | $ | (455 | ) | ||||||||||||
Net income | — | — | — | 940 | — | — | 56 | 996 | |||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | (216 | ) | — | 9 | (207 | ) | |||||||||||||||||||||
Stock-based compensation, net | — | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||||
Cash dividends | — | — | — | — | — | — | (23 | ) | (23 | ) | |||||||||||||||||||||
Reorganization and fresh-start related adjustments | (130 | ) | (86 | ) | (2,345 | ) | 3,636 | 74 | 3 | 308 | 1,460 | ||||||||||||||||||||
Balance at October 1, 2010 - Successor | $ | 1 | $ | 41 | $ | 1,063 | $ | — | $ | — | $ | — | $ | 667 | $ | 1,772 | |||||||||||||||
Net income | — | — | — | 86 | — | — | 19 | 105 | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 50 | — | 3 | 53 | |||||||||||||||||||||||
Stock-based compensation, net | — | — | 21 | — | — | (5 | ) | — | 16 | ||||||||||||||||||||||
Warrant exercises | — | (12 | ) | 15 | — | — | — | — | 3 | ||||||||||||||||||||||
Other | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||
Balance at December 31, 2010 - Successor | $ | 1 | $ | 29 | $ | 1,099 | $ | 86 | $ | 50 | $ | (5 | ) | $ | 690 | $ | 1,950 | ||||||||||||||
Net income | — | — | — | 80 | — | — | 74 | 154 | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (75 | ) | — | (13 | ) | (88 | ) | ||||||||||||||||||||
Stock-based compensation, net | — | — | 41 | — | — | (8 | ) | — | 33 | ||||||||||||||||||||||
Warrant exercises | — | (16 | ) | 25 | — | — | — | — | 9 | ||||||||||||||||||||||
Cash dividends | — | — | — | — | — | — | (32 | ) | (32 | ) | |||||||||||||||||||||
Deconsolidation | — | — | — | — | — | — | (29 | ) | (29 | ) | |||||||||||||||||||||
Balance at December 31, 2011 - Successor | $ | 1 | $ | 13 | $ | 1,165 | $ | 166 | $ | (25 | ) | $ | (13 | ) | $ | 690 | $ | 1,997 |
• | Cancellation of any shares of Visteon common stock and any options, warrants or rights to purchase shares of Visteon common stock or other equity securities outstanding prior to the Effective Date; |
• | Issuance of approximately 45,000,000 shares of Successor common stock to certain investors in a private offering (the “Rights Offering”) exempt from registration under the Securities Act for proceeds of approximately $1.25 billion; |
• | Execution of an exit financing facility including $500 million in funded, secured debt and a $200 million asset-based, secured revolver that was undrawn at the Effective Date; and, |
• | Application of proceeds from such borrowings and sales of equity along with cash on hand to make settlement distributions contemplated under the Plan, including; |
• | cash settlement of the pre-petition seven-year secured term loan claims of approximately $1.5 billion, along with interest of approximately $160 million; |
• | cash settlement of the U.S. asset-backed lending facility (“ABL”) and related letters of credit of approximately $128 million |
• | establishment of a professional fee escrow account of $68 million; and, |
• | cash settlement of other claims and fees of approximately $119 million; |
• | Issuance of approximately 2,500,000 shares of Successor common stock to holders of pre-petition notes, including 7% Senior Notes due 2014, 8.25% Senior Notes due 2010, and 12.25% Senior Notes due 2016; holders of the 12.25% senior notes also received warrants to purchase up to 2,355,000 shares of reorganized Visteon common stock at an exercise price of $9.66 per share; |
• | Issuance of approximately 1,000,000 shares of Successor common stock and warrants to purchase up to 1,552,774 shares of Successor common stock at an exercise price of $58.80 per share for Predecessor common stock interests; |
• | Issuance of approximately 1,700,000 shares of restricted stock to management under a post-emergence share-based incentive compensation program; and, |
• | Reinstatement of certain pre-petition obligations including certain OPEB liabilities and administrative, general and other unsecured claims. |
Nine Months Ended October 1 | Year Ended December 31 | ||||||
2010 | 2009 | ||||||
(Dollars in Millions) | |||||||
Gain on settlement of Liabilities subject to compromise | $ | (956 | ) | $ | — | ||
Professional fees and other direct costs, net | 129 | 60 | |||||
Gain on adoption of fresh-start accounting | (106 | ) | — | ||||
$ | (933 | ) | $ | 60 | |||
Cash payments for reorganization expenses | $ | 111 | $ | 26 |
October 1, 2010 | |||
(Dollars in Millions) | |||
Post-petition liabilities | $ | 2,763 | |
Liabilities subject to compromise | 3,121 | ||
Total post-petition liabilities and allowed claims | 5,884 | ||
Reorganization value of assets | (5,141 | ) | |
Excess post-petition liabilities and allowed claims | $ | 743 |
Components of Reorganization Value | |||
October 1, 2010 | |||
(Dollars in Millions) | |||
Enterprise value | $ | 2,390 | |
Non-debt liabilities | 2,751 | ||
Reorganization value | $ | 5,141 |
Predecessor | Reorganization | Fair Value | Successor | ||||||||||||||
10/1/2010 | Adjustments (a) | Adjustments (b) | 10/1/2010 | ||||||||||||||
Assets | |||||||||||||||||
Cash and equivalents | $ | 918 | $ | (52 | ) | (c) | $ | — | $ | 866 | |||||||
Restricted cash | 195 | (105 | ) | (d) | — | 90 | |||||||||||
Accounts receivable, net | 1,086 | (4 | ) | (e) | — | 1,082 | |||||||||||
Inventories, net | 395 | — | 4 | (q) | 399 | ||||||||||||
Other current assets | 283 | (11 | ) | (f) | (14 | ) | (r), (aa) | 258 | |||||||||
Total current assets | 2,877 | (172 | ) | (10 | ) | 2,695 | |||||||||||
Property and equipment, net | 1,812 | — | (240 | ) | (s) | 1,572 | |||||||||||
Equity in net assets of non-consolidated affiliates | 378 | 5 | (g) | 13 | (t) | 396 | |||||||||||
Intangible assets, net | 6 | — | 361 | (u) | 367 | ||||||||||||
Goodwill | — | — | 38 | (v) | 38 | ||||||||||||
Other non-current assets | 74 | 13 | (h) | (14 | ) | (w), (aa) | 73 | ||||||||||
Total assets | $ | 5,147 | $ | (154 | ) | $ | 148 | $ | 5,141 | ||||||||
Liabilities and Stockholders’ (Deficit) Equity | |||||||||||||||||
Short-term debt, including current portion of long-term debt | $ | 128 | $ | 5 | (k) | $ | — | $ | 133 | ||||||||
Accounts payable | 1,043 | — | — | 1,043 | |||||||||||||
Accrued employee liabilities | 196 | 19 | (i) | 3 | (x) | 218 | |||||||||||
Other current liabilities | 326 | 95 | (j) | (58 | ) | (y) | 363 | ||||||||||
Total current liabilities | 1,693 | 119 | (55 | ) | 1,757 | ||||||||||||
Long-term debt | 12 | 473 | (k) | — | 485 | ||||||||||||
Employee benefits | 632 | 154 | (l) | (63 | ) | (x) | 723 | ||||||||||
Deferred income taxes | 175 | (5 | ) | (m) | 27 | (aa) | 197 | ||||||||||
Other non-current liabilities | 251 | (5 | ) | (n) | (39 | ) | (y), (aa) | 207 | |||||||||
Liabilities subject to compromise | 3,121 | (3,121 | ) | (o) | — | — | |||||||||||
Common stock — Successor | — | 1 | (p) | — | 1 | ||||||||||||
Stock warrants — Successor | — | 41 | (p) | — | 41 | ||||||||||||
Common stock — Predecessor | 131 | (131 | ) | (p) | — | — | |||||||||||
Stock warrants — Predecessor | 127 | (127 | ) | (p) | — | — | |||||||||||
Additional paid-in capital | 3,407 | (2,175 | ) | (p) | (169 | ) | (p) | 1,063 | |||||||||
Accumulated deficit | (4,684 | ) | 4,619 | (p) | 65 | (p) | — | ||||||||||
Accumulated other comprehensive loss | (74 | ) | — | 74 | (p) | — | |||||||||||
Treasury stock | (3 | ) | 3 | (p) | — | — | |||||||||||
Total Visteon shareholders’ (deficit) equity | (1,096 | ) | 2,231 | (30 | ) | 1,105 | |||||||||||
Non-controlling interests | 359 | — | 308 | (z) | 667 | ||||||||||||
Total shareholders’ (deficit) equity | (737 | ) | 2,231 | 278 | 1,772 | ||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 5,147 | $ | (154 | ) | $ | 148 | $ | 5,141 |
a. | Records adjustments necessary to give effect to the Plan, including the receipt of cash proceeds associated with the Rights Offering and Exit Facility, settlement of liabilities subject to compromise, elimination of Predecessor equity and other transactions as contemplated under the Plan. These adjustments resulted in a pre-tax gain on the settlement of liabilities |
b. | Records adjustments necessary to reflect assets and liabilities at fair value and to eliminate Accumulated deficit and Accumulated other comprehensive income/(loss). These adjustments resulted in a pre-tax gain of $106 million in the nine-month Predecessor period ended October 1, 2010. Adjustments to record assets and liabilities at fair value on the Effective Date are as follows (dollars in millions): |
Inventory | $ | 4 | |
Property and equipment | (240 | ) | |
Equity in net assets of non-consolidated affiliates | 13 | ||
Intangible assets | 361 | ||
Goodwill | 38 | ||
Other assets | (14 | ) | |
Employee benefits | 60 | ||
Other liabilities | 97 | ||
Non-controlling interests | (308 | ) | |
Elimination of Predecessor accumulated other comprehensive loss and other equity | 95 | ||
Pre-tax gain on fair value adjustments | $ | 106 | |
Net tax expense related to fresh-start adjustments | (41 | ) | |
Net income on fresh-start adjustments | $ | 65 |
c. | This adjustment reflects the net use of cash on the Effective Date and in accordance with the Plan (dollars in millions): |
Rights offering proceeds | $ | 1,250 | |
Exit financing proceeds, net | 482 | ||
Net release of restricted cash | 105 | ||
Total sources | 1,837 | ||
Seven year secured term loan and interest | 1,660 | ||
ABL and letters of credit | 128 | ||
Rights offering fees | 49 | ||
Payment of administrative and professional claims | 23 | ||
Debt issue fees | 10 | ||
Claim settlements and other | 19 | ||
Total uses | 1,889 | ||
Net decrease in cash | $ | (52 | ) |
d. | The decrease in restricted cash reflects the release of $173 million of cash that was restricted under various orders of the Bankruptcy Court, partially offset by the establishment of a professional fee escrow account of $68 million. |
e. | This adjustment reflects the settlement of a receivable in connection with the Release Agreement. |
f. | This adjustment relates to the Rights Offering commitment premium deposit paid in July 2010. |
g. | This adjustment records additional equity in net income of non-consolidated affiliates related to the nine-month Predecessor period ended October 1, 2010. |
h. | This adjustment records $13 million of estimated debt issuance costs capitalized in connection with the exit financing facility. |
i. | This adjustment reflects the reinstatement of OPEB and non-qualified pension obligations expected to be paid within 12 months. |
j. | This adjustment reflects the establishment of a liability for the payment of $122 million of allowed general unsecured and other claims in accordance with the Plan partially offset by $23 million of accrued reorganization items that were paid on the Effective Date and $4 million for amounts settled in connection with the Release Agreement. |
k. | This adjustment reflects the new $500 million secured term loan, net of $10 million original issuance discount and $12 |
l. | This adjustment represents the reinstatement of $154 million of other postretirement employee benefit (“OPEB”) and non-qualified pension obligations from Liabilities subject to compromise in accordance with the terms of the Plan. |
m. | This adjustment reflects the deferred tax impact of certain intercompany liabilities subject to compromise that were cancelled in accordance with the Plan. |
n. | This adjustment eliminates incentive compensation accruals for terminated Predecessor compensation plans. |
o. | This adjustment reflects the settlement of liabilities subject to compromise (“LSC”) in accordance with the Plan, as shown below (dollars in millions): |
LSC September 30, 2010 | Settlement per Fifth Amended Plan | Gain on Settlement of LSC | |||||||||
Debt | $ | 2,490 | $ | 1,717 | $ | 773 | |||||
Employee liabilities | 324 | 218 | 106 | ||||||||
Interest payable | 183 | 160 | 23 | ||||||||
Other claims | 124 | 70 | 54 | ||||||||
$ | 3,121 | $ | 2,165 | $ | 956 | ||||||
Income tax benefit | 5 | ||||||||||
After-tax gain on settlement of LSC | $ | 961 |
p. | The cancellation of Predecessor Visteon common stock in accordance with the Plan and elimination of corresponding shareholders’ deficit balances, are shown below (dollars in millions): |
Predecessor Shareholders’ Deficit September 30, 2010 | Reorganization Adjustments | Fresh-Start Adjustments | Successor Shareholders’ Equity October 1, 2010 | ||||||||||||
Common stock | |||||||||||||||
Predecessor | $ | 131 | $ | (131 | ) | $ | — | $ | — | ||||||
Successor | — | 1 | — | 1 | |||||||||||
Stock warrants | |||||||||||||||
Predecessor | 127 | (127 | ) | — | — | ||||||||||
Successor | — | 41 | — | 41 | |||||||||||
Additional paid-in capital | |||||||||||||||
Predecessor | 3,407 | (3,407 | ) | — | — | ||||||||||
Successor | — | 1,232 | (169 | ) | 1,063 | ||||||||||
Accumulated deficit | (4,684 | ) | 4,619 | 65 | — | ||||||||||
Accumulated other comprehensive loss | (74 | ) | — | 74 | — | ||||||||||
Treasury stock | (3 | ) | 3 | — | — | ||||||||||
Visteon Shareholders’ (deficit) equity | $ | (1,096 | ) | $ | 2,231 | $ | (30 | ) | $ | 1,105 |
Reorganization value of assets | $ | 5,141 | |
Less: fair value of debt | (618 | ) | |
Less: fair value of non-controlling interests | (667 | ) | |
Less: fair value of liabilities (excluding debt) | (2,751 | ) | |
Successor common stock and warrants | $ | 1,105 | |
Less: fair value of warrants | (41 | ) | |
Successor common stock | $ | 1,064 | |
Shares outstanding at October 1, 2010 | 48,642,520 | ||
Per share value | $ | 21.87 |
q. | Inventory was recorded at fair value and was estimated to exceed book value by approximately $26 million. Raw materials were valued at current replacement cost. Work-in-process was valued at estimated finished goods selling price less estimated disposal costs, completion costs and a reasonable profit allowance for selling effort. Finished goods were valued at estimated selling price less estimated disposal costs and a reasonable profit allowance for selling effort. Additionally, fresh-start accounting adjustments for supply and spare parts inventory items of $22 million were a partial offset. |
r. | The adjustment to other current assets includes a $7 million prepaid insurance balance and $2 million of other deferred fee amounts with no future benefit to the Successor. Additionally, this adjustment includes a $5 million decrease in deferred tax assets associated with fair value adjustments (see explanatory note aa for additional details related to deferred tax adjustments). |
s. | The Company estimates that the book value of property and equipment exceeds the fair value by $240 million after giving consideration to the highest and best use of the assets. Fair value estimates were based on a combination of the cost or market approach, as appropriate. Fair value under the market approach was based on recent sale transactions for similar assets, while fair value under the cost approach was based on the amount required to construct or purchase an asset of equal utility, considering physical deterioration, functional obsolescence and economic obsolescence. |
t. | Investments in non-consolidated affiliates were recorded at fair value primarily based on an income approach utilizing the dividend discount model. Significant assumptions included estimated future dividends for each applicable non-consolidated affiliate and discount rates. |
u. | Identifiable intangible assets are primarily comprised of developed technology, customer-related intangibles and trade names. Fair value estimates of intangible assets were based on income approaches utilizing projected financial information consistent with the Fourth Amended Disclosure Statement, as described below: |
• | Developed technology and trade name intangible assets were valued using the relief from royalty method, which estimates the value of an intangible asset to be equal to the present value of future royalties that would be paid for the right to use the asset if it were not owned. Significant assumptions included estimated future revenues for each technology category and trade name, royalty rates, tax rates and discount rates. |
• | Customer related intangible assets were valued using the multi-period excess earnings method, which estimates the value of an intangible asset to be equal to the present value of future earnings attributable to the asset group after recognition of required returns to other contributory assets. Significant assumptions included estimated future revenues for existing customers, retention rates based on historical experience, tax rates, discount rates, and contributory asset charges including employee intangibles. |
v. | Reorganization value in excess of the fair value allocated to identifiable tangible and intangible assets was recorded as goodwill. In adjusting the balance sheet accounts to fair value, the Company estimated excess reorganization value of approximately $38 million, which has been reflected as goodwill and was determined as follows (dollars in millions): |
Enterprise value | $ | 2,390 | |
Add: Estimated fair value of non-debt liabilities | 2,751 | ||
Reorganization value | 5,141 | ||
Less: Estimated fair value of assets | 5,103 | ||
Reorganization value in excess of fair value of assets | $ | 38 |
w. | Adjustments to other non-current assets included a decrease of $10 million related to deferred tax assets associated with fair value adjustments and a decrease of $4 million related to discounting of amounts due in future periods (see explanatory note aa for additional details related to deferred tax adjustments). |
x. | The adjustments to accrued employee liabilities and employee benefits are related to the remeasurement of pension and OPEB obligations at the Effective Date, based on certain assumptions including discount rates. |
y. | The adjustments to other current and other non-current liabilities include decreases of $51 million and $31 million, respectively, to eliminate deferred revenue, which was initially recorded in connection with payments received from customers under various support and accommodation agreements. The decrease in other current liabilities also includes $5 million for discounting of future obligations, while the decrease in non-current liabilities also includes $8 million for non-income tax liabilities and $5 million for tax liabilities, partially offset by $6 million related to leasehold intangibles (see explanatory note aa for additional details related to deferred tax adjustments). |
z. | Non-controlling interests are recorded at fair value based on publicly available market values, where possible, and based on other customary valuation methodologies where publicly available market values are not possible, including comparable company and discounted cash flow models. The Company estimates that the fair value of non-controlling interests exceeds book value by $308 million. |
aa. | Deferred tax impacts associated with fresh-start adjustments result from changes in the book values of tangible and intangible assets while the tax basis in such assets remains unchanged. The Company anticipates that a full valuation allowance will be maintained in the U.S.; accordingly this adjustment relates to the portion of fresh-start adjustments applicable to certain non-U.S. jurisdictions where the Company is subject to and pays income taxes. Additionally, the amount of non-U.S. accumulated earnings considered permanently reinvested was modified in connection with the adoption of fresh-start accounting, resulting in a decrease in deferred tax liabilities associated with foreign withholding taxes of approximately $30 million. Deferred tax adjustments include the following (dollars in millions): |
Balance Sheet Account Classification: | |||
Other current assets | $ | 2 | |
Other non-current assets | 10 | ||
Deferred income taxes | 27 | ||
Net increase in deferred tax liabilities | 39 | ||
Other balance sheet adjustments | 2 | ||
Net tax expense related to fresh-start adjustments | $ | 41 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Sales | $ | 515 | $ | 109 | $ | 335 | $ | 357 | ||||||||
Cost of sales | 490 | 109 | 319 | 378 | ||||||||||||
Gross margin | 25 | — | 16 | (21 | ) | |||||||||||
Selling, general and administrative expenses | 11 | 3 | 8 | 10 | ||||||||||||
Asset impairments | 66 | — | — | (1 | ) | |||||||||||
Restructuring expenses | — | 1 | 6 | 4 | ||||||||||||
Other expense (income), net | 2 | — | (1 | ) | — | |||||||||||
Reorganization expenses, net | — | — | 5 | — | ||||||||||||
Operating loss | (54 | ) | (4 | ) | (2 | ) | (34 | ) | ||||||||
Interest expense | 2 | 1 | 1 | — | ||||||||||||
Equity in net income of non-consolidated Affiliates | — | — | — | (1 | ) | |||||||||||
Loss before income taxes | (56 | ) | (5 | ) | (3 | ) | (35 | ) | ||||||||
(Benefit) provision for income taxes | — | (5 | ) | (17 | ) | 8 | ||||||||||
Net (loss) income from discontinued operations attributable to Visteon Corporation | $ | (56 | ) | $ | — | $ | 14 | $ | (43 | ) | ||||||
Interiors | Climate | Electronics | Central | Total | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Predecessor – December 31, 2008 | $ | 49 | $ | 3 | $ | 4 | $ | 8 | $ | 64 | |||||||||
Expenses | 22 | 5 | 13 | 44 | 84 | ||||||||||||||
Utilization | (50 | ) | (8 | ) | (4 | ) | (47 | ) | (109 | ) | |||||||||
Predecessor – December 31, 2009 | $ | 21 | $ | — | $ | 13 | $ | 5 | $ | 39 | |||||||||
Expenses | 6 | 1 | 2 | 11 | 20 | ||||||||||||||
Exchange | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Utilization | (9 | ) | (1 | ) | (13 | ) | (14 | ) | (37 | ) | |||||||||
Predecessor – October 1, 2010 | $ | 17 | $ | — | $ | 2 | $ | 2 | $ | 21 | |||||||||
Expenses | 24 | 2 | 1 | 1 | 28 | ||||||||||||||
Exchange | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Utilization | (3 | ) | — | — | (2 | ) | (5 | ) | |||||||||||
Successor – December 31, 2010 | $ | 37 | $ | 2 | $ | 3 | $ | 1 | $ | 43 | |||||||||
Expenses | 7 | 3 | 24 | — | 34 | ||||||||||||||
Reversals | (7 | ) | (1 | ) | (2 | ) | — | (10 | ) | ||||||||||
Exchange | 2 | — | (2 | ) | — | — | |||||||||||||
Utilization | (33 | ) | (3 | ) | (4 | ) | (1 | ) | (41 | ) | |||||||||
Successor – December 31, 2011 | $ | 6 | $ | 1 | $ | 19 | $ | — | $ | 26 |
• | During the fourth quarter of 2011 the Company commenced a program designed to commonize global business systems and processes across its Climate operations for the purpose of reducing costs. Related employee severance and termination benefit costs of $3 million were recorded during 2011 associated with approximately 50 salaried and 130 hourly employees, for which severance and termination benefits were deemed probable and estimable. The Company anticipates that this program could result in the separation of approximately 500 employees at an additional cash cost of approximately $20 million in future periods when elements of the plan are finalized and the timing of activities and amount of related costs are not likely to change. |
• | The Company informed employees at its Cadiz Electronics operation in El Puerto de Santa Maria, Spain of its intention to permanently cease production and close the facility. The Company recorded $24 million primarily related to severance and termination benefits representing the minimum amount of employee separation costs pursuant to statutory regulations, all of which are expected to be cash separation payments. During January 2012 the Company reached agreements with the local unions and Spanish government for the closure of the Cadiz operation, which were subsequently ratified by the employees in February 2012. Pursuant to the agreements, the Company agreed to pay one-time termination benefits, in excess of the statutory minimum requirement, of approximately $29 million and agreed to transfer land, building and machinery with a net book value of approximately $14 million for the benefit of the employees. The Company expects to record additional charges during the first quarter of 2012 approximating $47 million in connection with the execution of these agreements. Additionally, pursuant to the Release Agreement with Ford, the Company anticipates recovery of approximately $19 million of such costs in 2012, which is in addition to approximately $4 million recovered in 2011. |
• | Additional severance and termination associated with previously announced actions at two European Interiors facilities resulting in $7 million of incremental employee-related cash costs. |
• | $13 million of employee severance and termination benefit costs associated with approximately 170 employees at two European Interiors facilities. |
• | $11 million of employee severance and termination benefit costs associated with approximately 300 employees related to the announced closure of a North American Electronics facility. |
• | $10 million of employee severance and termination benefit costs related to approximately 120 salaried employees who were located primarily at the Company’s North American headquarters. |
• | $4 million of employee severance and termination benefit costs associated with approximately 550 employees related to the consolidation of the Company’s North American Lighting operations. |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Raw materials | $ | 167 | $ | 120 | |||
Work-in-process | 174 | 174 | |||||
Finished products | 64 | 76 | |||||
405 | 370 | ||||||
Valuation reserves | (24 | ) | (6 | ) | |||
$ | 381 | $ | 364 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Recoverable taxes | $ | 99 | $ | 80 | |||
Pledged accounts receivable | 82 | 90 | |||||
Deposits | 40 | 35 | |||||
Deferred tax assets | 30 | 33 | |||||
Prepaid assets | 17 | 16 | |||||
Other | 36 | 13 | |||||
$ | 304 | $ | 267 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Deferred tax assets | $ | 18 | $ | 13 | |||
Income tax receivable | 11 | 14 | |||||
Deposits | 7 | 24 | |||||
Other | 30 | 38 | |||||
$ | 66 | $ | 89 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Land | $ | 184 | $ | 207 | |||
Buildings and improvements | 311 | 312 | |||||
Machinery, equipment and other | 985 | 935 | |||||
Construction in progress | 106 | 93 | |||||
Total property and equipment | 1,586 | 1,547 | |||||
Accumulated depreciation | (254 | ) | (55 | ) | |||
1,332 | 1,492 | ||||||
Product tooling, net of amortization | 80 | 84 | |||||
Property and equipment, net | $ | 1,412 | $ | 1,576 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Depreciation | $ | 254 | $ | 55 | $ | 191 | $ | 326 | ||||||||
Amortization | 17 | 7 | 16 | 26 | ||||||||||||
$ | 271 | $ | 62 | $ | 207 | $ | 352 |
Yanfeng | All Others | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(Dollars in Millions) | |||||||||||||||
Current assets | $ | 1,282 | $ | 1,066 | $ | 652 | $ | 319 | |||||||
Other assets | 637 | 502 | 290 | 195 | |||||||||||
Total assets | $ | 1,919 | $ | 1,568 | $ | 942 | $ | 514 | |||||||
Current liabilities | $ | 995 | $ | 884 | $ | 574 | $ | 287 | |||||||
Other liabilities | 15 | 19 | 24 | 16 | |||||||||||
Shareholders’ equity | 909 | 665 | 344 | 211 | |||||||||||
Total liabilities and shareholders’ equity | $ | 1,919 | $ | 1,568 | $ | 942 | $ | 514 |
Net Sales | Gross Margin | Net Income | |||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||||||||
Yanfeng | $ | 3,014 | $ | 2,573 | $ | 1,452 | $ | 473 | $ | 398 | $ | 217 | $ | 246 | $ | 218 | $ | 118 | |||||||||||||||||
All other | 1,681 | 893 | 711 | 176 | 142 | 109 | 90 | 71 | 42 | ||||||||||||||||||||||||||
$ | 4,695 | $ | 3,466 | $ | 2,163 | $ | 649 | $ | 540 | $ | 326 | $ | 336 | $ | 289 | $ | 160 |
December 31 | |||||||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted Average Useful Life (years) | |||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||
Definite-lived intangible assets | |||||||||||||||||||||||||
Developed technology | $ | 204 | $ | 32 | $ | 172 | $ | 214 | $ | 7 | $ | 207 | 8 | ||||||||||||
Customer related | 119 | 16 | 103 | 121 | 3 | 118 | 9 | ||||||||||||||||||
Other | 20 | 3 | 17 | 15 | 1 | 14 | 33 | ||||||||||||||||||
$ | 343 | $ | 51 | $ | 292 | $ | 350 | $ | 11 | $ | 339 | ||||||||||||||
Goodwill and indefinite-lived intangible assets | |||||||||||||||||||||||||
Goodwill | $ | 36 | $ | 38 | |||||||||||||||||||||
Trade names | 25 | 25 | |||||||||||||||||||||||
$ | 61 | $ | 63 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Product warranty and recall reserves | $ | 42 | $ | 44 | |||
Non-income taxes payable | 41 | 41 | |||||
Income taxes payable | 29 | 38 | |||||
Restructuring reserves | 26 | 43 | |||||
Payables to related parties | 24 | 8 | |||||
Deferred income | 21 | 6 | |||||
Foreign currency hedges | 16 | — | |||||
Accrued reorganization items | 9 | 97 | |||||
Accrued interest payable | 7 | 11 | |||||
Other accrued liabilities | 52 | 77 | |||||
$ | 267 | $ | 365 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Income tax reserves | $ | 97 | $ | 96 | |||
Deferred income | 42 | 20 | |||||
Non-income taxes payable | 41 | 43 | |||||
Product warranty and recall reserves | 24 | 31 | |||||
Other accrued liabilities | 21 | 27 | |||||
$ | 225 | $ | 217 |
Weighted Average Interest Rate | Carrying Value | ||||||||||||||
Maturity | 2011 | 2010 | 2011 | 2010 | |||||||||||
(Dollars in Millions) | |||||||||||||||
Short-term debt | |||||||||||||||
Current portion of long-term debt | 5.3 | % | 6.1 | % | $ | 1 | $ | 7 | |||||||
Other – short-term | 4.1 | % | 3.4 | % | 86 | 71 | |||||||||
Total short-term debt | 87 | 78 | |||||||||||||
Long-term debt | |||||||||||||||
6.75% senior notes due April 15, 2019 | 2019 | 6.75 | % | — | % | 494 | — | ||||||||
Term loan | 2017 | — | % | 8.0 | % | — | 472 | ||||||||
Other | 2013-2017 | 10.2 | % | 11.2 | % | 18 | 11 | ||||||||
Total long-term debt | 512 | 483 | |||||||||||||
Total debt | $ | 599 | $ | 561 |
Successor | Predecessor | ||||||||||||
Three Months Ended December 31 | Nine Months Ended October 1 | Twelve Months Ended December 31 | |||||||||||
2010 | 2010 | 2009 | |||||||||||
(Dollars in Millions) | |||||||||||||
Connersville/Bedford | |||||||||||||
Termination | $ | (1 | ) | $ | (206 | ) | $ | (42 | ) | ||||
Reinstatement | — | 150 | — | ||||||||||
North Penn | |||||||||||||
Termination | (56 | ) | (125 | ) | — | ||||||||
Reinstatement | — | 62 | — | ||||||||||
Salaried/Other | |||||||||||||
Termination | (89 | ) | (1 | ) | (153 | ) | |||||||
Reinstatement | — | 94 | — | ||||||||||
Net reduction to postretirement expense | $ | (146 | ) | $ | (26 | ) | $ | (195 | ) |
Retirement Plans | |||||||||||||||||||||||||||||||||
U.S Plans | Non-U.S Plans | ||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | Nine Months Ended | Year Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||||||||||
December 31 | October 1 | December 31 | December 31 | October 1 | December 31 | ||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2011 | 2010 | 2010 | 2009 | ||||||||||||||||||||||||||
(Dollars in Millions, Except Percentages) | |||||||||||||||||||||||||||||||||
Costs Recognized in Income | |||||||||||||||||||||||||||||||||
Service cost | $ | 5 | $ | 2 | $ | 7 | $ | 13 | $ | 6 | $ | 2 | $ | 4 | $ | 7 | |||||||||||||||||
Interest cost | 73 | 18 | 56 | 74 | 28 | 6 | 19 | 31 | |||||||||||||||||||||||||
Expected return on plan assets | (75 | ) | (19 | ) | (55 | ) | (79 | ) | (18 | ) | (5 | ) | (14 | ) | (26 | ) | |||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Plan amendments | — | — | (2 | ) | (2 | ) | — | — | 1 | 2 | |||||||||||||||||||||||
Losses and other | — | — | 2 | 1 | — | — | — | — | |||||||||||||||||||||||||
Special termination benefits | 3 | — | 1 | 6 | — | — | — | — | |||||||||||||||||||||||||
Curtailments | (1 | ) | — | (14 | ) | (2 | ) | — | — | — | 5 | ||||||||||||||||||||||
Visteon sponsored plan net pension expense/(income) | 5 | 1 | (5 | ) | 11 | 16 | 3 | 10 | 19 | ||||||||||||||||||||||||
Expense for certain salaried employees whose pensions are partially covered by Ford | — | — | 1 | 10 | — | — | — | — | |||||||||||||||||||||||||
Employee retirement benefit expense/(income) excluding restructuring | $ | 5 | $ | 1 | $ | (4 | ) | $ | 21 | $ | 16 | $ | 3 | $ | 10 | $ | 19 | ||||||||||||||||
Retirement benefit related restructuring expenses | |||||||||||||||||||||||||||||||||
Special termination benefits | $ | — | $ | — | $ | 2 | $ | 12 | $ | — | $ | — | $ | — | $ | 9 | |||||||||||||||||
Other | — | — | — | 7 | — | — | — | — | |||||||||||||||||||||||||
Total employee retirement benefit related restructuring expenses | $ | — | $ | — | $ | 2 | $ | 19 | $ | — | $ | — | $ | — | $ | 9 | |||||||||||||||||
Fresh-start accounting adjustments | $ | — | $ | — | $ | (138 | ) | $ | — | $ | — | $ | — | $ | (107 | ) | $ | — | |||||||||||||||
Weighted Average Assumptions Used for Expenses | |||||||||||||||||||||||||||||||||
Discount rate for expense | 5.50 | % | 5.30 | % | 5.90 | % | 6.35 | % | 5.95 | % | 5.40 | % | 6.10 | % | 6.05 | % | |||||||||||||||||
Rate of increase in compensation | 3.50 | % | 3.50 | % | 3.50 | % | 3.25 | % | 3.55 | % | 3.40 | % | 3.50 | % | 3.15 | % | |||||||||||||||||
Assumed long-term rate of return on assets | 7.50 | % | 7.70 | % | 7.70 | % | 8.10 | % | 5.40 | % | 5.60 | % | 6.00 | % | 6.70 | % |
Health Care and Life Insurance Benefits | ||||||||||||||||
Successor | Predecessor | |||||||||||||||
Year Ended | Three Months Ended | Nine Months Ended | Year Ended | |||||||||||||
December 31 | October 1 | December 31 | ||||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
Costs Recognized in Income | ||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||
Interest cost | — | — | 3 | 18 | ||||||||||||
Plan termination income | (2 | ) | (146 | ) | — | — | ||||||||||
Reinstatement of benefits | — | — | 306 | — | ||||||||||||
Amortization of: | ||||||||||||||||
Plan amendments | — | — | (374 | ) | (75 | ) | ||||||||||
Losses and other | — | — | 43 | 18 | ||||||||||||
Curtailments | — | — | — | (161 | ) | |||||||||||
Settlements | — | — | (1 | ) | — | |||||||||||
Visteon sponsored plan net postretirement (income) | (2 | ) | (146 | ) | (23 | ) | (199 | ) | ||||||||
(Income) for certain salaried employees whose benefits are covered by Ford | — | — | (15 | ) | (8 | ) | ||||||||||
Employee postretirement (income) | $ | (2 | ) | $ | (146 | ) | $ | (38 | ) | $ | (207 | ) | ||||
Fresh-start accounting adjustments | $ | — | $ | — | $ | 128 | $ | — | ||||||||
Weighted Average Assumptions Used for Expense | ||||||||||||||||
Discount rate for expense | 5.00 | % | 4.65 | % | 5.65 | % | 6.05 | % | ||||||||
Initial health care cost trend rate | 8.50 | % | 8.00 | % | 9.00 | % | 8.33 | % | ||||||||
Ultimate health care cost trend rate | 5.00 | % | 5.10 | % | 5.00 | % | 5.00 | % | ||||||||
Year ultimate health care cost trend rate reached | 2017 | 2015 | 2017 | 2014 |
• | Curtailment gains of $153 million related to the OPEB plans in connection with the elimination of Company-paid medical, prescription drug and life insurance coverage. This plan change eliminated future service for active plan participants, as such the amounts in accumulated other comprehensive income relating to prior plan changes were recognized as curtailment gains. |
• | Curtailment gains of $10 million associated with the U.S. salaried pension and OPEB plans in connection with employee headcount reductions under previously announced restructuring actions. |
• | Curtailment losses of $6 million related to the reduction of future service in the UK pension plans in connection with employee headcount reductions in the UK. These losses were partially offset by a $1 million curtailment gain in Mexico related to employee headcount reductions under previously announced restructuring actions. These curtailments reduced the benefit obligations by $2 million. |
Retirement Plans | Health Care and Life | |||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Insurance Benefits | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | Nine Months Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
December 31 | October 1 | December 31 | October 1 | December 31 | October 1 | |||||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2011 | 2010 | 2010 | 2011 | 2010 | 2010 | ||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||||
Benefit obligation — beginning | $ | 1,360 | $ | 1,407 | $ | 1,301 | $ | 445 | $ | 486 | $ | 435 | $ | 17 | $ | 171 | $ | 66 | ||||||||||||||||||||
Service cost | 5 | 2 | 7 | 6 | 2 | 4 | — | — | — | |||||||||||||||||||||||||||||
Interest cost | 73 | 18 | 56 | 28 | 6 | 19 | — | — | 3 | |||||||||||||||||||||||||||||
Participant contributions | — | — | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||
Reinstatement of liability | — | — | — | — | — | — | — | — | 305 | |||||||||||||||||||||||||||||
Amendments/other | — | — | (21 | ) | — | — | 1 | (2 | ) | (145 | ) | (187 | ) | |||||||||||||||||||||||||
Actuarial loss/(gain) | 141 | (44 | ) | 136 | 3 | (39 | ) | 49 | — | (1 | ) | (4 | ) | |||||||||||||||||||||||||
Special termination benefits | 3 | — | 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Curtailments, net | (26 | ) | — | (22 | ) | — | — | (1 | ) | — | — | — | ||||||||||||||||||||||||||
Settlements | — | — | (2 | ) | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign exchange translation | — | — | — | (15 | ) | (6 | ) | (10 | ) | — | — | — | ||||||||||||||||||||||||||
Transfers In | — | — | — | 17 | — | — | — | — | — | |||||||||||||||||||||||||||||
Benefits paid | (76 | ) | (23 | ) | (51 | ) | (18 | ) | (4 | ) | (11 | ) | (5 | ) | (8 | ) | (12 | ) | ||||||||||||||||||||
Benefit obligation — ending | $ | 1,480 | $ | 1,360 | $ | 1,407 | $ | 466 | $ | 445 | $ | 486 | $ | 10 | $ | 17 | $ | 171 | ||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||||
Plan assets — beginning | $ | 996 | $ | 1,035 | $ | 913 | $ | 337 | $ | 330 | $ | 315 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 172 | (14 | ) | 174 | 20 | 8 | 23 | — | — | — | ||||||||||||||||||||||||||||
Sponsor contributions | 63 | — | 1 | 19 | 6 | 11 | 5 | 8 | 12 | |||||||||||||||||||||||||||||
Participant contributions | — | — | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||
Foreign exchange translation | — | — | — | (14 | ) | (3 | ) | (8 | ) | — | — | — | ||||||||||||||||||||||||||
Settlements | — | — | — | (1 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers In | — | — | — | 4 | — | — | — | — | — | |||||||||||||||||||||||||||||
Benefits paid/other | (80 | ) | (25 | ) | (53 | ) | (18 | ) | (4 | ) | (11 | ) | (5 | ) | (8 | ) | (12 | ) | ||||||||||||||||||||
Plan assets — ending | $ | 1,151 | $ | 996 | $ | 1,035 | $ | 348 | $ | 337 | $ | 330 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Funded status at end of period | $ | (329 | ) | $ | (364 | ) | $ | (372 | ) | $ | (118 | ) | $ | (108 | ) | $ | (156 | ) | $ | (10 | ) | $ | (17 | ) | $ | (171 | ) | |||||||||||
Balance Sheet Classification | ||||||||||||||||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | — | $ | 4 | $ | 6 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accrued employee liabilities | (3 | ) | (2 | ) | (2 | ) | (3 | ) | (3 | ) | (3 | ) | (2 | ) | (3 | ) | (31 | ) | ||||||||||||||||||||
Employee benefits | (326 | ) | (362 | ) | (370 | ) | (119 | ) | (111 | ) | (158 | ) | (8 | ) | (8 | ) | (140 | ) | ||||||||||||||||||||
Other current liabilities | — | — | — | — | — | — | — | (6 | ) | — | ||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss/(gain) | 15 | (9 | ) | — | (40 | ) | (42 | ) | — | — | — | — | ||||||||||||||||||||||||||
$ | 15 | $ | (9 | ) | $ | — | $ | (40 | ) | $ | (42 | ) | $ | — | $ | — | $ | — | $ | — |
Retirement Plans | Health Care and Life Insurance Benefits | ||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||
2011 | 2010 | 2010 | 2011 | 2010 | 2010 | 2011 | 2010 | 2010 | |||||||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||||||||||||||
Discount rate | 4.85 | % | 5.55 | % | 5.30 | % | 5.85 | % | 5.95 | % | 5.40 | % | 4.10 | % | 5.00 | % | 4.65 | % | |||||||||||
Expected rate of return on assets | 7.00 | % | 7.50 | % | 7.70 | % | 5.05 | % | 5.40 | % | 5.55 | % | N/A | N/A | N/A | ||||||||||||||
Rate of increase in compensation | N/A | 3.50 | % | 3.50 | % | 3.45 | % | 3.55 | % | 3.45 | % | N/A | N/A | N/A | |||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 8.00 | % | 8.50 | % | 8.00 | % | |||||||||||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 5.00 | % | 5.00 | % | 5.10 | % | |||||||||||||||||
Year ultimate health care cost trend rate reached | N/A | N/A | N/A | N/A | N/A | N/A | 2018 | 2017 | 2015 |
Retirement Plans | Health Care and Life Insurance Benefits | |||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2011 | 2010 | 2010 | 2011 | 2010 | 2010 | ||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | $ | 23 | $ | (9 | ) | $ | (5 | ) | $ | 2 | $ | (42 | ) | $ | 41 | $ | — | $ | (1 | ) | $ | (4 | ) | |||||||||||||||
Prior service (credit)/cost | — | — | (21 | ) | — | — | 1 | — | (150 | ) | (187 | ) | ||||||||||||||||||||||||||
Fresh-start adjustments | — | — | (138 | ) | — | — | (107 | ) | — | — | 128 | |||||||||||||||||||||||||||
Reclassification to net income | 1 | — | 14 | — | — | (1 | ) | — | 151 | 332 | ||||||||||||||||||||||||||||
$ | 24 | $ | (9 | ) | $ | (150 | ) | $ | 2 | $ | (42 | ) | $ | (66 | ) | $ | — | $ | — | $ | 269 |
Pension Benefits | Retirement Health and Life Payments | |||||||||||
U.S. | Non-U.S. | |||||||||||
(Dollars in Millions) | ||||||||||||
2012 | $ | 72 | $ | 15 | $ | 2 | ||||||
2013 | 69 | 17 | — | |||||||||
2014 | 69 | 17 | — | |||||||||
2015 | 68 | 18 | — | |||||||||
2016 | 68 | 19 | — | |||||||||
Years 2017 — 2021 | 354 | 116 | 1 |
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||
2012 | 2012 | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Equity securities | 40 | % | 9 | % | 38 | % | 41 | % | 9 | % | 14 | % | |||||
Fixed income | 30 | % | 83 | % | 22 | % | 24 | % | 83 | % | 78 | % | |||||
Alternative strategies | 30 | % | 5 | % | 34 | % | 33 | % | 5 | % | 5 | % | |||||
Cash | — | % | 3 | % | 6 | % | 2 | % | 3 | % | 3 | % | |||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
RSAs | RSUs | Weighted Average Grant Date Fair Value | |||||||
(In Thousands) | |||||||||
Non-vested at October 1, 2010 | — | — | $ | — | |||||
Granted | 1,246 | 421 | $ | 57.93 | |||||
Vested | (211 | ) | (64 | ) | $ | 57.93 | |||
Forfeited | — | — | $ | — | |||||
Non-vested at December 31, 2010 | 1,035 | 357 | $ | 57.93 | |||||
Granted | — | 1 | $ | 49.83 | |||||
Vested | (345 | ) | (93 | ) | $ | 57.93 | |||
Forfeited | (34 | ) | (8 | ) | $ | 57.93 | |||
Non-vested at December 31, 2011 | 656 | 257 | $ | 57.92 |
Stock Options | SARs | ||||
Expected term (in years) | 6 | 6 | |||
Expected volatility | 46.37 | % | 50.30 | % | |
Risk-free interest rate | 2.59 | % | 0.98 | % | |
Expected dividend yield | — | % | — | % |
Stock Options | Weighted Average Exercise Price | SARs | Weighted Average Exercise Price | ||||||||||
(In Thousands) | (In Thousands) | ||||||||||||
Outstanding at December 31, 2010 | — | $ | — | — | $ | — | |||||||
Granted | 482 | $ | 72.60 | 94 | $ | 74.08 | |||||||
Exercised | — | $ | — | — | $ | — | |||||||
Forfeited or expired | (92 | ) | $ | 74.08 | (10 | ) | $ | 74.08 | |||||
Outstanding at December 31, 2011 | 390 | $ | 72.26 | 84 | $ | 74.08 |
Stock Options and SARs Outstanding | |||||||||
Number Outstanding | Weighted Average Remaining Life | Weighted Average Exercise Price | |||||||
(In Thousands) | (In Years) | ||||||||
$45.01 - $55.00 | 15 | 9.81 | $ | 48.85 | |||||
$55.01 - $65.00 | 24 | 9.45 | $ | 60.97 | |||||
$65.01 - $75.08 | 435 | 9.25 | $ | 74.08 | |||||
474 |
Stock Options | Weighted Average Exercise Price | SARs | Weighted Average Exercise Price | ||||||||||
(In Thousands) | (In Thousands) | ||||||||||||
Outstanding at December 31, 2008 | 11,999 | $ | 10.70 | 12,897 | $ | 6.07 | |||||||
Granted | — | $ | — | — | $ | — | |||||||
Exercised | — | $ | — | — | $ | — | |||||||
Forfeited or expired | (1,493 | ) | $ | 10.64 | (2,355 | ) | $ | 8.27 | |||||
Outstanding at December 31, 2009 | 10,506 | $ | 10.70 | 10,542 | $ | 5.60 | |||||||
Forfeited, expired or cancelled | (10,506 | ) | $ | 10.70 | (10,542 | ) | $ | 5.60 | |||||
Outstanding at October 1, 2010 | — | $ | — | — | $ | — |
RSAs | RSUs | Weighted Average Grant Date Fair Value | |||||||
(In Thousands) | |||||||||
Non-vested at December 31, 2008 | 1,180 | 4,146 | $ | 4.60 | |||||
Granted | — | — | $ | — | |||||
Vested | (42 | ) | (1,678 | ) | $ | 6.08 | |||
Forfeited | (204 | ) | (357 | ) | $ | 4.49 | |||
Non-vested at December 31, 2009 | 934 | 2,111 | $ | 3.80 | |||||
Vested | (15 | ) | (5 | ) | $ | 7.05 | |||
Forfeited or cancelled | (919 | ) | (2,106 | ) | $ | 3.39 | |||
Non-vested at October 1, 2010 | — | — | $ | — |
Successor | Predecessor | ||||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | ||||||||||||||
2011 | 2010 | 2010 | 2009 | ||||||||||||||
(Dollars in Millions) | |||||||||||||||||
UK Administration recovery | $ | (18 | ) | $ | — | $ | — | $ | — | ||||||||
Transformation costs | 7 | — | — | — | |||||||||||||
Reorganization-related costs, net | 8 | 14 | — | — | |||||||||||||
(Gain) loss on sale of assets | (2 | ) | (1 | ) | 22 | — | |||||||||||
Gain on sale-leaseback | — | — | — | (20 | ) | ||||||||||||
$ | (5 | ) | $ | 13 | $ | 22 | $ | (20 | ) |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
U.S | $ | (141 | ) | $ | 21 | $ | 425 | $ | (1,250 | ) | ||||||
Non-U.S | 254 | 62 | 597 | 1,434 | ||||||||||||
Total income before income taxes | $ | 113 | $ | 83 | $ | 1,022 | $ | 184 | ||||||||
Current tax provision | ||||||||||||||||
U.S. federal | $ | 1 | $ | 1 | $ | 5 | $ | 4 | ||||||||
Non-U.S | 126 | 28 | 80 | 90 | ||||||||||||
U.S. state and local | 1 | (1 | ) | 3 | 1 | |||||||||||
Total current | 128 | 28 | 88 | 95 | ||||||||||||
Deferred tax provision (benefit) | ||||||||||||||||
U.S. federal | 1 | (1 | ) | 2 | 5 | |||||||||||
Non-U.S | (2 | ) | (8 | ) | 42 | (16 | ) | |||||||||
U.S. state and local | — | — | (1 | ) | (4 | ) | ||||||||||
Total deferred | (1 | ) | (9 | ) | 43 | (15 | ) | |||||||||
Total provision for income taxes | $ | 127 | $ | 19 | $ | 131 | $ | 80 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions) | ||||||||||||||||
Income before income taxes, excluding equity in net income of non-consolidated affiliates, multiplied by the U.S. statutory rate of 35% | $ | 40 | $ | 29 | $ | 358 | $ | 64 | ||||||||
Effect of: | ||||||||||||||||
Impact of foreign operations, including withholding taxes | 52 | (4 | ) | (4 | ) | (3 | ) | |||||||||
State and local income taxes | 4 | (1 | ) | 1 | (22 | ) | ||||||||||
Tax reserve adjustments | 22 | 1 | (1 | ) | (52 | ) | ||||||||||
Impact of U.K. Administration | — | — | — | (444 | ) | |||||||||||
Change in valuation allowance | 202 | (6 | ) | (753 | ) | 521 | ||||||||||
Fresh-start accounting adjustments and reorganization items, net | (215 | ) | — | 553 | 22 | |||||||||||
Impact of tax law change | 18 | — | — | 10 | ||||||||||||
Liquidation of consolidated foreign affiliate | — | — | — | (17 | ) | |||||||||||
Other | 4 | — | (23 | ) | 1 | |||||||||||
Provision for income taxes | $ | 127 | $ | 19 | $ | 131 | $ | 80 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Deferred tax assets | |||||||
Employee benefit plans | $ | 134 | $ | 139 | |||
Capitalized expenditures for tax reporting | 111 | 135 | |||||
Net operating losses and carryforwards | 1,174 | 1,097 | |||||
All other | 253 | 279 | |||||
Subtotal | 1,672 | 1,650 | |||||
Valuation allowance | (1,657 | ) | (1,463 | ) | |||
Total deferred tax assets | $ | 15 | $ | 187 | |||
Deferred tax liabilities | |||||||
Depreciation and amortization | $ | 1 | $ | 74 | |||
All other | 153 | 257 | |||||
Total deferred tax liabilities | 154 | 331 | |||||
Net deferred tax liabilities | $ | 139 | $ | 144 |
Successor | Predecessor | |||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Dollars in Millions) | ||||||||||||
Beginning balance | $ | 131 | $ | 126 | $ | 190 | ||||||
Tax positions related to current period | ||||||||||||
Additions | 17 | 7 | 13 | |||||||||
Tax positions related to prior periods | ||||||||||||
Additions | 3 | 3 | 2 | |||||||||
Reductions | (21 | ) | (1 | ) | (58 | ) | ||||||
Settlements with tax authorities | (1 | ) | (1 | ) | — | |||||||
Lapses in statute of limitations | (1 | ) | (2 | ) | (18 | ) | ||||||
Effect of exchange rate changes | (5 | ) | (1 | ) | (3 | ) | ||||||
Ending balance | $ | 123 | $ | 131 | $ | 126 |
• | Approximately 45,000,000 shares of Successor common stock to certain investors in a private offering exempt from registration under the Securities Act for proceeds of approximately $1.25 billion; |
• | Approximately 2,500,000 shares of Successor common stock to holders of pre-petition notes, including 7% Senior Notes due 2014, 8.25% Senior Notes due 2010, and 12.25% Senior Notes due 2016; holders of the 12.25% senior notes also received warrants, which expire ten years from issuance, to purchase up to 2,355,000 shares of Successor common stock at an exercise price of $9.66 per share (“Ten Year Warrants”); |
• | Approximately 1,000,000 shares of Successor common stock and warrants, which expire five years from issuance, to purchase up to 1,552,774 shares of Successor common stock at an exercise price of $58.80 per share (“Five Year Warrants”) for Predecessor common stock interests; |
• | Approximately 1,200,000 shares of Successor restricted stock issued to management under a post-emergence share-based incentive compensation program. |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Foreign currency translation adjustments | $ | (41 | ) | $ | 1 | ||
Pension and other postretirement benefit adjustments | 25 | 51 | |||||
Unrealized hedging losses and other | (9 | ) | (2 | ) | |||
Total accumulated other comprehensive (loss) income | $ | (25 | ) | $ | 50 |
December 31 | |||||||
2011 | 2010 | ||||||
(Dollars in Millions) | |||||||
Halla Climate Control Corporation | $ | 660 | $ | 633 | |||
Duckyang Industry Co. Ltd | — | 28 | |||||
Visteon Interiors Korea Ltd | 20 | 19 | |||||
Other | 10 | 10 | |||||
Total noncontrolling interests | $ | 690 | $ | 690 |
Successor | Predecessor | |||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 136 | $ | 86 | $ | 926 | $ | 171 | ||||||||
Loss (income) from discontinued operations | (56 | ) | — | 14 | (43 | ) | ||||||||||
Net income attributable to Visteon Corporation | $ | 80 | $ | 86 | $ | 940 | $ | 128 | ||||||||
Denominator: | ||||||||||||||||
Average common stock outstanding | 51.2 | 50.2 | 130.3 | 130.4 | ||||||||||||
Dilutive effect of warrants | 0.8 | 1.5 | — | — | ||||||||||||
Diluted shares | 52.0 | 51.7 | 130.3 | 130.4 | ||||||||||||
Basic and Diluted Per Share Data: | ||||||||||||||||
Earnings per share attributable to Visteon Corporation: | ||||||||||||||||
Basic earnings per share | ||||||||||||||||
Continuing operations | $ | 2.65 | $ | 1.71 | $ | 7.10 | $ | 1.31 | ||||||||
Discontinued operations | (1.09 | ) | — | 0.11 | (0.33 | ) | ||||||||||
Basic earnings attributable to Visteon Corporation | $ | 1.56 | $ | 1.71 | $ | 7.21 | $ | 0.98 | ||||||||
Diluted earnings per share | ||||||||||||||||
Continuing operations | $ | 2.62 | $ | 1.66 | $ | 7.10 | $ | 1.31 | ||||||||
Discontinued operations | (1.08 | ) | — | 0.11 | (0.33 | ) | ||||||||||
Diluted earnings attributable to Visteon Corporation | $ | 1.54 | $ | 1.66 | $ | 7.21 | $ | 0.98 |
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and |
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. |
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. |
December 31, 2011 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Retirement plan assets | $ | 474 | $ | 560 | $ | 466 | $ | 1,500 | |||||||
Liability Category | |||||||||||||||
Foreign currency instruments | $ | — | $ | 16 | $ | — | $ | 16 |
December 31, 2010 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Retirement plan assets | $ | 383 | $ | 488 | $ | 462 | $ | 1,333 | |||||||
Foreign currency instruments | — | 1 | — | 1 | |||||||||||
Total | $ | 383 | $ | 489 | $ | 462 | $ | 1,334 | |||||||
Liability Category | |||||||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | — | $ | 1 |
• | Cash and cash equivalents, which consist of U.S. and foreign currencies held by designated trustees. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. |
• | Registered investment companies are mutual funds that are registered with the Securities and Exchange Commission. Mutual fund shares are traded actively on public exchanges. The share prices for mutual funds are published at the close of each business day. Mutual funds contain both equity and fixed income securities. |
• | Common and preferred stock include equity securities issued by U.S. and non-U.S. corporations. Common and preferred securities are traded actively on exchanges and price quotes for these shares are readily available. |
• | Other investments include several miscellaneous assets and liabilities and are primarily comprised of liabilities related to pending trades and collateral settlements. |
• | Treasury and government securities consist of bills, notes, bonds, and other fixed income securities issued directly by a non-U.S. treasury or by government-sponsored enterprises. These assets are valued using observable inputs. |
• | Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities, fixed income securities and commodity-related securities) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. |
• | Liability Driven Investing (“LDI”) is an investment strategy that utilizes swaps to hedge discount rate volatility. The swaps are collateralized on a daily basis resulting in counterparty exposure that is limited to one day’s activity. Swaps are a derivative product, utilizing a pricing model to calculate market value. |
• | Corporate debt securities consist of fixed income securities issued by non-U.S. corporations. These assets are valued using a bid evaluation process with bid data provided by independent pricing sources. |
• | Global tactical asset allocation funds (“GTAA”) are common trust funds comprised of shares or units in commingled funds that are not publicly traded. GTAA managers primarily invest in equity, fixed income and cash instruments, with the ability to change the allocation mix based on market conditions while remaining within their specific strategy guidelines. The underlying assets in these funds may be publicly traded (equities and fixed income) and price quotes may be readily available. Assets may also be invested in various derivative products whose prices cannot be readily determined. |
• | Limited partnership hedge fund of funds (“HFF”) directly invest in a variety of hedge funds. The investment strategies of the underlying hedge funds are primarily focused on fixed income and equity based investments. There is currently minimal exposure to less liquid assets such as real estate or private equity in the portfolio. However, due to the private nature of the partnership investments, pricing inputs are not readily observable. Asset valuations are developed by the general partners that manage the partnerships. |
• | Insurance contracts are reported at cash surrender value and have no observable inputs. |
December 31, 2011 | |||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
(Dollars in Millions) | |||||||||||||||
Registered investment companies | $ | 176 | $ | — | — | $ | 176 | ||||||||
Common trust funds | — | 216 | — | 216 | |||||||||||
LDI | — | 256 | — | 256 | |||||||||||
GTAA | — | — | 142 | 142 | |||||||||||
Common and preferred stock | 150 | — | — | 150 | |||||||||||
HFF | — | — | 128 | 128 | |||||||||||
Cash and cash equivalents | 74 | — | — | 74 | |||||||||||
Insurance contracts | — | — | 10 | 10 | |||||||||||
Total | $ | 400 | $ | 472 | 280 | $ | 1,152 |
December 31, 2010 | ||||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
(Dollars in Millions) | ||||||||||||||||
Registered investment companies | $ | 140 | $ | — | $ | — | $ | 140 | ||||||||
Common trust funds | — | 205 | — | 205 | ||||||||||||
LDI | — | 208 | — | 208 | ||||||||||||
GTAA | — | — | 150 | 150 | ||||||||||||
Common and preferred stock | 139 | — | — | 139 | ||||||||||||
HFF | — | — | 119 | 119 | ||||||||||||
Cash and cash equivalents | 26 | — | — | 26 | ||||||||||||
Insurance contracts | — | — | 9 | 9 | ||||||||||||
Total | $ | 305 | $ | 413 | $ | 278 | $ | 996 |
GTAA | HFF | Insurance contracts | |||||||||
(Dollars in Millions) | |||||||||||
Predecessor – Ending balance at December 31, 2009 | $ | 130 | $ | 113 | $ | 10 | |||||
Actual return on plan assets: | |||||||||||
Relating to assets still held at the reporting date | 11 | 3 | 1 | ||||||||
Purchases, sales and settlements | — | — | (1 | ) | |||||||
Predecessor – Ending balance at October 1, 2010 | $ | 141 | $ | 116 | $ | 10 | |||||
Actual return on plan assets: | |||||||||||
Relating to assets still held at the reporting date | 9 | 3 | (1 | ) | |||||||
Successor – Ending balance at December 31, 2010 | $ | 150 | $ | 119 | $ | 9 | |||||
Actual return on plan assets: | |||||||||||
Relating to assets still held at the reporting date | (8 | ) | (1 | ) | 1 | ||||||
Purchases, sales and settlements | — | 10 | — | ||||||||
Successor – Ending balance at December 31, 2011 | $ | 142 | $ | 128 | $ | 10 |
December 31, 2011 | |||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
(Dollars in Millions) | |||||||||||||||
Insurance contracts | $ | — | $ | — | $ | 180 | $ | 180 | |||||||
Treasury and government securities | — | 58 | — | 58 | |||||||||||
Registered investment companies | 53 | — | — | 53 | |||||||||||
Cash and cash equivalents | 12 | — | — | 12 | |||||||||||
Corporate debt securities | — | 14 | — | 14 | |||||||||||
Common trust funds | — | 6 | — | 6 | |||||||||||
Limited partnerships (HFF) | — | — | 6 | 6 | |||||||||||
Common and preferred stock | 2 | — | — | 2 | |||||||||||
Other | 7 | 10 | — | 17 | |||||||||||
Total | $ | 74 | $ | 88 | $ | 186 | $ | 348 |
December 31, 2010 | |||||||||||||||
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
(Dollars in Millions) | |||||||||||||||
Insurance contracts | $ | — | $ | — | $ | 179 | $ | 179 | |||||||
Treasury and government securities | — | 51 | — | 51 | |||||||||||
Registered investment companies | 62 | — | — | 62 | |||||||||||
Cash and cash equivalents | 13 | — | — | 13 | |||||||||||
Corporate debt securities | — | 8 | — | 8 | |||||||||||
Common trust funds | — | 6 | — | 6 | |||||||||||
Limited partnerships (HFF) | — | — | 5 | 5 | |||||||||||
Common and preferred stock | 3 | — | — | 3 | |||||||||||
Other | — | 10 | — | 10 | |||||||||||
Total | $ | 78 | $ | 75 | $ | 184 | $ | 337 |
Insurance contracts | HFF | ||||||
(Dollars in Millions) | |||||||
Predecessor – Ending balance at December 31, 2009 | $ | 180 | $ | 4 | |||
Actual return on plan assets: | |||||||
Relating to assets held at the reporting date | (1 | ) | — | ||||
Purchases, sales and settlements | (1 | ) | — | ||||
Predecessor – Ending balance at October 1, 2010 | $ | 178 | $ | 4 | |||
Actual return on plan assets: | |||||||
Relating to assets held at the reporting date | (1 | ) | — | ||||
Purchases, sales and settlements | 2 | 1 | |||||
Successor – Ending balance at December 31, 2010 | $ | 179 | $ | 5 | |||
Actual return on plan assets: | |||||||
Relating to assets held at the reporting date | 4 | — | |||||
Purchases, sales and settlements | (3 | ) | 1 | ||||
Successor – Ending balance at December 31, 2011 | $ | 180 | $ | 6 |
Assets | Liabilities | ||||||||||||||||||
Risk Hedged | Classification | 2011 | 2010 | Classification | 2011 | 2010 | |||||||||||||
Designated | |||||||||||||||||||
Foreign currency | Other current assets | $ | — | $ | — | Other current assets | $ | — | $ | 1 | |||||||||
Foreign currency | Other current liabilities | 8 | 1 | Other current liabilities | 24 | 2 | |||||||||||||
Interest rates | Other non-current assets | — | — | Other non-current assets | — | 1 | |||||||||||||
Non-designated | |||||||||||||||||||
Foreign currency | Other current assets | — | 2 | Other current assets | — | — | |||||||||||||
Foreign currency | Other current liabilities | — | 2 | Other current liabilities | — | 1 | |||||||||||||
$ | 8 | $ | 5 | $ | 24 | $ | 5 |
Amount of Gain (Loss) | ||||||||||||||||||||||||||||||||||||||
Recorded in AOCI | AOCI into Income | Recorded in Income | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2011 | 2010 | 2010 | 2011 | 2010 | 2010 | ||||||||||||||||||||||||||||||
Foreign currency risk – Cost of sales | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges | $ | (8 | ) | $ | (1 | ) | $ | — | $ | 5 | $ | 1 | $ | 6 | $ | — | $ | — | $ | — | ||||||||||||||||||
Non-designated cash flow hedges | — | — | — | — | — | — | (4 | ) | 3 | (1 | ) | |||||||||||||||||||||||||||
$ | (8 | ) | $ | (1 | ) | $ | — | $ | 5 | $ | 1 | $ | 6 | $ | (4 | ) | $ | 3 | $ | (1 | ) | |||||||||||||||||
Interest rate risk – Interest expense | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges | $ | 1 | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
2011 | 2010 | ||
Ford and affiliates | 24% | 22% | |
Hyundai Motor Company | 10% | 17% | |
Hyundai Mobis Company | 14% | 14% |
Successor | Predecessor | |||||||||||
Year Ended | Three Months Ended | Nine Months Ended | ||||||||||
December 31 | December 31 | October 1 | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Dollars in Millions) | ||||||||||||
Beginning balance | $ | 75 | $ | 76 | $ | 79 | ||||||
Accruals for products shipped | 21 | 7 | 19 | |||||||||
Changes in estimates | (12 | ) | (2 | ) | (4 | ) | ||||||
Settlements | (19 | ) | (6 | ) | (18 | ) | ||||||
Ending balance | $ | 65 | $ | 75 | $ | 76 |
• | Climate — The Company’s Climate product line includes climate air handling modules, powertrain cooling modules, heat exchangers, compressors, fluid transport and engine induction systems. Climate accounted for approximately 52%, 52%, 51%, and 46% of the Company’s total product sales, excluding intra-product line eliminations, for the year ended December 31, 2011, the three-month Successor period ended December 31, 2010, the nine–month Predecessor period ended October 1, 2010 and the year ended December 31, 2009, respectively. |
• | Electronics — The Company’s Electronics product line includes audio systems, infotainment systems, driver information systems, powertrain and feature control modules, climate controls, and electronic control modules. Electronics accounted for approximately 18%, 18%, 18%, and 19% of the Company’s total product sales, excluding intra-product line eliminations, for the year ended December 31, 2011, the three-month Successor period ended December 31, 2010, the nine–month Predecessor |
• | Interiors — The Company’s Interiors product line includes instrument panels, cockpit modules, door trim and floor consoles. Interiors accounted for approximately 30%, 30%, 31%, and 35% of the Company’s total product sales, excluding intra-product line eliminations, for the year ended December 31, 2011, the three-month Successor period ended December 31, 2010, the nine-month Predecessor period ended October 1, 2010 and the years ended December 31, 2009, respectively. |
• | Services — The Company’s Services operations provide various transition services in support of divestiture transactions, principally related to the ACH Transactions. The Company supplied leased personnel and transition services as required by certain agreements entered into by the Company with ACH as a part of the ACH Transactions and as amended in 2008. As of August 31, 2010, the Company ceased providing substantially all transition and other services or leasing employees to ACH. Services to ACH were provided at a rate approximately equal to the Company’s cost. |
Net Sales | Gross Margin | ||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | Nine Months Ended | Year Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||||||||||
December 31 | October 1 | December 31 | December 31 | October 1 | December 31 | ||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2011 | 2010 | 2010 | 2009 | ||||||||||||||||||||||||||
Climate | $ | 4,053 | $ | 954 | $ | 2,660 | $ | 2,835 | $ | 351 | $ | 118 | $ | 322 | $ | 374 | |||||||||||||||||
Electronics | 1,367 | 326 | 935 | 1,208 | 128 | 89 | 136 | 125 | |||||||||||||||||||||||||
Interiors | 2,285 | 554 | 1,641 | 2,137 | 139 | 37 | 89 | 115 | |||||||||||||||||||||||||
Eliminations | (173 | ) | (57 | ) | (134 | ) | (117 | ) | — | — | — | — | |||||||||||||||||||||
Total Products | 7,532 | 1,777 | 5,102 | 6,063 | 618 | 244 | 547 | 614 | |||||||||||||||||||||||||
Services | — | 1 | 142 | 265 | — | — | 2 | 4 | |||||||||||||||||||||||||
Total consolidated | $ | 7,532 | $ | 1,778 | $ | 5,244 | $ | 6,328 | $ | 618 | $ | 244 | $ | 549 | $ | 618 |
Inventories, net | Property and Equipment, net | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(Dollars in Millions) | |||||||||||||||
Climate | $ | 236 | $ | 214 | $ | 934 | $ | 968 | |||||||
Electronics | 66 | 73 | 144 | 159 | |||||||||||
Interiors | 47 | 50 | 171 | 212 | |||||||||||
Other | 32 | 27 | 42 | 109 | |||||||||||
Total Products | 381 | 364 | 1,291 | 1,448 | |||||||||||
Corporate | — | — | 121 | 128 | |||||||||||
Total consolidated | $ | 381 | $ | 364 | $ | 1,412 | $ | 1,576 |
Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | Nine Months Ended | Year Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||||||||||
December 31 | October 1 | December 31 | December 31 | October 1 | December 31 | ||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2011 | 2010 | 2010 | 2009 | ||||||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||||||
Climate | $ | 187 | $ | 46 | $ | 102 | $ | 137 | $ | 168 | $ | 56 | $ | 60 | $ | 74 | |||||||||||||||||
Electronics | 40 | 8 | 20 | 44 | 26 | 11 | 12 | 19 | |||||||||||||||||||||||||
Interiors | 37 | 8 | 27 | 49 | 38 | 14 | 20 | 34 | |||||||||||||||||||||||||
Other | — | — | — | — | 18 | 7 | 17 | 16 | |||||||||||||||||||||||||
Total Products | 264 | 62 | 149 | 230 | 250 | 88 | 109 | 143 | |||||||||||||||||||||||||
Corporate | 31 | 7 | 36 | 77 | 8 | 4 | 8 | 8 | |||||||||||||||||||||||||
Total consolidated | $ | 295 | $ | 69 | $ | 185 | $ | 307 | $ | 258 | $ | 92 | $ | 117 | $ | 151 |
Net Sales | Property and Equipment, net | |||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
Year Ended December 31 | Three Months Ended December 31 | Nine Months Ended October 1 | Year Ended December 31 | |||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2011 | 2010 | |||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||
Geographic region: | ||||||||||||||||||||||||
United States | $ | 1,104 | $ | 237 | $ | 1,005 | $ | 1,549 | $ | 199 | $ | 240 | ||||||||||||
Mexico | 15 | 4 | 22 | 16 | 26 | 27 | ||||||||||||||||||
Canada | 105 | 21 | 61 | 46 | 29 | 31 | ||||||||||||||||||
Intra-region eliminations | (6 | ) | (4 | ) | (26 | ) | (21 | ) | — | — | ||||||||||||||
North America | 1,218 | 258 | 1,062 | 1,590 | 254 | 298 | ||||||||||||||||||
Germany | 199 | 40 | 129 | 158 | 20 | 26 | ||||||||||||||||||
France | 713 | 177 | 512 | 609 | 96 | 101 | ||||||||||||||||||
United Kingdom | — | — | — | 34 | 3 | 4 | ||||||||||||||||||
Portugal | 468 | 91 | 304 | 441 | 78 | 80 | ||||||||||||||||||
Spain | 421 | 115 | 311 | 287 | 42 | 45 | ||||||||||||||||||
Czech Republic | 246 | 61 | 195 | 234 | 67 | 121 | ||||||||||||||||||
Hungary | 321 | 82 | 258 | 315 | 63 | 65 | ||||||||||||||||||
Other Europe | 517 | 125 | 292 | 293 | 70 | 63 | ||||||||||||||||||
Intra-region eliminations | (114 | ) | (29 | ) | (80 | ) | (93 | ) | — | — | ||||||||||||||
Europe | 2,771 | 662 | 1,921 | 2,278 | 439 | 505 | ||||||||||||||||||
Korea | 2,488 | 583 | 1,520 | 1,589 | 428 | 476 | ||||||||||||||||||
China | 555 | 125 | 325 | 380 | 116 | 90 | ||||||||||||||||||
India | 341 | 82 | 216 | 213 | 80 | 96 | ||||||||||||||||||
Japan | 221 | 62 | 152 | 138 | 13 | 14 | ||||||||||||||||||
Other Asia | 244 | 71 | 177 | 142 | 27 | 33 | ||||||||||||||||||
Intra-region eliminations | (304 | ) | (66 | ) | (166 | ) | (158 | ) | — | — | ||||||||||||||
Asia | 3,545 | 857 | 2,224 | 2,304 | 664 | 709 | ||||||||||||||||||
South America | 511 | 123 | 386 | 427 | 55 | 64 | ||||||||||||||||||
Inter-region eliminations | (513 | ) | (122 | ) | (349 | ) | (271 | ) | — | — | ||||||||||||||
$ | 7,532 | $ | 1,778 | $ | 5,244 | $ | 6,328 | $ | 1,412 | $ | 1,576 |
• | The Parent Company, the issuer of the guaranteed obligations; |
• | Guarantor subsidiaries, on a combined basis, as specified in the indentures related to the Senior Notes; |
• | Non-guarantor subsidiaries, on a combined basis; |
• | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate the investments in subsidiaries, and (c) record consolidating entries. |
Successor - Year Ended December 31, 2011 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net sales | $ | 194 | $ | 1,497 | $ | 7,045 | $ | (1,204 | ) | $ | 7,532 | ||||||||
Cost of sales | 391 | 1,200 | 6,527 | (1,204 | ) | 6,914 | |||||||||||||
Gross margin | (197 | ) | 297 | 518 | — | 618 | |||||||||||||
Selling, general and administrative expenses | 102 | 67 | 218 | — | 387 | ||||||||||||||
Restructuring expenses | — | — | 24 | — | 24 | ||||||||||||||
Other expense (income), net | 3 | (6 | ) | (2 | ) | — | (5 | ) | |||||||||||
Deconsolidation gains | — | — | (8 | ) | — | (8 | ) | ||||||||||||
Operating (loss) income | (302 | ) | 236 | 286 | — | 220 | |||||||||||||
Interest expense (income), net | 38 | (12 | ) | 1 | — | 27 | |||||||||||||
Loss on debt extinguishment | 24 | — | — | — | 24 | ||||||||||||||
Equity in net income of non-consolidated affiliates | — | — | 168 | — | 168 | ||||||||||||||
(Loss) income before income taxes and earnings of subsidiaries | (364 | ) | 248 | 453 | — | 337 | |||||||||||||
Provision for income taxes | — | — | 127 | — | 127 | ||||||||||||||
(Loss) income before earnings of subsidiaries | (364 | ) | 248 | 326 | — | 210 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 490 | 172 | — | (662 | ) | — | |||||||||||||
Income from continuing operations | 126 | 420 | 326 | (662 | ) | 210 | |||||||||||||
Loss from discontinued operations, net of tax | (46 | ) | 57 | (67 | ) | — | (56 | ) | |||||||||||
Net income | 80 | 477 | 259 | (662 | ) | 154 | |||||||||||||
Net income attributable to non-controlling interests | — | — | 74 | — | 74 | ||||||||||||||
Net income attributable to Visteon Corporation | $ | 80 | $ | 477 | $ | 185 | $ | (662 | ) | $ | 80 |
Successor - Three Months Ended December 31, 2010 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net sales | |||||||||||||||||||
Products | $ | 28 | $ | 315 | $ | 1,679 | $ | (245 | ) | $ | 1,777 | ||||||||
Services | 1 | — | — | — | 1 | ||||||||||||||
29 | 315 | 1,679 | (245 | ) | 1,778 | ||||||||||||||
Cost of sales | |||||||||||||||||||
Products | 381 | 124 | 1,273 | (245 | ) | 1,533 | |||||||||||||
Services | 1 | — | — | — | 1 | ||||||||||||||
Cost of sales | 382 | 124 | 1,273 | (245 | ) | 1,534 | |||||||||||||
Gross margin | (353 | ) | 191 | 406 | — | 244 | |||||||||||||
Selling, general and administrative expenses | 37 | 25 | 45 | — | 107 | ||||||||||||||
Restructuring expenses | 1 | — | 26 | — | 27 | ||||||||||||||
Other expense (income), net | 14 | — | (1 | ) | — | 13 | |||||||||||||
Operating (loss) income | (405 | ) | 166 | 336 | — | 97 | |||||||||||||
Interest expense (income), net | 13 | (4 | ) | — | — | 9 | |||||||||||||
Equity in net income of non-consolidated affiliates | — | — | 41 | — | 41 | ||||||||||||||
(Loss) income before income taxes and earnings of subsidiaries | (418 | ) | 170 | 377 | — | 129 | |||||||||||||
Provision for income taxes | (3 | ) | 1 | 26 | — | 24 | |||||||||||||
(Loss) income before earnings of subsidiaries | (415 | ) | 169 | 351 | — | 105 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 507 | 58 | — | (565 | ) | — | |||||||||||||
Income from continuing operations | 92 | 227 | 351 | (565 | ) | 105 | |||||||||||||
Loss from discontinued operations, net of tax | (6 | ) | 7 | (1 | ) | — | — | ||||||||||||
Net income | 86 | 234 | 350 | (565 | ) | 105 | |||||||||||||
Net income attributable to non-controlling interests | — | — | 19 | — | 19 | ||||||||||||||
Net income attributable to Visteon Corporation | $ | 86 | $ | 234 | $ | 331 | $ | (565 | ) | $ | 86 |
Predecessor - Nine Months Ended October 1, 2010 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net sales | |||||||||||||||||||
Products | $ | 172 | $ | 1,009 | $ | 4,698 | $ | (777 | ) | $ | 5,102 | ||||||||
Services | 142 | — | — | — | 142 | ||||||||||||||
314 | 1,009 | 4,698 | (777 | ) | 5,244 | ||||||||||||||
Cost of sales | |||||||||||||||||||
Products | 214 | 637 | 4,481 | (777 | ) | 4,555 | |||||||||||||
Services | 140 | — | — | — | 140 | ||||||||||||||
354 | 637 | 4,481 | (777 | ) | 4,695 | ||||||||||||||
Gross margin | (40 | ) | 372 | 217 | — | 549 | |||||||||||||
Selling, general and administrative expenses | 83 | 44 | 136 | — | 263 | ||||||||||||||
Restructuring expenses | 5 | 1 | 8 | — | 14 | ||||||||||||||
Reorganization items, net | (8,594 | ) | 9,402 | (1,746 | ) | — | (938 | ) | |||||||||||
Asset impairments | 4 | — | — | — | 4 | ||||||||||||||
Other expense (income), net | 21 | (1 | ) | 2 | — | 22 | |||||||||||||
Operating income (loss) | 8,441 | (9,074 | ) | 1,817 | — | 1,184 | |||||||||||||
Interest expense (income), net | 181 | (19 | ) | (3 | ) | — | 159 | ||||||||||||
Equity in net income of non-consolidated affiliates | 1 | — | 104 | — | 105 | ||||||||||||||
Income (loss) before income taxes and earnings of subsidiaries | 8,261 | (9,055 | ) | 1,924 | — | 1,130 | |||||||||||||
Provision for income taxes | 2 | — | 146 | — | 148 | ||||||||||||||
Income (loss) before earnings of subsidiaries | 8,259 | (9,055 | ) | 1,778 | — | 982 | |||||||||||||
Equity in earnings of consolidated subsidiaries | (7,273 | ) | 1,371 | — | 5,902 | — | |||||||||||||
Income (loss) from continuing operations | 986 | (7,684 | ) | 1,778 | 5,902 | 982 | |||||||||||||
Income from discontinued operations, net of tax | (46 | ) | 63 | (3 | ) | — | 14 | ||||||||||||
Net income (loss) | 940 | (7,621 | ) | 1,775 | 5,902 | 996 | |||||||||||||
Net income attributable to non-controlling interests | — | — | 56 | — | 56 | ||||||||||||||
Net income attributable to Visteon Corporation | $ | 940 | $ | (7,621 | ) | $ | 1,719 | $ | 5,902 | $ | 940 |
Predecessor - Year Ended December 31, 2009 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net sales | |||||||||||||||||||
Products | $ | 221 | $ | 1,334 | $ | 5,432 | $ | (924 | ) | $ | 6,063 | ||||||||
Services | 265 | — | — | — | 265 | ||||||||||||||
486 | 1,334 | 5,432 | (924 | ) | 6,328 | ||||||||||||||
Cost of sales | |||||||||||||||||||
Products | 408 | 912 | 5,053 | (924 | ) | 5,449 | |||||||||||||
Services | 261 | — | — | — | 261 | ||||||||||||||
669 | 912 | 5,053 | (924 | ) | 5,710 | ||||||||||||||
Gross margin | (183 | ) | 422 | 379 | — | 618 | |||||||||||||
Selling, general and administrative expenses | 80 | 62 | 179 | — | 321 | ||||||||||||||
Restructuring expenses | 33 | 8 | 39 | — | 80 | ||||||||||||||
Reimbursement from escrow account | 62 | — | — | — | 62 | ||||||||||||||
Reorganization items | 60 | — | — | — | 60 | ||||||||||||||
Deconsolidation gain | (95 | ) | — | — | — | (95 | ) | ||||||||||||
Asset impairments | — | 5 | 5 | — | 10 | ||||||||||||||
Other (income) expense, net | (20 | ) | — | — | — | (20 | ) | ||||||||||||
Operating (loss) income | (179 | ) | 347 | 156 | — | 324 | |||||||||||||
Interest expense (income), net | 109 | (9 | ) | 6 | — | 106 | |||||||||||||
Equity in net (loss) income of non-consolidated affiliates | (1 | ) | — | 82 | — | 81 | |||||||||||||
(Loss) income before income taxes and earnings of subsidiaries | (289 | ) | 356 | 232 | — | 299 | |||||||||||||
(Benefit from) provision for income taxes | (3 | ) | 1 | 74 | — | 72 | |||||||||||||
(Loss) income before earnings of subsidiaries | (286 | ) | 355 | 158 | — | 227 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 445 | 477 | — | (922 | ) | — | |||||||||||||
Income from continuing operations | 159 | 832 | 158 | (922 | ) | 227 | |||||||||||||
Loss from discontinued operations, net of tax | (31 | ) | 9 | (21 | ) | — | (43 | ) | |||||||||||
Net income | 128 | 841 | 137 | (922 | ) | 184 | |||||||||||||
Net income attributable to non-controlling interests | — | — | 56 | — | 56 | ||||||||||||||
Net income attributable to Visteon Corporation | $ | 128 | $ | 841 | $ | 81 | $ | (922 | ) | $ | 128 |
Successor - Year Ended December 31, 2011 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net income | $ | 80 | $ | 477 | $ | 259 | $ | (662 | ) | $ | 154 | ||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||
Foreign currency translation adjustments | (42 | ) | (47 | ) | (67 | ) | 103 | (53 | ) | ||||||||||
Benefit plans | (26 | ) | (3 | ) | (5 | ) | 8 | (26 | ) | ||||||||||
Unrealized hedging (losses) gains and other | (7 | ) | (8 | ) | (10 | ) | 16 | (9 | ) | ||||||||||
Other comprehensive (loss) income, net of tax | (75 | ) | (58 | ) | (82 | ) | 127 | (88 | ) | ||||||||||
Comprehensive income | 5 | 419 | 177 | (535 | ) | 66 | |||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | 61 | — | 61 | ||||||||||||||
Comprehensive income (loss) attributable to Visteon Corporation | $ | 5 | $ | 419 | $ | 116 | $ | (535 | ) | $ | 5 |
Successor - Three Months Ended December 31, 2010 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net income | $ | 86 | $ | 234 | $ | 350 | $ | (565 | ) | $ | 105 | ||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||
Foreign currency translation adjustments | 1 | — | 12 | (10 | ) | 3 | |||||||||||||
Benefit plans | 50 | 44 | 41 | (84 | ) | 51 | |||||||||||||
Unrealized hedging (losses) gains and other | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Other comprehensive income (loss), net of tax | 50 | 44 | 53 | (94 | ) | 53 | |||||||||||||
Comprehensive income | 136 | 278 | 403 | (659 | ) | 158 | |||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | 22 | — | 22 | ||||||||||||||
Comprehensive income (loss) attributable to Visteon Corporation | $ | 136 | $ | 278 | $ | 381 | $ | (659 | ) | $ | 136 |
Predecessor - Nine Months Ended October 1, 2010 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net income (loss) | $ | 940 | $ | (7,621 | ) | $ | 1,775 | $ | 5,902 | $ | 996 | ||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||
Foreign currency translation adjustments | 14 | (248 | ) | 7 | 247 | 20 | |||||||||||||
Benefit plans | (232 | ) | (138 | ) | (8 | ) | 146 | (232 | ) | ||||||||||
Unrealized hedging gains and other | 2 | — | 5 | (2 | ) | 5 | |||||||||||||
Other comprehensive (loss) income, net of tax | (216 | ) | (386 | ) | 4 | 391 | (207 | ) | |||||||||||
Comprehensive income (loss) | 724 | (8,007 | ) | 1,779 | 6,293 | 789 | |||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | 65 | — | 65 | ||||||||||||||
Comprehensive income (loss) attributable to Visteon Corporation | $ | 724 | $ | (8,007 | ) | $ | 1,714 | $ | 6,293 | $ | 724 |
Predecessor - Year Ended December 31, 2009 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Net income | $ | 128 | $ | 841 | $ | 137 | $ | (922 | ) | $ | 184 | ||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||
Foreign currency translation adjustments | (119 | ) | (116 | ) | (106 | ) | 233 | (108 | ) | ||||||||||
Benefit plans | 92 | 196 | 100 | (296 | ) | 92 | |||||||||||||
Unrealized hedging gains and other | 12 | 7 | — | (9 | ) | 10 | |||||||||||||
Other comprehensive (loss) income, net of tax | (15 | ) | 87 | (6 | ) | (72 | ) | (6 | ) | ||||||||||
Comprehensive income | 113 | 928 | 131 | (994 | ) | 178 | |||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | 65 | — | 65 | ||||||||||||||
Comprehensive income attributable to Visteon Corporation | $ | 113 | $ | 928 | $ | 66 | $ | (994 | ) | $ | 113 |
December 31, 2011 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and equivalents | $ | 114 | $ | 55 | $ | 554 | $ | — | $ | 723 | |||||||||
Accounts receivable, net | 235 | 540 | 1,007 | (719 | ) | 1,063 | |||||||||||||
Inventories, net | 18 | 25 | 338 | — | 381 | ||||||||||||||
Other current assets | 29 | 53 | 245 | — | 327 | ||||||||||||||
Total current assets | 396 | 673 | 2,144 | (719 | ) | 2,494 | |||||||||||||
Property and equipment, net | 89 | 81 | 1,242 | — | 1,412 | ||||||||||||||
Investment in affiliates | 1,873 | 1,533 | — | (3,406 | ) | — | |||||||||||||
Equity in net assets of non-consolidated affiliates | — | — | 644 | — | 644 | ||||||||||||||
Intangible assets, net | 82 | 59 | 212 | — | 353 | ||||||||||||||
Other non-current assets | 14 | 23 | 55 | (26 | ) | 66 | |||||||||||||
Total assets | $ | 2,454 | $ | 2,369 | $ | 4,297 | $ | (4,151 | ) | $ | 4,969 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Short-term debt, including current portion of long-term debt | $ | 90 | $ | 13 | $ | 217 | $ | (233 | ) | $ | 87 | ||||||||
Accounts payable | 170 | 210 | 1,116 | (486 | ) | 1,010 | |||||||||||||
Other current liabilities | 70 | 21 | 365 | — | 456 | ||||||||||||||
Total current liabilities | 330 | 244 | 1,698 | (719 | ) | 1,553 | |||||||||||||
Long-term debt | 497 | — | 41 | (26 | ) | 512 | |||||||||||||
Employee benefits | 301 | 47 | 147 | — | 495 | ||||||||||||||
Other non-current liabilities | 19 | 5 | 388 | — | 412 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||||
Total Visteon Corporation shareholders’ equity | 1,307 | 2,073 | 1,333 | (3,406 | ) | 1,307 | |||||||||||||
Non-controlling interests | — | — | 690 | — | 690 | ||||||||||||||
Total shareholders’ equity | 1,307 | 2,073 | 2,023 | (3,406 | ) | 1,997 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 2,454 | $ | 2,369 | $ | 4,297 | $ | (4,151 | ) | $ | 4,969 |
December 31, 2010 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and equivalents | $ | 153 | $ | 81 | $ | 671 | $ | — | $ | 905 | |||||||||
Accounts receivable, net | 160 | 956 | 1,204 | (1,228 | ) | 1,092 | |||||||||||||
Inventories, net | 16 | 25 | 323 | — | 364 | ||||||||||||||
Other current assets | 93 | 28 | 220 | — | 341 | ||||||||||||||
Total current assets | 422 | 1,090 | 2,418 | (1,228 | ) | 2,702 | |||||||||||||
Property and equipment, net | 104 | 105 | 1,367 | — | 1,576 | ||||||||||||||
Investment in affiliates | 2,357 | 1,193 | — | (3,550 | ) | — | |||||||||||||
Equity in net assets of non-consolidated affiliates | — | — | 439 | — | 439 | ||||||||||||||
Intangible assets, net | 90 | 76 | 236 | — | 402 | ||||||||||||||
Other non-current assets | 65 | 439 | 55 | (470 | ) | 89 | |||||||||||||
Total assets | $ | 3,038 | $ | 2,903 | $ | 4,515 | $ | (5,248 | ) | $ | 5,208 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Short-term debt, including current portion of long-term debt | $ | 644 | $ | 10 | $ | 247 | $ | (823 | ) | $ | 78 | ||||||||
Accounts payable | 186 | 198 | 1,218 | (399 | ) | 1,203 | |||||||||||||
Other current liabilities | 142 | 34 | 391 | (6 | ) | 561 | |||||||||||||
Total current liabilities | 972 | 242 | 1,856 | (1,228 | ) | 1,842 | |||||||||||||
Long-term debt | 472 | — | 481 | (470 | ) | 483 | |||||||||||||
Employee benefits | 307 | 74 | 145 | — | 526 | ||||||||||||||
Other non-current liabilities | 27 | 5 | 375 | — | 407 | ||||||||||||||
— | |||||||||||||||||||
Shareholders’ equity: | — | ||||||||||||||||||
Total Visteon Corporation shareholders’ equity | 1,260 | 2,582 | 968 | (3,550 | ) | 1,260 | |||||||||||||
Non-controlling interests | — | — | 690 | — | 690 | ||||||||||||||
Total shareholders’ equity | 1,260 | 2,582 | 1,658 | (3,550 | ) | 1,950 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 3,038 | $ | 2,903 | $ | 4,515 | $ | (5,248 | ) | $ | 5,208 |
Successor - Year Ended December 31, 2011 | |||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided from operating activities | $ | (163 | ) | $ | (75 | ) | $ | 413 | $ | — | $ | 175 | |||||||
Investing activities | |||||||||||||||||||
Capital expenditures | (4 | ) | (12 | ) | (242 | ) | — | (258 | ) | ||||||||||
Dividends received from consolidated affiliates | 109 | 173 | — | (282 | ) | — | |||||||||||||
Cash associated with deconsolidations | — | — | (52 | ) | — | (52 | ) | ||||||||||||
Acquisitions of joint venture interests | — | — | (29 | ) | — | (29 | ) | ||||||||||||
Proceeds from divestitures and asset sales | — | — | 14 | — | 14 | ||||||||||||||
Other | — | — | (6 | ) | — | (6 | ) | ||||||||||||
Net cash used by investing activities | 105 | 161 | (315 | ) | (282 | ) | (331 | ) | |||||||||||
Financing activities | |||||||||||||||||||
Cash restriction, net | 58 | — | (7 | ) | — | 51 | |||||||||||||
Short term debt, net | — | — | 17 | — | 17 | ||||||||||||||
Proceeds from issuance of debt, net of issuance costs | 492 | — | 11 | — | 503 | ||||||||||||||
Principal payments on debt | (501 | ) | — | (12 | ) | — | (513 | ) | |||||||||||
Rights offering fees | (33 | ) | — | — | — | (33 | ) | ||||||||||||
Dividends paid to consolidated affiliates | — | (109 | ) | (173 | ) | 282 | — | ||||||||||||
Other | 3 | — | (31 | ) | — | (28 | ) | ||||||||||||
Net cash provided from (used by) financing activities | 19 | (109 | ) | (195 | ) | 282 | (3 | ) | |||||||||||
Effect of exchange rate changes on cash and equivalents | — | (3 | ) | (20 | ) | — | (23 | ) | |||||||||||
Net increase (decrease) in cash and equivalents | (39 | ) | (26 | ) | (117 | ) | — | (182 | ) | ||||||||||
Cash and equivalents at beginning of period | 153 | 81 | 671 | — | 905 | ||||||||||||||
Cash and equivalents at end of period | $ | 114 | $ | 55 | $ | 554 | $ | — | $ | 723 |
Successor - Three Months Ended December 31, 2010 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
Net cash provided from operating activities | $ | 79 | $ | 21 | $ | 54 | $ | — | $ | 154 | ||||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures | (2 | ) | (2 | ) | (88 | ) | — | (92 | ) | |||||||||||
Dividends received from consolidated affiliates | — | 8 | — | (8 | ) | — | ||||||||||||||
Proceeds from divestitures and asset sales | — | — | 16 | — | 16 | |||||||||||||||
Net cash (used by) provided from investing activities | (2 | ) | 6 | (72 | ) | (8 | ) | (76 | ) | |||||||||||
Financing activities | ||||||||||||||||||||
Cash restriction, net | 11 | — | 5 | — | 16 | |||||||||||||||
Short term debt, net | — | — | 6 | — | 6 | |||||||||||||||
Principal payments on debt | (1 | ) | — | (60 | ) | — | (61 | ) | ||||||||||||
Dividends paid to consolidated affiliates | — | — | (8 | ) | 8 | — | ||||||||||||||
Other | 2 | — | (3 | ) | — | (1 | ) | |||||||||||||
Net cash provided from (used by) financing activities | 12 | — | (60 | ) | 8 | (40 | ) | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | (1 | ) | 2 | — | 1 | ||||||||||||||
Net increase (decrease) in cash and equivalents | 89 | 26 | (76 | ) | — | 39 | ||||||||||||||
Cash and equivalents at beginning of period | 64 | 55 | 747 | — | 866 | |||||||||||||||
Cash and equivalents at end of period | $ | 153 | $ | 81 | $ | 671 | $ | — | $ | 905 |
Predecessor - Nine Months Ended October 1, 2010 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
Net cash (used by) provided from operating activities | $ | (309 | ) | $ | (99 | ) | $ | 428 | $ | — | $ | 20 | ||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures | (4 | ) | (5 | ) | (108 | ) | — | (117 | ) | |||||||||||
Proceeds from divestitures and asset sales | 11 | 1 | 33 | — | 45 | |||||||||||||||
Dividends received from consolidated affiliates | 44 | 129 | — | (173 | ) | — | ||||||||||||||
Acquisitions of joint venture interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net cash provided from (used by) investing activities | 51 | 125 | (78 | ) | (173 | ) | (75 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Cash restriction, net | 12 | — | 31 | — | 43 | |||||||||||||||
Short term debt, net | — | — | (9 | ) | — | (9 | ) | |||||||||||||
Payment of DIP facility | (75 | ) | — | — | — | (75 | ) | |||||||||||||
Proceeds from issuance of debt, net of issuance costs | 472 | — | 9 | — | 481 | |||||||||||||||
Proceeds from rights offering, net of issuance costs | 1,190 | — | — | — | 1,190 | |||||||||||||||
Principal payments on debt | (1,628 | ) | — | (23 | ) | — | (1,651 | ) | ||||||||||||
Dividends paid to consolidated affiliates | — | (44 | ) | (129 | ) | 173 | — | |||||||||||||
Other | (2 | ) | — | (19 | ) | — | (21 | ) | ||||||||||||
Net cash used by financing activities | (31 | ) | (44 | ) | (140 | ) | 173 | (42 | ) | |||||||||||
Effect of exchange rate changes on cash and equivalents | — | (3 | ) | 4 | — | 1 | ||||||||||||||
Net (decrease) increase in cash and equivalents | (289 | ) | (21 | ) | 214 | — | (96 | ) | ||||||||||||
Cash and equivalents at beginning of period | 353 | 76 | 533 | — | 962 | |||||||||||||||
Cash and equivalents at end of period | $ | 64 | $ | 55 | $ | 747 | $ | — | $ | 866 |
Predecessor - Year Ended December 31, 2009 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
Net cash (used by) provided from operating activities | $ | (223 | ) | $ | (68 | ) | $ | 432 | $ | — | $ | 141 | ||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures | (11 | ) | (7 | ) | (133 | ) | — | (151 | ) | |||||||||||
Proceeds from divestitures and asset sales | 1 | 1 | 67 | — | 69 | |||||||||||||||
Acquisitions of joint venture interests | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Dividends received from consolidated affiliates | — | 103 | — | (103 | ) | — | ||||||||||||||
Cash associated with deconsolidation | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Net cash (used by) provided from investing activities | (10 | ) | 97 | (107 | ) | (103 | ) | (123 | ) | |||||||||||
Financing activities | ||||||||||||||||||||
Cash restriction, net | (94 | ) | — | (39 | ) | — | (133 | ) | ||||||||||||
Short term debt, net | — | — | (19 | ) | — | (19 | ) | |||||||||||||
Proceeds from DIP facility, net of issuance costs | 71 | — | — | — | 71 | |||||||||||||||
Proceeds from issuance of debt, net of issuance costs | 30 | — | 27 | — | 57 | |||||||||||||||
Principal payments on debt | (21 | ) | — | (152 | ) | — | (173 | ) | ||||||||||||
Dividends paid to consolidated affiliates | — | — | (103 | ) | 103 | — | ||||||||||||||
Other | (47 | ) | 7 | (22 | ) | — | (62 | ) | ||||||||||||
Net cash (used by) provided from financing activities | (61 | ) | 7 | (308 | ) | 103 | (259 | ) | ||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 23 | — | 23 | |||||||||||||||
Net (decrease) increase in cash and equivalents | (294 | ) | 36 | 40 | — | (218 | ) | |||||||||||||
Cash and equivalents at beginning of period | 647 | 40 | 493 | — | 1,180 | |||||||||||||||
Cash and equivalents at end of period | $ | 353 | $ | 76 | $ | 533 | $ | — | $ | 962 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | ||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||
(Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,850 | $ | 2,046 | $ | 1,909 | $ | 1,727 | $ | 1,778 | $ | 1,778 | $ | 1,834 | $ | 1,632 | $ | — | ||||||||||||||||||
Gross margin | 143 | 192 | 139 | 144 | 244 | 408 | 102 | 36 | 3 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 80 | 78 | 81 | 98 | 129 | 266 | (125 | ) | (101 | ) | 1,090 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 52 | 44 | 56 | 58 | 105 | 240 | (174 | ) | (147 | ) | 1,063 | |||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to Visteon Corporation | $ | 35 | $ | 26 | $ | 37 | $ | 38 | $ | 86 | $ | 225 | $ | (198 | ) | $ | (164 | ) | $ | 1,063 | ||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||||||
Basic earnings (losses) from continuing operations attributable to Visteon Corporation | $ | 0.69 | $ | 0.51 | $ | 0.72 | $ | 0.75 | $ | 1.71 | $ | 1.73 | $ | (1.53 | ) | $ | (1.27 | ) | ||||||||||||||||||
Diluted earnings (losses) from continuing operations attributable to Visteon Corporation | $ | 0.67 | $ | 0.50 | $ | 0.71 | $ | 0.75 | $ | 1.66 | $ | 1.73 | $ | (1.53 | ) | $ | (1.27 | ) |
(a) | The following documents are filed as part of this report: |
1. | Financial Statements |
2. | Financial Statement Schedules |
Balance at Beginning of Period | (Benefits)/ Charges to Income | Deductions(a) | Other(b) | Balance at End of Period (c) | |||||||||||||||
(Dollars in Millions) | |||||||||||||||||||
Successor – Year Ended December 31, 2011: | |||||||||||||||||||
Allowance for doubtful accounts | $ | — | $ | 8 | $ | — | $ | — | $ | 8 | |||||||||
Valuation allowance for deferred taxes | 1,463 | 202 | — | (8 | ) | 1,657 | |||||||||||||
Successor – Three Months Ended December 31, 2010: | |||||||||||||||||||
Allowance for doubtful accounts | $ | — | $ | (4 | ) | $ | 4 | $ | — | $ | — | ||||||||
Valuation allowance for deferred taxes | 1,485 | (6 | ) | — | (16 | ) | 1,463 | ||||||||||||
Predecessor – Nine Months Ended October 1, 2010: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 23 | $ | 3 | $ | (2 | ) | $ | (24 | ) | $ | — | |||||||
Valuation allowance for deferred taxes | 2,238 | (753 | ) | — | — | 1,485 | |||||||||||||
Predecessor – Year Ended December 31, 2009: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 37 | $ | 5 | $ | (19 | ) | $ | — | $ | 23 | ||||||||
Valuation allowance for deferred taxes | 2,079 | 521 | — | (362 | ) | 2,238 |
(a) | Deductions represent uncollectible accounts charged off. |
(b) | Valuation allowance for deferred taxes |
Inventories Inventories (Tables)
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Dec. 31, 2011
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following components:
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Commitments and Contingencies Commitments and Contingencies (Tables)
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Schedule of Product Warranty Liability [Table Text Block] |
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Other (Income) Expense, Net Other (Income) Expense, Net (Tables)
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other (Income) Expense, Net [Table Text Block] | Other (income) expense, net consists of the following:
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Other Assets Schedule of Other Assets Table (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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Deferred tax assets | $ 18 | $ 13 |
Income tax receivable | 11 | 14 |
Deposits | 7 | 24 |
Other | 30 | 38 |
Other non-current assets | $ 66 | $ 89 |
Segment Information Segment Information (Tables)
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Dec. 31, 2011
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Segment Operating Assets [Table Text Block] | Segment Operating Assets
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Segment Expenditures [Table Text Block] | Segment Expenditures
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Financial Information by Geographical Region [Table Text Block] | Financial Information by Geographic Region
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Employee Retirement Benefits Change in Benefit Obligation (Details) (USD $)
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12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Oct. 01, 2010
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Dec. 31, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Oct. 01, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Jan. 31, 2009
Agreement With Pension Benefit Guaranty Corporation [Member]
|
Dec. 31, 2009
Employee Reductions In Uk And Mexico Employee Reductions Under Previously Announced Restructuring Actions [Member]
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Dec. 31, 2010
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2012
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2012
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2012
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Oct. 01, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Other non-current assets [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Other non-current assets [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Accrued employee liabilities [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Accrued employee liabilities [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Accrued employee liabilities [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Accrued employee liabilities [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
Accrued employee liabilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Accrued employee liabilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
Employee benefits [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
Employee benefits [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Employee benefits [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Employee benefits [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
Employee benefits [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
Employee benefits [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
Other current liabilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Oct. 01, 2010
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2009
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2008
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Other non-current assets [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Accrued employee liabilities [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Accrued employee liabilities [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Accrued employee liabilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Employee benefits [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Employee benefits [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Employee benefits [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,900,000,000 | $ 1,740,000,000 | $ 1,820,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 1,620,000,000 | 1,610,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 1,610,000,000 | 1,560,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,190,000,000 | 1,140,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Obligation Beginning Balance | 1,407,000,000 | 1,480,000,000 | 1,360,000,000 | 486,000,000 | 466,000,000 | 445,000,000 | 171,000,000 | 10,000,000 | 17,000,000 | 1,407,000,000 | 1,301,000,000 | 486,000,000 | 435,000,000 | 66,000,000 | |||||||||||||||||||||||||||||||||||
Service cost | 2,000,000 | 5,000,000 | 2,000,000 | 6,000,000 | 7,000,000 | 13,000,000 | 4,000,000 | 7,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Interest cost | 18,000,000 | 73,000,000 | 6,000,000 | 28,000,000 | 56,000,000 | 74,000,000 | 19,000,000 | 31,000,000 | 3,000,000 | 18,000,000 | |||||||||||||||||||||||||||||||||||||||
Participant contributions | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reinstatement of liability | 305,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amendments/other | (145,000,000) | (2,000,000) | (21,000,000) | 1,000,000 | (187,000,000) | ||||||||||||||||||||||||||||||||||||||||||||
Actuarial loss/(gain) | (44,000,000) | 141,000,000 | (39,000,000) | 3,000,000 | (1,000,000) | 136,000,000 | 49,000,000 | (4,000,000) | |||||||||||||||||||||||||||||||||||||||||
Special termination benefits | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Curtailments, net | 2,000,000 | (26,000,000) | (22,000,000) | (1,000,000) | |||||||||||||||||||||||||||||||||||||||||||||
Settlements | (1,000,000) | (2,000,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | (6,000,000) | (15,000,000) | (10,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||
Transfers in | 17,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (23,000,000) | (76,000,000) | (4,000,000) | (18,000,000) | (8,000,000) | (5,000,000) | (51,000,000) | (11,000,000) | (12,000,000) | ||||||||||||||||||||||||||||||||||||||||
Benefit Obligation Ending Balance | 1,360,000,000 | 1,480,000,000 | 445,000,000 | 466,000,000 | 17,000,000 | 10,000,000 | 1,407,000,000 | 1,301,000,000 | 486,000,000 | 435,000,000 | 171,000,000 | 66,000,000 | |||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||
Plan assets - beginning | 1,035,000,000 | 1,151,000,000 | 996,000,000 | 330,000,000 | 348,000,000 | 337,000,000 | 1,035,000,000 | 913,000,000 | 330,000,000 | 315,000,000 | |||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | (14,000,000) | 172,000,000 | 8,000,000 | 20,000,000 | 174,000,000 | 23,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Sponsor contributions | 70,000,000 | 10,500,000 | 63,000,000 | 6,000,000 | 19,000,000 | 8,000,000 | 5,000,000 | 1,000,000 | 11,000,000 | 12,000,000 | |||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | (3,000,000) | (14,000,000) | (8,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||
Settlements | (1,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid/other | (25,000,000) | (80,000,000) | (4,000,000) | (18,000,000) | (8,000,000) | (5,000,000) | (53,000,000) | (11,000,000) | (12,000,000) | ||||||||||||||||||||||||||||||||||||||||
Plan assets - ending | 996,000,000 | 1,151,000,000 | 337,000,000 | 348,000,000 | 1,035,000,000 | 913,000,000 | 330,000,000 | 315,000,000 | |||||||||||||||||||||||||||||||||||||||||
Funded status at end of period | (364,000,000) | (329,000,000) | (108,000,000) | (118,000,000) | (17,000,000) | (10,000,000) | (372,000,000) | (156,000,000) | (171,000,000) | ||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 4,000,000 | 6,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (3,000,000) | (2,000,000) | (3,000,000) | (3,000,000) | (2,000,000) | (3,000,000) | (6,000,000) | (2,000,000) | (3,000,000) | (31,000,000) | |||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (326,000,000) | (362,000,000) | (119,000,000) | (111,000,000) | (8,000,000) | (8,000,000) | (370,000,000) | (158,000,000) | (140,000,000) | ||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (9,000,000) | 15,000,000 | (42,000,000) | (40,000,000) | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income/(Loss) | $ 25,000,000 | $ 51,000,000 | $ (9,000,000) | $ 15,000,000 | $ (42,000,000) | $ (40,000,000) | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 5.55% | 4.85% | 5.95% | 5.85% | 5.00% | 4.10% | 5.30% | 5.40% | 4.65% | ||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Expected Return on Plan Assets | 7.70% | 7.00% | 7.50% | 5.60% | 5.05% | 5.40% | 7.70% | 7.70% | 8.10% | 5.55% | 6.00% | 6.70% | |||||||||||||||||||||||||||||||||||||
Rate of increase in compensation | 3.50% | 3.55% | 3.45% | 3.50% | 3.45% | ||||||||||||||||||||||||||||||||||||||||||||
Initial health care cost trend rate | 8.00% | 8.00% | 8.00% | 8.50% | 9.00% | 8.33% | |||||||||||||||||||||||||||||||||||||||||||
Ultimate health care cost trend rate | 5.10% | 5.10% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||
Year ultimate health care cost trend rate reached | 2015 | 2017 | 2018 | 2015 | 2017 | 2014 |
Employee Retirement Benefits Tables (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of OPEB Terminations and Reinstatements [Table Text Block] |
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Schedule of Changes in Retirement Benefit Obligations [Table Text Block] | The Company’s obligation for retirement benefits is as follows:
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Schedule of Assumptions Used [Table Text Block] | Assumptions used by the Company in determining its benefit obligations as of December 31, 2011, December 31, 2010, and October 1, 2010 are summarized in the following table.
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Components of the net change in Accumulated other comprehensive (loss) income related to the Company’s retirement, health care and life insurance benefit plans on the Company’s consolidated statements of shareholders’ equity for the year ended December 31, 2011, the three months ended December 31, 2010, and the nine months ended October 1, 2010 are as follows:
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Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Company plans:
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Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s retirement plan asset allocation at December 31, 2011 and 2010 and target allocation for 2012 are as follows:
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Defined Benefit Pension [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Retirement Plan expenses [Table Text Block] | The Company’s expense for retirement benefits is as follows:
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United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Retirement Plan expenses [Table Text Block] |
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Valuation and Qualifying Accounts
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VISTEON CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
____________
Represents adjustments recorded through other comprehensive income, exchange and includes other adjustments in 2009 related to the Company's U.S. residual tax liability on assumed repatriation of foreign earnings, various tax return true-up adjustments and adjustments related to deferred tax attributes adjusted for uncertain tax positions carrying a full valuation allowance, all of which impact deferred taxes and the related valuation allowances. In 2009, other also includes the transfer of the remaining U.K. tax attributes carrying a full valuation allowance to the Administrators as a result of the UK Administration and related deconsolidation in the first quarter of 2009. Allowance for doubtful accounts Other represents the revaluation of accounts receivable to fair value upon the adoption of fresh-start accounting in connection with the emergence from bankruptcy on October 1, 2010. (c) Information in the table includes amounts associated with the Company's discontinued operations. |
Employee Retirement Benefits Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
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Dec. 31, 2010
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
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Dec. 31, 2011
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Actuarial loss (gain) | $ (9) | $ 23 | $ (42) | $ 2 | $ (1) | $ (5) | $ 41 | $ (4) |
Prior service (credit)/cost | (150) | (21) | 1 | (187) | ||||
Fresh-start adjustments | (138) | (107) | 128 | |||||
Reclassification to net income | 1 | 151 | 14 | (1) | 332 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (9) | $ 24 | $ (42) | $ 2 | $ (150) | $ (66) | $ 269 |
Income Taxes Deferred Tax Assets And Liabilities (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
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Sep. 30, 2011
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Dec. 31, 2010
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Oct. 01, 2010
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Dec. 31, 2011
|
Dec. 31, 2009
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2010
Successor [Member]
|
Oct. 01, 2010
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Dec. 31, 2009
Spain [Member]
|
Dec. 31, 2011
Domestic Country [Member]
|
Dec. 31, 2011
State and Local Jurisdiction [Member]
|
Dec. 31, 2011
Foreign Country [Member]
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Valuation Allowances and Reserves, Balance | $ 1,700,000,000 | $ 1,200,000,000 | $ 486,000,000 | |||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 74,000,000 | 69,000,000 | ||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 22,000,000 | 28,000,000 | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,300,000,000 | |||||||||||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||||||||||||
Employee benefit plans | 139,000,000 | 134,000,000 | ||||||||||||
Capitalized expenditures for tax reporting | 135,000,000 | 111,000,000 | ||||||||||||
Net operating losses and carryforwards | 1,097,000,000 | 1,174,000,000 | ||||||||||||
All other | 279,000,000 | 253,000,000 | ||||||||||||
Subtotal | 1,650,000,000 | 1,672,000,000 | ||||||||||||
Valuation allowance | (1,463,000,000) | (1,657,000,000) | ||||||||||||
Total deferred tax assets | 187,000,000 | 15,000,000 | 31,000,000 | |||||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 74,000,000 | 1,000,000 | ||||||||||||
All other | 257,000,000 | 153,000,000 | ||||||||||||
Total deferred tax liabilities | 331,000,000 | 154,000,000 | ||||||||||||
Net deferred tax liabilities | 144,000,000 | 139,000,000 | ||||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8,000,000 | 12,000,000 | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 66,000,000 | (1,000,000) | ||||||||||
Reconciiation of Unrecognized Tax Benefits [Abstract] | ||||||||||||||
Unrecognized Tax Benefits Beginning balance | 131,000,000 | 131,000,000 | 126,000,000 | 190,000,000 | 126,000,000 | |||||||||
Tax positions related to current periods | ||||||||||||||
Additions | 7,000,000 | 17,000,000 | 13,000,000 | |||||||||||
Tax positions related to prior periods | ||||||||||||||
Additions | 3,000,000 | 3,000,000 | 2,000,000 | |||||||||||
Reductions | (1,000,000) | (21,000,000) | (58,000,000) | |||||||||||
Settlements with tax authorities | (56,000,000) | (1,000,000) | (1,000,000) | |||||||||||
Lapses in statue of limitations | (2,000,000) | (1,000,000) | (18,000,000) | |||||||||||
Effect of exchange rate changes | (1,000,000) | (5,000,000) | (3,000,000) | |||||||||||
Unrecognized Tax Benefits Ending balance | 131,000,000 | 123,000,000 | 131,000,000 | 123,000,000 | 126,000,000 | 126,000,000 | ||||||||
U.S. foreign tax credit carryforwards | 320,000,000 | 9,000,000 | ||||||||||||
Operating Loss Carryforwards | 1,200,000,000 | 19,000,000 | ||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,000,000 | |||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 3,000,000 | |||||||||||||
Estimated interest and penalties | $ 3,000,000 |
Condensed Consolidating Financial Information of Guarantor Subsidiaries Condensed Consolidating Statement of Comprehensive Income (Tables)
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3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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Oct. 01, 2010
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Dec. 31, 2011
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Dec. 31, 2009
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Condensed Consolidating Statements of Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income [Table Text Block] |
|
|
VISTEON CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|
|
Employee Retirement Benefits Benefit Expenses (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Oct. 01, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2012
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2012
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2009
Restructuring Charges [Member]
Predecessor [Member]
|
Oct. 01, 2010
Restructuring Charges [Member]
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Restructuring Charges [Member]
Predecessor [Member]
United States Pension Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Restructuring Charges [Member]
Predecessor [Member]
Foreign Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2010
Termination of OPEB plans for Connersville and Bedford Hourly Employees [Member]
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Termination of OPEB plans for Connersville and Bedford Hourly Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Termination of OPEB plans for Connersville and Bedford Hourly Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Sep. 16, 2010
Reinstatement Of Benefit For Certain Former Employees At Connersville And Bedford Facilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
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Oct. 01, 2010
Reinstatement Of Benefit For Certain Former Employees At Connersville And Bedford Facilities [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Court Approval Of Ach Terminiation Agreement [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Termination of OPEB Plans for North Penn Hourly Employees [Member]
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Termination of OPEB Plans for North Penn Hourly Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Reinstatement of OPEB Benefits for North Penn Hourly Employees [Member] [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2010
Termination of OPEB Plans for Salaried/Other Employees [Member]
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Termination of OPEB Plans for Salaried/Other Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Termination of OPEB Plans for Salaried/Other Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Reinstatement of OPEB Benefits for Salaried/Other Employees [Member]
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Termination Of Employees Formerly Leased To Ach And Other Us Reductions [Member]
Predecessor [Member]
|
Dec. 31, 2009
Elimination Of Medical Prescription Drug And Life Insurance [Member]
|
Dec. 31, 2009
Employee Reductions Under Previously Announced Restructuring Actions [Member]
|
Dec. 31, 2009
Employee Reductions In UK [Member]
|
Dec. 31, 2009
Mexico Employee Reductions Under Previously Announced Restructuring Actions [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Increased Benefit Liabilities Due To Affordability Reconciliation Act | $ 6 | ||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Postretirement Obligations | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Amount Released From Opeb And Pension Liabilities Due To Ford Release Agreement | 100 | ||||||||||||||||||||||||||||||||||||||||||||
U.S Defined Contribution Plan Matching Contributions | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plan, matching contribution expenses | 1 | 5 | 3 | 4 | |||||||||||||||||||||||||||||||||||||||||
Termination | (146) | (2) | (1) | (206) | (42) | (56) | (125) | (89) | (1) | (153) | |||||||||||||||||||||||||||||||||||
Reinstatement | 306 | 150 | 62 | 94 | |||||||||||||||||||||||||||||||||||||||||
Net reduction to postretirement expense | (146) | (26) | (195) | ||||||||||||||||||||||||||||||||||||||||||
Benefit Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Service cost | 2 | 5 | 2 | 6 | 1 | 7 | 13 | 4 | 7 | ||||||||||||||||||||||||||||||||||||
Interest cost | 18 | 73 | 6 | 28 | 3 | 18 | 56 | 74 | 19 | 31 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (19) | (75) | (5) | (18) | (55) | (79) | (14) | (26) | |||||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||||||||||
Plan amendments | (374) | (75) | (2) | (2) | 1 | 2 | |||||||||||||||||||||||||||||||||||||||
Losses and other | 43 | 18 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||
Special termination benefits | 3 | 1 | 6 | 28 | 2 | 12 | 9 | ||||||||||||||||||||||||||||||||||||||
Curtailments | (1) | (161) | (14) | (2) | 5 | (14) | (153) | (10) | 6 | (1) | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Recognized Net (Gain) Loss Due to Settlements | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Visteon sponsored plan net pension expense/(income) | 1 | 5 | 3 | 16 | (5) | 11 | 10 | 19 | |||||||||||||||||||||||||||||||||||||
Expense for certain salaried employees whose pensions are partially covered by Ford | (15) | (8) | 1 | 10 | |||||||||||||||||||||||||||||||||||||||||
Employee retirement benefit expenses excluding restructuring | (146) | (2) | 1 | 5 | 3 | 16 | (38) | (207) | (4) | 21 | 10 | 19 | |||||||||||||||||||||||||||||||||
Other | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit expense | (146) | (2) | (23) | (199) | 2 | 19 | 9 | ||||||||||||||||||||||||||||||||||||||
Fresh-start accounting adjustments | 128 | (138) | (107) | ||||||||||||||||||||||||||||||||||||||||||
Discount rate for expense | 4.65% | 5.00% | 5.30% | 5.50% | 5.40% | 5.95% | 5.65% | 6.05% | 5.90% | 6.35% | 6.10% | 6.05% | |||||||||||||||||||||||||||||||||
Rate of increase in compensation | 3.50% | 3.50% | 3.40% | 3.55% | 3.50% | 3.25% | 3.50% | 3.15% | |||||||||||||||||||||||||||||||||||||
Assumed long-term rate of return on assets | 7.70% | 7.00% | 7.50% | 5.60% | 5.05% | 5.40% | 7.70% | 7.70% | 8.10% | 5.55% | 6.00% | 6.70% | |||||||||||||||||||||||||||||||||
Settlement For Iuecwa | $ 12 |
Income Taxes Income Taxes (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2010
|
Sep. 30, 2011
|
Dec. 31, 2010
|
Oct. 01, 2010
|
Dec. 31, 2011
|
Dec. 31, 2009
|
Dec. 31, 2011
Foreign subsidiary [Member]
|
Dec. 31, 2011
Domestic Country [Member]
|
Dec. 31, 2011
Foreign Country [Member]
|
Dec. 31, 2011
State and Local Jurisdiction [Member]
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2010
Successor [Member]
|
Oct. 01, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Oct. 01, 2010
Predecessor [Member]
Revaluation of Assets [Member]
|
Dec. 31, 2009
Spain [Member]
|
Dec. 31, 2011
Domestic Country Foreign Country And Foreign Country Witholding Taxes [Member]
|
Dec. 31, 2011
Non-U.S. withholding taxes [Member]
Successor [Member]
|
Dec. 31, 2011
U.S. and non U.S. income taxes related to the planned repatriation of earnings from foreign affiliates [Member]
Successor [Member]
|
Dec. 31, 2011
Income taxes related to the planned repatriation of earnings from foreign affiliates [Member]
Successor [Member]
|
Dec. 31, 2011
Foreign rate differential [Member]
Successor [Member]
|
Dec. 31, 2011
U.S. jurisdictions with valuation allowance [Member]
|
Dec. 31, 2011
Non U.S. jurisdictions with current valuation allowance [Member]
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Oct. 01, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
|
Provision for income taxes | $ (5,000,000) | $ (17,000,000) | $ 0 | $ 8,000,000 | $ 5,000,000 | $ 17,000,000 | $ 8,000,000 | ||||||||||||||||||||||
U.S. statutory tax rate | 35.00% | ||||||||||||||||||||||||||||
Total provision for income taxes | 24,000,000 | 127,000,000 | 148,000,000 | 72,000,000 | 24,000,000 | 127,000,000 | 148,000,000 | 72,000,000 | |||||||||||||||||||||
Decrease in unrecognized tax benefits | 56,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||
Total deferred | (9,000,000) | (1,000,000) | 43,000,000 | (15,000,000) | 47,000,000 | ||||||||||||||||||||||||
Cash Settlement With Taxing Authorities | 3,000,000 | ||||||||||||||||||||||||||||
Tax Expense Related To Visteon UK Limited Deconsolidation Gain | 18,000,000 | ||||||||||||||||||||||||||||
Income Attributable To UK Not Subject To Tax | 1,300,000,000 | ||||||||||||||||||||||||||||
Tax Benefits Of Loss Attributable To UK Administration | 1,200,000,000 | ||||||||||||||||||||||||||||
Deferred Tax Liabilities | 331,000,000 | 154,000,000 | 74,000,000 | ||||||||||||||||||||||||||
Deferred Tax Assets, Net | 187,000,000 | 15,000,000 | 18,000,000 | 31,000,000 | |||||||||||||||||||||||||
Income Tax Expense From Increase In Valuation Allowance | 8,000,000 | 12,000,000 | |||||||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 66,000,000 | (1,000,000) | 16,000,000 | 50,000,000 | |||||||||||||||||||||||
Non-U.S. net operating loss carryfowards | 1,300,000,000 | ||||||||||||||||||||||||||||
U.S. foreign tax credit carryforwards | 320,000,000 | 9,000,000 | |||||||||||||||||||||||||||
Foreign Tax Credit Carryforward Minimum Expiration Date | 5 years | ||||||||||||||||||||||||||||
Operating Loss Carryforwards | 1,200,000,000 | 19,000,000 | |||||||||||||||||||||||||||
Us Tax Attributes That Will Expire Unutilized | 825,000,000 | ||||||||||||||||||||||||||||
Valuation Allowances | 1,700,000,000 | 1,200,000,000 | 486,000,000 | ||||||||||||||||||||||||||
Unrecognized Tax Benefits | 131,000,000 | 123,000,000 | 131,000,000 | 123,000,000 | 126,000,000 | 190,000,000 | 126,000,000 | ||||||||||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 74,000,000 | 69,000,000 | |||||||||||||||||||||||||||
Accrued interest and penalties | 22,000,000 | 28,000,000 | |||||||||||||||||||||||||||
Estimated interest and penalties | 3,000,000 | ||||||||||||||||||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,000,000 | ||||||||||||||||||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 3,000,000 | ||||||||||||||||||||||||||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (4,000,000) | 52,000,000 | (4,000,000) | (3,000,000) | 34,000,000 | 55,000,000 | 56,000,000 | 37,000,000 | |||||||||||||||||||||
Reduction In Tax Attributes Due To Excludable Codi | 60,000,000 | ||||||||||||||||||||||||||||
Annual Limitations Under Irc Sections 382 and 383 | $ 120,000,000 |
Income Taxes Provision For Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Oct. 01, 2010
Predecessor [Member]
Domestic Country [Member]
|
Dec. 31, 2009
Predecessor [Member]
Domestic Country [Member]
|
Oct. 01, 2010
Predecessor [Member]
Foreign Country [Member]
|
Dec. 31, 2009
Predecessor [Member]
Foreign Country [Member]
|
Oct. 01, 2010
Predecessor [Member]
State and Local Jurisdiction [Member]
|
Dec. 31, 2009
Predecessor [Member]
State and Local Jurisdiction [Member]
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Successor [Member]
Domestic Country [Member]
|
Dec. 31, 2011
Successor [Member]
Domestic Country [Member]
|
Dec. 31, 2010
Successor [Member]
Foreign Country [Member]
|
Dec. 31, 2011
Successor [Member]
Foreign Country [Member]
|
Dec. 31, 2010
Successor [Member]
State and Local Jurisdiction [Member]
|
Dec. 31, 2011
Successor [Member]
State and Local Jurisdiction [Member]
|
|
Total income (loss) before income taxes | $ 1,022 | $ 184 | $ 425 | $ (1,250) | $ 597 | $ 1,434 | $ 83 | $ 113 | $ 21 | $ (141) | $ 62 | $ 254 | ||||
Current Federal Tax Expense (Benefit) | 5 | 4 | 1 | 1 | ||||||||||||
Current Foreign Tax Expense (Benefit) | 80 | 90 | 28 | 126 | ||||||||||||
Current State and Local Tax Expense (Benefit) | 3 | 1 | (1) | 1 | ||||||||||||
Current tax provision | 88 | 95 | 28 | 128 | ||||||||||||
Deferred Federal Income Tax Expense (Benefit) | 2 | 5 | (1) | 1 | ||||||||||||
Deferred Foreign Income Tax Expense (Benefit) | 42 | (16) | (8) | (2) | ||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | (1) | (4) | ||||||||||||||
Total deferred | 43 | (15) | (9) | (1) | ||||||||||||
Total provision for income taxes | $ 131 | $ 80 | $ 19 | $ 127 |
Employee Retirement Benefits Health and LIfe Benefits (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Employee Reductions In Uk And Mexico Employee Reductions Under Previously Announced Restructuring Actions [Member]
|
Dec. 31, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2012
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2011
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Successor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2009
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Dec. 31, 2008
Predecessor [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Reinstatement Of Benefit For Certain Former Employees At Connersville And Bedford Facilities [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Reinstatement of OPEB Benefits for North Penn Hourly Employees [Member] [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
Oct. 01, 2010
Predecessor [Member]
Reinstatement of OPEB Benefits for Salaried/Other Employees [Member]
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
|
Health And Life Insurance Benefits [Abstract] | |||||||||||||
Service cost | $ 1 | ||||||||||||
Interest cost | 3 | 18 | |||||||||||
Reinstatement of benefits | 306 | 150 | 62 | 94 | |||||||||
Amortization [Abstract] | |||||||||||||
Plan amendments | (374) | (75) | |||||||||||
Losses and other | 43 | 18 | |||||||||||
Curtailments | 161 | ||||||||||||
Reduction in benefit obligations due to curtailments | 2 | ||||||||||||
Settlements | (1) | ||||||||||||
Pension and Other Postretirement Benefit Expense | (146) | (2) | (23) | (199) | |||||||||
Expense for certain salaried employees whose pensions are partially covered by Ford | (15) | (8) | |||||||||||
Employee retirement benefit expenses excluding restructuring | (146) | (2) | (38) | (207) | |||||||||
Fresh-start accounting adjustments | $ 128 | ||||||||||||
Discount rate for expense | 4.65% | 5.00% | 5.65% | 6.05% | |||||||||
Initial health care cost trend rate | 8.00% | 8.00% | 8.00% | 8.50% | 9.00% | 8.33% | |||||||
Ultimate health care cost trend rate | 5.10% | 5.10% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||
Year ultimate health care cost trend rate reached | 2015 | 2017 | 2018 | 2015 | 2017 | 2014 |
Property and Equipment Table (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2011
Buildings and improvements [Member]
years
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Dec. 31, 2011
Machinery, equipment and other [Member]
years
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Dec. 31, 2011
Product tooling [Member]
years
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Dec. 31, 2010
Product tooling [Member]
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Dec. 31, 2010
Successor [Member]
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Dec. 31, 2011
Successor [Member]
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Dec. 31, 2010
Successor [Member]
Product tooling [Member]
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Dec. 31, 2011
Successor [Member]
Product tooling [Member]
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Oct. 01, 2010
Predecessor [Member]
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Dec. 31, 2009
Predecessor [Member]
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Oct. 01, 2010
Predecessor [Member]
Product tooling [Member]
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Dec. 31, 2009
Predecessor [Member]
Product tooling [Member]
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Dec. 31, 2010
Lighting [Member]
Successor [Member]
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Dec. 31, 2011
Lighting [Member]
Successor [Member]
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Oct. 01, 2010
Lighting [Member]
Predecessor [Member]
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Dec. 31, 2009
Lighting [Member]
Predecessor [Member]
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Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Land | $ 184 | $ 207 | ||||||||||||||||
Buildings and improvements | 311 | 312 | ||||||||||||||||
Machinery, equipment and other | 985 | 935 | ||||||||||||||||
Construction in progress | 106 | 93 | ||||||||||||||||
Total property and equipment | 1,586 | 1,547 | ||||||||||||||||
Accumulated depreciation | (254) | (55) | ||||||||||||||||
Property and equipment, net, before product tooling | 1,332 | 1,492 | ||||||||||||||||
Property and equipment, net | 1,412 | 1,576 | 80 | 84 | ||||||||||||||
Estimated useful life, minimum | 3 | |||||||||||||||||
Estimated useful life, maximum | 15 | |||||||||||||||||
Estimated useful life, average | 40 | 6 | ||||||||||||||||
Asset impairment charges | 60 | |||||||||||||||||
Depreciation | 55 | 254 | 191 | 326 | ||||||||||||||
Amortization | 7 | 17 | 16 | 26 | ||||||||||||||
Depreciation and amortization | 62 | 271 | 207 | 352 | 3 | 19 | 22 | 45 | ||||||||||
Accelerated depreciation | $ 53 |
Shareholders' Equity and Non-controlling Interests
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Dec. 31, 2011
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Non-controlling Interests | NOTE 18. Shareholders’ Equity and Non-controlling Interests On October 1, 2010 and in connection with the Plan, the Company cancelled all outstanding shares of Predecessor common stock and any options, warrants or rights to purchase shares of such common stock or other equity securities outstanding prior to the Effective Date. Additionally, the Company issued shares of Successor common stock on the Effective Date and in accordance with the Plan, as follows:
Treasury Stock The Company held approximately 500,000 shares of Successor common stock in treasury at December 31, 2010 for use in satisfying obligations under employee incentive compensation arrangements. This amount increased to approximately 640,000 at December 31, 2011, primarily due to the net settlement of shares following employee vesting's of restricted stock awards. The Company values common stock held in treasury using the average cost method. Warrants The Ten Year Warrants may be net share settled and are recorded as permanent equity in the Company’s consolidated balance sheets with 476,034 warrants outstanding at December 31, 2011. The Ten Year Warrants were valued at $15.00 per share on October 1, 2010 using the Black-Scholes valuation model. Significant assumptions used in determining the fair value of such warrants at issuance included share price volatility and risk-free rate of return. The volatility assumption was based on the implied volatility and historical realized volatility for comparable companies. The risk-free rate assumption was based on U.S. Treasury bond yields. The Five Year Warrants may be net share settled and are recorded as permanent equity in the Company’s consolidated balance sheets with 1,549,345 warrants outstanding at December 31, 2011. The Five Year Warrants were valued at $3.62 per share on October 1, 2010 using the Black-Scholes valuation model. Significant assumptions used in determining the fair value of such warrants at issuance included share price volatility and risk-free rate of return. The volatility assumption was based on the implied volatility and historical realized volatility for comparable companies. The risk-free rate assumption was based on U.S. Treasury bond yields. If the Company pays or declares a dividend or makes a distribution on common stock payable in shares of its common stock, the number of shares of common stock or other shares of common stock for which a Warrant (the Five Year Warrants and Ten Year Warrants, collectively) is exercisable shall be adjusted so that the holder of each Warrant shall be entitled upon exercise to receive the number of shares of common stock that such warrant holder would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event. In addition, if the Company pays to holders of the Successor common stock an extraordinary dividend (as defined in each Warrant Agreement), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, dollar-for-dollar by the fair market value of any securities or other assets paid or distributed on each share of Successor common stock in respect of such extraordinary dividend. Other On January 9, 2012, the Company contributed 1,453,489 shares of company stock valued at approximately $70 million into its two largest U.S. defined benefit pension plans. Accumulated Other Comprehensive (Loss) Income The Accumulated other comprehensive (loss) income (“AOCI”) category of Shareholders’ equity, net of tax, includes:
Non-controlling Interests Non-controlling interests in the Visteon Corporation economic entity are as follows:
The Company holds a 70% interest in Halla Climate Control Corporation (“Halla”), a consolidated subsidiary. Halla is headquartered in South Korea with operations in North America, Europe and Asia. Halla designs, develops and manufactures automotive climate control products, including air-conditioning systems, modules, compressors, and heat exchangers for sale to global OEMs. Duckyang Industry Co., Ltd, Share Sale On October 31, 2011, Visteon sold a 1% interest in Duckyang Industry Co., Ltd. ("Duckyang") and conveyed a board seat to the other partner (the "Transaction") . Prior to the Transaction, Visteon held approximately 51% of Duckyang's total shares outstanding and maintained board control. As a result of the Transaction, Visteon no longer controls the business and therefore, total assets of $217 million, total liabilities of $159 million, non-controlling interest of $29 million and related amounts deferred as accumulated other comprehensive income of $1 million, were deconsolidated from the Company's balance sheet. The Company's remaining 50% interest was recorded as equity in net assets of non-consolidated affiliates at a fair value of $33 million as of the Transaction date, which resulted in a $4 million remeasurement gain. The fair value was determined using certain financial analysis methodologies including the comparable companies analysis and the discounted cash flow analysis. The fair value measurement is classified within level 3 of the fair value hierarchy. The net impact of the deconsolidation and establishing the fair value of the outstanding ownership interest resulted in an $8 million deconsolidation gain. The consolidated statement of operations includes net sales of $588 million and cost of sales of $580 million associated with Duckyang for the first ten months that they were consolidated in 2011. |
Shareholders' Equity and Noncontrolling Interests Shareholders' Equity and Non-controlling Interests (Tables)
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Dec. 31, 2011
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The Accumulated other comprehensive (loss) income (“AOCI”) category of Shareholders’ equity, net of tax, includes:
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Schedule of Non-controlling Interests [Table Text Block] | Non-controlling interests in the Visteon Corporation economic entity are as follows:
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Non-Consolidated Affiliates Non-Consolidated Affiliates (Tables)
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Dec. 31, 2011
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Balance Sheet of Non-consolidated Affiliates [Table Text Block] | Summarized balance sheet data as of December 31 is as follows:
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Summarized Income Statement Information of Non-consolidated Affiliates [Table Text Block] | Summarized statement of operations data for the years ended December 31 is as follows:
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Debt Debt (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
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Dec. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Aug. 18, 2010
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Nov. 16, 2009
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Dec. 31, 2011
Affiliated Entity [Member]
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Dec. 31, 2010
Affiliated Entity [Member]
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Dec. 31, 2011
Unsecured Debt [Member]
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Jun. 30, 2011
Term Loan [Member]
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Apr. 06, 2011
Term Loan [Member]
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Dec. 31, 2010
Term Loan [Member]
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Oct. 01, 2010
Term Loan [Member]
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Dec. 31, 2011
Other Long-term Debt [Member]
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Dec. 31, 2010
Other Long-term Debt [Member]
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Dec. 31, 2011
Current Portion of Long-term Debt [Member]
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Dec. 31, 2010
Current Portion of Long-term Debt [Member]
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Dec. 31, 2011
Other Short-term Debt [Member]
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Dec. 31, 2010
Other Short-term Debt [Member]
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Dec. 31, 2011
Asset-backed Securities [Member]
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Debt Instrument [Line Items] | |||||||||||||||||||
Short-term debt | $ 87 | $ 78 | $ 87 | $ 73 | |||||||||||||||
Long-term debt | 512 | 483 | |||||||||||||||||
Short-term Debt, Weighted Average Interest Rate | 5.30% | 6.10% | 4.10% | 3.40% | |||||||||||||||
Current portion of long-term debt | 1 | 7 | |||||||||||||||||
Other - short-term | 86 | 71 | 8 | ||||||||||||||||
Long-term debt, Weighted Average Interest Rate | 6.75% | 8.00% | 10.20% | 11.20% | |||||||||||||||
6.75% senior notes due April 15, 2019 | 494 | ||||||||||||||||||
Term loan | 472 | ||||||||||||||||||
Other | 18 | 11 | 18 | 11 | |||||||||||||||
Total long-term debt | 512 | 483 | |||||||||||||||||
Total debt | 599 | 561 | 105 | 84 | |||||||||||||||
Debt Instrument, Face Amount | 500 | 498 | 500 | ||||||||||||||||
Debt Instrument, Maturity Date | Apr. 15, 2019 | ||||||||||||||||||
Loss on debt extinguishment | 24 | ||||||||||||||||||
Unamortized debt discount and issuance costs | 21 | 10 | |||||||||||||||||
Line of credit facility capacity increase | 20 | ||||||||||||||||||
Total facility size | 220 | ||||||||||||||||||
Revolver amount available for borrowing | 220 | ||||||||||||||||||
Amended LOC Agreement facility capacity | 15 | ||||||||||||||||||
Facility capacity per LOC Agreement | 40 | ||||||||||||||||||
Percent of Collateral to The Aggregated Stated Amount of The LOCs | 103.00% | ||||||||||||||||||
Outstanding letters of credit | 11 | 15 | |||||||||||||||||
Working capital facility availability | 200 | ||||||||||||||||||
Servicing fee on receivables sold | 30 basis points | ||||||||||||||||||
Financing fee on advanced portion | 75 basis points | ||||||||||||||||||
Pledged Receivables | 82 | 90 | |||||||||||||||||
Facility Size Per DIP Credit Agreement | 150 | ||||||||||||||||||
DIP Credit Facility, Outstanding | 75 | ||||||||||||||||||
Debt maturities in next twelve months | 87 | ||||||||||||||||||
Debt maturitites in year two | 9 | ||||||||||||||||||
Debt maturities in year three | 3 | ||||||||||||||||||
Debt maturities in year four | 4 | ||||||||||||||||||
Debt maturities in year five | 1 | ||||||||||||||||||
Debt mature year six and thereafter | 495 | ||||||||||||||||||
Fair value of debt | $ 587 | $ 566 |
Discontinued Operations Discontinued Operations (Tables)
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
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Fair Value Measurements Fair Value Measurements (Tables)
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy By Assets and Liabilities Measured At Fair Value On A Recurring Basis [Table Text Block] | The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis:
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United States Pension Plans of US Entity, Defined Benefit [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Retirement Plan Assets [Table Text Block] | The fair values of the Company’s U.S. retirement plan assets are as follows:
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Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | The fair value measurements which used significant unobservable inputs are as follows:
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Foreign Pension Plans, Defined Benefit [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Retirement Plan Assets [Table Text Block] | The fair values of the Company’s Non-U.S. retirement plan assets are as follows:
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Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | Fair value measurements which used significant unobservable inputs are as follows:
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Asset Impairments and Restructuring Asset Impairments and Restructuring (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
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Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
Interiors [Member]
|
Oct. 01, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Oct. 01, 2010
Predecessor [Member]
Interiors [Member]
|
Dec. 31, 2009
Predecessor [Member]
Interiors [Member]
|
Oct. 01, 2010
Predecessor [Member]
Climate [Member]
|
Dec. 31, 2009
Predecessor [Member]
Climate [Member]
|
Oct. 01, 2010
Predecessor [Member]
Electronics [Member]
|
Dec. 31, 2009
Predecessor [Member]
Electronics [Member]
|
Oct. 01, 2010
Predecessor [Member]
Central [Member]
|
Dec. 31, 2009
Predecessor [Member]
Central [Member]
|
Oct. 01, 2010
Predecessor [Member]
2010 Restructuring Actions [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
2010 Restructuring Actions [Member]
Employee Severance [Member]
|
Oct. 01, 2010
Predecessor [Member]
2010 Restructuring Actions [Member]
Contract Termination and Equipment Relocation Costs [Member]
|
Oct. 01, 2010
Predecessor [Member]
2010 Restructuring Actions [Member]
Equipment Relocation [Member]
|
Oct. 01, 2010
Predecessor [Member]
2010 Restructuring Actions [Member]
Special Termination Benefits [Member]
|
Dec. 31, 2009
Predecessor [Member]
2010 Restructuring Actions [Member]
Special Termination Benefits [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activities [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Consolidation of Electronics Operations in South America [Member]
Employee Severance [Member]
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Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Two European Interors Facilities [Member]
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Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Two European Interors Facilities [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Closure of a North American Electronics Facility [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Closure of a North American Electronics Facility [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - North American Headquarters [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - North American Headquarters [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Consolidation of North American Lighting Operations [Member]
|
Dec. 31, 2009
Predecessor [Member]
2009 Restructuring Activity - Consolidation of North American Lighting Operations [Member]
Employee Severance [Member]
|
Dec. 31, 2009
Predecessor [Member]
United States [Member]
2009 Restructuring Activities [Member]
|
Dec. 31, 2009
Predecessor [Member]
Other Countries [Member]
2009 Restructuring Activities [Member]
|
Dec. 31, 2009
Predecessor [Member]
South America [Member]
2009 Restructuring Activities [Member]
|
Dec. 31, 2010
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Successor [Member]
Interiors [Member]
|
Dec. 31, 2011
Successor [Member]
Interiors [Member]
|
Dec. 31, 2010
Successor [Member]
Climate [Member]
|
Dec. 31, 2011
Successor [Member]
Climate [Member]
|
Dec. 31, 2010
Successor [Member]
Electronics [Member]
|
Dec. 31, 2011
Successor [Member]
Electronics [Member]
|
Dec. 31, 2010
Successor [Member]
Central [Member]
|
Dec. 31, 2011
Successor [Member]
Central [Member]
|
Dec. 31, 2011
Successor [Member]
2011 Climate Segment Restructuring Actions [Member] [Member]
|
Dec. 31, 2012
Successor [Member]
2011 Cadiz Electronics Plant Closure [Member]
|
Dec. 31, 2011
Successor [Member]
2011 Cadiz Electronics Plant Closure [Member]
|
Mar. 31, 2012
Successor [Member]
2011 Cadiz Electronics Plant Closure [Member]
Employee Severance [Member]
|
Dec. 31, 2011
Successor [Member]
2011 Cadiz Electronics Plant Closure [Member]
Employee Severance [Member]
|
Mar. 31, 2012
Successor [Member]
2011 Cadiz Electronics Plant Closure [Member]
Facility Closing [Member]
|
Dec. 31, 2011
Successor [Member]
2011 Action on Two European Interiors Plants [Member]
Employee Severance [Member]
|
Dec. 31, 2010
Successor [Member]
2010 Restructuring Actions [Member]
Employee Severance [Member]
|
Dec. 31, 2011
Successor [Member]
2010 Restructuring Actions [Member]
Employee Severance [Member]
|
Dec. 31, 2010
Successor [Member]
2010 Restructuring Actions [Member]
Contract Termination and Equipment Relocation Costs [Member]
|
Dec. 31, 2011
Salaried Employee [Member]
Successor [Member]
2011 Climate Segment Restructuring Actions [Member] [Member]
|
Dec. 31, 2011
Hourly Employee [Member]
Successor [Member]
2011 Climate Segment Restructuring Actions [Member] [Member]
|
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Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-lived assets to be disposed, carrying value | $ 182 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Current Beginning | 26 | 43 | 39 | 64 | 21 | 49 | 0 | 3 | 13 | 4 | 5 | 8 | 43 | 37 | 2 | 3 | 1 | |||||||||||||||||||||||||||||||||||||
Expenses | 20 | 84 | 6 | 22 | 1 | 5 | 2 | 13 | 11 | 44 | 28 | 34 | 24 | 7 | 2 | 3 | 1 | 24 | 1 | 24 | ||||||||||||||||||||||||||||||||||
Reversals | (10) | (7) | (1) | (2) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange | (1) | (1) | 0 | 0 | (1) | (1) | 2 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||
Utilization | (37) | (109) | (9) | (50) | (1) | (8) | (13) | (4) | (14) | (47) | 26 | 81 | 9 | (5) | (41) | (3) | (33) | (3) | (4) | (2) | (1) | 4 | 1 | |||||||||||||||||||||||||||||||
Restructuring Reserve, Current Ending | 26 | 43 | 21 | 39 | 17 | 21 | 0 | 0 | 2 | 13 | 2 | 5 | 43 | 26 | 37 | 6 | 2 | 1 | 3 | 19 | 1 | |||||||||||||||||||||||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 170 | 300 | 120 | 550 | 300 | 180 | 200 | 50 | 130 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring expenses | 14 | 80 | 14 | 6 | 34 | 4 | 13 | 11 | 10 | 4 | 27 | 24 | 3 | 24 | 7 | |||||||||||||||||||||||||||||||||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 20 | 47 | 29 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Anticipated reimbursement from Ford | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Recovery | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reimbursment form Ford | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special termination benefits | $ 2 | $ 28 |
Basis of Presentation Basis of Presentation details (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | ||
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Oct. 01, 2010
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Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
UK Debtor [Member]
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Mar. 31, 2009
UK Debtor [Member]
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Bankruptcy Proceedings, Date Petition for Bankruptcy Filed | May 28, 2009 | ||||
Plan of Reorganization, Date Plan Confirmed | Aug. 31, 2010 | ||||
Plan of Reorganization, Date Plan is Effective | Oct. 01, 2010 | ||||
UK Administration Proceedings, Date Petition for Administration Filed | Mar. 31, 2009 | ||||
Total assets | $ 4,969 | $ 5,208 | $ 64 | ||
Total liabilities | 132 | ||||
Accumulated other comprehensive (loss) income | (25) | 50 | 84 | ||
Deconsolidation gain | 8 | 152 | |||
Other accrued liabilities | 52 | 77 | 57 | ||
Reimbursement from escrow account | 45 | ||||
Face Value of Claims Against the Company By Ford / ACH | 163 | ||||
Reimburse From Ford, Maximum | 29 | ||||
Committed Annual Sourcing By Ford | 600 | ||||
Gain, Release from Certain OPEB Obligations By Ford | $ 9 |
Stock-Based Compensation Stock-Based Compensation (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of activity, including award grants, vesting and forfeitures is provided below.
A summary of activity, including award grants, vesting and forfeitures is provided below for RSAs and RSUs.
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
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Successor [Member]
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Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | A summary of activity, including award grants, vesting and forfeitures is provided below.
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Predecessor [Member]
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Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | A summary of activity, including award grants, exercises and forfeitures is provided below for stock options and SARs.
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Significant Accounting Policies
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12 Months Ended |
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Dec. 31, 2011
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Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2. Significant Accounting Policies Revenue Recognition: The Company records revenue when persuasive evidence of an arrangement exists, delivery occurs or services are rendered, the sales price or fee is fixed or determinable and collectibility is reasonably assured. The Company ships product and records revenue pursuant to commercial agreements with its customers generally in the form of an approved purchase order, including the effects of contractual customer price productivity. The Company does negotiate discrete price changes with its customers, which are generally the result of unique commercial issues between the Company and its customers. The Company records amounts associated with discrete price changes as a reduction to revenue when specific facts and circumstances indicate that a price reduction is probable and the amounts are reasonably estimable. The Company records amounts associated with discrete price changes as an increase to revenue upon execution of a legally enforceable contractual agreement and when collectibility is reasonably assured. Services revenues are recognized as services are rendered and associated costs of providing such services are recorded as incurred. Services revenues and related costs included approximately $30 million in 2009 of contractual reimbursement from Ford under the Amended Reimbursement Agreement for costs associated with the separation of ACH leased employees no longer required to provide such services. Foreign Currency: Assets and liabilities of the Company’s non-U.S. businesses are translated into U.S. Dollars at end-of-period exchange rates and the related translation adjustments are reported in the consolidated balance sheets under the classification of Accumulated other comprehensive (loss) income. The effects of remeasuring assets and liabilities of the Company’s non-U.S. businesses that use the U.S. Dollar as their functional currency are included in the consolidated statements of operations as transaction gains and losses. Income and expense elements of the Company’s non-U.S. businesses are translated into U.S. Dollars at average-period exchange rates and are reflected in the consolidated statements of operations. Additionally, gains and losses resulting from transactions denominated in a currency other than the functional currency are included in the consolidated statements of operations as transaction gains and losses. Net transaction gains and losses decreased net income by $4 million in 2011. Net transaction gains and losses increased net income by less than $1 million in the three months ended December 31, 2010 and $12 million in the nine months ended October 1, 2010. Net transaction gains and losses decreased net income by $18 million in 2009. Restructuring: The Company defines restructuring expense to include costs directly associated with exit or disposal activities. Such costs include employee severance, special termination benefits, pension and other postretirement benefit plan curtailments and/or settlements, contract termination fees and penalties, and other exit or disposal costs. In general, the Company records employee-related exit and disposal costs when such costs are probable and estimable, with the exception of one-time termination benefits and employee retention costs, which are recorded when earned. Contract termination fees and penalties and other exit and disposal costs are generally recorded when incurred. Environmental Costs: Costs related to environmental assessments and remediation efforts at operating facilities, previously owned or operated facilities, and Superfund or other waste site locations are accrued when it is probable that a liability has been incurred and the amount of that liability can be reasonably estimated. Estimated costs are recorded at undiscounted amounts, based on experience and assessments and are regularly evaluated. The liabilities are recorded in other current liabilities and other non-current liabilities in the Company’s consolidated balance sheets. Other Costs: Advertising and sales promotion costs, repair and maintenance costs, research and development costs, and pre-production operating costs are expensed as incurred. Research and development expenses include salary and related employee benefits, contractor fees, information technology, occupancy, telecommunications and depreciation. Advertising costs were not material to the Company's consolidated statements of operations. Research and development costs were $326 million in 2011, $89 million in the three months ended December 31, 2010, $264 million in the nine months ended October 1, 2010, and $328 million in 2009. Shipping and handling costs are recorded in the Company’s consolidated statements of operations as “Cost of sales.” Cash and Equivalents: The Company considers all highly liquid investments purchased with a maturity of three months or less, including short-term time deposits, commercial paper, repurchase agreements and money market funds to be cash equivalents. Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $11 million related to the Letter of Credit Reimbursement and Security Agreement, and $12 million related to cash collateral for other corporate purposes at December 31, 2011. Restricted cash decreased by $51 million during 2011 primarily due to the disbursement of previously escrowed funds to settle reorganization related professional fees. Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable are stated at historical value, which approximates fair value. The Company does not generally require collateral from its customers. Accounts receivable are reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is determined by considering factors such as length of time accounts are past due, historical experience of write-offs and customer financial condition. If not reserved through specific examination procedures, the Company’s general policy for uncollectible accounts is to reserve based upon the aging categories of accounts receivable. Past due status is based upon the invoice date of the original amounts outstanding. Included in selling, general and administrative (“SG&A”) expenses are provisions for estimated uncollectible accounts receivable of $8 million, $3 million and $5 million for the year ended December 31, 2011, the nine-month Predecessor period ended October 1, 2010 and the year ended December 31, 2009, respectively, and recoveries in excess of provisions for estimated uncollectible accounts receivable of $4 million for the three–month Successor period ended December 31, 2010. The allowance for doubtful accounts balance was $8 million and $23 million at December 31, 2011 and December 31, 2009, respectively. No reserve for doubtful accounts was recorded at December 31, 2010 primarily due to the adoption of fresh-start accounting on October 1, 2010 (see Note 4, “Fresh-Start Accounting” for additional details). Inventories: Inventories are stated at the lower of cost, determined on a first-in, first-out (“FIFO”) basis, or market. Inventories are reduced by an allowance for excess and obsolete inventories based on management’s review of on-hand inventories compared to historical and estimated future sales and usage. Inventory reserves were $24 million and $6 million at as of December 31, 2011 and 2010, respectively. Inventory reserves increased during 2011 as inventory was recorded at fair value in connection with the adoption of fresh-start accounting on October 1, 2010 (see Note 4, “Fresh-Start Accounting” for additional details). Product Tooling: Product tooling includes molds, dies and other tools used in production of a specific part or parts of the same basic design. It is generally required that non-reimbursable design and development costs for products to be sold under long-term supply arrangements be expensed as incurred and costs incurred for molds, dies and other tools that will be owned by the Company or its customers and used in producing the products under long-term supply arrangements be capitalized and amortized over the shorter of the expected useful life of the assets or the term of the supply arrangement. Contractually reimbursable design and development costs that would otherwise be expensed are recorded as an asset as incurred. Product tooling owned by the Company is capitalized as property and equipment, and amortized to cost of sales over its estimated economic life, generally not exceeding six years. The net book value of product tooling owned by the Company was $80 million and $84 million as of December 31, 2011 and 2010, respectively. The Company had receivables of $30 million and $26 million as of December 31, 2011 and 2010, respectively, related to production tools in progress, which will not be owned by the Company and for which there is a contractual agreement for reimbursement from the customer. Property and Equipment: Property and equipment are stated at cost or fair value for impaired assets. However, as a result of the adoption of fresh-start accounting property and equipment were re-measured and adjusted to estimated fair value as of October 1, 2010 (see Note 4, “Fresh-Start Accounting”). Depreciation expense is computed principally by the straight-line method over estimated useful lives for financial reporting purposes and by accelerated methods for income tax purposes in certain jurisdictions. See Note 9, “Property and Equipment” for additional details. Certain costs incurred in the acquisition or development of software for internal use are capitalized. Capitalized software costs are amortized using the straight-line method over estimated useful lives generally ranging from 3 to 8 years. The net book value of capitalized software costs was approximately $20 million and $15 million at December 31, 2011 and 2010, respectively. Related amortization expense was approximately $6 million, $2 million, $18 million, and $27 million for the year ended December 31, 2011, the three-month Successor period ended December 31, 2010, nine-month Predecessor period ended October 1, 2010 and the year ended December 31, 2009, respectively. Amortization expense of approximately $6 million, $5 million, $2 million and $1 million is expected for the annual periods ended December 31, 2012, 2013, 2014 and 2015, respectively. Asset impairment charges are recorded when events and circumstances indicate that such assets may not be recoverable and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying amounts. If estimated future undiscounted cash flows are not sufficient to recover the carrying value of the assets, an impairment charge is recorded for the amount by which the carrying value of the assets exceeds fair value. The Company classifies assets and liabilities as held for sale when management approves and commits to a formal plan of sale, generally following board of director approval, and it is probable that the sale will be completed within one year. The carrying value of the assets and liabilities held for sale are recorded at the lower of carrying value or fair value less cost to sell, and the recording of depreciation is ceased. For impairment purposes, fair value is determined using appraisals, management estimates or discounted cash flow calculations. Definite-Lived Intangible Assets: In connection with the adoption of fresh-start accounting identifiable intangible assets were recorded at their estimated fair value as of October 1, 2010 (see Note 4, “Fresh-Start Accounting”). Definite-lived intangible assets, primarily including developed technology and customer-related assets, are amortized on a straight-line basis over estimated useful lives. Definite-lived intangible assets must be assessed for impairment when events and circumstances indicate that such assets may not be recoverable and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying amounts. Under such circumstances, an impairment charge is recorded for the amount by which the carrying value of the intangible asset exceeds its estimated fair value. See Note 11, “Intangible Assets” for additional details. Indefinite-Lived Intangible Assets: In connection with the adoption of fresh-start accounting identifiable intangible assets were recorded at their estimated fair value as of October 1, 2010 (see Note 4, “Fresh-Start Accounting”). Indefinite-lived intangible assets are not amortized, but are tested at least annually for impairment by reporting unit. Impairment testing is also required if an event or circumstance indicates that an impairment is more likely than not to have occurred. In testing for impairment the fair value of each reporting unit is compared to its carrying value. If the carrying value exceeds fair value an impairment loss is measured and recognized. See Note 11, “Intangible Assets” for additional details. Debt Issuance Costs: The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each respective debt issue. Deferred amounts associated with debt extinguished prior to maturity are expensed. Pensions and Other Postretirement Employee Benefits: Pensions and other postretirement employee benefit costs and related liabilities and assets are dependent upon assumptions used in calculating such amounts. These assumptions include discount rates, expected return on plan assets, health care cost trends, compensation and other factors. In accordance with GAAP, actual results that differ from the assumptions used are accumulated and amortized into expense over future periods. Product Warranty: The Company accrues for warranty obligations for products sold based on management estimates, with support from its sales, engineering, quality and legal functions, of the amount that eventually will be required to settle such obligations. This accrual is based on several factors, including contractual arrangements, past experience, current claims, production changes, industry developments and various other considerations. Product Recall: The Company accrues for product recall claims related to probable financial participation in customers’ actions to provide remedies related primarily to safety concerns as a result of actual or threatened regulatory or court actions or the Company’s determination of the potential for such actions. The Company accrues for recall claims for products sold based on management estimates, with support from the Company’s engineering, quality and legal functions. Amounts accrued are based upon management’s best estimate of the amount that will ultimately be required to settle such claims. Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce deferred tax assets when it is more likely than not that such assets will not be realized. This assessment requires significant judgment, and must be done on a jurisdiction-by-jurisdiction basis. In determining the need for a valuation allowance, all available positive and negative evidence, including historical and projected financial performance, is considered along with any other pertinent information. Financial Instruments: The Company uses derivative financial instruments, including forward contracts, swaps and options, to manage exposures to changes in currency exchange rates and interest rates. All derivative financial instruments are classified as “held for purposes other than trading.” The Company’s policy specifically prohibits the use of derivatives for speculative purposes. Fair Value Measurements: The Company uses fair value measurements in the preparation of its financial statements, which utilize various inputs including those that can be readily observable, corroborated or are generally unobservable. The Company utilizes market-based data and valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Additionally, the Company applies assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. |