10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

________________

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012,

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 001-15827

VISTEON CORPORATION

(Exact name of registrant as specified in its charter)

State of Delaware	38-3519512
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Village Center Drive, Van Buren Township, Michigan	48111
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: (800)-VISTEON

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No__

Indicate by check mark whether the registrant: has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ü No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer," "accelerated filer” and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ü  Accelerated filer  __   Non-accelerated filer __   Smaller reporting company  __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes __ No ü

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ü No__

As of October 26, 2012, the registrant had outstanding 52,801,763 shares of common stock.

Exhibit index located on page number 55.

INDEX

Part I - Financial Information
	Item 1 - Consolidated Financial Statements	1
	Consolidated Statements of Comprehensive Income (Unaudited)	1
	Consolidated Balance Sheets (Unaudited)	2
	Consolidated Statements of Cash Flows (Unaudited)	3
	Notes to Consolidated Financial Statements (Unaudited)	4
	Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations	31
	Item 3 - Quantitative and Qualitative Disclosures about Market Risk	51
	Item 4 - Controls and Procedures	52
Part II - Other Information
	Item 1 - Legal Proceedings	52
	Item 1A - Risk Factors	52
	Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	52
	Item 6 - Exhibits	53
Signature		53
Exhibit Index		55

PART I

FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

VISTEON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Millions Except Per Share Amounts)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2012			2011			2012			2011
Sales	$	1,624		$	1,909		$	5,034		$	5,805
Cost of sales	1,495			1,770			4,643			5,331
Gross margin	129			139			391			474
Selling, general and administrative expenses	89			95			267			291
Interest expense	17			10			39			37
Interest income	4			5			11			16
Loss on debt extinguishment	4			—			4			24
Equity in net income of non-consolidated affiliates	38			43			183			130
Restructuring and other (income) expenses	(11		)	1			63			29
Income from continuing operations before income taxes	72			81			212			239
Provision for income taxes	33			25			102			87
Income from continuing operations	39			56			110			152
(Loss) income from discontinued operations, net of tax	(5		)	4			(3		)	8
Net income	34			60			107			160
Net income attributable to non-controlling interests	19			19			46			54
Net income attributable to Visteon Corporation	$	15		$	41		$	61		$	106
Basic earnings (loss) per share:
Continuing operations	$	0.37		$	0.72		$	1.21		$	1.92
Discontinued operations	(0.09		)	0.08			(0.06		)	0.15
Basic earnings attributable to Visteon Corporation	$	0.28		$	0.80		$	1.15		$	2.07
Diluted earnings (loss) per share:
Continuing operations	$	0.37		$	0.71		$	1.20		$	1.89
Discontinued operations	(0.09		)	0.08			(0.06		)	0.15
Diluted earnings attributable to Visteon Corporation	$	0.28		$	0.79		$	1.14		$	2.04
Comprehensive income:
Comprehensive income (loss)	$	96		$	(102	)	$	163		$	110
Comprehensive income (loss) attributable to Visteon Corporation	$	63		$	(84	)	$	103		$	74

See accompanying notes to the consolidated financial statements.

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VISTEON CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

(Unaudited)

	September 30			December 31
	2012			2011
ASSETS
Cash and equivalents	$	901		$	723
Restricted cash	19			23
Accounts receivable, net	1,168			1,071
Inventories	408			381
Other current assets	265			296
Total current assets	2,761			2,494
Property and equipment, net	1,278			1,412
Equity in net assets of non-consolidated affiliates	734			644
Intangible assets, net	324			353
Other non-current assets	73			66
Total assets	$	5,170		$	4,969
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	$	89		$	87
Accounts payable	1,077			1,010
Accrued employee liabilities	162			189
Other current liabilities	248			267
Total current liabilities	1,576			1,553
Long-term debt	506			512
Employee benefits	413			495
Deferred tax liabilities	202			187
Other non-current liabilities	251			225
Shareholders’ equity:
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding at September 30, 2012 and December 31, 2011)	—			—
Common stock (par value $0.01, 250 million shares authorized, 54 million and 52 million shares issued, 53 million and 52 million shares outstanding at September 30, 2012 and December 31, 2011, respectively)	1			1
Stock warrants	13			13
Additional paid-in capital	1,258			1,165
Retained earnings	227			166
Accumulated other comprehensive income (loss)	17			(25		)
Treasury stock	(17		)	(13		)
Total Visteon Corporation shareholders’ equity	1,499			1,307
Non-controlling interests	723			690
Total shareholders’ equity	2,222			1,997
Total liabilities and shareholders’ equity	$	5,170		$	4,969

See accompanying notes to the consolidated financial statements.

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VISTEON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Millions)

(Unaudited)

	Nine Months Ended
	September 30
	2012			2011
Operating Activities
Net income	$	107		$	160
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	196			248
Equity in net income of non-consolidated affiliates, net of dividends remitted	(107		)	(88		)
Loss on debt extinguishment	4			24
Other non-cash items	33			26
Changes in assets and liabilities:
Accounts receivable	(58		)	(131		)
Inventories	(54		)	(50		)
Accounts payable	41			(19		)
Other assets and other liabilities	1			(115		)
Net cash provided from operating activities	163			55
Investing Activities
Capital expenditures	(146		)	(185		)
Proceeds from business divestitures	100			—
Proceeds from asset sales	88			11
Other	(2		)	(13		)
Net cash provided from (used by) investing activities	40			(187		)
Financing Activities
Short-term debt, net	2			11
Proceeds from issuance of debt, net of issuance costs	812			503
Principal payments on debt	(824		)	(513		)
Cash restriction, net	—			52
Rights offering fees	—			(33		)
Dividends to non-controlling interests	(23		)	(29		)
Other	—			3
Net cash used by financing activities	(33		)	(6		)
Effect of exchange rate changes on cash and equivalents	8			(9		)
Net increase (decrease) in cash and equivalents	178			(147		)
Cash and equivalents at beginning of period	723			905
Cash and equivalents at end of period	$	901		$	758

See accompanying notes to the consolidated financial statements.

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VISTEON CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation

Description of Business: Visteon Corporation (the “Company” or “Visteon”) is a supplier of climate, interiors and electronics systems, modules and components to global automotive original equipment manufacturers (“OEMs”). Headquartered in Van Buren Township, Michigan, Visteon has a workforce of approximately 22,000 employees and a network of manufacturing operations, technical centers and joint ventures in every major geographic region of the world.

Interim Financial Statements: The unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. These interim consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results.

Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect amounts reported herein. Management believes that such estimates, judgments and assumptions are reasonable and appropriate. However, due to the inherent uncertainty involved, actual results may differ from those provided in the Company's consolidated financial statements.

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation.

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and all subsidiaries that are more than 50% owned and over which the Company exercises control. Investments in affiliates of greater than 20% and for which the Company exercises significant influence but does not exercise control are accounted for using the equity method.

Revenue Recognition: The Company records revenue when persuasive evidence of an arrangement exists, delivery occurs or services are rendered, the sales price 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.

Reorganization under Chapter 11 of the U.S. Bankruptcy Code: On May 28, 2009, Visteon and certain of its U.S. subsidiaries (the “Debtors”) filed voluntary petitions for reorganization relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) in response to sudden and severe declines in global automotive production during the latter part of 2008 and early 2009 and the resulting adverse impact on the Company’s cash flows and liquidity. On August 31, 2010, the Court entered an order confirming the Debtors’ joint plan of reorganization. On October 1, 2010 (the “Effective Date”), all conditions precedent to the effectiveness of the Plan and related documents were satisfied or waived and the Company emerged from bankruptcy. The Company adopted fresh-start accounting upon emergence from the Chapter 11 Proceedings and became a new entity for financial reporting purposes as of the Effective Date.

Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $9 million of collateral for the Letter of Credit Facility with US Bank National Association, and $10 million related to cash collateral for other corporate purposes at September 30, 2012.

New Accounting Pronouncements: In June 2011, the Financial Accounting Standards Board ("FASB") issued guidance amending comprehensive income disclosures retrospectively, for fiscal years, and interim reporting periods within those years, beginning after December 15, 2011. This guidance requires disclosures of all non-owner changes (components of comprehensive income) in stockholders’ equity to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company adopted these new disclosure requirements with effect from January 1, 2012.

In July 2012, the FASB issued guidance on testing indefinite-lived intangible assets for impairment. This guidance allows the

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option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired or the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. The Company does not expect this guidance to have a material impact on its consolidated financial statements.

NOTE 2. Discontinued Operations

In March 2012, the Company entered into an agreement for the sale of assets and liabilities associated with the Company's Lighting operations to Varroccorp Holding BV and Varroc Engineering Pvt. Ltd. (together, "Varroc Group") for proceeds of approximately $90 million, including $20 million related to the Company's 50% equity interest in Visteon TYC Corporation (“VTYC”) (collectively the "Lighting Transaction"). On August 1, 2012, the Company completed the Lighting Transaction, excluding the Company's investment in VTYC, for proceeds of approximately $70 million, subject to purchase price adjustments. During the quarterly period ended March 31, 2012, the Company determined that assets and liabilities subject to the Lighting Transaction, excluding the Company's investment in VTYC, met the "held for sale" criteria under U.S. GAAP. The Company recorded related asset impairment charges of approximately $6 million and $19 million, respectively, during the three and nine-month periods ended September 30, 2012.

The Lighting operations represent a component of the Company's business. Accordingly, the results of operations of the Lighting business have been reclassified to “(Loss) income from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2012 and 2011. Discontinued operations are summarized as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Sales	$	32		$	128	$	297		$	383
Cost of sales	28			119		264			363
Gross margin	4			9		33			20
Selling, general and administrative expenses	1			3		7			9
Asset impairments	6			—		19			—
Interest expense	1			—		2			1
Other expenses	1			2		4			2
(Loss) income from discontinued operations before income taxes	(5		)	4		1			8
Provision for income taxes	—			—		4			—
Net (loss) income from discontinued operations attributable to Visteon Corporation	$	(5	)	$	4	$	(3	)	$	8

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Note 3. Restructuring and Other (Income) / Expenses

Restructuring and other (income) / expenses consist of the following:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Restructuring expenses	$	2		$	1	$	44		$	18
Loss on asset contribution	—			—		14			—
Transformation costs	5			—		23			3
Bankruptcy-related costs	1			—		1			8
Gain on sale of joint venture interest	(19		)	—		(19		)	—
	$	(11	)	$	1	$	63		$	29

Restructuring Activities

The Company has undertaken various restructuring activities to achieve its strategic and financial objectives. Restructuring activities include, but are not limited to, plant closures, production relocation, administrative cost structure realignment and consolidation of available capacity and resources. The Company expects to finance restructuring programs through cash on hand, cash generated from its ongoing operations, reimbursements pursuant to customer accommodation and support agreements or through cash available under its existing debt agreements, subject to the terms of applicable covenants. Restructuring costs are recorded when elements of a plan are finalized and the timing of activities and the amount of related costs are not likely to change. However, such costs are estimated based on information available at the time such charges are recorded. In general, management anticipates that restructuring activities will be completed within a time frame such that significant changes to the plan are not likely. Due to the inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially estimated.

Given the economically-sensitive and highly competitive nature of the automotive industry, the Company continues to closely monitor current market factors and industry trends taking action as necessary, including but not limited to, additional restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

At September 30, 2012 and December 31, 2011, restructuring liabilities of $8 million and $26 million, respectively, are classified as other current liabilities in the consolidated balance sheets. The Company anticipates that the activities associated with these reserves will be substantially completed by the end of 2012. The following is a summary of the Company's restructuring reserves and related activity for the nine months ended September 30, 2012.

	Electronics			Interiors			Climate			Total
	(Dollars in Millions)
December 31, 2011	$	19		$	6		$	1		$	26
Expenses	36			4			1			41
Utilization	(49		)	(3		)	(1		)	(53		)
March 31, 2012	6			7			1			14
Expenses	—			—			1			1
Utilization	(5		)	—			(1		)	(6		)
June 30, 2012	1			7			1			9
Expenses	—			—			2			2
Utilization	—			(1		)	(2		)	(3		)
September 30, 2012	$	1		$	6		$	1		$	8

During the first quarter of 2012, the Company recorded $41 million of restructuring expenses, including $36 million in connection with the previously announced closure of the Company's Cadiz Electronics operation in El Puerto de Santa Maria, Spain. In January

6

2012 the Company reached agreements with the local unions and Spanish government for the closure of its 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 $31 million. Additionally, the Company agreed to transfer land, building and machinery with a net book value of approximately $14 million for the benefit of the employees. The Company also recorded $5 million of other exit costs related to the Cadiz exit including amounts payable to the Spanish government in connection with the asset contribution. Utilization during the three months ended March 31, 2012 includes $48 million of payments to former Cadiz employees for employee severance and termination benefits. Payment of $4 million to the Spanish government in connection with the asset contribution was included in utilization for the three months ended June 30, 2012. The Company recovered approximately $19 million of such costs during the first half of 2012 pursuant to the Release Agreement with Ford for an aggregate recovery of $23 million when considering the $4 million received during 2011. Amounts recovered have been recorded as deferred revenue on the Company's consolidated balance sheet as further described in Note 9, "Other Liabilities".

During the nine months ended September 30, 2011, the Company recorded approximately $27 million of restructuring expenses, including $22 million for severance and termination benefits representing the minimum amount of employee separation costs pursuant to statutory regulations related to the closure of its Cadiz Electronics operation and $5 million for employee severance and termination benefits associated with previously announced actions at two European Interiors facilities. Additionally, the Company reversed approximately $9 million of previously recorded restructuring expenses, including $7 million for employee severance and termination benefits at a European Interiors facility pursuant to a March 2011 contractual agreement to cancel the related social plan and $2 million due to lower than estimated severance and termination benefit costs associated with the consolidation of the Company's Electronics operations in South America.

Other Activities

Business transformation costs of $5 million and $23 million were incurred during the three and nine months ended September 30, 2012, respectively, related to financial and advisory fees associated with the Company's transformation of its business portfolio and rationalization of its cost structure including, among other things, the investigation of potential transactions for the sale, merger or other combination of certain businesses.

The Company recorded bankruptcy-related costs of $1 million and $8 million during the nine-month periods ended September 30, 2012 and 2011, respectively, which were the result of amounts directly associated with the bankruptcy claims settlement process under Chapter 11.

In August 2012, the Company sold its 50% ownership interest in R-Tek Limited, a UK-based Interiors joint venture, for cash proceeds of approximately $30 million, resulting in a gain of $19 million.

NOTE 4. Inventories

Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market. A summary of inventories is provided below:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Raw materials	$	163		$	167
Work-in-process	181			174
Finished products	89			64
	433			405
Valuation reserves	(25		)	(24		)
	$	408		$	381

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NOTE 5. Other Assets

Other current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Recoverable taxes	$	92	$	99
Pledged accounts receivable	47		82
Deposits	31		32
Deferred tax assets	24		30
Non-consolidated affiliate receivables	19		32
Prepaid assets	19		17
Foreign currency hedges	17		—
Other	16		4
	$	265	$	296

Other non-current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Deferred tax assets	$	17	$	18
Reimbursable engineering costs	12		—
Income tax receivable	10		11
Deposits	7		7
Debt issuance costs	6		8
Other	21		22
	$	73	$	66

NOTE 6. Property and Equipment

Property and equipment, net consists of the following:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Land	$	158		$	184
Buildings and improvements	264			311
Machinery, equipment and other	1,082			985
Construction in progress	73			106
	1,577			1,586
Accumulated depreciation	(374		)	(254		)
	1,203			1,332
Product tooling, net of amortization	75			80
Property and equipment, net	$	1,278		$	1,412

Property and equipment is depreciated principally using the straight-line method of depreciation over estimated useful lives. Generally, buildings and improvements are depreciated over a 40-year estimated useful life and machinery, equipment and other assets are depreciated over estimated useful lives ranging from 3 to 15 years. Product tooling is amortized using the straight-line

8

method over the estimated life of the tool, generally not exceeding 6 years. Depreciation and amortization expenses are summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Depreciation	$	51	$	69	$	158	$	200
Amortization	3		5		8		14
	$	54	$	74	$	166	$	214

On April 17, 2012, the Company sold its corporate headquarters, which had a net book value of approximately $60 million, for proceeds of approximately $80 million. In connection with the sale, the Company entered into an agreement to lease back the corporate offices over a period of 15 years. The resulting gain on the sale of $20 million is being recognized into income over the lease term on a straight-line basis.

NOTE 7. Non-Consolidated Affiliates

The Company recorded equity in net income of non-consolidated affiliates of $38 million and $43 million for the three-month periods ended September 30, 2012 and 2011, respectively. For the nine-month periods ended September 30, 2012 and 2011, the Company recorded equity in net income of non-consolidated affiliates of $183 million and $130 million, respectively. Equity in net income of non-consolidated affiliates for the nine months ended September 30, 2012 includes $63 million representing Visteon's equity interest in a non-cash gain recorded by Yanfeng Visteon Automotive Trim Systems Co., Ltd (“Yanfeng”), a 50% owned non-consolidated affiliate of the Company. The gain resulted from the excess of fair value over carrying value of a former equity investee of Yanfeng that was consolidated effective June 1, 2012 pursuant to changes in the underlying joint venture agreement. The amounts recorded by Yanfeng are based on preliminary estimates of enterprise value, which remain subject to finalization. Final determination of the values may result in adjustments to the amount of the gain reported herein. The Company had $734 million and $644 million of equity in the net assets of non-consolidated affiliates at September 30, 2012 and December 31, 2011, respectively. The following table presents summarized financial data for the Company’s non-consolidated affiliates and reflects 100% of the operating results of such affiliates.

	Three Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	1,582	$	740	$	257	$	125	$	62	$	68
All other	404		211		46		38		15		19
	$	1,986	$	951	$	303	$	163	$	77	$	87

	Nine Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	3,366	$	2,199	$	557	$	362	$	319	$	200
All other	1,284		603		140		108		59		60
	$	4,650	$	2,802	$	697	$	470	$	378	$	260

Yanfeng sales and gross margin for the three months ended September 30, 2012 include approximately $727 million and $130 million, respectively, related to activity of a former equity investee that was consolidated effective June 1, 2012. Yanfeng sales and gross margin for the nine months ended September 30, 2012 include approximately $927 million and$170 million, respectively, related to post-consolidation activity of the aforementioned equity investee. Yanfeng net income for the nine months ended September 30, 2012 includes approximately $130 million associated with a non-cash gain on the consolidation of a former equity investee. Net sales for all other non-consolidated affiliates for the three and nine-month periods ended September 30, 2012 included

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$163 million and $571 million, respectively, related to Duckyang. The Company commenced equity method accounting for Duckyang from October 2011 following the sale of a controlling ownership interest and deconsolidation from the Company's financial statements.

The Company monitors its investments in the net assets of non-consolidated affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and fair value.

NOTE 8. Intangible Assets

Intangible assets, net are comprised of the following:

	September 30, 2012						December 31, 2011
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(Dollars in Millions)
Definite-lived intangible assets
Developed technology	$	203	$	52	$	151	$	204	$	32	$	172
Customer related	121		26		95		119		16		103
Other	21		4		17		20		3		17
Total	$	345	$	82	$	263	$	343	$	51	$	292
Goodwill and indefinite-lived intangible assets (a)
Goodwill					$	36					$	36
Trade names					25						25
Total					61						61
					$	324					$	353
(a) Goodwill and trade names, substantially all of which relate to the Company's Climate reporting unit.

The Company recorded approximately $10 million and $30 million of amortization expense related to definite-lived intangible assets for the three and nine-month periods ended September 30, 2012, respectively. The Company recorded approximately $12 million and $34 million of amortization expense related to definite-lived intangible assets for the three and nine-month periods ended September 30, 2011, respectively. The Company estimates annual amortization expense to be approximately $40 million through 2016. Goodwill and trade names are not amortized but are assessed for impairment annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired.

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NOTE 9. Other Liabilities

Other current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Product warranty and recall reserves	$	40	$	42
Deferred income	37		21
Non-income taxes payable	36		41
Payables to non-consolidated affiliates	31		24
Accrued interest payable	16		7
Income taxes payable	13		29
Restructuring reserves	8		26
Accrued legal reserves	7		8
Claims settlement accruals	2		9
Foreign currency hedges	—		16
Other accrued liabilities	58		44
	$	248	$	267

Other non-current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Income tax reserves	$	106	$	97
Deferred income	60		42
Non-income taxes payable	45		44
Product warranty and recall reserves	25		24
Legal and environmental reserves	7		8
Other accrued liabilities	8		10
	$	251	$	225

Current and non-current deferred income at September 30, 2012 of $17 million and $37 million, respectively, relate to various customer accommodation, support and other agreements. Revenue associated with these agreements is being recorded in relation to the delivery of associated products in accordance with the terms of the underlying agreement or over the estimated period of benefit to the customer, generally representing the duration of remaining production on current vehicle platforms. The Company recorded $5 million and $15 million of revenue associated with these payments during the three and nine-month periods ended September 30, 2012, respectively. The Company expects to record approximately $5 million, $16 million, $14 million, $10 million and $9 million of deferred amounts in the remainder of 2012 and the annual periods of 2013, 2014, 2015 and 2016, respectively.

11

NOTE 10. Debt

As of September 30, 2012, the Company had debt outstanding of $89 million and $506 million classified as short-term debt and long-term debt, respectively. The Company’s short and long-term debt balances consist of the following:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Short-term debt
Current portion of long-term debt	$	—	$	1
Other – short-term	89		86
Total short-term debt	89		87
Long-term debt
6.75% senior notes due April 15, 2019	495		494
Other	11		18
Total long-term debt	506		512
Total debt	$	595	$	599

As of September 30, 2012, the Company's revolving loan credit agreement had a borrowing capacity of $156 million, and no amounts were outstanding. On April 3, 2012, the Company entered into an amendment to the revolving loan credit agreement to allow for the potential sale of the Lighting assets as well as the sale and leaseback of the Company's U.S. corporate headquarters. On July 3, 2012, the Company entered into an amendment to the revolving loan credit agreement to, among other things, reduce the aggregate lending commitment to $175 million and modify certain restrictive covenants to permit certain asset dispositions, hedging and similar arrangements and the incurrence of limited categories of indebtedness.

In connection with the Company's $15 million Letter of Credit ("LOC") Facility with US Bank National Association, the Company must continue to maintain a collateral account equal to 103% of the aggregated stated amount of the LOCs with reimbursement of any draws. As of September 30, 2012 and December 31, 2011, the Company had $9 million and $11 million of outstanding letters of credit issued under this facility and secured by restricted cash, respectively. In addition, the Company had $13 million of locally issued letters of credit to support various customs arrangements and other obligations at its local affiliates of which $8 million are securitized by cash collateral as of September 30, 2012.

As of September 30, 2012, the Company had affiliate debt outstanding of $100 million, with $89 million and $11 million classified in short-term and long-term debt, respectively. These balances are primarily related to the Company’s non-U.S. operations and are payable in non-U.S. currencies including, but not limited to, the Euro, Chinese Yuan, and Korean Won. Remaining availability on outstanding affiliate credit facilities is approximately $193 million and certain of these facilities have pledged receivables, inventory or equipment as security. Included in the Company's affiliate debt is an arrangement, through a subsidiary in France, to sell accounts receivable on an uncommitted basis. The amount of financing available is contingent upon the amount of receivables less certain reserves. The Company pays a 30 basis point servicing fee on all receivables sold, as well as a financing fee of 3-month Euribor plus 75 basis points on the advanced portion. At September 30, 2012, there was $13 million of outstanding borrowings under the facility with $47 million of receivables pledged as security, which are recorded as Other current assets on the consolidated balance sheet.

On July 4, 2012 the Company's wholly owned subsidiary, Visteon Korea Holdings Corp., commenced a cash tender offer to purchase 32.0 million shares of Halla Climate Control Corporation (“Halla”), a 70% owned subsidiary of the Company, representing the remaining 30% outstanding ownership interest. The tender offer and related costs were to be funded through a fully committed Korean debt facility of 1 trillion KRW or $881 million (the "Bridge Loan"), under which Visteon Korea Holdings Corp. borrowed 925 billion KRW or $815 million. The Bridge Loan was secured by a pledge of all of the shares of capital stock of Halla owned directly or indirectly by Visteon. On July 24, 2012 the tender offer expired without acceptance of the tendered shares. During August 2012 Visteon Korea Holdings Corp. repaid amounts previously borrowed and permanently reduced the available commitments under the Bridge Loan without penalty after following certain advance notice and other procedures. The Company incurred debt extinguishment costs of approximately $4 million and interest of $5 million during the three and nine-month periods ended September 30, 2012 in connection with this financing arrangement.

12

The fair value of debt was approximately $621 million at September 30, 2012 and $587 million at December 31, 2011. Fair value estimates were based on quoted market prices or current rates for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities.

NOTE 11. Employee Retirement Benefits

Defined Contribution Plans

Most U.S. salaried employees and certain non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation, which is partially matched by the Company. Effective January 1, 2012, matching contributions for the U.S. defined contribution plan are 100% on the first 6% of pay contributed. The expense related to matching contributions was approximately $3 million and $11 million for the three-month and nine-month periods ended September 30, 2012, respectively. The expense related to matching contributions was approximately $2 million and $4 million for the three-month and nine-month periods ended September 30, 2011, respectively.

Defined Benefit Plans

The components of the Company’s net periodic benefit costs for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	2		$	2		$	2		$	—	$	—
Interest cost	17			18			6			7			—		—
Expected return on plan assets	(20		)	(19		)	(4		)	(5		)	—		—
Special termination benefits	—			1			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(3	)	$	2		$	4		$	4		$	—	$	—

The components of the Company’s net periodic benefit costs for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	4		$	5		$	5		$	—	$	—
Interest cost	52			55			20			21			—		—
Expected return on plan assets	(59		)	(56		)	(13		)	(14		)	—		—
Reinstatement (termination) of benefits	—			—			—			—			—		(2		)
Special termination benefits	—			3			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(7	)	$	6		$	12		$	12		$	—	$	(2	)

On January 9, 2012 the Company completed a contribution of approximately 1.5 million shares of Visteon Corporation common stock valued at approximately $73 million to its two largest U.S. defined benefit plans. This contribution was in excess of 2011 and 2012 plan year minimum required contributions for those plans by approximately $40 million. As of September 30, 2012, all shares previously contributed to the plans had been sold, with an average share price of approximately $44.

During the nine-month period ended September 30, 2012, cash contributions to the Company's U.S. and non-U.S. retirement plans

13

were $3 million and $9 million, respectively. The Company anticipates additional cash contributions to its non-U.S. retirement plans of $7 million during 2012. The Company’s expected 2012 contributions may be revised.

On September 19, 2012, Visteon announced a lump sum payment option to certain former U.S. employees who are vested defined benefit plan participants not currently receiving monthly payments. The lump sum payment option, to be funded with pension plan assets, is offered from October 1 to November 9, 2012. The Company expects to record a non-cash settlement charge in connection with the lump sum payments, the amount of which will depend upon participation rate, value of assets and discount rate at year-end.

NOTE 12. Share Based Compensation

The Company, in connection with the appointment of a new Chief Executive Officer and President effective September 30, 2012, made an equity grant under the Visteon Corporation 2010 Incentive Plan consisting of 85,256 time-based restricted stock units and 345,914 performance based stock units. The restricted stock units vest in three equal annual installments on August 10, 2013, 2014, and 2015 subject to continued employment. The performance based stock units vest based on the Company's total shareholder return for the period between the grant date and December 31, 2015 and are subject to continued employment.

NOTE 13. Income Taxes

The Company's provision for income taxes in interim periods is computed by applying an estimated annual effective tax rate against income before income taxes, excluding equity in net income of non-consolidated affiliates for the period. Effective tax rates vary from period to period as separate calculations are performed for those countries where the Company's operations are profitable and whose results continue to be tax-effected and for those countries where full deferred tax valuation allowances exist and are maintained. The Company is also required to record the tax impact of certain other non-recurring tax items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. The need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries will continue to cause variability in the Company's quarterly and annual effective tax rates. Full valuation allowances against deferred tax assets in the U.S. and applicable foreign countries will be maintained until sufficient positive evidence exists to reduce or eliminate them. In this regard, it is reasonably possible that existing valuation allowances on approximately $5 million of deferred tax assets could be eliminated during 2012 as the Company continues to monitor the ability to generate the necessary taxable earnings to recover the deferred tax assets in certain foreign jurisdictions.

The Company provides for U.S. and non-U.S. income taxes and non-U.S. withholding taxes on the projected future repatriations of the earnings from its non-U.S. operations at each tier of the legal entity structure. During the three-month and nine-month periods ended September 30, 2012, the Company recognized expense of $5 million and $16 million, respectively, reflecting the Company's forecasts which contemplate numerous financial and operational considerations that impact future repatriations.

The Company's provision for income taxes for the three-month and nine-month periods ended September 30, 2012 of $33 million and $102 million, respectively, includes income tax expense in countries where the Company is profitable, withholding taxes, changes in uncertain tax benefits, and the inability to record a tax benefit for pre-tax losses in the U.S. and certain other jurisdictions to the extent not offset by other categories of income.

The amount of income tax expense or benefit allocated to continuing operations is generally determined without regard to the tax effects of other categories of income or loss, such as other comprehensive income.However, an exception to the general rule is provided when there is a pre-tax loss from continuing operations and net pre-tax income from other categories in the current year. In such instances, net pre-tax income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in continuing operations even when a valuation allowance has been established against the deferred tax assets. In instances where a valuation allowance is established against current year operating losses, net pre-tax income from other sources, including other comprehensive income, is considered when determining whether sufficient future taxable income exists to realize the deferred tax assets.

Unrecognized Tax Benefits

Gross unrecognized tax benefits were $135 million at September 30, 2012 and $123 million at December 31, 2011, of which approximately $72 million and $69 million, respectively, in each period represent the amount of unrecognized benefits that, if recognized, would impact the effective tax rate. The gross unrecognized tax benefit differs from that which would impact the effective tax rate due to uncertain tax positions embedded in other deferred tax attributes carrying a full valuation allowance. Since the uncertainty is expected to be resolved while a full valuation allowance is maintained, these uncertain tax positions should not

14

impact the effective tax rate in current or future periods. During the three-month and nine-month periods ended September 30, 2012, the Company increased its gross unrecognized tax benefits for positions expected to be taken in future tax returns, primarily related to the allocation of costs among our global operations, and foreign currency impacts. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. Accrued interest and penalties related to uncertain tax positions was $34 million at September 30, 2012 and $28 million at December 31, 2011.

The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various tax jurisdictions are subject to periodic examination by respective tax authorities. The Company regularly assesses the status of these examinations and the potential for adverse and/or favorable outcomes to determine the adequacy of its provision for income taxes. The Company believes that it has adequately provided for tax adjustments that it believes are more likely than not to be realized as a result of any ongoing or future examination.

Specifically, in June 2012, the Korean tax authorities commenced a review of Visteon's controlled subsidiary, Halla Climate Control Corporation ("Halla") for the tax years 2007 through 2011. In October 2012, the tax authorities issued a pre-assessment of approximately $18 million for alleged underpayment of withholding tax on dividends paid and other items, including certain management service fees charged by Visteon Corporation. The Company is considering potential next steps if the pre-assessment becomes finalized, including filing an appeal with the Korean Tax Tribunal. Pursuant to the Korean tax rules, it is possible a payment of the final assessment will need to be made in full in the fourth quarter of 2012 to pursue the appeals process. The Company believes it is more likely than not it will receive a favorable ruling when all of the available appeals have been exhausted.

With few exceptions, the Company is no longer subject to U.S. federal tax examinations for years before 2008 or state and local, or non-U.S. income tax examinations for years before 2002. Although it is not possible to predict the timing of the resolution of all ongoing tax audits with accuracy, it is reasonably possible that certain tax proceedings in Europe and Asia could conclude within the next twelve months and result in a significant change in the balance of gross unrecognized tax benefits. Given the number of years, jurisdictions and positions subject to examination, the Company is unable to estimate the full range of possible adjustments to the balance of unrecognized tax benefits. However, the Company believes it is reasonably possible that it will reduce the amount of its existing unrecognized tax benefits impacting the effective tax rate by $1 million to $3 million due to the lapse of statute of limitations.

NOTE 14. Shareholders’ Equity and Non-controlling Interests

The tables below provide a reconciliation of the carrying amount of total shareholders' equity, including shareholders' equity attributable to Visteon and equity attributable to non-controlling interests ("NCI") for the three and nine months ended September 30, 2012 and 2011.

	Three Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,433		$	695		$	2,128		$	1,443		$	713		$	2,156
Income from continuing operations	20			19			39			37			19			56
(Loss) income from discontinued operations	(5		)	—			(5		)	4			—			4
Net income	15			19			34			41			19			60
Other comprehensive income (loss)
Foreign currency translation adjustment	44			13			57			(102		)	(31		)	(133		)
Pension and other postretirement benefits	2			—			2			(3		)	—			(3		)
Unrealized hedging gains and other	2			1			3			(20		)	(6		)	(26		)
Total other comprehensive income (loss)	48			14			62			(125		)	(37		)	(162		)
Stock-based compensation, net	3			—			3			10			—			10
Warrant exercises	—			—			—			4			—			4
Dividends to non-controlling interests	—			(5		)	(5		)	—			(1		)	(1		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

15

	Nine Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,307		$	690		$	1,997		$	1,260		$	690		$	1,950
Income from continuing operations	64			46			110			98			54			152
(Loss) income from discontinued operations	(3		)	—			(3		)	8			—			8
Net income	61			46			107			106			54			160
Other comprehensive income (loss)
Foreign currency translation adjustment	25			10			35			(18		)	(13		)	(31		)
Pension and other postretirement benefits	1			—			1			—			—			—
Unrealized hedging gains and other	16			4			20			(14		)	(5		)	(19		)
Total other comprehensive income (loss)	42			14			56			(32		)	(18		)	(50		)
Stock-based compensation, net	16			—			16			30			—			30
Common stock contribution to U.S. pension plans	73			—			73			—			—			—
Warrant exercises	—			—			—			9			—			9
Dividends to non-controlling interests	—			(27		)	(27		)	—			(32		)	(32		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

On July 30, 2012, Visteon's board of directors authorized the repurchase of up to $100 million of the Company's common stock over the subsequent two year period. The Company anticipates that repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors.

Non-controlling Interests

Non-controlling interests in the Visteon Corporation economic entity are as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Halla Climate Control Corporation	$	692	$	660
Visteon Interiors Korea Ltd	19		20
Other	12		10
Total non-controlling interests	$	723	$	690

The Company holds a 70% interest in 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.

16

Accumulated Other Comprehensive Income (Loss)

The Accumulated other comprehensive income (loss) (“AOCI”) category of Shareholders’ equity, net of tax, includes:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Foreign currency translation adjustments	$	(16	)	$	(41	)
Pension and other postretirement benefit adjustments	26			25
Unrealized gains (losses) on derivatives	7			(9		)
Total accumulated other comprehensive income (loss)	$	17		$	(25	)

NOTE 15. Earnings (Loss) Per Share

Basic earnings (loss) per share of common stock is calculated by dividing reported net income (loss) attributable to Visteon by the average number of shares of common stock outstanding during the applicable period, adjusted for participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) attributable to Visteon by the average number of shares of common stock outstanding during the applicable period, adjusted for participating securities and the effect of dilutive potential common stock, such as stock warrants and stock options. The impact of participating securities and other dilutive potential common stock is not taken into consideration in a loss period as the impact would be anti-dilutive. Accordingly, participating securities and other dilutive potential common stock have been excluded from the computation of basic and diluted loss per share as applicable.

The table below provides details underlying the calculations of basic and diluted earnings (loss) per share.

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions, Except Per Share Amounts)
Numerator:
Income from continuing operations	$	20		$	37	$	64		$	98
(Loss) income from discontinued operations	(5		)	4		(3		)	8
Net income attributable to Visteon	$	15		$	41	$	61		$	106
Denominator:
Average common stock outstanding	53.3			51.5		53.1			51.1
Dilutive effect of warrants	0.5			0.5		0.4			0.9
Diluted shares	53.8			52.0		53.5			52.0
Basic and Diluted Earnings (Loss) Per Share Data:
Basic earnings (loss) per share:
Continuing operations	$	0.37		$	0.72	$	1.21		$	1.92
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Basic earnings per share attributable to Visteon	$	0.28		$	0.80	$	1.15		$	2.07
Diluted earnings (loss) per share:
Continuing operations	$	0.37		$	0.71	$	1.20		$	1.89
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Diluted earnings per share attributable to Visteon	$	0.28		$	0.79	$	1.14		$	2.04

17

NOTE 16. Fair Value Measurements and Financial Instruments

Fair Value Hierarchy

Financial assets and liabilities are categorized, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs.

• Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

• 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.

Financial Instruments

The Company’s net cash inflows and outflows exposed to the risk of changes in foreign currency exchange rates arise from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt and other payables, subsidiary dividends and investments in subsidiaries. Where possible, the Company utilizes derivative financial instruments, including forward and option contracts, to protect the Company’s cash flow from changes in exchange rates. Foreign currency exposures are reviewed monthly and natural offsets are considered prior to entering into a derivative financial instrument.

The Company’s primary foreign currency exposures include the Euro, Korean Won, Czech Koruna, Hungarian Forint and Mexican Peso. Where possible, the Company utilizes a strategy of partial coverage for transactions in these currencies. As of September 30, 2012 and December 31, 2011, the Company had forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $564 million and $741 million, respectively. Fair value estimates of these contracts are based on quoted market prices. A portion of these instruments has been designated as cash flow hedges with the effective portion of the gain or loss reported in the Accumulated other comprehensive income (loss) component of Shareholders’ equity in the Company’s consolidated balance sheets and the ineffective portion recorded as Cost of sales in the Company’s consolidated statements of comprehensive income.

Foreign currency hedge instruments are measured at fair value on a recurring basis under an income approach using industry-standard models that consider various assumptions, including time value, volatility factors, current market and contractual prices for the underlying and non-performance risk. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Accordingly, the Company's foreign currency instruments are classified as Level 2, “Other Observable Inputs” in the fair value hierarchy.

Financial Statement Presentation

The Company presents its derivative positions and any related material collateral under master netting agreements on a net basis. Derivative financial instruments designated and non-designated as hedging instruments are included in the Company’s consolidated balance sheets at September 30, 2012 and December 31, 2011 as follows:

Assets					Liabilities
	September 30		December 31			September 30		December 31
Classification	2012		2011		Classification	2012		2011
	(Dollars in Millions)					(Dollars in Millions)
Designated:					Designated:
Other current assets	$	16	$	—	Other current assets	$	2	$	—
Other current liabilities	—		8		Other current liabilities	—		24
Non-designated:					Non-designated:
Other current assets	3		—		Other current assets	—		—
	$	19	$	8		$	2	$	24

18

Gains and losses associated with derivative financial instruments recorded in Cost of sales for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Three months ended					Three months ended				Three months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	2	$	(20	)	$	6	$	1	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(3		)	—
	$	2	$	(20	)	$	6	$	1	$	(3	)	$	—

Gains and losses associated with derivative financial instruments recorded in Cost of sales and Interest expense for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Nine months ended					Nine months ended				Nine months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	16	$	(15	)	$	6	$	7	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(4		)	(4		)
	$	16	$	(15	)	$	6	$	7	$	(4	)	$	(4	)
Interest rate risk – Interest expense
Cash flow hedges	$	—	$	1		$	—	$	—	$	—		$	—

Concentrations of Credit Risk

Financial instruments, including cash equivalents, marketable securities, derivative contracts and accounts receivable, expose the Company to counterparty credit risk for non-performance. The Company’s counterparties for cash equivalents, marketable securities and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. The Company’s counterparties for derivative contracts are with investment and commercial banks with significant experience using such derivatives and is assessed on a net basis. The Company manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counterparty and through monitoring counterparty credit risks. The Company’s concentration of credit risk related to derivative contracts at September 30, 2012 and December 31, 2011 is not significant. With the exception of the customers below, the Company’s credit risk with any individual customer does not exceed ten percent of total accounts receivable at September 30, 2012 and December 31, 2011, respectively.

	September 30	December 31
	2012	2011
Ford and affiliates	27%	24%
Hyundai Mobis Company	15%	14%
Hyundai Motor Company	9%	10%

Management periodically performs credit evaluations of its customers and generally does not require collateral.

19

NOTE 17. Commitments and Contingencies

Guarantees and Commitments

The Company has guaranteed approximately $37 million of subsidiary lease payments under various arrangements generally spanning between one to ten years in duration, and $6 million for affiliate credit lines and other credit support agreements. In connection with an agreement entered in 2009 with the Pension Benefit Guarantee Corporation ("PBGC"), the Company agreed to provide a guarantee by certain affiliates of contingent pension obligations of up to $30 million, the term of this guarantee is dependent upon events as specifically set forth in the PBGC agreement.

Litigation and Claims

Several current and former employees of Visteon Deutschland GmbH (“Visteon Germany”) filed civil actions against Visteon Germany in various German courts beginning in August 2007 seeking damages for the alleged violation of German pension laws that prohibit the use of pension benefit formulas that differ for salaried and hourly employees without adequate justification. Several of these actions have been joined as pilot cases. In a written decision issued in April 2010, the Federal Labor Court issued a declaratory judgment in favor of the plaintiffs in the pilot cases. To date, more than 750 current and former employees have filed similar actions or have inquired as to or been granted additional benefits, and an additional 600 current and former employees are similarly situated. The Company's remaining reserve for unsettled cases is approximately $6 million and is based on the Company’s best estimate as to the number and value of the claims that will be made in connection with the pension plan. However, the Company’s estimate is subject to many uncertainties which could result in Visteon Germany incurring amounts in excess of the reserved amount of up to approximately $8 million.

The Company's operations in Brazil are subject to highly complex labor, tax, customs and other laws. While the Company believes that it is in compliance with such laws, it is periodically engaged in litigation regarding the application of these laws. As of September 30, 2012, the Company maintained accruals of approximately $9 million for claims aggregating approximately $141 million. The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company's assessment of the claims and prior experience with similar matters.

On May 28, 2009, the Debtors filed voluntary petitions in the Court seeking reorganization relief under the provisions of chapter 11 of the Bankruptcy Code. The Debtors’ chapter 11 cases have been assigned to the Honorable Christopher S. Sontchi and are being jointly administered as Case No. 09-11786. The Debtors continued to operate their business as debtors-in-possession under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Court until their emergence on October 1, 2010. Under section 362 of the Bankruptcy Code, the filing of a bankruptcy petition automatically stayed most actions against a debtor, including most actions to collect pre-petition indebtedness or to exercise control over the property of the debtor’s estate. Substantially all pre-petition liabilities and claims relating to rejected executory contracts and unexpired leases have been settled under the Debtor’s plan of reorganization, however, the ultimate amounts to be paid in settlement of each those claims will continue to be subject to the uncertain outcome of litigation, negotiations and Court decisions for a period of time after the Effective Date.

In December of 2009, the Court granted the Debtors' motion in part authorizing them to terminate or amend certain other postretirement employee benefits, including health care and life insurance. On December 29, 2009, the IUE-CWA, the Industrial Division of the Communications Workers of America, AFL-CIO, CLC, filed a notice of appeal of the Court's order with the District Court. By order dated March 31, 2010, the District Court affirmed the Court's order in all respects. On April 1, 2010, the IUE filed a notice of appeal. On July 13, 2010, the Circuit Court reversed the order of the District Court as to the IUE-CWA and directed the District Court to, among other things, direct the Court to order the Company to take whatever action is necessary to immediately restore terminated or modified benefits to their pre-termination/modification levels. On July 27, 2010, the Company filed a Petition for Rehearing or Rehearing En Banc requesting that the Circuit Court review the panel’s decision, which was denied. By orders dated August 30, 2010, the Court ruled that the Company should restore certain other postretirement employee benefits to the appellant-retirees and also to salaried retirees and certain retirees of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”). On September 1, 2010, the Company filed a Notice of Appeal to the District Court of the Court's decision to include non-appealing retirees, and on September 15, 2010 the UAW filed a Notice of Cross-Appeal. On July 25, 2012, the District Court ruled in the Company's favor on both appeals. The Company reached an agreement with the original appellants in late-September 2010, which resulted in the Company not restoring other postretirement employee benefits of such retirees. On September 30, 2010, the UAW filed a complaint, which it amended on October 1, 2010, in the United States District Court for the Eastern District of Michigan seeking, among other things, a declaratory judgment to prohibit the Company from terminating certain other postretirement employee benefits for UAW retirees after the Effective Date. The Company has filed a motion to dismiss the UAW's complaint and a motion to transfer the case to the District of Delaware, which motions

20

are pending. In July 2011, the Company engaged in mediation with the UAW, which was not successful. As of September 30, 2012, the Company maintains an accrual for claims that are deemed probable of loss and are reasonably estimable based on the Company's assessment of the claims and prior experience with similar matters.

While the Company believes its accruals for litigation and claims are adequate, the final amounts required to resolve such matters could differ materially from recorded estimates and the Company's results of operations and cash flows could be materially affected.

Product Warranty and Recall

Amounts accrued for product warranty and recall claims are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company’s estimates for product warranty and recall obligations are developed with support from its sales, engineering, quality and legal functions and include due consideration of contractual arrangements, past experience, current claims and related information, production changes, industry and regulatory developments and various other considerations. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued or beyond what the Company may recover from its suppliers. The following table provides a reconciliation of changes in the product warranty and recall claims liability for the nine-month periods ended September 30, 2012 and 2011.

	Nine Months Ended September 30
	2012			2011
	(Dollars in Millions)
Beginning balance	$	66		$	75
Accruals for products shipped	15			16
Currency	(1		)	—
Changes in estimates	(1		)	(11		)
Settlements	(14		)	(12		)
Ending balance	$	65		$	68

Environmental Matters

The Company is subject to the requirements of federal, state, local and foreign environmental and occupational safety and health laws and regulations and ordinances. These include laws regulating air emissions, water discharge and waste management. The Company is also subject to environmental laws requiring the investigation and cleanup of environmental contamination at properties it presently owns or operates and at third-party disposal or treatment facilities to which these sites send or arranged to send hazardous waste. The Company is aware of contamination at some of its properties. These sites are in various stages of investigation and cleanup. The Company currently is, has been, and in the future may become the subject of formal or informal enforcement actions or procedures.

Costs related to environmental assessments and remediation efforts at operating facilities, previously owned or operated facilities, 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 consolidated balance sheets. At September 30, 2012, the Company had recorded a reserve of approximately $1 million for environmental matters. However, estimating liabilities for environmental investigation and cleanup is complex and dependent upon a number of factors beyond the Company’s control and which may change dramatically. Accordingly, although the Company believes its reserve is adequate based on current information, the Company cannot provide any assurance that its ultimate environmental investigation and cleanup costs and liabilities will not exceed the amount of its current reserve.

Other Contingent Matters

Various legal actions, governmental investigations and proceedings and claims are pending or may be instituted or asserted in the future against the Company, including those arising out of alleged defects in the Company’s products; governmental regulations relating to safety; employment-related matters; customer, supplier and other contractual relationships; intellectual property rights; product warranties; product recalls; and environmental matters. Some of the foregoing matters may involve compensatory, punitive or antitrust or other treble damage claims in very large amounts, or demands for recall campaigns, environmental remediation programs, sanctions, or other relief which, if granted, would require very large expenditures. The Company enters into agreements

21

that contain indemnification provisions in the normal course of business for which the risks are considered nominal and impracticable to estimate.

Contingencies are subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. Reserves have been established by the Company for matters discussed in the immediately foregoing paragraph where losses are deemed probable and reasonably estimable. It is possible, however, that some of the matters discussed in the foregoing paragraph could be decided unfavorably to the Company and could require the Company to pay damages or make other expenditures in amounts, or a range of amounts, that cannot be estimated at September 30, 2012 and that are in excess of established reserves. The Company does not reasonably expect, except as otherwise described herein, based on its analysis, that any adverse outcome from such matters would have a material effect on the Company’s financial condition, results of operations or cash flows, although such an outcome is possible.

NOTE 18. Segment Information

Segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker, or a decision-making group, in deciding the allocation of resources and in assessing performance. The Company’s Chief Operating Decision Making Group ("CODM Group"), comprised of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluates the performance of the Company’s segments primarily based on net sales, before elimination of inter-company shipments, gross margin, Adjusted EBITDA (as defined below) and operating assets. Gross margin is defined as total sales less costs to manufacture and product development and engineering expenses. The Company defines Adjusted EBITDA as net income attributable to the Company, plus net interest expense, provision for income taxes and depreciation as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain charges, reorganization items and other non-operating gains and losses. Operating assets include inventories and property and equipment utilized in the manufacture of the segments’ products.

The Company’s operating structure is organized by global product lines, including: Climate, Electronics and Interiors. These global product lines have financial and operating responsibility over the design, development and manufacture of the Company’s product portfolio. Global customer groups are responsible for the business development of the Company’s product portfolio and overall customer relationships. Certain functions such as procurement, information technology and other administrative activities are managed on a global basis with regional deployment. The Company’s reportable segments are as follows:

• Climate — The Company’s Climate product line includes climate air handling modules, powertrain cooling modules, heat exchangers, compressors, fluid transport and engine induction systems.

• 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.

• Interiors — The Company’s Interiors product line includes instrument panels, cockpit modules, door trim and floor consoles.

Segment Sales and Gross Margin

	Sales												Gross Margin
	Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
	September 30						September 30						September 30				September 30
	2012			2011			2012			2011			2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	1,024		$	1,003		$	3,112		$	3,040		$	89	$	78	$	259	$	256
Electronics	298			338			919			1,047			19		30		76		104
Interiors	313			606			1,070			1,854			21		31		56		114
Eliminations	(11		)	(38		)	(67		)	(136		)	—		—		—		—
Total consolidated	$	1,624		$	1,909		$	5,034		$	5,805		$	129	$	139	$	391	$	474

Segment Adjusted EBITDA

Through March 31, 2012, the Company evaluated performance based on Adjusted EBITDA on a consolidated basis as a performance measure and for planning and forecasting activities. Effective April 1, 2012, the Company began utilizing Adjusted EBITDA as a key performance measure considering key transformation efforts including the sale of the Company's lighting business completed

22

on August 1, 2012. Adjusted EBITDA by segment for the three and nine months ended September 30, 2012 and 2011 is presented below:

	Adjusted EBITDA
	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	70	$	69	$	216	$	228
Electronics	13		33		58		96
Interiors	45		55		131		180
Discontinued operations	3		11		27		27
Total consolidated	$	131	$	168	$	432	$	531

Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to Visteon, plus net interest expense, provision for income taxes and depreciation and amortization, as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain employee charges and benefits, reorganization items, and other non-operating gains and losses. Additionally, amounts below are inclusive of the Company's discontinued operations. Because not all companies use identical calculations this presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is not a recognized term under GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain debt covenants.

A reconciliation of Adjusted EBITDA to Net income attributable to Visteon is as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Total Adjusted EBITDA	$	131		$	168	$	432		$	531
Interest expense, net	13			5		28			21
Loss on debt extinguishment	4			—		4			24
Provision for income taxes	33			25		102			87
Depreciation and amortization	64			81		195			232
Restructuring and other expenses	(11		)	1		63			29
Equity investment gain	—			—		(63		)	—
Other non-operating costs, net	5			8		12			13
Discontinued operations	8			7		30			19
Net income attributable to Visteon	$	15		$	41	$	61		$	106

23

Segment Operating Assets    

	Inventories, net				Property and Equipment, net
	September 30		December 31		September 30		December 31
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	290	$	236	$	942	$	934
Electronics	66		66		120		144
Interiors	49		47		164		171
Other	—		32		—		42
Total product groups	405		381		1,226		1,291
Corporate	3		—		52		121
Total consolidated	$	408	$	381	$	1,278	$	1,412

Other includes assets of the Company's discontinued Lighting operations as of December 31, 2011 (Inventories, net of $31 million and Property and equipment, net of $42 million). These assets were sold in connection with the sale of the Lighting business on August 1, 2012 . See Note 2, "Discontinued Operations" for further details.

NOTE 19. Condensed Consolidating Financial Information of Guarantor Subsidiaries

On April 6, 2011, the Company completed the sale of $500 million aggregate principal amount of 6.75% senior notes due April 15, 2019 (the "Original Senior Notes"). In January 2012, the Company exchanged substantially identical senior notes (the "Senior Notes") that have been registered under Securities Act of 1933, as amended, for all of the Original Senior Notes. The Senior Notes were issued under an Indenture (the “Indenture”), among the Company, the subsidiary guarantors named therein, and The Bank of New York Mellon Trust Company, N.A., as trustee. The Indenture and the form of Senior Notes provide, among other things, that the Senior Notes be senior unsecured obligations of the Company. Interest is payable on the Senior Notes on April 15 and October 15 of each year beginning on October 15, 2011 until maturity. Each of the Company’s existing and future wholly owned domestic restricted subsidiaries that guarantee debt under the Company’s revolving loan credit agreement guarantee the Senior Notes.

Guarantor Financial Statements

Certain subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest under the Company’s revolving loan credit agreement and the Senior Notes. The Guarantor Subsidiaries include: Visteon Electronics Corporation; Visteon European Holdings, Inc.; Visteon Global Treasury, Inc.; Visteon International Business Development, Inc.; Visteon International Holdings, Inc.; Visteon Global Technologies, Inc.; Visteon Systems, LLC; and VC Aviation Services, LLC.

The guarantor financial statements are comprised of the following condensed consolidating financial information:

• The Parent Company, the issuer of the guaranteed obligations;

• Guarantor subsidiaries, on a combined basis, as specified in the Indenture 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.

Certain prior period amounts have been reclassified to conform to current period presentation.

24

VISTEON CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	70		$	320	$	1,435		$	(201	)	$	1,624
Cost of sales	128			265		1,303			(201		)	1,495
Gross margin	(58		)	55		132			—			129
Selling, general and administrative expenses	25			14		50			—			89
Interest expense, net	11			—		2			—			13
Loss on debt extinguishment	1			—		3			—			4
Equity in net income of non-consolidated affiliates	—			—		38			—			38
Restructuring and other expenses (income)	5			—		(16		)	—			(11		)
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(100		)	41		131			—			72
Provision for income taxes	2			—		31			—			33
(Loss) income from continuing operations before earnings of subsidiaries	(102		)	41		100			—			39
Equity in earnings of consolidated subsidiaries	120			70		—			(190		)	—
Income from continuing operations	18			111		100			(190		)	39
(Loss) income from discontinued operations, net of tax	(3		)	4		(6		)	—			(5		)
Net income	15			115		94			(190		)	34
Net income attributable to non-controlling interests	—			—		19			—			19
Net income attributable to Visteon Corporation	$	15		$	115	$	75		$	(190	)	$	15
Comprehensive income:
Comprehensive income	$	61		$	165	$	157		$	(287	)	$	96
Comprehensive income attributable to Visteon Corporation	$	61		$	165	$	124		$	(287	)	$	63

	Three Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	50		$	377		$	1,790		$	(308	)	$	1,909
Cost of sales	94			318			1,666			(308		)	1,770
Gross margin	(44		)	59			124			—			139
Selling, general and administrative expenses	25			17			53			—			95
Interest expense (income), net	10			(5		)	—			—			5
Equity in net income of non-consolidated affiliates	—			—			43			—			43
Restructuring and other expenses	—			—			1			—			1
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(79		)	47			113			—			81
Provision for income taxes	6			—			19			—			25
(Loss) income from continuing operations before earnings of subsidiaries	(85		)	47			94			—			56
Equity in earnings of consolidated subsidiaries	133			15			—			(148		)	—
Income from continuing operations	48			62			94			(148		)	56
(Loss) income from discontinued operations, net of tax	(7		)	14			(3		)	—			4
Net income	41			76			91			(148		)	60
Net income attributable to non-controlling interests	—			—			19			—			19
Net income attributable to Visteon Corporation	$	41		$	76		$	72		$	(148	)	$	41
Comprehensive loss:
Comprehensive loss	$	(84	)	$	(65	)	$	(48	)	$	95		$	(102	)
Comprehensive loss attributable to Visteon Corporation	$	(84	)	$	(65	)	$	(30	)	$	95		$	(84	)

25

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	172		$	1,038		$	4,627		$	(803	)	$	5,034
Cost of sales	347			856			4,243			(803		)	4,643
Gross margin	(175		)	182			384			—			391
Selling, general and administrative expenses	59			47			161			—			267
Interest expense (income), net	30			(2		)	—			—			28
Loss on debt extinguishment	1			—			3			—			4
Equity in net income of non-consolidated affiliates	—			—			183			—			183
Restructuring and other expenses	21			—			42			—			63
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(286		)	137			361			—			212
Provision for income taxes	3			—			99			—			102
(Loss) income from continuing operations before earnings of subsidiaries	(289		)	137			262			—			110
Equity in earnings of consolidated subsidiaries	365			189			—			(554		)	—
Income from continuing operations	76			326			262			(554		)	110
(Loss) income from discontinued operations, net of tax	(15		)	42			(30		)	—			(3		)
Net income	61			368			232			(554		)	107
Net income attributable to non-controlling interests	—			—			46			—			46
Net income attributable to Visteon Corporation	$	61		$	368		$	186		$	(554	)	$	61
Comprehensive income:
Comprehensive income	$	103		$	412		$	294		$	(646	)	$	163
Comprehensive income attributable to Visteon Corporation	$	103		$	412		$	234		$	(646	)	$	103

	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	138		$	1,149		$	5,436		$	(918	)	$	5,805
Cost of sales	301			916			5,032			(918		)	5,331
Gross margin	(163		)	233			404			—			474
Selling, general and administrative expenses	75			48			168			—			291
Interest expense (income), net	30			(10		)	1			—			21
Loss on debt extinguishment	24			—			—			—			24
Equity in net income of non-consolidated affiliates	—			—			130			—			130
Restructuring and other expenses	11			—			18			—			29
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(303		)	195			347			—			239
Provision (benefit) for income taxes	1			(2		)	88			—			87
(Loss) income from continuing operations before earnings of subsidiaries	(304		)	197			259			—			152
Equity in earnings of consolidated subsidiaries	431			162			—			(593		)	—
Income from continuing operations	127			359			259			(593		)	152
(Loss) income from discontinued operations, net of tax	(21		)	41			(12		)	—			8
Net income	106			400			247			(593		)	160
Net income attributable to non-controlling interests	—			—			54			—			54
Net income attributable to Visteon Corporation	$	106		$	400		$	193		$	(593	)	$	106
Comprehensive income:
Comprehensive income	$	74		$	367		$	192		$	(523	)	$	110
Comprehensive income attributable to Visteon Corporation	$	74		$	367		$	156		$	(523	)	$	74

26

VISTEON CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 30, 2012
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(Dollars in Millions)
ASSETS
Cash and equivalents	$	296	$	52	$	553	$	—		$	901
Accounts receivable, net	296		657		1,119		(904		)	1,168
Inventories	15		24		369		—			408
Other current assets	18		30		236		—			284
Total current assets	625		763		2,277		(904		)	2,761
Property and equipment, net	21		63		1,194		—			1,278
Investment in affiliates	2,048		1,640		—		(3,688		)	—
Equity in net assets of non-consolidated affiliates	—		—		734		—			734
Intangible assets, net	78		48		198		—			324
Other non-current assets	9		1		67		(4		)	73
Total assets	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	$	226	$	20	$	218	$	(375	)	$	89
Accounts payable	200		174		1,229		(526		)	1,077
Other current liabilities	74		35		305		(4		)	410
Total current liabilities	500		229		1,752		(905		)	1,576
Long-term debt	499		—		12		(5		)	506
Employee benefits	238		30		145		—			413
Other non-current liabilities	45		6		402		—			453
Shareholders’ equity:
Total Visteon Corporation shareholders’ equity	1,499		2,250		1,436		(3,686		)	1,499
Non-controlling interests	—		—		723		—			723
Total shareholders’ equity	1,499		2,250		2,159		(3,686		)	2,222
Total liabilities and shareholders’ equity	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170

27

	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		1,015		(719		)	1,071
Inventories	18		25		338		—			381
Other current assets	29		53		237		—			319
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

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VISTEON CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(75	)	$	101		$	137		$	—		$	163
Investing activities
Capital expenditures	(4		)	(8		)	(134		)	—			(146		)
Dividends received from consolidated subsidiaries	169			63			—			(232		)	—
Proceeds from business divestitures	14			—			86			—			100
Proceeds from asset sales	79			8			1			—			88
Other	—			—			(2		)	—			(2		)
Net cash provided from (used by) investing activities	258			63			(49		)	(232		)	40
Financing activities
Short-term debt, net	—			—			2			—			2
Proceeds from issuance of debt, net of issuance costs	—			—			812			—			812
Principal payments on debt	(1		)	—			(823		)	—			(824		)
Dividends paid to consolidated subsidiaries	—			(168		)	(64		)	232			—
Dividends to non-controlling interests	—			—			(23		)	—			(23		)
Net cash used by financing activities	(1		)	(168		)	(96		)	232			(33		)
Effect of exchange rate changes on cash and equivalents	—			1			7			—			8
Net increase (decrease) in cash and equivalents	182			(3		)	(1		)	—			178
Cash and equivalents at beginning of period	114			55			554			—			723
Cash and equivalents at end of period	$	296		$	52		$	553		$	—		$	901

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	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(120	)	$	(76	)	$	251		$	—		$	55
Investing activities
Capital expenditures	(3		)	(10		)	(172		)	—			(185		)
Dividends received from consolidated subsidiaries	57			149			—			(206		)	—
Proceeds from asset sales	—			—			11			—			11
Other	—			—			(13		)	—			(13		)
Net cash provided from (used by) investing activities	54			139			(174		)	(206		)	(187		)
Financing activities
Cash restriction, net	55			—			(3		)	—			52
Short term debt, net	—			—			11			—			11
Proceeds from issuance of debt, net of issuance costs	492			—			11			—			503
Principal payments on debt	(501		)	—			(12		)	—			(513		)
Dividends paid to consolidated subsidiaries	—			(57		)	(149		)	206			—
Rights offering fees	(33		)	—			—			—			(33		)
Dividends to non-controlling interests	—			—			(29		)	—			(29		)
Other	3			—			—			—			3
Net cash provided from (used by) financing activities	16			(57		)	(171		)	206			(6		)
Effect of exchange rate changes on cash and equivalents	—			1			(10		)	—			(9		)
Net (decrease) increase in cash and equivalents	(50		)	7			(104		)	—			(147		)
Cash and equivalents at beginning of period	153			81			671			—			905
Cash and equivalents at end of period	$	103		$	88		$	567		$	—		$	758

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations, financial condition and cash flows of Visteon Corporation (“Visteon” or the “Company”). MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as filed with the Securities and Exchange Commission on February 27, 2011 and the financial statements and accompanying notes to the financial statements included elsewhere herein.

Executive Summary

Description of Business

Visteon is a global supplier of climate, electronics, and interiors systems, modules and components to automotive original equipment manufacturers (“OEMs”) including BMW, Chrysler, Daimler, Ford, General Motors, Honda, Hyundai, Kia, Nissan, PSA Peugeot Citroën, Renault, Toyota and Volkswagen. The Company has a broad network of manufacturing operations, technical centers and joint venture operations throughout the world, supported by approximately 22,000 employees dedicated to the design, development, manufacture and support of its product offering and its global customers.

Automotive Industry

The Company conducts its business in the automotive industry, which is capital intensive, highly competitive and sensitive to economic conditions. During the first nine months of 2012, the global automotive industry experienced modest growth fueled by demand from certain emerging markets, which, along with improvements in North America and Asia light vehicle sales and production, more than offset declines in Europe and South America. Light vehicle sales and production levels by geographic region are provided below for the three and nine-month periods ended September 30, 2012 and 2011.

	Light Vehicle Sales				Light Vehicle Production				Light Vehicle Sales				Light Vehicle Production
	Three Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30				Nine Months Ended September 30
	2012	2011	Change		2012	2011	Change		2012	2011	Change		2012	2011	Change
	(Production Units in Millions)
Global	19.5	18.5	5.4	%	19.1	18.8	1.7	%	59.7	56.4	5.9	%	60.8	56.8	7.0	%
North America	4.2	3.8	10.9	%	3.6	3.2	14.1	%	12.8	11.4	12.9	%	11.6	9.7	19.6	%
South America	1.7	1.5	13.5	%	1.2	1.1	1.7	%	4.4	4.1	5.8	%	3.1	3.3	(4.8	)%
Europe	4.3	4.5	(4.8	)%	4.3	4.5	(5.9	)%	14.0	14.6	(4.5	)%	14.5	15.2	(4.3	)%
China	4.6	4.1	10.9	%	4.3	4.1	6.0	%	13.8	12.9	7.1	%	13.3	12.6	6.1	%
Japan/Korea	1.7	1.5	9.0	%	3.2	3.3	(2.4	)%	5.3	4.2	26.0	%	10.6	8.8	20.7	%
India	0.8	0.7	9.5	%	0.9	0.9	(2.6	)%	2.5	2.3	11.2	%	2.9	2.7	4.7	%
ASEAN	0.7	0.7	7.9	%	1.0	0.8	19.4	%	2.1	1.9	7.2	%	2.8	2.4	20.6	%
Source: IHS Automotive

North America light vehicle sales increased during the three and nine-month periods ended September 30, 2012. Higher sales levels and inventory restocking by Japanese OEMs have contributed to increased production levels in North America. European light vehicle production and sales were lower in the three and nine-month periods ended September 30, 2012 as weakened economic conditions resulting from the region's continuing sovereign-debt crisis weighed on consumer confidence. Production overcapacity in Europe has prompted certain OEMs to announce significant production cuts and plant closures, which are expected to result in further declines in the last quarter of 2012. Light vehicle production in South America decreased during the nine-month period ended September 30, 2012, reflecting lower sales on weak demand for vehicles in Brazil and Argentina. However, favorable bank lending programs and government tax incentives caused an increase in automotive sales and production in Brazil during the three months ended September 30, 2012. Further deterioration of market conditions, primarily in Europe, resulting in a sustained adverse impact on the global automotive sector could adversely impact the Company’s financial results, including potential asset impairments and restructuring charges.

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Financial Results Summary

The Company's sales for the three and nine-month periods ended September 30, 2012 were distributed by product group, geographic region, and customer as follows:

Three Months Ended September 30, 2012

Nine Months Ended September 30, 2012

Visteon recorded net sales of $1,624 million for the third quarter of 2012, a decrease of $285 million from the same period in 2011. For the nine months ended September 30, 2012, the Company recorded sales of $5,034 million, a decrease of $771 million compared to 2011. The deconsolidation of Duckyang Industry Co. Ltd., a Korean interiors joint venture, decreased sales by $178 million and $479 million for the three and nine months ended September 30, 2012, respectively. Sales for the three and nine months ended September 30, 2012 were also impacted by unfavorable currency of $131 million and $272 million, respectively. Higher production volumes for the Climate product group, primarily in North America and Asia, were partially offset by declines for the Interiors and Electronics product groups in Europe and South America. Customer pricing and the non-recurrence of customer agreements, contributed to the remaining decreases in sales for the three and nine months ended September 30, 2012.

For the third quarter of 2012, the Company reported net income attributable to Visteon of $15 million, or $0.28 per diluted share. For the nine months ended September 30, 2012, the Company reported net income attributable to Visteon of $61 million, or $1.14 per diluted share. Net income for the nine months ended September 30, 2012 included $63 million of equity in the net income of non-consolidated affiliates due to a non-cash gain at Yanfeng Visteon Automotive Trim Systems Co. Ltd ("Yanfeng") related to the excess of fair value over carrying value of a former equity investee that was consolidated effective June 1, 2012 pursuant to changes in the underlying joint venture agreement.

For the nine months ended September 30, 2012 and 2011 cash provided from operating activities was $163 million and $55 million, respectively. As of September 30, 2012, Visteon had global cash balances of $920 million, including $19 million of restricted cash. Total debt was $595 million as of September 30, 2012.

Strategic Transformation

On May 28, 2009, Visteon and certain of its U.S. subsidiaries (the “Debtors”) filed voluntary petitions for reorganization relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) (the “Chapter 11 Proceedings”) in response to sudden and severe declines in global automotive production during the latter part of 2008 and early 2009 and the resulting adverse impact on the Company’s cash flows and liquidity. On August 31, 2010 (the “Confirmation Date”), the Court entered an order (the “Confirmation Order”) confirming the Debtors’

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joint plan of reorganization (as amended and supplemented, the “Plan”). On October 1, 2010 (the “Effective Date”), all conditions precedent to the effectiveness of the Plan and related documents were satisfied or waived and the Company emerged from bankruptcy and became a new entity for financial reporting purposes. Accordingly, the consolidated financial statements for the reporting entity subsequent to the Effective Date (the “Successor”) are not comparable to the consolidated financial statements for the reporting entity prior to the Effective Date (the “Predecessor”).

Following emergence from the Chapter 11 Proceedings, the Company continued its efforts to transform its business portfolio and to rationalize its cost structure including, among other things, the investigation of potential transactions for the sale, merger or other combination of certain businesses. Related business transformation costs of $5 million and $23 million were incurred during the three and nine months ended September 30, 2012, respectively, which relate to financial and advisory fees associated with the Company's continued efforts to transform its business portfolio and to rationalize its cost structure. Transformation activities during the three months ended September 30, 2012 included the following:

• On August 31, 2012, Visteon completed the sale of its 50% ownership interest in R-Tek Ltd., a UK-based Interiors joint venture, for proceeds of approximately $30 million, resulting in a net gain on the sale of approximately $19 million.

• On August 1, 2012 the Company completed the sale of its Lighting business for cash proceeds of approximately $70 million, subject to purchase price adjustments.

• On July 4, 2012 Visteon, through its wholly-owned Korean subsidiary, Visteon Korea Holdings Corp., commenced a cash tender offer to purchase the remaining 30 percent (32.0 million shares) of its 70% owned affiliate, Halla Climate Control Corporation ("Halla"), for 913 billion Korean Won ("KRW") or approximately $805 million. On July 24, 2012 the tender offer expired without acceptance of the tendered shares.

• In July 2012, Visteon and Yanfeng, a 50% owned non-consolidated affiliate of the Company, terminated their non-binding memorandum of understanding signed by the parties in late 2011 with respect to a potential transaction that would have combined the majority of Visteon’s Interiors business with Yanfeng. The Company continues to explore sale transaction alternatives for its Interiors business.

On September 19, 2012, the Company announced a comprehensive shareholder value creation strategy. In connection with this strategy the Company announced its intention to combine its wholly owned climate businesses into a single climate organization under Halla. The Company anticipates completion of the climate business combination during the three months ended March 31, 2013. Additionally, on November 1, 2012 the Company announced a program designed to reduce fixed costs and to improve operational efficiency by addressing certain under-performing operations. The Company anticipates that it will record related restructuring and other charges beginning in the quarterly period ending December 31, 2012 and into 2013, as these plans are finalized.

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Consolidated Results of Operations - Three Months Ended September 30, 2012 and 2011

The Company's consolidated results of operations for the three months ended September 30, 2012 and 2011 were as follows:

	Three Months Ended September 30
	2012			2011		Change
	(Dollars in Millions)
Sales	$	1,624		$	1,909	$	(285	)
Cost of sales	1,495			1,770		(275		)
Gross margin	129			139		(10		)
Selling, general and administrative expenses	89			95		(6		)
Interest expense, net	13			5		8
Loss on debt extinguishment	4			—		4
Equity in net income of non-consolidated affiliates	38			43		(5		)
Restructuring and other (income) expenses	(11		)	1		(12		)
Income before income taxes	72			81		(9		)
Provision for income taxes	33			25		8
Income from continuing operations	39			56		(17		)
(Loss) income from discontinued operations	(5		)	4		(9		)
Net income	34			60		(26		)
Net income attributable to non-controlling interests	19			19		—
Net income attributable to Visteon	$	15		$	41	$	(26	)
Adjusted EBITDA*	$	131		$	168	$	(37	)
* Adjusted EBITDA is a Non-GAAP financial measure, as further discussedbelow.

Sales

The Company's consolidated sales totaled $1,624 million for the three-month period ended September 30, 2012, which represents a decrease of $285 million when compared to the same period of 2011. Approximately $178 million of this decrease is due to the deconsolidation of Duckyang Industry Co. Ltd ("Duckyang"), an Interiors joint venture, which resulted from the October 2011 sale of a controlling ownership interest in the entity. Unfavorable currency of $131 million, primarily attributable to the Euro and Korean Won currencies, also contributed to the decline. Production volumes increased sales by $33 million, primarily associated with Asia and North America partially offset by declines in Europe. Additionally, other reductions of $9 million were associated with price productivity net of design actions and commercial agreements.

Gross Margin

The Company recorded gross margin of $129 million for the three-month period ended September 30, 2012 compared to $139 million for the same period of 2011. The decrease in gross margin of $10 million was associated with unfavorable currency of $21 million, unfavorable product mix of $18 million, and the impact of the Duckyang deconsolidation of $2 million. Favorable manufacturing cost performance of $15 million, lower depreciation and amortization expense of $13 million and other reductions including customer recoveries of $9 million, were partial offsets. Favorable manufacturing cost performance was primarily driven by increases in cost recoveries and material and manufacturing efficiencies in excess of price productivity.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses were $89 million and $95 million during the three-month periods ended September 30, 2012 and 2011, respectively. The decrease of $6 million was primarily due to lower compensation costs and favorable foreign currency, partially offset by higher professional fees, corporate office rent expense, and bad debt expense.

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Interest Expense, Net

Interest expense for the three-month period ended September 30, 2012 of $17 million included $8 million on the 6.75% senior notes due April 15, 2019, $5 million related to the Korean Bridge Loan, and $4 million associated with affiliate debt, commitment fees and amortization of debt issuance costs. During the three-month period ended September 30, 2011, interest expense was $10 million, including $8 million on the 6.75% senior notes due April 15, 2019 and $2 million associated with affiliate debt, commitment fees and amortization of debt issuance costs. Interest income of $4 million for three months ended September 30, 2012 decreased by $1 million when compared to $5 million for the same period of 2011 due to lower average cash balances and rates.

Loss on Debt Extinguishment

Loss on debt extinguishment of $4 million for the three months ended September 30, 2012 was related to unamortized amounts attributable to the Korean Bridge Loan that was repaid during third quarter 2012.

Equity in Net Income of Non-consolidated Affiliates

Equity in the net income of non-consolidated affiliates totaled $38 million and $43 million for the three-month periods ended September 30, 2012 and 2011, respectively, representing a decrease of $5 million. The following table presents summarized financial data for the Company's non-consolidated affiliates. The amounts included in the table below represent 100% of the results of operations of such non-consolidated affiliates accounted for under the equity method.

	Net  Sales				Gross  Margin				Net  Income
	Three Months Ended September 30				Three Months Ended September 30				Three Months Ended September 30
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	1,582	$	740	$	257	$	125	$	62	$	68
All other	404		211		46		38		15		19
	$	1,986	$	951	$	303	$	163	$	77	$	87

Yanfeng net sales and gross margin for the three months ended September 30, 2012 include approximately $726 million and $131 million, respectively, related to a former equity investee that was consolidated effective June 1, 2012. The increase in net sales for all other non-consolidated affiliates includes $163 million related to Duckyang.

Restructuring and Other (Income) / Expenses

Restructuring and other (income) / expenses consist of the following:

	Three Months Ended September 30
	2012			2011
	(Dollars in Millions)
Restructuring expenses	$	2		$	1
Transformation costs	5			—
Bankruptcy-related costs	1			—
Gain on sale of joint venture interest	(19		)	—
	$	(11	)	$	1

During the three-months ended September 30, 2012, the Company recorded $2 million of restructuring expenses associated with 15 voluntary employee separations associated with the Climate action announced in the fourth quarter of 2011.

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The following is a summary of the Company's consolidated restructuring reserve and related activity for the three-month period ended September 30, 2012.

	Electronics		Interiors			Climate			Total
	(Dollars in Millions)
Restructuring reserve - June 30, 2012	$	1	$	7		$	1		$	9
Expenses	—		—			2			2
Utilization	—		(1		)	(2		)	(3		)
Restructuring reserve - September 30, 2012	$	1	$	6		$	1		$	8

Utilization of $3 million during the third quarter of 2012 represents payments of $2 million for employee severance and termination benefits related to the Climate action and $1 million reflecting consulting and legal costs related to previously announced restructuring actions. Given the economically-sensitive and highly competitive nature of the automotive industry, the Company continues to closely monitor current market factors and industry trends taking action as necessary, including but not limited to, additional restructuring actions. However, there can be no assurance that such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

The Company continued its efforts to transform its business portfolio and to rationalize its cost structure including, among other things, the investigation of potential transactions for the sale, merger or other combination of certain businesses. Business transformation costs of $5 million incurred during the three-month period ended September 30, 2012 relates principally to financial and advisory fees.

In August 2012, Visteon sold its 50% ownership interest in R-Tek Ltd., a UK-based Interiors joint venture, for cash proceeds of approximately $30 million, resulting in a gain of $19 million.

Income Taxes

The Company's provision for income taxes of $33 million for the three-month period ended September 30, 2012 represents an increase of $8 million when compared with $25 million in the same period of 2011. The increase in tax expense reflects the non-recurrence of approximately $15 million in tax benefits related primarily to the release of valuation allowances in foreign subsidiaries and the release of reserves associated with unrecognized tax benefits as a result of audit closures. These increases in tax expense were partially offset by overall lower earnings in those countries 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 and other items.

Discontinued Operations

In connection with the Lighting Transaction, the results of operations of the Lighting business have been reclassified to “(Loss) income from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the three-month periods ended September 30, 2012 and 2011, and are detailed as follows:

	Three Months Ended September 30
	2012			2011
	(Dollars in Millions)
Sales	$	32		$	128
Cost of sales	28			119
Gross margin	4			9
Selling, general and administrative expenses	1			3
Asset impairments	6			—
Interest expense	1			—
Other expense	1			2
(Loss) income from discontinued operations before income taxes	(5		)	4
Provision for income taxes	—			—
(Loss) income from discontinued operations, net of tax	$	(5	)	$	4

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On August 1, 2012, the Company completed the Lighting Transaction, excluding the Company's investment in VTYC, for proceeds of approximately $70 million, subject to purchase price adjustments. The Company recorded an asset impairment charge of $6 million for the three-month period ended September 30, 2012, representing the difference between the carrying value of the assets subject to sale and the sale proceeds.

Net Income

Net income attributable to Visteon was $15 million for the three-month period ended September 30, 2012 compared to a net income of $41 million for the same period of 2011, representing a decrease of $26 million. Adjusted EBITDA (as defined below) was $131 million for the three month period ended September 30, 2012, representing a decrease of $37 million when compared with Adjusted EBITDA of $168 million for the same period of 2011. The Company's Adjusted EBITDA decreased primarily due to unfavorable currency, unfavorable product volume, and price productivity in excess of material and manufacturing efficiencies.

Adjusted EBITDA is presented as a supplemental measure of the Company's financial performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful

in evaluating and comparing the Company's operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company, plus net interest expense, provision for income taxes and depreciation and amortization, as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain employee charges and benefits, reorganization items and other non-operating gains and losses. Additionally, amounts below are inclusive of the Company's discontinued operations. Not all companies use identical calculations and, accordingly, the Company's presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is not a recognized term under accounting principles generally accepted in the United States (“GAAP”) and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies and (iii) because the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain covenants. Adjusted EBITDA, as determined and measured by the Company should not be compared to similarly titled measures reported by other companies. The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the three month periods ended September 30, 2012 and 2011 is as follows:

	Three Months Ended September 30
	2012			2011		Change
	(Dollars in Millions)
Adjusted EBITDA	$	131		$	168	$	(37	)
Depreciation and amortization	64			81		(17		)
Restructuring and other (income) expense	(11		)	1		(12		)
Interest expense, net	13			5		8
Provision for income taxes	33			25		8
Loss on debt extinguishment	4			—		4
Other non-operating costs, net	5			8		(3		)
Discontinued operations	8			7		1
Net income attributable to Visteon	$	15		$	41	$	(26	)

Segment Results of Operations - Three Months Ended September 30, 2012 and 2011

The Company's operating structure is organized by global product lines, including Climate, Electronics and Interiors. These global product lines have financial and operating responsibility over the design, development and manufacture of the Company's product portfolio. Global customer groups are responsible for the business development of the Company's product portfolio and overall customer relationships. Certain functions such as procurement, information technology and other administrative activities are managed on a global basis with regional deployment.

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The Company's reportable segments are as follows:

• Climate - The Company's Climate product line includes climate air handling modules, powertrain cooling modules, heat exchangers, compressors, fluid transport and engine induction systems.

• 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.

• Interiors - The Company's Interiors product line includes instrument panels, cockpit modules, door trim and floor consoles.

Sales by Segment

	Climate			Electronics			Interiors			Eliminations			Total
	(Dollars in Millions)
Three months ended September 30, 2011	$	1,003		$	338		$	606		$	(38	)	$	1,909
Volume and mix	92			(15		)	(59		)	15			33
Currency	(69		)	(21		)	(41		)	—			(131		)
Duckyang deconsolidation	—			—			(190		)	12			(178		)
Other	(2		)	(4		)	(3		)	—			(9		)
Three months ended September 30, 2012	$	1,024		$	298		$	313		$	(11	)	$	1,624

Climate sales increased during the three-month period ended September 30, 2012 by $21 million. Higher production volumes and net new business increased sales by $92 million, primarily attributable to Asia and North America. Unfavorable currency related to the Euro, Indian Rupee and Korean Won, resulted in a decrease of $69 million. Other changes, totaling $2 million, reflected price productivity, partially offset by increases in revenue related to commodity pricing and design actions.

Electronics sales decreased during the three-month period ended September 30, 2012 by $40 million. Customer sourcing actions and production volume declines lowered sales by $15 million, primarily reflecting weak European economic conditions. Unfavorable currency, primarily driven by the weakening of the Euro, further decreased sales by $21 million. Other changes, totaling $4 million, reflected price productivity, partially offset by increases in revenue related to commodity pricing and design actions.

Interiors sales decreased during the three-month period ended September 30, 2012 by $293 million. Sales decreased $190 million due to the deconsolidation of Duckyang, which resulted from the Company's sale of a controlling ownership interest in October 2011. Sales were further decreased by lower production volumes in Europe and South America of $28 million and $13 million, respectively. Unfavorable currency of $41, primarily related to the Euro and Brazilian Real of $25 million and $11 million, respectively, further reduced sales. Other changes decreased sales by $3 million including the impact of customer accommodation agreements and price productivity.

Cost of Sales by Segment

	Climate			Electronics			Interiors			Eliminations			Total
	(Dollars in Millions)
Three months ended September 30, 2011	$	925		$	308		$	575		$	(38	)	$	1,770
Material	(4		)	(19		)	(232		)	27			(228		)
Freight and duty	10			(4		)	(5		)	—			1
Labor and overhead	(4		)	(2		)	(29		)	—			(35		)
Depreciation and amortization	(9		)	(4		)	(3		)	—			(16		)
Other	17			—			(14		)	—			3
Three months ended September 30, 2012	$	935		$	279		$	292		$	(11	)	$	1,495

Climate material costs decreased $4 million, including $32 million related to design changes, purchasing improvements and other changes, partially offset by $28 million related to higher production volumes net of currency. Freight and duty increased $10 million, labor and overhead decreased $4, depreciation and amortization decreased $9 million while other costs including engineering, launch and other costs increased by $17 million.

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Electronics material costs decreased $19 million, including $13 million related to lower production volumes net of currency and $6 million related to the impact of design changes, purchasing improvements, and other changes. Labor and overhead decreased $2 million and depreciation and amortization decreased $4 million.

Interiors material costs decreased $232 million, $176 million related to the deconsolidation of the Duckyang joint venture, $54 million related to lower production volumes net of currency and $2 million related to the impact of design changes, purchasing improvements, and other changes. Labor and overhead decreased $29 million, including $14 million related to the deconsolidation of the Duckyang joint venture, $18 million related to lower production volumes net of currency, while other costs increased $3 million. Depreciation and amortization decreased $3 million and other costs decreased $14 primarily due to customer cost recoveries for engineering, design and development.

Adjusted EBITDA by Segment

Effective April 1, 2012, the Company began utilizing Adjusted EBITDA as its primary measure for evaluating the performance of its global product lines. Adjusted EBITDA by global product line for the three months ended September 30, 2012 and 2011 is presented below:

	Three Months Ended September 30
	2012		2011		Change
	(Dollars in Millions)
Climate	$	70	$	69	$	1
Electronics	13		33		(20		)
Interiors	45		55		(10		)
Discontinued operations	3		11		(8		)
Total consolidated	$	131	$	168	$	(37	)

Changes in Adjusted EBITDA by global product line are presented below:

	Climate			Electronics			Interiors			Total
	(Dollars in Millions)
Three months ended September 30, 2011	$	69		$	33		$	55		$	157
Volume and mix	7			(11		)	(14		)	(18		)
Currency	(4		)	(2		)	(9		)	(15		)
Other	(2		)	(7		)	13			4
Three months ended September 30, 2012	$	70		$	13		$	45		128
Discontinued operations										3
Total										$	131

Adjusted EBITDA for the three months ended September 30, 2012 decreased compared to the same period of 2011. The decrease resulted from lower production volume, unfavorable product mix and currency. Other increases include the net performance impact of design changes and purchasing improvements, offset by customer productivity, engineering, freight, launch and other costs.

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Consolidated Results of Operations - Nine Months Ended September 30, 2012 and 2011

The Company's consolidated results of operations for the nine months ended September 30, 2012 and 2011 were as follows:

	Nine Months Ended September 30
	2012			2011		Change
	(Dollars in Millions)
Sales	$	5,034		$	5,805	$	(771	)
Cost of sales	4,643			5,331		(688		)
Gross margin	391			474		(83		)
Selling, general and administrative expenses	267			291		(24		)
Interest expense, net	28			21		7
Loss on debt extinguishment	4			24		(20		)
Equity in net income of non-consolidated affiliates	183			130		53
Restructuring and other expenses	63			29		34
Income before income taxes	212			239		(27		)
Provision for income taxes	102			87		15
Income from continuing operations	110			152		(42		)
(Loss) income from discontinued operations	(3		)	8		(11		)
Net income	107			160		(53		)
Net income attributable to non-controlling interests	46			54		(8		)
Net income attributable to Visteon	$	61		$	106	$	(45	)
Adjusted EBITDA*	$	432		$	531	$	(99	)
* Adjusted EBITDA is a Non-GAAP financial measure, as further discussedbelow.

Sales

Consolidated sales totaled $5,034 million for the nine-month period ended September 30, 2012, which represents a decrease of $771 million when compared to the same period of 2011. The deconsolidation of Duckyang resulted in a decrease of approximately $479 million and unfavorable currency, primarily attributable to the Euro, Korean Won and Indian Rupee, decreased sales by $272 million. Other reductions of $82 million were associated with price productivity net of design actions and commercial agreements. Higher net production volumes and favorable product mix increased sales by $62 million as volume increases and net new business in Asia and North America more than offset production volume declines in Europe and South America.

Gross Margin

The Company recorded gross margin of $391 million for the nine-month period ended September 30, 2012 compared to $474 million for the same period of 2011. The decrease in margin of $83 million was associated with unfavorable product mix of $54 million, unfavorable currency of $50 million, the Duckyang deconsolidation of $7, and unfavorable net cost performance of $3 million. Cost performance was primarily driven by price productivity and commercial agreements material and manufacturing efficiencies in excess of price productivity. Lower depreciation and amortization expenses on tangible and intangible assets improved margin by $31 million.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses were $267 million and $291 million during the nine-month periods ended September 30, 2012 and 2011, respectively. The decrease was primarily due to reduced employee overhead costs and foreign currency, partially offset by increased corporate office rent expense, professional fees and the deconsolidation of the Duckyang joint venture.

Interest Expense, Net

Interest expense for the nine-month period ended September 30, 2012 of $39 million included $25 million associated with the 6.75% senior notes due April 15, 2019, $6 million associated with commitment fees and amortization of debt issuance costs, $5

40

million related to the Korean Bridge Loan, and $3 million related to affiliate debt. During the nine-month period ended September 30, 2011, interest expense was $37 million, including $17 million related to the 6.75% senior notes due April 15, 2019, $11 million related to the Company's $500 million secured term loan due October 1, 2017 (terminated in April 2011), $5 million on affiliate debt, and $4 million related to commitment fees and the amortization of debt issuance costs. Interest income of $11 million for the nine-month period ended September 30, 2012 decreased by $5 million when compared to $16 million for the same period of 2011 due to lower average cash balances and interest rates.

Loss on Debt Extinguishment

Loss on debt extinguishment decreased by $20 million to $4 million when compared to $24 million in the same period in 2011. Loss on debt extinguishment of $4 million for the nine months ended September 30, 2012 was related to unamortized amounts attributable to the Korean Bridge Loan that was repaid during third quarter 2012. Loss on debt extinguishment of $24 million for the nine months ended September 30, 2011 related to unamortized discount and debt issue costs associated with the Company's Term Loan which was repaid in conjunction with the April 6, 2011 sale of the 6.75% $500 million principal notes due April 15, 2019.

Equity in Net Income of Non-consolidated Affiliates

Equity in the net income of non-consolidated affiliates totaled $183 million and $130 million for the nine-month periods ended September 30, 2012 and 2011, respectively, representing an increase of $53 million. Equity earnings for the nine months ended September 30, 2012 included $63 million representing Visteon's equity interest in a non-cash gain recorded by Yanfeng resulting from the excess of fair value over the carrying value of a former equity investee that was consolidated effective June 1, 2012. The following table presents summarized financial data for the Company's non-consolidated affiliates. The amounts included in the table below represent 100% of the results of operations of such non-consolidated affiliates accounted for under the equity method.

	Net  Sales				Gross  Margin				Net  Income
	Nine Months Ended September 30				Nine Months Ended September 30				Nine Months Ended September 30
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	3,366	$	2,199	$	557	$	362	$	319	$	200
All other	1,284		603		140		108		59		60
	$	4,650	$	2,802	$	697	$	470	$	378	$	260

Yanfeng sales and gross margin for the nine months ended September 30, 2012 include approximately $927 million and $171 million, respectively, related to post-consolidation activity of the aforementioned former equity investee that was consolidated effective June 1, 2012. Yanfeng net income includes approximately $130 million associated with a non-cash gain on the consolidation of a former equity investee. The increase in sales for all other non-consolidated affiliates includes $571 million related to Duckyang.  

Restructuring and Other (Income) / Expenses

Restructuring and other expenses consist of the following:

	Nine Months Ended September 30
	2012			2011
	(Dollars in Millions)
Restructuring expenses	$	44		$	18
Loss on asset contribution	14			—
Transformation costs	23			3
Bankruptcy-related costs	1			8
Gain on sale of joint venture interest	(19		)	—
	$	63		$	29

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During the nine-month period ended September 30, 2012, the Company recorded $44 million of restructuring expenses, including $36 million recorded in connection with the previously announced closure of the Cadiz Electronics operation in El Puerto de Santa Maria, Spain. Additionally, the Company agreed to transfer land, building and machinery with a net book value of approximately $14 million for the benefit of the employees. The Company also recorded approximately $7 million for employee severance and termination benefits during the nine-month period ended September 30, 2012 including $3 million associated with the separation of approximately 250 employees at a South American Interiors facility and $4 million associated with 70 voluntary employee separations associated with the Climate action announced in the fourth quarter of 2011.

During the nine-month period ended September 30, 2011, the Company recorded $27 million of restructuring expenses, including $22 million for severance and termination benefits related to the announced closure of the Company's Cadiz Electronics operation and $5 million for employee severance and termination benefits associated with previously announced actions at two European Interiors facilities. Additionally, the Company reversed approximately $9 million of previously established accruals, including $7 million for employee severance and termination benefits at a European Interiors facility pursuant to a March 2011 contractual agreement to cancel the related social plan and an additional $2 million for employee and severance and termination benefits at a South American Electronics facility.

The following is a summary of the Company's consolidated restructuring reserves and related activity for the nine-month period ended September 30, 2012.

	Electronics			Interiors			Climate			Total
	(Dollars in Millions)
Restructuring reserve - December 31, 2011	$	19		$	6		$	1		$	26
Expenses	36			4			4			44
Utilization	(54		)	(4		)	(4		)	(62		)
Restructuring reserve - September 30, 2012	$	1		$	6		$	1		$	8

Utilization of $62 million during the first nine months of 2012 represents payments of $55 million for employee severance and termination benefits, $4 million in connection with the asset contribution for the Cadiz exit, and $3 million reflecting lease termination, consulting, and legal costs related to previously announced restructuring actions. Given the economically-sensitive and highly competitive nature of the automotive industry, the Company continues to closely monitor current market factors and industry trends taking action as necessary, including but not limited to, additional restructuring actions. However, there can be no assurance that such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

The Company continued its efforts to transform its business portfolio and to rationalize its cost structure including, among other things, the investigation of potential transactions for the sale, merger or other combination of certain businesses. Business transformation costs of $23 million and $3 million incurred during the nine-month periods ended September 30, 2012 and 2011, respectively, relate principally to financial and advisory fees. The Company recorded bankruptcy-related costs of $1 million and $8 million for the nine-month periods ended September 30, 2012 and September 30, 2011, respectively, which are comprised of amounts directly associated with the bankruptcy claims settlement process under Chapter 11.

In August 2012, Visteon sold its 50% ownership interest in R-Tek Ltd., a UK-based Interiors joint venture, for cash proceeds of approximately $30 million, resulting in a gain of $19 million.

Income Taxes

The Company's provision for income taxes of $102 million for the nine-month period ended September 30, 2012 represents an increase of $15 million when compared with $87 million in the same period of 2011. The increase in tax expense reflects the non-recurrence of approximately $20 million in tax benefits related primarily to the release of valuation allowances in foreign subsidiaries and the release of reserves associated with unrecognized tax benefits as a result of audit closures. Additionally, the increase includes $6 million of deferred tax expense related to Visteon's equity interest in a non-cash equity investment gain recorded by Yanfeng, a 50% owned non-consolidated affiliate of the Company and other items. These increases in tax expense were partially offset by overall lower earnings in those countries 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.

Discontinued Operations

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In connection with the Lighting Transaction, the results of operations of the Lighting business have been reclassified to “(Loss) income from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the nine-month periods ended September 30, 2012 and 2011, and are detailed as follows:

	Nine Months Ended September 30
	2012			2011
	(Dollars in Millions)
Sales	$	297		$	383
Cost of sales	264			363
Gross margin	33			20
Selling, general and administrative expenses	7			9
Asset impairments	19			—
Interest expense	2			1
Other expenses	4			2
Income from discontinued operations before income taxes	1			8
Provision for income taxes	4			—
(Loss) income from discontinued operations, net of tax	$	(3	)	$	8

On August 1, 2012, the Company completed the Lighting Transaction, excluding the Company's investment in VTYC, for proceeds of approximately $70 million. The Company recorded an asset impairment charge of $19 million for the nine-month period ended September 30, 2012, representing the difference between the carrying value of the assets subject to sale and the sale proceeds.

Included in the provision for income taxes for the nine-month period ended September 30, 2012 is $4 million related to the establishment of a valuation allowance against certain deferred tax credits in Mexico, the realization of which is no longer considered more likely than not due to insufficient projected future taxable income.

Net Income

Net income attributable to Visteon was $61 million for the nine-month period ended September 30, 2012 compared to $106 million for the same period of 2011, representing a decrease of $45 million. Net income attributable to Visteon for the nine months ended September 30, 2012 included $63 million of increased equity in the net income of non-consolidated affiliates resulting from a non-cash gain at Yanfeng. Adjusted EBITDA (as defined below) was $432 million for the nine-month period ended September 30, 2012, representing a decrease of $99 million when compared with Adjusted EBITDA of $531 million for the same period of 2011. The Company's Adjusted EBITDA decreased in the nine-month period of 2012 as compared with 2011 primarily due to foreign currency impacts of the Euro and Indian Rupee and European production volume declines.

Adjusted EBITDA is presented as a supplemental measure of the Company's financial performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company, plus net interest expense, provision for income taxes and depreciation and amortization, as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain employee charges and benefits, reorganization items and other non-operating gains and losses. Additionally, amounts below are inclusive of the Company's discontinued operations. Not all companies use identical calculations and, accordingly, the Company's presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is not a recognized term under accounting principles generally accepted in the United States (“GAAP”) and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies and (iii) because the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain covenants. Adjusted EBITDA, as determined and measured by the Company should not be compared to similarly titled measures reported by other companies.

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The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the nine-month periods ended September 30, 2012 and 2011 is as follows:

	Nine Months Ended September 30
	2012			2011		Change
	(Dollars in Millions)
Adjusted EBITDA	$	432		$	531	$	(99	)
Depreciation and amortization	195			232		(37		)
Restructuring and other expenses	63			29		34
Equity investment gain	(63		)	—		(63		)
Interest expense, net	28			21		7
Provision for income taxes	102			87		15
Loss on debt extinguishment	4			24		(20		)
Other non-operating costs, net	12			13		(1		)
Discontinued operations	30			19		11
Net income attributable to Visteon	$	61		$	106	$	(45	)

Segment Results of Operations - Nine Months Ended September 30, 2012 and 2011

The Company's operating structure is organized by global product lines, including: Climate, Electronics and Interiors. These global product lines have financial and operating responsibility over the design, development and manufacture of the Company's product portfolio. Global customer groups are responsible for the business development of the Company's product portfolio and overall customer relationships. Certain functions such as procurement, information technology and other administrative activities are managed on a global basis with regional deployment. The Company's reportable segments are as follows:

• Climate - The Company's Climate product line includes climate air handling modules, powertrain cooling modules, heat exchangers, compressors, fluid transport and engine induction systems.

• 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.

• Interiors - The Company's Interiors product line includes instrument panels, cockpit modules, door trim and floor consoles.

Sales by Segment

	Climate			Electronics			Interiors			Eliminations			Total
	(Dollars in Millions)
Nine months ended September 30, 2011	$	3,040		$	1,047		$	1,854		$	(136	)	$	5,805
Volume and mix	256			(72		)	(155		)	33			62
Currency	(138		)	(44		)	(90		)	—			(272		)
Duckyang deconsolidation	—			—			(515		)	36			(479		)
Other	(46		)	(12		)	(24		)	—			(82		)
Nine months ended September 30, 2012	$	3,112		$	919		$	1,070		$	(67	)	$	5,034

Climate sales increased during the nine-month period ended September 30, 2012 by $72 million. Higher production volumes and net new business, primarily in Asia and North America, increased sales by $256 million. Unfavorable currency, primarily related to the Euro and Korean Won resulted in a decrease of $138 million. Other changes decreased sales by $46 million and reflected price productivity, partially offset by increases in revenue related to commodity pricing and design actions.

Electronics sales decreased during the nine-month period ended September 30, 2012 by $128 million. Customer sourcing actions and production volume declines reflecting weakened economic conditions in Europe decreased sales by $72 million. Unfavorable currency, primarily related to the Euro, further decreased sales by $44 million. Other changes, totaling $12 million, reflected price productivity, partially offset by increases in revenue related to commodity pricing and design actions.

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Interiors sales decreased during the nine-month period ended September 30, 2012 by $784 million. Sales decreased due to the deconsolidation of Duckyang by $515 million. Lower production volumes in Europe and South America of $93 million and $40 million, respectively, further reduced sales. Unfavorable currency related to the Euro and Brazilian Real decreased sales $84 million. Other reductions, totaling $24 million, include $13 million from a 2011 customer settlement agreement in South America, customer accommodation agreements and price productivity, partially offset by increases in revenue related to commodity pricing and design actions.

Cost of Sales by Segment

	Climate			Electronics			Interiors			Eliminations			Total
	(Dollars in Millions)
Nine months ended September 30, 2011	$	2,784		$	943		$	1,740		$	(136	)	$	5,331
Material	47			(53		)	(609		)	69			(546		)
Freight and duty	10			(8		)	(13		)	—			(11		)
Labor and overhead	(1		)	(26		)	(81		)	—			(108		)
Depreciation and amortization	(20		)	(10		)	(8		)	—			(38		)
Other	33			(3		)	(15		)	—			15
Nine months ended September 30, 2012	$	2,853		$	843		$	1,014		$	(67	)	$	4,643

Climate material costs increased $47 million, including $107 million related to higher production volumes net of currency partially offset by $60 million related to design changes, purchasing improvements, and other changes. Depreciation and amortization decreased $20 million while freight increased $10 million and launch, engineering and other expenses increased by $33 million.

Electronics material costs decreased $53 million, including $38 million related to lower production volumes net of currency and $15 million related to the impact of design changes, purchasing improvements, and other changes. Labor and overhead decreased $26 million, including $21 million related to lower production volumes net of currency. Depreciation and amortization decreased $10 million while other manufacturing expense was lower by $3 million.

Interiors material costs decreased $609 million, including $472 million related to the deconsolidation of Duckyang, $127 million related to lower production volumes net of currency and $10 million related to the impact of design changes, purchasing improvements, and other changes. Labor and overhead decreased $81 million, including $36 million related to the deconsolidation of Duckyang and $45 million related to lower production volumes net of currency and other changes. Freight decreased $13 million and depreciation and amortization decreased $8 million while other costs decreased $15 million primarily due to customer cost recoveries for engineering, design and development.

Adjusted EBITDA by Segment

Effective April 1, 2012, the Company began utilizing Adjusted EBITDA as its primary measure for evaluating the performance of its global product lines. Adjusted EBITDA by global product line for the nine months ended September 30, 2012 and 2011 is presented below:

	Nine Months Ended September 30
	2012		2011		Change
	(Dollars in Millions)
Climate	$	216	$	228	$	(12	)
Electronics	58		96		(38		)
Interiors	131		180		(49		)
Discontinued operations	27		27		—
Total consolidated	$	432	$	531	$	(99	)

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Changes in Adjusted EBITDA by global product line are presented below:

	Climate			Electronics			Interiors			Total
	(Dollars in Millions)
Nine months ended September 30, 2011	$	228		$	96		$	180		$	504
Volume and mix	17			(28		)	(43		)	(54		)
Currency	(18		)	(8		)	(14		)	(40		)
Other	(11		)	(2		)	8			(5		)
Nine months ended September 30, 2012	$	216		$	58		$	131		405
Discontinued operations										27
Total										$	432

Adjusted EBITDA for the nine months ended September 30, 2012 decreased compared to the same period of 2011. The decrease resulted from lower production volumes, unfavorable product mix and currency. Other decreases include the net performance impact of design changes and purchasing improvements, more than offset by customer productivity, freight, launch, engineering, and other costs.

Liquidity

Overview

The Company's primary liquidity needs are related to the funding of general business requirements, including working capital requirements, capital expenditures, debt service, employee retirement benefits and restructuring actions. The Company funds its liquidity needs with cash flows from operating activities, a substantial portion of which is generated by the Company's international subsidiaries. Accordingly, the Company utilizes a combination of cash repatriation strategies, including dividends, royalties, intercompany loan repayments and other distributions and advances to provide the funds necessary to meet obligations globally. The Company's ability to access funds from its subsidiaries using these repatriation strategies is subject to, among other things, customary regulatory and statutory requirements and contractual arrangements including joint venture agreements and local debt agreements. Additionally, such repatriation strategies may be adjusted or modified as the Company continues to, among other things, rationalize its business portfolio and cost structure. As of September 30, 2012, the Company had total cash balances of $920 million, including restricted cash of $19 million. Cash balances totaling $549 million were located in jurisdictions outside of the United States, of which, approximately $160 million is considered permanently reinvested for funding ongoing operations outside of the U.S. If such permanently reinvested funds are needed for operations in the U.S. or in other jurisdictions, the Company would be required to accrue additional tax expense, primarily related to foreign withholding taxes.

The Company's ability to fund its liquidity needs is dependent on the level, variability and timing of its customers' worldwide vehicle production, which may be adversely affected by many factors including, but not limited to, general economic conditions, specific industry conditions, financial markets, competitive factors and legislative and regulatory changes. During the first nine months of 2012, economic conditions in Europe continued to be adversely impacted by sovereign debt issues and economic growth in China remained slower than recent historical growth rates. Accordingly, the Company continues to closely monitor the macroeconomic environment and its impact on vehicle production volumes in relation to the Company's specific cash needs. Further, the Company's intra-year needs are impacted by seasonal effects in the industry, such as mid-year shutdowns, the subsequent ramp-up of new model production and the additional year-end shutdowns by primary customers.

To the extent that the Company's liquidity needs exceed cash provided by its operating activities, the Company would look to cash balances on hand; cash available through existing financing vehicles such as the Company's $175 million asset-based revolving loan credit facility, subject to a borrowing base which may be impacted by potential sale agreements and of which none was outstanding as of September 30, 2012; the sale of businesses or other assets as permitted under the credit agreements; affiliate working capital lines of credit of which the Company had approximately $193 million available as of September 30, 2012, and other contractual arrangements; and then to potential additional capital through the debt or equity markets. Access to these markets is influenced by the Company's credit ratings. On July 5, 2012, following the Company's announcement of the Korean tender offer, Moody's and S&P reaffirmed Visteon's corporate ratings, although Moody's changed the 2019 unsecured bond B2 rating outlook to negative. At September 30, 2012, Visteon's corporate credit ratings were B1 and B+ by Moody's and S&P, respectively, both with a stable outlook.

On July 3, 2012, Visteon amended its revolving loan credit agreement to, among other things, reduce the aggregate lending commitment to $175 million, permit the Korean Bridge Loan, and modify certain covenants. The Company also amended the

46

revolving loan credit agreement on April 3, 2012 to permit the sale and leaseback of the Company's corporate headquarters and the Lighting Transaction. As of September 30, 2012 the Company had no outstanding borrowings or letter of credit obligations under its revolving loan credit agreement with $156 million available for borrowing. Future borrowing base capacity under the facility may be impacted by the sale of assets.

Business divestiture and asset sale transactions have provided approximately $188 million in net cash proceeds during 2012. In September 2012, the Company sold the corporate airplane for approximately $8 million in proceeds. On August 31, 2012, Visteon completed the sale of its 50% ownership interest in R-Tek Ltd., a UK-based Interiors joint venture, for proceeds of approximately $30 million. On August 1, 2012, the Company completed the Lighting Transaction, excluding the Company's investment in VTYC, for proceeds of approximately $70 million. In April 2012, the Company completed a sale and leaseback transaction associated with the Grace Lake Corporate Center, which is located in Van Buren Township, Michigan for approximately $80 million in cash. In September 2012, the Company announced a shareholder value creation strategy that may result in additional business divestiture and asset sale transactions in the future. Cash proceeds in excess of amounts deemed necessary for operating liquidity and ongoing business investment, if any, resulting from such potential future transactions would be evaluated for various uses including, but not limited to, addressing the Company's capital structure and pension liabilities.

Other

On July 30, 2012, Visteon's board of directors authorized the repurchase of up to $100 million of the Company's common stock over the subsequent two year period. The Company anticipates that repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors. As of September 30, 2012, no stock had been repurchased.

In June 2012, the Korean tax authorities commenced a review of Visteon's controlled subsidiary, Halla Climate Control Corporation ("Halla") for the tax years 2007 through 2011. In October 2012, the tax authorities issued a pre-assessment of approximately $18 million for alleged underpayment of withholding tax on dividends paid and other items, including certain management service fees charged by Visteon Corporation. The Company is considering potential next steps if the pre-assessment becomes finalized, including filing an appeal with the Korean Tax Tribunal. Pursuant to the Korean tax rules, it is possible a payment of the final assessment will need to be made in full in the fourth quarter of 2012 to pursue the appeals process. The Company believes it is more likely than not it will receive a favorable ruling when all of the available appeals have been exhausted.

In January 2012, the Company contributed approximately 1.5 million shares of its common stock valued at approximately $73 million into its two largest U.S. defined benefit pension plans. This share contribution substantially reduces the Company's future cash pension funding requirements for 2012 and 2013. As of September 30, 2012, all shares previously contributed to the plans had been sold, with an average share price of approximately $44.

Cash Flows

Operating Activities

Cash provided from operating activities increased $108 million during the nine-month period ended September 30, 2012 to $163 million, compared with $55 million for the same period in 2011. The increase is primarily due to improved net trade working capital flows, lower bankruptcy related payments, lower pension payments, and lower receivables from joint ventures, partially offset by lower net income, as adjusted for non-cash items.

Free Cash Flow is presented as a supplemental measure of the Company's liquidity that management believes is useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines Free Cash Flow as cash flow from operating activities less capital expenditures. Not all companies use identical calculations, so this presentation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. Free Cash Flow is not a recognized term under GAAP and does not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free Cash Flow has limitations as an analytical tool as it does not reflect cash used to service debt and does not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free Cash Flow (i) as a factor in incentive compensation decisions and (ii) for planning and forecasting future periods. A reconciliation of Free Cash Flow to cash provided from operating activities is provided in the following table.

	Nine Months Ended
	September 30
	2012			2011
	(Dollars in Millions)
Cash provided by operating activities	$	163		$	55
Capital expenditures	(146		)	(185		)
Free Cash Flow	$	17		$	(130	)

Investing Activities

Cash provided from investing activities during the nine-month period ended September 30, 2012 was $40 million, compared to a use of $187 million for the same period in 2011 - for a net change of $227 million. Investing cash activities during the nine-month period ended September 30, 2012 included approximately $100 million of proceeds from the Lighting and R-Tek divestitures and $88 million of proceeds from asset sales primarily related to the Company's corporate headquarters, which partially offset capital spending of $146 million.

Financing Activities

Cash used by financing activities increased $27 million during the nine-month period ended September 30, 2012 to $33 million, compared with $6 million for the same period in 2011. The $33 million used by financing activities during the nine-month period ended September 30, 2012 included dividends paid to non-controlling interests, repayment of Lighting related term debt in Asia Pacific in connection with the Lighting divestiture, and the Korean Bridge Loan draw down net of fees and subsequent repayment in connection with the cash tender offer for the outstanding shares of Halla. Financing activities during the nine-month period ended September 30, 2011 included the termination and payoff of the existing $498 million term loan, settlement of reorganization related professional fees, and dividends paid to non-controlling interests, partially offset by issuance of $500 million in senior notes, a reduction in restricted cash related to the disbursement of previously escrowed funds to settle reorganization related rights offering and other financing fees, and an increase in affiliate debt.

Debt and Capital Structure

In connection with the July 4, 2012 tender offer to purchase the remaining 30 percent of Halla, Visteon, through its wholly-owned Korean subsidiary Visteon Korea Holdings Corp., entered into a fully committed Korean debt facility of 1 trillion Korean Won ("KRW") or $881 million (the "Bridge Loan"), under which, Visteon Korea Holdings Corp. borrowed 925 billion KRW or $815 million. The Bridge Loan was secured by a pledge of all of the shares of capital stock of Halla owned directly or indirectly by Visteon. On July 3, 2012, the Company entered into an amendment to the revolving loan credit agreement, to among other things, permit the the Bridge Loan and to reduce the aggregate lending commitment to $175 million reflecting the anticipation of the Lighting Transaction and sale of the Company's corporate headquarters.

On July 30, 2012, Visteon Korea Holdings Corp. repaid approximately 910 billion KRW or $800 million of previously borrowed amounts under the Bridge Loan and amended the Bridge Loan to provide, among other things, for the ability to make additional borrowings at a future date in exchange for the payment of a commitment fee of 0.5 percent per annum (the "Amended Bridge Loan"). Interest on the Amended Bridge Loan was based on the average yield rate quoted by certain bond pricing agencies in respect of KRW denominated non-guaranteed bank debentures with a remaining maturity of one year, plus an annual margin of 3.00 percent. On August 24, 2012, Visteon Korea Holdings Corp. permanently reduced the available commitments under the Amended Bridge Loan and completed repayment of all outstanding loan amounts on August 28, 2012 as was allowed without penalty after following certain advance notice and other procedures. The Company incurred debt extinguishment costs of approximately $4 million and interest of $5 million during the three and nine months ended September 30, 2012 in connection with this financing arrangement.

Other information related to the Company's debt is set forth in Note 10, "Debt", to the consolidated financial statements included herein under Item 1. For additional information, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2011 for specific debt agreements and additional information related to covenants and restrictions.

Off-Balance Sheet Arrangements

On September 27, 2011, the Company extended its $15 million Letters of Credit ("LOC") Facility with US Bank National

48

Association through September 30, 2013. The Company must continue to maintain a collateral account with U.S. Bank equal to 103% of the aggregated stated amount of the LOCs with reimbursement for any draws. As of September 30, 2012, the Company had $9 million of outstanding letters of credit issued under this facility and secured by restricted cash. In addition, the Company had $13 million of locally issued letters of credit to support various customs arrangements and other obligations at its local affiliates of which $8 million are secured by cash collateral.

The Company has guaranteed approximately $37 million for subsidiary lease payments under various arrangements generally spanning between one to ten years in duration, and approximately $6 million for affiliate credit lines and other credit support agreements. During January 2009, the Company reached an agreement with the PBGC pursuant to U.S. federal pension law provisions that permit the agency to seek protection when a plant closing results in termination of employment for more than 20 percent of employees covered by a pension plan. In connection with this agreement, the Company agreed to provide a guarantee by certain affiliates of certain contingent pension obligations of up to $30 million, the term of this guarantee is dependent upon certain contingent events as set forth in the PBGC Agreement. These guarantees have not, nor does the Company expect they are reasonably likely to have, a material current or future effect on the Company’s financial position, results of operations or cash flows.

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 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. The primary financial instruments that are recorded at fair value in the Company's financial statements are derivative instruments.

The Company's use of derivative instruments creates exposure to credit loss in the event of nonperformance by the counterparty to the derivative financial instruments. The Company limits this exposure by entering into agreements directly with a variety of major financial institutions with high credit standards and that are expected to fully satisfy their obligations under the contracts. Fair value measurements related to derivative assets take into account the non-performance risk of the respective counterparty, while derivative liabilities take into account the non-performance risk of Visteon and its foreign affiliates. The hypothetical gain or loss from a 100 basis point change in non-performance risk would be less than $1 million for the fair value of foreign currency derivatives as of September 30, 2012.

Recent Accounting Pronouncements

See Note 1 “Basis of Presentation” to the accompanying consolidated financial statements under Item 1 “Financial Statements” of this Quarterly Report on Form 10-Q for a discussion of recent accounting pronouncements.

Forward-Looking Statements

Certain statements contained or incorporated in this Quarterly Report on Form 10-Q which are not statements of historical fact constitute “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements give current expectations or forecasts of future events. Words such as “anticipate”, “expect”, “intend”, “plan”, “believe”, “seek”, “estimate” and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and estimates, which are subject to risks and uncertainties including those discussed in Item 1A under the heading “Risk Factors” and elsewhere in this report. Accordingly, undue reliance should not be placed on these forward-looking statements. Also, these forward-looking statements represent the Company’s estimates and assumptions only as of the date of this report. The Company does not intend to update any of these forward-looking statements to reflect circumstances or events that occur after the statement is made and qualifies all of its forward-looking statements by these cautionary statements.

You should understand that various factors, in addition to those discussed elsewhere in this document, could affect the Company’s future results and could cause results to differ materially from those expressed in such forward-looking statements, including:

•     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 execute on its transformational plans and cost reduction initiatives in the amounts and on the timing

49

contemplated.

• 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.

•     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.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The primary market risks to which the Company is exposed include changes in foreign currency exchange rates, interest rates and certain commodity prices. The Company manages these risks through derivative instruments and various operating actions including fixed price contracts with suppliers and cost sourcing arrangements with customers. The Company's use of derivative instruments is limited to hedging activities and such instruments are not used for speculative or trading purposes, as per clearly defined risk management policies. Additionally, the Company's use of derivative instruments creates exposure to credit loss in the event of nonperformance by the counterparty to the derivative financial instruments. The Company limits this exposure by entering into agreements directly with a variety of major financial institutions with high credit standards and that are expected to fully satisfy their obligations under the contracts. Additionally, the Company's ability to utilize derivatives to manage market risk is dependent on credit conditions and market conditions given the current economic environment.

Foreign Currency Risk

The Company's net cash inflows and outflows exposed to the risk of changes in exchange rates arise from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt and other payables, subsidiary dividends and investments in subsidiaries. Where possible, the Company utilizes derivative financial instruments to manage foreign currency exchange rate risks. Forward and option contracts may be utilized to protect the Company's cash flow from adverse movements in exchange rates. Foreign currency exposures are reviewed periodically and any natural offsets are considered prior to entering into a derivative financial instrument. The Company's primary foreign exchange operating exposures include the Euro, Korean Won, Czech Koruna, Hungarian Forint and Mexican Peso. Where possible, the Company utilizes a strategy of partial coverage for transactions in these currencies. As of September 30, 2012, the net fair value of foreign currency forward contracts was an asset of $17 million while at December 31, 2011 the net fair value of forward contracts was a liability of $16 million.

The hypothetical pre-tax gain or loss in fair value from a 10% favorable or adverse change in quoted currency exchange rates would be approximately $56 million and $74 million as of September 30, 2012 and December 31, 2011, respectively. These estimated changes assume a parallel shift in all currency exchange rates and include the gain or loss on financial instruments used to hedge loans to subsidiaries. Because exchange rates typically do not all move in the same direction, the estimate may overstate the impact of changing exchange rates on the net fair value of the Company's financial derivatives. It is also important to note that gains and losses indicated in the sensitivity analysis would generally be offset by gains and losses on the underlying exposures being hedged.

In addition to the transactional exposure described above, the Company's operating results are impacted by the translation of its foreign operating income into U.S. dollars. The Company does not enter into foreign exchange contracts to mitigate this exposure.

Interest Rate Risk

The Company is subject to interest rate risk, principally in relation to fixed rate debt. The Company may use derivative financial instruments to manage exposure to fluctuations in interest rates. However, as of September 30, 2012, the Company had no outstanding interest rate derivative instruments.

Prior to the April 6, 2011 Term Loan refinancing, the Company was subject to interest rate risk, principally in relation to variable rate debt. During the fourth quarter of 2010, the Company entered into an interest rate swap with a notional amount of $250 million related to the Term Loan. These swaps effectively converted designated cash flows associated with underlying interest payments on the Term Loan from a variable interest rate to a fixed interest rate and were designated as cash flow hedges. In conjunction with the term loan refinance, the Company terminated its outstanding interest rate swaps, which were settled for a loss of less than $1 million.

Approximately 86% and 87% of the Company's borrowings were effectively on a fixed rate basis as of September 30, 2012 and December 31, 2011, respectively. The Company continues to evaluate its interest rate exposure and may use swaps or other derivative instruments again in the future.

Commodity Risk

The Company's exposures to market risk from changes in the price of production material are managed primarily through negotiations with suppliers and customers, although there can be no assurance that the Company will recover all such costs. The Company continues to evaluate derivatives available in the marketplace and may decide to utilize derivatives in the future to manage select commodity risks if an acceptable hedging instrument is identified for the Company's exposure level at that time, as well as the effectiveness of the financial hedge among other factors.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in periodic reports filed with the SEC under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of September 30, 2012, an evaluation was performed under the supervision and with the participation of the Company’s management, including its Chief Executive and Financial Officers, of the effectiveness of the design and operation of disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2012.

Internal Control over Financial Reporting

There were no changes in the Company's internal control over financial reporting during the quarterly period ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the information above under Note 17, "Commitments and Contingencies," to the consolidated financial statements which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

Certain tax benefit preservation provisions of our corporate documents could delay or prevent a change of control, even if that change would be beneficial to stockholders.

Our second amended and restated certificate of incorporation provides, among other things, that any attempted transfer of the Company's securities during a Restricted Period shall be prohibited and void ab initio insofar as it purports to transfer ownership or rights in respect of such stock to the purported transferee to the extent that, as a result of such transfer, either any person or group of persons shall become a “5-percent shareholder” of Visteon pursuant to Treasury Regulation § 1.382-2T(g), other than a “direct public group” as defined in such regulation (a “Five-Percent Shareholder”), or the percentage stock ownership interest in Visteon of any Five-Percent Shareholder shall be increased.

The foregoing restriction does not apply to transfers if either the transferor or transferee gives written notice to the Board of Directors and obtains their approval. A Restricted Period means any period beginning when the Company's market capitalization falls below $1.5 billion (or such other level determined by the Board of Directors not more frequently than annually) and ending when such market capitalization has been above such threshold for 30 consecutive calendar days.

These restrictions could prohibit or delay the accomplishment of an ownership change with respect to Visteon by (i) discouraging any person or group from being a Five-Percent Shareholder and (ii) discouraging any existing Five-Percent Shareholder from acquiring more than a minimal number of additional shares of Visteon's stock.

For other information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed in Part I, "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. See also, "Forward-Looking Statements" included in Part I, Item 2 of this Quarterly Report on Form 10-Q.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table summarizes information relating to purchases made by or on behalf of the Company, or an affiliated purchaser, of shares of the Company’s common stock during the third quarter of 2012.

Issuer Purchases of Equity Securities

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Period	Total Number of Shares (or Units) Purchased(1)	Average     Price Paid      per Share      (or Unit)		Total Number of Shares (or units) Purchased as Part of Publicly Announced Plans or Programs(2)	Approximate Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2)    (in millions)
July 1, 2012 to July 31, 2012	8,529	$	32.43	—	$	100
August 1, 2012 to August 31, 2012	99,885	$	38.80	—	$	100
September 1, 2012 to September 30, 2012	—	—		—	$	100
Total	108,414	$	38.30	—	$	100

(1) This column includes only shares surrendered to the Company by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock and stock unit awards made pursuant to the Visteon Corporation 2010 Incentive Plan.

(2) On July 30, 2012, Visteon's board of directors authorized the repurchase of up to $100 million of the Company's common stock over the subsequent two year period. The Company anticipates that repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors.

ITEM 6. EXHIBITS

See Exhibit Index on Page 55.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VISTEON CORPORATION
By:	/s/ Michael J. Widgren
	Michael J. Widgren
	Vice President, Corporate Controller, Chief Accounting Officer and Interim Chief Financial Officer

Date: November 1, 2012

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Exhibit Index

Exhibit No.	Description
3.1	Third Amended and Restated Bylaws of Visteon Corporation, as amended effective as of September 13, 2012 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Visteon Corporation filed on September 18, 2012).
10.1	KRW 1 Trillion Bridge Loan Agreement, dated as of July 4, 2012, by and among Visteon Korea Holdings Company and Kookmin Bank (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Visteon Corporation filed on August 2, 2012). .
10.2	Fifth Amendment to Revolving Loan Credit Agreement and Consent, dated as of July 3, 2012, by and among Visteon Corporation, certain of its domestic subsidiaries signatory thereto, Morgan Stanley Senior Funding, Inc., as administrative agent and co-collateral agent, Bank of America, N.A., as co-collateral agent, and the lenders and L/C issuers party thereto (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Visteon Corporation filed on August 2, 2012).
10.3	Amendment and Restatement Relating Bridge Facility Agreement, dated as of July 30, 2012, by and among Visteon Korea Holdings Corporation and Kookmin Bank (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Visteon Corporation filed on August 2, 2012).
10.4	Employment Agreement by and between Timothy D. Leuliette and Visteon Corporation, dated as of September 30, 2012 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Visteon Corporation filed on October 2, 2012).*
10.5	Change in Control Agreement by and between Timothy D. Leuliette and Visteon Corporation, dated as of September 30, 2012 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Visteon Corporation filed on October 2, 2012).*
10.6	Restricted Stock Unit Grant Agreement for Timothy D. Leuliette under the Visteon Corporation 2010 Incentive Plan (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Visteon Corporation filed on October 2, 2012).*
10.7	Performance Stock Unit Grant Agreement for Timothy D. Leuliette under the Visteon Corporation 2010 Incentive Plan (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Visteon Corporation filed on October 2, 2012).*
10.8	Amendment, dated as of September 13, 2012, to the Visteon Corporation 2010 Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Visteon Corporation filed on September 18, 2012).*
10.9	Amendment, dated as of September 13, 2012, to the Visteon Corporation 2011 Savings Parity Plan, as amended through September 13, 2012 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Visteon Corporation filed on September 18, 2012)*
10.1	Amendment, dated as of September 13, 2012, to the Terms and Conditions of Restricted Stock Grants under the Visteon Corporation 2010 Incentive Plan and the Terms and Conditions of Restricted Stock Unit Grants under the Visteon Corporation 2010 Incentive Plan (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Visteon Corporation filed on September 18, 2012).*
10.11	Separation Agreement by and between Martin E. Welch III and Visteon Corporation, dated as of October 3, 2012 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Visteon Corporation filed on October 4, 2012).*
10.12	Separation Agreement by and between Donald J. Stebbins and Visteon Corporation, dated as of August 10, 2012 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Visteon Corporation filed on August 13, 2012).*
10.13	Letter Agreement, dated August 10, 2012, relating to the appointment of Timothy D. Leuliette as Interim Chairman of the Board, Interim Chief Executive Officer and Interim President (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Visteon Corporation filed on August 13, 2012).*
10.14	2010 Visteon Executive Severance Plan, as amended and restated as of October 18, 2012 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Visteon Corporation filed on October 31, 2012).*
10.15	Form of Change in Control Agreement between Visteon Corporation and executive officers of Visteon Corporation (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Visteon Corporation filed on October 31, 2012).*
10.16	Form of executive Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Visteon Corporation filed on October 31, 2012).*
10.17	Form of executive Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Visteon Corporation filed on October 31, 2012).*
10.18	Restricted Stock Unit Grant Agreement, dated October 18, 2012, between Visteon Corporation and Francis M. Scricco, Chairman.*
31.1	Rule 13a-14(a) Certification of Chief Executive Officer dated November 1, 2012.

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Exhibit No.	Description
31.2	Rule 13a-14(a) Certification of Chief Financial Officer dated November 1, 2012.
32.1	Section 1350 Certification of Chief Executive Officer dated November 1, 2012.
32.2	Section 1350 Certification of Chief Financial Officer dated November 1, 2012.
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.**

* Indicates that exhibit is a management contract or compensatory plan or arrangement.

** Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

In lieu of filing certain instruments with respect to long-term debt of the kind described in Item 601(b)(4) of Regulation S-K, Visteon agrees to furnish a copy of such instruments to the Securities and Exchange Commission upon request.

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EX-10.18

EXHIBIT 10.18

VISTEON CORPORATION 2010 INCENTIVE PLAN

RESTRICTED STOCK UNIT GRANT AGREEMENT

Visteon Corporation, a Delaware corporation (the “Company”), subject to the terms of the Visteon Corporation 2010 Incentive Plan (the “Plan”) and this Agreement, hereby grants to Francis M. Scricco (the “Participant”), restricted stock units (“Restricted Stock Units”) as further described herein.

1.Grant of Restricted Stock Units.

The Company hereby grants to the Participant 3,331Restricted Stock Units, effective as of October 18, 2012 (the “Grant Date”) and subject to the restrictions set forth in this Agreement. In the event of certain corporate transactions, the number of Restricted Stock Units covered by this Agreement may be adjusted by the Committee as further described in Section 13 of the Plan.

2.Vesting of Restricted Stock Units.

(a)The Restricted Stock Units will vest the date on which a Participant ceases to be a member of the Board of Directors of the Company (or the board of directors of any Affiliate), provided that such cessation constitutes a separation from service for purposes of Code Section 409A (a “Separation from Service”).

(b)In the event of a Change in Control Event (as defined in Code Section 409A) with respect to the Company, the outstanding Restricted Stock Units that have not previously vested will become immediately fully vested.

3.Restricted Stock Unit Account and Settlement of Vested Units.

(a)The Company will credit the Restricted Stock Units to an account in the name of the Participant. Distribution of a Participant’s vested Restrict Stock Units shall be made or commence to be made on the later of (i) January 15 of the calendar year following the calendar year in which, or (ii) the first day of the seventh month following the date on which, occurs the Participant’s Separation from Service (such applicable date, the “Settlement Date”).

(b)The Company will distribute to the Participant a cash payment determined by multiplying the number of Restricted Stock Units by the average of the high and low prices at which a share of Stock shall have been sold on the Exchange on the 5th trading day preceding the date on which distribution is made; provided that the Committee may direct that all or any part of the Participant’s distribution be satisfied in shares of Stock equal to the number of vested Restricted Stock Units (and cash in lieu of any fractional unit).

(c)The Company may retain the services of a third-party administrator to perform administrative services in connection with the Plan. To the extent the Company has retained such an administrator, any reference to the Company will be deemed to refer to any such third-party administrator retained by the Company, and the Company may require the Participant to exercise the Participant’s rights under this Agreement only through such third-party administrator.

4.Dividend Equivalents.

Upon each Settlement Date, with respect to each Restricted Stock Unit being settled on that date, the Participant will be entitled to receive payment of the same amount of cash, subject to applicable tax withholding, that the Participant would have received as cash dividends if, on each record date during the period from the Grant Date through the Settlement Date, the Participant had been the holder of record of one share of Stock.

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5.Withholding.

(a)Upon the vesting or settlement of previously granted Restricted Stock Units pursuant to Paragraph 3 above, the Company may satisfy its tax withholding obligations in any manner determined by the Committee, including by withholding a number of Restricted Stock Units or shares of Stock having a Fair Market Value, as determined by the Committee, equal to the amount required to be withheld. The Fair Market Value of any fractional Restricted Stock Unit remaining after the withholding requirements are satisfied will be paid to the Participant in cash. The Company may also require the Participant to deliver a check in the amount of any tax withholding obligation, or to otherwise indemnify the Company, as a condition to the issuance of any stock hereunder.

b.    Dividend equivalents paid on Restricted Stock Units may be subject to applicable tax withholding as described in Paragraph 5(a).

6.Nontransferability.

Except as provided in Paragraph 7 of this Agreement, the Participant has no right to sell, assign, transfer, pledge, or otherwise alienate the Restricted Stock Units, and any attempted sale, assignment, transfer, pledge or other conveyance will be null and void.

7.Beneficiary.

The Participant may designate a beneficiary to receive any settlement of vested Restricted Stock Units that may be made on or after the Participant’s death on the form or in the manner prescribed for such purpose by the Committee. Absent such designation, the Participant’s beneficiary will be the Participant's estate. The Participant may from time to time revoke or change the beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Company. If the Participant designates his spouse as beneficiary, such designation automatically will become null and void on the date of the Participant's divorce or legal separation from such spouse. The last such designation received by the Company will be controlling; provided, however, that no designation, or change or revocation thereof, will be effective unless received by the Company before the Participant’s death, and in no event will any designation be effective as of a date before such receipt. If the Committee is in doubt as to the identity of the beneficiary, the Committee may deem the Participant’s estate as the beneficiary, or the Company may apply to any court of appropriate jurisdiction and such application will be a complete discharge of the liability of the Company therefor.

8.Securities Law Restrictions.

(a)The Participant acknowledges that any stock that may be transferred to the Participant in settlement of vested Restricted Stock Units, is being acquired for investment purposes only and not with a view to resale or other distribution thereof to the public in violation of the Securities Act of 1933, as amended (the “Act”). The Participant agrees and acknowledges, with respect to any stock that has not been registered under the Act, that (i) the Participant will not sell or otherwise dispose of such stock except pursuant to an effective registration statement under the Act and any applicable state securities laws, or in a transaction which in the opinion of counsel for the Company is exempt from such registration, and (ii) a legend may be placed on the certificates for the stock to such effect. As further conditions to the issuance of the stock, the Participant agrees for himself or herself, the Participant’s beneficiary, and the Participant’s heirs, legatees and legal representatives, before such issuance, to execute and deliver to the Company such investment representations and warranties, and to take such other actions, as the Committee determines may be necessary or appropriate for compliance with the Act and any applicable securities laws.

(b)Notwithstanding anything herein to the contrary, the Committee, in its sole and absolute discretion, may delay settlement of or transferring stock to the Participant or the Participant’s beneficiary in settlement of vested Restricted Stock Units or may impose restrictions or conditions on the Participant’s (or any beneficiary’s) ability to directly or indirectly sell, hypothecate, pledge, loan, or otherwise encumber, transfer or

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dispose of the stock, if the Committee determines that such action is necessary or desirable for compliance with any applicable state, federal or foreign law, the requirements of any stock exchange on which the stock is then traded, or is requested by the Company or the underwriters managing any underwritten offering of the Company’s securities pursuant to an effective registration statement filed under the Act.

9.Voting Rights.

The Participant will have no voting rights with respect to the Restricted Stock Units.

10.Limited Interest.

(a)The grant of the Restricted Stock Units will not be construed as giving the Participant any interest other than as provided in this Agreement. The Participant will have no rights as a shareholder as a result of the grant or vesting of the Restricted Stock Units unless and until shares of Stock are issued in settlement of vested Restricted Stock Units.

(b)The grant of the Restricted Stock Units will not confer on the Participant any right to continue as a director or chairman of the Company.

(c)The grant of the Restricted Stock Units will not affect in any way the right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger, consolidation or business combination of the Company, or any issuance or modification of any term, condition, or covenant of any bond, debenture, debt, preferred stock or other instrument ahead of or affecting the stock or the rights of the holders thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business or any other Company act or proceeding, whether of a similar character or otherwise.

(d)The Participant acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of the Restricted Stock Units under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of Restricted Stock Units or benefits in lieu of Restricted Stock Units in the future. Future grants, if any, will be at the sole discretion of the Committee, including, but not limited to, the timing of any grant, the number of shares or units to be granted, and restrictions placed on such shares or units.

11.Consent to Transfer of Personal Data.

The Participant voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Participant is not obliged to consent to such collection, use, processing and transfer of personal data. However, failure to provide the consent may affect the Participant's ability to participate in the Plan. The Company holds certain personal information about the Participant, including the Participant's name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any shares of Stock or directorships held in the Company, details of all options or any other entitlement to shares of Stock or units awarded, canceled, purchased, vested, unvested or outstanding in the Participant's favor, for the purpose of managing and administering the Plan (“Data”). Visteon Corporation and/or its subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant's participation in the Plan, and the Company may further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States. The Participant authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of Stock on the Participant's behalf to a broker or other third party with whom the Participant may elect to deposit any shares of Stock acquired pursuant to the Plan. The Participant may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing

#PageNum#

by contacting the Company; however, withdrawing consent may affect the Participant's ability to participate in the Plan.

12.Incorporation by Reference.

The terms of the Plan are expressly incorporated herein by reference. Capitalized terms not otherwise defined in this Agreement have the meanings ascribed to them under the Plan. In the event of any conflict between this Agreement and the Plan, this Agreement will govern.

13.Governing Law.

This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference to any conflict of laws principles thereof.

14.Severability.

If any provision of the Agreement is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining provisions of the Agreement, and the Agreement is to be construed and enforced as if the illegal or invalid provision has not been inserted.

15.Amendment.

This Agreement may not be amended, modified, terminated or otherwise altered except by the written consent of Visteon Corporation and the Participant.

16.Counterparts.

This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.

VISTEON CORPORATION

By:   /s/ Michael Sharnas

   Michael Sharnas, Senior Vice President

   and General Counsel

October 18, 2012

#PageNum#

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)

I, Timothy D. Leuliette, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Visteon Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    November 1, 2012

    /s/ Timothy D. Leuliette

Timothy D. Leuliette

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)

I, Michael J. Widgren, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Visteon Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    November 1, 2012

   /s/ Michael J. Widgren   

Michael J. Widgren

Vice President, Corporate Controller,

Chief Accounting Officer and

Interim Chief Financial Officer

(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SS.1350

AND EXCHANGE ACT RULE 13a-14(b)

Solely for the purposes of complying with 18 U.S.C. ss.1350 and Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), I, the undersigned President and Chief Executive Officer of Visteon Corporation (the "Company"), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Exchange Act and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

_/s/Timothy D. Leuliette___

Timothy D. Leuliette

November 1, 2012

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SS.1350

AND EXCHANGE ACT RULE 13a-14(b)

Solely for the purposes of complying with 18 U.S.C. ss.1350 and Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), I, the undersigned Vice President, Corporate Controller, Chief Accounting Officer and Interim Chief Financial Officer of Visteon Corporation (the "Company"), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

_/s/Michael J. Widgren____

Michael J. Widgren

November 1, 2012

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Segment Sales and Gross Margin

	Sales												Gross Margin
	Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
	September 30						September 30						September 30				September 30
	2012			2011			2012			2011			2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	1,024		$	1,003		$	3,112		$	3,040		$	89	$	78	$	259	$	256
Electronics	298			338			919			1,047			19		30		76		104
Interiors	313			606			1,070			1,854			21		31		56		114
Eliminations	(11		)	(38		)	(67		)	(136		)	—		—		—		—
Total consolidated	$	1,624		$	1,909		$	5,034		$	5,805		$	129	$	139	$	391	$	474

Adjusted EBITDA by segment for the three and nine months ended September 30, 2012 and 2011 is presented below:

	Adjusted EBITDA
	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	70	$	69	$	216	$	228
Electronics	13		33		58		96
Interiors	45		55		131		180
Discontinued operations	3		11		27		27
Total consolidated	$	131	$	168	$	432	$	531

Reconciliation of Adjusted EBITDA to Net Income Attributable to the Company [Table Text Block]

A reconciliation of Adjusted EBITDA to Net income attributable to Visteon is as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Total Adjusted EBITDA	$	131		$	168	$	432		$	531
Interest expense, net	13			5		28			21
Loss on debt extinguishment	4			—		4			24
Provision for income taxes	33			25		102			87
Depreciation and amortization	64			81		195			232
Restructuring and other expenses	(11		)	1		63			29
Equity investment gain	—			—		(63		)	—
Other non-operating costs, net	5			8		12			13
Discontinued operations	8			7		30			19
Net income attributable to Visteon	$	15		$	41	$	61		$	106

Segment Operating Assets [Table Text Block]

Segment Operating Assets    

	Inventories, net				Property and Equipment, net
	September 30		December 31		September 30		December 31
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	290	$	236	$	942	$	934
Electronics	66		66		120		144
Interiors	49		47		164		171
Other	—		32		—		42
Total product groups	405		381		1,226		1,291
Corporate	3		—		52		121
Total consolidated	$	408	$	381	$	1,278	$	1,412

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Employee Retirement Benefits (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Defined Benefit Plan Disclosure [Line Items]
U.S Defined Contribution Plan Matching Contributions			100.00%
Defined Contribution Plan, matching contribution expenses	$ 3	$ 2	$ 11	$ 4
United States Pension Plans of US Entity, Defined Benefit [Member]
Benefit Expenses
Service cost		2		4
Interest cost	17	18	52	55
Expected return on plan assets	(20)	(19)	(59)	(56)
Plan Termination Income			0	0
Special termination benefits		1		3
Visteon sponsored plan net pension expense/(income)	(3)	2	(7)	6
Foreign Pension Plans, Defined Benefit [Member]
Benefit Expenses
Service cost	2	2	5	5
Interest cost	6	7	20	21
Expected return on plan assets	(4)	(5)	(13)	(14)
Plan Termination Income			0	0
Visteon sponsored plan net pension expense/(income)	4	4	12	12
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
Benefit Expenses
Service cost	0	0	0	0
Interest cost	0	0	0	0
Expected return on plan assets	0	0	0	0
Plan Termination Income			0	(2)
Special termination benefits	0	0	0	0
Visteon sponsored plan net pension expense/(income)	$ 0	$ 0	$ 0	$ (2)

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Other Non-current Assets (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Deferred tax assets	$ 17	$ 18
Reimbursable engineering costs	12	0
Income tax receivable	10	11
Deposits	7	7
Debt issuance costs	6	8
Other	21	22
Other non-current assets	$ 73	$ 66

XML

Employee Retirement Benefits Contributions (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	9 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012 United States Pension Plans of US Entity, Defined Benefit [Member]	Sep. 30, 2012 United States Pension Plans of US Entity, Defined Benefit [Member]	Dec. 31, 2012 United States Pension Plans of US Entity, Defined Benefit [Member]	Sep. 30, 2012 Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock Contributed to Pension, Shares					1.5
Pension Contributions	$ 73	$ 0		$ 73
Pension Contributions In Excess Of Statutory Requirement					40
Average sold price per share of common stock			$ 44
Defined Benefit Plan, Contributions by Employer				3		9
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year						$ 7

XML

Inventories (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Raw materials	$ 163	$ 167
Work-in-process	181	174
Finished goods	89	64
Inventory, Gross	433	405
Valuation Reserves	(25)	(24)
Inventories, net	$ 408	$ 381

XML

Debt (Tables)

3 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

The Company’s short and long-term debt balances consist of the following:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Short-term debt
Current portion of long-term debt	$	—	$	1
Other – short-term	89		86
Total short-term debt	89		87
Long-term debt
6.75% senior notes due April 15, 2019	495		494
Other	11		18
Total long-term debt	506		512
Total debt	$	595	$	599

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			9 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance	$ 5
Income Tax Reconciliation, Repatriation of Foreign Earnings		5		16
Provision for income taxes		33	25	102	87
Unrecognized Tax Benefits		135		135		123
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		72		72		69
Accrued interest and penalties		34		34		28
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound		1		1
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound		3		3
Halla Climate Control Corporation [Member]
Income Tax Examination, Range of Possible Losses		$ 18		$ 18

XML

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

Discontinued operations are summarized as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Sales	$	32		$	128	$	297		$	383
Cost of sales	28			119		264			363
Gross margin	4			9		33			20
Selling, general and administrative expenses	1			3		7			9
Asset impairments	6			—		19			—
Interest expense	1			—		2			1
Other expenses	1			2		4			2
(Loss) income from discontinued operations before income taxes	(5		)	4		1			8
Provision for income taxes	—			—		4			—
Net (loss) income from discontinued operations attributable to Visteon Corporation	$	(5	)	$	4	$	(3	)	$	8

XML

Non-Consolidated Affiliates (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended			3 Months Ended		4 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	4 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2011 Yanfeng [Member]	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2011 Yanfeng [Member]	Sep. 30, 2012 All Other Non-consolidated Affiliates [Member]	Sep. 30, 2011 All Other Non-consolidated Affiliates [Member]	Sep. 30, 2012 All Other Non-consolidated Affiliates [Member]	Sep. 30, 2011 All Other Non-consolidated Affiliates [Member]	Sep. 30, 2012 Duckyang Industry Co. Ltd. [Member]	Sep. 30, 2012 Duckyang Industry Co. Ltd. [Member]	Sep. 30, 2012 A former equity investee that was consolidated by Yanfeng effective June1, 2012 [Member]	Sep. 30, 2012 A former equity investee that was consolidated by Yanfeng effective June1, 2012 [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of non-consolidated affiliates	$ 38	$ 43	$ 183	$ 130
Joint venture's share of gain on business acquisition due to obtained control						0	0	63	63	0
Equity method investment, ownership percentage						50.00%		50.00%	50.00%
Investments in net assets of non-consolidated affiliates	734		734		644
Net sales	1,986	951	4,650	2,802		1,582	740		3,366	2,199	404	211	1,284	603	163	571
Gross margin	303	163	697	470		257	125		557	362	46	38	140	108
Net income	77	87	378	260		62	68		319	200	15	19	59	60
Sales	1,624	1,909	5,034	5,805													727	927
Gross margin	129	139	391	474													130	170
Gain on business acquisition due to obtained control								$ 130

XML

Condensed Consolidating Statement of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Condensed Consolidating Statements of Cash Flows [Abstract]

Condensed Consolidating Statement of Cash Flows [Table Text Block]

VISTEON CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(75	)	$	101		$	137		$	—		$	163
Investing activities
Capital expenditures	(4		)	(8		)	(134		)	—			(146		)
Dividends received from consolidated subsidiaries	169			63			—			(232		)	—
Proceeds from business divestitures	14			—			86			—			100
Proceeds from asset sales	79			8			1			—			88
Other	—			—			(2		)	—			(2		)
Net cash provided from (used by) investing activities	258			63			(49		)	(232		)	40
Financing activities
Short-term debt, net	—			—			2			—			2
Proceeds from issuance of debt, net of issuance costs	—			—			812			—			812
Principal payments on debt	(1		)	—			(823		)	—			(824		)
Dividends paid to consolidated subsidiaries	—			(168		)	(64		)	232			—
Dividends to non-controlling interests	—			—			(23		)	—			(23		)
Net cash used by financing activities	(1		)	(168		)	(96		)	232			(33		)
Effect of exchange rate changes on cash and equivalents	—			1			7			—			8
Net increase (decrease) in cash and equivalents	182			(3		)	(1		)	—			178
Cash and equivalents at beginning of period	114			55			554			—			723
Cash and equivalents at end of period	$	296		$	52		$	553		$	—		$	901

	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(120	)	$	(76	)	$	251		$	—		$	55
Investing activities
Capital expenditures	(3		)	(10		)	(172		)	—			(185		)
Dividends received from consolidated subsidiaries	57			149			—			(206		)	—
Proceeds from asset sales	—			—			11			—			11
Other	—			—			(13		)	—			(13		)
Net cash provided from (used by) investing activities	54			139			(174		)	(206		)	(187		)
Financing activities
Cash restriction, net	55			—			(3		)	—			52
Short term debt, net	—			—			11			—			11
Proceeds from issuance of debt, net of issuance costs	492			—			11			—			503
Principal payments on debt	(501		)	—			(12		)	—			(513		)
Dividends paid to consolidated subsidiaries	—			(57		)	(149		)	206			—
Rights offering fees	(33		)	—			—			—			(33		)
Dividends to non-controlling interests	—			—			(29		)	—			(29		)
Other	3			—			—			—			3
Net cash provided from (used by) financing activities	16			(57		)	(171		)	206			(6		)
Effect of exchange rate changes on cash and equivalents	—			1			(10		)	—			(9		)
Net (decrease) increase in cash and equivalents	(50		)	7			(104		)	—			(147		)
Cash and equivalents at beginning of period	153			81			671			—			905
Cash and equivalents at end of period	$	103		$	88		$	567		$	—		$	758

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Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Fair Value Measurements and Financial Instruments [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Derivative financial instruments designated and non-designated as hedging instruments are included in the Company’s consolidated balance sheets at September 30, 2012 and December 31, 2011 as follows:

Assets					Liabilities
	September 30		December 31			September 30		December 31
Classification	2012		2011		Classification	2012		2011
	(Dollars in Millions)					(Dollars in Millions)
Designated:					Designated:
Other current assets	$	16	$	—	Other current assets	$	2	$	—
Other current liabilities	—		8		Other current liabilities	—		24
Non-designated:					Non-designated:
Other current assets	3		—		Other current assets	—		—
	$	19	$	8		$	2	$	24

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Gains and losses associated with derivative financial instruments recorded in Cost of sales for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Three months ended					Three months ended				Three months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	2	$	(20	)	$	6	$	1	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(3		)	—
	$	2	$	(20	)	$	6	$	1	$	(3	)	$	—

Gains and losses associated with derivative financial instruments recorded in Cost of sales and Interest expense for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Nine months ended					Nine months ended				Nine months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	16	$	(15	)	$	6	$	7	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(4		)	(4		)
	$	16	$	(15	)	$	6	$	7	$	(4	)	$	(4	)
Interest rate risk – Interest expense
Cash flow hedges	$	—	$	1		$	—	$	—	$	—		$	—

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

With the exception of the customers below, the Company’s credit risk with any individual customer does not exceed ten percent of total accounts receivable at September 30, 2012 and December 31, 2011, respectively.

	September 30	December 31
	2012	2011
Ford and affiliates	27%	24%
Hyundai Mobis Company	15%	14%
Hyundai Motor Company	9%	10%

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Other Liabilities (Details) (USD $) In Millions, unless otherwise specified					3 Months Ended	9 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2012 Customer Accomodation Support And Other Agreement [Member]	Sep. 30, 2012 Customer Accomodation Support And Other Agreement [Member]	Sep. 30, 2012 Other current liabilities [Member]	Dec. 31, 2011 Other current liabilities [Member]	Sep. 30, 2012 Other Non-current Liabilities [Member]	Dec. 31, 2011 Other Non-current Liabilities [Member]
Product warranty and recall reserves	$ 40			$ 42
Deferred income	37			21	17	17
Non-income taxes payable	36			41
Payables to non-consolidated affiliates	31			24
Accrued interest payable	16			7
Income taxes payable	13			29
Restructuring reserves	8	9	14	26
Accrued legal reserves							7	8
Claims settlement accruals	2			9
Foreign currency hedges	0			16
Other Accrued Liabilities, Current	58			44
Other current liabilities	248			267
Income tax reserves	106			97
Deferred income	60			42	37	37
Non-income taxes payable	45			44
Product warranty and recall reserves	25			24
Legal and environmental reserves									7	8
Other accrued liabilities	8			10
Other non-current liabilities	251			225
Revenue recognized associated with customer accommodation agreement deferred revenue					5	15
Expected revenue recognition in year one						5
Expected revenue recognition in year two						16
Expected revenue recognition in year three						14
Expected revenue recognition in year four						10
Expected revenue recognition in year five						$ 9

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Derivatives Balance Sheet Location (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 19
Derivative Asset, Fair Value, Gross Liability	2
Derivative Liability, Fair Value, Gross Asset		8
Derivative Liability, Fair Value, Gross Liability		24
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	16
Derivative Asset, Fair Value, Gross Liability	2
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Asset		8
Derivative Liability, Fair Value, Gross Liability		24
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3	0
Derivative Asset, Fair Value, Gross Liability	$ 0	$ 0

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Other Current Assets (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Recoverable taxes	$ 92	$ 99
Pledged accounts receivable	47	82
Deposits	31	32
Deferred tax assets	24	30
Non-consolidated affiliates receivable	19	32
Prepaid assets	19	17
Foreign currency hedges	17	0
Other	16	4
Other current assets	$ 265	$ 296

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Inventories

9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Inventories

NOTE 4. Inventories

Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market. A summary of inventories is provided below:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Raw materials	$	163		$	167
Work-in-process	181			174
Finished products	89			64
	433			405
Valuation reserves	(25		)	(24		)
	$	408		$	381

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Derivatives Income Statement Location (Details) (Cash Flow Hedging [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 2	$ (20)	$ 16	$ (15)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	6	1	6	7
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(3)		(4)	(4)
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	2	(20)	16	(15)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	6	1	6	7
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net				1
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (3)		$ (4)	$ (4)

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Basis of Presentation (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Entity Number of Employees	22,000
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
Restricted Cash and Cash Equivalents, Current	$ 19	$ 23
Collateral For Letter Of Credit Facility [Member]
Restricted Cash and Cash Equivalents, Current	9
Cash Collateral For Other Corporate Purposes [Member]
Restricted Cash and Cash Equivalents, Current	$ 10

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Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property and Equipment [Table Text Block]

Property and equipment, net consists of the following:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Land	$	158		$	184
Buildings and improvements	264			311
Machinery, equipment and other	1,082			985
Construction in progress	73			106
	1,577			1,586
Accumulated depreciation	(374		)	(254		)
	1,203			1,332
Product tooling, net of amortization	75			80
Property and equipment, net	$	1,278		$	1,412

Schedule of Depreciation and Amortization [Table Text Block]

Depreciation and amortization expenses are summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Depreciation	$	51	$	69	$	158	$	200
Amortization	3		5		8		14
	$	54	$	74	$	166	$	214

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Other Assets (Tables)

9 Months Ended

Sep. 30, 2012

Other Assets [Abstract]

Schedule Of Other Current Assets [Table Text Block]

Other current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Recoverable taxes	$	92	$	99
Pledged accounts receivable	47		82
Deposits	31		32
Deferred tax assets	24		30
Non-consolidated affiliate receivables	19		32
Prepaid assets	19		17
Foreign currency hedges	17		—
Other	16		4
	$	265	$	296

Schedule of Other Assets, Noncurrent [Table Text Block]

Other non-current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Deferred tax assets	$	17	$	18
Reimbursable engineering costs	12		—
Income tax receivable	10		11
Deposits	7		7
Debt issuance costs	6		8
Other	21		22
	$	73	$	66

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Share Based Compensation (Details)	3 Months Ended
	Sep. 30, 2012
Share-based Compensation, restriced stock units granted during the period	85,256
Share-based Compensation, performance based stock units granted during the period	345,914

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Discontinued Operations (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business divestitures			$ 100	$ 0
Sales	32	128	297	383
Cost of sales	28	119	264	363
Gross margin	4	9	33	20
Selling, general and administrative expense	1	3	7	9
Asset impairments	6	0	19	0
Interest expense	1	0	2	1
Other expenses	1	2	4	2
(Loss) income from discontinued operations before income taxes	(5)	4	1	8
Provision for income taxes	0	0	4	0
Net (loss) income from discontinued operations attributable to Visteon Corporation	(5)	4	(3)	8
Lighting [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business divestitures			90
Lighting (excluding VTYC) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business divestitures			70
Disposal Date			August 1, 2012
Visteon TYC Corporation [Member] | Lighting [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business divestitures			$ 20

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Non-Consolidated Affiliates (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Summarized Income Statement Information of Non-consolidated Affiliates [Table Text Block]

The following table presents summarized financial data for the Company’s non-consolidated affiliates and reflects 100% of the operating results of such affiliates.

	Three Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	1,582	$	740	$	257	$	125	$	62	$	68
All other	404		211		46		38		15		19
	$	1,986	$	951	$	303	$	163	$	77	$	87

	Nine Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	3,366	$	2,199	$	557	$	362	$	319	$	200
All other	1,284		603		140		108		59		60
	$	4,650	$	2,802	$	697	$	470	$	378	$	260

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Schedule of Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible assets, net are comprised of the following:

	September 30, 2012						December 31, 2011
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(Dollars in Millions)
Definite-lived intangible assets
Developed technology	$	203	$	52	$	151	$	204	$	32	$	172
Customer related	121		26		95		119		16		103
Other	21		4		17		20		3		17
Total	$	345	$	82	$	263	$	343	$	51	$	292
Goodwill and indefinite-lived intangible assets (a)
Goodwill					$	36					$	36
Trade names					25						25
Total					61						61
					$	324					$	353
(a) Goodwill and trade names, substantially all of which relate to the Company's Climate reporting unit.

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Restructuring and Other (Income) / Expeneses

9 Months Ended

Sep. 30, 2012

Restructuring and Other Expenses [Abstract]

Restructuring and Other Expenses [Text Block]

Note 3. Restructuring and Other (Income) / Expenses

Restructuring and other (income) / expenses consist of the following:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Restructuring expenses	$	2		$	1	$	44		$	18
Loss on asset contribution	—			—		14			—
Transformation costs	5			—		23			3
Bankruptcy-related costs	1			—		1			8
Gain on sale of joint venture interest	(19		)	—		(19		)	—
	$	(11	)	$	1	$	63		$	29

Restructuring Activities

The Company has undertaken various restructuring activities to achieve its strategic and financial objectives. Restructuring activities include, but are not limited to, plant closures, production relocation, administrative cost structure realignment and consolidation of available capacity and resources. The Company expects to finance restructuring programs through cash on hand, cash generated from its ongoing operations, reimbursements pursuant to customer accommodation and support agreements or through cash available under its existing debt agreements, subject to the terms of applicable covenants. Restructuring costs are recorded when elements of a plan are finalized and the timing of activities and the amount of related costs are not likely to change. However, such costs are estimated based on information available at the time such charges are recorded. In general, management anticipates that restructuring activities will be completed within a time frame such that significant changes to the plan are not likely. Due to the inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially estimated.

Given the economically-sensitive and highly competitive nature of the automotive industry, the Company continues to closely monitor current market factors and industry trends taking action as necessary, including but not limited to, additional restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

At September 30, 2012 and December 31, 2011, restructuring liabilities of $8 million and $26 million, respectively, are classified as other current liabilities in the consolidated balance sheets. The Company anticipates that the activities associated with these reserves will be substantially completed by the end of 2012. The following is a summary of the Company's restructuring reserves and related activity for the nine months ended September 30, 2012.

	Electronics			Interiors			Climate			Total
	(Dollars in Millions)
December 31, 2011	$	19		$	6		$	1		$	26
Expenses	36			4			1			41
Utilization	(49		)	(3		)	(1		)	(53		)
March 31, 2012	6			7			1			14
Expenses	—			—			1			1
Utilization	(5		)	—			(1		)	(6		)
June 30, 2012	1			7			1			9
Expenses	—			—			2			2
Utilization	—			(1		)	(2		)	(3		)
September 30, 2012	$	1		$	6		$	1		$	8

During the first quarter of 2012, the Company recorded $41 million of restructuring expenses, including $36 million in connection with the previously announced closure of the Company's Cadiz Electronics operation in El Puerto de Santa Maria, Spain. In January 2012 the Company reached agreements with the local unions and Spanish government for the closure of its 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 $31 million. Additionally, the Company agreed to transfer land, building and machinery with a net book value of approximately $14 million for the benefit of the employees. The Company also recorded $5 million of other exit costs related to the Cadiz exit including amounts payable to the Spanish government in connection with the asset contribution. Utilization during the three months ended March 31, 2012 includes $48 million of payments to former Cadiz employees for employee severance and termination benefits. Payment of $4 million to the Spanish government in connection with the asset contribution was included in utilization for the three months ended June 30, 2012. The Company recovered approximately $19 million of such costs during the first half of 2012 pursuant to the Release Agreement with Ford for an aggregate recovery of $23 million when considering the $4 million received during 2011. Amounts recovered have been recorded as deferred revenue on the Company's consolidated balance sheet as further described in Note 9, "Other Liabilities".

During the nine months ended September 30, 2011, the Company recorded approximately $27 million of restructuring expenses, including $22 million for severance and termination benefits representing the minimum amount of employee separation costs pursuant to statutory regulations related to the closure of its Cadiz Electronics operation and $5 million for employee severance and termination benefits associated with previously announced actions at two European Interiors facilities. Additionally, the Company reversed approximately $9 million of previously recorded restructuring expenses, including $7 million for employee severance and termination benefits at a European Interiors facility pursuant to a March 2011 contractual agreement to cancel the related social plan and $2 million due to lower than estimated severance and termination benefit costs associated with the consolidation of the Company's Electronics operations in South America.

Other Activities

Business transformation costs of $5 million and $23 million were incurred during the three and nine months ended September 30, 2012, respectively, related to financial and advisory fees associated with the Company's transformation of its business portfolio and rationalization of its cost structure including, among other things, the investigation of potential transactions for the sale, merger or other combination of certain businesses.

The Company recorded bankruptcy-related costs of $1 million and $8 million during the nine-month periods ended September 30, 2012 and 2011, respectively, which were the result of amounts directly associated with the bankruptcy claims settlement process under Chapter 11.

In August 2012, the Company sold its 50% ownership interest in R-Tek Limited, a UK-based Interiors joint venture, for cash proceeds of approximately $30 million, resulting in a gain of $19 million.

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Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2012

Other Liabilities [Abstract]

Schedule Of Accrued Liabilities [Table Text Block]

Other current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Product warranty and recall reserves	$	40	$	42
Deferred income	37		21
Non-income taxes payable	36		41
Payables to non-consolidated affiliates	31		24
Accrued interest payable	16		7
Income taxes payable	13		29
Restructuring reserves	8		26
Accrued legal reserves	7		8
Claims settlement accruals	2		9
Foreign currency hedges	—		16
Other accrued liabilities	58		44
	$	248	$	267

Schedule Of Other Non-current Liabilities [Table Text Block]

Other non-current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Income tax reserves	$	106	$	97
Deferred income	60		42
Non-income taxes payable	45		44
Product warranty and recall reserves	25		24
Legal and environmental reserves	7		8
Other accrued liabilities	8		10
	$	251	$	225

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Condensed Consolidating Statement of Comprehensive Income (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Condensed Consolidating Statements of Comprehensive Income [Abstract]

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

	Three Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	70		$	320	$	1,435		$	(201	)	$	1,624
Cost of sales	128			265		1,303			(201		)	1,495
Gross margin	(58		)	55		132			—			129
Selling, general and administrative expenses	25			14		50			—			89
Interest expense, net	11			—		2			—			13
Loss on debt extinguishment	1			—		3			—			4
Equity in net income of non-consolidated affiliates	—			—		38			—			38
Restructuring and other expenses (income)	5			—		(16		)	—			(11		)
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(100		)	41		131			—			72
Provision for income taxes	2			—		31			—			33
(Loss) income from continuing operations before earnings of subsidiaries	(102		)	41		100			—			39
Equity in earnings of consolidated subsidiaries	120			70		—			(190		)	—
Income from continuing operations	18			111		100			(190		)	39
(Loss) income from discontinued operations, net of tax	(3		)	4		(6		)	—			(5		)
Net income	15			115		94			(190		)	34
Net income attributable to non-controlling interests	—			—		19			—			19
Net income attributable to Visteon Corporation	$	15		$	115	$	75		$	(190	)	$	15
Comprehensive income:
Comprehensive income	$	61		$	165	$	157		$	(287	)	$	96
Comprehensive income attributable to Visteon Corporation	$	61		$	165	$	124		$	(287	)	$	63

	Three Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	50		$	377		$	1,790		$	(308	)	$	1,909
Cost of sales	94			318			1,666			(308		)	1,770
Gross margin	(44		)	59			124			—			139
Selling, general and administrative expenses	25			17			53			—			95
Interest expense (income), net	10			(5		)	—			—			5
Equity in net income of non-consolidated affiliates	—			—			43			—			43
Restructuring and other expenses	—			—			1			—			1
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(79		)	47			113			—			81
Provision for income taxes	6			—			19			—			25
(Loss) income from continuing operations before earnings of subsidiaries	(85		)	47			94			—			56
Equity in earnings of consolidated subsidiaries	133			15			—			(148		)	—
Income from continuing operations	48			62			94			(148		)	56
(Loss) income from discontinued operations, net of tax	(7		)	14			(3		)	—			4
Net income	41			76			91			(148		)	60
Net income attributable to non-controlling interests	—			—			19			—			19
Net income attributable to Visteon Corporation	$	41		$	76		$	72		$	(148	)	$	41
Comprehensive loss:
Comprehensive loss	$	(84	)	$	(65	)	$	(48	)	$	95		$	(102	)
Comprehensive loss attributable to Visteon Corporation	$	(84	)	$	(65	)	$	(30	)	$	95		$	(84	)

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	172		$	1,038		$	4,627		$	(803	)	$	5,034
Cost of sales	347			856			4,243			(803		)	4,643
Gross margin	(175		)	182			384			—			391
Selling, general and administrative expenses	59			47			161			—			267
Interest expense (income), net	30			(2		)	—			—			28
Loss on debt extinguishment	1			—			3			—			4
Equity in net income of non-consolidated affiliates	—			—			183			—			183
Restructuring and other expenses	21			—			42			—			63
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(286		)	137			361			—			212
Provision for income taxes	3			—			99			—			102
(Loss) income from continuing operations before earnings of subsidiaries	(289		)	137			262			—			110
Equity in earnings of consolidated subsidiaries	365			189			—			(554		)	—
Income from continuing operations	76			326			262			(554		)	110
(Loss) income from discontinued operations, net of tax	(15		)	42			(30		)	—			(3		)
Net income	61			368			232			(554		)	107
Net income attributable to non-controlling interests	—			—			46			—			46
Net income attributable to Visteon Corporation	$	61		$	368		$	186		$	(554	)	$	61
Comprehensive income:
Comprehensive income	$	103		$	412		$	294		$	(646	)	$	163
Comprehensive income attributable to Visteon Corporation	$	103		$	412		$	234		$	(646	)	$	103

	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	138		$	1,149		$	5,436		$	(918	)	$	5,805
Cost of sales	301			916			5,032			(918		)	5,331
Gross margin	(163		)	233			404			—			474
Selling, general and administrative expenses	75			48			168			—			291
Interest expense (income), net	30			(10		)	1			—			21
Loss on debt extinguishment	24			—			—			—			24
Equity in net income of non-consolidated affiliates	—			—			130			—			130
Restructuring and other expenses	11			—			18			—			29
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(303		)	195			347			—			239
Provision (benefit) for income taxes	1			(2		)	88			—			87
(Loss) income from continuing operations before earnings of subsidiaries	(304		)	197			259			—			152
Equity in earnings of consolidated subsidiaries	431			162			—			(593		)	—
Income from continuing operations	127			359			259			(593		)	152
(Loss) income from discontinued operations, net of tax	(21		)	41			(12		)	—			8
Net income	106			400			247			(593		)	160
Net income attributable to non-controlling interests	—			—			54			—			54
Net income attributable to Visteon Corporation	$	106		$	400		$	193		$	(593	)	$	106
Comprehensive income:
Comprehensive income	$	74		$	367		$	192		$	(523	)	$	110
Comprehensive income attributable to Visteon Corporation	$	74		$	367		$	156		$	(523	)	$	74

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Debt (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended									9 Months Ended	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jul. 03, 2012	Dec. 31, 2011	Sep. 30, 2012 U.S. Asset-backed Lending Facility and Related Letters of Credit [Member]	Dec. 31, 2011 U.S. Asset-backed Lending Facility and Related Letters of Credit [Member]	Sep. 30, 2012 LOC Facility issued by local affiliates [Member]	Sep. 30, 2012 LOC Facility issued by local affiliates with cash collateral [Member] [Member]	Sep. 30, 2012 Affiliated Entity [Member]	Sep. 30, 2012 Asset-backed Securities [Member]	Sep. 30, 2012 Bridge Loan [Member]	Jul. 04, 2012 Korea (South), Won Borrowings [Member]	Jul. 04, 2012 Korea (South), Won Debt Capacity available for borrowing [Member]	Jul. 04, 2012 United States of America, Dollars Borrowings [Member]	Jul. 04, 2012 United States of America, Dollars Debt Capacity available for borrowing [Member]	Jul. 04, 2012 Halla Climate Control Corporation [Member]
Debt Instrument [Line Items]
Short-term debt	$ 89		$ 89			$ 87					$ 89
Long-term debt	506		506			512
Current portion of long-term debt						1
Other - short-term	89		89			86						13
6.75% senior notes due April 15, 2019	495		495			494
Other	11		11			18					11
Total long-term debt	506		506			512
Total debt	595		595			599					100
Revolver, current borrowing capacity	156		156
Revolver, maximum borrowing capacity					175
Amended LOC Agreement facility capacity	15		15
Percent of Collateral to The Aggregated Stated Amount of The LOCs			103.00%
Outstanding letters of credit							9	11	13	8
Working capital facility availability											193
Servicing fee on receivables sold												30 basis point
Financing fee on advanced portion												75 basis point
Pledged Receivables	47		47
Noncontrolling Interest, Owenership shares by Noncontrolling Owners																		32.0
Bridge Loan														925,000	1,000,000	815	881
Gains (Losses) on Extinguishment of Debt	4	0	4	24
Interest Expense, Debt													5
Fair value of debt	$ 621		$ 621			$ 587

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Consolidated Statements of Comprehensive Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Sales	$ 1,624	$ 1,909	$ 5,034	$ 5,805
Cost of sales	1,495	1,770	4,643	5,331
Gross margin	129	139	391	474
Selling, general and administrative expenses	89	95	267	291
Interest expense	17	10	39	37
Interest income	4	5	11	16
Loss on debt extinguishment	4	0	4	24
Equity in net income of non-consolidated affiliates	38	43	183	130
Restructuring and other (income) expenses	(11)	1	63	29
Income from continuing operations before income taxes	72	81	212	239
Provision for income taxes	33	25	102	87
Income from continuing operations	39	56	110	152
(Loss) income from discontinued operations, net of tax	(5)	4	(3)	8
Net income	34	60	107	160
Net income attributable to non-controlling interests	19	19	46	54
Net income attributable to Visteon Corporation	15	41	61	106
Basic Earnings (loss) per share:
Continuing operations	$ 0.37	$ 0.72	$ 1.21	$ 1.92
Discontinued operations	$ (0.09)	$ 0.08	$ (0.06)	$ 0.15
Basic earnings attributable to Visteon Corporation	$ 0.28	$ 0.80	$ 1.15	$ 2.07
Diluted earnings (loss) per share:
Continuing operations	$ 0.37	$ 0.71	$ 1.20	$ 1.89
Discontinued operations	$ (0.09)	$ 0.08	$ (0.06)	$ 0.15
Diluted earnings attributable to Visteon Corporation	$ 0.28	$ 0.79	$ 1.14	$ 2.04
Comprehensive income:
Comprehensive income (loss)	96	(102)	163	110
Comprehensive income (loss) attributable to Visteon Corporation	$ 63	$ (84)	$ 103	$ 74

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Restructuring and Other (Income) / Expenses (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Restructuring Charges	$ 2			$ 1	$ 44	$ 18
Loss on asset contribution	0			0	14	0
Transformation Costs	5			0	23	3
Bankruptcy related costs	1			0	1	8
Gain on sale of joint venture interest	(19)			0	(19)	0
Restructuring and other (income) expenses	(11)			1	63	29
Restructuring Reserve, Current	8	9	14		8		26
Restructuring Reserve, Period Expense	2	1	41			27
Restructuring Reserve, Settled with Cash	(3)	(6)	(53)
Restructuring Reserve, Accrual Adjustment						9
Cost Recovery					19
Reimbursment from Ford					23		4
Electronics [Member]
Restructuring Reserve, Current	1	1	6		1		19
Restructuring Reserve, Period Expense			36
Restructuring Reserve, Settled with Cash		(5)	(49)
Interiors [Member]
Restructuring Reserve, Current	6	7	7		6		6
Restructuring Reserve, Period Expense			4
Restructuring Reserve, Settled with Cash	(1)		(3)
Climate [Member]
Restructuring Reserve, Current	1	1	1		1		1
Restructuring Reserve, Period Expense	2	1	1
Restructuring Reserve, Settled with Cash	(2)	(1)	(1)
Cadiz Electronics Plant Closure [Member]
Restructuring Charges			36
2011 One European Interiors Plant Program [Member] | Interiors [Member]
Restructuring Reserve, Accrual Adjustment						7
2011 Action on South American Interiors Facility [Member] | Electronics [Member]
Restructuring Reserve, Accrual Adjustment						2
Employee Severance [Member] | Cadiz Electronics Plant Closure [Member]
Restructuring Charges			31			22
Restructuring Reserve, Settled with Cash			48
Employee Severance [Member] | 2011 Action on Two European Interiors Plants [Member]
Restructuring Charges						5
Costs related to assets contribution [Member] | Cadiz Electronics Plant Closure [Member]
Restructuring Charges			5
Loss on asset contribution			14
Restructuring Reserve, Settled with Cash		4
R-Tek Ltd. [Member]
Gain on sale of joint venture interest	19
Proceeds from sales of business, affiliate and productive assets	$ 30

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Basis of Presentation

9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation [Text Block]

NOTE 1. Basis of Presentation

Description of Business: Visteon Corporation (the “Company” or “Visteon”) is a supplier of climate, interiors and electronics systems, modules and components to global automotive original equipment manufacturers (“OEMs”). Headquartered in Van Buren Township, Michigan, Visteon has a workforce of approximately 22,000 employees and a network of manufacturing operations, technical centers and joint ventures in every major geographic region of the world.

Interim Financial Statements: The unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. These interim consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results.

Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect amounts reported herein. Management believes that such estimates, judgments and assumptions are reasonable and appropriate. However, due to the inherent uncertainty involved, actual results may differ from those provided in the Company's consolidated financial statements.

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation.

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and all subsidiaries that are more than 50% owned and over which the Company exercises control. Investments in affiliates of greater than 20% and for which the Company exercises significant influence but does not exercise control are accounted for using the equity method.

Revenue Recognition: The Company records revenue when persuasive evidence of an arrangement exists, delivery occurs or services are rendered, the sales price 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.

Reorganization under Chapter 11 of the U.S. Bankruptcy Code: On May 28, 2009, Visteon and certain of its U.S. subsidiaries (the “Debtors”) filed voluntary petitions for reorganization relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) in response to sudden and severe declines in global automotive production during the latter part of 2008 and early 2009 and the resulting adverse impact on the Company’s cash flows and liquidity. On August 31, 2010, the Court entered an order confirming the Debtors’ joint plan of reorganization. On October 1, 2010 (the “Effective Date”), all conditions precedent to the effectiveness of the Plan and related documents were satisfied or waived and the Company emerged from bankruptcy. The Company adopted fresh-start accounting upon emergence from the Chapter 11 Proceedings and became a new entity for financial reporting purposes as of the Effective Date.

Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $9 million of collateral for the Letter of Credit Facility with US Bank National Association, and $10 million related to cash collateral for other corporate purposes at September 30, 2012.

New Accounting Pronouncements: In June 2011, the Financial Accounting Standards Board ("FASB") issued guidance amending comprehensive income disclosures retrospectively, for fiscal years, and interim reporting periods within those years, beginning after December 15, 2011. This guidance requires disclosures of all non-owner changes (components of comprehensive income) in stockholders’ equity to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company adopted these new disclosure requirements with effect from January 1, 2012.

In July 2012, the FASB issued guidance on testing indefinite-lived intangible assets for impairment. This guidance allows the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired or the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. The Company does not expect this guidance to have a material impact on its consolidated financial statements.

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Earnings Per Share Table (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Numerator:
Income from continuing operations	$ 20	$ 37	$ 64	$ 98
(Loss) income from discontinued operations, net of tax	(5)	4	(3)	8
Net income attributable to Visteon Corporation	$ 15	$ 41	$ 61	$ 106
Denominator:
Average common stock outstanding	53.3	51.5	53.1	51.1
Dilutive effect of warrants	0.5	0.5	0.4	0.9
Diluted shares	53.8	52.0	53.5	52.0
Continuing operations	$ 0.37	$ 0.72	$ 1.21	$ 1.92
Discontinued operations	$ (0.09)	$ 0.08	$ (0.06)	$ 0.15
Basic (loss) earnings per share attributable to Visteon	$ 0.28	$ 0.80	$ 1.15	$ 2.07
Continuing operations	$ 0.37	$ 0.71	$ 1.20	$ 1.89
Discontinued operations	$ (0.09)	$ 0.08	$ (0.06)	$ 0.15
Diluted (loss) earnings per share attributable to Visteon	$ 0.28	$ 0.79	$ 1.14	$ 2.04

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Shareholders' Equity and Non-controlling Interests (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Equity [Abstract]

Schedule of Stockholders Equity [Table Text Block]

The tables below provide a reconciliation of the carrying amount of total shareholders' equity, including shareholders' equity attributable to Visteon and equity attributable to non-controlling interests ("NCI") for the three and nine months ended September 30, 2012 and 2011.

	Three Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,433		$	695		$	2,128		$	1,443		$	713		$	2,156
Income from continuing operations	20			19			39			37			19			56
(Loss) income from discontinued operations	(5		)	—			(5		)	4			—			4
Net income	15			19			34			41			19			60
Other comprehensive income (loss)
Foreign currency translation adjustment	44			13			57			(102		)	(31		)	(133		)
Pension and other postretirement benefits	2			—			2			(3		)	—			(3		)
Unrealized hedging gains and other	2			1			3			(20		)	(6		)	(26		)
Total other comprehensive income (loss)	48			14			62			(125		)	(37		)	(162		)
Stock-based compensation, net	3			—			3			10			—			10
Warrant exercises	—			—			—			4			—			4
Dividends to non-controlling interests	—			(5		)	(5		)	—			(1		)	(1		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

	Nine Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,307		$	690		$	1,997		$	1,260		$	690		$	1,950
Income from continuing operations	64			46			110			98			54			152
(Loss) income from discontinued operations	(3		)	—			(3		)	8			—			8
Net income	61			46			107			106			54			160
Other comprehensive income (loss)
Foreign currency translation adjustment	25			10			35			(18		)	(13		)	(31		)
Pension and other postretirement benefits	1			—			1			—			—			—
Unrealized hedging gains and other	16			4			20			(14		)	(5		)	(19		)
Total other comprehensive income (loss)	42			14			56			(32		)	(18		)	(50		)
Stock-based compensation, net	16			—			16			30			—			30
Common stock contribution to U.S. pension plans	73			—			73			—			—			—
Warrant exercises	—			—			—			9			—			9
Dividends to non-controlling interests	—			(27		)	(27		)	—			(32		)	(32		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

Schedule of Non-controlling Interests [Table Text Block]

Non-controlling interests in the Visteon Corporation economic entity are as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Halla Climate Control Corporation	$	692	$	660
Visteon Interiors Korea Ltd	19		20
Other	12		10
Total non-controlling interests	$	723	$	690

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The Accumulated other comprehensive income (loss) (“AOCI”) category of Shareholders’ equity, net of tax, includes:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Foreign currency translation adjustments	$	(16	)	$	(41	)
Pension and other postretirement benefit adjustments	26			25
Unrealized gains (losses) on derivatives	7			(9		)
Total accumulated other comprehensive income (loss)	$	17		$	(25	)

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Segment Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended								3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Sep. 30, 2012 Climate [Member]	Sep. 30, 2011 Climate [Member]	Sep. 30, 2012 Climate [Member]	Sep. 30, 2011 Climate [Member]	Dec. 31, 2011 Climate [Member]	Sep. 30, 2012 Electronics [Member]	Sep. 30, 2011 Electronics [Member]	Sep. 30, 2012 Electronics [Member]	Sep. 30, 2011 Electronics [Member]	Dec. 31, 2011 Electronics [Member]	Sep. 30, 2012 Interiors [Member]	Sep. 30, 2011 Interiors [Member]	Sep. 30, 2012 Interiors [Member]	Sep. 30, 2011 Interiors [Member]	Dec. 31, 2011 Interiors [Member]	Sep. 30, 2012 Eliminations [Member]	Sep. 30, 2011 Eliminations [Member]	Sep. 30, 2012 Eliminations [Member]	Sep. 30, 2011 Eliminations [Member]	Dec. 31, 2011 Other [Member]	Sep. 30, 2012 Product Groups [Member]	Dec. 31, 2011 Product Groups [Member]	Sep. 30, 2012 Corporate [Member]	Dec. 31, 2011 Corporate [Member]	Dec. 31, 2011 Lighting [Member]	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2011 Yanfeng [Member]	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2012 Yanfeng [Member]	Sep. 30, 2011 Yanfeng [Member]
Segment Reporting Information [Line Items]
Sales	$ 1,624	$ 1,909	$ 5,034	$ 5,805		$ 1,024	$ 1,003	$ 3,112	$ 3,040		$ 298	$ 338	$ 919	$ 1,047		$ 313	$ 606	$ 1,070	$ 1,854		$ (11)	$ (38)	$ (67)	$ (136)
Gross margin	129	139	391	474		89	78	259	256		19	30	76	104		21	31	56	114
Total Adjusted EBITDA	131	168	432	531		70	69	216	228		13	33	58	96		45	55	131	180
Discontinued operations	3	11	27	27
Interest expense, net	13	5	28	21
Loss on debt extinguishment	4	0	4	24
Provision for income taxes	33	25	102	87
Depreciation and amortization	64	81	195	232
Restructuring and other (income) expenses	(11)	1	63	29
Equity investment gain																															0	0	(63)	(63)	0
Other non-operating costs, net	5	8	12	13
Adjustments to EBITDA of discontinued operations	8	7	30	19
Net Income attributable to Visteon	15	41	61	106
Inventories, net	408		408		381	290		290		236	66		66		66	49		49		47					32	405	381	3		31
Property and equipment, net	$ 1,278		$ 1,278		$ 1,412	$ 942		$ 942		$ 934	$ 120		$ 120		$ 144	$ 164		$ 164		$ 171					$ 42	$ 1,226	$ 1,291	$ 52	$ 121	$ 42

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 17. Commitments and Contingencies

Guarantees and Commitments

The Company has guaranteed approximately $37 million of subsidiary lease payments under various arrangements generally spanning between one to ten years in duration, and $6 million for affiliate credit lines and other credit support agreements. In connection with an agreement entered in 2009 with the Pension Benefit Guarantee Corporation ("PBGC"), the Company agreed to provide a guarantee by certain affiliates of contingent pension obligations of up to $30 million, the term of this guarantee is dependent upon events as specifically set forth in the PBGC agreement.

Litigation and Claims

Several current and former employees of Visteon Deutschland GmbH (“Visteon Germany”) filed civil actions against Visteon Germany in various German courts beginning in August 2007 seeking damages for the alleged violation of German pension laws that prohibit the use of pension benefit formulas that differ for salaried and hourly employees without adequate justification. Several of these actions have been joined as pilot cases. In a written decision issued in April 2010, the Federal Labor Court issued a declaratory judgment in favor of the plaintiffs in the pilot cases. To date, more than 750 current and former employees have filed similar actions or have inquired as to or been granted additional benefits, and an additional 600 current and former employees are similarly situated. The Company's remaining reserve for unsettled cases is approximately $6 million and is based on the Company’s best estimate as to the number and value of the claims that will be made in connection with the pension plan. However, the Company’s estimate is subject to many uncertainties which could result in Visteon Germany incurring amounts in excess of the reserved amount of up to approximately $8 million.

The Company's operations in Brazil are subject to highly complex labor, tax, customs and other laws. While the Company believes that it is in compliance with such laws, it is periodically engaged in litigation regarding the application of these laws. As of September 30, 2012, the Company maintained accruals of approximately $9 million for claims aggregating approximately $141 million. The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company's assessment of the claims and prior experience with similar matters.

On May 28, 2009, the Debtors filed voluntary petitions in the Court seeking reorganization relief under the provisions of chapter 11 of the Bankruptcy Code. The Debtors’ chapter 11 cases have been assigned to the Honorable Christopher S. Sontchi and are being jointly administered as Case No. 09-11786. The Debtors continued to operate their business as debtors-in-possession under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Court until their emergence on October 1, 2010. Under section 362 of the Bankruptcy Code, the filing of a bankruptcy petition automatically stayed most actions against a debtor, including most actions to collect pre-petition indebtedness or to exercise control over the property of the debtor’s estate. Substantially all pre-petition liabilities and claims relating to rejected executory contracts and unexpired leases have been settled under the Debtor’s plan of reorganization, however, the ultimate amounts to be paid in settlement of each those claims will continue to be subject to the uncertain outcome of litigation, negotiations and Court decisions for a period of time after the Effective Date.

In December of 2009, the Court granted the Debtors' motion in part authorizing them to terminate or amend certain other postretirement employee benefits, including health care and life insurance. On December 29, 2009, the IUE-CWA, the Industrial Division of the Communications Workers of America, AFL-CIO, CLC, filed a notice of appeal of the Court's order with the District Court. By order dated March 31, 2010, the District Court affirmed the Court's order in all respects. On April 1, 2010, the IUE filed a notice of appeal. On July 13, 2010, the Circuit Court reversed the order of the District Court as to the IUE-CWA and directed the District Court to, among other things, direct the Court to order the Company to take whatever action is necessary to immediately restore terminated or modified benefits to their pre-termination/modification levels. On July 27, 2010, the Company filed a Petition for Rehearing or Rehearing En Banc requesting that the Circuit Court review the panel’s decision, which was denied. By orders dated August 30, 2010, the Court ruled that the Company should restore certain other postretirement employee benefits to the appellant-retirees and also to salaried retirees and certain retirees of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”). On September 1, 2010, the Company filed a Notice of Appeal to the District Court of the Court's decision to include non-appealing retirees, and on September 15, 2010 the UAW filed a Notice of Cross-Appeal. On July 25, 2012, the District Court ruled in the Company's favor on both appeals. The Company reached an agreement with the original appellants in late-September 2010, which resulted in the Company not restoring other postretirement employee benefits of such retirees. On September 30, 2010, the UAW filed a complaint, which it amended on October 1, 2010, in the United States District Court for the Eastern District of Michigan seeking, among other things, a declaratory judgment to prohibit the Company from terminating certain other postretirement employee benefits for UAW retirees after the Effective Date. The Company has filed a motion to dismiss the UAW's complaint and a motion to transfer the case to the District of Delaware, which motions are pending. In July 2011, the Company engaged in mediation with the UAW, which was not successful. As of September 30, 2012, the Company maintains an accrual for claims that are deemed probable of loss and are reasonably estimable based on the Company's assessment of the claims and prior experience with similar matters.

While the Company believes its accruals for litigation and claims are adequate, the final amounts required to resolve such matters could differ materially from recorded estimates and the Company's results of operations and cash flows could be materially affected.

Product Warranty and Recall

Amounts accrued for product warranty and recall claims are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company’s estimates for product warranty and recall obligations are developed with support from its sales, engineering, quality and legal functions and include due consideration of contractual arrangements, past experience, current claims and related information, production changes, industry and regulatory developments and various other considerations. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued or beyond what the Company may recover from its suppliers. The following table provides a reconciliation of changes in the product warranty and recall claims liability for the nine-month periods ended September 30, 2012 and 2011.

	Nine Months Ended September 30
	2012			2011
	(Dollars in Millions)
Beginning balance	$	66		$	75
Accruals for products shipped	15			16
Currency	(1		)	—
Changes in estimates	(1		)	(11		)
Settlements	(14		)	(12		)
Ending balance	$	65		$	68

Environmental Matters

The Company is subject to the requirements of federal, state, local and foreign environmental and occupational safety and health laws and regulations and ordinances. These include laws regulating air emissions, water discharge and waste management. The Company is also subject to environmental laws requiring the investigation and cleanup of environmental contamination at properties it presently owns or operates and at third-party disposal or treatment facilities to which these sites send or arranged to send hazardous waste. The Company is aware of contamination at some of its properties. These sites are in various stages of investigation and cleanup. The Company currently is, has been, and in the future may become the subject of formal or informal enforcement actions or procedures.

Costs related to environmental assessments and remediation efforts at operating facilities, previously owned or operated facilities, 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 consolidated balance sheets. At September 30, 2012, the Company had recorded a reserve of approximately $1 million for environmental matters. However, estimating liabilities for environmental investigation and cleanup is complex and dependent upon a number of factors beyond the Company’s control and which may change dramatically. Accordingly, although the Company believes its reserve is adequate based on current information, the Company cannot provide any assurance that its ultimate environmental investigation and cleanup costs and liabilities will not exceed the amount of its current reserve.

Other Contingent Matters

Various legal actions, governmental investigations and proceedings and claims are pending or may be instituted or asserted in the future against the Company, including those arising out of alleged defects in the Company’s products; governmental regulations relating to safety; employment-related matters; customer, supplier and other contractual relationships; intellectual property rights; product warranties; product recalls; and environmental matters. Some of the foregoing matters may involve compensatory, punitive or antitrust or other treble damage claims in very large amounts, or demands for recall campaigns, environmental remediation programs, sanctions, or other relief which, if granted, would require very large expenditures. The Company enters into agreements that contain indemnification provisions in the normal course of business for which the risks are considered nominal and impracticable to estimate.

Contingencies are subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. Reserves have been established by the Company for matters discussed in the immediately foregoing paragraph where losses are deemed probable and reasonably estimable. It is possible, however, that some of the matters discussed in the foregoing paragraph could be decided unfavorably to the Company and could require the Company to pay damages or make other expenditures in amounts, or a range of amounts, that cannot be estimated at September 30, 2012 and that are in excess of established reserves. The Company does not reasonably expect, except as otherwise described herein, based on its analysis, that any adverse outcome from such matters would have a material effect on the Company’s financial condition, results of operations or cash flows, although such an outcome is possible.

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The table below provides details underlying the calculations of basic and diluted earnings (loss) per share.

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions, Except Per Share Amounts)
Numerator:
Income from continuing operations	$	20		$	37	$	64		$	98
(Loss) income from discontinued operations	(5		)	4		(3		)	8
Net income attributable to Visteon	$	15		$	41	$	61		$	106
Denominator:
Average common stock outstanding	53.3			51.5		53.1			51.1
Dilutive effect of warrants	0.5			0.5		0.4			0.9
Diluted shares	53.8			52.0		53.5			52.0
Basic and Diluted Earnings (Loss) Per Share Data:
Basic earnings (loss) per share:
Continuing operations	$	0.37		$	0.72	$	1.21		$	1.92
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Basic earnings per share attributable to Visteon	$	0.28		$	0.80	$	1.15		$	2.07
Diluted earnings (loss) per share:
Continuing operations	$	0.37		$	0.71	$	1.20		$	1.89
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Diluted earnings per share attributable to Visteon	$	0.28		$	0.79	$	1.14		$	2.04

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Condensed Consolidating Financial Information of Guarantor Subsidiaries

9 Months Ended

Sep. 30, 2012

Condensed Consolidating Financial Information of Guarantor Subsidiaries [Abstract]

Condensed Consolidating Financial Information of Guarantor Subsidiaries

NOTE 19. Condensed Consolidating Financial Information of Guarantor Subsidiaries

On April 6, 2011, the Company completed the sale of $500 million aggregate principal amount of 6.75% senior notes due April 15, 2019 (the "Original Senior Notes"). In January 2012, the Company exchanged substantially identical senior notes (the "Senior Notes") that have been registered under Securities Act of 1933, as amended, for all of the Original Senior Notes. The Senior Notes were issued under an Indenture (the “Indenture”), among the Company, the subsidiary guarantors named therein, and The Bank of New York Mellon Trust Company, N.A., as trustee. The Indenture and the form of Senior Notes provide, among other things, that the Senior Notes be senior unsecured obligations of the Company. Interest is payable on the Senior Notes on April 15 and October 15 of each year beginning on October 15, 2011 until maturity. Each of the Company’s existing and future wholly owned domestic restricted subsidiaries that guarantee debt under the Company’s revolving loan credit agreement guarantee the Senior Notes.

Guarantor Financial Statements

Certain subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest under the Company’s revolving loan credit agreement and the Senior Notes. The Guarantor Subsidiaries include: Visteon Electronics Corporation; Visteon European Holdings, Inc.; Visteon Global Treasury, Inc.; Visteon International Business Development, Inc.; Visteon International Holdings, Inc.; Visteon Global Technologies, Inc.; Visteon Systems, LLC; and VC Aviation Services, LLC.

The guarantor financial statements are comprised of the following condensed consolidating financial information:

• The Parent Company, the issuer of the guaranteed obligations;

• Guarantor subsidiaries, on a combined basis, as specified in the Indenture 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.

Certain prior period amounts have been reclassified to conform to current period presentation.

VISTEON CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	70		$	320	$	1,435		$	(201	)	$	1,624
Cost of sales	128			265		1,303			(201		)	1,495
Gross margin	(58		)	55		132			—			129
Selling, general and administrative expenses	25			14		50			—			89
Interest expense, net	11			—		2			—			13
Loss on debt extinguishment	1			—		3			—			4
Equity in net income of non-consolidated affiliates	—			—		38			—			38
Restructuring and other expenses (income)	5			—		(16		)	—			(11		)
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(100		)	41		131			—			72
Provision for income taxes	2			—		31			—			33
(Loss) income from continuing operations before earnings of subsidiaries	(102		)	41		100			—			39
Equity in earnings of consolidated subsidiaries	120			70		—			(190		)	—
Income from continuing operations	18			111		100			(190		)	39
(Loss) income from discontinued operations, net of tax	(3		)	4		(6		)	—			(5		)
Net income	15			115		94			(190		)	34
Net income attributable to non-controlling interests	—			—		19			—			19
Net income attributable to Visteon Corporation	$	15		$	115	$	75		$	(190	)	$	15
Comprehensive income:
Comprehensive income	$	61		$	165	$	157		$	(287	)	$	96
Comprehensive income attributable to Visteon Corporation	$	61		$	165	$	124		$	(287	)	$	63

	Three Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	50		$	377		$	1,790		$	(308	)	$	1,909
Cost of sales	94			318			1,666			(308		)	1,770
Gross margin	(44		)	59			124			—			139
Selling, general and administrative expenses	25			17			53			—			95
Interest expense (income), net	10			(5		)	—			—			5
Equity in net income of non-consolidated affiliates	—			—			43			—			43
Restructuring and other expenses	—			—			1			—			1
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(79		)	47			113			—			81
Provision for income taxes	6			—			19			—			25
(Loss) income from continuing operations before earnings of subsidiaries	(85		)	47			94			—			56
Equity in earnings of consolidated subsidiaries	133			15			—			(148		)	—
Income from continuing operations	48			62			94			(148		)	56
(Loss) income from discontinued operations, net of tax	(7		)	14			(3		)	—			4
Net income	41			76			91			(148		)	60
Net income attributable to non-controlling interests	—			—			19			—			19
Net income attributable to Visteon Corporation	$	41		$	76		$	72		$	(148	)	$	41
Comprehensive loss:
Comprehensive loss	$	(84	)	$	(65	)	$	(48	)	$	95		$	(102	)
Comprehensive loss attributable to Visteon Corporation	$	(84	)	$	(65	)	$	(30	)	$	95		$	(84	)

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	172		$	1,038		$	4,627		$	(803	)	$	5,034
Cost of sales	347			856			4,243			(803		)	4,643
Gross margin	(175		)	182			384			—			391
Selling, general and administrative expenses	59			47			161			—			267
Interest expense (income), net	30			(2		)	—			—			28
Loss on debt extinguishment	1			—			3			—			4
Equity in net income of non-consolidated affiliates	—			—			183			—			183
Restructuring and other expenses	21			—			42			—			63
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(286		)	137			361			—			212
Provision for income taxes	3			—			99			—			102
(Loss) income from continuing operations before earnings of subsidiaries	(289		)	137			262			—			110
Equity in earnings of consolidated subsidiaries	365			189			—			(554		)	—
Income from continuing operations	76			326			262			(554		)	110
(Loss) income from discontinued operations, net of tax	(15		)	42			(30		)	—			(3		)
Net income	61			368			232			(554		)	107
Net income attributable to non-controlling interests	—			—			46			—			46
Net income attributable to Visteon Corporation	$	61		$	368		$	186		$	(554	)	$	61
Comprehensive income:
Comprehensive income	$	103		$	412		$	294		$	(646	)	$	163
Comprehensive income attributable to Visteon Corporation	$	103		$	412		$	234		$	(646	)	$	103

	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Sales	$	138		$	1,149		$	5,436		$	(918	)	$	5,805
Cost of sales	301			916			5,032			(918		)	5,331
Gross margin	(163		)	233			404			—			474
Selling, general and administrative expenses	75			48			168			—			291
Interest expense (income), net	30			(10		)	1			—			21
Loss on debt extinguishment	24			—			—			—			24
Equity in net income of non-consolidated affiliates	—			—			130			—			130
Restructuring and other expenses	11			—			18			—			29
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(303		)	195			347			—			239
Provision (benefit) for income taxes	1			(2		)	88			—			87
(Loss) income from continuing operations before earnings of subsidiaries	(304		)	197			259			—			152
Equity in earnings of consolidated subsidiaries	431			162			—			(593		)	—
Income from continuing operations	127			359			259			(593		)	152
(Loss) income from discontinued operations, net of tax	(21		)	41			(12		)	—			8
Net income	106			400			247			(593		)	160
Net income attributable to non-controlling interests	—			—			54			—			54
Net income attributable to Visteon Corporation	$	106		$	400		$	193		$	(593	)	$	106
Comprehensive income:
Comprehensive income	$	74		$	367		$	192		$	(523	)	$	110
Comprehensive income attributable to Visteon Corporation	$	74		$	367		$	156		$	(523	)	$	74

VISTEON CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 30, 2012
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(Dollars in Millions)
ASSETS
Cash and equivalents	$	296	$	52	$	553	$	—		$	901
Accounts receivable, net	296		657		1,119		(904		)	1,168
Inventories	15		24		369		—			408
Other current assets	18		30		236		—			284
Total current assets	625		763		2,277		(904		)	2,761
Property and equipment, net	21		63		1,194		—			1,278
Investment in affiliates	2,048		1,640		—		(3,688		)	—
Equity in net assets of non-consolidated affiliates	—		—		734		—			734
Intangible assets, net	78		48		198		—			324
Other non-current assets	9		1		67		(4		)	73
Total assets	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	$	226	$	20	$	218	$	(375	)	$	89
Accounts payable	200		174		1,229		(526		)	1,077
Other current liabilities	74		35		305		(4		)	410
Total current liabilities	500		229		1,752		(905		)	1,576
Long-term debt	499		—		12		(5		)	506
Employee benefits	238		30		145		—			413
Other non-current liabilities	45		6		402		—			453
Shareholders’ equity:
Total Visteon Corporation shareholders’ equity	1,499		2,250		1,436		(3,686		)	1,499
Non-controlling interests	—		—		723		—			723
Total shareholders’ equity	1,499		2,250		2,159		(3,686		)	2,222
Total liabilities and shareholders’ equity	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170

	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		1,015		(719		)	1,071
Inventories	18		25		338		—			381
Other current assets	29		53		237		—			319
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

VISTEON CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30, 2012
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(75	)	$	101		$	137		$	—		$	163
Investing activities
Capital expenditures	(4		)	(8		)	(134		)	—			(146		)
Dividends received from consolidated subsidiaries	169			63			—			(232		)	—
Proceeds from business divestitures	14			—			86			—			100
Proceeds from asset sales	79			8			1			—			88
Other	—			—			(2		)	—			(2		)
Net cash provided from (used by) investing activities	258			63			(49		)	(232		)	40
Financing activities
Short-term debt, net	—			—			2			—			2
Proceeds from issuance of debt, net of issuance costs	—			—			812			—			812
Principal payments on debt	(1		)	—			(823		)	—			(824		)
Dividends paid to consolidated subsidiaries	—			(168		)	(64		)	232			—
Dividends to non-controlling interests	—			—			(23		)	—			(23		)
Net cash used by financing activities	(1		)	(168		)	(96		)	232			(33		)
Effect of exchange rate changes on cash and equivalents	—			1			7			—			8
Net increase (decrease) in cash and equivalents	182			(3		)	(1		)	—			178
Cash and equivalents at beginning of period	114			55			554			—			723
Cash and equivalents at end of period	$	296		$	52		$	553		$	—		$	901

	Nine Months Ended September 30, 2011
	Parent Company			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(Dollars in Millions)
Net cash (used by) provided from operating activities	$	(120	)	$	(76	)	$	251		$	—		$	55
Investing activities
Capital expenditures	(3		)	(10		)	(172		)	—			(185		)
Dividends received from consolidated subsidiaries	57			149			—			(206		)	—
Proceeds from asset sales	—			—			11			—			11
Other	—			—			(13		)	—			(13		)
Net cash provided from (used by) investing activities	54			139			(174		)	(206		)	(187		)
Financing activities
Cash restriction, net	55			—			(3		)	—			52
Short term debt, net	—			—			11			—			11
Proceeds from issuance of debt, net of issuance costs	492			—			11			—			503
Principal payments on debt	(501		)	—			(12		)	—			(513		)
Dividends paid to consolidated subsidiaries	—			(57		)	(149		)	206			—
Rights offering fees	(33		)	—			—			—			(33		)
Dividends to non-controlling interests	—			—			(29		)	—			(29		)
Other	3			—			—			—			3
Net cash provided from (used by) financing activities	16			(57		)	(171		)	206			(6		)
Effect of exchange rate changes on cash and equivalents	—			1			(10		)	—			(9		)
Net (decrease) increase in cash and equivalents	(50		)	7			(104		)	—			(147		)
Cash and equivalents at beginning of period	153			81			671			—			905
Cash and equivalents at end of period	$	103		$	88		$	567		$	—		$	758

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Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations [Text Block]

NOTE 2. Discontinued Operations

In March 2012, the Company entered into an agreement for the sale of assets and liabilities associated with the Company's Lighting operations to Varroccorp Holding BV and Varroc Engineering Pvt. Ltd. (together, "Varroc Group") for proceeds of approximately $90 million, including $20 million related to the Company's 50% equity interest in Visteon TYC Corporation (“VTYC”) (collectively the "Lighting Transaction"). On August 1, 2012, the Company completed the Lighting Transaction, excluding the Company's investment in VTYC, for proceeds of approximately $70 million, subject to purchase price adjustments. During the quarterly period ended March 31, 2012, the Company determined that assets and liabilities subject to the Lighting Transaction, excluding the Company's investment in VTYC, met the "held for sale" criteria under U.S. GAAP. The Company recorded related asset impairment charges of approximately $6 million and $19 million, respectively, during the three and nine-month periods ended September 30, 2012.

The Lighting operations represent a component of the Company's business. Accordingly, the results of operations of the Lighting business have been reclassified to “(Loss) income from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2012 and 2011. Discontinued operations are summarized as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Sales	$	32		$	128	$	297		$	383
Cost of sales	28			119		264			363
Gross margin	4			9		33			20
Selling, general and administrative expenses	1			3		7			9
Asset impairments	6			—		19			—
Interest expense	1			—		2			1
Other expenses	1			2		4			2
(Loss) income from discontinued operations before income taxes	(5		)	4		1			8
Provision for income taxes	—			—		4			—
Net (loss) income from discontinued operations attributable to Visteon Corporation	$	(5	)	$	4	$	(3	)	$	8

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and equivalents	$ 901	$ 723
Restricted cash	19	23
Accounts receivable, net	1,168	1,071
Inventories	408	381
Other current assets	265	296
Total current assets	2,761	2,494
Property and equipment, net	1,278	1,412
Equity in net assets of non-consolidated affiliates	734	644
Intangible assets, net	324	353
Other non-current assets	73	66
Total assets	5,170	4,969
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt, including current portion of long-term debt	89	87
Accounts payable	1,077	1,010
Accrued employee liabilities	162	189
Other current liabilities	248	267
Total current liabilities	1,576	1,553
Long-term debt	506	512
Employee benefits	413	495
Deferred tax liabilities	202	187
Other non-current liabilities	251	225
Shareholders' equity:
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding at September 30, 2012 and December 31, 2011)	0	0
Common stock (par value $0.01, 250 million shares authorized, 54 million and 52 million shares issued, 53 million and 52 million shares outstanding at September 30, 2012 and December 31, 2011, respectively)	1	1
Stock Warrants	13	13
Additional paid-in capital	1,258	1,165
Retained earnings	227	166
Accumulated other comprehensive income (loss)	17	(25)
Treasury stock	(17)	(13)
Total Visteon Corporation shareholders' equity	1,499	1,307
Non-controlling interests	723	690
Total shareholders' equity	2,222	1,997
Total liabilities and shareholders' equity	$ 5,170	$ 4,969

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Share Based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 12. Share Based Compensation

The Company, in connection with the appointment of a new Chief Executive Officer and President effective September 30, 2012, made an equity grant under the Visteon Corporation 2010 Incentive Plan consisting of 85,256 time-based restricted stock units and 345,914 performance based stock units. The restricted stock units vest in three equal annual installments on August 10, 2013, 2014, and 2015 subject to continued employment. The performance based stock units vest based on the Company's total shareholder return for the period between the grant date and December 31, 2015 and are subject to continued employment.

XML

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2012	Oct. 26, 2012
Entity Information [Line Items]
Entity Registrant Name	VISTEON CORP
Entity Central Index Key	0001111335
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		52,801,763
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

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Income Taxes

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13. Income Taxes

The Company's provision for income taxes in interim periods is computed by applying an estimated annual effective tax rate against income before income taxes, excluding equity in net income of non-consolidated affiliates for the period. Effective tax rates vary from period to period as separate calculations are performed for those countries where the Company's operations are profitable and whose results continue to be tax-effected and for those countries where full deferred tax valuation allowances exist and are maintained. The Company is also required to record the tax impact of certain other non-recurring tax items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. The need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries will continue to cause variability in the Company's quarterly and annual effective tax rates. Full valuation allowances against deferred tax assets in the U.S. and applicable foreign countries will be maintained until sufficient positive evidence exists to reduce or eliminate them. In this regard, it is reasonably possible that existing valuation allowances on approximately $5 million of deferred tax assets could be eliminated during 2012 as the Company continues to monitor the ability to generate the necessary taxable earnings to recover the deferred tax assets in certain foreign jurisdictions.

The Company provides for U.S. and non-U.S. income taxes and non-U.S. withholding taxes on the projected future repatriations of the earnings from its non-U.S. operations at each tier of the legal entity structure. During the three-month and nine-month periods ended September 30, 2012, the Company recognized expense of $5 million and $16 million, respectively, reflecting the Company's forecasts which contemplate numerous financial and operational considerations that impact future repatriations.

The Company's provision for income taxes for the three-month and nine-month periods ended September 30, 2012 of $33 million and $102 million, respectively, includes income tax expense in countries where the Company is profitable, withholding taxes, changes in uncertain tax benefits, and the inability to record a tax benefit for pre-tax losses in the U.S. and certain other jurisdictions to the extent not offset by other categories of income.

The amount of income tax expense or benefit allocated to continuing operations is generally determined without regard to the tax effects of other categories of income or loss, such as other comprehensive income.However, an exception to the general rule is provided when there is a pre-tax loss from continuing operations and net pre-tax income from other categories in the current year. In such instances, net pre-tax income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in continuing operations even when a valuation allowance has been established against the deferred tax assets. In instances where a valuation allowance is established against current year operating losses, net pre-tax income from other sources, including other comprehensive income, is considered when determining whether sufficient future taxable income exists to realize the deferred tax assets.

Unrecognized Tax Benefits

Gross unrecognized tax benefits were $135 million at September 30, 2012 and $123 million at December 31, 2011, of which approximately $72 million and $69 million, respectively, in each period represent the amount of unrecognized benefits that, if recognized, would impact the effective tax rate. The gross unrecognized tax benefit differs from that which would impact the effective tax rate due to uncertain tax positions embedded in other deferred tax attributes carrying a full valuation allowance. Since the uncertainty is expected to be resolved while a full valuation allowance is maintained, these uncertain tax positions should not impact the effective tax rate in current or future periods. During the three-month and nine-month periods ended September 30, 2012, the Company increased its gross unrecognized tax benefits for positions expected to be taken in future tax returns, primarily related to the allocation of costs among our global operations, and foreign currency impacts. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense. Accrued interest and penalties related to uncertain tax positions was $34 million at September 30, 2012 and $28 million at December 31, 2011.

The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various tax jurisdictions are subject to periodic examination by respective tax authorities. The Company regularly assesses the status of these examinations and the potential for adverse and/or favorable outcomes to determine the adequacy of its provision for income taxes. The Company believes that it has adequately provided for tax adjustments that it believes are more likely than not to be realized as a result of any ongoing or future examination.

Specifically, in June 2012, the Korean tax authorities commenced a review of Visteon's controlled subsidiary, Halla Climate Control Corporation ("Halla") for the tax years 2007 through 2011. In October 2012, the tax authorities issued a pre-assessment of approximately $18 million for alleged underpayment of withholding tax on dividends paid and other items, including certain management service fees charged by Visteon Corporation. The Company is considering potential next steps if the pre-assessment becomes finalized, including filing an appeal with the Korean Tax Tribunal. Pursuant to the Korean tax rules, it is possible a payment of the final assessment will need to be made in full in the fourth quarter of 2012 to pursue the appeals process. The Company believes it is more likely than not it will receive a favorable ruling when all of the available appeals have been exhausted.

With few exceptions, the Company is no longer subject to U.S. federal tax examinations for years before 2008 or state and local, or non-U.S. income tax examinations for years before 2002. Although it is not possible to predict the timing of the resolution of all ongoing tax audits with accuracy, it is reasonably possible that certain tax proceedings in Europe and Asia could conclude within the next twelve months and result in a significant change in the balance of gross unrecognized tax benefits. Given the number of years, jurisdictions and positions subject to examination, the Company is unable to estimate the full range of possible adjustments to the balance of unrecognized tax benefits. However, the Company believes it is reasonably possible that it will reduce the amount of its existing unrecognized tax benefits impacting the effective tax rate by $1 million to $3 million due to the lapse of statute of limitations.

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Consolidated Balance Sheets Consolidated Balance Sheet Parenthetical (USD $) In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250	250
Common Stock, Shares, Issued	54	52
Common Stock, Shares, Outstanding	53	52
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50	50
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

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Non-Consolidated Affiliates

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Non-Consolidated Affiliates

NOTE 7. Non-Consolidated Affiliates

The Company recorded equity in net income of non-consolidated affiliates of $38 million and $43 million for the three-month periods ended September 30, 2012 and 2011, respectively. For the nine-month periods ended September 30, 2012 and 2011, the Company recorded equity in net income of non-consolidated affiliates of $183 million and $130 million, respectively. Equity in net income of non-consolidated affiliates for the nine months ended September 30, 2012 includes $63 million representing Visteon's equity interest in a non-cash gain recorded by Yanfeng Visteon Automotive Trim Systems Co., Ltd (“Yanfeng”), a 50% owned non-consolidated affiliate of the Company. The gain resulted from the excess of fair value over carrying value of a former equity investee of Yanfeng that was consolidated effective June 1, 2012 pursuant to changes in the underlying joint venture agreement. The amounts recorded by Yanfeng are based on preliminary estimates of enterprise value, which remain subject to finalization. Final determination of the values may result in adjustments to the amount of the gain reported herein. The Company had $734 million and $644 million of equity in the net assets of non-consolidated affiliates at September 30, 2012 and December 31, 2011, respectively. The following table presents summarized financial data for the Company’s non-consolidated affiliates and reflects 100% of the operating results of such affiliates.

	Three Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	1,582	$	740	$	257	$	125	$	62	$	68
All other	404		211		46		38		15		19
	$	1,986	$	951	$	303	$	163	$	77	$	87

	Nine Months Ended September 30
	Net  Sales				Gross  Margin				Net  Income
	2012		2011		2012		2011		2012		2011
	(Dollars in Millions)
Yanfeng	$	3,366	$	2,199	$	557	$	362	$	319	$	200
All other	1,284		603		140		108		59		60
	$	4,650	$	2,802	$	697	$	470	$	378	$	260

Yanfeng sales and gross margin for the three months ended September 30, 2012 include approximately $727 million and $130 million, respectively, related to activity of a former equity investee that was consolidated effective June 1, 2012. Yanfeng sales and gross margin for the nine months ended September 30, 2012 include approximately $927 million and$170 million, respectively, related to post-consolidation activity of the aforementioned equity investee. Yanfeng net income for the nine months ended September 30, 2012 includes approximately $130 million associated with a non-cash gain on the consolidation of a former equity investee. Net sales for all other non-consolidated affiliates for the three and nine-month periods ended September 30, 2012 included $163 million and $571 million, respectively, related to Duckyang. The Company commenced equity method accounting for Duckyang from October 2011 following the sale of a controlling ownership interest and deconsolidation from the Company's financial statements.

The Company monitors its investments in the net assets of non-consolidated affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and fair value.

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Property and Equipment

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6. Property and Equipment

Property and equipment, net consists of the following:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Land	$	158		$	184
Buildings and improvements	264			311
Machinery, equipment and other	1,082			985
Construction in progress	73			106
	1,577			1,586
Accumulated depreciation	(374		)	(254		)
	1,203			1,332
Product tooling, net of amortization	75			80
Property and equipment, net	$	1,278		$	1,412

Property and equipment is depreciated principally using the straight-line method of depreciation over estimated useful lives. Generally, buildings and improvements are depreciated over a 40-year estimated useful life and machinery, equipment and other assets are depreciated over estimated useful lives ranging from 3 to 15 years. Product tooling is amortized using the straight-line method over the estimated life of the tool, generally not exceeding 6 years. Depreciation and amortization expenses are summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Depreciation	$	51	$	69	$	158	$	200
Amortization	3		5		8		14
	$	54	$	74	$	166	$	214

On April 17, 2012, the Company sold its corporate headquarters, which had a net book value of approximately $60 million, for proceeds of approximately $80 million. In connection with the sale, the Company entered into an agreement to lease back the corporate offices over a period of 15 years. The resulting gain on the sale of $20 million is being recognized into income over the lease term on a straight-line basis.

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Segment Information

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segment Information

NOTE 18. Segment Information

Segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker, or a decision-making group, in deciding the allocation of resources and in assessing performance. The Company’s Chief Operating Decision Making Group ("CODM Group"), comprised of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluates the performance of the Company’s segments primarily based on net sales, before elimination of inter-company shipments, gross margin, Adjusted EBITDA (as defined below) and operating assets. Gross margin is defined as total sales less costs to manufacture and product development and engineering expenses. The Company defines Adjusted EBITDA as net income attributable to the Company, plus net interest expense, provision for income taxes and depreciation as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain charges, reorganization items and other non-operating gains and losses. Operating assets include inventories and property and equipment utilized in the manufacture of the segments’ products.

The Company’s operating structure is organized by global product lines, including: Climate, Electronics and Interiors. These global product lines have financial and operating responsibility over the design, development and manufacture of the Company’s product portfolio. Global customer groups are responsible for the business development of the Company’s product portfolio and overall customer relationships. Certain functions such as procurement, information technology and other administrative activities are managed on a global basis with regional deployment. The Company’s reportable segments are as follows:

• Climate — The Company’s Climate product line includes climate air handling modules, powertrain cooling modules, heat exchangers, compressors, fluid transport and engine induction systems.

• 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.

• Interiors — The Company’s Interiors product line includes instrument panels, cockpit modules, door trim and floor consoles.

Segment Sales and Gross Margin

	Sales												Gross Margin
	Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
	September 30						September 30						September 30				September 30
	2012			2011			2012			2011			2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	1,024		$	1,003		$	3,112		$	3,040		$	89	$	78	$	259	$	256
Electronics	298			338			919			1,047			19		30		76		104
Interiors	313			606			1,070			1,854			21		31		56		114
Eliminations	(11		)	(38		)	(67		)	(136		)	—		—		—		—
Total consolidated	$	1,624		$	1,909		$	5,034		$	5,805		$	129	$	139	$	391	$	474

Segment Adjusted EBITDA

Through March 31, 2012, the Company evaluated performance based on Adjusted EBITDA on a consolidated basis as a performance measure and for planning and forecasting activities. Effective April 1, 2012, the Company began utilizing Adjusted EBITDA as a key performance measure considering key transformation efforts including the sale of the Company's lighting business completed on August 1, 2012. Adjusted EBITDA by segment for the three and nine months ended September 30, 2012 and 2011 is presented below:

	Adjusted EBITDA
	Three Months Ended				Nine Months Ended
	September 30				September 30
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	70	$	69	$	216	$	228
Electronics	13		33		58		96
Interiors	45		55		131		180
Discontinued operations	3		11		27		27
Total consolidated	$	131	$	168	$	432	$	531

Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to Visteon, plus net interest expense, provision for income taxes and depreciation and amortization, as further adjusted to eliminate the impact of asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, certain employee charges and benefits, reorganization items, and other non-operating gains and losses. Additionally, amounts below are inclusive of the Company's discontinued operations. Because not all companies use identical calculations this presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is not a recognized term under GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain debt covenants.

A reconciliation of Adjusted EBITDA to Net income attributable to Visteon is as follows:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Total Adjusted EBITDA	$	131		$	168	$	432		$	531
Interest expense, net	13			5		28			21
Loss on debt extinguishment	4			—		4			24
Provision for income taxes	33			25		102			87
Depreciation and amortization	64			81		195			232
Restructuring and other expenses	(11		)	1		63			29
Equity investment gain	—			—		(63		)	—
Other non-operating costs, net	5			8		12			13
Discontinued operations	8			7		30			19
Net income attributable to Visteon	$	15		$	41	$	61		$	106

Segment Operating Assets    

	Inventories, net				Property and Equipment, net
	September 30		December 31		September 30		December 31
	2012		2011		2012		2011
	(Dollars in Millions)
Climate	$	290	$	236	$	942	$	934
Electronics	66		66		120		144
Interiors	49		47		164		171
Other	—		32		—		42
Total product groups	405		381		1,226		1,291
Corporate	3		—		52		121
Total consolidated	$	408	$	381	$	1,278	$	1,412

Other includes assets of the Company's discontinued Lighting operations as of December 31, 2011 (Inventories, net of $31 million and Property and equipment, net of $42 million). These assets were sold in connection with the sale of the Lighting business on August 1, 2012 . See Note 2, "Discontinued Operations" for further details.

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Shareholders' Equity and Non-controlling Interests

9 Months Ended

Sep. 30, 2012

Equity [Abstract]

Shareholders' Equity and Non-controlling Interests

NOTE 14. Shareholders’ Equity and Non-controlling Interests

The tables below provide a reconciliation of the carrying amount of total shareholders' equity, including shareholders' equity attributable to Visteon and equity attributable to non-controlling interests ("NCI") for the three and nine months ended September 30, 2012 and 2011.

	Three Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,433		$	695		$	2,128		$	1,443		$	713		$	2,156
Income from continuing operations	20			19			39			37			19			56
(Loss) income from discontinued operations	(5		)	—			(5		)	4			—			4
Net income	15			19			34			41			19			60
Other comprehensive income (loss)
Foreign currency translation adjustment	44			13			57			(102		)	(31		)	(133		)
Pension and other postretirement benefits	2			—			2			(3		)	—			(3		)
Unrealized hedging gains and other	2			1			3			(20		)	(6		)	(26		)
Total other comprehensive income (loss)	48			14			62			(125		)	(37		)	(162		)
Stock-based compensation, net	3			—			3			10			—			10
Warrant exercises	—			—			—			4			—			4
Dividends to non-controlling interests	—			(5		)	(5		)	—			(1		)	(1		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

	Nine Months Ended September 30
	2012									2011
	Visteon			NCI			Total			Visteon			NCI			Total
	(Dollars in Millions)
Shareholders' equity beginning balance	$	1,307		$	690		$	1,997		$	1,260		$	690		$	1,950
Income from continuing operations	64			46			110			98			54			152
(Loss) income from discontinued operations	(3		)	—			(3		)	8			—			8
Net income	61			46			107			106			54			160
Other comprehensive income (loss)
Foreign currency translation adjustment	25			10			35			(18		)	(13		)	(31		)
Pension and other postretirement benefits	1			—			1			—			—			—
Unrealized hedging gains and other	16			4			20			(14		)	(5		)	(19		)
Total other comprehensive income (loss)	42			14			56			(32		)	(18		)	(50		)
Stock-based compensation, net	16			—			16			30			—			30
Common stock contribution to U.S. pension plans	73			—			73			—			—			—
Warrant exercises	—			—			—			9			—			9
Dividends to non-controlling interests	—			(27		)	(27		)	—			(32		)	(32		)
Shareholders' equity ending balance	$	1,499		$	723		$	2,222		$	1,373		$	694		$	2,067

On July 30, 2012, Visteon's board of directors authorized the repurchase of up to $100 million of the Company's common stock over the subsequent two year period. The Company anticipates that repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors.

Non-controlling Interests

Non-controlling interests in the Visteon Corporation economic entity are as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Halla Climate Control Corporation	$	692	$	660
Visteon Interiors Korea Ltd	19		20
Other	12		10
Total non-controlling interests	$	723	$	690

The Company holds a 70% interest in 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.

Accumulated Other Comprehensive Income (Loss)

The Accumulated other comprehensive income (loss) (“AOCI”) category of Shareholders’ equity, net of tax, includes:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Foreign currency translation adjustments	$	(16	)	$	(41	)
Pension and other postretirement benefit adjustments	26			25
Unrealized gains (losses) on derivatives	7			(9		)
Total accumulated other comprehensive income (loss)	$	17		$	(25	)

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Debt

3 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Debt [Text Block]

NOTE 10. Debt

As of September 30, 2012, the Company had debt outstanding of $89 million and $506 million classified as short-term debt and long-term debt, respectively. The Company’s short and long-term debt balances consist of the following:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Short-term debt
Current portion of long-term debt	$	—	$	1
Other – short-term	89		86
Total short-term debt	89		87
Long-term debt
6.75% senior notes due April 15, 2019	495		494
Other	11		18
Total long-term debt	506		512
Total debt	$	595	$	599

As of September 30, 2012, the Company's revolving loan credit agreement had a borrowing capacity of $156 million, and no amounts were outstanding. On April 3, 2012, the Company entered into an amendment to the revolving loan credit agreement to allow for the potential sale of the Lighting assets as well as the sale and leaseback of the Company's U.S. corporate headquarters. On July 3, 2012, the Company entered into an amendment to the revolving loan credit agreement to, among other things, reduce the aggregate lending commitment to $175 million and modify certain restrictive covenants to permit certain asset dispositions, hedging and similar arrangements and the incurrence of limited categories of indebtedness.

In connection with the Company's $15 million Letter of Credit ("LOC") Facility with US Bank National Association, the Company must continue to maintain a collateral account equal to 103% of the aggregated stated amount of the LOCs with reimbursement of any draws. As of September 30, 2012 and December 31, 2011, the Company had $9 million and $11 million of outstanding letters of credit issued under this facility and secured by restricted cash, respectively. In addition, the Company had $13 million of locally issued letters of credit to support various customs arrangements and other obligations at its local affiliates of which $8 million are securitized by cash collateral as of September 30, 2012.

As of September 30, 2012, the Company had affiliate debt outstanding of $100 million, with $89 million and $11 million classified in short-term and long-term debt, respectively. These balances are primarily related to the Company’s non-U.S. operations and are payable in non-U.S. currencies including, but not limited to, the Euro, Chinese Yuan, and Korean Won. Remaining availability on outstanding affiliate credit facilities is approximately $193 million and certain of these facilities have pledged receivables, inventory or equipment as security. Included in the Company's affiliate debt is an arrangement, through a subsidiary in France, to sell accounts receivable on an uncommitted basis. The amount of financing available is contingent upon the amount of receivables less certain reserves. The Company pays a 30 basis point servicing fee on all receivables sold, as well as a financing fee of 3-month Euribor plus 75 basis points on the advanced portion. At September 30, 2012, there was $13 million of outstanding borrowings under the facility with $47 million of receivables pledged as security, which are recorded as Other current assets on the consolidated balance sheet.

On July 4, 2012 the Company's wholly owned subsidiary, Visteon Korea Holdings Corp., commenced a cash tender offer to purchase 32.0 million shares of Halla Climate Control Corporation (“Halla”), a 70% owned subsidiary of the Company, representing the remaining 30% outstanding ownership interest. The tender offer and related costs were to be funded through a fully committed Korean debt facility of 1 trillion KRW or $881 million (the "Bridge Loan"), under which Visteon Korea Holdings Corp. borrowed 925 billion KRW or $815 million. The Bridge Loan was secured by a pledge of all of the shares of capital stock of Halla owned directly or indirectly by Visteon. On July 24, 2012 the tender offer expired without acceptance of the tendered shares. During August 2012 Visteon Korea Holdings Corp. repaid amounts previously borrowed and permanently reduced the available commitments under the Bridge Loan without penalty after following certain advance notice and other procedures. The Company incurred debt extinguishment costs of approximately $4 million and interest of $5 million during the three and nine-month periods ended September 30, 2012 in connection with this financing arrangement.

The fair value of debt was approximately $621 million at September 30, 2012 and $587 million at December 31, 2011. Fair value estimates were based on quoted market prices or current rates for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities.

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Derivatives (Details) (Foreign Exchange Contract [Member], USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional Amount of Foreign Currency Derivatives	$ 564	$ 741

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Intangible Assets

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 8. Intangible Assets

Intangible assets, net are comprised of the following:

	September 30, 2012						December 31, 2011
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(Dollars in Millions)
Definite-lived intangible assets
Developed technology	$	203	$	52	$	151	$	204	$	32	$	172
Customer related	121		26		95		119		16		103
Other	21		4		17		20		3		17
Total	$	345	$	82	$	263	$	343	$	51	$	292
Goodwill and indefinite-lived intangible assets (a)
Goodwill					$	36					$	36
Trade names					25						25
Total					61						61
					$	324					$	353
(a) Goodwill and trade names, substantially all of which relate to the Company's Climate reporting unit.

The Company recorded approximately $10 million and $30 million of amortization expense related to definite-lived intangible assets for the three and nine-month periods ended September 30, 2012, respectively. The Company recorded approximately $12 million and $34 million of amortization expense related to definite-lived intangible assets for the three and nine-month periods ended September 30, 2011, respectively. The Company estimates annual amortization expense to be approximately $40 million through 2016. Goodwill and trade names are not amortized but are assessed for impairment annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired.

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Other Liabilities

9 Months Ended

Sep. 30, 2012

Other Liabilities Disclosure [Abstract]

Other Liabilities

NOTE 9. Other Liabilities

Other current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Product warranty and recall reserves	$	40	$	42
Deferred income	37		21
Non-income taxes payable	36		41
Payables to non-consolidated affiliates	31		24
Accrued interest payable	16		7
Income taxes payable	13		29
Restructuring reserves	8		26
Accrued legal reserves	7		8
Claims settlement accruals	2		9
Foreign currency hedges	—		16
Other accrued liabilities	58		44
	$	248	$	267

Other non-current liabilities are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Income tax reserves	$	106	$	97
Deferred income	60		42
Non-income taxes payable	45		44
Product warranty and recall reserves	25		24
Legal and environmental reserves	7		8
Other accrued liabilities	8		10
	$	251	$	225

Current and non-current deferred income at September 30, 2012 of $17 million and $37 million, respectively, relate to various customer accommodation, support and other agreements. Revenue associated with these agreements is being recorded in relation to the delivery of associated products in accordance with the terms of the underlying agreement or over the estimated period of benefit to the customer, generally representing the duration of remaining production on current vehicle platforms. The Company recorded $5 million and $15 million of revenue associated with these payments during the three and nine-month periods ended September 30, 2012, respectively. The Company expects to record approximately $5 million, $16 million, $14 million, $10 million and $9 million of deferred amounts in the remainder of 2012 and the annual periods of 2013, 2014, 2015 and 2016, respectively.

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Employee Retirement Benefits

9 Months Ended

Sep. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Employee Retirement Benefits

NOTE 11. Employee Retirement Benefits

Defined Contribution Plans

Most U.S. salaried employees and certain non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation, which is partially matched by the Company. Effective January 1, 2012, matching contributions for the U.S. defined contribution plan are 100% on the first 6% of pay contributed. The expense related to matching contributions was approximately $3 million and $11 million for the three-month and nine-month periods ended September 30, 2012, respectively. The expense related to matching contributions was approximately $2 million and $4 million for the three-month and nine-month periods ended September 30, 2011, respectively.

Defined Benefit Plans

The components of the Company’s net periodic benefit costs for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	2		$	2		$	2		$	—	$	—
Interest cost	17			18			6			7			—		—
Expected return on plan assets	(20		)	(19		)	(4		)	(5		)	—		—
Special termination benefits	—			1			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(3	)	$	2		$	4		$	4		$	—	$	—

The components of the Company’s net periodic benefit costs for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	4		$	5		$	5		$	—	$	—
Interest cost	52			55			20			21			—		—
Expected return on plan assets	(59		)	(56		)	(13		)	(14		)	—		—
Reinstatement (termination) of benefits	—			—			—			—			—		(2		)
Special termination benefits	—			3			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(7	)	$	6		$	12		$	12		$	—	$	(2	)

On January 9, 2012 the Company completed a contribution of approximately 1.5 million shares of Visteon Corporation common stock valued at approximately $73 million to its two largest U.S. defined benefit plans. This contribution was in excess of 2011 and 2012 plan year minimum required contributions for those plans by approximately $40 million. As of September 30, 2012, all shares previously contributed to the plans had been sold, with an average share price of approximately $44.

During the nine-month period ended September 30, 2012, cash contributions to the Company's U.S. and non-U.S. retirement plans were $3 million and $9 million, respectively. The Company anticipates additional cash contributions to its non-U.S. retirement plans of $7 million during 2012. The Company’s expected 2012 contributions may be revised.

On September 19, 2012, Visteon announced a lump sum payment option to certain former U.S. employees who are vested defined benefit plan participants not currently receiving monthly payments. The lump sum payment option, to be funded with pension plan assets, is offered from October 1 to November 9, 2012. The Company expects to record a non-cash settlement charge in connection with the lump sum payments, the amount of which will depend upon participation rate, value of assets and discount rate at year-end.

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Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Product Liability Contingency [Line Items]
Number of Employees Who filed Civil Actions Against Visteon Germany	750
Number of Employees Who Are in The Similar Situation as Those in Visteon Germany Civil Case	600
Reserve for Pending Pension Case	$ 6
Amount In Excess of The Reserved Amount for Pension Case	8
Bankruptcy Proceedings, Date Petition for Bankruptcy Filed	May 28, 2009
Plan of Reorganization, Date Plan is Effective	Oct. 01, 2010
Beginning balance	66	75
Accruals for products shipped	15	16
Currency	(1)	0
Changes in estimates	(1)	(11)
Settlements	(14)	(12)
Ending balance	65	68
Accrual for Environmental Loss Contingencies	1
Brazilian Litigation [Member]
Product Liability Contingency [Line Items]
Loss Contingency Accrual, at Carrying Value	9
Loss Contingency, Pending Claims, Amount	141
Property Lease Guarantee [Member]
Product Liability Contingency [Line Items]
Guarantor Obligations, Maximum Exposure	37
Guarantee for Affiliate Credit Lines and Other Credit Support Agreements [Member]
Product Liability Contingency [Line Items]
Guarantor Obligations, Maximum Exposure	6
Agreement With Pension Benefit Guaranty Corporation [Member]
Product Liability Contingency [Line Items]
Guarantor Obligations, Maximum Exposure	$ 30

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Condensed Consolidating Financial Information Of Guarantor Subsidiaries (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Sales	$ 1,624	$ 1,909	$ 5,034	$ 5,805
Cost of sales	1,495	1,770	4,643	5,331
Gross margin	129	139	391	474
Selling, general and administrative expenses	89	95	267	291
Interest expense, net	13	5	28	21
Loss on debt extinguishment	4	0	4	24
Equity in net income of non-consolidated affiliates	38	43	183	130
Restructuring and other expenses	(11)	1	63	29
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	72	81	212	239
Provision for income taxes	33	25	102	87
(Loss) income from continuing operations before earnings of subsidiaries	39	56	110	152
Equity in earnings of consolidated subsidiaries	0	0	0	0
Income from continuing operations	39	56	110	152
(Loss) income from discontinued operations, net of tax	(5)	4	(3)	8
Net income	34	60	107	160
Net income attributable to non-controlling interests	19	19	46	54
Net income (loss) attributable to Visteon Corporation	15	41	61	106
Comprehensive income	96	(102)	163	110
Comprehensive income attributable to Visteon Corporation	63	(84)	103	74
ASSETS
Cash and equivalents	901	758	901	758		723		905
Accounts receivable, net	1,168		1,168			1,071
Inventories	408		408			381
Other current assets	284		284			319
Total current assets	2,761		2,761			2,494
Property and equipment, net	1,278		1,278			1,412
Investment in affiliates	0		0			0
Equity in net assets of non-consolidated affiliates	734		734			644
Intangible assets, net	324		324			353
Other non-current assets	73		73			66
Total assets	5,170		5,170			4,969
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	89		89			87
Accounts payable	1,077		1,077			1,010
Other current liabilities	410		410			456
Total current liabilities	1,576		1,576			1,553
Long-term debt	506		506			512
Employee benefits	413		413			495
Other non-current liabilities	453		453			412
Total Visteon Corporation shareholders' equity	1,499		1,499			1,307
Non-controlling interests	723		723			690
Total shareholders' equity	2,222	2,067	2,222	2,067	2,128	1,997	2,156	1,950
Total liabilities and shareholders' equity	5,170		5,170			4,969
Net cash provided from operating activities			163	55
Investing activities
Capital expenditures			(146)	(185)
Dividends received from consolidated affiliates			0	0
Proceeds from business divestitures			100	0
Proceeds from asset sales			88	11
Other			(2)	(13)
Net cash provided from (used by) investing activities			40	(187)
Financing activities
Cash restriction, net			0	52
Short term debt, net			2	11
Proceeds from issuance of debt, net of issuance costs			812	503
Principal payments on debt			(824)	(513)
Dividends paid to consolidated affiliates			0	0
Rights offering fees			0	(33)
Dividends to non-controlling interests			(23)	(29)
Other			0	3
Net cash used by financing activities			(33)	(6)
Effect of exchange rate changes on cash and equivalents			8	(9)
Net (decrease) increase in cash and equivalents			178	(147)
Parent Company [Member]
Sales	70	50	172	138
Cost of sales	128	94	347	301
Gross margin	(58)	(44)	(175)	(163)
Selling, general and administrative expenses	25	25	59	75
Interest expense, net	11	10	30	30
Loss on debt extinguishment	1		1	24
Equity in net income of non-consolidated affiliates	0	0	0	0
Restructuring and other expenses	5	0	21	11
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	(100)	(79)	(286)	(303)
Provision for income taxes	2	6	3	1
(Loss) income from continuing operations before earnings of subsidiaries	(102)	(85)	(289)	(304)
Equity in earnings of consolidated subsidiaries	120	133	365	431
Income from continuing operations	18	48	76	127
(Loss) income from discontinued operations, net of tax	(3)	(7)	(15)	(21)
Net income	15	41	61	106
Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Visteon Corporation	15	41	61	106
Comprehensive income	61	(84)	103	74
Comprehensive income attributable to Visteon Corporation	61	(84)	103	74
ASSETS
Cash and equivalents	296	103	296	103		114		153
Accounts receivable, net	296		296			235
Inventories	15		15			18
Other current assets	18		18			29
Total current assets	625		625			396
Property and equipment, net	21		21			89
Investment in affiliates	2,048		2,048			1,873
Equity in net assets of non-consolidated affiliates	0		0			0
Intangible assets, net	78		78			82
Other non-current assets	9		9			14
Total assets	2,781		2,781			2,454
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	226		226			90
Accounts payable	200		200			170
Other current liabilities	74		74			70
Total current liabilities	500		500			330
Long-term debt	499		499			497
Employee benefits	238		238			301
Other non-current liabilities	45		45			19
Total Visteon Corporation shareholders' equity	1,499		1,499			1,307
Non-controlling interests	0		0			0
Total shareholders' equity	1,499		1,499			1,307
Total liabilities and shareholders' equity	2,781		2,781			2,454
Net cash provided from operating activities			(75)	(120)
Investing activities
Capital expenditures			(4)	(3)
Dividends received from consolidated affiliates			169	57
Proceeds from business divestitures			14
Proceeds from asset sales			79	0
Other			0	0
Net cash provided from (used by) investing activities			258	54
Financing activities
Cash restriction, net				55
Short term debt, net			0	0
Proceeds from issuance of debt, net of issuance costs			0	492
Principal payments on debt			(1)	(501)
Dividends paid to consolidated affiliates			0	0
Rights offering fees				(33)
Dividends to non-controlling interests			0	0
Other				3
Net cash used by financing activities			(1)	16
Effect of exchange rate changes on cash and equivalents			0	0
Net (decrease) increase in cash and equivalents			182	(50)
Guarantor Subsidiaries [Member]
Sales	320	377	1,038	1,149
Cost of sales	265	318	856	916
Gross margin	55	59	182	233
Selling, general and administrative expenses	14	17	47	48
Interest expense, net	0	(5)	(2)	(10)
Loss on debt extinguishment	0		0	0
Equity in net income of non-consolidated affiliates	0	0	0	0
Restructuring and other expenses	0	0	0	0
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	41	47	137	195
Provision for income taxes	0	0	0	(2)
(Loss) income from continuing operations before earnings of subsidiaries	41	47	137	197
Equity in earnings of consolidated subsidiaries	70	15	189	162
Income from continuing operations	111	62	326	359
(Loss) income from discontinued operations, net of tax	4	14	42	41
Net income	115	76	368	400
Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Visteon Corporation	115	76	368	400
Comprehensive income	165	(65)	412	367
Comprehensive income attributable to Visteon Corporation	165	(65)	412	367
ASSETS
Cash and equivalents	52	88	52	88		55		81
Accounts receivable, net	657		657			540
Inventories	24		24			25
Other current assets	30		30			53
Total current assets	763		763			673
Property and equipment, net	63		63			81
Investment in affiliates	1,640		1,640			1,533
Equity in net assets of non-consolidated affiliates	0		0			0
Intangible assets, net	48		48			59
Other non-current assets	1		1			23
Total assets	2,515		2,515			2,369
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	20		20			13
Accounts payable	174		174			210
Other current liabilities	35		35			21
Total current liabilities	229		229			244
Long-term debt	0		0			0
Employee benefits	30		30			47
Other non-current liabilities	6		6			5
Total Visteon Corporation shareholders' equity	2,250		2,250			2,073
Non-controlling interests	0		0			0
Total shareholders' equity	2,250		2,250			2,073
Total liabilities and shareholders' equity	2,515		2,515			2,369
Net cash provided from operating activities			101	(76)
Investing activities
Capital expenditures			(8)	(10)
Dividends received from consolidated affiliates			63	149
Proceeds from business divestitures			0
Proceeds from asset sales			8	0
Other			0	0
Net cash provided from (used by) investing activities			63	139
Financing activities
Cash restriction, net				0
Short term debt, net			0	0
Proceeds from issuance of debt, net of issuance costs			0	0
Principal payments on debt			0	0
Dividends paid to consolidated affiliates			(168)	(57)
Rights offering fees				0
Dividends to non-controlling interests			0	0
Other				0
Net cash used by financing activities			(168)	(57)
Effect of exchange rate changes on cash and equivalents			1	1
Net (decrease) increase in cash and equivalents			(3)	7
Non-Guarantor Subsidiaries [Member]
Sales	1,435	1,790	4,627	5,436
Cost of sales	1,303	1,666	4,243	5,032
Gross margin	132	124	384	404
Selling, general and administrative expenses	50	53	161	168
Interest expense, net	2	0	0	1
Loss on debt extinguishment	3		3	0
Equity in net income of non-consolidated affiliates	38	43	183	130
Restructuring and other expenses	(16)	1	42	18
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	131	113	361	347
Provision for income taxes	31	19	99	88
(Loss) income from continuing operations before earnings of subsidiaries	100	94	262	259
Equity in earnings of consolidated subsidiaries	0	0	0	0
Income from continuing operations	100	94	262	259
(Loss) income from discontinued operations, net of tax	(6)	(3)	(30)	(12)
Net income	94	91	232	247
Net income attributable to non-controlling interests	19	19	46	54
Net income (loss) attributable to Visteon Corporation	75	72	186	193
Comprehensive income	157	(48)	294	192
Comprehensive income attributable to Visteon Corporation	124	(30)	234	156
ASSETS
Cash and equivalents	553	567	553	567		554		671
Accounts receivable, net	1,119		1,119			1,015
Inventories	369		369			338
Other current assets	236		236			237
Total current assets	2,277		2,277			2,144
Property and equipment, net	1,194		1,194			1,242
Investment in affiliates	0		0			0
Equity in net assets of non-consolidated affiliates	734		734			644
Intangible assets, net	198		198			212
Other non-current assets	67		67			55
Total assets	4,470		4,470			4,297
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	218		218			217
Accounts payable	1,229		1,229			1,116
Other current liabilities	305		305			365
Total current liabilities	1,752		1,752			1,698
Long-term debt	12		12			41
Employee benefits	145		145			147
Other non-current liabilities	402		402			388
Total Visteon Corporation shareholders' equity	1,436		1,436			1,333
Non-controlling interests	723		723			690
Total shareholders' equity	2,159		2,159			2,023
Total liabilities and shareholders' equity	4,470		4,470			4,297
Net cash provided from operating activities			137	251
Investing activities
Capital expenditures			(134)	(172)
Dividends received from consolidated affiliates			0	0
Proceeds from business divestitures			86
Proceeds from asset sales			1	11
Other			(2)	(13)
Net cash provided from (used by) investing activities			(49)	(174)
Financing activities
Cash restriction, net				(3)
Short term debt, net			2	11
Proceeds from issuance of debt, net of issuance costs			812	11
Principal payments on debt			(823)	(12)
Dividends paid to consolidated affiliates			(64)	(149)
Rights offering fees				0
Dividends to non-controlling interests			(23)	(29)
Other				0
Net cash used by financing activities			(96)	(171)
Effect of exchange rate changes on cash and equivalents			7	(10)
Net (decrease) increase in cash and equivalents			(1)	(104)
Eliminations [Member]
Sales	(201)	(308)	(803)	(918)
Cost of sales	(201)	(308)	(803)	(918)
Gross margin	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Interest expense, net	0	0	0	0
Loss on debt extinguishment	0		0	0
Equity in net income of non-consolidated affiliates	0	0	0	0
Restructuring and other expenses	0	0	0	0
(Loss) income from continuing operations before income taxes and earnings of subsidiaries	0	0	0	0
Provision for income taxes	0	0	0	0
(Loss) income from continuing operations before earnings of subsidiaries	0	0	0	0
Equity in earnings of consolidated subsidiaries	(190)	(148)	(554)	(593)
Income from continuing operations	(190)	(148)	(554)	(593)
(Loss) income from discontinued operations, net of tax	0	0	0	0
Net income	(190)	(148)	(554)	(593)
Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Visteon Corporation	(190)	(148)	(554)	(593)
Comprehensive income	(287)	95	(646)	(523)
Comprehensive income attributable to Visteon Corporation	(287)	95	(646)	(523)
ASSETS
Cash and equivalents	0	0	0	0		0		0
Accounts receivable, net	(904)		(904)			(719)
Inventories	0		0			0
Other current assets	0		0			0
Total current assets	(904)		(904)			(719)
Property and equipment, net	0		0			0
Investment in affiliates	(3,688)		(3,688)			(3,406)
Equity in net assets of non-consolidated affiliates	0		0			0
Intangible assets, net	0		0			0
Other non-current assets	(4)		(4)			(26)
Total assets	(4,596)		(4,596)			(4,151)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	(375)		(375)			(233)
Accounts payable	(526)		(526)			(486)
Other current liabilities	(4)		(4)			0
Total current liabilities	(905)		(905)			(719)
Long-term debt	(5)		(5)			(26)
Employee benefits	0		0			0
Other non-current liabilities	0		0			0
Total Visteon Corporation shareholders' equity	(3,686)		(3,686)			(3,406)
Non-controlling interests	0		0			0
Total shareholders' equity	(3,686)		(3,686)			(3,406)
Total liabilities and shareholders' equity	(4,596)		(4,596)			(4,151)
Net cash provided from operating activities			0	0
Investing activities
Capital expenditures			0	0
Dividends received from consolidated affiliates			(232)	(206)
Proceeds from business divestitures			0
Proceeds from asset sales			0	0
Other			0	0
Net cash provided from (used by) investing activities			(232)	(206)
Financing activities
Cash restriction, net				0
Short term debt, net			0	0
Proceeds from issuance of debt, net of issuance costs			0	0
Principal payments on debt			0	0
Dividends paid to consolidated affiliates			232	206
Rights offering fees				0
Dividends to non-controlling interests			0	0
Other				0
Net cash used by financing activities			232	206
Effect of exchange rate changes on cash and equivalents			0	0
Net (decrease) increase in cash and equivalents			0	0
Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 500		$ 500
Debt Instrument, Interest Rate, Stated Percentage	6.75%		6.75%

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Credit Risk (Details) (Accounts Receivable [Member], Credit Concentration Risk [Member])	Sep. 30, 2012	Dec. 31, 2011
Ford And Affiliates [Member]
Concentration Risk [Line Items]
Customer credit risk	27.00%	24.00%
Hyundai Mobis Company [Member]
Concentration Risk [Line Items]
Customer credit risk	15.00%	14.00%
Hyundia Motor Company [Member]
Concentration Risk [Line Items]
Customer credit risk	9.00%	10.00%

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Employee Retirement Benefits (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Defined Benefit Plan Disclosure [Line Items]

Schedule of Retirement Plan expenses [Table Text Block]

The components of the Company’s net periodic benefit costs for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	2		$	2		$	2		$	—	$	—
Interest cost	17			18			6			7			—		—
Expected return on plan assets	(20		)	(19		)	(4		)	(5		)	—		—
Special termination benefits	—			1			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(3	)	$	2		$	4		$	4		$	—	$	—

The components of the Company’s net periodic benefit costs for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Retirement Plans												Health Care and Life Insurance Benefits
	U.S. Plans						Non-U.S. Plans
	2012			2011			2012			2011			2012		2011
	(Dollars in Millions)
Costs recognized in income
Service cost	$	—		$	4		$	5		$	5		$	—	$	—
Interest cost	52			55			20			21			—		—
Expected return on plan assets	(59		)	(56		)	(13		)	(14		)	—		—
Reinstatement (termination) of benefits	—			—			—			—			—		(2		)
Special termination benefits	—			3			—			—			—		—
Visteon sponsored plan net pension (income) expense	$	(7	)	$	6		$	12		$	12		$	—	$	(2	)

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Schedule of Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 345		$ 345		$ 343
Accumulated Amortization	82		82		51
Net Carrying Value	263		263		292
Net Carrying Value, Goodwill	36		36		36
Net Carrying Value, Trade names	25		25		25
Net Carrying Value, Goodwill and indefinite-lived intangible assets	61		61		61
Intangible Assets Net Including Goodwill	324		324		353
Amortization expense	10	12	30	34
Future Amortization Expense, Remainder of the Year			40
Future Amortization Expense, Year One			40
Future Amortization Expense, Year Two			40
Future Amortization Expense, Year Three			40
Future Amortization Expense, Year Four			40
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	203		203		204
Accumulated Amortization	52		52		32
Net Carrying Value	151		151		172
Customer related [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	121		121		119
Accumulated Amortization	26		26		16
Net Carrying Value	95		95		103
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	21		21		20
Accumulated Amortization	4		4		3
Net Carrying Value	$ 17		$ 17		$ 17

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Fair Value Measurements and Financial Instruments

9 Months Ended

Sep. 30, 2012

Fair Value Measurements and Financial Instruments [Abstract]

Fair Value Measurements and Financial Instruments

NOTE 16. Fair Value Measurements and Financial Instruments

Fair Value Hierarchy

Financial assets and liabilities are categorized, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs.

• Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

• 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.

Financial Instruments

The Company’s net cash inflows and outflows exposed to the risk of changes in foreign currency exchange rates arise from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt and other payables, subsidiary dividends and investments in subsidiaries. Where possible, the Company utilizes derivative financial instruments, including forward and option contracts, to protect the Company’s cash flow from changes in exchange rates. Foreign currency exposures are reviewed monthly and natural offsets are considered prior to entering into a derivative financial instrument.

The Company’s primary foreign currency exposures include the Euro, Korean Won, Czech Koruna, Hungarian Forint and Mexican Peso. Where possible, the Company utilizes a strategy of partial coverage for transactions in these currencies. As of September 30, 2012 and December 31, 2011, the Company had forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $564 million and $741 million, respectively. Fair value estimates of these contracts are based on quoted market prices. A portion of these instruments has been designated as cash flow hedges with the effective portion of the gain or loss reported in the Accumulated other comprehensive income (loss) component of Shareholders’ equity in the Company’s consolidated balance sheets and the ineffective portion recorded as Cost of sales in the Company’s consolidated statements of comprehensive income.

Foreign currency hedge instruments are measured at fair value on a recurring basis under an income approach using industry-standard models that consider various assumptions, including time value, volatility factors, current market and contractual prices for the underlying and non-performance risk. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Accordingly, the Company's foreign currency instruments are classified as Level 2, “Other Observable Inputs” in the fair value hierarchy.

Financial Statement Presentation

The Company presents its derivative positions and any related material collateral under master netting agreements on a net basis. Derivative financial instruments designated and non-designated as hedging instruments are included in the Company’s consolidated balance sheets at September 30, 2012 and December 31, 2011 as follows:

Assets					Liabilities
	September 30		December 31			September 30		December 31
Classification	2012		2011		Classification	2012		2011
	(Dollars in Millions)					(Dollars in Millions)
Designated:					Designated:
Other current assets	$	16	$	—	Other current assets	$	2	$	—
Other current liabilities	—		8		Other current liabilities	—		24
Non-designated:					Non-designated:
Other current assets	3		—		Other current assets	—		—
	$	19	$	8		$	2	$	24

Gains and losses associated with derivative financial instruments recorded in Cost of sales for the three-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Three months ended					Three months ended				Three months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	2	$	(20	)	$	6	$	1	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(3		)	—
	$	2	$	(20	)	$	6	$	1	$	(3	)	$	—

Gains and losses associated with derivative financial instruments recorded in Cost of sales and Interest expense for the nine-month periods ended September 30, 2012 and 2011 were as follows:

	Amount of Gain (Loss)
	Recorded in AOCI, net of tax					Reclassified from AOCI into Income				Recorded in Income
	Nine months ended					Nine months ended				Nine months ended
	September 30					September 30				September 30
	2012		2011			2012		2011		2012			2011
	(Dollars in Millions)
Foreign currency risk – Cost of sales
Cash flow hedges	$	16	$	(15	)	$	6	$	7	$	—		$	—
Non-designated cash flow hedges	—		—			—		—		(4		)	(4		)
	$	16	$	(15	)	$	6	$	7	$	(4	)	$	(4	)
Interest rate risk – Interest expense
Cash flow hedges	$	—	$	1		$	—	$	—	$	—		$	—

Concentrations of Credit Risk

Financial instruments, including cash equivalents, marketable securities, derivative contracts and accounts receivable, expose the Company to counterparty credit risk for non-performance. The Company’s counterparties for cash equivalents, marketable securities and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. The Company’s counterparties for derivative contracts are with investment and commercial banks with significant experience using such derivatives and is assessed on a net basis. The Company manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counterparty and through monitoring counterparty credit risks. The Company’s concentration of credit risk related to derivative contracts at September 30, 2012 and December 31, 2011 is not significant. With the exception of the customers below, the Company’s credit risk with any individual customer does not exceed ten percent of total accounts receivable at September 30, 2012 and December 31, 2011, respectively.

	September 30	December 31
	2012	2011
Ford and affiliates	27%	24%
Hyundai Mobis Company	15%	14%
Hyundai Motor Company	9%	10%

Management periodically performs credit evaluations of its customers and generally does not require collateral.

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Restructuring and Other (Income) / Expenses (Tables)

9 Months Ended

Sep. 30, 2012

Restructuring and Other Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component [Table Text Block]

Restructuring and other (income) / expenses consist of the following:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions)
Restructuring expenses	$	2		$	1	$	44		$	18
Loss on asset contribution	—			—		14			—
Transformation costs	5			—		23			3
Bankruptcy-related costs	1			—		1			8
Gain on sale of joint venture interest	(19		)	—		(19		)	—
	$	(11	)	$	1	$	63		$	29

Schedule of Restructuring and Related Costs [Table Text Block]

The following is a summary of the Company's restructuring reserves and related activity for the nine months ended September 30, 2012.

	Electronics			Interiors			Climate			Total
	(Dollars in Millions)
December 31, 2011	$	19		$	6		$	1		$	26
Expenses	36			4			1			41
Utilization	(49		)	(3		)	(1		)	(53		)
March 31, 2012	6			7			1			14
Expenses	—			—			1			1
Utilization	(5		)	—			(1		)	(6		)
June 30, 2012	1			7			1			9
Expenses	—			—			2			2
Utilization	—			(1		)	(2		)	(3		)
September 30, 2012	$	1		$	6		$	1		$	8

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Property and Equipment (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Apr. 17, 2012	Mar. 31, 2012	Dec. 31, 2011
Property and Equipment [Line Items]
Land	$ 158		$ 158				$ 184
Buildings and improvements	264		264				311
Machinery, equipment and other	1,082		1,082				985
Construction in progress	73		73				106
Total property and equipment	1,577		1,577				1,586
Accumulated depreciation	(374)		(374)				(254)
Property and equipment, net, before product tooling	1,203		1,203				1,332
Property and equipment, net	1,278		1,278				1,412
Depreciation	51	69	158	200
Depreciation and amortization	54	74	166	214
Sale Leaseback Transaction, Date			April 17, 2012
Sale Leaseback Transaction, Net Book Value						60
Proceeds from asset sales			88	11
Sale Leaseback Transaction, Lease Terms			15
Sale Leaseback Transaction, Deferred Gain, Gross					20
Buildings and improvements [Member]
Property and Equipment [Line Items]
Estimated useful life, average			40
Machinery, equipment and other [Member]
Property and Equipment [Line Items]
Estimated useful life, minimum			3
Estimated useful life, maximum			15
Product tooling [Member]
Property and Equipment [Line Items]
Property and equipment, net	75		75				80
Estimated useful life, average			6
Amortization	3	5	8	14
Sale and leaseback corporate headquarters [Member]
Property and Equipment [Line Items]
Proceeds from asset sales			$ 80

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Condensed Consolidating Balance Sheet (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Condensed Consolidating Balance Sheets [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

	September 30, 2012
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(Dollars in Millions)
ASSETS
Cash and equivalents	$	296	$	52	$	553	$	—		$	901
Accounts receivable, net	296		657		1,119		(904		)	1,168
Inventories	15		24		369		—			408
Other current assets	18		30		236		—			284
Total current assets	625		763		2,277		(904		)	2,761
Property and equipment, net	21		63		1,194		—			1,278
Investment in affiliates	2,048		1,640		—		(3,688		)	—
Equity in net assets of non-consolidated affiliates	—		—		734		—			734
Intangible assets, net	78		48		198		—			324
Other non-current assets	9		1		67		(4		)	73
Total assets	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt, including current portion of long-term debt	$	226	$	20	$	218	$	(375	)	$	89
Accounts payable	200		174		1,229		(526		)	1,077
Other current liabilities	74		35		305		(4		)	410
Total current liabilities	500		229		1,752		(905		)	1,576
Long-term debt	499		—		12		(5		)	506
Employee benefits	238		30		145		—			413
Other non-current liabilities	45		6		402		—			453
Shareholders’ equity:
Total Visteon Corporation shareholders’ equity	1,499		2,250		1,436		(3,686		)	1,499
Non-controlling interests	—		—		723		—			723
Total shareholders’ equity	1,499		2,250		2,159		(3,686		)	2,222
Total liabilities and shareholders’ equity	$	2,781	$	2,515	$	4,470	$	(4,596	)	$	5,170

	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		1,015		(719		)	1,071
Inventories	18		25		338		—			381
Other current assets	29		53		237		—			319
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

XML

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Operating Activities
Net income	$ 107	$ 160
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	196	248
Equity in net income of non-consolidated affiliates, net of dividends remitted	(107)	(88)
Loss on debt extinguishment	4	24
Other non-cash items	33	26
Changes in assets and liabilities:
Accounts receivable	(58)	(131)
Inventories	(54)	(50)
Accounts payable	41	(19)
Other assets and other liabilities	1	(115)
Net cash provided from operating activities	163	55
Investing Activities
Capital expenditures	(146)	(185)
Proceeds from business divestitures	100	0
Proceeds from asset sales	88	11
Other	(2)	(13)
Net cash provided from (used by) investing activities	40	(187)
Financing Activities
Short-term debt, net	2	11
Proceeds from issuance of debt, net of issuance costs	812	503
Principal payments on debt	(824)	(513)
Cash restriction, net	0	52
Rights offering fees	0	(33)
Dividends to non-controlling interests	(23)	(29)
Other	0	3
Net cash used by financing activities	(33)	(6)
Effect of exchange rate changes on cash and equivalents	8	(9)
Net increase (decrease) in cash and equivalents	178	(147)
Cash and equivalents at beginning of period	723	905
Cash and equivalents at end of period	$ 901	$ 758

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Other Assets

9 Months Ended

Sep. 30, 2012

Other Assets [Abstract]

Other Assets

NOTE 5. Other Assets

Other current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Recoverable taxes	$	92	$	99
Pledged accounts receivable	47		82
Deposits	31		32
Deferred tax assets	24		30
Non-consolidated affiliate receivables	19		32
Prepaid assets	19		17
Foreign currency hedges	17		—
Other	16		4
	$	265	$	296

Other non-current assets are summarized as follows:

	September 30		December 31
	2012		2011
	(Dollars in Millions)
Deferred tax assets	$	17	$	18
Reimbursable engineering costs	12		—
Income tax receivable	10		11
Deposits	7		7
Debt issuance costs	6		8
Other	21		22
	$	73	$	66

XML

Shareholders' Equity and Noncontrolling Interests (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 30, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Shareholders' equity beginning balance	$ 2,128	$ 2,128	$ 2,156	$ 1,997	$ 1,950
Income from continuing operations		39	56	110	152
Loss (income) from discontinued operations		(5)	4	(3)	8
Net income		34	60	107	160
Foreign currency translation adjustment		57	(133)	35	(31)
Pension and other postretirement benefits		2	(3)	1	0
Unrealized hedging gains and other		3	(26)	20	(19)
Total other comprehensive income (loss)		62	(162)	56	(50)
Stock-based compensation, net		3	10	16	30
Common stock contribution to U.S. Pension plans				73	0
Warrant exercises		0	4	0	9
Dividends to non-controlling interests		(5)	(1)	(27)	(32)
Stockholders' equity ending balance		2,222	2,067	2,222	2,067
Stock Repurchase Program, Authorized Amount	100
Non-controlling interests		723		723		690
Foreign currency translation adjustments		(16)		(16)		(41)
Pension and other postretirement benefit adjustments, net of tax		26		26		25
Unrealized gains (losses) on derivatives		7		7		(9)
Accumulated other comprehensive loss		17		17		(25)
Halla Climate Control Corporation [Member]
Non-controlling interests		692		692		660
Non-controlling Interest, Ownership Percentage by Parent		70.00%		70.00%
Visteon Interiors Korea Ltd. [Member]
Non-controlling interests		19		19		20
Other Entity [Member]
Non-controlling interests		12		12		10
Parent [Member]
Shareholders' equity beginning balance	1,433	1,433	1,443	1,307	1,260
Income from continuing operations		20	37	64	98
Loss (income) from discontinued operations		(5)	4	(3)	8
Net income		15	41	61	106
Foreign currency translation adjustment		44	(102)	25	(18)
Pension and other postretirement benefits		2	(3)	1	0
Unrealized hedging gains and other		2	(20)	16	(14)
Total other comprehensive income (loss)		48	(125)	42	(32)
Stock-based compensation, net		3	10	16	30
Common stock contribution to U.S. Pension plans				73	0
Warrant exercises		0	4	0	9
Dividends to non-controlling interests		0	0	0	0
Stockholders' equity ending balance		1,499	1,373	1,499	1,373
Noncontrolling Interest [Member]
Shareholders' equity beginning balance	695	695	713	690	690
Income from continuing operations		19	19	46	54
Loss (income) from discontinued operations		0	0	0	0
Net income		19	19	46	54
Foreign currency translation adjustment		13	(31)	10	(13)
Pension and other postretirement benefits		0	0	0	0
Unrealized hedging gains and other		1	(6)	4	(5)
Total other comprehensive income (loss)		14	(37)	14	(18)
Stock-based compensation, net		0	0	0	0
Common stock contribution to U.S. Pension plans				0	0
Warrant exercises		0	0	0	0
Dividends to non-controlling interests		(5)	(1)	(27)	(32)
Stockholders' equity ending balance		$ 723	$ 694	$ 723	$ 694

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Inventories (Tables)

9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market. A summary of inventories is provided below:

	September 30			December 31
	2012			2011
	(Dollars in Millions)
Raw materials	$	163		$	167
Work-in-process	181			174
Finished products	89			64
	433			405
Valuation reserves	(25		)	(24		)
	$	408		$	381

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The following table provides a reconciliation of changes in the product warranty and recall claims liability for the nine-month periods ended September 30, 2012 and 2011.

	Nine Months Ended September 30
	2012			2011
	(Dollars in Millions)
Beginning balance	$	66		$	75
Accruals for products shipped	15			16
Currency	(1		)	—
Changes in estimates	(1		)	(11		)
Settlements	(14		)	(12		)
Ending balance	$	65		$	68

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Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 15. Earnings (Loss) Per Share

Basic earnings (loss) per share of common stock is calculated by dividing reported net income (loss) attributable to Visteon by the average number of shares of common stock outstanding during the applicable period, adjusted for participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) attributable to Visteon by the average number of shares of common stock outstanding during the applicable period, adjusted for participating securities and the effect of dilutive potential common stock, such as stock warrants and stock options. The impact of participating securities and other dilutive potential common stock is not taken into consideration in a loss period as the impact would be anti-dilutive. Accordingly, participating securities and other dilutive potential common stock have been excluded from the computation of basic and diluted loss per share as applicable.

The table below provides details underlying the calculations of basic and diluted earnings (loss) per share.

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012			2011		2012			2011
	(Dollars in Millions, Except Per Share Amounts)
Numerator:
Income from continuing operations	$	20		$	37	$	64		$	98
(Loss) income from discontinued operations	(5		)	4		(3		)	8
Net income attributable to Visteon	$	15		$	41	$	61		$	106
Denominator:
Average common stock outstanding	53.3			51.5		53.1			51.1
Dilutive effect of warrants	0.5			0.5		0.4			0.9
Diluted shares	53.8			52.0		53.5			52.0
Basic and Diluted Earnings (Loss) Per Share Data:
Basic earnings (loss) per share:
Continuing operations	$	0.37		$	0.72	$	1.21		$	1.92
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Basic earnings per share attributable to Visteon	$	0.28		$	0.80	$	1.15		$	2.07
Diluted earnings (loss) per share:
Continuing operations	$	0.37		$	0.71	$	1.20		$	1.89
Discontinued operations	(0.09		)	0.08		(0.06		)	0.15
Diluted earnings per share attributable to Visteon	$	0.28		$	0.79	$	1.14		$	2.04