Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 5. Discontinued Operations

The operations subject to the Interiors Divestiture and Climate Transaction met conditions required to qualify for discontinued operations reporting. Accordingly, the results of operations for the Interiors and Climate businesses have been reclassified to Net income (loss) from discontinued operations in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012. In addition, the Company completed the sale of its Lighting operations for proceeds of approximately $70 million (the "Lighting Transaction") on August 1, 2012. As such, the operating results of the Lighting Transaction have also been presented in Net income (loss) from discontinued operations in the Consolidated Statements of Operations the Consolidated Statements of Operations for the year ended December 31, 2012.

Discontinued operations are summarized as follows:

	Year Ended December 31
	2014			2013		2012
	(Dollars in Millions)
Sales	$	5,757		$	5,715	$	5,529
Cost of sales	5,239			5,226		5,064
Gross margin	518			489		465
Selling, general and administrative expenses	194			192		199
Long-lived asset impairment	190			—		19
Loss on interiors divestiture	136			—		—
Restructuring expense	17			18		37
Interest expense, net	7			4		(3		)
Equity in net income of non-consolidated affiliates	13			11		5
Other expense	25			15		21
(Loss) income from discontinued operations before income taxes	(38		)	271		197
Provision for income taxes	93			51		86
Net (loss) income from discontinued operations	(131		)	220		111
Net income attributable to non-controlling interests	66			85		67
Net (loss) income from discontinued operations attributable to Visteon	$	(197	)	$	135	$	44

Assets and liabilities related to the Interiors and Climate businesses have been reclassified as held for sale in the consolidated balance sheets.

Held for sale balances are summarized as follows:

	December 31
	2014		2013
	(Dollars in Millions)
ASSETS HELD FOR SALE
Cash and equivalents	$	351	$	359
Restricted cash	—		6
Accounts receivable, net	845		971
Inventories, net	334		342
Other current assets	130		177
Total current assets held for sale	1,660		1,855
Property and equipment, net	1,077		1,217
Intangible assets, net	251		285
Investments in non-consolidated affiliates	66		63
Other non-current assets	32		50
Total non-current assets held for sale	1,426		1,615
Total assets held for sale	$	3,086	$	3,470
LIABILITIES HELD FOR SALE
Short-term debt, including current portion of long-term debt	$	113	$	105
Accounts payable	718		933
Employee benefits	66		106
Other current liabilities	90		106
Total current liabilities held for sale	987		1,250
Long-term debt	252		226
Employee benefits	77		80
Deferred tax liabilities	67		74
Other non-current liabilities	36		47
Total non-current liabilities held for sale	432		427
Total liabilities held for sale	$	1,419	$	1,677

The Company has combined cash flows from discontinued operations with cash flows from continuing operations within the operating, investing and financing categories within the consolidated statement of cash flows. Cash and non-cash items for certain operating and investing activities related to discontinued operations for the years ended December 31, 2014, 2013 and 2012 are as follows:

	Year Ended December 31
	2014		2013		2012
	(Dollars in Millions)
Depreciation and amortization	$	200	$	222	$	215
Asset impairments and losses on divestitures	$	326	$	—	$	19
Capital expenditures	$	244	$	213	$	172