2014 Q4 Form 10-Q Financial Statement

#000111133514000015 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $788.0M $793.0M $1.733B
YoY Change -59.75% -54.24% 6.71%
Cost Of Revenue $671.0M $700.0M $1.349B
YoY Change -124.82% -48.11% -9.77%
Gross Profit $117.0M $93.00M $39.00M
YoY Change 82.81% 138.46% -69.77%
Gross Profit Margin 14.85% 11.73% 2.25%
Selling, General & Admin $64.00M $70.00M $73.00M
YoY Change -233.33% -4.11% -17.98%
% of Gross Profit 54.7% 75.27% 187.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00M $20.00M $54.00M
YoY Change 4.84% -62.96% 5.88%
% of Gross Profit 55.56% 21.51% 138.46%
Operating Expenses $22.00M $70.00M $73.00M
YoY Change -145.83% -4.11% -17.98%
Operating Profit $95.00M $23.00M -$34.00M
YoY Change -15.18% -167.65% -185.0%
Interest Expense -$21.00M $6.000M $12.00M
YoY Change -135.0% -50.0% -29.41%
% of Operating Profit -22.11% 26.09%
Other Income/Expense, Net $2.000M $2.000M $6.000M
YoY Change -66.67% 500.0%
Pretax Income -$8.000M -$11.00M $21.00M
YoY Change -101.52% -152.38% -70.83%
Income Tax $11.00M $10.00M $23.00M
% Of Pretax Income 109.52%
Net Earnings -$114.0M -$21.00M $43.00M
YoY Change -120.92% -148.84% 186.67%
Net Earnings / Revenue -14.47% -2.65% 2.48%
Basic Earnings Per Share -$3.12 -$0.48 $0.87
Diluted Earnings Per Share -$3.12 -$0.48 $0.85
COMMON SHARES
Basic Shares Outstanding 44.30M shares 44.00M shares 49.40M shares
Diluted Shares Outstanding 44.00M shares 50.40M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $476.0M $936.0M $837.0M
YoY Change -71.62% 11.83% -7.1%
Cash & Equivalents $476.0M $936.0M $837.0M
Short-Term Investments
Other Short-Term Assets $250.0M $345.0M $269.0M
YoY Change 42.86% 28.25% 1.51%
Inventory $208.0M $562.0M $454.0M
Prepaid Expenses $30.00M $49.00M
Receivables $531.0M $1.270B $1.139B
Other Receivables $158.0M $239.0M $0.00
Total Short-Term Assets $3.134B $3.475B $2.724B
YoY Change -16.49% 27.57% -1.34%
LONG-TERM ASSETS
Property, Plant & Equipment $363.0M $1.403B $1.307B
YoY Change 84.26% 7.35% 2.27%
Goodwill $46.00M $107.0M $46.00M
YoY Change -9.8% 132.61% 27.78%
Intangibles
YoY Change
Long-Term Investments $56.00M $123.0M $837.0M
YoY Change -55.56% -85.3% 14.03%
Other Assets $145.0M $217.0M $136.0M
YoY Change 7.41% 59.56% 86.3%
Total Long-Term Assets $2.189B $2.218B $2.580B
YoY Change -3.74% -14.03% 7.1%
TOTAL ASSETS
Total Short-Term Assets $3.134B $3.475B $2.724B
Total Long-Term Assets $2.189B $2.218B $2.580B
Total Assets $5.323B $5.693B $5.304B
YoY Change -11.68% 7.33% 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $485.0M $1.118B $1.056B
YoY Change 77.01% 5.87% -1.95%
Accrued Expenses $114.0M $179.0M $193.0M
YoY Change -43.56% -7.25% -23.72%
Deferred Revenue
YoY Change
Short-Term Debt $21.00M $134.0M $128.0M
YoY Change 2000.0% 4.69% 43.82%
Long-Term Debt Due $8.000M $7.000M $130.0M
YoY Change 300.0% -94.62%
Total Short-Term Liabilities $1.832B $1.971B $1.633B
YoY Change 1.66% 20.7% 3.62%
LONG-TERM LIABILITIES
Long-Term Debt $587.0M $840.0M $677.0M
YoY Change 47.49% 24.08% 33.79%
Other Long-Term Liabilities $109.0M $148.0M $161.0M
YoY Change 4.81% -8.07% -35.86%
Total Long-Term Liabilities $696.0M $988.0M $838.0M
YoY Change 38.65% 17.9% 10.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.832B $1.971B $1.633B
Total Long-Term Liabilities $696.0M $988.0M $838.0M
Total Liabilities $2.528B $2.959B $2.471B
YoY Change 9.72% 19.75% 5.92%
SHAREHOLDERS EQUITY
Retained Earnings $661.0M $799.0M $443.0M
YoY Change -30.86% 80.36% 95.15%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $747.0M $749.0M $296.0M
YoY Change 131.99% 153.04% 1641.18%
Treasury Stock Shares 10.08M shares
Shareholders Equity $865.0M $1.207B $1.313B
YoY Change
Total Liabilities & Shareholders Equity $5.323B $5.693B $5.304B
YoY Change -11.68% 7.33% 2.59%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$114.0M -$21.00M $43.00M
YoY Change -120.92% -148.84% 186.67%
Depreciation, Depletion And Amortization $65.00M $20.00M $54.00M
YoY Change 4.84% -62.96% 5.88%
Cash From Operating Activities $104.0M $53.00M $21.00M
YoY Change -21.8% 152.38% -86.54%
INVESTING ACTIVITIES
Capital Expenditures -$131.0M -$82.00M -$50.00M
YoY Change 24.76% 64.0% 13.64%
Acquisitions
YoY Change
Other Investing Activities -$148.0M -$308.0M $0.00
YoY Change -115.95% -100.0%
Cash From Investing Activities -$279.0M -$390.0M -$50.00M
YoY Change -133.9% 680.0% -178.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $125.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.00M -8.000M -122.0M
YoY Change -86.96% -93.44% 838.46%
NET CHANGE
Cash From Operating Activities 104.0M 53.00M 21.00M
Cash From Investing Activities -279.0M -390.0M -50.00M
Cash From Financing Activities -15.00M -8.000M -122.0M
Net Change In Cash -190.0M -345.0M -151.0M
YoY Change -122.59% 128.48% -172.95%
FREE CASH FLOW
Cash From Operating Activities $104.0M $53.00M $21.00M
Capital Expenditures -$131.0M -$82.00M -$50.00M
Free Cash Flow $235.0M $135.0M $71.00M
YoY Change -1.26% 90.14% -64.5%

Facts In Submission

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us-gaap Gains Losses On Extinguishment Of Debt
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CY2013Q4 us-gaap Goodwill
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us-gaap Goodwill And Intangible Asset Impairment
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us-gaap Gross Profit
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us-gaap Gross Profit
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CY2013Q3 us-gaap Gross Profit
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CY2014Q3 us-gaap Gross Profit
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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2014Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Expenses
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us-gaap Other Nonoperating Expense
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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CY2014Q3 us-gaap Payments For Restructuring
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us-gaap Proceeds From Issuance Of Long Term Debt
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dei Entity Voluntary Filers
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us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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CY2013Q3 us-gaap Sales Revenue Goods Net
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CY2014Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2013Q3 us-gaap Selling General And Administrative Expense
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CY2014Q3 us-gaap Stock Repurchased During Period Value
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250000000 USD
CY2014Q3 us-gaap Stockholders Equity
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1000000 USD
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30000000 USD
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates:</font><font style="font-family:inherit;font-size:10pt;"> The preparation of the financial statements in conformity with U.S. 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.</font></div></div>
CY2014Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47500000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 vc Accelerated Share Repurchase Aggregate Purchase Price
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500000000 USD
CY2014Q3 vc Acceleratedsharerepurchaseinitialstockdelivery
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CY2014Q3 vc Acceleratedsharerepurchaseminimumsharedelivery
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1129001 shares
CY2014Q3 vc Acceleratedsharerepurchaseprogrammaximumshareprice
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CY2014Q3 vc Adjusted Ebitd Afor Total Company
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vc Adjusted Ebitd Afor Total Company
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CY2003 vc Amountof Bonds Issuedbythe Charter Townshipof Van Buren Michigan
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28000000 USD
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vc Business Acquisitions Pro Forma Gross Margin
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633000000 USD
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CY2013Q4 vc Contractualengineeringcostrecoveriescurrent
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vc Depreciation And Amortization Expense
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CY2014Q3 vc Depreciation And Amortization Expense
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61000000 USD
vc Depreciation And Amortization Expense
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165000000 USD
CY2013Q3 vc Depreciation And Amortization Expense
DepreciationAndAmortizationExpense
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CY2014Q3 vc Depreciationand Amortization Expensesfor Continuing Operations
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75000000 USD
vc Depreciationand Amortization Expensesfor Continuing Operations
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196000000 USD
vc Depreciationand Amortization Expensesfor Continuing Operations
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179000000 USD
CY2013Q3 vc Depreciationand Amortization Expensesfor Continuing Operations
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60000000 USD
CY2014Q3 vc Durationoftheacceleratedsharerepurchaseprogram
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P12M
CY2014Q3 vc Employee Related Liabilities Noncurrent
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428000000 USD
CY2013Q4 vc Employee Related Liabilities Noncurrent
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440000000 USD
vc Equityinnetincomeofnonconsolidatedaffiliates
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CY2014Q3 vc Equityinnetincomeofnonconsolidatedaffiliates
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48000000 USD
vc Equityinnetincomeofnonconsolidatedaffiliates
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15000000 USD
CY2014Q3 vc Goodwill And Indefinite Lived Intangible Assets Net
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134000000 USD
CY2013Q4 vc Goodwill And Indefinite Lived Intangible Assets Net
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124000000 USD
vc Intangible Assets Including Goodwill Translation Adjustment
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vc Intangible Assets Net Including Goodwill Recognized From Business Acquisition
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34000000 USD
CY2014Q3 vc Liabilities Of Assets Held For Sale Employee Liabilities
LiabilitiesOfAssetsHeldForSaleEmployeeLiabilities
16000000 USD
CY2014Q3 vc Liabilitiesofassetsheldforsaleaccountspayable
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182000000 USD
CY2014Q3 vc Liabilitiesofassetsheldforsaleaccruedemployeeliabilities
Liabilitiesofassetsheldforsaleaccruedemployeeliabilities
39000000 USD
CY2014Q3 vc Liabilitiesofassetsheldforsaleotherliabilities
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36000000 USD
CY2014Q3 vc Liabilitiesofassetsheldforsaleshorttermdebt
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12000000 USD
CY2014Q3 vc Lossonassetcontribution
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3000000 USD
vc Lossonassetcontribution
Lossonassetcontribution
0 USD
CY2013Q3 vc Lossonassetcontribution
Lossonassetcontribution
0 USD
vc Lossonassetcontribution
Lossonassetcontribution
3000000 USD
CY2014Q3 vc Maturity Periodof Sellerbacked Facility
MaturityPeriodofSellerbackedFacility
P3Y
CY2014Q3 vc Number Of Employees Who Are In Similar Situation As Those In Visteon Germany Civil Case
NumberOfEmployeesWhoAreInSimilarSituationAsThoseInVisteonGermanyCivilCase
600
CY2014Q3 vc Number Of Employees Who Filed Civil Actions Against Visteon Germany
NumberOfEmployeesWhoFiledCivilActionsAgainstVisteonGermany
750
CY2013Q3 vc Numberof Hvcc Employeeswhofiledalegalpetitionclaimingunpaidlegalstatus
NumberofHVCCEmployeeswhofiledalegalpetitionclaimingunpaidlegalstatus
891
CY2014Q3 vc Numberofparticipantsinannuitypurchase
Numberofparticipantsinannuitypurchase
3900
CY2014Q3 vc Pledgedreceivablesclassifiedasheldforsale
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30000000 USD
CY2014Q3 vc Portionoftheacceleratedstockbuybackprogramsubjecttoamaximumpershareprice
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0.50
vc Productwarrantyaccrualreclassifiedtoheldforsale
Productwarrantyaccrualreclassifiedtoheldforsale
2000000 USD
vc Productwarrantyaccrualreclassifiedtoheldforsale
Productwarrantyaccrualreclassifiedtoheldforsale
0 USD
CY2013Q4 vc Propertyand Equipment Net Excluding Tooling
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1337000000 USD
CY2014Q3 vc Propertyand Equipment Net Excluding Tooling
PropertyandEquipmentNetExcludingTooling
1328000000 USD
vc Provisionoflossesonrecoverabletaxes
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8000000 USD
CY2014Q3 vc Provisionoflossesonrecoverabletaxes
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0 USD
CY2013Q3 vc Provisionoflossesonrecoverabletaxes
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0 USD
vc Provisionoflossesonrecoverabletaxes
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0 USD
vc Reimbursementforengineeringcostsexpectedincurrentyear
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10000000 USD
vc Reimbursementforengineeringcostsexpectedinyearfiveandafter
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1000000 USD
vc Reimbursementforengineeringcostsexpectedinyearthree
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21000000 USD
vc Reimbursementforengineeringcostsexpectedinyeartwo
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34000000 USD
vc Reimbursementforengineeringcostsforyearfour
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6000000 USD
CY2014Q3 vc Reserve For Pending Pension Case
ReserveForPendingPensionCase
8000000 USD
CY2014Q3 vc Restrictedcashheldforsale
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13000000 USD
CY2014Q1 vc Restructuringchargesincludingdiscontinuedoperations
Restructuringchargesincludingdiscontinuedoperations
2000000 USD
CY2014Q2 vc Restructuringchargesincludingdiscontinuedoperations
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17000000 USD
CY2014Q3 vc Restructuringchargesincludingdiscontinuedoperations
Restructuringchargesincludingdiscontinuedoperations
15000000 USD
CY2014Q3 vc Taxauditappealsandrefundclaimsreceivable
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34000000 USD
CY2014Q3 vc Transformation Costs
TransformationCosts
13000000 USD
vc Transformation Costs
TransformationCosts
20000000 USD
CY2013Q3 vc Transformation Costs
TransformationCosts
8000000 USD
vc Transformation Costs
TransformationCosts
21000000 USD
CY2014Q3 vc Uk Administrationrecovery
UKAdministrationrecovery
0 USD
vc Uk Administrationrecovery
UKAdministrationrecovery
-2000000 USD
CY2013Q3 vc Uk Administrationrecovery
UKAdministrationrecovery
-2000000 USD
vc Uk Administrationrecovery
UKAdministrationrecovery
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001111335
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
44299689 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q3 dei Entity Number Of Employees
EntityNumberOfEmployees
29000
dei Entity Registrant Name
EntityRegistrantName
VISTEON CORP
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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0001111335-14-000015-index-headers.html Edgar Link pending
0001111335-14-000015-index.html Edgar Link pending
0001111335-14-000015.txt Edgar Link pending
0001111335-14-000015-xbrl.zip Edgar Link pending
ex-3112014q310xq.htm Edgar Link pending
ex-3122014q310xq.htm Edgar Link pending
ex-3212014q310xq.htm Edgar Link pending
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