0001111335-23-000045 | 10-Q | XBRL Viewer

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Other Assets - Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Abstract]
Recoverable taxes	$ 54	$ 55
Contractually reimbursable engineering costs	34	35
Prepaid assets and deposits	19	18
Derivative asset, fair value net	8	2
China bank notes	0	6
Other	7	4
Other current assets	140	167
Joint venture receivables	$ 26	$ 49

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Long-term debt
Short-term debt	$ 18	$ 13
Short-term borrowings
Long-term debt
Long-Term Debt and Lease Obligation, Including Current Maturities	18	13
Term Loan
Long-term debt
Unsecured Long-Term Debt, Noncurrent	$ 323	$ 336

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset, fair value net			$ 8	$ 2
Debt instrument			337	336
Designated as Hedging Instrument \| Liability \| Currency Swap
Derivative [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated amount to be transferred			(3)
Derivative Asset			6	8
Derivative liability			200
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated amount to be transferred			(7)
Derivative Asset			14	$ 10
Derivative liability			$ 250
Credit Concentration Risk \| Accounts Receivable \| Ford And Affiliates
Derivative [Line Items]
Concentration risk, percentage		16.00%	18.00%
Credit Concentration Risk \| Accounts Receivable \| GM
Derivative [Line Items]
Concentration risk, percentage	9.00%		13.00%

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The Company’s restructuring reserves and related activity are summarized below.


(In millions)
December 31, 2022	$	11

Change in estimate	1
Payments	(3)
March 31, 2023	$	9
Expense	2
Change in estimate	(1)
Payments	(1)
June 30, 2023	$	9
Expense	1
Change in estimate	(1)
Payments	(2)
September 30, 2023	$	7

Impairments

The Company evaluates its long-lived assets for impairment whenever events or circumstances indicate the value of these long-lived asset groups are not recoverable.

During the nine months ended September 30, 2022, due to the geopolitical situation in Eastern Europe, the Company elected to close the Russian facility resulting in a non-cash impairment charge of $4 million to fully impair property and equipment and reduce inventory to its net realizable value.

Stockholders' Equity and Non-controlling Interests - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance			$ 675
Other comprehensive income (loss) before reclassification, net of tax	$ (14)	$ (29)	(18)	$ (66)
Amounts reclassified from AOCI	2	0	6	1
Accumulated other comprehensive income (loss), ending balance	724		724
Income tax expense (benefit)	1	1	1	1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(213)	(265)	(213)	(229)
Accumulated other comprehensive income (loss), ending balance	(225)	(294)	(225)	(294)
Accumulated Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(208)	(206)	(210)	(149)
Other comprehensive income (loss) before reclassification, net of tax	(19)	(45)	(17)	(102)
Accumulated other comprehensive income (loss), ending balance	(227)	(251)	(227)	(251)
Accumulated Translation Adjustment \| Cross Currency Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	9	18	12	4
Other comprehensive income (loss) before reclassification, net of tax	5	5	2	20
Amounts reclassified from AOCI	0	0	0	(1)
Accumulated other comprehensive income (loss), ending balance	14	23	14	23
Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(26)	(79)	(25)	(81)
Other comprehensive income (loss) before reclassification, net of tax	0	2	0	3
Amounts reclassified from AOCI	(1)	0	(2)	1
Accumulated other comprehensive income (loss), ending balance	(27)	(77)	(27)	(77)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	12	2	10	(3)
Other comprehensive income (loss) before reclassification, net of tax	0	9	(3)	13
Amounts reclassified from AOCI	3	0	8	1
Accumulated other comprehensive income (loss), ending balance	$ 15	$ 11	$ 15	$ 11

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net income (loss)	$ 132	$ 95
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization	79	79
Non-cash stock-based compensation	26	19
Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted	8
Asset Impairment Charges	0	4
Other non-cash items	(3)	(2)
Changes in assets and liabilities:
Accounts receivable	(19)	(244)
Inventories	23	(112)
Accounts payable	(54)	173
Other assets and other liabilities	(23)	(10)
Net cash provided from operating activities	169	2
Investing Activities
Capital expenditures, including intangibles	(82)	(54)
Contributions to equity method investments	(1)	(1)
Payments for (Proceeds from) Hedge, Investing Activities	0	9
Other	3	2
Net cash used by investing activities	(80)	(44)
Financing Activities
Proceeds from Issuance of Long-Term Debt	0	350
Repayments of Long-Term Debt	0	(350)
Short-term debt, net	0	(4)
Investment Company, Debt Instrument, Amount Repaid to Principal, Excess (Less)	(8)	0
Payments of Ordinary Dividends, Noncontrolling Interest	(27)	0
Payments for Repurchase of Common Stock	(76)	0
Payments Related to Tax Withholding for Share-based Compensation	(16)	0
Proceeds from Stock Options Exercised	8	0
Proceeds from (Payments for) Other Financing Activities	0	(3)
Net cash used by financing activities	(119)	(7)
Effect of exchange rate changes on cash	(8)	(41)
Net decrease in cash, equivalents, and restricted cash	(38)	(90)
Cash, equivalents, and restricted cash at beginning of the period	523	455
Cash, equivalents, and restricted cash at end of the period	$ 485	$ 365

Other Liabilities - Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred income	$ 54	$ 55
Product warranty and recall accruals	43	31
Non-income taxes payable	26	35
Joint venture payable	21	39
Income taxes payable	17	22
Royalty reserves	15	14
Restructuring reserves	4	6
Dividends payable	2	1
Other	37	43
Total other current liabilities	$ 219	$ 246

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	$ 8	$ 5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Visteon Corporation Stockholders' Equity	Non-Controlling Interests	Treasury Stock, Common
Beginning balance at Dec. 31, 2021	$ 616	$ 1	$ 1,349	$ 1,664	$ (229)	$ 516	$ 100	$ (2,269)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23			22		22	1
Other comprehensive income (loss)	4				4	4	0
Stock-based compensation, net	(1)		(10)			(1)		9
Ending balance at Mar. 31, 2022	642	1	1,339	1,686	(225)	541	101	(2,260)
Beginning balance at Dec. 31, 2021	616	1	1,349	1,664	(229)	516	100	(2,269)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	95
Ending balance at Sep. 30, 2022	649	1	1,351	1,754	(294)	555	94	(2,257)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments for Repurchase of Common Stock	0
Beginning balance at Mar. 31, 2022	642	1	1,339	1,686	(225)	541	101	(2,260)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23			24		24	(1)
Other comprehensive income (loss)	(44)				(40)	(40)	(4)
Stock-based compensation, net	7		6			7		1
Ending balance at Jun. 30, 2022	626	1	1,345	1,710	(265)	532	94	(2,259)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49			44		44	5
Other comprehensive income (loss)	(34)				(29)	(29)	(5)
Stock-based compensation, net	8		6			8		2
Ending balance at Sep. 30, 2022	649	1	1,351	1,754	(294)	555	94	(2,257)
Beginning balance at Dec. 31, 2022	774	1	1,352	1,788	(213)	675	99	(2,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38			34		34	4
Other comprehensive income (loss)	15				16	16	(1)
Stock-based compensation, net	(5)		(18)			(5)		13
Ending balance at Mar. 31, 2023	807	1	1,334	1,822	(197)	720	87	(2,240)
Beginning balance at Dec. 31, 2022	774	1	1,352	1,788	(213)	675	99	(2,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	132
Ending balance at Sep. 30, 2023	801	1	1,349	1,908	(225)	724	77	(2,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments for Repurchase of Common Stock	(76)
Beginning balance at Mar. 31, 2023	807	1	1,334	1,822	(197)	720	87	(2,240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23			20		20	3
Other comprehensive income (loss)	(20)				(16)	(16)	(4)
Stock-based compensation, net	11		7			11		4
Share repurchase							13
Ending balance at Jun. 30, 2023	778	1	1,341	1,842	(213)	705	73	(2,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments for Repurchase of Common Stock	(30)
Net income (loss)	71			66		66	5
Other comprehensive income (loss)	(13)				(12)	(12)	(1)
Stock-based compensation, net	11		8			11		3
Ending balance at Sep. 30, 2023	801	$ 1	$ 1,349	$ 1,908	$ (225)	$ 724	$ 77	$ (2,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments for Repurchase of Common Stock	$ (46)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares, issued (in shares)	55,000,000
Common stock, shares, outstanding (in shares)	27,900,000	28.2

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation - Interim Financial Statements The condensed consolidated financial statements of Visteon Corporation and Subsidiaries (the "Company" or "Visteon") have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission ("SEC") have been condensed or omitted pursuant to such rules and regulations. These interim condensed 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, stockholders' equity, 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 financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported herein. Considerable judgment is involved in making these determinations and the use of different estimates or assumptions could result in significantly different results. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those reported herein. Events and changes in circumstances arising after September 30, 2023 will be reflected in management's estimates in future periods. Segment: The Company’s reportable segment is Electronics. The Electronics segment provides vehicle cockpit electronics products to customers, including digital instrument clusters, domain controllers with integrated advanced driver assistance systems ("ADAS"), displays, Android-based infotainment systems, and battery management systems. As the Company has one reportable segment, net sales, total assets, depreciation, amortization and capital expenditures are equal to consolidated results. Allowance for Doubtful Accounts: The Company establishes an allowance for doubtful accounts for accounts receivable based on the current expected credit loss impairment model (“CECL”). The Company applies a historical loss rate based on historic write-offs by region to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses, as necessary. The Company may also record a specific reserve for individual accounts when the Company becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position. The allowance for doubtful accounts was $8 million and $5 million as of September 30, 2023 and December 31, 2022, respectively. Accounting Pronouncements Not Yet Adopted Business Combinations - Joint Venture - In August 2023, the FASB issued ASU 2023-05, "Joint Venture Formation (Subtopic 805-60) - Recognition and initial measurement." to provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and to create consistency in presentation. The amendments in this ASU are effective for fiscal years beginning after January 1, 2025 and interim periods within those fiscal years. The Company is currently evaluating the impacts of the provisions of ASU 2023-05. Disclosure Improvements - In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements (Release No. 33-10532)." The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for the interim period June 30, 2027. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.

Fair Value Measurements and Financial Instruments - Financial Statement Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, fair value net	$ 8		$ 8		$ 2
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	5	$ 14	(1)	$ 33
Reclassified from AOCI into Income (Loss)	(3)		(8)
Recorded in (Income) Loss				3
Designated as Hedging Instrument \| Foreign Exchange Contract \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded in (Income) Loss	0	0	0	3
Designated as Hedging Instrument \| Foreign Exchange Contract \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	5	5	2	20
Reclassified from AOCI into Income (Loss)				1
Recorded in (Income) Loss	0	0	0	0
Designated as Hedging Instrument \| Interest Rate Swap \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	0	9	(3)	13
Reclassified from AOCI into Income (Loss)	(3)	0	(8)	(1)
Recorded in (Income) Loss	$ 0	$ 0	$ 0	$ 0

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Other Assets - Noncurrent Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Abstract]
Deferred tax assets	$ 41	$ 42
Contractually reimbursable engineering costs	22	25
Derivative asset, fair value net	8	2
Recoverable taxes	11	11
Assets for Plan Benefits, Defined Benefit Plan	4	4
Other	38	20
Other noncurrent assets	$ 124	$ 104

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Other Assets

9 Months Ended

Sep. 30, 2023

Other Assets [Abstract]

Other Assets

Other current assets are comprised of the following components:


	September 30,		December 31,
(In millions)	2023		2022
Recoverable taxes	$	54	$	55
Contractually reimbursable engineering costs	34		35
Joint venture receivables	26		49
Prepaid assets and deposits	19		18
China bank notes	—		6
Other	7		4
	$	140	$	167

The Company receives bank notes from certain customers in China to settle trade accounts receivable. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions which are operating in nature. The Company redeemed $208 million and $101 million of China bank notes during the nine months ended September 30, 2023 and 2022, respectively. Remaining amounts outstanding at third-party institutions related to sold bank notes will mature by the end of the first quarter of 2024.

Other non-current assets are comprised of the following components:


	September 30,		December 31,
(In millions)	2023		2022
Deferred tax assets	$	41	$	42
Contractually reimbursable engineering costs	22		25
Recoverable taxes	11		11
Derivative financial instruments	8		2
Pension assets	4		4
Other	38		20
	$	124	$	104

Current and non-current contractually reimbursable engineering costs are related to pre-production design and development costs incurred pursuant to long-term supply arrangements that are contractually guaranteed for reimbursement by customers. The Company expects to receive cash reimbursement payments of $12 million during the remainder of 2023, $31 million in 2024, $10 million in 2025, $2 million in 2026, and $1 million in 2027 and beyond.

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Retirement Plan expenses

The Company's net periodic benefit costs for all defined benefit plans for the three month periods ended September 30, 2023 and 2022 were as follows:


	U.S. Plans				Non-U.S. Plans
(In millions)	2023		2022		2023		2022
Costs Recognized in Income:
Pension service (cost):
Service cost	$	—	$	—	$	—	$	—
Pension financing benefits (cost):
Interest cost	$	(8)	$	(5)	$	(3)	$	(2)
Expected return on plan assets	11		10		3		2
Amortization of losses and other	—		—		—		—
Total pension financing benefits:	3		5		—		—



Net pension benefit (cost)	$	3	$	5	$	—	$	—

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 192	$ 195
Accumulated Amortization	(152)	(141)
Net Intangibles	40	54
Goodwill and indefinite-lived intangible assets [Abstract]
Goodwill, gross	43	45
Goodwill net	43	45
Total goodwill and intangible assets, gross	235	240
Total goodwill and intangible assets, net	$ 83	99
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	10 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 40	40
Accumulated Amortization	(39)	(39)
Net Intangibles	$ 1	1
Customer related
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	10 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 84	88
Accumulated Amortization	(80)	(77)
Net Intangibles	$ 4	11
Capitalized software development
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	5 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 51	50
Accumulated Amortization	(21)	(16)
Net Intangibles	$ 30	34
Other
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	32 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 17	17
Accumulated Amortization	(12)	(9)
Net Intangibles	$ 5	$ 8

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-15827
Entity Registrant Name	VISTEON CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-3519512
Entity Address, Address Line One	One Village Center Drive,
Entity Address, City or Town	Van Buren Township,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48111
City Area Code	800
Local Phone Number	VISTEON
Title of 12(b) Security	Common Stock, Par Value $.01 Per Share
Trading Symbol	VC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,811,203
Amendment Flag	false
Entity Central Index Key	0001111335
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Debt - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity, revolving credit facility	$ 75
Maximum borrowing capacity, swing line advances	20
Amended LOC agreement facility capacity	$ 4
Required collateral equal to the aggregate stated amount of the LOCs (percent)	103.00%
LOC collateral percentage for draws in non-U.S. currencies (percent)	110.00%
Restricted cash	$ 4	$ 3
Restricted cash	4	3
Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	400
Restricted cash - Letter of credit related
Debt Instrument [Line Items]
Restricted cash	2
Restricted cash	$ 2
Maximum
Debt Instrument [Line Items]
Financial maintenance covenant	3.50
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.75%
Term Loan
Debt Instrument [Line Items]
Face amount	$ 350
LOC Facility issued by local affiliates
Debt Instrument [Line Items]
Amount secured by cash collateral	2	$ 3
Affiliated Entity
Debt Instrument [Line Items]
Working capital facility availability	$ 32

Other Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Product warranty and recall accruals	$ 23	$ 20
Deferred income	11	14
Income tax reserves	6	7
Royalty reserves	15	14
Restructuring reserves	3	5
Derivative financial instruments	0	2
Dividends payable	2	1
Other	21	16
Total other noncurrent liabilities	$ 64	$ 64

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The table below provides details underlying the calculations of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share amounts)	2023		2022		2023		2022
Numerator:


Net income (loss) attributable to Visteon	$	66	$	44	$	120	$	90
Denominator:
Average common stock outstanding - basic	28.1		28.1		28.2		28.1
Dilutive effect of performance based share units and other	0.4		0.4		0.4		0.4
Diluted shares	28.5		28.5		28.6		28.5
Basic and Diluted Per Share Data:



Basic earnings (loss) per share attributable to Visteon	$	2.35	$	1.57	$	4.26	$	3.20




Diluted earnings (loss) per share attributable to Visteon:	$	2.32	$	1.54	$	4.20	$	3.16

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Expense	$ 1	$ 2	$ 1
Restructuring reserve, current	4			$ 4		$ 6
Restructuring Reserve	7	$ 9	$ 9	7		$ 11
Asset Impairment Charges				0	$ 4
2016 Other Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3			3
Eng and Admin Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3			3
PPE Impairment
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges					$ 4
2023 Rest Plan
Restructuring Cost and Reserve [Line Items]
Expense				2
Restructuring Reserve	$ 1			$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Non-Consolidated Affiliates - Investments in Non-Consolidated Equity Method Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Investment in YFVIC	$ 36	$ 49
YFVIC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%
Yanfeng Visteon Investment Co., Ltd. ("YFVIC")
Related Party Transaction [Line Items]
Investment in YFVIC	$ 11	25
Other
Related Party Transaction [Line Items]
Investment in YFVIC	11	11
Limited Partnerships
Related Party Transaction [Line Items]
Investment in YFVIC	$ 14	$ 13

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation - Interim Financial Statements	Basis of Presentation - Interim Financial Statements The condensed consolidated financial statements of Visteon Corporation and Subsidiaries (the "Company" or "Visteon") have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission ("SEC") have been condensed or omitted pursuant to such rules and regulations. These interim condensed 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, stockholders' equity, and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported herein. Considerable judgment is involved in making these determinations and the use of different estimates or assumptions could result in significantly different results. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those reported herein. Events and changes in circumstances arising after September 30, 2023 will be reflected in management's estimates in future periods.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts:
Recently Adopted Accounting Pronouncements	Accounting Pronouncements Not Yet Adopted Business Combinations - Joint Venture - In August 2023, the FASB issued ASU 2023-05, "Joint Venture Formation (Subtopic 805-60) - Recognition and initial measurement." to provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and to create consistency in presentation. The amendments in this ASU are effective for fiscal years beginning after January 1, 2025 and interim periods within those fiscal years. The Company is currently evaluating the impacts of the provisions of ASU 2023-05. Disclosure Improvements - In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements (Release No. 33-10532)." The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for the interim period June 30, 2027. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net consist of the following components:


	September 30,		December 31,
(In millions)	2023		2022
Raw materials	$	240	$	291
Work-in-process	34		26
Finished products	44		31
	$	318	$	348

Commitments and Contingencies - Reconciliation of Changes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty accrual, beginning balance	$ 51	$ 50
Provisions	26	13
Changes in estimates	2	1
Currency	(1)	(6)
Settlements, net	(12)	(11)
Product warranty accrual, ending balance	$ 66	$ 47

Non-Consolidated Affiliates

9 Months Ended

Sep. 30, 2023

Non-Consolidated Affiliates

Investments in Affiliates

The Company's investments in non-consolidated equity method affiliates include the following:


	September 30,		December 31,
(In millions)	2023		2022
Yanfeng Visteon Investment Co., Ltd. ("YFVIC") (50%)	$	11	$	25
Limited partnerships	14		13
Other	11		11
Total investments in non-consolidated affiliates	$	36	$	49

Variable Interest Entities

The Company evaluates whether joint ventures in which it has invested are Variable Interest Entities (“VIE”) at the start of each new venture and when a reconsideration event has occurred. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE having both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company determined that YFVIC is a VIE. The Company holds a variable interest in YFVIC primarily related to its ownership interests and subordinated financial support. The Company and Yangfeng Automotive Trim Systems Co. Ltd. ("YF") each own 50% of YFVIC and neither entity has the power to control the operations of YFVIC; therefore, the Company is not the primary beneficiary of YFVIC and does not consolidate the joint venture.

The Company's investments in YFVIC consists of the following:


	September 30,		December 31,
(In millions)	2023		2022
Payables due to YFVIC	$	20	$	38
Exposure to loss in YFVIC:
Investment in YFVIC	$	11	$	25
Receivables due from YFVIC	22		48
Maximum exposure to loss in YFVIC	$	33	$	73

A $5 million dividend was declared by a non-consolidated affiliate during the second quarter 2023, which is recorded as a current asset as of September 30, 2023.

The Company recorded a $9 million settlement charge related to a one-time contract dispute with a joint venture partner during the second quarter of 2022. This charge is recorded within Cost of Sales.

Equity Investments

In 2018, the Company committed to make a $15 million investment in two entities principally focused on the automotive sector pursuant to limited partnership agreements. As a limited partner in each entity, the Company will periodically make capital contributions toward this total commitment amount. As of September 30, 2023, the Company has contributed a total of approximately $12 million toward the aggregate investment commitments. These limited partnerships are classified as equity method investments.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Employee Benefit Plans - Benefit Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign Plan
Pension service (cost):
Service cost	$ 0	$ 0	$ (1)	$ (1)
Pension financing benefits (cost):
Interest cost	(3)	(2)	(7)	(5)
Expected return on plan assets	3	2	7	6
Amortization of losses and other				(1)
Net pension benefit (cost)			(1)	(1)
U.S. Plans
Pension service (cost):
Service cost	0	0	0	0
Pension financing benefits (cost):
Interest cost	(8)	(5)	(24)	(15)
Expected return on plan assets	11	10	31	30
Amortization of losses and other			1
Total pension financing benefits:	3	5	8	15
Net pension benefit (cost)	$ 3	$ 5	$ 8	$ 15

Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains and losses on derivative financial instruments for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Recorded Income (Loss) into AOCI, net of tax				Reclassified from AOCI into Income (Loss)				Recorded in (Income) Loss
(In millions)	2023		2022		2023		2022		2023		2022
Three months ended September 30,
Foreign currency risk - Cost of sales:
Foreign currency derivative	$	—	$	—	$	—	$	—	$	—	$	—
Interest rate risk - Interest expense, net:
Interest rate swaps	—		9		(3)		—		—		—
Net investment hedges	5		5		—		—		—		—
	$	5	$	14	$	(3)	$	—	$	—	$	—
Nine months ended September 30,
Foreign currency risk - Cost of sales:
Foreign currency derivative	$	—	$	—	$	—	$	—	$	—	$	3
Interest rate risk - Interest expense, net:
Interest rate swaps	(3)		13		(8)		(1)		—		—
Net investment hedges	2		20		—		1		—		—
	$	(1)	$	33	$	(8)	$	—	$	—	$	3

Non-Consolidated Affiliates - Summary of Investments in YFVIC (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Exposure to loss in YFVIC:
Investment in YFVIC	$ 36	$ 49
Maximum exposure to loss in YFVIC	33	73
Receivables due from YFVIC
Exposure to loss in YFVIC:
Other Receivable, after Allowance for Credit Loss, Noncurrent	22	48
Other Current Liabilities
Exposure to loss in YFVIC:
Other Accounts Payable and Accrued Liabilities	20	38
Yanfeng Visteon Investment Co., Ltd. ("YFVIC")
Exposure to loss in YFVIC:
Investment in YFVIC	$ 11	$ 25

Stockholders' Equity and Non-controlling Interests (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Non-controlling Interests

The Company's non-controlling interests are as follows:


	September 30,		December 31,
(In millions)	2023		2022
Shanghai Visteon Automotive Electronics, Co., Ltd.	$	49	$	45
Yanfeng Visteon Automotive Electronics Co., Ltd.	13		37
Changchun Visteon FAWAY Automotive Electronics, Co., Ltd.	13		15
Other	2		2
	$	77	$	99

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive income (loss) (“AOCI”) and reclassifications out of AOCI by component include:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Changes in AOCI:
Beginning balance	$	(213)	$	(265)	$	(213)	$	(229)
Other comprehensive income (loss) before reclassification, net of tax	(14)		(29)		(18)		(66)
Amounts reclassified from AOCI	2		—		6		1
Ending balance	$	(225)	$	(294)	$	(225)	$	(294)
Changes in AOCI by Component:
Foreign currency translation adjustments
Beginning balance	$	(208)	$	(206)	$	(210)	$	(149)
Other comprehensive income (loss) before reclassification, net of tax (a)	(19)		(45)		(17)		(102)
Ending balance	(227)		(251)		(227)		(251)
Net investment hedge
Beginning balance	9		18		12		4
Other comprehensive income (loss) before reclassification, net of tax (a)	5		5		2		20
Amounts reclassified from AOCI	—		—		—		(1)
Ending balance	14		23		14		23
Benefit plans
Beginning balance	(26)		(79)		(25)		(81)
Other comprehensive income (loss) before reclassification, net of tax (b)	—		2		—		3
Amounts reclassified from AOCI	(1)		—		(2)		1
Ending balance	(27)		(77)		(27)		(77)
Unrealized hedging gain (loss)
Beginning balance	12		2		10		(3)
Other comprehensive income (loss) before reclassification, net of tax (c)	—		9		(3)		13
Amounts reclassified from AOCI	3		—		8		1
Ending balance	15		11		15		11
Total AOCI	$	(225)	$	(294)	$	(225)	$	(294)

(a) There were no income tax effects for either period due to the valuation allowance.

(b) Net tax expense was less than $1 million related to benefit plans for the three and nine months ended September 30, 2023 and 2022.

(c) There were no income tax effects related to unrealized hedging gain (loss) for either period due to the valuation allowance.

Share Repurchase Program

On March 2, 2023 the Company's board of directors authorized a share repurchase program of $300 million of common stock through December 31, 2026. During the three months ended September 30, 2023, the Company has purchased 333,758 shares at an average price of $137.11 related to this program. During the nine months ended September 30, 2023, the Company has purchased 545,537 shares at an average price of $138.87 related to this program.

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other income (expense), net	$ 3	$ 5	$ (4)	$ 15
Expected future employer contributions in remaining year	5		5
Foreign Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash contributions by employer			4
Service cost	0	0	(1)	(1)
Interest cost	(3)	(2)	(7)	(5)
Expected return on plan assets	3	2	7	6
Amortization of losses and other				(1)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)			(1)	(1)
U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	0	0	0
Interest cost	(8)	(5)	(24)	(15)
Expected return on plan assets	11	10	31	30
Amortization of losses and other			1
Total pension financing benefits:	3	5	8	15
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 3	$ 5	$ 8	$ 15

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Intangible assets, net are comprised of the following:


		September 30, 2023						December 31, 2022
(In millions)	Estimated Weighted Average Useful Life (years)	Gross Intangibles		Accumulated Amortization		Net Intangibles		Gross Intangibles		Accumulated Amortization		Net Intangibles
Definite-Lived:
Developed technology	10	$	40	$	(39)	$	1	$	40	$	(39)	$	1
Customer related	10	84		(80)		4		88		(77)		11
Capitalized software development	5	51		(21)		30		50		(16)		34
Other	32	17		(12)		5		17		(9)		8
Subtotal		192		(152)		40		195		(141)		54
Indefinite-Lived:
Goodwill		43		—		43		45		—		45
Total		$	235	$	(152)	$	83	$	240	$	(141)	$	99

Fair Value Measurements and Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Fair Value Measurements

The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. 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.

Items Measured at Fair Value on a Recurring Basis

The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates and market interest rates. The Company manages these risks, in part, through the use of derivative financial instruments. The use of derivative financial 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 including master netting arrangements directly with a variety of major highly rated financial institutions that are expected to fully satisfy their obligations under the contracts. Additionally, the Company’s ability to utilize derivatives to manage risks is dependent on credit and market conditions. The Company presents its derivative positions and any related material collateral under master netting arrangements that provide for the net settlement of contracts, by counterparty, in the event of default or termination. There is no cash collateral on any of these derivatives.

Derivative financial 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 or may derived from observable data. Accordingly, the Company's derivative

instruments are classified as Level 2, "Other Observable Inputs" in the fair value hierarchy.

Cross Currency Swaps: The Company has executed cross-currency swap transactions intended to mitigate the variability of the U.S. dollar value of its investment in certain of its non-U.S. entities. These swaps are designated as net investment hedges and the Company has elected to assess hedge effectiveness under the spot method. Accordingly, changes in the fair value of the swaps are recorded as a cumulative translation adjustment in AOCI in the condensed consolidated balance sheet.

During 2022, the Company terminated existing cross currency swaps and received $9 million upon settlement. Subsequently, the Company executed new cross-currency swap transactions. As of September 30, 2023, the Company had cross-currency swaps with aggregate notional amounts of $200 million intended to mitigate the variability of U.S. dollar value investment in certain of its non-U.S. entities. These swaps are designated as net investment hedges. There was no ineffectiveness associated with such derivatives as of September 30, 2023, and the fair value of these derivatives is a non-current liability of $6 million. As of September 30, 2023, a gain of approximately $3 million is expected to be reclassified out of accumulated other comprehensive income into earnings within the next 12 months.

As of December 31, 2022, the fair value of these derivatives was a non-current liability of $8 million.

Interest Rate Swaps: The Company utilizes interest rate swap instruments to manage its exposure and to mitigate the impact of interest rate variability. The swaps are designated as cash flow hedges, accordingly, the effective portion of the changes in fair value is recognized in accumulated other comprehensive income. Subsequently, the accumulated gains and losses recorded in equity are reclassified to income in the period during which the hedged exposure impacts earnings.

During 2022, the Company terminated existing interest rate swaps and received less than $1 million upon settlement. Subsequently, the Company executed new interest rate swap instruments. As of September 30, 2023, the Company had interest rate swaps with aggregate notional amounts of $250 million. The fair value of these derivatives is a non-current asset of $14 million as of September 30, 2023. As of September 30, 2023, a gain of approximately $7 million is expected to be reclassified out of accumulated other comprehensive income into earnings within the next twelve months.

As of December 31, 2022, the fair value of these derivatives was a non-current asset of $10 million.

Financial Statement Presentation

Gains and losses on derivative financial instruments for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Recorded Income (Loss) into AOCI, net of tax				Reclassified from AOCI into Income (Loss)				Recorded in (Income) Loss
(In millions)	2023		2022		2023		2022		2023		2022
Three months ended September 30,
Foreign currency risk - Cost of sales:
Foreign currency derivative	$	—	$	—	$	—	$	—	$	—	$	—
Interest rate risk - Interest expense, net:
Interest rate swaps	—		9		(3)		—		—		—
Net investment hedges	5		5		—		—		—		—
	$	5	$	14	$	(3)	$	—	$	—	$	—
Nine months ended September 30,
Foreign currency risk - Cost of sales:
Foreign currency derivative	$	—	$	—	$	—	$	—	$	—	$	3
Interest rate risk - Interest expense, net:
Interest rate swaps	(3)		13		(8)		(1)		—		—
Net investment hedges	2		20		—		1		—		—
	$	(1)	$	33	$	(8)	$	—	$	—	$	3

Items Not Carried at Fair Value

The Company's fair value of debt was $337 million and $336 million as of September 30, 2023 and December 31, 2022, respectively. Fair value estimates were based on the current rates offered to the Company for debt of the same remaining maturities. Accordingly, the Company's debt fair value disclosures are classified as Level 2 in the fair value hierarchy.

Concentrations of Credit Risk

Financial instruments including cash equivalents, derivative contracts, and accounts receivable, expose the Company to counterparty credit risk for non-performance. The Company’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet the Company’s credit rating requirements. The Company’s counterparties for derivative contracts are substantial investment and commercial banks with significant experience using such derivatives. The Company manages its credit risk pursuant to written policies that specify minimum counterparty credit profile and by limiting the concentration of credit exposure amongst its multiple counterparties.

The Company's credit risk with any single customer does not exceed ten percent of total accounts receivable except for Ford and GM and their affiliates. Ford represents 18% and 16% of the Company's balance as of September 30, 2023 and December 31, 2022, respectively. GM represents 13% and 9% of the Company's balance as of September 30, 2023 and December 31, 2022, respectively.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Claims In 2003, the Local Development Finance Authority of the Charter Township of Van Buren, Michigan issued approximately $28 million in bonds finally maturing in 2032, the proceeds of which were used at least in part to assist in the development of the Company’s U.S. headquarters located in the Township. During January 2010, the Company and the Township entered into a settlement agreement (the “Settlement Agreement”) that, among other things, reduced the taxable value of the headquarters property to current market value and also provided that the Company would negotiate in good faith with the Township if the property tax payments were inadequate to permit the Township to meet its payment obligations with respect to the bonds. On December 9, 2019, the Township commenced litigation against the Company in Michigan’s Wayne County Circuit Court. On June 27, 2023, Visteon and the Township entered into a Settlement and Mutual Release Agreement pursuant to which Visteon, without admitting wrongdoing, will pay the Township $12 million. Payment will be made in two installments. One payment was made on July 3, 2023. The second payment is scheduled to be paid on July 1, 2024 and is classified as a current liability. The litigation commenced in Michigan’s Wayne County Circuit Court and has been dismissed with prejudice. In November 2013, the Company and Halla Visteon Climate Control Corporation (“HVCC”), jointly filed an Initial Notice of Voluntary Self-Disclosure statement with the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) regarding certain sales of automotive HVAC components by a minority-owned, Chinese joint venture of HVCC into Iran. The Company updated that notice in December 2013, and subsequently filed a voluntary self-disclosure regarding these sales with OFAC in March 2014. In May 2014, the Company voluntarily filed a supplementary self-disclosure identifying additional sales of automotive HVAC components by the Chinese joint venture, as well as similar sales involving an HVCC subsidiary in China, totaling $12 million, and filed a final voluntary-self disclosure with OFAC on October 17, 2014. OFAC is currently reviewing the results of the Company’s investigation. Following that review, OFAC may conclude that the disclosed sales resulted in violations of U.S. economic sanctions laws and warrant the imposition of civil penalties, such as fines, limitations on the Company's ability to export products from the United States, and/or referral for further investigation by the U.S. Department of Justice. Any such fines or restrictions may be material to the Company’s financial results in the period in which they are imposed, but the Company is not able to estimate the possible loss or range of loss in connection with this matter. Additionally, disclosure of this conduct and any fines or other action relating to this conduct could harm the Company’s reputation and have a material adverse effect on its business, operating results and financial condition. The Company cannot predict when OFAC will conclude its own review of voluntary self-disclosures or whether it may impose any of the potential penalties described above. 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. The Company maintained accruals of $8 million for claims aggregating $39 million in Brazil as of September 30, 2023. 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. The adverse impacts of the COVID-19 pandemic led to a significant reduction in vehicle production in the first half of 2020, which was followed by increased consumer demand and vehi