Discontinued Operations

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 3. 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 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 March 31, 2016 and 2015. The three month period ended March 31, 2015 also included the results of operations for the Climate business, sold during the second quarter of 2015.

Discontinued operations are summarized as follows:

	Three Months Ended March 31
	2016			2015
	(Dollars in Millions)
Sales	$	9		$	1,235
Cost of sales	13			1,138
Gross margin	(4		)	97
Selling, general and administrative expenses	—			40
Loss and impairment on Interiors Divestiture	1			14
Restructuring expense	—			1
Interest expense, net	—			1
Equity in net income of non-consolidated affiliates	—			3
Other expense, net	—			6
(Loss) income from discontinued operations before income taxes	(5		)	38
Provision for (benefit from) income taxes	8			(8		)
(Loss) income from discontinued operations, net of tax	(13		)	46
Net income attributable to non-controlling interests	—			15
Net (loss) income from discontinued operations attributable to Visteon	$	(13	)	$	31

During the three months ended March 31, 2016, the Company recorded currency impacts of $8 million in connection with the Korean capital gains withholding tax recovered during the first quarter of 2016.

As of March 31, 2016 and December 31, 2015, held for sale balances include assets and liabilities associated with operations subject to the Interiors Divestiture located in Argentina and Brazil.

Held for sale balances, classified as "Other current assets" and "Other current liabilities" on the consolidated balance sheets are summarized as follows:

	March 31		December 31
	2016		2015
	(Dollars in Millions)
ASSETS HELD FOR SALE
Cash and equivalents	$	2	$	1
Accounts receivable, net	9		9
Inventories, net	5		4
Other current assets	4		3
Total current assets held for sale	20		17
Total assets held for sale	$	20	$	17
LIABILITIES HELD FOR SALE
Accounts payable	6		6
Employee benefits	3		2
Other current liabilities	1		1
Total current liabilities held for sale	10		9
Total liabilities held for sale	$	10	$	9

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 statements of cash flows. Cash and non-cash items for certain operating and investing activities related to discontinued operations for the three months ended March 31, 2016 and 2015 are as follows:

	Three Months Ended March 31
	2016		2015
	(Dollars in Millions)
Depreciation and amortization	$	—	$	47
Asset impairments and losses on divestiture	$	1	$	14
Capital expenditures	$	1	$	29