| VISTEON CORPORATION AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (Dollars in Millions) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30 | September 30 | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| OPERATING | |||||||||||||||
| Net income | $ | 18 | $ | 24 | $ | 42 | $ | 129 | |||||||
| Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||
| Depreciation and amortization | 25 | 22 | 74 | 67 | |||||||||||
| Equity in net income of non-consolidated affiliates, net of dividends remitted | (1 | ) | (3 | ) | (7 | ) | (10 | ) | |||||||
| Non-cash stock-based compensation | 3 | 4 | 14 | 4 | |||||||||||
| Gains on transactions | — | (5 | ) | — | (8 | ) | |||||||||
| Other non-cash items | — | — | 5 | 2 | |||||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Accounts receivable | (1 | ) | (3 | ) | 17 | 82 | |||||||||
| Inventories | (10 | ) | (24 | ) | (13 | ) | (38 | ) | |||||||
| Accounts payable | 29 | (9 | ) | 49 | (17 | ) | |||||||||
| Other assets and other liabilities | (6 | ) | (25 | ) | (63 | ) | (104 | ) | |||||||
| Net cash provided from (used by) operating activities | 57 | (19 | ) | 118 | 107 | ||||||||||
| INVESTING | |||||||||||||||
| Capital expenditures, including intangibles | (38 | ) | (27 | ) | (109 | ) | (96 | ) | |||||||
| Loan repayments from non-consolidated affiliates | 9 | — | 11 | — | |||||||||||
| Acquisition of business, net of cash acquired | — | 16 | — | 16 | |||||||||||
| Other | — | 10 | 2 | 13 | |||||||||||
| Net cash used by investing activities | (29 | ) | (1 | ) | (96 | ) | (67 | ) | |||||||
| FINANCING | |||||||||||||||
| Short-term debt, net | (5 | ) | 3 | (8 | ) | (13 | ) | ||||||||
| Repurchase of common stock | — | (50 | ) | (20 | ) | (250 | ) | ||||||||
| Dividends paid to non-controlling interests | (7 | ) | (11 | ) | (7 | ) | (12 | ) | |||||||
| Stock compensation tax withholding payments | — | (3 | ) | — | (7 | ) | |||||||||
| Distribution payments | — | — | — | (14 | ) | ||||||||||
| Other | — | — | — | 2 | |||||||||||
| Net cash used by financing activities | (12 | ) | (61 | ) | (35 | ) | (294 | ) | |||||||
| Effect of exchange rate changes on cash | (8 | ) | (5 | ) | (8 | ) | (13 | ) | |||||||
| Net decrease in cash | 8 | (86 | ) | (21 | ) | (267 | ) | ||||||||
| Cash and restricted cash at beginning of the period | 438 | 528 | 467 | 709 | |||||||||||
| Cash and restricted cash at end of the period | $ | 446 | $ | 442 | $ | 446 | $ | 442 | |||||||
| The Company has combined cash flows from discontinued operations and continuing operations within the operating and financing categories. | |||||||||||||||
VISTEON CORPORATION AND SUBSIDIARIES
