Visteon Announces Third-Quarter 2019 Results


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 amortization25  22  74  67 
Equity in net income of non-consolidated affiliates, net of dividends remitted(1) (3) (7) (10)
Non-cash stock-based compensation3  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

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