Financial Data and Key Metrics Changes - Visteon's Q1 2021 sales were $746 million, a 14% year-over-year increase when excluding currency effects [8][43] - Adjusted EBITDA for the quarter was $64 million, representing an 8.6% margin, impacted by supply chain costs related to semiconductor shortages which reduced the margin by approximately 190 basis points [8][44] - The company ended the quarter with $486 million in total cash and a net cash position of $137 million [8][47] Business Line Data and Key Metrics Changes - New business bookings in Q1 totaled $1.8 billion, with significant contributions from SmartCore and microZone display technology [9][16] - Approximately 50% of new business wins were for SmartCore, with a lifetime value of about $850 million [9][17] - Incremental margins for Q1 were approximately 30%, benefiting from structural cost reductions implemented in 2020 [10][44] Market Data and Key Metrics Changes - Global industry production increased by 12% in Q1 2021, with most growth occurring in China, which saw a 75% year-over-year increase [11][12] - Visteon's sales growth outperformed the market, primarily due to new product launches and a favorable mix from higher sales in China [15][39] - The company anticipates that the negative regional mix experienced in Q1 will reverse itself in the second half of the year [14][36] Company Strategy and Development Direction - Visteon is focusing on the transition to digital clusters, Android-based infotainment systems, and large displays, which are key industry trends [37][40] - The company expects to maintain its full-year guidance, projecting an 8% increase in industry production volumes [36][41] - Visteon is well-positioned to capitalize on the shift to electric vehicles and the increasing demand for digitalization in automotive cockpits [38][41] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain constraints, particularly semiconductor shortages, will impact Q2 but expect recovery in the second half of the year [34][35] - The company remains optimistic about the fundamentals of the industry and its position within it, citing strong retail demand and low dealer inventories [32][37] - Management highlighted that the $1.8 billion in new business booked during the quarter supports continued growth above market levels [41][39] Other Important Information - The company has scheduled over 50 new product launches for the year, which are expected to drive growth [33][41] - Visteon is implementing measures to mitigate semiconductor shortages, including purchasing parts through brokers and optimizing logistics [49][50] Q&A Session Summary Question: Thoughts on growth over market ramp throughout the year - Management indicated that Q1 performance was driven by new business wins and expects continued strong performance due to over 50 new product launches scheduled for the year [60][61] Question: Supply chain cost impact in Q1 and expectations for Q2 - Management confirmed that supply chain costs impacted Q1 EBITDA by 190 basis points and expect these costs to continue in Q2 before easing in the second half of the year [65][68] Question: New business wins and outlook for the year - Management expressed confidence in maintaining the cadence of new business wins, with a robust pipeline expected to achieve the $6 billion target for the full year [74][75] Question: Maintaining full year guidance despite semiconductor shortages - Management explained that their guidance was conservative, anticipating an 8% growth in vehicle production, and they remain comfortable with their outlook despite challenges [85][89] Question: Update on Battery Management System (BMS) product - Management reported significant activity with current BMS customers and ongoing engagement with new OEMs, indicating a strong position in the market [91][93]

Visteon Q1 2021 Earnings April 29, 2021 Visteon Visteon Confidential Q1 2021 In Review Visteon® | --- | --- | --- | --- | --- | |----------------|-------|---------------|-------|-------------------------| | | | | | | | | | | | | | $746 Million | | $64 Million | | $9 Million | | +14% Y/Y (1) | | 8.6% Margin | | $486 Million Total Cash | EXECUTING ON GROWTH STRATEGY | --- | --- | --- | --- | --- | |---------------------------------------|-------------------------------------------|---------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 001-15827 VISTEON CORPORATION (Exact name of registrant as specified in its charter) State ...

Financial Data and Key Metrics Changes - Visteon reported sales of $787 million for Q4 2020, a 5% increase year-over-year when excluding currency effects [7] - Adjusted EBITDA for Q4 was $75 million, representing 9.5% of sales, consistent with expectations [8] - Adjusted free cash flow for Q4 was $59 million, with a full-year total of $96 million despite industry shutdowns [8][11] - Full-year sales decreased by 13% to $2,548 million, while overall industry production volumes fell by 16% [55] Business Line Data and Key Metrics Changes - The company launched 11 new products in Q4, totaling 55 for the year, marking one of the best years for new product launches [10][22] - Digital clusters represented half of total cluster sales in Q4, with a 60% increase compared to 2019 [30][55] - Sales in the Americas increased by 2%, while Europe saw a 15% increase year-over-year, driven by new product launches [14] Market Data and Key Metrics Changes - Global vehicle production was up year-over-year, but customers representing 90% of Visteon's revenue saw a 2% decline in production [13] - The automotive industry is expected to see production volumes increase approximately 8% in 2021, despite semiconductor shortages impacting growth [44][65] Company Strategy and Development Direction - Visteon aims to capitalize on trends in digital cockpits, electrification, and ADAS technology, with a target of achieving $6 billion in new business [35][72] - The company plans to launch over 50 products in 2021, with a lifetime revenue potential exceeding $7 billion [45] - Visteon is focusing on enhancing its product portfolio to align with the shift towards electric vehicles and advanced digital solutions [52] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the semiconductor shortage as a significant challenge, impacting production in the first half of 2021 but expected to improve in the second half [37][41] - The company anticipates a strong demand signal from OEMs and plans to continue launching new products at a rapid pace [36][48] - Despite challenges, management expressed confidence in achieving margin expansion in 2021 due to structural changes made in 2020 [40][67] Other Important Information - Visteon secured 22 new business awards in Q4, totaling $1.4 billion in lifetime value, bringing the full-year total to $4.6 billion [9][23] - The company ended 2020 with a net cash position of $151 million, reflecting a strong balance sheet [58][62] Q&A Session Summary Question: Risks of supply chain normalization in the second half - Management highlighted the semiconductor shortage as an industry-wide issue, with expectations of production impacts in the first half and gradual improvement in the second half [77][79] Question: Digital cluster growth and future mix - Management discussed the trend towards larger, integrated displays and the development of proprietary display technology to meet automotive needs [81][83] Question: Industry acceptance of wireless BMS technology - Management noted that the initial win with GM has positively influenced discussions with other OEMs, enhancing credibility for the wireless BMS technology [89][90] Question: Incremental margin expectations for 2021 - Management confirmed that incremental margins are expected to be in the 20% to 25% range, with a midpoint of 22% for 2021 [94] Question: Clarification on the second BMS win - Management clarified that the second BMS win is unrelated to the first and represents a new customer, indicating strong potential for future growth [97][99] Question: Impact of Ford's collaboration with Google - Management viewed Ford's collaboration with Google positively, emphasizing Visteon's experience in Android-based digital cockpits as a competitive advantage [102]

Visteon Q4 and Full-Year 2020 Earnings February 18, 2021 Visteon Confidential Q4 and 2020 Summary Visteon® | --- | --- | --- | --- | --- | |----------------|-------|---------------|-------|---------------------| | | | | | | | $787 Million | | $75 Million | | $96 Million in FY | | +5% Y/Y (1) | | 9.5% Margin | | $59 Million in Q4 | WELL POSITIONED TO OUTPERFORM MARKET | --- | --- | --- | --- | --- | |---------------------------------------|-------------------------------------------|------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ State of Delaware 38-3519512 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One V ...

Financial Data and Key Metrics Changes - Visteon's sales grew 3% year-over-year on a constant currency basis to $747 million in Q3 2020 despite a 3% decline in global vehicle production [5][37] - Adjusted EBITDA was $87 million, representing an 11.6% margin, which is a record for the third quarter and a 310 basis point improvement over the previous year [5][44] - Adjusted free cash flow was $103 million for Q3 and $37 million for the first nine months, higher than the prior year [6][41] Business Line Data and Key Metrics Changes - Sales of digital clusters more than doubled year-over-year, now representing almost half of total instrument cluster sales, with strong demand particularly in Europe [11] - Sales of digital displays grew double-digit year-over-year due to new product launches [12] - The company launched 23 new products in Q3, bringing the year-to-date total to 44, with a projected lifetime revenue of over $2.5 billion from these launches [13][18] Market Data and Key Metrics Changes - Vehicle production improved in Q3, recovering to within 3% of prior year levels, with retail demand boosted by pent-up demand and government incentives [10][30] - Visteon's top customers experienced a 6% decline year-over-year, while Visteon's sales increased by 3% due to strong demand for digital cockpit products [10] - New business bookings improved to $1.5 billion in Q3, with cockpit electronics representing about $1 billion of the total [19] Company Strategy and Development Direction - The company is undergoing a transformation towards a platform-based approach in product development, aiming for increased operational efficiency and reduced structural costs [7] - Visteon is well-positioned to leverage the growing interest in electric vehicles (EVs) with its product portfolio, including digital cockpit systems and wireless battery management systems [28][33] - The company aims to achieve a 12% margin target by 2023, supported by cost reductions and expected sales growth [76] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in vehicle production but highlighted risks from COVID-19 and the expiration of government incentives [31][32] - The company expects to continue outperforming the market in Q4 based on trends in cockpit electronics and new product launches [32][33] - Management noted that while retail demand was strong, underlying market conditions may not support overly optimistic production forecasts [30][32] Other Important Information - The company ended Q3 with a net cash position of $87 million, having repaid its revolving credit facility [8][41] - Visteon has been actively managing its supply chain and inventory levels to optimize cash flow [40] Q&A Session Summary Question: How much of the EBITDA increase is due to temporary measures? - Management estimated that 1.5% to 2% of EBITDA in Q3 was related to temporary austerity measures that will not repeat in Q4, normalizing results to a 9.5% to 10.1% EBITDA range [55] Question: What are the margin implications of the growth in digital clusters? - Digital clusters have significant software content, which is in-sourced, leading to better margins compared to traditional display business [58][60] Question: What is the expected annual business opportunity for the wireless BMS? - Management indicated that the wireless BMS could represent an annual business opportunity of $350 million to $500 million, depending on the growth of the Ultium platform [84] Question: Are there any pricing pressures on analog systems? - Management clarified that they are not experiencing additional pricing pressure beyond normal levels and have been able to offset typical pricing pressures [66] Question: What is the expected growth for the Android-based infotainment system? - All remaining contracts for the Android-based infotainment system are expected to go into production in 2021, with significant interest from OEMs following the launch with VW [91][93]

Visteon Q3 2020 Earnings October 29, 2020 Visteon Visteon Confidential Q3 2020 Summary | --- | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|-------|--------------------------------------| | Net Sales | | Adjusted EBITDA | | Adjusted FCF | | $747 Million +3% Y/Y (1) | | $87 Million 11.6% Margin | | $37 Million YTD $103 Million in Q3 | PROACTIVE INITIATIVES DRIVING STRONG PERFORMANCE $3.2 billion in YTD new business wins WON SIGNIFICANT NEW BUSINESS MARKET-LEADIN ...

Part I - Financial Information [Item 1 - Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201%20-%20Condensed%20Consolidated%20Financial%20Statements) Visteon's unaudited condensed consolidated financial statements and detailed notes for Q3 2020 and FY 2019 are presented [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20(Unaudited)) This statement details Visteon's comprehensive income and loss, including net sales, gross margin, and earnings per share Condensed Consolidated Statements of Comprehensive Income (Loss) (in millions) | Metric (in millions) | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :----------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net sales | $747 | $731 | $1,761 | $2,201 | | Gross margin | $99 | $84 | $156 | $220 | | Net income (loss) attributable to Visteon Corporation | $6 | $14 | $(74) | $35 | | Basic earnings (loss) per share | $0.22 | $0.50 | $(2.65) | $1.25 | | Diluted earnings (loss) per share | $0.21 | $0.50 | $(2.65) | $1.24 | - For the three months ended September 30, 2020, net sales increased by **$16 million**, and gross margin improved by **$15 million** compared to the same period in 2019. However, net income attributable to Visteon Corporation decreased by **$8 million**, and basic EPS declined from **$0.50** to **$0.22**[10](index=10&type=chunk) - For the nine months ended September 30, 2020, net sales decreased by **$440 million**, and gross margin declined by **$64 million** compared to the same period in 2019. The company reported a net loss of **$74 million** attributable to Visteon Corporation, a significant decrease from the **$35 million** net income in the prior year, resulting in a basic loss per share of **$(2.65)**[10](index=10&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) This statement provides Visteon's financial position, detailing assets, liabilities, and equity at specific dates Condensed Consolidated Balance Sheets (in millions) | Metric (in millions) | September 30, 2020 | December 31, 2019 | | :------------------- | :----------------- | :---------------- | | Cash and equivalents | $431 | $466 | | Total current assets | $1,268 | $1,345 | | Total assets | $2,164 | $2,271 | | Short-term debt | $— | $37 | | Total current liabilities | $788 | $798 | | Long-term debt, net | $348 | $348 | | Total equity | $502 | $595 | - As of September 30, 2020, total assets decreased to **$2,164 million** from **$2,271 million** at December 31, 2019. Cash and equivalents decreased by **$35 million**, and total equity decreased by **$93 million**[13](index=13&type=chunk) - Short-term debt was fully repaid by September 30, 2020, down from **$37 million** at year-end 2019, while long-term debt remained stable at **$348 million**[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement outlines Visteon's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in millions) | Activity (in millions) | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--------------------- | :----------------------------- | :----------------------------- | | Net cash provided from operating activities | $97 | $118 | | Net cash used by investing activities | $(77) | $(96) | | Net cash used by financing activities | $(60) | $(35) | | Net decrease in cash | $(34) | $(21) | - Net cash provided from operating activities decreased by **$21 million** to **$97 million** for the nine months ended September 30, 2020, compared to **$118 million** in the prior year[15](index=15&type=chunk) - Net cash used by financing activities increased to **$60 million** in 2020 from **$35 million** in 2019, primarily due to short-term debt repayments and share repurchases[15](index=15&type=chunk) [Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20(Unaudited)) This statement tracks changes in Visteon's total equity, including stockholders' equity and non-controlling interests Condensed Consolidated Statements of Changes in Equity (in millions) | Equity Component (in millions) | December 31, 2019 | September 30, 2020 | | :----------------------------- | :---------------- | :----------------- | | Total Visteon Corporation Stockholders' Equity | $480 | $385 | | Non-controlling interests | $115 | $117 | | Total Equity | $595 | $502 | - Total Visteon Corporation stockholders' equity decreased by **$95 million** from **$480 million** at December 31, 2019, to **$385 million** at September 30, 2020, primarily due to net loss and accumulated other comprehensive loss[18](index=18&type=chunk) - Accumulated other comprehensive loss increased from **$(267) million** to **$(282) million** during the nine-month period[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide detailed explanations of Visteon's accounting policies, financial instruments, and other financial disclosures [NOTE 1. Summary of Significant Accounting Policies](index=7&type=section&id=NOTE%201.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines Visteon's significant accounting policies, including GAAP compliance and recent accounting pronouncement adoptions - The condensed consolidated financial statements are prepared in accordance with U.S. GAAP, with certain information condensed or omitted per SEC rules. Interim results are not necessarily indicative of full-year results[20](index=20&type=chunk) - The Company adopted ASU 2016-13 (Credit Losses) and ASU 2019-12 (Income Taxes) effective January 1, 2020, neither of which had a material impact on the financial statements[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The Company is evaluating the impacts of ASU 2020-04 (Reference Rate Reform) and does not expect ASU 2018-14 (Defined Benefit Plans Disclosure) to have a material impact[25](index=25&type=chunk)[26](index=26&type=chunk) Allowance for Doubtful Accounts (in millions) | Metric | Nine Months Ended Sep 30, 2020 | | :----- | :----------------------------- | | Beginning balance | $10 | | Provision | $2 | | Recoveries | $(3) | | Write-offs | $(4) | | Ending balance | $5 | [NOTE 2. Non-Consolidated Affiliates](index=8&type=section&id=NOTE%202.%20Non-Consolidated%20Affiliates) This note details Visteon's investments in non-consolidated affiliates and exposure to variable interest entities - Equity in net income of non-consolidated affiliates was **$4 million** for the nine months ended September 30, 2020, down from **$7 million** in 2019[27](index=27&type=chunk) - Visteon and Yangfeng Automotive Trim Systems Co. Ltd. (YF) each own **50%** of Yanfeng Visteon Investment Co., Ltd. (YFVIC), which is considered a Variable Interest Entity (VIE) but not consolidated as neither entity has control[28](index=28&type=chunk)[31](index=31&type=chunk) Investments in Non-Consolidated Affiliates (in millions) | Affiliate | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | YFVIC (50%) | $46 | $43 | | PT Astra Visteon Indonesia (50%) | $5 | $5 | | Total | $51 | $48 | Maximum Exposure to Loss in YFVIC (in millions) | Metric | September 30, 2020 | December 31, 2019 | | :----- | :----------------- | :---------------- | | Investment in YFVIC | $46 | $43 | | Receivables due from YFVIC | $52 | $41 | | Subordinated loan receivable from YFVIC | $6 | $8 | | Total Maximum Exposure to Loss | $104 | $92 | [NOTE 3. Restructuring Activities](index=9&type=section&id=NOTE%203.%20Restructuring%20Activities) This note describes Visteon's restructuring activities, including plans initiated and changes in restructuring reserves - The Company initiated several restructuring actions in 2020, including a **$31 million** plan in September in response to COVID-19, a **$16 million** global plan in March, and a **$22 million** European plan in January, all aimed at improving efficiency and rationalizing its footprint[35](index=35&type=chunk) - Restructuring reserves increased significantly to **$52 million** as of September 30, 2020, from **$10 million** at December 31, 2019, with activities expected to be substantially complete by the end of 2021[38](index=38&type=chunk)[39](index=39&type=chunk) Restructuring Reserves Rollforward (in millions) | Period | Balance | | :----- | :------ | | December 31, 2019 | $10 | | Expense | $33 | | Utilization | $(6) | | Foreign currency | $(1) | | March 31, 2020 | $36 | | Expense | $1 | | Change in estimate | $3 | | Utilization | $(9) | | Foreign currency | $1 | | June 30, 2020 | $32 | | Expense | $31 | | Change in estimate | $1 | | Utilization | $(12) | | September 30, 2020 | $52 | [NOTE 4. Inventories](index=10&type=section&id=NOTE%204.%20Inventories) This note provides a breakdown of Visteon's inventories, including raw materials, work-in-process, and finished products Inventories, Net (in millions) | Component | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | Raw materials | $102 | $100 | | Work-in-process | $25 | $28 | | Finished products | $37 | $41 | | Total | $164 | $169 | - Total inventories, net, decreased slightly to **$164 million** as of September 30, 2020, from **$169 million** at December 31, 2019, with a minor increase in raw materials offset by decreases in work-in-process and finished products[40](index=40&type=chunk) [NOTE 5. Goodwill and Other Intangible Assets](index=11&type=section&id=NOTE%205.%20Goodwill%20and%20Other%20Intangible%20Assets) This note details Visteon's goodwill and other intangible assets, including definite-lived and indefinite-lived categories Intangible Assets, Net (in millions) | Category | September 30, 2020 | December 31, 2019 | | :------- | :----------------- | :---------------- | | Definite-Lived | $79 | $81 | | Indefinite-Lived (Goodwill) | $47 | $46 | | Total | $126 | $127 | - Total intangible assets, net, remained relatively stable at **$126 million** as of September 30, 2020, compared to **$127 million** at December 31, 2019. Goodwill increased by **$1 million** due to foreign currency adjustments[42](index=42&type=chunk) - Capitalized software development increased by **$9 million** during the nine months ended September 30, 2020, reflecting ongoing investments[42](index=42&type=chunk) [NOTE 6. Other Assets](index=11&type=section&id=NOTE%206.%20Other%20Assets) This note presents Visteon's other current and non-current assets, including recoverable taxes and engineering costs Other Current Assets (in millions) | Component | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | Recoverable taxes | $68 | $64 | | Joint venture receivables | $52 | $41 | | Contractually reimbursable engineering costs | $32 | $29 | | China bank notes | $11 | $16 | | Total | $193 | $193 | Other Non-Current Assets (in millions) | Component | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | Deferred tax assets | $55 | $59 | | Contractually reimbursable engineering costs | $30 | $24 | | Recoverable taxes | $19 | $28 | | Total | $133 | $150 | - Contractually reimbursable engineering costs are expected to generate **$12 million** in cash reimbursement payments during the remainder of 2020, **$24 million** in 2021, and **$46 million** from 2022 onwards[45](index=45&type=chunk) [NOTE 7. Other Liabilities](index=12&type=section&id=NOTE%207.%20Other%20Liabilities) This note details Visteon's other current and non-current liabilities, including restructuring and warranty accruals Other Current Liabilities (in millions) | Component | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | Restructuring reserves | $52 | $10 | | Product warranty and recall accruals | $37 | $34 | | Joint venture payables | $11 | $9 | | Total | $189 | $147 | Other Non-Current Liabilities (in millions) | Component | September 30, 2020 | December 31, 2019 | | :-------- | :----------------- | :---------------- | | Derivative financial instruments | $27 | $14 | | Product warranty and recall accruals | $13 | $15 | | Total | $72 | $72 | - Other current liabilities increased by **$42 million**, primarily driven by a significant increase in restructuring reserves from **$10 million** to **$52 million**[46](index=46&type=chunk) [NOTE 8. Debt](index=13&type=section&id=NOTE%208.%20Debt) This note provides details on Visteon's debt structure, including short-term borrowings, term debt, and credit facilities Debt (in millions) | Category | September 30, 2020 | December 31, 2019 | | :------- | :----------------- | :---------------- | | Short-term borrowings | $— | $37 | | Term debt facility, net | $348 | $348 | - Short-term borrowings, primarily from non-U.S. joint ventures, were fully repaid during the third quarter of 2020[48](index=48&type=chunk) - The Company borrowed the entire **$400 million** from its Revolving Credit Facility on March 19, 2020, due to COVID-19 uncertainty, but fully repaid it on September 24, 2020, following improved industry recovery and company performance[50](index=50&type=chunk) - As of September 30, 2020, the Company was in compliance with all debt covenants, including maintaining a total net leverage ratio no greater than **3.50:1.00**[52](index=52&type=chunk) [NOTE 9. Employee Benefit Plans](index=14&type=section&id=NOTE%209.%20Employee%20Benefit%20Plans) This note outlines Visteon's employee benefit plans, including pension costs and deferred contributions due to COVID-19 Net Pension Benefit (Cost) (in millions) | Period | U.S. Plans (2020) | U.S. Plans (2019) | Non-U.S. Plans (2020) | Non-U.S. Plans (2019) | | :----- | :---------------- | :---------------- | :-------------------- | :-------------------- | | Three Months Ended Sep 30 | $3 | $2 | $(1) | $(1) | | Nine Months Ended Sep 30 | $8 | $7 | $(3) | $(2) | - The Company deferred approximately **$17 million** in U.S. defined benefit pension plan contributions and **$2 million** in non-U.S. plan contributions until 2024, both due to COVID-19 relief measures[58](index=58&type=chunk)[59](index=59&type=chunk) - Net pension financing benefits are classified as Other income, net, contributing **$3 million** and **$10 million** for the three and nine months ended September 30, 2020, respectively[56](index=56&type=chunk)[57](index=57&type=chunk) [NOTE 10. Income Taxes](index=15&type=section&id=NOTE%2010.%20Income%20Taxes) This note details Visteon's income tax provision, effective tax rate impacts, and unrecognized tax benefits - The provision for income tax was **$12 million** for the three months and **$19 million** for the nine months ended September 30, 2020, reflecting profitability in certain countries, withholding taxes, and valuation allowances[60](index=60&type=chunk) - Pretax losses in jurisdictions with valuation allowances totaled **$106 million** for the nine months ended September 30, 2020, increasing the effective tax rate[60](index=60&type=chunk) - A **$4 million** discrete income tax expense adjustment was recorded in Q3 2020 due to a reassessment of deferred tax asset utilization in Germany, following restructuring programs[64](index=64&type=chunk) - Gross unrecognized tax benefits remained at **$13 million** as of September 30, 2020, with **$6 million** impacting the effective tax rate if recognized[65](index=65&type=chunk) [NOTE 11. Stockholders' Equity and Non-controlling Interests](index=16&type=section&id=NOTE%2011.%20Stockholders'%20Equity%20and%20Non-controlling%20Interests) This note describes Visteon's stockholders' equity, non-controlling interests, and changes in accumulated other comprehensive income - The Company repurchased **233,769** shares of common stock for **$16 million** during Q1 2020. As of September 30, 2020, **$364 million** remained available under the share repurchase authorization, but the Company does not intend to repurchase additional shares under this authorization[68](index=68&type=chunk)[69](index=69&type=chunk) Non-Controlling Interests (in millions) | Entity | September 30, 2020 | December 31, 2019 | | :----- | :----------------- | :---------------- | | Yanfeng Visteon Automotive Electronics Co., Ltd. | $53 | $56 | | Shanghai Visteon Automotive Electronics, Co., Ltd. | $43 | $41 | | Changchun Visteon FAWAY Electronics, Co., Ltd. | $19 | $17 | | Other | $2 | $1 | | Total | $117 | $115 | Changes in Accumulated Other Comprehensive Income (Loss) (in millions) | Metric | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2020 | | :----- | :------------------------------ | :----------------------------- | | Beginning balance | $(299) | $(267) | | Other comprehensive income (loss) before reclassification, net of tax | $18 | $(13) | | Amounts reclassified from AOCI | $(1) | $(2) | | Ending balance | $(282) | $(282) | [NOTE 12. Earnings Per Share](index=18&type=section&id=NOTE%2012.%20Earnings%20Per%20Share) This note details Visteon's earnings per share calculations, including basic and diluted figures and anti-dilutive items Earnings Per Share Calculation (in millions, except per share amounts) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :----- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net income (loss) attributable to Visteon | $6 | $14 | $(74) | $35 | | Average common stock outstanding - basic | 27.8 | 28.0 | 27.9 | 28.1 | | Diluted shares | 28.0 | 28.1 | 27.9 | 28.2 | | Basic earnings (loss) per share | $0.22 | $0.50 | $(2.65) | $1.25 | | Diluted earnings (loss) per share | $0.21 | $0.50 | $(2.65) | $1.24 | - Basic and diluted EPS decreased significantly for both the three and nine months ended September 30, 2020, compared to the prior year, reflecting lower net income attributable to Visteon Corporation[74](index=74&type=chunk) - Approximately **181,000** performance-based share units were excluded from the diluted loss per share calculation for the nine months ended September 30, 2020, as their inclusion would have been anti-dilutive[74](index=74&type=chunk) [NOTE 13. Fair Value Measurements and Financial Instruments](index=18&type=section&id=NOTE%2013.%20Fair%20Value%20Measurements%20and%20Financial%20Instruments) This note describes Visteon's fair value measurements for financial instruments, including derivatives and debt - The Company uses derivative financial instruments (forward contracts, cross-currency swaps, interest rate swaps) to manage exposure to currency exchange rates and interest rate variability, classifying them as Level 2 in the fair value hierarchy[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - As of September 30, 2020, the Company had foreign currency derivative instruments with gross notional values of **$78 million**, cross-currency swaps with an aggregate notional value of **$250 million**, and interest rate swaps with an aggregate notional value of **$300 million**[81](index=81&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - The fair value of debt was **$342 million** as of September 30, 2020, based on current market rates, classified as Level 2[87](index=87&type=chunk) - The Company's credit risk concentration with any single customer does not exceed **10%** of total accounts receivable, except for Ford and its affiliates (**14%**) and Renault/Nissan (**12%**) as of September 30, 2020[89](index=89&type=chunk) [NOTE 14. Commitments and Contingencies](index=20&type=section&id=NOTE%2014.%20Commitments%20and%20Contingencies) This note outlines Visteon's commitments and contingencies, including legal proceedings, investigations, and warranty liabilities - The Company is involved in litigation with Van Buren Township for **$28 million** related to bond payment obligations for its U.S. headquarters, which the Company intends to vigorously defend[90](index=90&type=chunk)[91](index=91&type=chunk) - An OFAC investigation is ongoing regarding past sales of automotive HVAC components into Iran by a Chinese joint venture, with potential civil penalties that could be material[92](index=92&type=chunk) - Accruals for claims in Brazil totaled **$8 million** for claims aggregating **$52 million** as of September 30, 2020[93](index=93&type=chunk) Product Warranty and Recall Claims Liability Rollforward (in millions) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :----- | :----------------------------- | :----------------------------- | | Beginning balance | $49 | $48 | | Accruals for products shipped | $11 | $15 | | Changes in estimates | $(2) | $2 | | Specific cause actions | $5 | $3 | | Settlements | $(14) | $(16) | | Foreign currency translation | $1 | $(1) | | Ending balance | $50 | $51 | [NOTE 15. Segment Information](index=22&type=section&id=NOTE%2015.%20Segment%20Information) This note provides Visteon's segment information, including Adjusted EBITDA and disaggregated revenue by geography and product - Visteon operates as a single reportable segment, Electronics, providing vehicle cockpit electronics products such as instrument clusters, information displays, and infotainment systems[102](index=102&type=chunk) - Adjusted EBITDA, a non-GAAP measure, is used by management to evaluate financial performance and for incentive compensation decisions. It increased to **$87 million** for the three months ended September 30, 2020, from **$62 million** in 2019, but decreased to **$117 million** for the nine months ended September 30, 2020, from **$149 million** in 2019[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) Disaggregated Revenue by Geographical Markets (in millions) | Market | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :----- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Europe | $281 | $221 | $667 | $726 | | Americas | $192 | $201 | $446 | $597 | | China Domestic | $140 | $143 | $323 | $372 | | China Export | $58 | $70 | $145 | $204 | | Other Asia-Pacific | $107 | $141 | $261 | $440 | | Total | $747 | $731 | $1,761 | $2,201 | Disaggregated Revenue by Product Lines (in millions) | Product Line | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :----------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Instrument clusters | $388 | $322 | $901 | $959 | | Audio and infotainment | $134 | $182 | $333 | $562 | | Information displays | $135 | $120 | $298 | $365 | | Telematics | $14 | $29 | $43 | $51 | | Total | $747 | $731 | $1,761 | $2,201 | [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Visteon's financial condition, operations, and cash flows, highlighting strategic priorities and market impacts for Q3 2020 [Executive Summary](index=25&type=section&id=Executive%20Summary) This summary introduces Visteon as a global automotive supplier and outlines its strategic priorities for growth and shareholder returns - Visteon is a global automotive supplier specializing in cockpit electronics and connected car solutions, aiming to capitalize on the industry's shift to digital, connected, automated, and voice-enabled cockpits[110](index=110&type=chunk) - Strategic priorities include Technology Innovation (e.g., DriveCore™ advanced safety platform), Long-Term Growth and Margin Expansion through new business wins, and Enhancing Shareholder Returns, having returned approximately **$3.3 billion** to shareholders since 2015[111](index=111&type=chunk) [Financial Results](index=26&type=section&id=Financial%20Results) This section highlights Visteon's net sales breakdown for the Electronics segment by geographic region - The section highlights net sales breakdown for Visteon's Electronics segment for the three and nine months ended September 30, 2020, based on the geographic region where the sale originates[112](index=112&type=chunk)[115](index=115&type=chunk) [Global Automotive Market Conditions and Production Levels](index=26&type=section&id=Global%20Automotive%20Market%20Conditions%20and%20Production%20Levels) This section analyzes global light vehicle production trends, noting decreases and regional variations for the periods presented - Global light vehicle production decreased by **3.4%** for the three months ended September 30, 2020, and by **23.2%** for the nine months ended September 30, 2020, compared to the same periods in 2019[115](index=115&type=chunk) Global Light Vehicle Production (Units in millions) | Region | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Change (%) | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | Change (%) | | :----- | :------------------------------ | :------------------------------ | :--------- | :----------------------------- | :----------------------------- | :--------- | | China | 6.4 | 5.8 | 10.6% | 15.8 | 17.3 | (8.8)% | | Other Asia Pacific | 4.5 | 5.2 | (14.7)% | 11.9 | 16.3 | (27.3)% | | Europe | 4.3 | 4.7 | (7.7)% | 11.2 | 16.0 | (29.5)% | | Americas | 4.7 | 4.9 | (3.4)% | 10.7 | 15.0 | (28.9)% | | Global | 20.3 | 21.0 | (3.4)% | 50.8 | 66.1 | (23.2)% | - China experienced a **10.6%** increase in light vehicle production in Q3 2020, while other regions like Other Asia Pacific, Europe, and Americas saw declines of **14.7%**, **7.7%**, and **3.4%** respectively[115](index=115&type=chunk) [Results of Operations - Three Months Ended September 30, 2020 and 2019](index=27&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20September%2030,%202020%20and%202019) This section analyzes Visteon's consolidated results for the three months ended September 30, 2020, compared to 2019 Consolidated Results of Operations (in millions) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Change | | :----- | :------------------------------ | :------------------------------ | :----- | | Net sales | $747 | $731 | $16 | | Gross margin | $99 | $84 | $15 | | Net income (loss) attributable to Visteon Corporation | $6 | $14 | $(8) | | Adjusted EBITDA | $87 | $62 | $25 | - Net sales increased by **$16 million** to **$747 million**, driven by **$38 million** in volume, mix, and net new business, partially offset by **$17 million** in customer pricing and **$3 million** in unfavorable currency[118](index=118&type=chunk) - Gross margin improved by **$15 million** to **$99 million**, or **13.3%** of net sales, primarily due to **$24 million** lower net engineering costs and **$20 million** favorable cost performance, which more than offset **$17 million** in annual customer pricing[122](index=122&type=chunk) - Adjusted EBITDA increased by **$25 million** to **$87 million**, benefiting from lower net engineering costs and favorable cost performance, despite decreased volumes and unfavorable product mix[129](index=129&type=chunk) [Results of Operations - Nine Months Ended September 30, 2020 and 2019](index=30&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20September%2030,%202020%20and%202019) This section analyzes Visteon's consolidated results for the nine months ended September 30, 2020, compared to 2019 Consolidated Results of Operations (in millions) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | Change | | :----- | :----------------------------- | :----------------------------- | :----- | | Net sales | $1,761 | $2,201 | $(440) | | Gross margin | $156 | $220 | $(64) | | Net income (loss) attributable to Visteon Corporation | $(74) | $35 | $(109) | | Adjusted EBITDA | $117 | $149 | $(32) | - Net sales decreased by **$440 million** to **$1,761 million**, primarily due to **$383 million** from unfavorable volumes (driven by COVID-19) and **$40 million** from customer pricing[134](index=134&type=chunk) - Gross margin decreased by **$64 million** to **$156 million**, or **8.9%** of net sales, significantly impacted by **$174 million** from unfavorable volumes and product mix, partially offset by **$74 million** lower engineering costs and **$82 million** favorable cost performance[137](index=137&type=chunk) - Adjusted EBITDA decreased by **$32 million** to **$117 million**, mainly due to decreased volumes and unfavorable product mix, despite benefits from lower engineering costs and favorable cost performance[145](index=145&type=chunk) [Liquidity](index=33&type=section&id=Liquidity) This section discusses Visteon's liquidity sources, including cash flows, credit facilities, and cash balances - Primary liquidity sources are cash flows from operations, existing cash balances, and available credit facilities. The Company believes these are sufficient to sustain operations and support investments, while closely monitoring and preserving liquidity amidst COVID-19 impacts[147](index=147&type=chunk) - The Company fully repaid the **$400 million** revolving credit facility on September 24, 2020, after borrowing it on March 19, 2020, demonstrating improved financial flexibility[149](index=149&type=chunk) - As of September 30, 2020, total cash was **$435 million**, with **$351 million** located outside the U.S. Of this, **$135 million** is considered permanently reinvested, and repatriation would incur foreign withholding taxes but no U.S. federal taxes[151](index=151&type=chunk) - The Company has **$364 million** available for share repurchases under Board authorization expiring December 31, 2020, but currently does not intend to repurchase additional shares[152](index=152&type=chunk) [Cash Flows](index=34&type=section&id=Cash%20Flows) This section details Visteon's cash flows from operating, investing, and financing activities for the nine-month period - Operating activities generated **$97 million** in cash for the nine months ended September 30, 2020, a **$21 million** decrease from 2019, primarily due to lower Adjusted EBITDA, despite significant cash preservation efforts[155](index=155&type=chunk) - Investing activities used **$77 million**, mainly for **$83 million** in capital expenditures to support new business, partially offset by proceeds from hedging transactions and affiliate loan repayments[156](index=156&type=chunk) - Financing activities used **$60 million**, an increase of **$25 million** from 2019, primarily due to **$37 million** in short-term debt repayments and **$16 million** in share repurchases[158](index=158&type=chunk) [Debt and Capital Structure](index=34&type=section&id=Debt%20and%20Capital%20Structure) This section refers to Note 8 for a comprehensive discussion of Visteon's debt facilities and capital structure - Refer to Note 8, 'Debt,' for a comprehensive discussion of the Company's debt facilities and capital structure[160](index=160&type=chunk) [Significant Accounting Policies and Critical Accounting Estimates](index=34&type=section&id=Significant%20Accounting%20Policies%20and%20Critical%20Accounting%20Estimates) This section refers to Note 1 for details on Visteon's significant accounting policies and critical accounting estimates - Refer to Note 1, 'Summary of Significant Accounting Policies,' for details on the Company's significant accounting policies and critical accounting estimates[161](index=161&type=chunk) [Fair Value Measurements](index=34&type=section&id=Fair%20Value%20Measurements) This section refers to Note 13 for additional information on Visteon's fair value measurements - Refer to Note 13, 'Fair Value Measurements and Financial Instruments,' for additional information on the Company's fair value measurements[162](index=162&type=chunk) [Recent Accounting Pronouncements](index=34&type=section&id=Recent%20Accounting%20Pronouncements) This section refers to Note 1 for information on recently adopted and not yet adopted accounting pronouncements - Refer to Note 1, 'Summary of Significant Accounting Policies,' for information on recently adopted and not yet adopted accounting pronouncements[163](index=163&type=chunk) [Forward-Looking Statements](index=35&type=section&id=Forward-Looking%20Statements) This section highlights forward-looking statements, emphasizing risks and uncertainties, particularly related to COVID-19 impacts - The report contains forward-looking statements subject to risks and uncertainties, and undue reliance should not be placed on them. The Company does not intend to update these statements[164](index=164&type=chunk) - Key factors that could affect future results include the continued impacts of the COVID-19 pandemic (supply chain disruptions, reduced demand), Visteon's ability to meet capital and liquidity requirements, changes in customer operations and vehicle production, increases in commodity costs, and legal/administrative proceedings[165](index=165&type=chunk)[166](index=166&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines Visteon's exposure to market risks, including currency, interest rates, and commodities, and risk management strategies [Foreign Currency Risk](index=37&type=section&id=Foreign%20Currency%20Risk) This section details Visteon's foreign currency risk exposure and the use of derivative instruments for mitigation - The Company is exposed to foreign currency risk from product sales, supplier payments, debt, dividends, and investments in subsidiaries. Derivative financial instruments like forward and option contracts are used to mitigate cash flow variability[168](index=168&type=chunk) - Primary hedged currency exposures include the Japanese yen, euro, Thai baht, and Mexican peso, with a strategy of partial coverage for transactions[168](index=168&type=chunk) - A hypothetical **10%** change in exchange rates would result in a pre-tax gain or loss of **$36 million** for currency derivative financial instruments as of September 30, 2020[170](index=170&type=chunk) [Interest Rate Risk](index=37&type=section&id=Interest%20Rate%20Risk) This section refers to Note 13 for additional information on Visteon's interest rate risk management - Refer to Note 13, 'Fair Value Measurements and Financial Instruments,' for additional information on the Company's interest rate risk management[171](index=171&type=chunk) [Commodity Risk](index=37&type=section&id=Commodity%20Risk) This section describes Visteon's commodity price risk management through negotiations and potential future derivative use - Exposure to commodity price changes is managed primarily through negotiations with suppliers and customers. The Company may use derivatives in the future if suitable hedging instruments are identified[172](index=172&type=chunk) [Item 4 - Controls and Procedures](index=38&type=section&id=Item%204%20-%20Controls%20and%20Procedures) This section confirms the effectiveness of Visteon's disclosure controls and procedures and reports no material changes in internal control - As of September 30, 2020, the Company's Chief Executive Officer and Senior Vice President and Chief Financial Officer concluded that the disclosure controls and procedures were effective[174](index=174&type=chunk) - There were no changes in the Company's internal control over financial reporting during the three months ended September 30, 2020, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[175](index=175&type=chunk) Part II - Other Information [Item 1 - Legal Proceedings](index=39&type=section&id=Item%201%20-%20Legal%20Proceedings) This section refers to Note 14 for detailed information on Visteon's legal proceedings and claims - Information regarding legal proceedings is incorporated by reference from Note 14, 'Commitments and Contingencies,' to the condensed consolidated financial statements[178](index=178&type=chunk) [Item 1A - Risk Factors](index=39&type=section&id=Item%201A%20-%20Risk%20Factors) This section supplements risk factors, emphasizing the adverse impacts of the COVID-19 pandemic on Visteon's business and finances - The COVID-19 pandemic has adversely affected, and may continue to affect, the Company's business, results of operations, and financial condition, leading to supply chain disruptions, market downturns, and reduced consumer demand[180](index=180&type=chunk) - The extent of future impacts from COVID-19 is highly uncertain and depends on developments like new government actions, severity of the virus, and its global economic effects, which could materially affect the Company's financial condition[182](index=182&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms no unregistered sales of equity securities or common stock repurchases during Q3 2020 - No purchases of the Company's common stock were made by or on behalf of the Company or an affiliated purchaser during the third quarter of 2020[183](index=183&type=chunk) [Item 6 - Exhibits](index=39&type=section&id=Item%206%20-%20Exhibits) This section lists the exhibits filed with the report, including certifications and XBRL documents Exhibit Index | Exhibit No. | Description | | :---------- | :---------- | | 31.1 | Rule 13a-14(a) Certification of Chief Executive Officer dated October 29, 2020. | | 31.2 | Rule 13a-14(a) Certification of Senior Vice President, Chief Financial Officer dated October 29, 2020. | | 32.1 | Section 1350 Certification of Chief Executive Officer dated October 29, 2020. | | 32.2 | Section 1350 Certification of Senior Vice President, Chief Financial Officer dated October 29, 2020. | | 101.INS | XBRL Instance Document.** | | 101.SCH | XBRL Taxonomy Extension Schema Document.** | | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.** | | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document.** | | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.** | | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.** | - The Company agrees to furnish copies of certain long-term debt instruments to the SEC upon request[187](index=187&type=chunk)

Financial Performance & Outlook - Visteon's Q2 2020 sales were $371 million[9] - The company experienced a 53% year-over-year decline in production volumes from top customers[10] - Visteon achieved approximately 5% growth-over-market in Q2 2020[10] - The company anticipates a roughly 15% year-over-year decline in customer production for the second half of 2020[14] - Visteon reported $759 million in cash balance at the end of Q2[11] Strategic Initiatives & Market Position - Visteon secured $1.7 billion in new business wins year-to-date[11] - The company estimates the total cockpit electronics market size at $36 billion in 2019[17] - Visteon holds approximately 15% market share in clusters, 4% in audio/infotainment, and 10% in displays for 2019[18] Market Trends & Investment Thesis - Visteon is positioned as a top-5 supplier in the total cockpit electronics market with approximately 8% market share[18] - The company is focused on key market trends including digitization, connectivity, multi-display systems, and electrification[19]