Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Document Fiscal Year Focus | 2022 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35346 | |
Entity Registrant Name | APTIV PLC | |
Entity Central Index Key | 0001521332 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | Y9 | |
Entity Tax Identification Number | 98-1029562 | |
Entity Address, Address Line One | 5 Hanover Quay | |
Entity Address, Address Line Two | Grand Canal Dock | |
Entity Address, City or Town | Dublin | |
Entity Address, Postal Zip Code | D02 VY79 | |
Entity Address, Country | IE | |
City Area Code | 353 | |
Country Region | 1 | |
Local Phone Number | 259-7013 | |
Entity Information, Former Legal or Registered Name | N/A | |
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 | 270,932,774 | |
Ordinary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, $0.01 par value per share | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Ordinary Shares, $0.01 par value per share | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share | |
Trading Symbol | APTV PRA | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share | |
Trading Symbol | APTV PRA | |
Security Exchange Name | NYSE | |
Senior Notes, 2.396% due 2025 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.396% Senior Notes due 2025 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 2.396% Senior Notes due 2025 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Euro-Denominated Senior Notes, 1.500% Due 2025 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.500% Senior Notes due 2025 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 1.500% Senior Notes due 2025 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Euro-denominated Senior Notes, 1.600% Due 2028 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.600% Senior Notes due 2028 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 1.600% Senior Notes due 2028 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 4.35% Due 2029 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.350% Senior Notes due 2029 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 4.350% Senior Notes due 2029 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 3.250% due 2032 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.250% Senior Notes due 2032 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 3.250% Senior Notes due 2032 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 4.400% Due 2046 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.400% Senior Notes due 2046 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 4.400% Senior Notes due 2046 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 5.40% Due 2049 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.400% Senior Notes due 2049 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 5.400% Senior Notes due 2049 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 3.100% due 2051 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.100% Senior Notes due 2051 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 3.100% Senior Notes due 2051 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Senior Notes, 4.150% due 2052 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.150% Senior Notes due 2052 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 4.150% Senior Notes due 2052 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,057 | $ 3,807 | $ 8,235 | $ 7,830 |
Operating expenses: | ||||
Cost of sales | 3,617 | 3,205 | 7,206 | 6,501 |
Selling, general and administrative | 286 | 266 | 560 | 521 |
Amortization | 38 | 37 | 75 | 74 |
Restructuring (Note 7) | 19 | 14 | 41 | 20 |
Total operating expenses | 3,960 | 3,522 | 7,882 | 7,116 |
Operating income | 97 | 285 | 353 | 714 |
Interest expense | (56) | (38) | (99) | (78) |
Other (expense) income, net | (25) | 0 | (64) | 1 |
Income before income taxes and equity loss | 16 | 247 | 190 | 637 |
Income tax expense | (16) | (28) | (37) | (76) |
Income before equity loss | 0 | 219 | 153 | 561 |
Equity loss, net of tax | (72) | (53) | (135) | (95) |
Net (loss) income | (72) | 166 | 18 | 466 |
Net (loss) income attributable to noncontrolling interest | (27) | 3 | (26) | 8 |
Net (loss) income attributable to Aptiv | (45) | 163 | 44 | 458 |
Mandatory convertible preferred share dividends (Note 12) | 16 | 16 | 32 | 32 |
Net (loss) income attributable to ordinary shareholders | $ (61) | $ 147 | $ 12 | $ 426 |
Basic net (loss) income per share: | ||||
Basic net (loss) income per share attributable to ordinary shareholders | $ (0.23) | $ 0.54 | $ 0.04 | $ 1.58 |
Weighted average number of basic shares outstanding | 270,930 | 270,490 | 270,860 | 270,400 |
Diluted net (loss) income per share (Note 12): | ||||
Diluted net (loss) income per share attributable to ordinary shareholders | $ (0.23) | $ 0.54 | $ 0.04 | $ 1.57 |
Weighted average number of diluted shares outstanding | 270,930 | 271,060 | 271,110 | 271,100 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (72) | $ 166 | $ 18 | $ 466 |
Other comprehensive (loss) income: | ||||
Currency translation adjustments | (177) | 43 | (212) | (49) |
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 14) | (99) | 5 | (62) | (2) |
Employee benefit plans adjustment, net of tax | 5 | 23 | 7 | 30 |
Other comprehensive (loss) income | (271) | 71 | (267) | (21) |
Comprehensive (loss) income | (343) | 237 | (249) | 445 |
Comprehensive (loss) income attributable to noncontrolling interests | (21) | 4 | (23) | 8 |
Comprehensive (loss) income attributable to Aptiv | $ (322) | $ 233 | $ (226) | $ 437 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,670 | $ 3,139 |
Accounts receivable, net of allowance for doubtful accounts of $43 million and $37 million, respectively (Note 2) | 3,028 | 2,784 |
Inventories (Note 3) | 2,362 | 2,014 |
Other current assets (Note 4) | 498 | 499 |
Total current assets | 10,558 | 8,436 |
Long-term assets: | ||
Property, net | 3,211 | 3,294 |
Operating lease, right-of-use assets | 414 | 383 |
Investments in affiliates (Note 21) | 1,863 | 1,797 |
Intangible assets, net (Note 2) | 876 | 964 |
Goodwill (Note 2) | 2,392 | 2,511 |
Other long-term assets (Note 4) | 594 | 622 |
Total long-term assets | 9,350 | 9,571 |
Total assets | 19,908 | 18,007 |
Current liabilities: | ||
Short-term debt (Note 8) | 17 | 8 |
Accounts payable | 2,749 | 2,953 |
Accrued liabilities (Note 5) | 1,253 | 1,246 |
Total current liabilities | 4,019 | 4,207 |
Long-term liabilities: | ||
Long-term debt (Note 8) | 6,433 | 4,059 |
Pension benefit obligations | 421 | 440 |
Long-term operating lease liabilities | 334 | 304 |
Other long-term liabilities (Note 5) | 419 | 436 |
Total long-term liabilities | 7,607 | 5,239 |
Total liabilities | 11,626 | 9,446 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; 11,500,000 shares of 5.50% Mandatory Convertible Preferred Shares, Series A, issued and outstanding as of June 30, 2022 and December 31, 2021. | 0 | 0 |
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 270,932,774 and 270,514,140 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 3 | 3 |
Additional paid-in capital | 3,949 | 3,939 |
Retained earnings | 5,089 | 5,077 |
Accumulated other comprehensive loss (Note 13) | (942) | (672) |
Total Aptiv shareholders' equity | 8,099 | 8,347 |
Noncontrolling interest | 183 | 214 |
Total shareholders' equity | 8,282 | 8,561 |
Total liabilities and shareholders' equity | $ 19,908 | $ 18,007 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value per share | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 50,000,000 | 50,000,000 |
Preferred shares, outstanding | 11,500,000 | 11,500,000 |
Ordinary shares, par value per share | $ 0.01 | $ 0.01 |
Ordinary shares, authorized | 1,200,000,000 | 1,200,000,000 |
Ordinary shares, outstanding | 270,932,774 | 270,514,140 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 43 | $ 37 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 18 | $ 466 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 309 | 316 |
Amortization | 75 | 74 |
Amortization of deferred debt issuance costs | 4 | 6 |
Restructuring expense, net of cash paid | 10 | (28) |
Deferred income taxes | (5) | 4 |
Pension and other postretirement benefit expenses | 16 | 24 |
Loss from equity method investments, net of dividends received | 135 | 99 |
Loss on modification of debt | 0 | (1) |
Share-based compensation | 46 | 57 |
Non-cash charges related to Ukraine/Russia conflict | 54 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (244) | 160 |
Inventories | (358) | (501) |
Other assets | 29 | (63) |
Accounts payable | (150) | 23 |
Accrued and other long-term liabilities | (64) | (53) |
Other, net | 27 | (24) |
Pension contributions | (9) | (12) |
Net cash (used in) provided by operating activities | (107) | 549 |
Cash flows from investing activities: | ||
Capital expenditures | (454) | (261) |
Proceeds from sale of property | 3 | 2 |
Cost of business acquisitions and other transactions, net of cash acquired | 220 | 45 |
Proceeds from sale of technology investments | 3 | 0 |
Cost of technology investments | (41) | (1) |
Settlement of derivatives | 4 | (9) |
Net cash used in investing activities | (705) | (314) |
Cash flows from financing activities: | ||
Net repayments under other short-term debt agreements | (2) | (12) |
Net repayments under other long-term debt agreements | 0 | (8) |
Proceeds from Issuance of senior notes, net of issuance costs | 2,472 | 0 |
Fees related to modification of debt agreements | 0 | (6) |
Dividend payments of consolidated affiliates to minority shareholders | (8) | 0 |
Distribution of mandatory convertible preferred share cash dividends | 32 | 32 |
Taxes withheld and paid on employees' restricted share awards | (36) | (45) |
Net cash provided by (used in) financing activities | 2,394 | (103) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (25) | (7) |
Increase in cash, cash equivalents and restricted cash | 1,557 | 125 |
Cash, cash equivalents and restricted cash at beginning of period | 3,139 | 2,853 |
Cash, cash equivalents and restricted cash at end of period | 4,696 | 2,978 |
Reconciliation of cash, cash equivalents and restricted cash and cash classified as assets held for sale: | ||
Cash, cash equivalents and restricted cash | 4,670 | 2,978 |
Cash classified as assets held for sale | (26) | 0 |
Total cash, cash equivalents and restricted cash | $ 4,696 | $ 2,978 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Ordinary Shares | Preferred Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Parent |
Balance at Dec. 31, 2020 | $ 8,100 | $ 3 | $ 0 | $ 3,897 | $ 4,550 | $ (545) | $ 195 | $ 7,905 | |
Balance, in shares at Dec. 31, 2020 | 270 | 12 | |||||||
Mandatory convertible preferred share cumulative dividends | $ 16 | ||||||||
Balance at Mar. 31, 2021 | 8,276 | $ 3 | $ 0 | 3,881 | 4,829 | (636) | 199 | 8,077 | |
Balance, in shares at Mar. 31, 2021 | 270 | 12 | |||||||
Balance at Dec. 31, 2020 | 8,100 | $ 3 | $ 0 | 3,897 | 4,550 | (545) | 195 | 7,905 | |
Balance, in shares at Dec. 31, 2020 | 270 | 12 | |||||||
Net (loss) income | 466 | 458 | 8 | 458 | |||||
Other comprehensive (loss) income | (21) | (21) | 0 | (21) | |||||
Mandatory convertible preferred share cumulative dividends | 32 | (32) | (32) | ||||||
Taxes witheld on employees' restricted share award vestings | (45) | (45) | (45) | ||||||
Share-based compensation, in shares | 1 | ||||||||
Share based compensation | 57 | 57 | 57 | ||||||
Balance at Jun. 30, 2021 | 8,525 | $ 3 | $ 0 | 3,909 | 4,976 | (566) | 203 | 8,322 | |
Balance, in shares at Jun. 30, 2021 | 271 | 12 | |||||||
Balance at Dec. 31, 2020 | 8,100 | $ 3 | $ 0 | 3,897 | 4,550 | (545) | 195 | 7,905 | |
Balance, in shares at Dec. 31, 2020 | 270 | 12 | |||||||
Mandatory convertible preferred share cumulative dividends | 63 | ||||||||
Balance at Dec. 31, 2021 | 8,561 | $ 3 | $ 0 | 3,939 | 5,077 | (672) | 214 | 8,347 | |
Balance, in shares at Dec. 31, 2021 | 271 | 12 | |||||||
Balance at Mar. 31, 2021 | 8,276 | $ 3 | $ 0 | 3,881 | 4,829 | (636) | 199 | 8,077 | |
Balance, in shares at Mar. 31, 2021 | 270 | 12 | |||||||
Net (loss) income | 166 | 163 | 3 | 163 | |||||
Other comprehensive (loss) income | 71 | 70 | 1 | 70 | |||||
Mandatory convertible preferred share cumulative dividends | 16 | 16 | (16) | (16) | |||||
Share-based compensation, in shares | 1 | ||||||||
Share based compensation | 28 | 28 | 28 | ||||||
Balance at Jun. 30, 2021 | 8,525 | $ 3 | $ 0 | 3,909 | 4,976 | (566) | 203 | 8,322 | |
Balance, in shares at Jun. 30, 2021 | 271 | 12 | |||||||
Balance at Dec. 31, 2021 | 8,561 | $ 3 | $ 0 | 3,939 | 5,077 | (672) | 214 | 8,347 | |
Balance, in shares at Dec. 31, 2021 | 271 | 12 | |||||||
Mandatory convertible preferred share cumulative dividends | 16 | ||||||||
Balance at Mar. 31, 2022 | 8,600 | $ 3 | $ 0 | 3,908 | 5,150 | (665) | 204 | 8,396 | |
Balance, in shares at Mar. 31, 2022 | 271 | 12 | |||||||
Balance at Dec. 31, 2021 | 8,561 | $ 3 | $ 0 | 3,939 | 5,077 | (672) | 214 | 8,347 | |
Balance, in shares at Dec. 31, 2021 | 271 | 12 | |||||||
Net (loss) income | 18 | 44 | (26) | 44 | |||||
Other comprehensive (loss) income | (267) | (270) | 3 | (270) | |||||
Dividend payments of consolidated affiliates to minority shareholders | (8) | (8) | |||||||
Mandatory convertible preferred share cumulative dividends | 32 | 32 | (32) | (32) | |||||
Taxes witheld on employees' restricted share award vestings | (36) | (36) | (36) | ||||||
Share-based compensation, in shares | 0 | ||||||||
Share based compensation | 46 | 46 | 46 | ||||||
Balance at Jun. 30, 2022 | 8,282 | $ 3 | $ 0 | 3,949 | 5,089 | (942) | 183 | 8,099 | |
Balance, in shares at Jun. 30, 2022 | 271 | 12 | |||||||
Balance at Mar. 31, 2022 | 8,600 | $ 3 | $ 0 | 3,908 | 5,150 | (665) | 204 | 8,396 | |
Balance, in shares at Mar. 31, 2022 | 271 | 12 | |||||||
Net (loss) income | (72) | (45) | (27) | (45) | |||||
Other comprehensive (loss) income | (271) | (277) | 6 | (277) | |||||
Mandatory convertible preferred share cumulative dividends | 16 | $ 16 | (16) | (16) | |||||
Share-based compensation, in shares | 0 | ||||||||
Share based compensation | 41 | 41 | 41 | ||||||
Balance at Jun. 30, 2022 | $ 8,282 | $ 3 | $ 0 | $ 3,949 | $ 5,089 | $ (942) | $ 183 | $ 8,099 | |
Balance, in shares at Jun. 30, 2022 | 271 | 12 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL General and basis of presentation —“Aptiv,” the “Company,” “we,” “us” and “our” refer to Aptiv PLC (formerly known as Delphi Automotive PLC), a public limited company formed under the laws of Jersey on May 19, 2011, which completed an initial public offering on November 22, 2011, and its consolidated subsidiaries. On December 4, 2017, following the spin-off of Delphi Technologies PLC, the Company changed its name to Aptiv PLC and New York Stock Exchange (“NYSE”) symbol to “APTV.” The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and all adjustments, consisting of only normal recurring items, which are necessary for a fair presentation, have been included. The consolidated financial statements and notes thereto included in this report should be read in conjunction with Aptiv’s 2021 Annual Report on Form 10-K. Nature of operations —Aptiv is a leading global technology and mobility architecture company primarily serving the automotive sector. We deliver end-to-end mobility solutions enabling our customers’ transition to more electrified, software-defined vehicles. We design and manufacture vehicle components and provide electrical, electronic and active safety technology solutions to the global automotive and commercial vehicle markets. Aptiv operates manufacturing facilities and technical centers utilizing a regional service model that enables the Company to efficiently and effectively serve its global customers from best cost countries. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Consolidation —The consolidated financial statements include the accounts of Aptiv and the subsidiaries in which Aptiv holds a controlling financial or management interest and variable interest entities of which Aptiv has determined that it is the primary beneficiary. Aptiv’s share of the earnings or losses of non-controlled affiliates, over which Aptiv exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. When Aptiv does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in non-consolidated affiliates without readily determinable fair value are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, while investments in publicly traded equity securities are measured at fair value based on quoted prices for identical assets on active market exchanges as of each reporting date. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. Intercompany transactions and balances between consolidated Aptiv businesses have been eliminated. During the three months ended June 30, 2021, Aptiv received a dividend of $4 million from one of its equity method investments. The dividend was recognized as a reduction to the investment and represented a return on investment in cash flows from operating activities. Aptiv’s equity investments without readily determinable fair value totaled $65 million and $30 million as of June 30, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s investments in publicly traded equity securities totaled $21 million and $66 million as of June 30, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Refer to Note 21. Investments in Affiliates for further information regarding Aptiv’s equity investments. Use of estimates —Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, contingent consideration arrangements, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, including the duration and severity of the impacts of the COVID-19 pandemic, the ongoing global supply chain disruptions and the conflict between Ukraine and Russia, actual results reported in future periods may be based upon amounts that differ from those estimates. Revenue recognition —Revenue is measured based on consideration specified in a contract with a customer. Customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. From time to time, Aptiv enters into pricing agreements with its customers that provide for price reductions, some of which are conditional upon achieving certain joint cost saving targets. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Aptiv makes payments to customers in conjunction with ongoing business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. However, certain other payments to customers, or upfront fees, meet the criteria to be considered a cost to obtain a contract as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. Aptiv collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. Aptiv reports the collection of these taxes on a net basis (excluded from revenues). Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Refer to Note 20. Revenue for further information. Net income (loss) per share —Basic net income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock and if-converted methods. The if-converted method is used to determine if the impact of conversion of the 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) into ordinary shares is more dilutive than the MCPS dividends to net income (loss) per share. If so, the MCPS are assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares are included in the denominator and the MCPS dividends are added back to the numerator. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. Refer to Note 12. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income (loss) per share. Cash and cash equivalents —Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less, for which the book value approximates fair value. Accounts receivable —Aptiv enters into agreements to sell certain of its accounts receivable, primarily in Europe. Sales of receivables are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing (“ASC 860”). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Aptiv to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. Credit losses —Aptiv is exposed to credit losses primarily through the sale of vehicle components and services. Aptiv assesses the creditworthiness of a counterparty by conducting ongoing credit reviews, which considers the Company’s expected billing exposure and timing for payment, as well as the counterparty’s established credit rating. When a credit rating is not available, the Company’s assessment is based on an analysis of the counterparty’s financial statements. Aptiv also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. Based on the outcome of this review, the Company establishes a credit limit for each counterparty. The Company continues to monitor its ongoing credit exposure through active review of counterparty balances against contract terms and due dates, which includes timely account reconciliation, payment confirmation and dispute resolution. The Company may also employ collection agencies and legal counsel to pursue recovery of defaulted receivables, if necessary. Aptiv primarily utilizes historical loss and recovery data, combined with information on current economic conditions and reasonable and supportable forecasts to develop the estimate of the allowance for doubtful accounts in accordance with ASC Topic 326, Financial Instruments – Credit Losses . As of June 30, 2022 and December 31, 2021, the Company reported $3,028 million and $2,784 million, respectively, of accounts receivable, net of allowances, which includes the allowance for doubtful accounts of $43 million and $37 million, respectively. Changes in the allowance for doubtful accounts were not material for the six months ended June 30, 2022. Inventories —As of June 30, 2022 and December 31, 2021, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 3. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period. Assets and liabilities held for sale —The Company considers assets to be held for sale when management, having the appropriate authority, approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, less cost to sell, and ceases to record depreciation expense on the assets. Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheets. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. Intangible assets —Intangible assets were $876 million and $964 million as of June 30, 2022 and December 31, 2021, respectively. Aptiv amortizes definite-lived intangible assets over their estimated useful lives. Aptiv has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. Indefinite-lived in-process research and development intangible assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. Amortization expense was $38 million and $75 million for the three and six months ended June 30, 2022, respectively, and $37 million and $74 million for the three and six months ended June 30, 2021, respectively, which includes the impact of any intangible asset impairment charges recorded during the period. Goodwill —Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met the Company then performs a quantitative assessment by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit. The Company qualitatively concluded there were no goodwill impairments during the six months ended June 30, 2022 and 2021. Goodwill was $2,392 million and $2,511 million as of June 30, 2022 and December 31, 2021, respectively. Warranty and product recalls —Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 6. Warranty Obligations for additional information. Income taxes —Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. As it relates to changes in accumulated other comprehensive income (loss), the Company’s policy is to release tax effects from accumulated other comprehensive income (loss) when the underlying components affect earnings. Refer to Note 11. Income Taxes for additional information. Restructuring —Aptiv continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements or statutory requirements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs and certain early termination lease costs are recorded when contracts are terminated. All other exit costs are expensed as incurred. Refer to Note 7. Restructuring for additional information. Customer concentrations —As reflected in the table below, net sales to Stellantis N.V. (“Stellantis”), General Motors Company (“GM”) and Volkswagen Group (“VW”), Aptiv’s three largest customers, totaled approximately 28% and 27% of our total net sales for the three and six months ended June 30, 2022, respectively, and 29% and 28% of our total net sales for the three and six months ended June 30, 2021, respectively. Percentage of Total Net Sales Accounts Receivable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2022 2021 2022 2021 (in millions) Stellantis (1) 10 % 11 % 10 % 11 % $ 348 $ 317 GM 10 % 8 % 9 % 8 % 280 208 VW 8 % 10 % 8 % 9 % 199 163 (1) On January 16, 2021, Fiat Chrysler Automobiles N.V. (“FCA”) and Peugeot Citroën (“PSA”) merged to form a new, combined company (“Stellantis”). Net sales to FCA and PSA before the date of the merger are included in net sales to Stellantis in the table above for the six months ended June 30, 2021. Recently adopted accounting pronouncements —In June 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. As permitted, the Company elected to early adopt this guidance effective in the second quarter of 2022. The adoption of this guidance resulted in insignificant incremental disclosures in the Company’s financial statements. Aptiv adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance in the first quarter of 2022. This guidance is intended to improve the transparency of government assistance received by most business entities by requiring disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on the registrant’s financial statements. As the guidance is only applicable to annual disclosures, the Company is still evaluating the effects that the adoption of ASU 2021-10 will have on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contracts and Contract Liabilities from Contracts with Customers . This guidance requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. A summary of inventories is shown below: June 30, December 31, (in millions) Productive material $ 1,626 $ 1,311 Work-in-process 168 172 Finished goods 568 531 Total $ 2,362 $ 2,014 |
Assets
Assets | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Assets | ASSETS Other current assets consisted of the following: June 30, December 31, (in millions) Value added tax receivable $ 183 $ 178 Prepaid insurance and other expenses 68 63 Reimbursable engineering costs 107 110 Notes receivable 7 16 Income and other taxes receivable 86 54 Deposits to vendors 8 6 Derivative financial instruments (Note 14) 10 38 Capitalized upfront fees (Note 20) 25 34 Other 4 — Total $ 498 $ 499 Other long-term assets consisted of the following: June 30, December 31, (in millions) Deferred income taxes, net $ 158 $ 159 Unamortized Revolving Credit Facility debt issuance costs 9 11 Income and other taxes receivable 30 28 Reimbursable engineering costs 177 176 Value added tax receivable 3 20 Equity investments (Note 21) 86 96 Derivative financial instruments (Note 14) 6 3 Capitalized upfront fees (Note 20) 50 58 Other 75 71 Total $ 594 $ 622 |
Liabilities
Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Liabilities | LIABILITIES Accrued liabilities consisted of the following: June 30, December 31, (in millions) Payroll-related obligations $ 310 $ 286 Employee benefits, including current pension obligations 62 83 Income and other taxes payable 107 157 Warranty obligations (Note 6) 37 41 Restructuring (Note 7) 54 42 Customer deposits 58 83 Derivative financial instruments (Note 14) 38 13 Accrued interest 50 30 MCPS dividends payable 3 3 Operating lease liabilities 96 92 Other 438 416 Total $ 1,253 $ 1,246 Other long-term liabilities consisted of the following: June 30, December 31, (in millions) Environmental (Note 10) $ 1 $ 4 Extended disability benefits 6 5 Warranty obligations (Note 6) 8 8 Restructuring (Note 7) 16 21 Payroll-related obligations 10 11 Accrued income taxes 145 153 Deferred income taxes, net 144 153 Derivative financial instruments (Note 14) 29 7 Other 60 74 Total $ 419 $ 436 |
Warranty Obligations
Warranty Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
Warranty Obligations | WARRANTY OBLIGATIONSExpected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Aptiv has recognized its best estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of June 30, 2022. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of June 30, 2022 to be zero to $10 million. The table below summarizes the activity in the product warranty liability for the six months ended June 30, 2022: Warranty Obligations (in millions) Accrual balance at beginning of period $ 49 Provision for estimated warranties incurred during the period 19 Changes in estimate for pre-existing warranties 1 Settlements made during the period (in cash or in kind) (22) Foreign currency translation and other (2) Accrual balance at end of period $ 45 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING Aptiv’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing Aptiv’s strategy, either in the normal course of business or pursuant to significant restructuring programs. As part of Aptiv’s continued efforts to optimize its cost structure, it has undertaken several restructuring programs which include workforce reductions as well as plant closures. These programs are primarily focused on reducing global overhead costs and on the continued rotation of our manufacturing footprint to best cost locations in Europe. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $19 million and $41 million during the three and six months ended June 30, 2022, respectively. None of the Company's individual restructuring programs initiated during the three and six months ended June 30, 2022 were material and there have been no changes in previously initiated programs that have resulted (or are expected to result) in a material change to our restructuring costs. The Company expects to incur additional restructuring costs of approximately $60 million (of which approximately $45 million relates to the Advanced Safety and User Experience segment and approximately $15 million relates to the Signal and Power Solutions segment) for programs approved as of June 30, 2022, which are primarily expected to be incurred within the next twelve months. During the three and six months ended June 30, 2021, Aptiv recorded employee-related and other restructuring charges totaling approximately $14 million and $20 million, respectively. Restructuring charges for employee separation and termination benefits are paid either over the severance period or in a lump sum in accordance with either statutory requirements or individual agreements. Aptiv incurred cash expenditures related to its restructuring programs of approximately $31 million and $48 million in the six months ended June 30, 2022 and 2021, respectively. The following table summarizes the restructuring charges recorded for the three and six months ended June 30, 2022 and 2021 by operating segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Signal and Power Solutions $ 13 $ 11 $ 22 $ 9 Advanced Safety and User Experience 6 3 19 11 Total $ 19 $ 14 $ 41 $ 20 The table below summarizes the activity in the restructuring liability for the six months ended June 30, 2022: Employee Termination Benefits Liability Other Exit Costs Liability Total (in millions) Accrual balance at January 1, 2022 $ 63 $ — $ 63 Provision for estimated expenses incurred during the period 41 — 41 Payments made during the period (31) — (31) Foreign currency and other (3) — (3) Accrual balance at June 30, 2022 $ 70 $ — $ 70 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of June 30, 2022 and December 31, 2021: June 30, December 31, (in millions) 2.396%, senior notes, due 2025 (net of $4 and $0 unamortized issuance costs, respectively) $ 696 $ — 1.50%, Euro-denominated senior notes, due 2025 (net of $1 and $2 unamortized issuance costs and $1 and $1 discount, respectively) 734 790 1.60%, Euro-denominated senior notes, due 2028 (net of $2 and $3 unamortized issuance costs, respectively) 523 563 4.35%, senior notes, due 2029 (net of $2 and $2 unamortized issuance costs, respectively) 298 298 3.25%, senior notes, due 2032 (net of $7 and $0 unamortized issuance costs and $3 and $0 discount, respectively) 790 — 4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively) 296 296 5.40%, senior notes, due 2049 (net of $4 and $4 unamortized issuance costs and $1 and $1 discount, respectively) 345 345 3.10%, senior notes, due 2051 (net of $17 and $17 unamortized issuance costs and $32 and $33 discount, respectively) 1,451 1,450 4.15%, senior notes, due 2052 (net of $11 and $0 unamortized issuance costs and $2 and $0 discount, respectively) 987 — Tranche A Term Loan, due 2026 (net of $2 and $2 unamortized issuance costs, respectively) 311 311 Finance leases and other 19 14 Total debt 6,450 4,067 Less: current portion (17) (8) Long-term debt $ 6,433 $ 4,059 Credit Agreement Aptiv PLC and its wholly-owned subsidiary Aptiv Corporation entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), under which it maintains senior unsecured credit facilities currently consisting of a term loan (the “Tranche A Term Loan”) and a revolving credit facility of $2 billion (the “Revolving Credit Facility”). Subsequently, Aptiv Global Financing Limited (“AGFL”), a wholly-owned subsidiary of Aptiv PLC, executed a joinder agreement to the Credit Agreement, which allows it to act as a borrower under the Credit Agreement, and a guaranty supplement, under which AGFL guarantees the obligations under the Credit Agreement, subject to certain exceptions. The Credit Agreement was entered into in March 2011 and has been subsequently amended and restated on several occasions, most recently on June 24, 2021. The June 2021 amendment, among other things, (1) refinanced and replaced the existing term loan A and revolver with a new term loan A that matures in 2026, and a new five-year revolving credit facility with aggregate commitments of $2 billion, (2) utilized the Company’s existing sustainability-linked metrics and commitments, that, if achieved, would change the facility fee and interest rate margins as described below, and (3) established the leverage ratio maintenance covenant that requires the Company to maintain total net leverage (as calculated in accordance with the Credit Agreement) of less than 3.5 to 1.0 (or 4.0 to 1.0 for four full fiscal quarters following completion of material acquisitions, as defined in the Credit Agreement) and allowed for dividends and other payments on equity. Losses on modification of debt totaled $1 million during the three months ended June 30, 2021 related to the June 2021 amendment. Aptiv paid amendment fees of $6 million during the three months ended June 30, 2021 which are reflected as a financing activity in the consolidated statements of cash flows. The Tranche A Term Loan and the Revolving Credit Facility mature on June 24, 2026. Beginning on September 30, 2022, Aptiv is obligated to make quarterly principal payments on the Tranche A Term Loan according to the amortization schedule in the Credit Agreement. The Credit Agreement also contains an accordion feature that permits Aptiv to increase, from time to time, the aggregate borrowing capacity under the Credit Agreement by up to an additional $1 billion upon Aptiv’s request, the agreement of the lenders participating in the increase, and the approval of the Administrative Agent. As of June 30, 2022, Aptiv had no amounts outstanding under the Revolving Credit Facility and less than $1 million in letters of credit were issued under the Credit Agreement. Letters of credit issued under the Credit Agreement reduce availability under the Revolving Credit Facility. Loans under the Credit Agreement bear interest, at Aptiv’s option, at either (a) the Administrative Agent’s Alternate Base Rate (“ABR” as defined in the Credit Agreement) or (b) the London Interbank Offered Rate (the “Adjusted LIBO Rate” as defined in the Credit Agreement) (“LIBOR”) plus in either case a percentage per annum as set forth in the table below (the “Applicable Rate”). The June 2021 amendment also contains provisions to facilitate the replacement of the LIBOR-based rate with a Secured Overnight Financing Rate (“SOFR”) based rate upon the discontinuation or unavailability of LIBOR. The Applicable Rates under the Credit Agreement on the specified dates are set forth below: June 30, 2022 December 31, 2021 LIBOR plus ABR plus LIBOR plus ABR plus Revolving Credit Facility 1.10 % 0.10 % 1.10 % 0.10 % Tranche A Term Loan 1.125 % 0.125 % 1.125 % 0.125 % Under the June 2021 amendment, the Applicable Rate under the Credit Agreement, as well as the facility fee, may increase or decrease from time to time based on changes in the Company’s credit ratings and whether the Company achieves or fails to achieve certain sustainability-linked targets with respect to greenhouse gas emissions and workplace safety. Such adjustments may be up to 0.04% per annum on interest rate margins on the Revolving Credit Facility, 0.02% per annum on interest rate margins on the Tranche A Term Loan and up to 0.01% per annum on the facility fee. Accordingly, the interest rate is subject to fluctuation during the term of the Credit Agreement based on changes in the ABR, LIBOR, changes in the Company’s corporate credit ratings or whether the Company achieves or fails to achieve its sustainability-linked targets. The Credit Agreement also requires that Aptiv pay certain facility fees on the Revolving Credit Facility, which are also subject to adjustment based on the sustainability-linked targets as described above, and certain letter of credit issuance and fronting fees. As a result of meeting the sustainability-linked targets for the 2021 calendar year, the interest rate margins and facility fees will be reduced by the amounts specified above, effective in the third quarter of 2022. The interest rate period with respect to LIBOR interest rate options can be set at one-, three-, or six-months as selected by Aptiv in accordance with the terms of the Credit Agreement (or other period as may be agreed by the applicable lenders). Aptiv may elect to change the selected interest rate option in accordance with the provisions of the Credit Agreement. As of June 30, 2022, Aptiv selected the one-month LIBOR interest rate option on the Tranche A Term Loan, and the rate effective as of June 30, 2022, as detailed in the table below, was based on the Company’s current credit rating and the Applicable Rate for the Credit Agreement: Borrowings as of June 30, 2022 Rates effective as of Applicable Rate (in millions) June 30, 2022 Tranche A Term Loan LIBOR plus 1.125% $ 313 2.8125 % Borrowings under the Credit Agreement are prepayable at Aptiv’s option without premium or penalty. The Credit Agreement contains certain covenants that limit, among other things, the Company’s (and the Company’s subsidiaries’) ability to incur certain additional indebtedness or liens or to dispose of substantially all of its assets. In addition, under the June 2021 amendment, the Credit Agreement requires that the Company maintain a consolidated leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the Credit Agreement) of not more than 3.5 to 1.0 (or 4.0 to 1.0 for four full fiscal quarters following completion of material acquisitions, as defined in the Credit Agreement). The Credit Agreement also contains events of default customary for financings of this type. The Company was in compliance with the Credit Agreement covenants as of June 30, 2022. As of June 30, 2022, all obligations under the Credit Agreement were borrowed by Aptiv Corporation and jointly and severally guaranteed by AGFL and Aptiv PLC, subject to certain exceptions set forth in the Credit Agreement. Senior Unsecured Notes On March 10, 2015, Aptiv PLC issued €700 million in aggregate principal amount of 1.50% Euro-denominated senior unsecured notes due 2025 (the “2015 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act of 1933, as amended (the “Securities Act”). The 2015 Euro-denominated Senior Notes were priced at 99.54% of par, resulting in a yield to maturity of 1.55%. The proceeds were primarily utilized to redeem $500 million of 6.125% senior unsecured notes due 2021, and to fund growth initiatives, such as acquisitions, and share repurchases. Aptiv incurred approximately $5 million of issuance costs in connection with the 2015 Euro-denominated Senior Notes. Interest is payable annually on March 10. The Company has designated the 2015 Euro-denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly-owned subsidiaries. Refer to Note 14. Derivatives and Hedging Activities for further information. On September 15, 2016, Aptiv PLC issued €500 million in aggregate principal amount of 1.60% Euro-denominated senior unsecured notes due 2028 (the “2016 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2016 Euro-denominated Senior Notes were priced at 99.881% of par, resulting in a yield to maturity of 1.611%. The proceeds, together with proceeds from the 2016 Senior Notes described below, were utilized to redeem the $800 million of 5.00% senior unsecured notes due 2023. Aptiv incurred approximately $4 million of issuance costs in connection with the 2016 Euro-denominated Senior Notes. Interest is payable annually on September 15. The Company has designated the 2016 Euro-denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly-owned subsidiaries. Refer to Note 14. Derivatives and Hedging Activities for further information. On September 20, 2016, Aptiv PLC issued $300 million in aggregate principal amount of 4.40% senior unsecured notes due 2046 (the “2016 Senior Notes”) in a transaction registered under the Securities Act. The 2016 Senior Notes were priced at 99.454% of par, resulting in a yield to maturity of 4.433%. The proceeds, together with proceeds from the 2016 Euro-denominated Senior Notes, were utilized to redeem the $800 million of 5.00% senior unsecured notes due 2023. Aptiv incurred approximately $3 million of issuance costs in connection with the 2016 Senior Notes. Interest is payable semi-annually on April 1 and October 1 of each year to holders of record at the close of business on March 15 or September 15 immediately preceding the interest payment date. On March 14, 2019, Aptiv PLC issued $650 million in aggregate principal amount of senior unsecured notes in a transaction registered under the Securities Act, comprised of $300 million of 4.35% senior unsecured notes due 2029 (the “4.35% Senior Notes”) and $350 million of 5.40% senior unsecured notes due 2049 (the “5.40% Senior Notes”) (collectively, the “2019 Senior Notes”). The 4.35% Senior Notes were priced at 99.879% of par, resulting in a yield to maturity of 4.365%, and the 5.40% Senior Notes were priced at 99.558% of par, resulting in a yield to maturity of 5.430%. The proceeds were utilized to redeem $650 million of 3.15% senior unsecured notes due 2020. Aptiv incurred approximately $7 million of issuance costs in connection with the 2019 Senior Notes. Interest on the 2019 Senior Notes is payable semi-annually on March 15 and September 15 of each year to holders of record at the close of business on March 1 or September 1 immediately preceding the interest payment date. On November 23, 2021, Aptiv PLC issued $1.5 billion in aggregate principal amount of 3.10% senior unsecured notes due 2051 (the “2021 Senior Notes”) in a transaction registered under the Securities Act. The 2021 Senior Notes were priced at 97.814% of par, resulting in a yield to maturity of 3.214%. Aptiv incurred approximately $17 million of issuance costs in connection with the 2021 Senior Notes. Interest on the 2021 Senior Notes is payable semi-annually on June 1 and December 1 of each year (commencing on June 1, 2022) to holders of record at the close of business on May 15 or November 15 immediately preceding the interest payment date. On December 27, 2021, Aptiv PLC entered into a supplemental indenture to add AGFL as a joint and several co-issuer of the 2021 Senior Notes effective as of the date of issuance. The proceeds from the 2021 Senior Notes were primarily utilized to redeem $700 million of 4.15% senior unsecured notes due 2024 and $650 million of 4.25% senior unsecured notes due 2026. On February 18, 2022, Aptiv PLC and Aptiv Corporation (together, the “Issuers”) issued $2.5 billion in aggregate principal amount of senior unsecured notes in a transaction registered under the Securities Act, comprised of $700 million of 2.396% senior unsecured notes due 2025 (the “2.396% Senior Notes”), $800 million of 3.25% senior unsecured notes due 2032 (the “3.25% Senior Notes”) and $1.0 billion of 4.15% senior unsecured notes due 2052 (the “4.15% Senior Notes”) (collectively, the “2022 Senior Notes”). The 2022 Senior Notes are guaranteed by AGFL. The 2.396% Senior Notes were priced at 100% of par, resulting in a yield to maturity of 2.396%, the 3.25% Senior Notes were priced at 99.600% of par, resulting in a yield to maturity of 3.297%, and the 4.15% Senior Notes were priced at 99.783% of par, resulting in a yield to maturity of 4.163%. On or after February 18, 2023, the 2.396% Senior Notes may be optionally redeemed at a price equal to their principal amount plus accrued and unpaid interest thereon. The proceeds from the 2022 Senior Notes are expected to fund a portion of the cash consideration payable in connection with the proposed acquisition of Wind River Systems, Inc. (“Wind River”). In the event that the Company does not consummate the acquisition of Wind River on or prior to July 10, 2023, or if prior to such date, the definitive agreement relating to the proposed acquisition is terminated, then the Issuers will redeem all of the 3.25% Senior Notes and 4.15% Senior Notes on the special mandatory redemption date (as defined below) at a redemption price equal to 101% of the principal amount of each of the 3.25% Senior Notes and 4.15% Senior Notes, plus accrued and unpaid interest from the date of initial issuance. The “special mandatory redemption date” means the earlier to occur of (1) July 10, 2023, if the acquisition of Wind River has not been completed on or prior to July 10, 2023, and (2) the fifth business day following the termination of the definitive agreement relating to the proposed acquisition for any reason. Refer to Note 17. Acquisitions and Divestitures for further information on this proposed acquisition. Aptiv incurred approximately $22 million of issuance costs in connection with the 2022 Senior Notes. Interest on the 2.396% Senior Notes, 3.25% Senior Notes and 4.15% Senior Notes is payable semi-annually on February 18 and August 18 (commencing August 18, 2022), March 1 and September 1 (commencing September 1, 2022) and May 1 and November 1 (commencing May 1, 2022), respectively, of each year to holders of record at the close of business on February 3 or August 3, February 15 or August 15, April 15 or October 15, respectively, immediately preceding the interest payment date. Although the specific terms of each indenture governing each series of senior notes vary, the indentures contain certain restrictive covenants, including with respect to Aptiv’s (and Aptiv’s subsidiaries) ability to incur liens, enter into sale and leaseback transactions and merge with or into other entities. In February 2022, Aptiv Corporation and AGFL were added as guarantors on each series of outstanding senior notes previously issued by Aptiv PLC. As of June 30, 2022, the Company was in compliance with the provisions of all series of the outstanding senior notes. Other Financing Receivable factoring —Aptiv maintains a €450 million European accounts receivable factoring facility that is available on a committed basis and allows for factoring of receivables denominated in both Euros and U.S. dollars (“USD”). This facility is accounted for as short-term debt and borrowings are subject to the availability of eligible accounts receivable. Collateral is not required related to these trade accounts receivable. This facility became effective on January 1, 2021 and has a term of three years, subject to Aptiv’s right to terminate at any time with three months’ notice. After expiration of the three year term, either party can terminate with three months’ notice. Borrowings denominated in Euros under the facility bear interest at the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.50% and USD borrowings bear interest at two-month LIBOR plus 0.50%, with borrowings under either denomination carrying a minimum interest rate of 0.20%. As of June 30, 2022 and December 31, 2021, Aptiv had no amounts outstanding on the European accounts receivable factoring facility. Finance leases and other —As of June 30, 2022 and December 31, 2021, approximately $19 million and $14 million, respectively, of other debt primarily issued by certain non-U.S. subsidiaries and finance lease obligations were outstanding. Interest —Cash paid for interest related to debt outstanding totaled $75 million and $75 million for the six months ended June 30, 2022 and 2021, respectively. Letter of credit facilities —In addition to the letters of credit issued under the Credit Agreement, Aptiv had approximately $3 million and $3 million outstanding through other letter of credit facilities as of June 30, 2022 and December 31, 2021, respectively, primarily to support arrangements and other obligations at certain of its subsidiaries. |
Pension Benefits
Pension Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Benefits | PENSION BENEFITS Certain of Aptiv’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Aptiv’s primary non-U.S. plans are located in France, Germany, Mexico, Portugal and the U.K. The U.K. and certain Mexican plans are funded. In addition, Aptiv has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. Aptiv sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives of the former Delphi Corporation prior to September 30, 2008 and were still U.S. executives of the Company on October 7, 2009, the effective date of the program. This program is unfunded. Executives receive benefits over five The amounts shown below reflect the defined benefit pension expense for the three and six months ended June 30, 2022 and 2021: Non-U.S. Plans U.S. Plans Three Months Ended June 30, 2022 2021 2022 2021 (in millions) Service cost $ 5 $ 5 $ — $ — Interest cost 6 5 — — Expected return on plan assets (5) (5) — — Curtailment loss — 5 — — Amortization of actuarial losses 1 3 1 1 Net periodic benefit cost $ 7 $ 13 $ 1 $ 1 Non-U.S. Plans U.S. Plans Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Service cost $ 9 $ 10 $ — $ — Interest cost 13 10 — — Expected return on plan assets (10) (10) — — Curtailment loss — 5 — — Amortization of actuarial losses 3 8 1 1 Net periodic benefit cost $ 15 $ 23 $ 1 $ 1 Other postretirement benefit obligations were approximately $1 million and $1 million at June 30, 2022 and December 31, 2021, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Ordinary Business Litigation Aptiv is from time to time subject to various legal actions and claims incidental to its business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters, and employment-related matters. It is the opinion of Aptiv that the outcome of such matters will not have a material adverse impact on the consolidated financial position, results of operations, or cash flows of Aptiv. With respect to warranty matters, although Aptiv cannot ensure that the future costs of warranty claims by customers will not be material, Aptiv believes its established reserves are adequate to cover potential warranty settlements. Matters Related to Global Supply Chain Disruptions Due to various factors that are beyond our control, there are currently global supply chain disruptions, including a worldwide semiconductor supply shortage. The semiconductor supply shortage, due in part to increased demand across multiple industries, is impacting production in automotive and other industries. We anticipate these supply chain disruptions will persist throughout 2022 and likely continue into 2023. We, along with most automotive component manufacturers that use semiconductors, have been unable to fully meet the vehicle production demands of original equipment manufacturers (“OEMs”) because of events which are outside our control, including but not limited to, the global semiconductor shortage, fires in our suppliers’ facilities, unprecedented weather events in the southwestern United States, and other extraordinary events. Although we are working closely with suppliers and customers to minimize any potential adverse impacts of these events, some of our customers have indicated that they expect us to bear at least some responsibility for their lost production and other costs. While no assurances can be made as to the ultimate outcome of these customer expectations or any other future claims, we do not currently believe a loss is probable, and accordingly, no reserve has been made as of June 30, 2022. We will continue to actively monitor all direct and indirect potential impacts of these supply chain disruptions, and will seek to aggressively mitigate and minimize their impact on our business. Brazil Matters Aptiv conducts business operations in Brazil that are subject to the Brazilian federal labor, social security, environmental, health and safety, tax and customs laws, as well as a variety of state and local laws. While Aptiv believes it complies with such laws, they are complex, subject to varying interpretations, and the Company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances. As of June 30, 2022, the majority of claims asserted against Aptiv in Brazil relate to such litigation. The remaining claims in Brazil relate to commercial and labor litigation with private parties. As of June 30, 2022, claims totaling approximately $105 million (using June 30, 2022 foreign currency rates) have been asserted against Aptiv in Brazil. As of June 30, 2022, the Company maintains accruals for these asserted claims of $20 million (using June 30, 2022 foreign currency rates). The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company’s analyses and assessment of the asserted claims and prior experience with similar matters. While the Company believes its accruals are adequate, the final amounts required to resolve these matters could differ materially from the Company’s recorded estimates and Aptiv’s results of operations could be materially affected. The Company estimates the reasonably possible loss in excess of the amounts accrued related to these claims to be zero to $85 million. Environmental Matters Aptiv is subject to the requirements of U.S. federal, state, local and non-U.S. environmental, health and safety laws and regulations. As of June 30, 2022 and December 31, 2021, the undiscounted reserve for environmental investigation and remediation recorded in other liabilities was approximately $2 million and $4 million, respectively. Aptiv cannot ensure that environmental requirements will not change or become more stringent over time or that its eventual environmental remediation costs and liabilities will not exceed the amount of its current reserves. In the event that such liabilities were to significantly exceed the amounts recorded, Aptiv’s results of operations could be materially affected. At June 30, 2022, the difference between the recorded liabilities and the reasonably possible range of potential loss was not material. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in respective jurisdictions, permanent and temporary differences, and the likelihood of the realizability of deferred tax assets generated in the current year. The future direct and indirect impacts of the ongoing volatile global economic conditions resulting from the COVID-19 pandemic, global supply chain disruptions and conflict between Ukraine and Russia are difficult to predict and may cause fluctuations in our expected results of operations for the year, which could create volatility in our annual expected effective income tax rate. Jurisdictions with a projected loss for the year or a year-to-date loss for which no tax benefit or expense can be recognized due to a valuation allowance are excluded from the estimated annual effective tax rate. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the composition and timing of actual earnings compared to annual projections. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as our tax environment changes. To the extent that the expected annual effective income tax rate changes, the effect of the change on prior interim periods is included in the income tax provision in the period in which the change in estimate occurs. The Company’s income tax expense and effective tax rates for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (dollars in millions) Income tax expense $ 16 $ 28 $ 37 $ 76 Effective tax rate 100 % 11 % 19 % 12 % The Company’s tax rate is affected by the tax rates in Ireland and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. The Company’s effective tax rate is also impacted by the receipt of certain tax incentives and holidays that reduce the effective tax rate for certain subsidiaries below the statutory rate. For the three and six months ended June 30, 2022, the Company’s effective tax rate was impacted by impairments and other charges related to the Ukraine/Russia conflict for which no tax benefit was recognized. The Company’s effective tax rate for the three and six months ended June 30, 2022 includes net discrete tax expenses of approximately $0 million and net discrete tax benefits of approximately $4 million, respectively, primarily related to net changes in accruals for unremitted earnings, provision to return adjustments and changes in reserves. The effective tax rate for the three and six months ended June 30, 2021 includes net discrete tax benefits of $3 million and $4 million, respectively, primarily related to changes in accruals for unremitted earnings, provision to return adjustments, changes in reserves and the impact of a tax rate change. Aptiv PLC is an Irish resident taxpayer and not a domestic corporation for U.S. federal income tax purposes. As such, it is not subject to U.S. tax on remitted foreign earnings and, as a result of its capital structure, is also generally not subject to Irish tax on the repatriation of foreign earnings. Cash paid or withheld for income taxes was $121 million and $93 million for the six months ended June 30, 2022 and 2021, respectively. |
Shareholders' Equity And Net In
Shareholders' Equity And Net Income Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Shareholders' Equity and Net Income Per Share Note [Abstract] | |
Shareholders' Equity And Net Income Per Share | SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE 2020 Public Equity Offering In June 2020, the Company completed the underwritten public offering of approximately 15.1 million ordinary shares at a price of $75.91 per share, resulting in net proceeds of approximately $1,115 million, after deducting expenses and the underwriters’ discount of $35 million. Simultaneously, the Company completed the underwritten public offering of 11.5 million 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) with a liquidation preference of $100 per share (the “MCPS Offering”), resulting in net proceeds of approximately $1,115 million, after deducting expenses and the underwriters’ discount of $35 million. Each share of MCPS will mandatorily convert on the mandatory conversion date of June 15, 2023, into between 1.0754 and 1.3173 shares of the Company’s ordinary shares, subject to customary anti-dilution adjustments, and further adjustment if there are any accumulated and unpaid MCPS dividends at the conversion date. The number of the Company’s ordinary shares issuable upon conversion will be determined based on the volume-weighted average price per share of the Company’s ordinary shares over the 20 consecutive trading day period beginning on, and including the 21st scheduled trading day immediately before June 15, 2023. Subject to certain exceptions, at any time prior to June 15, 2023, holders of the MCPS may elect to convert each share into 1.0754 ordinary shares, subject to further anti-dilution adjustments. In the event of a fundamental change, the MCPS will convert at the fundamental change rates specified in the statement of rights, and the holders of the MCPS would be entitled to a fundamental change make-whole dividend. Holders of the MCPS will be entitled to receive, when and if declared by the Company’s Board of Directors, cumulative dividends at the annual rate of 5.50% of the liquidation preference of $100 per share (equivalent to $5.50 annually per share), payable in cash or, subject to certain limitations, by delivery of the Company’s ordinary shares or any combination of cash and the Company’s ordinary shares, at the Company’s election. If declared, dividends on the MCPS will be payable quarterly on March 15, June 15, September 15 and December 15 of each year (commencing on September 15, 2020 to, and including June 15, 2023), to the holders of record of the MCPS as they appear on the Company’s share register at the close of business on the immediately preceding March 1, June 1, September 1 or December 1, respectively. Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock and if-converted methods. The if-converted method is used to determine if the impact of the conversion of the MCPS into ordinary shares is more dilutive than the MCPS dividends to net income (loss) per share. If so, the MCPS are assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares are included in the denominator and the MCPS dividends are added back to the numerator. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. For the three and six months ended June 30, 2022, the impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 12.37 million and 12.37 million ordinary shares underlying the MCPS, respectively, were excluded from the diluted net income (loss) per share calculation. For the three and six months ended June 30, 2021, the impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 12.37 million and 12.37 million ordinary shares underlying the MCPS, respectively, were excluded from the diluted net income (loss) per share calculation. For the three months ended June 30, 2022, the impact of the Company’s shared-based compensation plans was anti-dilutive and an insignificant number of underlying ordinary shares were excluded from the diluted net income (loss) per share calculation. For all other periods presented, the calculation of net income (loss) per share also contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 18. Share-Based Compensation for additional information. Weighted Average Shares The following table illustrates net income (loss) per share attributable to ordinary shareholders and the weighted average shares outstanding used in calculating basic and diluted income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except per share data) Numerator: Net (loss) income attributable to ordinary shareholders $ (61) $ 147 $ 12 $ 426 Denominator: Weighted average ordinary shares outstanding, basic 270.93 270.49 270.86 270.40 Dilutive shares related to restricted stock units — 0.57 0.25 0.70 Weighted average ordinary shares outstanding, including dilutive shares 270.93 271.06 271.11 271.10 Net (loss) income per share attributable to ordinary shareholders: Basic $ (0.23) $ 0.54 $ 0.04 $ 1.58 Diluted $ (0.23) $ 0.54 $ 0.04 $ 1.57 Share Repurchase Programs In April 2016, the Board of Directors authorized a share repurchase program of up to $1.5 billion of ordinary shares, which commenced in September 2016. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company. There were no shares repurchased during the three and six months ended June 30, 2022 and 2021. As of June 30, 2022, approximately $13 million of share repurchases remained available under the April 2016 share repurchase program, which is in addition to the share repurchase program of up to $2.0 billion that was previously announced in January 2019. This program, which will commence following the completion of the April 2016 share repurchase program, provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company. All previously repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings. Preferred Dividends The Company has declared and paid cash dividends per preferred share during the periods presented as follows: Dividend Amount Per Share (in millions) 2022: Second quarter $ 1.375 $ 16 First quarter 1.375 16 Total $ 2.750 $ 32 2021: Fourth quarter $ 1.375 $ 16 Third quarter 1.375 15 Second quarter 1.375 16 First quarter 1.375 16 Total $ 5.500 $ 63 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Income | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) attributable to Aptiv (net of tax) for the three and six months ended June 30, 2022 and 2021 are shown below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Foreign currency translation adjustments: Balance at beginning of period $ (620) $ (536) $ (588) $ (445) Aggregate adjustment for the period (1) (183) 42 (215) (49) Balance at end of period (803) (494) (803) (494) Gains (losses) on derivatives: Balance at beginning of period 20 33 (17) 40 Other comprehensive income before reclassifications (nil net tax effect for all periods presented) (87) 25 (39) 37 Reclassification to income (nil net tax effect for all periods presented) (12) (20) (23) (39) Balance at end of period (79) 38 (79) 38 Pension and postretirement plans: Balance at beginning of period (65) (133) (67) (140) Other comprehensive income before reclassifications (net tax effect of ($2), $1, ($3), and ($1)) 4 15 6 18 Reclassification to income (net tax effect of ($1), ($1), ($3) and ($2)) 1 8 1 12 Balance at end of period (60) (110) (60) (110) Accumulated other comprehensive loss, end of period $ (942) $ (566) $ (942) $ (566) (1) Includes gains of $68 million and $97 million for the three and six months ended June 30, 2022, and losses of $19 million and gains of $44 million for the three and six months ended June 30, 2021, respectively, related to non-derivative net investment hedges. Refer to Note 14. Derivatives and Hedging Activities for further description of these hedges. Reclassifications from accumulated other comprehensive income (loss) to income for the three and six months ended June 30, 2022 and 2021 were as follows: Reclassification Out of Accumulated Other Comprehensive Income (Loss) Details About Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statements of Operations 2022 2021 2022 2021 (in millions) Gains (losses) on derivatives: Commodity derivatives $ 9 $ 20 $ 20 $ 39 Cost of sales Foreign currency derivatives 3 — 3 — Cost of sales 12 20 23 39 Income before income taxes — — — — Income tax expense 12 20 23 39 Net (loss) income — — — — Net (loss) income attributable to noncontrolling interest $ 12 $ 20 $ 23 $ 39 Net (loss) income attributable to Aptiv Pension and postretirement plans: Actuarial losses $ (2) $ (4) $ (4) $ (9) Other (expense) income, net (1) Curtailment loss — (5) — (5) Other (expense) income, net (1) (2) (9) (4) (14) Income before income taxes 1 1 3 2 Income tax expense (1) (8) (1) (12) Net (loss) income — — — — Net (loss) income attributable to noncontrolling interest $ (1) $ (8) $ (1) $ (12) Net (loss) income attributable to Aptiv Total reclassifications for the period $ 11 $ 12 $ 22 $ 27 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9. Pension Benefits for additional details). |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges Aptiv is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Aptiv aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures that are not offset within its operations, Aptiv enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Aptiv assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. As of June 30, 2022, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures: Commodity Quantity Hedged Unit of Measure Notional Amount (in thousands) (in millions) Copper 129,297 pounds $ 530 Foreign Currency Quantity Hedged Unit of Measure Notional Amount (in millions) Mexican Peso 15,586 MXN $ 775 Chinese Yuan Renminbi 3,154 RMB 470 Euro 155 EUR 165 Polish Zloty 633 PLN 140 Hungarian Forint 22,457 HUF 60 As of June 30, 2022, Aptiv has entered into derivative instruments to hedge cash flows extending out to June 2024. Gains and losses on derivatives qualifying as cash flow hedges are recorded in accumulated OCI, to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated OCI will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. Net losses on cash flow hedges included in accumulated OCI as of June 30, 2022 were $43 million (approximately $43 million, net of tax). Of this total, approximately $26 million of losses are expected to be included in cost of sales within the next 12 months and approximately $17 million of losses are expected to be included in cost of sales in subsequent periods. Cash flow hedges are discontinued when Aptiv determines it is no longer probable that the originally forecasted transactions will occur. Cash flows from derivatives used to manage commodity and foreign exchange risks designated as cash flow hedges are classified as operating activities within the consolidated statements of cash flows. Net Investment Hedges The Company is also exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investment in non-U.S. subsidiaries. To manage this risk, the Company designates certain qualifying derivative and non-derivative instruments, including foreign currency forward contracts and foreign currency-denominated debt, as net investment hedges of certain non-U.S. subsidiaries. The gains or losses on instruments designated as net investment hedges are recognized within OCI to offset changes in the value of the net investment in these foreign currency-denominated operations. Gains and losses reported in accumulated OCI are reclassified to earnings only when the related currency translation adjustments are required to be reclassified, usually upon sale or liquidation of the investment. Cash flows from derivatives designated as net investment hedges are classified as investing activities within the consolidated statements of cash flows. The Company has entered into a series of forward contracts, each of which have been designated as net investment hedges of the foreign currency exposure of the Company’s investments in certain Chinese Yuan Renminbi (“RMB”)-denominated subsidiaries. During the six months ended June 30, 2022 and 2021, the Company received $4 million and paid $9 million, respectively, at settlement related to this series of forward contracts which matured during the period. In June 2022, the Company entered into forward contracts with a total notional amount of 640 million RMB (approximately $95 million, using June 30, 2022 foreign currency rates), which mature in September 2022. Refer to the tables below for details of the fair value recorded in the consolidated balance sheets and the effects recorded in the consolidated statements of operations and consolidated statements of comprehensive income related to these derivative instruments. The Company has designated the €700 million 2015 Euro-denominated Senior Notes and the €500 million 2016 Euro-denominated Senior Notes, as more fully described in Note 8. Debt, as net investment hedges of the foreign currency exposure of its investments in certain Euro-denominated subsidiaries. Due to changes in the value of the Euro-denominated debt instruments designated as net investment hedges, during the three and six months ended June 30, 2022, $68 million and $97 million of gains, respectively, were recognized within the cumulative translation adjustment component of OCI. During the three and six months ended June 30, 2021, $19 million of losses and $44 million of gains, respectively, were recognized within the cumulative translation adjustment component of OCI. Included in accumulated OCI related to these net investment hedges were cumulative gains of $60 million and losses of $37 million as of June 30, 2022 and December 31, 2021, respectively. Derivatives Not Designated as Hedges In certain occasions the Company enters into certain foreign currency and commodity contracts that are not designated as hedges. When hedge accounting is not applied to derivative contracts, gains and losses are recorded to other income (expense), net and cost of sales in the consolidated statements of operations. Fair Value of Derivative Instruments in the Balance Sheet The fair value of derivative financial instruments recorded in the consolidated balance sheets as of June 30, 2022 and December 31, 2021 are as follows: Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet Balance Sheet Location June 30, Balance Sheet Location June 30, June 30, (in millions) Derivatives designated as cash flow hedges: Commodity derivatives Other current assets $ — Accrued liabilities $ 32 Foreign currency derivatives* Other current assets 15 Other current assets 5 $ 10 Foreign currency derivatives* Accrued liabilities 14 Accrued liabilities 20 (6) Commodity derivatives Other long-term assets — Other long-term liabilities 26 Foreign currency derivatives* Other long-term assets 7 Other long-term assets 1 6 Foreign currency derivatives* Other long-term liabilities 2 Other long-term liabilities 5 (3) Total derivatives designated as hedges $ 38 $ 89 Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet Balance Sheet Location December 31, Balance Sheet Location December 31, December 31, (in millions) Derivatives designated as cash flow hedges: Commodity derivatives Other current assets $ 27 Accrued liabilities $ — Foreign currency derivatives* Other current assets 15 Other current assets 9 $ 6 Foreign currency derivatives* Accrued liabilities 5 Accrued liabilities 16 (11) Commodity derivatives Other long-term assets 2 Other long-term liabilities — Foreign currency derivatives* Other long-term assets 2 Other long-term assets 1 1 Foreign currency derivatives* Other long-term liabilities 1 Other long-term liabilities 8 (7) Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets — Accrued liabilities 1 Total derivatives designated as hedges $ 52 $ 35 Derivatives not designated: Commodity derivatives Other current assets $ 5 Accrued liabilities $ — Foreign currency derivatives* Accrued liabilities — Accrued liabilities 1 (1) Total derivatives not designated as hedges $ 5 $ 1 * Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. The fair value of Aptiv’s derivative financial instruments was in a net liability position as of June 30, 2022 and a net asset position as of December 31, 2021. Effect of Derivatives on the Statements of Operations and Statements of Comprehensive Income The pre-tax effect of derivative financial instruments in the consolidated statements of operations and consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, 2022 (Loss) Gain Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (99) $ 9 Foreign currency derivatives 6 3 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ (87) $ 12 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (4) Total $ (4) Three Months Ended June 30, 2021 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 17 $ 20 Foreign currency derivatives 16 — Derivatives designated as net investment hedges: Foreign currency derivatives (8) — Total $ 25 $ 20 Gain Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ — Total $ — Six Months Ended June 30, 2022 (Loss) Gain Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (68) $ 20 Foreign currency derivatives 25 3 Derivatives designated as net investment hedges: Foreign currency derivatives 4 — Total $ (39) $ 23 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (7) Total $ (7) Six Months Ended June 30, 2021 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 51 $ 39 Foreign currency derivatives (7) — Derivatives designated as net investment hedges: Foreign currency derivatives (7) — Total $ 37 $ 39 Gain (Loss) Recognized in Income (in millions) Derivatives not designated: Commodity derivatives $ 1 Foreign currency derivatives (2) Total $ (1) The gain or loss recognized in income for designated and non-designated derivative instruments was recorded to cost of sales and other income (expense), net in the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, respectively. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Measurements on a Recurring Basis Derivative instruments —All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Aptiv’s derivative exposures are with counterparties with long-term investment grade credit ratings. Aptiv estimates the fair value of its derivative contracts using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. Aptiv also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. The non-performance risk adjustment reflects the credit default spread (“CDS”) applied to the net commodity by counterparty and foreign currency exposures by counterparty. When Aptiv is in a net derivative asset position, the counterparty CDS rates are applied to the net derivative asset position. When Aptiv is in a net derivative liability position, estimates of peer companies’ CDS rates are applied to the net derivative liability position. In certain instances where market data is not available, Aptiv uses management judgment to develop assumptions that are used to determine fair value. This could include situations of market illiquidity for a particular currency or commodity or where observable market data may be limited. In those situations, Aptiv generally surveys investment banks and/or brokers and utilizes the surveyed prices and rates in estimating fair value. As of June 30, 2022 and December 31, 2021, Aptiv was in a net derivative liability position of $51 million and a net derivative asset position of $21 million, respectively, and no significant adjustments were recorded for nonperformance risk based on the application of peer companies’ CDS rates, evaluation of our own nonperformance risk and because Aptiv’s exposures were to counterparties with investment grade credit ratings. Refer to Note 14. Derivatives and Hedging Activities for further information regarding derivatives. Contingent consideration —The liability for contingent consideration is estimated as of the date of the acquisition and is recorded as part of the purchase price, and is subsequently re-measured to fair value at each reporting date, based on a probability-weighted analysis using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of market participant assumptions. The measurement of the liability for contingent consideration is based on significant inputs that are not observable in the market, and is therefore classified as a Level 3 measurement in accordance with ASC Topic 820-10-35. Examples of utilized unobservable inputs are estimated future earnings or milestone achievements of the acquired businesses and applicable discount rates. The estimate of the liability may fluctuate if there are changes in the forecast of acquired businesses’ future earnings or milestone achievements, as a result of actual earnings or milestone achievements or in the discount rates used to determine the present value of contingent future cash flows. The Company regularly reviews these assumptions and makes adjustments to the fair value measurements as required by facts and circumstances. As of June 30, 2022 and December 31, 2021, the liability for contingent consideration was $10 million (which was classified within other current liabilities) and $10 million (which was classified within other long-term liabilities), respectively, representing the maximum required amounts to be paid under existing agreements. Adjustments to this liability for interest accretion are recognized in interest expense, and any other changes in the fair value of this liability are recognized within other income (expense), net in the consolidated statements of operations. There were no changes in the contingent consideration liability classified as a Level 3 measurement during the six months ended June 30, 2022. Publicly traded equity securities —All publicly traded equity securities are reported at fair value as of each reporting date. The measurement of the asset is based on quoted prices for identical assets on active market exchanges. Gains and losses from changes in the fair value of these securities are recorded within other income (expense), net on the consolidated statement of operations. As of June 30, 2022 and December 31, 2021, Aptiv had the following assets measured at fair value on a recurring basis: Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) As of June 30, 2022: Foreign currency derivatives $ 16 $ — $ 16 $ — Publicly traded equity securities 21 21 — — Total $ 37 $ 21 $ 16 $ — As of December 31, 2021: Commodity derivatives $ 34 $ — $ 34 $ — Foreign currency derivatives 7 — 7 — Publicly traded equity securities 66 66 — — Total $ 107 $ 66 $ 41 $ — As of June 30, 2022 and December 31, 2021, Aptiv had the following liabilities measured at fair value on a recurring basis: Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) As of June 30, 2022: Commodity derivatives $ 58 $ — $ 58 $ — Foreign currency derivatives 9 — 9 — Contingent consideration 10 — — 10 Total $ 77 $ — $ 67 $ 10 As of December 31, 2021: Foreign currency derivatives $ 20 $ — $ 20 $ — Contingent consideration 10 — — 10 Total $ 30 $ — $ 20 $ 10 Non-derivative financial instruments —Aptiv’s non-derivative financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable, as well as debt, which consists of its accounts receivable factoring arrangement, finance leases and other debt issued by Aptiv’s non-U.S. subsidiaries, the Revolving Credit Facility, the Tranche A Term Loan and all series of outstanding senior notes. The fair value of debt is based on quoted market prices for instruments with public market data or significant other observable inputs for instruments without a quoted public market price (Level 2). As of June 30, 2022 and December 31, 2021, total debt was recorded at $6,450 million and $4,067 million, respectively, and had estimated fair values of $5,372 million and $4,297 million, respectively. For all other financial instruments recorded at June 30, 2022 and December 31, 2021, fair value approximates book value. Fair Value Measurements on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, Aptiv also has items in its balance sheet that are measured at fair value on a nonrecurring basis. As these items are not measured at fair value on a recurring basis, they are not included in the tables above. Financial and nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis include certain inventories, long-lived assets, assets and liabilities held for sale, intangible assets, equity investments without readily determinable fair values, asset retirement obligations and liabilities for exit or disposal activities measured at fair value upon initial recognition. Aptiv recorded non-cash long-lived asset impairment charges of $3 million and other charges of $3 million for the three months ended June 30, 2022 related to the conflict between Ukraine and Russia, which were recorded within cost of sales. Aptiv recorded no non-cash asset impairment charges during the three and six months ended June 30, 2021. In addition, Aptiv determined that our majority owned subsidiary in Russia met the held for sale criteria as of June 30, 2022. Consequently, during the three months ended June 30, 2022, the Company recorded a charge of $51 million to reduce the carrying value of the subsidiary to fair value, which was recorded primarily within cost of sales. Fair value of long-lived and other assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved and a review of appraisals or other market indicators and management estimates. As such, Aptiv has determined that the fair value measurements of long-lived and other assets fall in Level 3 of the fair value hierarchy. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | OTHER INCOME, NET Other income (expense), net included: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Interest income $ 7 $ 2 $ 9 $ 5 Loss on modification of debt — (1) — (1) Components of net periodic benefit cost other than service cost (Note 9) (3) (9) (7) (14) Transaction and related costs associated with acquisitions (2) — (2) — (Loss) gain on change in fair value of publicly traded equity securities (17) 9 (49) 9 Other, net (10) (1) (15) 2 Other (expense) income, net $ (25) $ — $ (64) $ 1 During the three and six months ended June 30, 2022, net unrealized losses of $16 million and $45 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2022. |
Acquisitions And Divestitures
Acquisitions And Divestitures | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Acquisition of El-Com, Inc. On December 30, 2021, Aptiv acquired 100% of the equity interests of El-Com, Inc. (“El-Com”), a manufacturer of custom wire harnesses and cable assemblies for high-reliability products and industries, for total consideration of up to $88 million. The total consideration includes a cash payment of up to $10 million, contingent upon the achievement of certain performance metrics over a one-year period following the acquisition. The range of the undiscounted amounts the Company could be required to pay under this arrangement is between zero and $10 million. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $10 million. Refer to Note 15. Fair Value of Financial Instruments for additional information regarding the measurement of the contingent consideration liability. The results of operations of El-Com are reported within the Signal and Power Solutions segment from the date of acquisition. The Company acquired El-Com utilizing cash on hand. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2021. Minor adjustments were recorded to goodwill and intangible assets from the amounts disclosed as of December 31, 2021. These adjustments were not significant for any period presented after the acquisition date. The preliminary purchase price and related allocation to the acquired net assets of El-Com based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 78 Purchase price, fair value of contingent consideration 10 Total consideration, net of cash acquired $ 88 Intangible assets $ 35 Other assets, net 10 Identifiable net assets acquired 45 Goodwill resulting from purchase 43 Total purchase price allocation $ 88 Intangible assets primarily include amounts recognized for the fair value of customer-based assets, which will be amortized over their estimated useful lives of approximately nine The purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding liabilities assumed, including, but not limited to, contingent liabilities, revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and intangible assets and certain tax attributes. The pro forma effects of this acquisition would not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of Krono-Safe Automotive, SAS On November 9, 2021, Aptiv acquired 100% of the equity interests of Krono-Safe Automotive, SAS (“Krono-Safe Automotive”), a leading software developer of safety-critical real-time embedded systems, for total consideration of $13 million, which was comprised of Aptiv’s previous investment of $6 million in Krono-Safe, SAS that was previously made in 2019 and $7 million of cash. The results of operations of Krono-Safe Automotive are reported within the Advanced Safety and User Experience segment from the date of acquisition. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2021, which primarily resulted in the recognition of goodwill of $9 million and intangible assets of $4 million. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and is not deductible for tax purposes. The purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding liabilities assumed, including, but not limited to, contingent liabilities, revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and intangible assets and certain tax attributes. The pro forma effects of this acquisition would not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of Ulti-Mate Connector, Inc. On April 30, 2021, Aptiv acquired certain assets of Ulti-Mate Connector, Inc. (“Ulti-Mate”), a manufacturer of miniature and micro-miniature connectors and cable assemblies, for total consideration of $45 million, net of cash acquired. The results of the operations of Ulti-Mate are reported within the Signal and Power Solutions segment from the date of acquisition. The Company acquired Ulti-Mate utilizing cash on hand. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the second quarter of 2021. The purchase price and related allocation were finalized in the second quarter of 2022. The final purchase price and related allocation to the acquired net assets of Ulti-Mate based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 45 Intangible assets $ 17 Other assets, net 5 Identifiable net assets acquired 22 Goodwill resulting from purchase 23 Total purchase price allocation $ 45 Intangible assets primarily include amounts recognized for the fair value of customer-based assets, which will be amortized over their estimated useful lives of approximately nine The pro forma effects of this acquisition would not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements were presented. Proposed Acquisition of Wind River Systems, Inc. In January 2022, Aptiv entered into a definitive agreement to acquire 100% of the equity interests of Wind River, a global leader in delivering software for the intelligent edge, for approximately $4.3 billion, subject to customary post-closing adjustments. The transaction is subject to regulatory approvals and customary closing conditions, and we are targeting a closing this year as we work through the regulatory approval process. Upon completion, we anticipate that Wind River will become part of Aptiv’s Advanced Safety and User Experience segment. The Company intends to acquire Wind River primarily utilizing cash on hand, including proceeds from the 2022 Senior Notes. Refer to Note 8. Debt for additional information regarding the 2022 Senior Notes. Planned Exit from Majority Owned Russian Subsidiary Given the sanctions put in place by the European Union (the “E.U.”), U.S. and other governments through June 30, 2022, which restrict our ability to conduct business in Russia, we initiated a plan to exit our majority owned subsidiary in Russia. As a result, the Company determined that this subsidiary, which is reported within the Signal and Power Solutions segment, met the held for sale criteria as of June 30, 2022. Consequently, during the three months ended June 30, 2022, the Company recorded a pre-tax charge of $51 million to impair the carrying value of the Russian subsidiary’s net assets to fair value, which was recorded primarily within cost of sales in the consolidated statement of operations. Approximately $25 million of these charges were attributable to the noncontrolling interest based on the noncontrolling shareholder’s economic interest. The remaining assets and liabilities of the subsidiary were reclassified as held for sale and reflect the appropriate valuation allowances. The net assets and liabilities are de minimis and are presented as other current assets and other current liabilities, respectively, in the consolidated balance sheet as of June 30, 2022. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Long-Term Incentive Plan The Aptiv PLC Long-Term Incentive Plan, as amended and restated effective April 23, 2015 (the “PLC LTIP”), allows for the grant of awards of up to 25,665,448 ordinary shares for long-term compensation. The PLC LTIP is designed to align the interests of management and shareholders. The awards can be in the form of shares, options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance awards and other share-based awards to the employees, directors, consultants and advisors of the Company. The Company has awarded annual long-term grants of RSUs under the PLC LTIP in order to align management compensation with Aptiv’s overall business strategy. In addition, the Company has competitive and market-appropriate ownership requirements for its directors and officers. All of the RSUs granted under the PLC LTIP are eligible to receive dividend equivalents for any dividend paid from the grant date through the vesting date. Dividend equivalents are generally paid out in ordinary shares upon vesting of the underlying RSUs. Board of Director Awards Aptiv has granted RSUs to the Board of Directors as detailed in the table below: Grant Date RSUs granted Grant Date Fair Value (1) Vesting Date Shares Issued Upon Vesting Fair Value of Shares at Issuance Shares Withheld to Cover Withholding Taxes (dollars in millions) April 2022 23,387 $ 2 April 2023 N/A N/A N/A April 2021 17,589 3 April 2022 15,633 $ 2 1,956 April 2020 48,745 3 April 2021 41,896 6 6,849 (1) Determined based on the closing price of the Company’s ordinary shares on the date of the grant. Executive Awards Aptiv has made annual grants of RSUs to its executives in February of each year beginning in 2012. These awards include a time-based vesting portion and a performance-based vesting portion, as well as continuity awards in certain years. The time-based RSUs, which make up 40% (25% prior to 2021) of the awards for Aptiv’s officers and 50% for Aptiv’s other executives, vest ratably over three years beginning on the first anniversary of the grant date. The performance-based RSUs, which make up 60% (75% prior to 2021) of the awards for Aptiv’s officers and 50% for Aptiv’s other executives, vest at the completion of a three-year performance period if certain targets are met. Each executive will receive between 0% and 200% (150% for the 2019 and 2020 grants based on the executive performance grant modification in 2020) of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are: Metric 2020 - 2022 2018 - 2019 Average return on net assets (1) 33% 50% Cumulative net income 33% 25% Relative total shareholder return (2) 33% 25% (1) Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period. (2) Relative total shareholder return is measured by comparing the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the end of the performance period to the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies. The details of the executive grants were as follows: Grant Date RSUs Granted Grant Date Fair Value Time-Based Award Vesting Dates Performance-Based Award Vesting Date (in millions) February 2018 0.63 $ 61 Annually on anniversary of grant date, 2019 - 2021 December 31, 2020 February 2019 0.71 62 Annually on anniversary of grant date, 2020 - 2022 December 31, 2021 February 2020 0.75 62 Annually on anniversary of grant date, 2021 - 2023 December 31, 2022 February 2021 0.44 72 Annually on anniversary of grant date, 2022 - 2024 December 31, 2023 February 2022 0.59 80 Annually on anniversary of grant date, 2023 - 2025 December 31, 2024 The grant date fair value of the RSUs is determined based on the target number of awards issued, the closing price of the Company’s ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by an independent valuation specialist with respect to the relative total shareholder return awards. Any new executives hired after the annual executive RSU grant date may be eligible to participate in the PLC LTIP. The Company has also granted additional awards to employees in certain periods under the PLC LTIP. Any off cycle grants made for new hires or to other employees are valued at their grant date fair value based on the closing price of the Company’s ordinary shares on the date of such grant. The details of the shares issued upon vesting of the executive grants are as follows: Time-Based Awards Performance-Based Awards Vesting Date Ordinary Shares Issued Upon Vesting Fair Value of Shares at Issuance Ordinary Shares Withheld to Cover Withholding Taxes Ordinary Shares Issued Upon Vesting Fair Value of Shares at Issuance Ordinary Shares Withheld to Cover Withholding Taxes (dollars in millions) Q1 2022 354,600 $ 46 140,409 325,283 $ 42 136,143 Q1 2021 449,426 67 177,825 288,074 43 121,609 A summary of RSU activity, including award grants, vesting and forfeitures is provided below: RSUs Weighted Average Grant Date Fair Value (in thousands) Nonvested, January 1, 2022 1,344 $ 131.40 Granted 791 128.48 Vested (371) 96.95 Forfeited (168) 137.89 Nonvested, June 30, 2022 1,596 137.27 Aptiv recognized share-based compensation expense of $41 million ($41 million, net of tax) and $28 million ($28 million, net of tax) based on the Company’s best estimate of ultimate performance against the respective targets during the three months ended June 30, 2022 and 2021, respectively. Aptiv recognized share-based compensation expense of $46 million ($46 million, net of tax) and $57 million ($57 million, net of tax) based on the Company’s best estimate of ultimate performance against the respective targets during the six months ended June 30, 2022 and 2021, respectively. Aptiv will continue to recognize compensation expense, based on the grant date fair value of the awards applied to the Company’s best estimate of ultimate performance against the respective targets, over the requisite vesting periods of the awards. Based on the grant date fair value of the awards and the Company’s best estimate of ultimate performance against the respective targets as of June 30, 2022, unrecognized compensation expense on a pre-tax basis of approximately $158 million is anticipated to be recognized over a weighted average period of approximately two |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING Aptiv operates its core business along the following operating segments, which are grouped on the basis of similar product, market and operating factors: • Signal and Power Solutions, which includes complete electrical architecture and component products. • Advanced Safety and User Experience, which includes vehicle technology and systems integration expertise in advanced safety, user experience and connectivity and security solutions, as well as advanced software development and autonomous driving technologies. • Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature. The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Aptiv’s chief operating decision maker regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to, the segments. Generally, Aptiv evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and other related charges and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”) and accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, at current market prices. Effective on January 1, 2022, the Company now excludes amortization expense of intangible assets from the calculation of Adjusted Operating Income, as reflected in the definition above. The Company’s management believes that the updated calculation of this non-GAAP financial measure will be more useful to both management and investors in their analysis of the Company’s results of operations due to recent and pending acquisitions. Amortization of intangible assets generally results from a write-up in the value of assets in connection with an acquisition. The Company believes that exclusion of amortization expense will facilitate more comparable operating results of the Company over time, between periods when the Company is more or less acquisitive and allows for improved comparison with both acquisitive and non-acquisitive peer companies. The historical presentation of Adjusted Operating Income in the tables below has been revised to be consistent with this updated calculation. Aptiv’s management utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of Aptiv’s operating segments. Segment Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income (loss) attributable to Aptiv, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income, as determined and measured by Aptiv, should also not be compared to similarly titled measures reported by other companies. Included below are sales and operating data for Aptiv’s segments for the three and six months ended June 30, 2022 and 2021. Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2022: Net sales $ 3,039 $ 1,026 $ (8) $ 4,057 Depreciation and amortization $ 148 $ 45 $ — $ 193 Adjusted operating income (loss) $ 243 $ (30) $ — $ 213 Operating income (loss) $ 136 $ (39) $ — $ 97 Equity income (loss), net of tax $ 4 $ (76) $ — $ (72) Net loss attributable to noncontrolling interest $ (27) $ — $ — $ (27) Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2021: Net sales $ 2,846 $ 970 $ (9) $ 3,807 Depreciation and amortization $ 153 $ 44 $ — $ 197 Adjusted operating income (2) $ 313 $ 25 $ — $ 338 Operating income $ 265 $ 20 $ — $ 285 Equity income (loss), net of tax $ 2 $ (55) $ — $ (53) Net income attributable to noncontrolling interest $ 3 $ — $ — $ 3 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2022: Net sales $ 6,145 $ 2,108 $ (18) $ 8,235 Depreciation and amortization $ 294 $ 90 $ — $ 384 Adjusted operating income (loss) $ 551 $ (14) $ — $ 537 Operating income (loss) $ 393 $ (40) $ — $ 353 Equity income (loss), net of tax $ 8 $ (143) $ — $ (135) Net loss attributable to noncontrolling interest $ (26) $ — $ — $ (26) Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2021: Net sales $ 5,868 $ 1,981 $ (19) $ 7,830 Depreciation and amortization $ 302 $ 88 $ — $ 390 Adjusted operating income (2) $ 719 $ 93 $ — $ 812 Operating income $ 637 $ 77 $ — $ 714 Equity income (loss), net of tax $ 5 $ (100) $ — $ (95) Net income attributable to noncontrolling interest $ 8 $ — $ — $ 8 (1) Eliminations and Other includes the elimination of inter-segment transactions. (2) As described above, the calculation of adjusted operating income now excludes amortization expense. The historical presentation of adjusted operating income as shown in this table has been revised to be consistent with the updated calculation. The reconciliation of Adjusted Operating Income to operating income includes, as applicable, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and other related charges and gains (losses) on business divestitures and other transactions. The reconciliations of Adjusted Operating Income to net income (loss) attributable to Aptiv for the three and six months ended June 30, 2022 and 2021 are as follows: Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2022: Adjusted operating income (loss) $ 243 $ (30) $ 213 Amortization (37) (1) (38) Restructuring (13) (6) (19) Other acquisition and portfolio project costs — (2) (2) Asset impairments (3) — (3) Other charges related to Ukraine/Russia conflict (1) (54) — (54) Operating income (loss) $ 136 $ (39) 97 Interest expense (56) Other expense, net (25) Income before income taxes and equity loss 16 Income tax expense (16) Equity loss, net of tax (72) Net loss (72) Net loss attributable to noncontrolling interest (27) Net loss attributable to Aptiv $ (45) (1) Primarily consists of charges related to the designation of our majority owned Russian subsidiary as held for sale as of June 30, 2022. Refer to Note 17. Acquisitions and Divestitures for further information. Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2021: Adjusted operating income $ 313 $ 25 $ 338 Amortization (36) (1) (37) Restructuring (11) (3) (14) Other acquisition and portfolio project costs (1) (1) (2) Operating income $ 265 $ 20 285 Interest expense (38) Income before income taxes and equity loss 247 Income tax expense (28) Equity loss, net of tax (53) Net income 166 Net income attributable to noncontrolling interest 3 Net income attributable to Aptiv $ 163 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2022: Adjusted operating income (loss) $ 551 $ (14) $ 537 Amortization (72) (3) (75) Restructuring (22) (19) (41) Other acquisition and portfolio project costs (7) (4) (11) Asset impairments (3) — (3) Other charges related to Ukraine/Russia conflict (1) (54) — (54) Operating income (loss) $ 393 $ (40) 353 Interest expense (99) Other expense, net (64) Income before income taxes and equity loss 190 Income tax expense (37) Equity loss, net of tax (135) Net income 18 Net loss attributable to noncontrolling interest (26) Net income attributable to Aptiv $ 44 (1) Primarily consists of charges related to the designation of our majority owned Russian subsidiary as held for sale as of June 30, 2022. Refer to Note 17. Acquisitions and Divestitures for further information. Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2021: Adjusted operating income $ 719 $ 93 $ 812 Amortization (71) (3) (74) Restructuring (9) (11) (20) Other acquisition and portfolio project costs (2) (2) (4) Operating income $ 637 $ 77 714 Interest expense (78) Other income, net 1 Income before income taxes and equity loss 637 Income tax expense (76) Equity loss, net of tax (95) Net income 466 Net income attributable to noncontrolling interest 8 Net income attributable to Aptiv $ 458 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue [Abstract] | |
Revenue | REVENUE Refer to Note 2. Significant Accounting Policies for a complete description of the Company’s revenue recognition accounting policy. Nature of Goods and Services The principal activity from which the Company generates its revenue is the manufacturing of production parts for OEM customers. Aptiv recognizes revenue for production parts at a point in time, rather than over time, as the performance obligation is satisfied when customers obtain control of the product upon title transfer and not as the product is manufactured or developed. Although production parts are highly customized with no alternative use, Aptiv does not have an enforceable right to payment as customers have the right to cancel a product program without a notification period. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e. estimated rebates and price discounts), as applicable. Customers typically pay for production parts based on customary business practices with payment terms averaging 60 days. Disaggregation of Revenue Revenue generated from Aptiv’s operating segments is disaggregated by primary geographic market in the following tables for the three and six months ended June 30, 2022 and 2021. Information concerning geographic market reflects the manufacturing location. For the Three Months Ended June 30, 2022: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,246 $ 335 $ (2) $ 1,579 Europe, Middle East and Africa 812 479 (2) 1,289 Asia Pacific 882 212 (4) 1,090 South America 99 — — 99 Total net sales $ 3,039 $ 1,026 $ (8) $ 4,057 For the Three Months Ended June 30, 2021: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,009 $ 283 $ (1) $ 1,291 Europe, Middle East and Africa 899 442 (3) 1,338 Asia Pacific 866 245 (5) 1,106 South America 72 — — 72 Total net sales $ 2,846 $ 970 $ (9) $ 3,807 For the Six Months Ended June 30, 2022: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,423 $ 670 $ (4) $ 3,089 Europe, Middle East and Africa 1,655 972 (5) 2,622 Asia Pacific 1,880 466 (9) 2,337 South America 187 — — 187 Total net sales $ 6,145 $ 2,108 $ (18) $ 8,235 For the Six Months Ended June 30, 2021: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,079 $ 596 $ (3) $ 2,672 Europe, Middle East and Africa 1,892 893 (6) 2,779 Asia Pacific 1,759 492 (10) 2,241 South America 138 — — 138 Total net sales $ 5,868 $ 1,981 $ (19) $ 7,830 Contract Balances Consistent with the recognition of production parts revenue at a point in time as title transfers to the customer, Aptiv has no contract assets or contract liabilities balances as of June 30, 2022 and December 31, 2021. Outstanding Performance Obligations As customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer for a production part, there are no contracts outstanding beyond one year. Aptiv does not enter into fixed long-term supply agreements. As permitted, Aptiv does not disclose information about remaining performance obligations that have original expected durations of one year or less. Costs to Obtain a Contract From time to time, Aptiv makes payments to customers in conjunction with ongoing business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. However, certain other payments to customers, or upfront fees, meet the criteria to be considered a cost to obtain a contract as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. As of June 30, 2022 and December 31, 2021, Aptiv has recorded $75 million (of which $25 million was classified within other current assets and $50 million was classified within other long-term assets) and $92 million (of which $34 million was classified within other current assets and $58 million was classified within other long-term assets), respectively, related to these capitalized upfront fees. |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure | INVESTMENTS IN AFFILIATES Equity Method Investments As part of Aptiv’s operations, it has investments in various non-consolidated affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located in North America, Europe and Asia Pacific. Aptiv’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investment being in Motional, Inc. (“Motional”) (of which Aptiv owns 50%). Motional was deemed a significant equity investee under Rule 10-01(b) of Regulation S-X for the six months ended June 30, 2022. Accordingly, summarized interim income statement information of Motional is presented below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) (in millions) Net sales $ — $ — $ — $ — Gross margin (95) (69) (186) (151) Net loss (145) (110) (280) (200) Motional Lease Agreement In connection with the formation of Motional, Aptiv agreed to sublease certain office space to Motional, which has a remaining lease term of approximately seven Investment in TTTech Auto AG On March 15, 2022, Aptiv acquired approximately 20% of the equity interests of TTTech Auto AG (“TTTech Auto”), a leading provider of safety-critical middleware solutions for advanced driver-assistance systems and autonomous driving applications, in exchange for €200 million (approximately $220 million, using foreign currency rates on the investment date). The Company made the investment in TTTech Auto utilizing cash on hand. The carrying value of the Company’s investment in TTTech Auto was $207 million as of June 30, 2022, which is included in the Advanced Safety and User Experience segment. As of June 30, 2022, the difference between the amount at which the Company’s investment is carried and the amount of the Company’s share of the underlying equity in net assets of TTTech Auto was approximately $149 million. The basis difference is primarily attributable to equity method goodwill associated with the investment, which is not amortized. Technology Investments The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where Aptiv does not have the ability to exercise significant influence), as described in Note 2. Significant Accounting Policies. Certain of these investments do not have readily determinable fair values and are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company also holds technology investments in publicly traded equity securities. These investments are measured at fair value based on quoted prices for identical assets on active market exchanges. The following is a summary of technology investments, which are classified within other long-term assets in the consolidated balance sheets, as of June 30, 2022 and December 31, 2021: Investment Name Segment June 30, 2022 December 31, 2021 (in millions) Equity investments without readily determinable fair values: StradVision, Inc. Advanced Safety and User Experience $ 40 $ — LeddarTech, Inc. Advanced Safety and User Experience 19 19 Quanergy Systems, Inc. (1) Advanced Safety and User Experience — 6 Other investments Various 6 5 Total equity investments without readily determinable fair values 65 30 Publicly traded equity securities: Smart Eye AB Advanced Safety and User Experience 3 11 Otonomo Technologies Ltd. Advanced Safety and User Experience 10 39 Valens Semiconductor Ltd. Signal and Power Solutions 8 16 Total publicly traded equity securities 21 66 Total investments $ 86 $ 96 (1) Quanergy Systems, Inc. experienced a change in measurement basis due to an underlying transaction during the six months ended June 30, 2022 and we liquidated our entire investment in the company after the transaction and during the six months ended June 30, 2022. See below for further details on the transaction. During the second quarter of 2022, the Company’s Advanced Safety and User Experience segment made an investment totaling 50 billion South Korean Won (approximately $40 million, using foreign currency rates on the investment date) in StradVision, Inc., a provider of deep learning-based camera perception software for automotive applications. In February 2022, Quanergy Systems, Inc. (“Quanergy”) merged with a publicly traded special purpose acquisition company (“SPAC”) and shares of Quanergy began trading on the NYSE under the symbol QNGY. As part of the SPAC merger, our preferred shares in Quanergy were converted into Quanergy ordinary shares. During the six months ended June 30, 2022, the Company sold all of its Quanergy ordinary shares for net proceeds of approximately $3 million. The Company’s Advanced Safety and User Experience segment had previously made a $3 million investment in Quanergy during 2016, which was in addition to the Company’s $3 million investment made during 2015. In September 2021, Valens Semiconductor Ltd. (“Valens”) merged with a publicly traded SPAC and shares of Valens began trading on the NYSE under the symbol VLN. As part of the SPAC merger, our preferred shares in Valens were converted into Valens ordinary shares. In August 2021, Otonomo Technologies Ltd. (“Otonomo”) merged with a publicly traded SPAC and shares of Otonomo began trading on the Nasdaq Capital Market under the symbol OTMO. As part of the SPAC merger, our preferred shares in Otonomo were converted into Otonomo ordinary shares. During the second half of 2021, the Company sold a portion of its Otonomo ordinary shares for net proceeds of approximately $3 million. The Company’s Advanced Safety and User Experience segment had previously made a $3 million investment in Otonomo during 2019, which was in addition to the Company’s $15 million investment made during 2017. In June 2021, Affectiva, Inc. (“Affectiva”) was acquired by Smart Eye AB (“Smart Eye”), which is publicly traded on the Nasdaq Stockholm AB stock exchange. As part of the acquisition, Aptiv received shares of Smart Eye in exchange for Aptiv’s Affectiva preferred shares. In April 2021, Innoviz Technologies (“Innoviz”) merged with a publicly traded SPAC and shares of Innoviz began trading on the Nasdaq Capital Market under the symbol INVZ. As part of the SPAC merger, our preferred shares in Innoviz were converted into Innoviz ordinary shares. During the second half of 2021, the Company sold all of its Innoviz ordinary shares for net proceeds of approximately $18 million. The Company’s Advanced Safety and User Experience segment had previously made a $15 million investment in Innoviz during 2017. Following each of the transactions described above for Quanergy, Valens, Otonomo, Smart Eye and Innoviz, the fair value of each respective investment is measured on a recurring basis, with changes in fair value recorded to other income (expense), net. Certain of the equity securities measured at fair value disclosed above are subject to contractual sale restrictions which prohibit the sale of the security over contractually defined periods of time. The fair value of equity securities with contractual sale restrictions was approximately $2 million as of June 30, 2022. These contractual sale restrictions will fully expire during the next twelve months as of June 30, 2022. There were no material transactions, events or changes in circumstances requiring an impairment or an observable price change adjustment to our investments without readily determinable fair value. The Company continues to monitor these investments to identify potential transactions which may indicate an impairment or an observable price change requiring an adjustment to its carrying value. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy | Consolidation —The consolidated financial statements include the accounts of Aptiv and the subsidiaries in which Aptiv holds a controlling financial or management interest and variable interest entities of which Aptiv has determined that it is the primary beneficiary. Aptiv’s share of the earnings or losses of non-controlled affiliates, over which Aptiv exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. When Aptiv does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in non-consolidated affiliates without readily determinable fair value are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, while investments in publicly traded equity securities are measured at fair value based on quoted prices for identical assets on active market exchanges as of each reporting date. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. Intercompany transactions and balances between consolidated Aptiv businesses have been eliminated. During the three months ended June 30, 2021, Aptiv received a dividend of $4 million from one of its equity method investments. The dividend was recognized as a reduction to the investment and represented a return on investment in cash flows from operating activities. Aptiv’s equity investments without readily determinable fair value totaled $65 million and $30 million as of June 30, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s investments in publicly traded equity securities totaled $21 million and $66 million as of June 30, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Refer to Note 21. Investments in Affiliates for further information regarding Aptiv’s equity investments. |
Use of Estimates, Policy | Use of estimates —Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, contingent consideration arrangements, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, including the duration and severity of the impacts of the COVID-19 pandemic, the ongoing global supply chain disruptions and the conflict between Ukraine and Russia, actual results reported in future periods may be based upon amounts that differ from those estimates. |
Revenue Recognition, Policy | Revenue recognition —Revenue is measured based on consideration specified in a contract with a customer. Customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. From time to time, Aptiv enters into pricing agreements with its customers that provide for price reductions, some of which are conditional upon achieving certain joint cost saving targets. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Aptiv makes payments to customers in conjunction with ongoing business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. However, certain other payments to customers, or upfront fees, meet the criteria to be considered a cost to obtain a contract as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. Aptiv collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. Aptiv reports the collection of these taxes on a net basis (excluded from revenues). Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Refer to Note 20. Revenue for further information. Nature of Goods and Services The principal activity from which the Company generates its revenue is the manufacturing of production parts for OEM customers. Aptiv recognizes revenue for production parts at a point in time, rather than over time, as the performance obligation is satisfied when customers obtain control of the product upon title transfer and not as the product is manufactured or developed. Although production parts are highly customized with no alternative use, Aptiv does not have an enforceable right to payment as customers have the right to cancel a product program without a notification period. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e. estimated rebates and price discounts), as applicable. Customers typically pay for production parts based on customary business practices with payment terms averaging 60 days. |
Net Income Per Share, Policy | Net income (loss) per share —Basic net income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock and if-converted methods. The if-converted method is used to determine if the impact of conversion of the 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) into ordinary shares is more dilutive than the MCPS dividends to net income (loss) per share. If so, the MCPS are assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares are included in the denominator and the MCPS dividends are added back to the numerator. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. Refer to Note 12. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income (loss) per share. |
Cash and Cash Equivalents, Policy | Cash and cash equivalents —Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less, for which the book value approximates fair value. |
Accounts Receivable | Accounts receivable —Aptiv enters into agreements to sell certain of its accounts receivable, primarily in Europe. Sales of receivables are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing (“ASC 860”). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Aptiv to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. |
Credit Loss, Financial Instrument | Credit losses —Aptiv is exposed to credit losses primarily through the sale of vehicle components and services. Aptiv assesses the creditworthiness of a counterparty by conducting ongoing credit reviews, which considers the Company’s expected billing exposure and timing for payment, as well as the counterparty’s established credit rating. When a credit rating is not available, the Company’s assessment is based on an analysis of the counterparty’s financial statements. Aptiv also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. Based on the outcome of this review, the Company establishes a credit limit for each counterparty. The Company continues to monitor its ongoing credit exposure through active review of counterparty balances against contract terms and due dates, which includes timely account reconciliation, payment confirmation and dispute resolution. The Company may also employ collection agencies and legal counsel to pursue recovery of defaulted receivables, if necessary. Aptiv primarily utilizes historical loss and recovery data, combined with information on current economic conditions and reasonable and supportable forecasts to develop the estimate of the allowance for doubtful accounts in accordance with ASC Topic 326, Financial Instruments – Credit Losses . As of June 30, 2022 and December 31, 2021, the Company reported $3,028 million and $2,784 million, respectively, of accounts receivable, net of allowances, which includes the allowance for doubtful accounts of $43 million and $37 million, respectively. Changes in the allowance for doubtful accounts were not material for the six months ended June 30, 2022. |
Inventories, Policy | Inventories —As of June 30, 2022 and December 31, 2021, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 3. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates |
Assets and Liabilities Held for Sale | Assets and liabilities held for sale —The Company considers assets to be held for sale when management, having the appropriate authority, approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, less cost to sell, and ceases to record depreciation expense on the assets. Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheets. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. |
Intangible Assets, Policy | Intangible assets —Intangible assets were $876 million and $964 million as of June 30, 2022 and December 31, 2021, respectively. Aptiv amortizes definite-lived intangible assets over their estimated useful lives. Aptiv has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. Indefinite-lived in-process research and development intangible assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. Amortization expense was $38 million and $75 million for the three and six months ended June 30, 2022, respectively, and $37 million and $74 million for the three and six months ended June 30, 2021, respectively, which includes the impact of any intangible asset impairment charges recorded during the period. |
Goodwill, Policy | Goodwill —Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met the Company then performs a quantitative assessment by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit. The Company qualitatively concluded there were no goodwill impairments during the six months ended June 30, 2022 and 2021. Goodwill was $2,392 million and $2,511 million as of June 30, 2022 and December 31, 2021, respectively. |
Warranty, Policy | Warranty and product recalls —Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 6. Warranty Obligations for additional information. |
Income Tax, Policy | Income taxes —Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining whether |
Restructuring, Policy | Restructuring —Aptiv continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements or statutory requirements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs and certain early termination lease costs are recorded when contracts are terminated. All other exit costs are expensed as incurred. Refer to Note 7. Restructuring for additional information. |
Customer Concentations, Policy | Customer concentrations —As reflected in the table below, net sales to Stellantis N.V. (“Stellantis”), General Motors Company (“GM”) and Volkswagen Group (“VW”), Aptiv’s three largest customers, totaled approximately 28% and 27% of our total net sales for the three and six months ended June 30, 2022, respectively, and 29% and 28% of our total net sales for the three and six months ended June 30, 2021, respectively. Percentage of Total Net Sales Accounts Receivable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2022 2021 2022 2021 (in millions) Stellantis (1) 10 % 11 % 10 % 11 % $ 348 $ 317 GM 10 % 8 % 9 % 8 % 280 208 VW 8 % 10 % 8 % 9 % 199 163 |
Recently Issued Accounting Pronouncements, Policy | Recently adopted accounting pronouncements —In June 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. As permitted, the Company elected to early adopt this guidance effective in the second quarter of 2022. The adoption of this guidance resulted in insignificant incremental disclosures in the Company’s financial statements. Aptiv adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance in the first quarter of 2022. This guidance is intended to improve the transparency of government assistance received by most business entities by requiring disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on the registrant’s financial statements. As the guidance is only applicable to annual disclosures, the Company is still evaluating the effects that the adoption of ASU 2021-10 will have on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contracts and Contract Liabilities from Contracts with Customers . This guidance requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers |
Pensions, Policy | Certain of Aptiv’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Aptiv’s primary non-U.S. plans are located in France, Germany, Mexico, Portugal and the U.K. The U.K. and certain Mexican plans are funded. In addition, Aptiv has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. Aptiv sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives of the former Delphi Corporation prior to September 30, 2008 and were still U.S. executives of the Company on October 7, 2009, the effective date of the program. This program is unfunded. Executives receive benefits over five |
Segment Reporting, Policy | The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Aptiv’s chief operating decision maker regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to, the segments. Generally, Aptiv evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and other related charges and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”) and accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, at current market prices. Effective on January 1, 2022, the Company now excludes amortization expense of intangible assets from the calculation of Adjusted Operating Income, as reflected in the definition above. The Company’s management believes that the updated calculation of this non-GAAP financial measure will be more useful to both management and investors in their analysis of the Company’s results of operations due to recent and pending acquisitions. Amortization of intangible assets generally results from a write-up in the value of assets in connection with an acquisition. The Company believes that exclusion of amortization expense will facilitate more comparable operating results of the Company over time, between periods when the Company is more or less acquisitive and allows for improved comparison with both acquisitive and non-acquisitive peer companies. The historical presentation of Adjusted Operating Income in the tables below has been revised to be consistent with this updated calculation. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | Customer concentrations —As reflected in the table below, net sales to Stellantis N.V. (“Stellantis”), General Motors Company (“GM”) and Volkswagen Group (“VW”), Aptiv’s three largest customers, totaled approximately 28% and 27% of our total net sales for the three and six months ended June 30, 2022, respectively, and 29% and 28% of our total net sales for the three and six months ended June 30, 2021, respectively. Percentage of Total Net Sales Accounts Receivable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2022 2021 2022 2021 (in millions) Stellantis (1) 10 % 11 % 10 % 11 % $ 348 $ 317 GM 10 % 8 % 9 % 8 % 280 208 VW 8 % 10 % 8 % 9 % 199 163 (1) On January 16, 2021, Fiat Chrysler Automobiles N.V. (“FCA”) and Peugeot Citroën (“PSA”) merged to form a new, combined company (“Stellantis”). Net sales to FCA and PSA before the date of the merger are included in net sales to Stellantis in the table above for the six months ended June 30, 2021. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of inventories is shown below: June 30, December 31, (in millions) Productive material $ 1,626 $ 1,311 Work-in-process 168 172 Finished goods 568 531 Total $ 2,362 $ 2,014 |
Assets (Tables)
Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: June 30, December 31, (in millions) Value added tax receivable $ 183 $ 178 Prepaid insurance and other expenses 68 63 Reimbursable engineering costs 107 110 Notes receivable 7 16 Income and other taxes receivable 86 54 Deposits to vendors 8 6 Derivative financial instruments (Note 14) 10 38 Capitalized upfront fees (Note 20) 25 34 Other 4 — Total $ 498 $ 499 |
Schedule of Other Assets, Noncurrent | Other long-term assets consisted of the following: June 30, December 31, (in millions) Deferred income taxes, net $ 158 $ 159 Unamortized Revolving Credit Facility debt issuance costs 9 11 Income and other taxes receivable 30 28 Reimbursable engineering costs 177 176 Value added tax receivable 3 20 Equity investments (Note 21) 86 96 Derivative financial instruments (Note 14) 6 3 Capitalized upfront fees (Note 20) 50 58 Other 75 71 Total $ 594 $ 622 |
Liabilities (Tables)
Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, (in millions) Payroll-related obligations $ 310 $ 286 Employee benefits, including current pension obligations 62 83 Income and other taxes payable 107 157 Warranty obligations (Note 6) 37 41 Restructuring (Note 7) 54 42 Customer deposits 58 83 Derivative financial instruments (Note 14) 38 13 Accrued interest 50 30 MCPS dividends payable 3 3 Operating lease liabilities 96 92 Other 438 416 Total $ 1,253 $ 1,246 |
Liabilities, Noncurrent | Other long-term liabilities consisted of the following: June 30, December 31, (in millions) Environmental (Note 10) $ 1 $ 4 Extended disability benefits 6 5 Warranty obligations (Note 6) 8 8 Restructuring (Note 7) 16 21 Payroll-related obligations 10 11 Accrued income taxes 145 153 Deferred income taxes, net 144 153 Derivative financial instruments (Note 14) 29 7 Other 60 74 Total $ 419 $ 436 |
Warranty Obligations (Tables)
Warranty Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The table below summarizes the activity in the product warranty liability for the six months ended June 30, 2022: Warranty Obligations (in millions) Accrual balance at beginning of period $ 49 Provision for estimated warranties incurred during the period 19 Changes in estimate for pre-existing warranties 1 Settlements made during the period (in cash or in kind) (22) Foreign currency translation and other (2) Accrual balance at end of period $ 45 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the restructuring charges recorded for the three and six months ended June 30, 2022 and 2021 by operating segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Signal and Power Solutions $ 13 $ 11 $ 22 $ 9 Advanced Safety and User Experience 6 3 19 11 Total $ 19 $ 14 $ 41 $ 20 |
Schedule of Restructuring Reserve by Type of Cost | The table below summarizes the activity in the restructuring liability for the six months ended June 30, 2022: Employee Termination Benefits Liability Other Exit Costs Liability Total (in millions) Accrual balance at January 1, 2022 $ 63 $ — $ 63 Provision for estimated expenses incurred during the period 41 — 41 Payments made during the period (31) — (31) Foreign currency and other (3) — (3) Accrual balance at June 30, 2022 $ 70 $ — $ 70 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of June 30, 2022 and December 31, 2021: June 30, December 31, (in millions) 2.396%, senior notes, due 2025 (net of $4 and $0 unamortized issuance costs, respectively) $ 696 $ — 1.50%, Euro-denominated senior notes, due 2025 (net of $1 and $2 unamortized issuance costs and $1 and $1 discount, respectively) 734 790 1.60%, Euro-denominated senior notes, due 2028 (net of $2 and $3 unamortized issuance costs, respectively) 523 563 4.35%, senior notes, due 2029 (net of $2 and $2 unamortized issuance costs, respectively) 298 298 3.25%, senior notes, due 2032 (net of $7 and $0 unamortized issuance costs and $3 and $0 discount, respectively) 790 — 4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively) 296 296 5.40%, senior notes, due 2049 (net of $4 and $4 unamortized issuance costs and $1 and $1 discount, respectively) 345 345 3.10%, senior notes, due 2051 (net of $17 and $17 unamortized issuance costs and $32 and $33 discount, respectively) 1,451 1,450 4.15%, senior notes, due 2052 (net of $11 and $0 unamortized issuance costs and $2 and $0 discount, respectively) 987 — Tranche A Term Loan, due 2026 (net of $2 and $2 unamortized issuance costs, respectively) 311 311 Finance leases and other 19 14 Total debt 6,450 4,067 Less: current portion (17) (8) Long-term debt $ 6,433 $ 4,059 |
Schedule of Interest Rates | The Applicable Rates under the Credit Agreement on the specified dates are set forth below: June 30, 2022 December 31, 2021 LIBOR plus ABR plus LIBOR plus ABR plus Revolving Credit Facility 1.10 % 0.10 % 1.10 % 0.10 % Tranche A Term Loan 1.125 % 0.125 % 1.125 % 0.125 % |
Schedule of Line of Credit Facilities | As of June 30, 2022, Aptiv selected the one-month LIBOR interest rate option on the Tranche A Term Loan, and the rate effective as of June 30, 2022, as detailed in the table below, was based on the Company’s current credit rating and the Applicable Rate for the Credit Agreement: Borrowings as of June 30, 2022 Rates effective as of Applicable Rate (in millions) June 30, 2022 Tranche A Term Loan LIBOR plus 1.125% $ 313 2.8125 % |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The amounts shown below reflect the defined benefit pension expense for the three and six months ended June 30, 2022 and 2021: Non-U.S. Plans U.S. Plans Three Months Ended June 30, 2022 2021 2022 2021 (in millions) Service cost $ 5 $ 5 $ — $ — Interest cost 6 5 — — Expected return on plan assets (5) (5) — — Curtailment loss — 5 — — Amortization of actuarial losses 1 3 1 1 Net periodic benefit cost $ 7 $ 13 $ 1 $ 1 Non-U.S. Plans U.S. Plans Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Service cost $ 9 $ 10 $ — $ — Interest cost 13 10 — — Expected return on plan assets (10) (10) — — Curtailment loss — 5 — — Amortization of actuarial losses 3 8 1 1 Net periodic benefit cost $ 15 $ 23 $ 1 $ 1 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) and Effective Tax Rate | The Company’s income tax expense and effective tax rates for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (dollars in millions) Income tax expense $ 16 $ 28 $ 37 $ 76 Effective tax rate 100 % 11 % 19 % 12 % |
Shareholders' Equity And Net _2
Shareholders' Equity And Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Shareholders' Equity and Net Income Per Share Note [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table illustrates net income (loss) per share attributable to ordinary shareholders and the weighted average shares outstanding used in calculating basic and diluted income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except per share data) Numerator: Net (loss) income attributable to ordinary shareholders $ (61) $ 147 $ 12 $ 426 Denominator: Weighted average ordinary shares outstanding, basic 270.93 270.49 270.86 270.40 Dilutive shares related to restricted stock units — 0.57 0.25 0.70 Weighted average ordinary shares outstanding, including dilutive shares 270.93 271.06 271.11 271.10 Net (loss) income per share attributable to ordinary shareholders: Basic $ (0.23) $ 0.54 $ 0.04 $ 1.58 Diluted $ (0.23) $ 0.54 $ 0.04 $ 1.57 |
Schedule of Dividends Declared and Paid | The Company has declared and paid cash dividends per preferred share during the periods presented as follows: Dividend Amount Per Share (in millions) 2022: Second quarter $ 1.375 $ 16 First quarter 1.375 16 Total $ 2.750 $ 32 2021: Fourth quarter $ 1.375 $ 16 Third quarter 1.375 15 Second quarter 1.375 16 First quarter 1.375 16 Total $ 5.500 $ 63 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The changes in accumulated other comprehensive income (loss) attributable to Aptiv (net of tax) for the three and six months ended June 30, 2022 and 2021 are shown below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Foreign currency translation adjustments: Balance at beginning of period $ (620) $ (536) $ (588) $ (445) Aggregate adjustment for the period (1) (183) 42 (215) (49) Balance at end of period (803) (494) (803) (494) Gains (losses) on derivatives: Balance at beginning of period 20 33 (17) 40 Other comprehensive income before reclassifications (nil net tax effect for all periods presented) (87) 25 (39) 37 Reclassification to income (nil net tax effect for all periods presented) (12) (20) (23) (39) Balance at end of period (79) 38 (79) 38 Pension and postretirement plans: Balance at beginning of period (65) (133) (67) (140) Other comprehensive income before reclassifications (net tax effect of ($2), $1, ($3), and ($1)) 4 15 6 18 Reclassification to income (net tax effect of ($1), ($1), ($3) and ($2)) 1 8 1 12 Balance at end of period (60) (110) (60) (110) Accumulated other comprehensive loss, end of period $ (942) $ (566) $ (942) $ (566) (1) Includes gains of $68 million and $97 million for the three and six months ended June 30, 2022, and losses of $19 million and gains of $44 million for the three and six months ended June 30, 2021, respectively, related to non-derivative net investment hedges. Refer to Note 14. Derivatives and Hedging Activities for further description of these hedges. |
Reclassifications out of Accumulated Other Comprehensive Income | Reclassifications from accumulated other comprehensive income (loss) to income for the three and six months ended June 30, 2022 and 2021 were as follows: Reclassification Out of Accumulated Other Comprehensive Income (Loss) Details About Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statements of Operations 2022 2021 2022 2021 (in millions) Gains (losses) on derivatives: Commodity derivatives $ 9 $ 20 $ 20 $ 39 Cost of sales Foreign currency derivatives 3 — 3 — Cost of sales 12 20 23 39 Income before income taxes — — — — Income tax expense 12 20 23 39 Net (loss) income — — — — Net (loss) income attributable to noncontrolling interest $ 12 $ 20 $ 23 $ 39 Net (loss) income attributable to Aptiv Pension and postretirement plans: Actuarial losses $ (2) $ (4) $ (4) $ (9) Other (expense) income, net (1) Curtailment loss — (5) — (5) Other (expense) income, net (1) (2) (9) (4) (14) Income before income taxes 1 1 3 2 Income tax expense (1) (8) (1) (12) Net (loss) income — — — — Net (loss) income attributable to noncontrolling interest $ (1) $ (8) $ (1) $ (12) Net (loss) income attributable to Aptiv Total reclassifications for the period $ 11 $ 12 $ 22 $ 27 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9. Pension Benefits for additional details). |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2022, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures: Commodity Quantity Hedged Unit of Measure Notional Amount (in thousands) (in millions) Copper 129,297 pounds $ 530 Foreign Currency Quantity Hedged Unit of Measure Notional Amount (in millions) Mexican Peso 15,586 MXN $ 775 Chinese Yuan Renminbi 3,154 RMB 470 Euro 155 EUR 165 Polish Zloty 633 PLN 140 Hungarian Forint 22,457 HUF 60 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative financial instruments recorded in the consolidated balance sheets as of June 30, 2022 and December 31, 2021 are as follows: Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet Balance Sheet Location June 30, Balance Sheet Location June 30, June 30, (in millions) Derivatives designated as cash flow hedges: Commodity derivatives Other current assets $ — Accrued liabilities $ 32 Foreign currency derivatives* Other current assets 15 Other current assets 5 $ 10 Foreign currency derivatives* Accrued liabilities 14 Accrued liabilities 20 (6) Commodity derivatives Other long-term assets — Other long-term liabilities 26 Foreign currency derivatives* Other long-term assets 7 Other long-term assets 1 6 Foreign currency derivatives* Other long-term liabilities 2 Other long-term liabilities 5 (3) Total derivatives designated as hedges $ 38 $ 89 Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet Balance Sheet Location December 31, Balance Sheet Location December 31, December 31, (in millions) Derivatives designated as cash flow hedges: Commodity derivatives Other current assets $ 27 Accrued liabilities $ — Foreign currency derivatives* Other current assets 15 Other current assets 9 $ 6 Foreign currency derivatives* Accrued liabilities 5 Accrued liabilities 16 (11) Commodity derivatives Other long-term assets 2 Other long-term liabilities — Foreign currency derivatives* Other long-term assets 2 Other long-term assets 1 1 Foreign currency derivatives* Other long-term liabilities 1 Other long-term liabilities 8 (7) Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets — Accrued liabilities 1 Total derivatives designated as hedges $ 52 $ 35 Derivatives not designated: Commodity derivatives Other current assets $ 5 Accrued liabilities $ — Foreign currency derivatives* Accrued liabilities — Accrued liabilities 1 (1) Total derivatives not designated as hedges $ 5 $ 1 * Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The pre-tax effect of derivative financial instruments in the consolidated statements of operations and consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, 2022 (Loss) Gain Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (99) $ 9 Foreign currency derivatives 6 3 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ (87) $ 12 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (4) Total $ (4) Three Months Ended June 30, 2021 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 17 $ 20 Foreign currency derivatives 16 — Derivatives designated as net investment hedges: Foreign currency derivatives (8) — Total $ 25 $ 20 Gain Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ — Total $ — Six Months Ended June 30, 2022 (Loss) Gain Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (68) $ 20 Foreign currency derivatives 25 3 Derivatives designated as net investment hedges: Foreign currency derivatives 4 — Total $ (39) $ 23 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (7) Total $ (7) Six Months Ended June 30, 2021 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 51 $ 39 Foreign currency derivatives (7) — Derivatives designated as net investment hedges: Foreign currency derivatives (7) — Total $ 37 $ 39 Gain (Loss) Recognized in Income (in millions) Derivatives not designated: Commodity derivatives $ 1 Foreign currency derivatives (2) Total $ (1) |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Assets Measured on Recurring Basis | As of June 30, 2022 and December 31, 2021, Aptiv had the following assets measured at fair value on a recurring basis: Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) As of June 30, 2022: Foreign currency derivatives $ 16 $ — $ 16 $ — Publicly traded equity securities 21 21 — — Total $ 37 $ 21 $ 16 $ — As of December 31, 2021: Commodity derivatives $ 34 $ — $ 34 $ — Foreign currency derivatives 7 — 7 — Publicly traded equity securities 66 66 — — Total $ 107 $ 66 $ 41 $ — |
Fair Value, Liabilities Measured on Recurring Basis | As of June 30, 2022 and December 31, 2021, Aptiv had the following liabilities measured at fair value on a recurring basis: Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in millions) As of June 30, 2022: Commodity derivatives $ 58 $ — $ 58 $ — Foreign currency derivatives 9 — 9 — Contingent consideration 10 — — 10 Total $ 77 $ — $ 67 $ 10 As of December 31, 2021: Foreign currency derivatives $ 20 $ — $ 20 $ — Contingent consideration 10 — — 10 Total $ 30 $ — $ 20 $ 10 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | Other income (expense), net included: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Interest income $ 7 $ 2 $ 9 $ 5 Loss on modification of debt — (1) — (1) Components of net periodic benefit cost other than service cost (Note 9) (3) (9) (7) (14) Transaction and related costs associated with acquisitions (2) — (2) — (Loss) gain on change in fair value of publicly traded equity securities (17) 9 (49) 9 Other, net (10) (1) (15) 2 Other (expense) income, net $ (25) $ — $ (64) $ 1 During the three and six months ended June 30, 2022, net unrealized losses of $16 million and $45 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2022. |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
El-Com | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price and related allocation to the acquired net assets of El-Com based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 78 Purchase price, fair value of contingent consideration 10 Total consideration, net of cash acquired $ 88 Intangible assets $ 35 Other assets, net 10 Identifiable net assets acquired 45 Goodwill resulting from purchase 43 Total purchase price allocation $ 88 |
Ulti-Mate | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final purchase price and related allocation to the acquired net assets of Ulti-Mate based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 45 Intangible assets $ 17 Other assets, net 5 Identifiable net assets acquired 22 Goodwill resulting from purchase 23 Total purchase price allocation $ 45 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
ScheduleofBoardOfDirectorsRSUGrants | Aptiv has granted RSUs to the Board of Directors as detailed in the table below: Grant Date RSUs granted Grant Date Fair Value (1) Vesting Date Shares Issued Upon Vesting Fair Value of Shares at Issuance Shares Withheld to Cover Withholding Taxes (dollars in millions) April 2022 23,387 $ 2 April 2023 N/A N/A N/A April 2021 17,589 3 April 2022 15,633 $ 2 1,956 April 2020 48,745 3 April 2021 41,896 6 6,849 (1) Determined based on the closing price of the Company’s ordinary shares on the date of the grant. |
Schedule of Share-based Compensation Restricted Stock Units Performance Awards Weighting | Each executive will receive between 0% and 200% (150% for the 2019 and 2020 grants based on the executive performance grant modification in 2020) of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are: Metric 2020 - 2022 2018 - 2019 Average return on net assets (1) 33% 50% Cumulative net income 33% 25% Relative total shareholder return (2) 33% 25% (1) Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period. (2) Relative total shareholder return is measured by comparing the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the end of the performance period to the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies. |
Schedule of Executive RSU Grants | The details of the executive grants were as follows: Grant Date RSUs Granted Grant Date Fair Value Time-Based Award Vesting Dates Performance-Based Award Vesting Date (in millions) February 2018 0.63 $ 61 Annually on anniversary of grant date, 2019 - 2021 December 31, 2020 February 2019 0.71 62 Annually on anniversary of grant date, 2020 - 2022 December 31, 2021 February 2020 0.75 62 Annually on anniversary of grant date, 2021 - 2023 December 31, 2022 February 2021 0.44 72 Annually on anniversary of grant date, 2022 - 2024 December 31, 2023 February 2022 0.59 80 Annually on anniversary of grant date, 2023 - 2025 December 31, 2024 |
ScheduleofExecutiveRSUGrantsVesting | The details of the shares issued upon vesting of the executive grants are as follows: Time-Based Awards Performance-Based Awards Vesting Date Ordinary Shares Issued Upon Vesting Fair Value of Shares at Issuance Ordinary Shares Withheld to Cover Withholding Taxes Ordinary Shares Issued Upon Vesting Fair Value of Shares at Issuance Ordinary Shares Withheld to Cover Withholding Taxes (dollars in millions) Q1 2022 354,600 $ 46 140,409 325,283 $ 42 136,143 Q1 2021 449,426 67 177,825 288,074 43 121,609 |
Schedule of Share-based Compensation Restricted Stock Units Award Activity | A summary of RSU activity, including award grants, vesting and forfeitures is provided below: RSUs Weighted Average Grant Date Fair Value (in thousands) Nonvested, January 1, 2022 1,344 $ 131.40 Granted 791 128.48 Vested (371) 96.95 Forfeited (168) 137.89 Nonvested, June 30, 2022 1,596 137.27 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Included below are sales and operating data for Aptiv’s segments for the three and six months ended June 30, 2022 and 2021. Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2022: Net sales $ 3,039 $ 1,026 $ (8) $ 4,057 Depreciation and amortization $ 148 $ 45 $ — $ 193 Adjusted operating income (loss) $ 243 $ (30) $ — $ 213 Operating income (loss) $ 136 $ (39) $ — $ 97 Equity income (loss), net of tax $ 4 $ (76) $ — $ (72) Net loss attributable to noncontrolling interest $ (27) $ — $ — $ (27) Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2021: Net sales $ 2,846 $ 970 $ (9) $ 3,807 Depreciation and amortization $ 153 $ 44 $ — $ 197 Adjusted operating income (2) $ 313 $ 25 $ — $ 338 Operating income $ 265 $ 20 $ — $ 285 Equity income (loss), net of tax $ 2 $ (55) $ — $ (53) Net income attributable to noncontrolling interest $ 3 $ — $ — $ 3 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2022: Net sales $ 6,145 $ 2,108 $ (18) $ 8,235 Depreciation and amortization $ 294 $ 90 $ — $ 384 Adjusted operating income (loss) $ 551 $ (14) $ — $ 537 Operating income (loss) $ 393 $ (40) $ — $ 353 Equity income (loss), net of tax $ 8 $ (143) $ — $ (135) Net loss attributable to noncontrolling interest $ (26) $ — $ — $ (26) Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2021: Net sales $ 5,868 $ 1,981 $ (19) $ 7,830 Depreciation and amortization $ 302 $ 88 $ — $ 390 Adjusted operating income (2) $ 719 $ 93 $ — $ 812 Operating income $ 637 $ 77 $ — $ 714 Equity income (loss), net of tax $ 5 $ (100) $ — $ (95) Net income attributable to noncontrolling interest $ 8 $ — $ — $ 8 (1) Eliminations and Other includes the elimination of inter-segment transactions. (2) As described above, the calculation of adjusted operating income now excludes amortization expense. The historical presentation of adjusted operating income as shown in this table has been revised to be consistent with the updated calculation. |
Reconciliation of Segment Adjusted OI to Consolidated Net Income | The reconciliation of Adjusted Operating Income to operating income includes, as applicable, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and other related charges and gains (losses) on business divestitures and other transactions. The reconciliations of Adjusted Operating Income to net income (loss) attributable to Aptiv for the three and six months ended June 30, 2022 and 2021 are as follows: Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2022: Adjusted operating income (loss) $ 243 $ (30) $ 213 Amortization (37) (1) (38) Restructuring (13) (6) (19) Other acquisition and portfolio project costs — (2) (2) Asset impairments (3) — (3) Other charges related to Ukraine/Russia conflict (1) (54) — (54) Operating income (loss) $ 136 $ (39) 97 Interest expense (56) Other expense, net (25) Income before income taxes and equity loss 16 Income tax expense (16) Equity loss, net of tax (72) Net loss (72) Net loss attributable to noncontrolling interest (27) Net loss attributable to Aptiv $ (45) (1) Primarily consists of charges related to the designation of our majority owned Russian subsidiary as held for sale as of June 30, 2022. Refer to Note 17. Acquisitions and Divestitures for further information. Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2021: Adjusted operating income $ 313 $ 25 $ 338 Amortization (36) (1) (37) Restructuring (11) (3) (14) Other acquisition and portfolio project costs (1) (1) (2) Operating income $ 265 $ 20 285 Interest expense (38) Income before income taxes and equity loss 247 Income tax expense (28) Equity loss, net of tax (53) Net income 166 Net income attributable to noncontrolling interest 3 Net income attributable to Aptiv $ 163 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2022: Adjusted operating income (loss) $ 551 $ (14) $ 537 Amortization (72) (3) (75) Restructuring (22) (19) (41) Other acquisition and portfolio project costs (7) (4) (11) Asset impairments (3) — (3) Other charges related to Ukraine/Russia conflict (1) (54) — (54) Operating income (loss) $ 393 $ (40) 353 Interest expense (99) Other expense, net (64) Income before income taxes and equity loss 190 Income tax expense (37) Equity loss, net of tax (135) Net income 18 Net loss attributable to noncontrolling interest (26) Net income attributable to Aptiv $ 44 (1) Primarily consists of charges related to the designation of our majority owned Russian subsidiary as held for sale as of June 30, 2022. Refer to Note 17. Acquisitions and Divestitures for further information. Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2021: Adjusted operating income $ 719 $ 93 $ 812 Amortization (71) (3) (74) Restructuring (9) (11) (20) Other acquisition and portfolio project costs (2) (2) (4) Operating income $ 637 $ 77 714 Interest expense (78) Other income, net 1 Income before income taxes and equity loss 637 Income tax expense (76) Equity loss, net of tax (95) Net income 466 Net income attributable to noncontrolling interest 8 Net income attributable to Aptiv $ 458 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue | Revenue generated from Aptiv’s operating segments is disaggregated by primary geographic market in the following tables for the three and six months ended June 30, 2022 and 2021. Information concerning geographic market reflects the manufacturing location. For the Three Months Ended June 30, 2022: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,246 $ 335 $ (2) $ 1,579 Europe, Middle East and Africa 812 479 (2) 1,289 Asia Pacific 882 212 (4) 1,090 South America 99 — — 99 Total net sales $ 3,039 $ 1,026 $ (8) $ 4,057 For the Three Months Ended June 30, 2021: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,009 $ 283 $ (1) $ 1,291 Europe, Middle East and Africa 899 442 (3) 1,338 Asia Pacific 866 245 (5) 1,106 South America 72 — — 72 Total net sales $ 2,846 $ 970 $ (9) $ 3,807 For the Six Months Ended June 30, 2022: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,423 $ 670 $ (4) $ 3,089 Europe, Middle East and Africa 1,655 972 (5) 2,622 Asia Pacific 1,880 466 (9) 2,337 South America 187 — — 187 Total net sales $ 6,145 $ 2,108 $ (18) $ 8,235 For the Six Months Ended June 30, 2021: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,079 $ 596 $ (3) $ 2,672 Europe, Middle East and Africa 1,892 893 (6) 2,779 Asia Pacific 1,759 492 (10) 2,241 South America 138 — — 138 Total net sales $ 5,868 $ 1,981 $ (19) $ 7,830 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Accordingly, summarized interim income statement information of Motional is presented below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) (in millions) Net sales $ — $ — $ — $ — Gross margin (95) (69) (186) (151) Net loss (145) (110) (280) (200) |
Investment Holdings, Schedule of Investments | The following is a summary of technology investments, which are classified within other long-term assets in the consolidated balance sheets, as of June 30, 2022 and December 31, 2021: Investment Name Segment June 30, 2022 December 31, 2021 (in millions) Equity investments without readily determinable fair values: StradVision, Inc. Advanced Safety and User Experience $ 40 $ — LeddarTech, Inc. Advanced Safety and User Experience 19 19 Quanergy Systems, Inc. (1) Advanced Safety and User Experience — 6 Other investments Various 6 5 Total equity investments without readily determinable fair values 65 30 Publicly traded equity securities: Smart Eye AB Advanced Safety and User Experience 3 11 Otonomo Technologies Ltd. Advanced Safety and User Experience 10 39 Valens Semiconductor Ltd. Signal and Power Solutions 8 16 Total publicly traded equity securities 21 66 Total investments $ 86 $ 96 (1) Quanergy Systems, Inc. experienced a change in measurement basis due to an underlying transaction during the six months ended June 30, 2022 and we liquidated our entire investment in the company after the transaction and during the six months ended June 30, 2022. See below for further details on the transaction. |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||||
Equity investments without readily determinable fair value | $ 65 | $ 65 | $ 30 | ||
Equity Securities, FV-NI, Noncurrent | 21 | 21 | 66 | ||
Accounts receivable, net of allowance for doubtful accounts of $43 million and $37 million, respectively (Note 2) | 3,028 | 3,028 | 2,784 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 43 | 43 | 37 | ||
Intangible assets, net (excluding goodwill) | 876 | 876 | 964 | ||
Amortization of intangible assets | 38 | $ 37 | 75 | $ 74 | |
Goodwill | 2,392 | 2,392 | 2,511 | ||
Investment Income, Dividend | $ 4 | ||||
Other Long-Term Assets | |||||
Significant Accounting Policies [Line Items] | |||||
Equity investments without readily determinable fair value | 65 | 65 | 30 | ||
Equity Securities, FV-NI, Noncurrent | 21 | 21 | 66 | ||
Stellantis | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts and Other Receivables | 348 | 348 | 317 | ||
GM | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts and Other Receivables | 280 | 280 | 208 | ||
VW | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts and Other Receivables | $ 199 | $ 199 | $ 163 | ||
Customer Concentration Risk | Total Net Sales | Stellantis, GM and VW | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 28% | 29% | 27% | 28% | |
Customer Concentration Risk | Total Net Sales | Stellantis | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 10% | 11% | 10% | 11% | |
Customer Concentration Risk | Total Net Sales | GM | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 10% | 8% | 9% | 8% | |
Customer Concentration Risk | Total Net Sales | VW | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 8% | 10% | 8% | 9% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Productive material | $ 1,626 | $ 1,311 |
Work-in-process | 168 | 172 |
Finished goods | 568 | 531 |
Total | $ 2,362 | $ 2,014 |
Assets Current Assets (Details)
Assets Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivable | $ 183 | $ 178 |
Prepaid insurance and other expenses | 68 | 63 |
Reimbursable engineering costs | 107 | 110 |
Notes receivable | 7 | 16 |
Income and other taxes receivable | 86 | 54 |
Deposits to vendors | 8 | 6 |
Derivative financial instruments (Note 14) | 10 | 38 |
Capitalized upfront fees (Note 20) | 25 | 34 |
Other | 4 | 0 |
Total | $ 498 | $ 499 |
Assets Non Current assets (Deta
Assets Non Current assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred income taxes, net | $ 158 | $ 159 |
Unamortized Revolving Credit Facility debt issuance costs | 9 | 11 |
Income and other taxes receivable | 30 | 28 |
Reimbursable engineering costs | 177 | 176 |
Value added tax receivable | 3 | 20 |
Equity investments (Note 21) | 86 | 96 |
Derivative financial instruments (Note 14) | 6 | 3 |
Capitalized upfront fees (Note 20) | 50 | 58 |
Other | 75 | 71 |
Total | $ 594 | $ 622 |
Liabilities Other Liabilities,
Liabilities Other Liabilities, Current (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Payroll-related obligations | $ 310 | $ 286 |
Employee benefits, including current pension obligations | 62 | 83 |
Income and other taxes payable | 107 | 157 |
Warranty obligations (Note 6) | 37 | 41 |
Restructuring (Note 7) | 54 | 42 |
Customer deposits | 58 | 83 |
Derivative financial instruments (Note 14) | 38 | 13 |
Accrued interest | 50 | 30 |
MCPS dividends payable | 3 | 3 |
Operating lease liabilities | 96 | 92 |
Other | 438 | 416 |
Total | $ 1,253 | $ 1,246 |
Liabilities Other Liabilities_2
Liabilities Other Liabilities, Non Current (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Environmental (Note 10) | $ 1 | $ 4 |
Extended disability benefits | 6 | 5 |
Warranty obligations (Note 6) | 8 | 8 |
Restructuring (Note 7) | 16 | 21 |
Payroll-related obligations | 10 | 11 |
Accrued income taxes | 145 | 153 |
Deferred income taxes, net | 144 | 153 |
Derivative financial instruments (Note 14) | 29 | 7 |
Other | 60 | 74 |
Total | $ 419 | $ 436 |
Warranty Obligations (Details)
Warranty Obligations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Accrual balance at beginning of period | $ 49 |
Provision for estimated warranties incurred during the period | 19 |
Changes in estimate for pre-existing warranties | 1 |
Settlements made during the period (in cash or in kind) | (22) |
Foreign currency translation and other | (2) |
Accrual balance at end of period | 45 |
Minimum [Member] | Product Warranty | |
Product Warranty Liability [Line Items] | |
Range of Possible Loss, Portion Not Accrued | 0 |
Maximum [Member] | Product Warranty | |
Product Warranty Liability [Line Items] | |
Range of Possible Loss, Portion Not Accrued | $ 10 |
Restructuring Narrative (Detail
Restructuring Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 19 | $ 14 | $ 41 | $ 20 |
Restructuring and Related Cost, Expected Cost | 60 | 60 | ||
Restructuring, Cash Expenditures | (31) | (48) | ||
Signal and Power Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 13 | 11 | 22 | 9 |
Restructuring and Related Cost, Expected Cost | 15 | 15 | ||
Advanced Safety and User Experience | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 6 | $ 3 | 19 | $ 11 |
Restructuring and Related Cost, Expected Cost | $ 45 | $ 45 |
Restructuring Restructuring Cos
Restructuring Restructuring Costs by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 19 | $ 14 | $ 41 | $ 20 |
Signal and Power Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 13 | 11 | 22 | 9 |
Advanced Safety and User Experience | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 6 | $ 3 | $ 19 | $ 11 |
Restructuring Restructuring Lia
Restructuring Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | $ 63 | |||
Restructuring Charges | $ 19 | $ 14 | 41 | $ 20 |
Payments made during the period | (31) | $ (48) | ||
Foreign currency and other | (3) | |||
Ending Balance | 70 | 70 | ||
Employee Termination Benefits Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 63 | |||
Restructuring Charges | 41 | |||
Payments made during the period | (31) | |||
Foreign currency and other | (3) | |||
Ending Balance | 70 | 70 | ||
Other Exit Costs Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 0 | |||
Restructuring Charges | 0 | |||
Payments made during the period | 0 | |||
Foreign currency and other | 0 | |||
Ending Balance | $ 0 | $ 0 |
Debt Outstanding (Details)
Debt Outstanding (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Feb. 18, 2022 | Dec. 31, 2021 | Mar. 14, 2019 | Sep. 20, 2016 | Sep. 15, 2016 | Nov. 19, 2015 | Mar. 10, 2015 | Mar. 03, 2014 |
Debt Instrument [Line Items] | |||||||||
Finance leases and other | $ 19 | $ 14 | |||||||
Total debt | 6,450 | 4,067 | |||||||
Less: current portion | (17) | (8) | |||||||
Long-term debt | 6,433 | 4,059 | |||||||
Senior Notes | Senior Notes, 2.396% due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 696 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.396% | 2.396% | |||||||
Senior Notes | Euro-Denominated Senior Notes, 1.500% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 734 | 790 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||||||
Senior Notes | Euro-denominated Senior Notes, 1.600% Due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 523 | 563 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | |||||||
Senior Notes | Senior Notes, 4.35% Due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 298 | 298 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | |||||||
Senior Notes | Senior Notes, 3.250% due 2032 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 790 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||||||
Senior Notes | Senior Notes, 4.400% Due 2046 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 296 | 296 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | |||||||
Senior Notes | Senior Notes, 5.40% Due 2049 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 345 | 345 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% | |||||||
Senior Notes | Senior Notes, 3.100% due 2051 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 1,451 | 1,450 | |||||||
Senior Notes | Senior Notes, 4.150% due 2052 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 987 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | |||||||
Senior Notes | Senior Notes, 4.150% Due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||||||||
Senior Notes | Senior Notes, 4.25% Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||
Loans Payable | Tranche A Term Loan, Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 311 | $ 311 |
Debt Credit Agreement (Details)
Debt Credit Agreement (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 3 | $ 3 | |
Fees related to modification of debt agreements | 0 | $ (6) | |
Amended and Restated Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Additional Borrowing Capacity | 1,000 | ||
Letters of Credit Outstanding, Amount | $ 1 | ||
Amended and Restated Credit Agreement | JPMorgan Chase Bank, N.A. | |||
Line of Credit Facility [Line Items] | |||
Covenant Compliance, Maximum Ratio of Indebtedness to EBITDA | 350% | ||
Debt Instrument, Covenant Compliance, Maximum Ratio of Indebtedness to EBITDA, Following Material Acquisition | 400% | ||
Line of Credit Increase (Decrease) In Percentage Usage Fee | 0.04% | ||
Revolving Credit Facility Increase (Decrease) In Percentage Commitment Fee | 0.01% | ||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | |||
Line of Credit Facility [Line Items] | |||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.10% | 1.10% | |
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Administrative Agents Alternate Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.10% | 0.10% | |
Tranche A Term Loan, Due 2026 | JPMorgan Chase Bank, N.A. | |||
Line of Credit Facility [Line Items] | |||
Tranche A Term Loan Increase (Decrease) In Percentage Usage Fee, Sustainability Linked Adjustment | 0.02% | ||
Tranche A Term Loan, Due 2026 | JPMorgan Chase Bank, N.A. | Loans Payable | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.125% | 1.125% | |
Rate effective | 2.8125% | ||
Other Long-term Debt | $ 313 | ||
Tranche A Term Loan, Due 2026 | JPMorgan Chase Bank, N.A. | Loans Payable | Administrative Agents Alternate Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.125% | 0.125% |
Debt Senior Unsecured Notes (De
Debt Senior Unsecured Notes (Details) - Senior Notes € in Millions | Feb. 18, 2022 USD ($) | Nov. 23, 2021 USD ($) | Mar. 14, 2019 USD ($) | Sep. 20, 2016 USD ($) | Sep. 15, 2016 USD ($) | Mar. 10, 2015 USD ($) | Jun. 30, 2022 | Sep. 15, 2016 EUR (€) | Nov. 19, 2015 USD ($) | Mar. 10, 2015 EUR (€) | Mar. 03, 2014 USD ($) | Feb. 14, 2013 USD ($) | May 17, 2011 USD ($) |
Euro-Denominated Senior Notes, 1.500% Due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||||||||||
Payments of Debt Issuance Costs | $ 5,000,000 | ||||||||||||
Debt Instrument, Price | 99.54% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.55% | ||||||||||||
Euro-Denominated Senior Notes, 1.500% Due 2025 | Designated as Hedging Instrument | Net Investment Hedging | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | € | € 700 | ||||||||||||
Senior Notes, 6.125% Due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||||
Euro-denominated Senior Notes, 1.600% Due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | |||||||||||
Payments of Debt Issuance Costs | $ 4,000,000 | ||||||||||||
Debt Instrument, Price | 99.881% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.611% | ||||||||||||
Euro-denominated Senior Notes, 1.600% Due 2028 | Designated as Hedging Instrument | Net Investment Hedging | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | € | € 500 | ||||||||||||
Senior Notes, 5.000% Due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | ||||||||||||
Senior Notes, 4.400% Due 2046 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | |||||||||||
Payments of Debt Issuance Costs | $ 3,000,000 | ||||||||||||
Debt Instrument, Price | 99.454% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.433% | ||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||||
2019 Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments of Debt Issuance Costs | $ 7,000,000 | ||||||||||||
Debt Instrument, Face Amount | $ 650,000,000 | ||||||||||||
Senior Notes, 4.35% Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | |||||||||||
Debt Instrument, Price | 99.879% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.365% | ||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||||
Senior Notes, 5.40% Due 2049 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% | |||||||||||
Debt Instrument, Price | 99.558% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.43% | ||||||||||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||||||||||
Senior Notes, 3.10% Due 2051 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | 3.10% | |||||||||||
Payments of Debt Issuance Costs | $ 17,000,000 | ||||||||||||
Debt Instrument, Price | 97.814% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.214% | ||||||||||||
Debt Instrument, Face Amount | $ 1,500,000,000 | ||||||||||||
Senior Notes, 4.150% Due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||||||||||||
Debt Instrument, Face Amount | $ 700,000,000 | ||||||||||||
Senior Notes, 4.25% Due 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||
Debt Instrument, Face Amount | $ 650,000,000 | ||||||||||||
2022 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments of Debt Issuance Costs | $ 22,000,000 | ||||||||||||
Debt Instrument, Face Amount | $ 2,500,000,000 | ||||||||||||
Senior Notes, 2.396% due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.396% | 2.396% | |||||||||||
Debt Instrument, Price | 100% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.396% | ||||||||||||
Debt Instrument, Face Amount | $ 700,000,000 | ||||||||||||
Senior Notes, 3.250% due 2032 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||||||||||
Debt Instrument, Price | 99.60% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.297% | ||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | ||||||||||||
Senior Notes, 4.150% due 2052 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | |||||||||||
Debt Instrument, Price | 99.783% | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.163% | ||||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||||||||||||
Senior Notes, 3.250% due 2032 and 4.15% due 2052 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 101% | ||||||||||||
Senior Notes, 3.15% Due 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||||||||
Debt Instrument, Face Amount | $ 650,000,000 |
Debt Other Financing (Details)
Debt Other Financing (Details) € in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Finance leases and other | $ 19 | $ 14 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 75 | $ 75 | ||
Letters of Credit Outstanding, Amount | $ 3 | $ 3 | ||
European Factoring Program | Accounts Receivable Factoring | ||||
Debt Instrument [Line Items] | ||||
New Maximum Funding From Factoring Program | € | € 450 | |||
New European Factoring Program | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.20% | 0.20% | ||
New European Factoring Program | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
New European Factoring Program | EURIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% |
Debt Outstanding Phantom (Detai
Debt Outstanding Phantom (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Feb. 18, 2022 | Dec. 31, 2021 | Nov. 23, 2021 | Mar. 14, 2019 | Sep. 20, 2016 | Sep. 15, 2016 | Mar. 10, 2015 |
Senior Notes, 2.396% due 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.396% | 2.396% | ||||||
Debt Issuance Costs, Net | $ 4 | $ 0 | ||||||
Debt Instrument, Unamortized Discount | $ 0 | 0 | ||||||
Euro-Denominated Senior Notes, 1.500% Due 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||
Debt Issuance Costs, Net | $ 1 | 2 | ||||||
Debt Instrument, Unamortized Discount | $ 1 | 1 | ||||||
Euro-denominated Senior Notes, 1.600% Due 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | ||||||
Debt Issuance Costs, Net | $ 2 | 3 | ||||||
Debt Instrument, Unamortized Discount | $ 0 | 0 | ||||||
Senior Notes, 4.35% Due 2029 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | ||||||
Debt Issuance Costs, Net | $ 2 | 2 | ||||||
Debt Instrument, Unamortized Discount | $ 0 | 0 | ||||||
Senior Notes, 3.250% due 2032 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||||||
Debt Issuance Costs, Net | $ 7 | 0 | ||||||
Debt Instrument, Unamortized Discount | $ 3 | 0 | ||||||
Senior Notes, 4.400% Due 2046 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | ||||||
Debt Issuance Costs, Net | $ 3 | 3 | ||||||
Debt Instrument, Unamortized Discount | $ 1 | 1 | ||||||
Senior Notes, 5.40% Due 2049 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% | ||||||
Debt Issuance Costs, Net | $ 4 | 4 | ||||||
Debt Instrument, Unamortized Discount | $ 1 | 1 | ||||||
Senior Notes, 3.10% Due 2051 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | 3.10% | ||||||
Debt Issuance Costs, Net | $ 17 | 17 | ||||||
Debt Instrument, Unamortized Discount | $ 32 | 33 | ||||||
Senior Notes, 4.150% due 2052 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | ||||||
Debt Issuance Costs, Net | $ 11 | 0 | ||||||
Debt Instrument, Unamortized Discount | 2 | 0 | ||||||
Tranche A Term Loan, Due 2026 | Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Net | 2 | 2 | ||||||
Debt Instrument, Unamortized Discount | $ 0 | $ 0 |
Pension Benefits Narrative (Det
Pension Benefits Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Defined Benefit Pension Plan, Postemployment Benefit Period | 5 years | |
Liability, Other Retirement Benefits | $ 1 | $ 1 |
Pension Benefits Net Periodic B
Pension Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Foreign Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5 | $ 5 | $ 9 | $ 10 |
Interest cost | 6 | 5 | 13 | 10 |
Expected return on plan assets | (5) | (5) | (10) | (10) |
Curtailment loss | 0 | 5 | 0 | 5 |
Amortization of actuarial losses | 1 | 3 | 3 | 8 |
Net periodic benefit cost | 7 | 13 | 15 | 23 |
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 0 | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Amortization of actuarial losses | 1 | 1 | 1 | 1 |
Net periodic benefit cost | $ 1 | $ 1 | $ 1 | $ 1 |
Commitments And Contingencies B
Commitments And Contingencies Brazil Matters (Details) - Brazil $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Loss Contingencies [Line Items] | |
Brazil Loss Contingency, Claims asserted against Aptiv | $ 105 |
Loss Contingency Accrual, at Carrying Value | 20 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Range of Possible Loss, Portion Not Accrued | 0 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Range of Possible Loss, Portion Not Accrued | $ 85 |
Commitments And Contingencies E
Commitments And Contingencies Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Environmental Exit Cost [Line Items] | ||
Accrued Environmental Loss Contingencies, Noncurrent | $ 1 | $ 4 |
Other Liabilities | ||
Environmental Exit Cost [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 2 | $ 4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Examination [Line Items] | ||||
Income tax (benefit) expense associated with discrete items | $ 0 | $ (3) | $ (4) | $ (4) |
Income tax expense | $ 16 | $ 28 | $ 37 | $ 76 |
Effective tax rate | 100% | 11% | 19% | 12% |
Income tax (benefit) expense associated with discrete items | $ 0 | $ (3) | $ (4) | $ (4) |
Cash taxes paid | $ 121 | $ 93 |
2020 Public Equity Offering (De
2020 Public Equity Offering (Details) $ / shares in Units, $ in Millions | Jun. 12, 2020 USD ($) d $ / shares shares | Jun. 15, 2023 shares | Jun. 30, 2022 $ / shares | Dec. 31, 2021 $ / shares |
Common Stock, Shares, Issued | shares | 15,100,000 | |||
Shares Issued, Price Per Share | $ / shares | $ 75.91 | |||
Preferred Stock, Shares Issued | shares | 11,500,000 | |||
Preferred Stock, Dividend Rate, Percentage | 5.50% | |||
Preferred shares, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred Stock, Liquidation Preference Per Share | $ / shares | 100 | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ / shares | $ 5.50 | |||
Minimum [Member] | Forecast [Member] | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 1.0754 | |||
Maximum [Member] | Forecast [Member] | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 1.3173 | |||
Ordinary Shares | ||||
Proceeds from Issuance or Sale of Equity | $ | $ 1,115 | |||
Payments of Stock Issuance Costs | $ | 35 | |||
Preferred Stock | ||||
Payments of Stock Issuance Costs | $ | 35 | |||
Proceeds from the public offering of preferred shares, net of issuance costs | $ | $ 1,115 | |||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | d | 20 |
Shareholders' Equity And Net _3
Shareholders' Equity And Net Income Per Share Weighted Average Shares Outstanding and Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator, basic: | ||||
Net (loss) income attributable to ordinary shareholders | $ (61) | $ 147 | $ 12 | $ 426 |
Net (loss) income attributable to Aptiv | (45) | 163 | 44 | 458 |
Mandatory convertible preferred share dividends (Note 12) | $ 16 | $ 16 | $ 32 | $ 32 |
Denominator: | ||||
Weighted average number of basic shares outstanding | 270,930 | 270,490 | 270,860 | 270,400 |
Dilutive shares related to restricted stock units (“RSUs”) | 0 | 570 | 250 | 700 |
Weighted average ordinary shares outstanding, including dilutive shares | 270,930 | 271,060 | 271,110 | 271,100 |
Basic net (loss) income per share: | ||||
Basic net (loss) income per share attributable to ordinary shareholders | $ (0.23) | $ 0.54 | $ 0.04 | $ 1.58 |
Diluted net (loss) income per share (Note 12): | ||||
Diluted net (loss) income per share attributable to ordinary shareholders | $ (0.23) | $ 0.54 | $ 0.04 | $ 1.57 |
Antidilutive securities share impact | 12,370 | 12,370 | 12,370 | 12,370 |
Mandatory convertible preferred share dividends (Note 12) | $ 16 | $ 16 | $ 32 | $ 32 |
Shareholders' Equity And Net _4
Shareholders' Equity And Net Income Per Share Share Repurchase Program (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Share Repurchase Program April 2016 | |
Share Repurchase Program [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 1,500 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 13 |
Share Repurchase Program January 2019 [Member] | |
Share Repurchase Program [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 2,000 |
Shareholders' Equity And Net _5
Shareholders' Equity And Net Income Per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Mandatory convertible preferred share cumulative dividends | $ 16 | $ 16 | $ 32 | $ 32 | |||||
Preferred Stock | |||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.375 | $ 1.375 | $ 1.375 | $ 1.375 | $ 1.375 | $ 1.375 | $ 2.750 | $ 5.500 | |
Mandatory convertible preferred share cumulative dividends | $ 16 | $ 16 | $ 16 | $ 15 | $ 16 | $ 16 | $ 32 | $ 63 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive (loss) income, beginning of period | $ (672) | |||
Accumulated other comprehensive (loss) income, end of period | $ (942) | $ (566) | (942) | $ (566) |
Designated as Hedging Instrument | Net Investment Hedging | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Gain (loss) on net investment hedge, net of tax | 68 | (19) | 97 | 44 |
Foreign currency translation adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive (loss) income, beginning of period | (620) | (536) | (588) | (445) |
Aggregate adjustment for the period (1) | (183) | 42 | (215) | (49) |
Accumulated other comprehensive (loss) income, end of period | (803) | (494) | (803) | (494) |
Unrealized gains (losses) on derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive (loss) income, beginning of period | 20 | 33 | (17) | 40 |
Other comprehensive income before reclassifications (net of tax effect) | (87) | 25 | (39) | 37 |
Reclassification to income (net of tax effect) | (12) | (20) | (23) | (39) |
Accumulated other comprehensive (loss) income, end of period | (79) | 38 | (79) | 38 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 0 | 0 | 0 | 0 |
Net tax effect of Reclassification Adjustment from AOCI on Derivatives | 0 | 0 | 0 | 0 |
Pension and postretirement plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive (loss) income, beginning of period | (65) | (133) | (67) | (140) |
Other comprehensive income before reclassifications (net of tax effect) | 4 | 15 | 6 | 18 |
Reclassification to income (net of tax effect) | 1 | 8 | 1 | 12 |
Accumulated other comprehensive (loss) income, end of period | (60) | (110) | (60) | (110) |
Net tax effect of Other comprehensive income before reclassifications | (2) | 1 | (3) | (1) |
Net tax effect of Reclassification Adjustment from AOCI, Pension and Other Postretirement Plans | $ (1) | $ (1) | $ (3) | $ (2) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Income AOCI Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cost of sales | $ 3,617 | $ 3,205 | $ 7,206 | $ 6,501 | |
Income tax expense | (16) | (28) | (37) | (76) | |
Net (loss) income | (72) | 166 | 18 | 466 | |
Net (loss) income attributable to noncontrolling interest | 27 | (3) | 26 | (8) | |
Net income attributable to Aptiv | (45) | 163 | 44 | 458 | |
Amount Reclassified from Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income attributable to Aptiv | 11 | 12 | 22 | 27 | |
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income before income taxes | 12 | 20 | 23 | 39 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net (loss) income | 12 | 20 | 23 | 39 | |
Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Aptiv | 12 | 20 | 23 | 39 | |
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | Commodity derivatives | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cost of sales | (9) | 20 | 20 | 39 | |
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | Foreign currency derivatives | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cost of sales | 3 | 0 | 3 | 0 | |
Amount Reclassified from Accumulated Other Comprehensive Income | Pension and postretirement plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial losses | [1] | (2) | (4) | (4) | (9) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | (5) | 0 | (5) | |
Income before income taxes | (2) | (9) | (4) | (14) | |
Income tax expense | 1 | 1 | 3 | 2 | |
Net (loss) income | (1) | (8) | (1) | (12) | |
Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Aptiv | $ (1) | $ (8) | $ (1) | $ (12) | |
[1]These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9. Pension Benefits for additional details). |
Derivatives And Hedging Activ_3
Derivatives And Hedging Activities Cash Flow Hedges (Details) lb in Thousands, € in Millions, ¥ in Millions, zł in Millions, $ in Millions, $ in Millions | 12 Months Ended | 24 Months Ended | |||||
Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2022 USD ($) lb | Jun. 30, 2022 MXN ($) lb | Jun. 30, 2022 CNY (¥) lb | Jun. 30, 2022 EUR (€) lb | Jun. 30, 2022 PLN (zł) lb | |
Derivative [Line Items] | |||||||
Net derivative gains (losses) included in accumulated other comprehensive income, before tax | $ (43) | ||||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ (43) | ||||||
Cash Flow Hedging | Copper | |||||||
Derivative [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount | lb | 129,297 | 129,297 | 129,297 | 129,297 | 129,297 | ||
Derivative, Notional Amount | $ 530 | ||||||
Cash Flow Hedging | Foreign currency derivatives | Mexican Peso | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 775 | $ 15,586 | |||||
Cash Flow Hedging | Foreign currency derivatives | Chinese Yuan Renminbi | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 470 | ¥ 3,154 | |||||
Cash Flow Hedging | Foreign currency derivatives | Polish Zloty | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 140 | zł 633 | |||||
Cash Flow Hedging | Foreign currency derivatives | Euro Member Countries, Euro | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 165 | € 155 | |||||
Cash Flow Hedging | Foreign currency derivatives | Hungary, Forint | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 60 | zł 22,457 | |||||
Forecast [Member] | Cost of Sales [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 26 | $ 17 |
Derivatives And Hedging Activ_4
Derivatives And Hedging Activities Net Investment Hedges (Details) € in Millions, ¥ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Sep. 15, 2016 EUR (€) | Mar. 10, 2015 EUR (€) | |
Derivative [Line Items] | ||||||||
Settlement of derivatives | $ 4 | $ (9) | ||||||
Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (4) | $ 0 | (7) | (1) | ||||
Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) on net investment hedge, net of tax | (68) | 19 | (97) | (44) | ||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-Denominated Senior Notes, 1.500% Due 2025 | Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument designated as net investment hedge | € | € 700 | |||||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-denominated Senior Notes, 1.600% Due 2028 | Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument designated as net investment hedge | € | € 500 | |||||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-Denominated Senior Notes, 1.500% Due 2025 and Euro-Denominated Senior Notes, 1.600% Due 2028 | Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) on net investment hedge, net of tax | 68 | $ (19) | 97 | (44) | ||||
Net investment hedge gains (losses) included in accumulated other comprehensive income | 60 | 60 | $ (37) | |||||
Foreign exchange forward | China, Yuan Renminbi | Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | ¥ | ¥ 640 | |||||||
Settlement of derivatives | 4 | $ (9) | ||||||
Foreign exchange forward | United States of America, Dollars | Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 95 | $ 95 |
Derivatives And Hedging Activ_5
Derivatives And Hedging Activities Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Settlement of derivatives | $ 4 | $ (9) | ||
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (4) | $ 0 | $ (7) | $ (1) |
Derivatives And Hedging Activ_6
Derivatives And Hedging Activities Fair Value of Derivative Instruments in the Balance Sheet (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Derivatives, Fair Value [Line Items] | |||
Document Period End Date | Jun. 30, 2022 | ||
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | $ 38 | $ 52 | |
Gross amount of recognized liability derivatives | 89 | 35 | |
Designated as Hedging Instrument | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 0 | ||
Designated as Hedging Instrument | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 1 | ||
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 5 | ||
Gross amount of recognized liability derivatives | 1 | ||
Not Designated as Hedging Instrument | Commodity derivatives | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 5 | ||
Not Designated as Hedging Instrument | Commodity derivatives | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 0 | ||
Not Designated as Hedging Instrument | Foreign currency derivatives | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 0 | ||
Gross amount of recognized liability derivatives | 1 | ||
Net amount of derivative liability presented in the Balance Sheet | (1) | ||
Cash Flow Hedging | Designated as Hedging Instrument | Commodity derivatives | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 0 | 27 | |
Cash Flow Hedging | Designated as Hedging Instrument | Commodity derivatives | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 32 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Commodity derivatives | Other Long-Term Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 0 | 2 | |
Cash Flow Hedging | Designated as Hedging Instrument | Commodity derivatives | Other Long-Term Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 26 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 15 | 15 |
Gross amount of recognized liability derivatives | [1] | 5 | 9 |
Net amount of derivative asset presented in the Balance Sheet | [1] | 10 | 6 |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 14 | 5 |
Gross amount of recognized liability derivatives | [1] | 20 | 16 |
Net amount of derivative liability presented in the Balance Sheet | [1] | (6) | (11) |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives | Other Long-Term Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 7 | 2 |
Gross amount of recognized liability derivatives | [1] | 1 | 1 |
Net amount of derivative asset presented in the Balance Sheet | [1] | 6 | 1 |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives | Other Long-Term Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 2 | 1 |
Gross amount of recognized liability derivatives | [1] | 5 | 8 |
Net amount of derivative liability presented in the Balance Sheet | [1] | $ (3) | $ (7) |
[1]Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. |
Derivatives And Hedging Activ_7
Derivatives And Hedging Activities Effect of Derivative Instruments in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 12 | $ 20 | $ 23 | $ 39 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 87 | (25) | 39 | (37) |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion | 9 | 20 | 20 | 39 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (99) | 17 | (68) | 51 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion | 3 | 0 | 3 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 6 | 16 | 25 | 7 |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 6 | (8) | 4 | 7 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (4) | 0 | (7) | (1) |
Not Designated as Hedging Instrument | Commodity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1 | |||
Not Designated as Hedging Instrument | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (4) | $ 0 | $ (7) | $ (2) |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Fair Value, Net | $ 51 | $ 21 | |
Contingent consideration liability | $ 10 | ||
Total debt, recorded amount | 6,450 | 4,067 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | 10 | 10 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total debt, fair value | 5,372 | 4,297 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | 0 | 0 | |
Contingent Consideration Liability | Other Long-Term Liabilities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | $ 10 | ||
Contingent Consideration Liability | Other Current Liabilities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | $ 10 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments Unobservable Inputs Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset Impairment Charges | $ 3 | $ 3 | |
Investment Income, Dividend | $ 4 | ||
Tranche A Term Loan, Due 2026 | Loans Payable | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment Income, Dividend | 0 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 10 | ||
Fair value at end of period | 10 | 10 | |
Other Current Liabilities | Contingent Consideration Liability | Fair Value, Measurements, Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at end of period | 10 | 10 | |
Other Long-Term Liabilities | Contingent Consideration Liability | Fair Value, Measurements, Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | $ 10 | ||
Cost of Sales [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset Impairment Charges | $ 3 | $ 0 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration liability | $ 10 | ||||
Asset Impairment Charges | $ 3 | $ 3 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Publicly traded equity securities | 21 | 21 | $ 66 | ||
Assets, Fair Value Disclosure | 37 | 37 | 107 | ||
Contingent consideration liability | 10 | 10 | 10 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 77 | 77 | 30 | ||
Fair Value, Measurements, Recurring | Commodity derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 34 | ||||
Derivative Liability | 58 | 58 | |||
Fair Value, Measurements, Recurring | Foreign currency derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 16 | 16 | 7 | ||
Derivative Liability | 9 | 9 | 20 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Publicly traded equity securities | 21 | 21 | 66 | ||
Assets, Fair Value Disclosure | 21 | 21 | 66 | ||
Contingent consideration liability | 0 | 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Commodity derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liability | 0 | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Foreign currency derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Publicly traded equity securities | 0 | 0 | 0 | ||
Assets, Fair Value Disclosure | 16 | 16 | 41 | ||
Contingent consideration liability | 0 | 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 67 | 67 | 20 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commodity derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 34 | ||||
Derivative Liability | 58 | 58 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 16 | 16 | 7 | ||
Derivative Liability | 9 | 9 | 20 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Publicly traded equity securities | 0 | 0 | 0 | ||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Contingent consideration liability | 10 | 10 | 10 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10 | 10 | 10 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Commodity derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liability | 0 | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Foreign currency derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | 0 | ||
Derivative Liability | 0 | $ 0 | $ 0 | ||
Cost of Sales [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | 3 | $ 0 | |||
Tangible Asset Impairment Charges | (3) | ||||
Pre-tax charge to impair carrying value of Russian subsidiary's net assets to fair value | $ (51) |
Other Income, Net Table (Detail
Other Income, Net Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income | $ 7 | $ 2 | $ 9 | $ 5 |
Loss on modification of debt | 0 | (1) | 0 | (1) |
Components of net periodic benefit cost other than service cost (Note 9) | (3) | (9) | (7) | (14) |
Loss on change in fair value of publicly traded equity securities | (17) | 9 | (49) | 9 |
Other, net | (10) | (1) | (15) | 2 |
Other (expense) income, net | (25) | 0 | (64) | 1 |
Equity Securities, FV-NI, unrealized loss on securities held at period end | (16) | (45) | ||
Business Combination, Acquisition Related Costs | $ 2 | $ 0 | $ 2 | $ 0 |
Acquisitions And Divestitures o
Acquisitions And Divestitures of El-Com (Details) - USD ($) $ in Millions | Dec. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Contingent consideration liability | $ 10 | ||
Goodwill | $ 2,392 | $ 2,511 | |
El-Com | |||
Business Combination and Asset Acquisition [Abstract] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||
Business Combination, Consideration Transferred | $ 88 | ||
Business Acquisition [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 78 | ||
Contingent consideration liability | 10 | ||
Business Combination, Consideration Transferred | 88 | ||
Intangible assets | 35 | ||
Other assets purchased and liabilities assumed, net | 10 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 45 | ||
Goodwill | 43 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 88 | ||
El-Com | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Acquisitions And Divestitures A
Acquisitions And Divestitures Acquisition of Krono-Safe Automotive, SAS (Details) - USD ($) $ in Millions | Nov. 09, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Equity investments without readily determinable fair value | $ 65 | $ 30 | ||
Goodwill | $ 2,392 | $ 2,511 | ||
Krono-Safe [Member] | Advanced Safety and User Experience | ||||
Business Acquisition [Line Items] | ||||
Equity investments without readily determinable fair value | $ 6 | |||
Krono-Safe [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Business Combination, Consideration Transferred | $ 13 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 7 | |||
Goodwill | 9 | |||
Intangible assets | $ 4 |
Acquisitions And Divestitures_2
Acquisitions And Divestitures Acquisition of Ulti-Mate (Details) - USD ($) $ in Millions | Apr. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,392 | $ 2,511 | |
Ulti-Mate | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 45 | ||
Intangible assets | 17 | ||
Other assets purchased and liabilities assumed, net | 5 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 22 | ||
Goodwill | 23 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 45 | ||
Ulti-Mate | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Acquisitions And Divestitures_3
Acquisitions And Divestitures Acquisition of Wind River (Details) - Wind River $ in Millions | Jan. 10, 2022 USD ($) |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Business Combination, Consideration Transferred | $ 4,300 |
Acquisitions And Divestitures P
Acquisitions And Divestitures Planned Exit from Majority Owned Russian Subsidiary (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Net income attributable to noncontrolling interest | $ (27) | $ 3 | $ (26) | $ 8 |
Cash classified as assets held for sale | 26 | $ 0 | $ 26 | $ 0 |
Noncontrolling Shareholder in Russian Subsidiary | ||||
Business Acquisition [Line Items] | ||||
Net income attributable to noncontrolling interest | $ 25 |
Share-Based Compensation Long T
Share-Based Compensation Long Term Incentive Plan (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Apr. 27, 2022 | Apr. 26, 2022 | Apr. 30, 2021 | Apr. 29, 2021 | Apr. 23, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 23, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Document Period End Date | Jun. 30, 2022 | |||||||||||||
PLC Long Term Incentive Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Maximum Shares Available for Grant under PLC LTIP | 25,665,448 | |||||||||||||
PLC Long Term Incentive Plan | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Performance-Based Awards Payout % Range | 0% | |||||||||||||
PLC Long Term Incentive Plan | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Performance-Based Awards Payout % Range | 200% | 150% | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 791,000 | |||||||||||||
Grant Date Fair Value | $ 80 | $ 72 | $ 62 | $ 62 | $ 61 | |||||||||
Time-Based Awards % Granted For Officers | 40% | 25% | ||||||||||||
Time-Based Awards % Granted For Executives | 50% | |||||||||||||
Performance-Based Awards % Granted For Officers | 60% | 75% | ||||||||||||
Performance-Based Awards % Granted For Executives | 50% | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Board of Directors | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 23,387 | 17,589 | 48,745 | |||||||||||
Grant Date Fair Value | $ 2 | $ 3 | $ 3 | |||||||||||
RSU's Issued in Period, Gross | 15,633 | 41,896 | ||||||||||||
Fair Value of RSUs Vested in Period | $ 2 | $ 6 | ||||||||||||
RSU's, Used to Pay Witholding Taxes | (1,956) | (6,849) | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2018 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 630,000 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2019 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 710,000 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2020 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 750,000 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2021 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 440,000 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2022 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Granted | 590,000 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Time-Based | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Issued in Period, Gross | 354,600 | 449,426 | ||||||||||||
Fair Value of RSUs Vested in Period | $ 46 | $ 67 | ||||||||||||
RSU's, Used to Pay Witholding Taxes | 140,409 | 177,825 | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Performance-Based | 2018 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Issued in Period, Gross | 288,074 | |||||||||||||
Fair Value of RSUs Vested in Period | $ 43 | |||||||||||||
RSU's, Used to Pay Witholding Taxes | 121,609 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Performance-Based | 2019 Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
RSU's Issued in Period, Gross | 325,283 | |||||||||||||
Fair Value of RSUs Vested in Period | $ 42 | |||||||||||||
RSU's, Used to Pay Witholding Taxes | 136,143 |
Share-Based Compensation Weight
Share-Based Compensation Weighting for Components of Performance Based RSU Awards (Details) - PLC Long Term Incentive Plan - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance-Based Awards % Granted For Officers | 60% | 75% | ||
2020 - 2022 Grants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average return on net assets | [1] | 33% | ||
Cumulative net income | 33% | |||
Relative total shareholder return | [2] | 33% | ||
2018 - 2019 Grants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average return on net assets | [1] | 50% | ||
Cumulative net income | 25% | |||
Relative total shareholder return | [2] | 25% | ||
2018 Grant | Restricted Stock Units (RSUs) | Executives | Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Issued in Period, Gross | 288,074 | |||
Fair Value of RSUs Vested in Period | $ 43 | |||
RSU's, Used to Pay Witholding Taxes | 121,609 | |||
2019 Grant | Restricted Stock Units (RSUs) | Executives | Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Issued in Period, Gross | 325,283 | |||
Fair Value of RSUs Vested in Period | $ 42 | |||
RSU's, Used to Pay Witholding Taxes | 136,143 | |||
[1]Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period.[2]Relative total shareholder return is measured by comparing the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the end of the performance period to the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies. |
Share-Based Compensation Summar
Share-Based Compensation Summary of Activity for LTIP RSU's (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Apr. 27, 2022 | Apr. 26, 2022 | Apr. 30, 2021 | Apr. 29, 2021 | Apr. 23, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 36 | $ 45 | |||||||||||||
PLC Long Term Incentive Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
LTIP Nonvested, Weighted Average Grant Date Fair Value per share | $ 137.27 | $ 137.27 | $ 131.40 | ||||||||||||
LTIP Grants in Period, Weighted Average Grant Date Fair Value per share | 128.48 | ||||||||||||||
LTIP Vested in Period, Weighted Average Grant Date Fair Value per share | 96.95 | ||||||||||||||
LTIP RSUs, Forfeitures, Weighted Average Grant Date Fair Value per share | $ 137.89 | ||||||||||||||
Share-based Compensation Expense | $ 41 | $ 28 | $ 46 | 57 | |||||||||||
Share-based Compensation Expense, net of tax | 41 | $ 28 | 46 | 57 | |||||||||||
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 158 | $ 158 | |||||||||||||
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 36 | $ 45 | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
LTIP Shares, Nonvested, Number | 1,596,000 | 1,596,000 | 1,344,000 | ||||||||||||
RSU's Granted | 791,000 | ||||||||||||||
LTIP RSUs, Vested in Period | (371,000) | ||||||||||||||
LTIP RSUs, Forfeited in Period | (168,000) | ||||||||||||||
Grant Date Fair Value | $ 80 | $ 72 | $ 62 | $ 62 | $ 61 | ||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Board of Directors | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU's Granted | 23,387 | 17,589 | 48,745 | ||||||||||||
RSU's Issued in Period, Gross | 15,633 | 41,896 | |||||||||||||
Fair Value of RSUs Vested in Period | $ 2 | $ 6 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Withheld for Taxes in Period | 1,956 | 6,849 | |||||||||||||
Grant Date Fair Value | $ 2 | $ 3 | $ 3 | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2018 Grant | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU's Granted | 630,000 | ||||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Time-Based | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU's Issued in Period, Gross | 354,600 | 449,426 | |||||||||||||
Fair Value of RSUs Vested in Period | $ 46 | $ 67 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Withheld for Taxes in Period | (140,409) | (177,825) | |||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Performance-Based | 2018 Grant | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU's Issued in Period, Gross | 288,074 | ||||||||||||||
Fair Value of RSUs Vested in Period | $ 43 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Withheld for Taxes in Period | (121,609) |
Segment Reporting Reconciliatio
Segment Reporting Reconciliation of Sales and Operating Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 4,057 | $ 3,807 | $ 8,235 | $ 7,830 |
Depreciation and amortization | 193 | 197 | 384 | 390 |
Adjusted operating income (loss) | 213 | 338 | 537 | 812 |
Operating income (loss) | 97 | 285 | 353 | 714 |
Equity loss, net of tax | (72) | (53) | (135) | (95) |
Net income attributable to noncontrolling interest | (27) | 3 | (26) | 8 |
Operating Segments | Signal and Power Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,039 | 2,846 | 6,145 | 5,868 |
Depreciation and amortization | 148 | 153 | 294 | 302 |
Adjusted operating income (loss) | 243 | 313 | 551 | 719 |
Operating income (loss) | 136 | 265 | 393 | 637 |
Equity loss, net of tax | 4 | 2 | 8 | 5 |
Net income attributable to noncontrolling interest | (27) | 3 | (26) | 8 |
Operating Segments | Advanced Safety and User Experience | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,026 | 970 | 2,108 | 1,981 |
Depreciation and amortization | 45 | 44 | 90 | 88 |
Adjusted operating income (loss) | (30) | 25 | (14) | 93 |
Operating income (loss) | (39) | 20 | (40) | 77 |
Equity loss, net of tax | (76) | (55) | (143) | (100) |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (8) | (9) | (18) | (19) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Adjusted operating income (loss) | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Equity loss, net of tax | 0 | 0 | 0 | 0 |
Net income attributable to noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting Reconciliat_2
Segment Reporting Reconciliation of Adjusted OI to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Adjusted operating income (loss) | $ 213 | $ 338 | $ 537 | $ 812 |
Amortization of intangible assets | 38 | 37 | 75 | 74 |
Restructuring Charges | 19 | 14 | 41 | 20 |
Other acquisition and portfolio project costs | 2 | 2 | 11 | 4 |
Asset Impairment Charges | 3 | 3 | ||
Other charges related to Ukraine/Russia conflict | 54 | 54 | ||
Operating income | 97 | 285 | 353 | 714 |
Interest Expense | (56) | (38) | (99) | (78) |
Other (expense) income, net | (25) | 0 | (64) | 1 |
Income before income taxes and equity loss | 16 | 247 | 190 | 637 |
Income tax expense | (16) | (28) | (37) | (76) |
Equity loss, net of tax | (72) | (53) | (135) | (95) |
Net (loss) income | (72) | 166 | 18 | 466 |
Net (loss) income attributable to noncontrolling interest | (27) | 3 | (26) | 8 |
Net income attributable to Aptiv | (45) | 163 | 44 | 458 |
Signal and Power Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 13 | 11 | 22 | 9 |
Advanced Safety and User Experience | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 6 | 3 | 19 | 11 |
Operating Segments | Signal and Power Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income (loss) | 243 | 313 | 551 | 719 |
Amortization of intangible assets | 37 | 36 | 72 | 71 |
Restructuring Charges | 13 | 11 | 22 | 9 |
Other acquisition and portfolio project costs | 0 | 1 | 7 | 2 |
Asset Impairment Charges | 3 | 3 | ||
Other charges related to Ukraine/Russia conflict | 54 | 54 | ||
Operating income | 136 | 265 | 393 | 637 |
Equity loss, net of tax | 4 | 2 | 8 | 5 |
Operating Segments | Advanced Safety and User Experience | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating income (loss) | (30) | 25 | (14) | 93 |
Amortization of intangible assets | 1 | 1 | 3 | 3 |
Restructuring Charges | 6 | 3 | 19 | 11 |
Other acquisition and portfolio project costs | 2 | 1 | 4 | 2 |
Asset Impairment Charges | 0 | 0 | ||
Other charges related to Ukraine/Russia conflict | 0 | 0 | ||
Operating income | (39) | 20 | (40) | 77 |
Equity loss, net of tax | $ (76) | $ (55) | $ (143) | $ (100) |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 4,057 | $ 3,807 | $ 8,235 | $ 7,830 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,579 | 1,291 | 3,089 | 2,672 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,289 | 1,338 | 2,622 | 2,779 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,090 | 1,106 | 2,337 | 2,241 |
South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 99 | 72 | 187 | 138 |
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (8) | (9) | (18) | (19) |
Intersegment Eliminations | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (2) | (1) | (4) | (3) |
Intersegment Eliminations | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (2) | (3) | (5) | (6) |
Intersegment Eliminations | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (4) | (5) | (9) | (10) |
Intersegment Eliminations | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Advanced Safety and User Experience | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,026 | 970 | 2,108 | 1,981 |
Advanced Safety and User Experience | Operating Segments | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 335 | 283 | 670 | 596 |
Advanced Safety and User Experience | Operating Segments | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 479 | 442 | 972 | 893 |
Advanced Safety and User Experience | Operating Segments | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 212 | 245 | 466 | 492 |
Advanced Safety and User Experience | Operating Segments | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Signal and Power Solutions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3,039 | 2,846 | 6,145 | 5,868 |
Signal and Power Solutions | Operating Segments | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,246 | 1,009 | 2,423 | 2,079 |
Signal and Power Solutions | Operating Segments | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 812 | 899 | 1,655 | 1,892 |
Signal and Power Solutions | Operating Segments | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 882 | 866 | 1,880 | 1,759 |
Signal and Power Solutions | Operating Segments | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 99 | $ 72 | $ 187 | $ 138 |
Revenue Costs to Obtain a Contr
Revenue Costs to Obtain a Contract (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Capitalized upfront fees | $ 75 | $ 75 | $ 92 | ||
Capitalized upfront fees (Note 20) | 25 | 25 | 34 | ||
Capitalized upfront fees (Note 20) | 50 | 50 | $ 58 | ||
Capitalized upfront fees, amortization | $ 6 | $ 8 | $ 13 | $ 14 |
Investments in Affiliates Narra
Investments in Affiliates Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Mar. 15, 2022 USD ($) | Mar. 15, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 1,863 | $ 1,863 | $ 1,797 | ||||
TTTech Auto AG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 20% | 20% | |||||
Equity Method Investments | 207 | 207 | |||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 149 | $ 149 | |||||
Motional, Inc. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | |||||
Autonomous Driving Joint Venture [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years | |||||
Lease Income | $ 1 | $ 1 | $ 2 | $ 2 | |||
Euro Member Countries, Euro | TTTech Auto AG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments to Acquire Equity Method Investments | € | € 200 | ||||||
United States of America, Dollars | TTTech Auto AG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments to Acquire Equity Method Investments | $ 220 |
Investments in Affiliates Equit
Investments in Affiliates Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 4,057 | $ 3,807 | $ 8,235 | $ 7,830 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (72) | 166 | 18 | 466 |
Motional, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Gross Profit | (95) | (69) | (186) | (151) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (145) | $ (110) | $ (280) | $ (200) |
Investments in Affiliates Techn
Investments in Affiliates Technology Investments (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity investments without readily determinable fair value | $ 65 | $ 30 | |||||
Equity Securities, FV-NI, Noncurrent | 21 | 66 | |||||
Equity investments (Note 21) | 86 | 96 | |||||
Payments to Acquire Interest in Joint Venture | 41 | $ 1 | |||||
Equity Securities, FV-NI, Restricted | 2 | ||||||
Otonomo | Advanced Safety and User Experience | |||||||
Equity Securities, FV-NI, Noncurrent | 10 | 39 | |||||
Proceeds from Sale of Other Investments | 3 | ||||||
Payments to Acquire Interest in Joint Venture | $ 3 | $ 15 | |||||
Valens Semiconductor | Signal and Power Solutions | |||||||
Equity Securities, FV-NI, Noncurrent | 8 | 16 | |||||
Quanergy | Advanced Safety and User Experience | |||||||
Equity investments without readily determinable fair value | 0 | 6 | |||||
Proceeds from Sale of Other Investments | 3 | ||||||
Payments to Acquire Interest in Joint Venture | $ 3 | $ 3 | |||||
Leddartech | Advanced Safety and User Experience | |||||||
Equity investments without readily determinable fair value | 19 | 19 | |||||
Other [Member] | Advanced Safety and User Experience | |||||||
Equity investments without readily determinable fair value | 6 | 5 | |||||
Smart Eye | Advanced Safety and User Experience | |||||||
Equity Securities, FV-NI, Noncurrent | 3 | 11 | |||||
Innoviz Technologies | Advanced Safety and User Experience | |||||||
Proceeds from Sale of Other Investments | 18 | ||||||
Payments to Acquire Interest in Joint Venture | $ 15 | ||||||
Stradvision | Advanced Safety and User Experience | |||||||
Equity investments without readily determinable fair value | 40 | $ 0 | |||||
Stradvision | Advanced Safety and User Experience | Korea (South), Won | |||||||
Equity investments without readily determinable fair value | 50,000 | ||||||
Stradvision | Advanced Safety and User Experience | United States of America, Dollars | |||||||
Equity investments without readily determinable fair value | $ 40 |