Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, $0.01 par value per share | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Document Fiscal Year Focus | 2024 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 2024 | |
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 | |
Title of 12(b) Security | Ordinary Shares, $0.01 par value per share | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
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 | 265,760,092 | |
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 | |
Euro-Denominated Senior Notes, 4.250% Due 2036 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.250% Senior Notes due 2036 | |
Trading Symbol | APTV | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 4.250% Senior Notes due 2036 | |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 5,051 | $ 5,200 | $ 9,952 | $ 10,018 |
Operating expenses: | ||||
Cost of sales | 4,083 | 4,336 | 8,106 | 8,394 |
Selling, general and administrative | 405 | 353 | 771 | 695 |
Amortization | 52 | 59 | 106 | 118 |
Restructuring (Note 7) | 70 | 42 | 109 | 53 |
Total operating expenses | 4,610 | 4,790 | 9,092 | 9,260 |
Operating income | 441 | 410 | 860 | 758 |
Interest expense | (64) | (72) | (129) | (139) |
Other income, net | 10 | 11 | 25 | 10 |
Gain on Motional transactions | 641 | 0 | 641 | 0 |
Income before income taxes and equity loss | 1,028 | 349 | 1,397 | 629 |
Income tax expense | (51) | (30) | (127) | (64) |
Income before equity loss | 977 | 319 | 1,270 | 565 |
Equity loss, net of tax | (34) | (73) | (103) | (155) |
Net income | 943 | 246 | 1,167 | 410 |
Net income attributable to noncontrolling interest | 5 | 4 | 11 | 7 |
Net loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (1) |
Net income attributable to Aptiv | 938 | 242 | 1,156 | 404 |
Mandatory convertible preferred share dividends (Note 12) | 0 | 13 | 0 | 29 |
Net income attributable to ordinary shareholders | $ 938 | $ 229 | $ 1,156 | $ 375 |
Basic net income per share: | ||||
Basic net income per share attributable to ordinary shareholders | $ 3.47 | $ 0.84 | $ 4.24 | $ 1.38 |
Weighted average number of basic shares outstanding | 270,190 | 272,690 | 272,690 | 271,860 |
Diluted net income per share (Note 12): | ||||
Diluted net income per share attributable to ordinary shareholders | $ 3.47 | $ 0.84 | $ 4.24 | $ 1.38 |
Weighted average number of diluted shares outstanding | 270,430 | 272,770 | 272,870 | 271,970 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 943 | $ 246 | $ 1,167 | $ 410 |
Other comprehensive (loss) income: | ||||
Currency translation adjustments | (87) | (39) | (158) | (22) |
Net change in unrecognized gain on derivative instruments, net of tax (Note 14) | (101) | 54 | (86) | 148 |
Employee benefit plans adjustment, net of tax | (1) | 1 | (1) | 1 |
Other comprehensive (loss) income | (187) | 14 | (243) | 125 |
Comprehensive income | 756 | 260 | 924 | 535 |
Comprehensive income attributable to noncontrolling interests | 6 | 1 | 11 | 4 |
Comprehensive (loss) income attributable to redeemable noncontrolling interest | (2) | 0 | (4) | 1 |
Comprehensive income attributable to Aptiv | $ 752 | $ 259 | $ 917 | $ 530 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,409 | $ 1,640 |
Short-term investments (Note 2) | 748 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $49 million and $52 million, respectively (Note 2) | 3,592 | 3,546 |
Inventories (Note 3) | 2,370 | 2,365 |
Other current assets (Note 4) | 710 | 696 |
Total current assets | 8,829 | 8,247 |
Long-term assets: | ||
Property, net | 3,731 | 3,785 |
Operating lease, right-of-use assets | 515 | 540 |
Investments in affiliates (Note 21) | 1,506 | 1,443 |
Intangible assets, net (Note 2) | 2,263 | 2,399 |
Goodwill (Note 2) | 5,078 | 5,151 |
Other long-term assets (Note 4) | 2,829 | 2,862 |
Total long-term assets | 15,922 | 16,180 |
Total assets | 24,751 | 24,427 |
Current liabilities: | ||
Short-term debt (Note 8) | 1,475 | 9 |
Accounts payable | 2,915 | 3,151 |
Accrued liabilities (Note 5) | 1,518 | 1,648 |
Total current liabilities | 5,908 | 4,808 |
Long-term liabilities: | ||
Long-term debt (Note 8) | 5,504 | 6,204 |
Pension benefit obligations | 407 | 417 |
Long-term operating lease liabilities | 437 | 453 |
Other long-term liabilities (Note 5) | 725 | 701 |
Total long-term liabilities | 7,073 | 7,775 |
Total liabilities | 12,981 | 12,583 |
Commitments and contingencies (Note 10) | ||
Redeemable noncontrolling interest (Note 2) | 95 | 99 |
Shareholders' equity: | ||
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 266,704,200 and 279,033,365 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 3 | 3 |
Additional paid-in capital | 3,947 | 4,028 |
Retained earnings | 8,401 | 8,162 |
Accumulated other comprehensive loss (Note 13) | (884) | (645) |
Total Aptiv shareholders' equity | 11,467 | 11,548 |
Noncontrolling interest | 208 | 197 |
Total shareholders' equity | 11,675 | 11,745 |
Total liabilities, redeemable noncontrolling interest and shareholders' equity | $ 24,751 | $ 24,427 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 81 | $ 52 |
Preferred shares, par value per share | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 50,000,000 | 50,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Ordinary shares, par value per share | $ 0.01 | $ 0.01 |
Ordinary shares, authorized | 1,200,000,000 | 1,200,000,000 |
Ordinary shares, outstanding | 266,704,200 | 279,033,365 |
Ordinary shares, issued | 266,704,200 | 279,033,365 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||||
Net income | $ 943 | $ 246 | $ 1,167 | $ 410 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 372 | 322 | |||
Amortization | 52 | 59 | 106 | 118 | |
Amortization of deferred debt issuance costs | 4 | 5 | |||
Restructuring expense, net of cash paid | (34) | 0 | |||
Deferred income taxes | 31 | (17) | |||
Pension and other postretirement benefit expenses | 23 | 22 | |||
Loss from equity method investments, net of dividends received | 110 | 160 | |||
Loss on sale of assets | 1 | 1 | |||
Share-based compensation | 57 | 51 | |||
Gain on Motional transactions | 641 | 0 | 641 | 0 | |
Changes in operating assets and liabilities: | |||||
Accounts receivable, net | (46) | (295) | |||
Inventories | (5) | (35) | |||
Other assets | (30) | (85) | |||
Accounts payable | (110) | (43) | |||
Accrued and other long-term liabilities | (83) | (65) | |||
Other, net | (22) | (9) | |||
Pension contributions | (13) | (14) | |||
Net cash provided by operating activities | 887 | 526 | |||
Cash flows from investing activities: | |||||
Capital expenditures | (491) | (491) | |||
Proceeds from sale of property | 2 | 3 | |||
Proceeds from business divestitures, net of cash sold | 0 | (17) | |||
Cost of business acquisitions and other transactions, net of cash acquired | 0 | (83) | |||
Cost of technology investments | (40) | (1) | |||
Proceeds from the sale of equity method investment | 448 | 0 | |||
Purchase of short-term investments | (748) | 0 | |||
Settlement of derivatives | 0 | (1) | |||
Net cash used in investing activities | (829) | (590) | |||
Cash flows from financing activities: | |||||
Net repayments under other short-term debt agreements | (11) | (8) | |||
Net repayments under other long-term debt agreements | 0 | (2) | |||
Proceeds from issuance of senior notes, net of issuance costs | 798 | 0 | |||
Contingent consideration payments | 0 | 10 | |||
Repurchase of ordinary shares | (1,030) | (98) | |||
Distribution of mandatory convertible preferred share cash dividends | 0 | (32) | |||
Taxes withheld and paid on employees' restricted share awards | (21) | (31) | |||
Net cash used in by financing activities | (264) | (181) | |||
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (25) | (8) | |||
Decrease in cash, cash equivalents and restricted cash | (231) | (253) | |||
Cash, cash equivalents and restricted cash at beginning of period | 1,640 | 1,555 | $ 1,555 | ||
Cash, cash equivalents and restricted cash at end of period | 1,409 | 1,302 | $ 1,409 | $ 1,302 | $ 1,640 |
Capital expenditures included in accounts payable | $ 167 | $ 217 |
Consolidated Statement Of Redee
Consolidated Statement Of Redeemable Noncontrolling Interest and Shareholders' Equity - USD ($) $ in Millions | Total | North America | EMEA | Asia Pacific | South America | Signal and Power Solutions | Advanced Safety and User Experience | Operating Segments Signal and Power Solutions | Operating Segments Signal and Power Solutions North America | Operating Segments Signal and Power Solutions EMEA | Operating Segments Signal and Power Solutions Asia Pacific | Operating Segments Signal and Power Solutions South America | Operating Segments Advanced Safety and User Experience | Operating Segments Advanced Safety and User Experience North America | Operating Segments Advanced Safety and User Experience EMEA | Operating Segments Advanced Safety and User Experience Asia Pacific | Operating Segments Advanced Safety and User Experience South America | Intersegment Eliminations | Intersegment Eliminations North America | Intersegment Eliminations EMEA | Intersegment Eliminations Asia Pacific | Intersegment Eliminations South America | Ordinary Shares | Preferred Shares | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Parent | Noncontrolling Interest | Redeemable Noncontrolling Interest |
Redeemable noncontrolling interest | $ 96 | |||||||||||||||||||||||||||||
Conversion of MCPS to ordinary shares | (12,000,000) | |||||||||||||||||||||||||||||
Conversion of MCPS to ordinary shares | 12,000,000 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 8,998 | $ 3 | $ 0 | $ 3,989 | $ 5,608 | $ (791) | $ 8,809 | $ 189 | ||||||||||||||||||||||
Balance, in shares at Dec. 31, 2022 | 271,000,000 | 12,000,000 | ||||||||||||||||||||||||||||
Net income attributable to Aptiv | 404 | 404 | 404 | |||||||||||||||||||||||||||
Other comprehensive (loss) income | 123 | 126 | 126 | (3) | 2 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 7 | 7 | (1) | |||||||||||||||||||||||||||
Mandatory convertible preferred share cumulative dividends | (29) | (29) | (29) | |||||||||||||||||||||||||||
Taxes witheld on employees' restricted share award vestings | (31) | (31) | (31) | |||||||||||||||||||||||||||
Repurchases of ordinary shares | $ (98) | (8) | (90) | (98) | ||||||||||||||||||||||||||
Repurchase of ordinary shares, in shares | (872,774) | (1,000,000) | ||||||||||||||||||||||||||||
Share-based compensation, in shares | 1,000,000 | |||||||||||||||||||||||||||||
Share based compensation | $ 51 | 51 | 51 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | 9,425 | $ 3 | $ 0 | 4,001 | 5,893 | (665) | 9,232 | 193 | ||||||||||||||||||||||
Balance, in shares at Jun. 30, 2023 | 283,000,000 | 0 | ||||||||||||||||||||||||||||
Net sales | 10,018 | $ 3,712 | $ 3,469 | $ 2,630 | $ 207 | $ 7,143 | $ 2,725 | $ 2,082 | $ 2,129 | $ 207 | $ 2,898 | $ 990 | $ 1,395 | $ 513 | $ 0 | $ (23) | $ (3) | $ (8) | $ (12) | $ 0 | ||||||||||
Depreciation and amortization | 440 | 304 | 136 | 0 | ||||||||||||||||||||||||||
Adjusted operating income | 967 | 766 | 201 | 0 | ||||||||||||||||||||||||||
Operating income (loss) | 758 | 659 | 99 | 0 | ||||||||||||||||||||||||||
Equity loss, net of tax | (155) | 7 | (162) | 0 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 7 | 7 | 0 | 0 | ||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (1) | (1) | 0 | 0 | ||||||||||||||||||||||||||
Amortization of Intangible Assets | (118) | (72) | (46) | |||||||||||||||||||||||||||
Restructuring | (53) | $ (15) | $ (38) | (15) | (38) | |||||||||||||||||||||||||
Other acquisition and portfolio project costs | (25) | (20) | (5) | |||||||||||||||||||||||||||
Compensation expense related to acquisitions | (13) | 0 | (13) | |||||||||||||||||||||||||||
Interest expense | (139) | |||||||||||||||||||||||||||||
Other income, net | 10 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 629 | |||||||||||||||||||||||||||||
Income tax expense | (64) | |||||||||||||||||||||||||||||
Net income | 410 | |||||||||||||||||||||||||||||
Gain on Motional transactions | 0 | |||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 97 | |||||||||||||||||||||||||||||
Conversion of MCPS to ordinary shares | (12,000,000) | |||||||||||||||||||||||||||||
Conversion of MCPS to ordinary shares | 12,000,000 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | 9,175 | $ 3 | $ 0 | 3,972 | 5,690 | (682) | 8,983 | 192 | ||||||||||||||||||||||
Balance, in shares at Mar. 31, 2023 | 271,000,000 | 12,000,000 | ||||||||||||||||||||||||||||
Net income attributable to Aptiv | 242 | 242 | 242 | |||||||||||||||||||||||||||
Other comprehensive (loss) income | 14 | 17 | 17 | (3) | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 4 | 4 | ||||||||||||||||||||||||||||
Mandatory convertible preferred share cumulative dividends | (13) | (13) | (13) | |||||||||||||||||||||||||||
Taxes witheld on employees' restricted share award vestings | (1) | (1) | (1) | |||||||||||||||||||||||||||
Repurchases of ordinary shares | $ (28) | (2) | (26) | (28) | ||||||||||||||||||||||||||
Repurchase of ordinary shares, in shares | (269,003) | (1,000,000) | ||||||||||||||||||||||||||||
Share-based compensation, in shares | 1,000,000 | |||||||||||||||||||||||||||||
Share based compensation | $ 32 | 32 | 32 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | 9,425 | $ 3 | $ 0 | 4,001 | 5,893 | (665) | 9,232 | 193 | ||||||||||||||||||||||
Balance, in shares at Jun. 30, 2023 | 283,000,000 | 0 | ||||||||||||||||||||||||||||
Net sales | 5,200 | 1,934 | 1,758 | 1,394 | 114 | 3,679 | 1,402 | 1,037 | 1,126 | 114 | 1,532 | 534 | 725 | 273 | 0 | (11) | (2) | (4) | (5) | 0 | ||||||||||
Depreciation and amortization | 224 | 155 | 69 | 0 | ||||||||||||||||||||||||||
Adjusted operating income | 530 | 392 | 138 | 0 | ||||||||||||||||||||||||||
Operating income (loss) | 410 | 340 | 70 | 0 | ||||||||||||||||||||||||||
Equity loss, net of tax | (73) | 4 | (77) | 0 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 4 | 4 | 0 | 0 | ||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | 0 | |||||||||||||||||||||||||||||
Amortization of Intangible Assets | (59) | (36) | (23) | |||||||||||||||||||||||||||
Restructuring | (42) | (27) | (8) | (34) | (8) | (34) | ||||||||||||||||||||||||
Other acquisition and portfolio project costs | (11) | (8) | (3) | |||||||||||||||||||||||||||
Compensation expense related to acquisitions | (8) | 0 | (8) | |||||||||||||||||||||||||||
Interest expense | (72) | |||||||||||||||||||||||||||||
Other income, net | 11 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 349 | |||||||||||||||||||||||||||||
Income tax expense | (30) | |||||||||||||||||||||||||||||
Net income | 246 | |||||||||||||||||||||||||||||
Gain on Motional transactions | 0 | |||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 97 | |||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 99 | 99 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | 11,745 | $ 3 | $ 0 | 4,028 | 8,162 | (645) | 11,548 | 197 | ||||||||||||||||||||||
Balance, in shares at Dec. 31, 2023 | 279,000,000 | 0 | ||||||||||||||||||||||||||||
Net income attributable to Aptiv | 1,156 | 1,156 | 1,156 | |||||||||||||||||||||||||||
Other comprehensive (loss) income | (239) | (239) | (239) | 0 | (4) | |||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 11 | 11 | 0 | |||||||||||||||||||||||||||
Taxes witheld on employees' restricted share award vestings | (21) | (21) | (21) | |||||||||||||||||||||||||||
Repurchases of ordinary shares | $ (1,034) | (117) | (917) | (1,034) | ||||||||||||||||||||||||||
Repurchase of ordinary shares, in shares | (12,720,092) | (13,000,000) | ||||||||||||||||||||||||||||
Share-based compensation, in shares | 1,000,000 | |||||||||||||||||||||||||||||
Share based compensation | $ 57 | 57 | 57 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2024 | 11,675 | $ 3 | $ 0 | 3,947 | 8,401 | (884) | 11,467 | 208 | ||||||||||||||||||||||
Balance, in shares at Jun. 30, 2024 | 267,000,000 | 0 | ||||||||||||||||||||||||||||
Net sales | 9,952 | 3,693 | 3,419 | 2,658 | 182 | 6,999 | 2,655 | 2,020 | 2,142 | 182 | 2,983 | 1,044 | 1,407 | 532 | 0 | (30) | (6) | (8) | (16) | 0 | ||||||||||
Depreciation and amortization | 478 | 323 | 155 | 0 | ||||||||||||||||||||||||||
Adjusted operating income | 1,150 | 825 | 325 | 0 | ||||||||||||||||||||||||||
Operating income (loss) | 860 | 651 | 209 | 0 | ||||||||||||||||||||||||||
Equity loss, net of tax | (103) | 8 | (111) | 0 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 11 | 11 | 0 | 0 | ||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | 0 | |||||||||||||||||||||||||||||
Amortization of Intangible Assets | (106) | (62) | (44) | |||||||||||||||||||||||||||
Restructuring | (109) | (76) | (33) | (76) | (33) | |||||||||||||||||||||||||
Other acquisition and portfolio project costs | (53) | (36) | (17) | |||||||||||||||||||||||||||
Compensation expense related to acquisitions | (8) | 0 | (8) | |||||||||||||||||||||||||||
Interest expense | (129) | |||||||||||||||||||||||||||||
Other income, net | 25 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,397 | |||||||||||||||||||||||||||||
Income tax expense | (127) | |||||||||||||||||||||||||||||
Net income | 1,167 | |||||||||||||||||||||||||||||
Gain on Motional transactions | 641 | 0 | 641 | 0 | ||||||||||||||||||||||||||
Asset Impairment Charges | 14 | 0 | 14 | |||||||||||||||||||||||||||
Redeemable noncontrolling interest | 97 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2024 | 11,322 | $ 3 | $ 0 | 3,968 | 7,847 | (698) | 11,120 | 202 | ||||||||||||||||||||||
Balance, in shares at Mar. 31, 2024 | 272,000,000 | 0 | ||||||||||||||||||||||||||||
Net income attributable to Aptiv | 938 | 938 | 938 | |||||||||||||||||||||||||||
Other comprehensive (loss) income | (185) | (186) | (186) | 1 | (2) | |||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 5 | 5 | ||||||||||||||||||||||||||||
Taxes witheld on employees' restricted share award vestings | (1) | (1) | (1) | |||||||||||||||||||||||||||
Repurchases of ordinary shares | $ (434) | (50) | (384) | (434) | ||||||||||||||||||||||||||
Repurchase of ordinary shares, in shares | (5,372,682) | (6,000,000) | ||||||||||||||||||||||||||||
Share-based compensation, in shares | 1,000,000 | |||||||||||||||||||||||||||||
Share based compensation | $ 30 | 30 | 30 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2024 | 11,675 | $ 3 | $ 0 | $ 3,947 | $ 8,401 | $ (884) | $ 11,467 | $ 208 | ||||||||||||||||||||||
Balance, in shares at Jun. 30, 2024 | 267,000,000 | 0 | ||||||||||||||||||||||||||||
Net sales | 5,051 | $ 1,877 | $ 1,707 | $ 1,373 | $ 94 | 3,512 | $ 1,325 | $ 997 | $ 1,096 | $ 94 | 1,554 | $ 554 | $ 714 | $ 286 | $ 0 | (15) | $ (2) | $ (4) | $ (9) | $ 0 | ||||||||||
Depreciation and amortization | 248 | 162 | 86 | 0 | ||||||||||||||||||||||||||
Adjusted operating income | 606 | 436 | 170 | 0 | ||||||||||||||||||||||||||
Operating income (loss) | 441 | 334 | 107 | 0 | ||||||||||||||||||||||||||
Equity loss, net of tax | (34) | 4 | (38) | 0 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 5 | 5 | 0 | 0 | ||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | 0 | |||||||||||||||||||||||||||||
Amortization of Intangible Assets | (52) | (31) | (21) | |||||||||||||||||||||||||||
Restructuring | (70) | $ (54) | $ (16) | (54) | (16) | |||||||||||||||||||||||||
Other acquisition and portfolio project costs | (25) | (17) | (8) | |||||||||||||||||||||||||||
Compensation expense related to acquisitions | (4) | 0 | (4) | |||||||||||||||||||||||||||
Interest expense | (64) | |||||||||||||||||||||||||||||
Other income, net | 10 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,028 | |||||||||||||||||||||||||||||
Income tax expense | (51) | |||||||||||||||||||||||||||||
Net income | 943 | |||||||||||||||||||||||||||||
Gain on Motional transactions | 641 | 0 | 641 | $ 0 | ||||||||||||||||||||||||||
Asset Impairment Charges | 14 | $ 0 | $ 14 | |||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ 95 | $ 95 |
General
General | 6 Months Ended |
Jun. 30, 2024 | |
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. The Company’s ordinary shares are publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “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 2023 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, 2024 | |
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 six months ended June 30, 2024 and 2023, Aptiv received dividends of $7 million and $5 million, respectively, from its equity method investments. The dividends were recognized as a reduction to the investment and represented a return on investment included in cash flows from operating activities. Aptiv’s investments in publicly traded equity securities totaled $16 million and $14 million as of June 30, 2024 and December 31, 2023, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s non-publicly traded investments totaled $91 million and $51 million as of June 30, 2024 and December 31, 2023, 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 investments. In 2022, the Company acquired 85% of the equity interests of Intercable Automotive Solutions S.r.l. (“Intercable Automotive”). Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 15% of Intercable Automotive for cash at a contractually defined value beginning in 2026. As a result of this redemption feature, the Company recorded the redeemable noncontrolling interest at its acquisition-date fair value to temporary equity in the consolidated balance sheet. The redeemable noncontrolling interest is adjusted each reporting period for the income (loss) attributable to the noncontrolling interest, and for any measurement period adjustments necessary to record the redeemable noncontrolling interest at the higher of its redemption value, assuming it was redeemable at the reporting date, or its carrying value. Any measurement period adjustments are recorded to retained earnings, with a corresponding increase or reduction to net income attributable to Aptiv. Redeemable noncontrolling interest was $95 million and $99 million as of June 30, 2024 and December 31, 2023, respectively. 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, redeemable noncontrolling interest, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, 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 for production parts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. Substantially all of the Company's revenue is generated from the sale of manufactured production parts, wherein there is a single performance obligation. Transfer of control and revenue recognition for the Company’s sales of production parts generally occurs upon shipment or delivery of the product, which is when title, ownership, and risk of loss pass to the customer and is based on the applicable customer shipping terms. Revenue is measured based on the transaction price and the quantity of parts specified in a contract with a customer. Refer to Note 20. Revenue for further detail of the Company’s accounting for its revenue from sales of production parts. Customer contracts for software licenses are generally represented by a sales contract or purchase order with contract durations typically ranging from one to three years. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue from software licenses and professional software services is generally recognized at a point in time upon delivery or when the services are provided. Revenue from post delivery support and maintenance for software contracts is generally recognized over time on a ratable basis over the contract term. Certain software license contracts contain multiple performance obligations, for which the Company allocates the contract’s transaction price to each performance obligation based on the estimated relative standalone selling price of each distinct performance obligation in the contract. The standalone selling prices are generally determined based on observable inputs, such as the prices of standalone sales and historical contract pricing. Under certain of these arrangements, timing may differ between revenue recognition and billing. Refer to Note 20. Revenue for further detail of the Company’s accounting for its revenue from contracts with customers, including contract balances associated with software sales. From time to time, Aptiv enters into pricing agreements with its customers that provide for price reductions on production parts, some of which are conditional upon achieving certain joint cost saving targets, which are accounted for as variable consideration. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment if available, or in the event the Company concludes that a portion of the revenue for a given part may vary from the purchase order and requires estimation, the Company records consideration at the most likely amount that the Company expects to be entitled to based on historical experience and input from customer negotiations. 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 per share —Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income 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. Prior to the conversion of the 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) into ordinary shares in June 2023, the if-converted method was used to determine if the impact of the conversion of the MCPS into ordinary shares was more dilutive than the MCPS dividends to net income per share. If so, the MCPS were assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares were included in the denominator and the MCPS dividends were 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 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. Short-term investments —Short-term investments are comprised of term deposits with original maturities greater than three months, for which book value approximates fair value. As described further in Note 8. Debt, these short-term investments are anticipated to be utilized to redeem the €700 million in aggregate principal amount of 1.50% Euro-denominated senior unsecured notes due 2025 (the “2015 Euro-denominated Senior Notes”) prior to their maturity. 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, software licenses 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 (“ASC 326”). As of June 30, 2024 and December 31, 2023, the Company reported $3,592 million and $3,546 million, respectively, of accounts receivable, net of the allowances, which includes the allowance for doubtful accounts of $81 million and $52 million, respectively. During the six months ended June 30, 2024, the Company recorded bad debt expense totaling approximately $37 million, primarily related to a supply relationship in Europe. Other changes in the allowance for doubtful accounts were not material for the six months ended June 30, 2024. Inventories —As of June 30, 2024 and December 31, 2023, 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 net realizable 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 as purchases are made. Intangible assets —Intangible assets were $2,263 million and $2,399 million as of June 30, 2024 and December 31, 2023, respectively. The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company 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 $52 million and $106 million for the three and six months ended June 30, 2024, respectively, and $59 million and $118 million for the three and six months ended June 30, 2023, 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, 2024 and 2023. Goodwill was $5,078 million and $5,151 million as of June 30, 2024 and December 31, 2023, 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 —We sell our products and services to the major global OEMs in every region of the world. Our ten largest customers accounted for approximately 57% and 56% of our total net sales for the three and six months ended June 30, 2024, respectively, which included approximately 10% to Ford Motor Company during the three months ended June 30, 2024, and none of which individually exceeded 10% for the six months ended June 30, 2024. Our ten largest customers accounted for approximately 55% for the three and six months ended June 30, 2023, none of which individually exceeded 10%. During the three and six months ended June 30, 2024, our Signal and Power Solutions segment and our Advanced Safety and User Experience segment recognized net sales to all of our ten largest customers. During the three and six months ended June 30, 2023, our Signal and Power Solutions segment recognized net sales to all of our ten largest customers and our Advanced Safety and User Experience segment recognized net sales to eight of our ten largest customers. Recently issued accounting pronouncements not yet adopted —In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update require public entities to disclose specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that exceed a quantitative threshold. The amendments also require all entities to disclose income taxes paid disaggregated by federal, state and foreign taxes, and further disaggregated for specific jurisdictions that exceed 5% of total income taxes paid, among other expanded disclosures. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2024, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is expected to result in incremental disclosures in the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update require public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and which are included within each reported measure of segment profit or loss as well as disclosure of other segment items and a description of their composition. The amendments also require public entities to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance is expected to result in incremental disclosures in the Company’s financial statements. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
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 $ 1,451 $ 1,507 Work-in-process 202 178 Finished goods 717 680 Total $ 2,370 $ 2,365 |
Assets
Assets | 6 Months Ended |
Jun. 30, 2024 | |
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 $ 165 $ 160 Prepaid insurance and other expenses 89 91 Reimbursable engineering costs 165 122 Notes receivable 4 9 Income and other taxes receivable 122 100 Deposits to vendors 5 6 Derivative financial instruments (Note 14) 82 138 Capitalized upfront fees (Note 20) 10 12 Contract assets (Note 20) 66 55 Other 2 3 Total $ 710 $ 696 Other long-term assets consisted of the following: June 30, December 31, (in millions) Deferred income taxes, net $ 2,298 $ 2,351 Unamortized Revolving Credit Facility debt issuance costs 5 6 Income and other taxes receivable 47 33 Reimbursable engineering costs 128 163 Value added tax receivable 2 2 Technology investments (Note 21) 107 65 Derivative financial instruments (Note 14) 20 23 Capitalized upfront fees (Note 20) 44 49 Contract assets (Note 20) 80 67 Other 98 103 Total $ 2,829 $ 2,862 |
Liabilities
Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Liabilities | LIABILITIES Accrued liabilities consisted of the following: June 30, December 31, (in millions) Payroll-related obligations $ 371 $ 371 Employee benefits, including current pension obligations 85 131 Income and other taxes payable 132 175 Warranty obligations (Note 6) 54 52 Restructuring (Note 7) 102 142 Customer deposits 106 91 Derivative financial instruments (Note 14) 11 6 Accrued interest 51 51 Contract liabilities (Note 20) 81 93 Operating lease liabilities 125 121 Other 400 415 Total $ 1,518 $ 1,648 Other long-term liabilities consisted of the following: June 30, December 31, (in millions) Environmental $ 3 $ 3 Extended disability benefits 4 4 Warranty obligations (Note 6) 8 9 Restructuring (Note 7) 28 25 Payroll-related obligations 12 12 Accrued income taxes 184 169 Deferred income taxes, net 379 394 Contract liabilities (Note 20) 19 16 Derivative financial instruments (Note 14) 18 1 Other 70 68 Total $ 725 $ 701 |
Warranty Obligations
Warranty Obligations | 6 Months Ended |
Jun. 30, 2024 | |
Product Warranties Disclosures [Abstract] | |
Warranty Obligations | WARRANTY OBLIGATIONS Expected 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 a reasonable estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of June 30, 2024. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of June 30, 2024 to be zero to $25 million. The table below summarizes the activity in the product warranty liability for the six months ended June 30, 2024: Warranty Obligations (in millions) Accrual balance at beginning of period $ 61 Provision for estimated warranties incurred during the period 15 Changes in estimate for pre-existing warranties 13 Settlements (27) Accrual balance at end of period $ 62 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2024 | |
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 the Company’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, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning manufacturing capacity with the current levels of automotive production in North America and Asia Pacific. During the three and six months ended June 30, 2024, the Company recorded employee-related and other restructuring charges related to these programs totaling approximately $70 million and $109 million, respectively. The charges recorded during the three and six months ended June 30, 2024 included the recognition of approximately $30 million and $54 million, respectively, for a program initiated in the fourth quarter of 2023 focused on global salaried workforce optimization, primarily in the European region. 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 $10 million for programs approved as of June 30, 2024, primarily related to the Signal and Power Solutions segment. During the three and six months ended June 30, 2023, Aptiv recorded employee-related and other restructuring charges totaling approximately $42 million and $53 million, respectively. The charges recorded during the three months ended June 30, 2023 included the recognition of approximately $27 million of employee-related and other costs related to the initiation of the closure of a Western European manufacturing site within the Advanced Safety and User Experience segment pursuant to the Company’s ongoing European footprint rotation strategy. 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 $143 million and $53 million in the six months ended June 30, 2024 and 2023, respectively. The following table summarizes the restructuring charges recorded for the three and six months ended June 30, 2024 and 2023 by operating segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Signal and Power Solutions $ 54 $ 8 $ 76 $ 15 Advanced Safety and User Experience 16 34 33 38 Total $ 70 $ 42 $ 109 $ 53 The table below summarizes the activity in the restructuring liability for the six months ended June 30, 2024: Employee Termination Benefits Liability Other Exit Costs Liability Total (in millions) Accrual balance at January 1, 2024 $ 167 $ — $ 167 Provision for estimated expenses incurred during the period 109 — 109 Payments made during the period (143) — (143) Foreign currency and other (3) — (3) Accrual balance at June 30, 2024 $ 130 $ — $ 130 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of June 30, 2024 and December 31, 2023: June 30, December 31, (in millions) 2.396%, senior notes, due 2025 (net of $1 and $2 unamortized issuance costs, respectively) $ 699 $ 698 1.50%, Euro-denominated senior notes, due 2025 (net of $1 and $1 unamortized issuance costs, respectively) 747 772 1.60%, Euro-denominated senior notes, due 2028 (net of $2 and $2 unamortized issuance costs, respectively) 532 550 4.35%, senior notes, due 2029 (net of $1 and $2 unamortized issuance costs, respectively) 299 298 3.25%, senior notes, due 2032 (net of $6 and $6 unamortized issuance costs and $2 and $2 discount, respectively) 792 792 4.25%, Euro-denominated senior notes, due 2036 (net of $7 and $0 unamortized issuance costs and $2 and $0 discount, respectively) 792 — 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 $15 and $16 unamortized issuance costs and $30 and $30 discount, respectively) 1,455 1,454 4.15%, senior notes, due 2052 (net of $10 and $11 unamortized issuance costs and $2 and $2 discount, respectively) 988 987 Finance leases and other 34 21 Total debt 6,979 6,213 Less: current portion (1,475) (9) Long-term debt $ 5,504 $ 6,204 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 a senior unsecured credit facility currently consisting of a revolving credit facility of $2 billion (the “Revolving Credit Facility”). The Revolving Credit Facility matures on June 24, 2026. As of September 30, 2023, the Company also maintained a senior unsecured credit facility in the form of a term loan (the “Tranche A Term Loan”). On October 27, 2023, the Company fully repaid the outstanding principal balance of $301 million on the Tranche A Term Loan, utilizing cash on hand. Aptiv Global Financing Designated Activity Company (“AGF DAC”, formerly known as Aptiv Global Financing Limited), a wholly-owned subsidiary of Aptiv PLC, previously 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 AGF DAC 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, and was further amended on April 19, 2023. The June 2021 amendment, among other things, (1) refinanced and replaced the term loan A and revolver with a new term loan A that matured 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. Effective from the date of the April 2023 amendment, all interest rate benchmarks within the Credit Agreement that were previously based on the London Interbank Offered Rate were transitioned to a rate based on the Secured Overnight Financing Rate (“SOFR”). 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. Borrowings under the Credit Agreement are prepayable at Aptiv’s option without premium or penalty. As of June 30, 2024, 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) SOFR plus in either case a percentage per annum as set forth in the table below (the “Applicable Rate”). The rates under the Credit Agreement on the specified dates are set forth below: June 30, 2024 December 31, 2023 SOFR plus ABR plus SOFR plus ABR plus Revolving Credit Facility 1.06 % 0.06 % 1.06 % 0.06 % 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 (prior to its repayment, as described above) and 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, SOFR, 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. The Company achieved the sustainability-linked targets for the 2023 calendar year, and the interest rate margins and facility fees were reduced from the Applicable Rates, by the amounts specified above, effective in the third quarter of 2024. 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, 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, 2024. 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 $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 $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 AGF DAC 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 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 AGF DAC. 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 were utilized to fund a portion of the cash consideration payable in connection with the acquisition of Wind River. 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. On June 11, 2024, Aptiv PLC and AGF DAC together issued €750 million in aggregate principal amount of 4.25% Euro-denominated senior unsecured notes due 2036 (the “2024 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2024 Euro-denominated Senior Notes were priced at 99.723% of par, resulting in a yield to maturity of 4.28%. The 2024 Euro-denominated Senior Notes are guaranteed by Aptiv Corporation. The proceeds are anticipated to be utilized to redeem the 2015 Euro-denominated Senior Notes prior to their maturity. Pending final use, the Company invested €700 million of the net proceeds from this offering in short-term investments, with the remaining proceeds to be used for general corporate purposes. Aptiv incurred approximately $7 million of issuance costs in connection with the 2024 Euro-denominated Senior Notes. Interest is payable annually on June 11. 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 AGF DAC were added as guarantors on each series of outstanding senior notes previously issued by Aptiv PLC. The guarantees rank equally in right of payment with all of the guarantors’ existing and future senior indebtedness, are effectively subordinated to any of their existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness and are structurally subordinated to the indebtedness of each of their existing and future subsidiaries that is not a guarantor . As of June 30, 2024, 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 had an initial term of three years, and was renewed for an additional three year term, effective November 2023, subject to Aptiv’s right to terminate at any time with three months’ notice. After expiration of the new 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 SOFR plus 0.50%, with borrowings under either denomination carrying a minimum interest rate of 0.20%. As of June 30, 2024 and December 31, 2023, Aptiv had no amounts outstanding under the European accounts receivable factoring facility. Finance leases and other —As of June 30, 2024 and December 31, 2023, approximately $34 million and $21 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 $124 million and $135 million for the six months ended June 30, 2024 and 2023, respectively. Letter of credit facilities —In addition to the letters of credit issued under the Credit Agreement, Aptiv had approximately $4 million outstanding through other letter of credit facilities as of June 30, 2024 and December 31, 2023, primarily to support arrangements and other obligations at certain of its subsidiaries. |
Pension Benefits
Pension Benefits | 6 Months Ended |
Jun. 30, 2024 | |
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 United Kingdom (“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 years after an involuntary or voluntary separation from Aptiv. The SERP is closed to new members. The amounts shown below reflect the defined benefit pension expense for the three and six months ended June 30, 2024 and 2023: Non-U.S. Plans U.S. Plans Three Months Ended June 30, 2024 2023 2024 2023 (in millions) Service cost $ 4 $ 5 $ — $ — Interest cost 10 10 — — Expected return on plan assets (4) (4) — — Amortization of actuarial losses — — 1 — Net periodic benefit cost $ 10 $ 11 $ 1 $ — Non-U.S. Plans U.S. Plans Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Service cost $ 10 $ 9 $ — $ — Interest cost 21 20 — — Expected return on plan assets (9) (8) — — Amortization of actuarial losses — 1 1 — Net periodic benefit cost $ 22 $ 22 $ 1 $ — Other postretirement benefit obligations were approximately $1 million at June 30, 2024 and December 31, 2023. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 have been global supply chain disruptions at times during recent years, including a worldwide semiconductor supply shortage. The semiconductor supply shortage impacted production in automotive and other industries. We, along with most automotive component manufacturers that use semiconductors, have suffered interruptions in our production and were unable to fully meet the vehicle production demands of original equipment manufacturers (“OEMs”) at times over the last several years because of events which are outside our control, including but not limited to, the COVID-19 pandemic, the global semiconductor shortage, fires in our suppliers’ facilities, unprecedented weather events and other extraordinary events. Although we work closely with suppliers and customers to minimize any supply disruptions, 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, 2024. We will continue to actively monitor our global supply chain and will seek to aggressively mitigate and minimize the impact of any future disruptions on our business. 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, 2024 and December 31, 2023, the undiscounted reserve for environmental investigation and remediation recorded in other liabilities was approximately $4 million. 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, 2024, 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, 2024 | |
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. Global economic conditions and geopolitical factors 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, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in millions) Income tax expense $ 51 $ 30 $ 127 $ 64 Effective tax rate 5 % 9 % 9 % 10 % 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. The Company’s effective tax rate for the three and six months ended June 30, 2024 includes net discrete tax benefits of approximately $27 million and $20 million, respectively, primarily related to a business reorganization that occurred in the second quarter of 2024. Also included as a discrete item in the effective tax rate for the three months ended June 30, 2024 is the beneficial impact of approximately 8 points resulting from the Motional AD LLC (“Motional”) funding and ownership restructuring transactions, as described further in Note 21. Investment in Affiliates. There was no tax expense associated with these gains as Aptiv’s interest in Motional is exempt from capital gains tax in the jurisdiction in which it is owned. The Company’s effective tax rate for the three and six months ended June 30, 2023 includes net discrete tax benefits of approximately $22 million and $25 million, respectively, primarily related to changes in tax law and changes in reserves. 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 $151 million and $148 million for the six months ended June 30, 2024 and 2023, respectively. On December 15, 2022, the European Union (the “E.U.”) Member States formally adopted the Pillar Two Framework (the “Framework”), which generally provides for a minimum effective tax rate of 15%, as established by the Organisation for Economic Co-operation and Development (the “OECD”). Many countries have enacted legislation consistent with the Framework effective at the beginning of 2024. The OECD continues to release additional guidance on these rules. The Company has proactively responded to these tax policy changes, as described below, and will continue to closely monitor developments. Our effective tax rate for the six months ended June 30, 2024 includes an unfavorable impact from the enacted Framework. 2023 Intellectual Property Transfer In response to the Framework, the Company initiated changes to its corporate entity structure, including intercompany transfers of certain intellectual property to one of its subsidiaries in Switzerland, during the second half of 2023. Furthermore, during the third quarter of 2023, the Company’s Swiss subsidiary was granted a ten year tax incentive, beginning in 2024. The measurement of certain deferred tax assets and associated income tax benefits resulting from these transactions was impacted by tax legislation in Switzerland enacted in the fourth quarter of 2023, which increased the statutory income tax rate, resulting in additional deferred tax benefit impacts, net of valuation allowances. During the second half of 2023, the total income tax benefit recorded as a result of the intercompany transfers of intellectual property, all as described above, combined with other related additional tax expense as a result of the transactions, was approximately $2,080 million. |
Shareholders' Equity And Net In
Shareholders' Equity And Net Income Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Shareholders' Equity and Net Income Per Share Note [Abstract] | |
Shareholders' Equity And Net Income Per Share | SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE Conversion of the MCPS On June 15, 2023, (the “Mandatory Conversion Date”), each outstanding share of the Company’s 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) converted into 1.0754 ordinary shares of the Company. In aggregate, the MCPS converted into approximately 12.37 million ordinary shares of the company, pursuant to the Statement of Rights governing the MCPS. The number of the Company’s ordinary shares issued upon conversion was 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 the Mandatory Conversion Date. Prior to their conversion, holders of the MCPS were 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. Dividends on the MCPS were 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 and December 1, respectively. Net Income Per Share Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income 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. Prior to the conversion of the MCPS into ordinary shares in June 2023, the if-converted method was used to determine if the impact of the conversion of the MCPS into ordinary shares was more dilutive than the MCPS dividends to net income per share. If so, the MCPS were assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares were included in the denominator and the MCPS dividends were 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, 2023, the impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 11.01 million and 11.68 million weighted average ordinary shares underlying the MCPS, respectively, were excluded from the diluted net income per share calculation. For all periods presented, the calculation of net income 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 per share attributable to ordinary shareholders and the weighted average shares outstanding used in calculating basic and diluted income per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions, except per share data) Numerator: Net income attributable to ordinary shareholders $ 938 $ 229 $ 1,156 $ 375 Denominator: Weighted average ordinary shares outstanding, basic 270.19 272.69 272.69 271.86 Dilutive shares related to restricted stock units 0.24 0.08 0.18 0.11 Weighted average ordinary shares outstanding, including dilutive shares 270.43 272.77 272.87 271.97 Net income per share attributable to ordinary shareholders: Basic $ 3.47 $ 0.84 $ 4.24 $ 1.38 Diluted $ 3.47 $ 0.84 $ 4.24 $ 1.38 Share Repurchase Programs In January 2019, the Board of Directors authorized a share repurchase program of up to $2.0 billion of ordinary shares, which commenced in February 2023 following completion of the Company’s $1.5 billion April 2016 share repurchase program. 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. A summary of the ordinary shares repurchased during the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total number of shares repurchased 5,372,682 269,003 12,720,092 872,774 Average price paid per share $ 80.69 $ 104.36 $ 81.25 $ 112.03 Total (in millions) $ 434 $ 28 $ 1,034 $ 98 As of June 30, 2024, approximately $581 million of share repurchases remained available under the January 2019 share repurchase program. During the period from July 1, 2024 to July 31, 2024, the Company repurchased an additional $66 million worth of shares pursuant to a trading plan with set trading instructions established by the Company. As a result, approximately $515 million of share repurchases remain available under the January 2019 share repurchase program. 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. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 are shown below: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Foreign currency translation adjustments: Balance at beginning of period $ (829) $ (775) $ (761) $ (790) Aggregate adjustment for the period (1) (86) (36) (154) (21) Balance at end of period (915) (811) (915) (811) Gains (losses) on derivatives: Balance at beginning of period 155 101 140 7 Other comprehensive income before reclassifications (net tax effect of $(4), $9, $(4), and $2) (50) 84 9 187 Reclassification to income (net tax effect of $2, $(3), $2, and $(3)) (51) (30) (95) (39) Balance at end of period 54 155 54 155 Pension and postretirement plans: Balance at beginning of period (24) (8) (24) (8) Other comprehensive loss before reclassifications (net tax effect of $0, $1, $0 and $1) — (1) — (2) Reclassification to income (nil net tax effect for all periods presented) 1 — 1 1 Balance at end of period (23) (9) (23) (9) Accumulated other comprehensive loss, end of period $ (884) $ (665) $ (884) $ (665) (1) Includes gains of $18 million and $42 million for the three and six months ended June 30, 2024, respectively, and losses of $8 million and $25 million for the three and six months ended June 30, 2023, 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, 2024 and 2023 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 2024 2023 2024 2023 (in millions) Gains (losses) on derivatives: Commodity derivatives $ 9 $ (9) $ 5 $ (12) Cost of sales Foreign currency derivatives 44 36 92 48 Cost of sales 53 27 97 36 Income before income taxes (2) 3 (2) 3 Income tax expense 51 30 95 39 Net income — — — — Net income attributable to noncontrolling interest $ 51 $ 30 $ 95 $ 39 Net income attributable to Aptiv Pension and postretirement plans: Actuarial losses $ (1) $ — $ (1) $ (1) Other income, net (1) (1) — (1) (1) Income before income taxes — — — — Income tax expense (1) — (1) (1) Net income — — — — Net income attributable to noncontrolling interest $ (1) $ — $ (1) $ (1) Net income attributable to Aptiv Total reclassifications for the period $ 50 $ 30 $ 94 $ 38 (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, 2024 | |
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, 2024, 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 116,351 pounds $ 510 Foreign Currency Quantity Hedged Unit of Measure Notional Amount (in millions) Mexican Peso 26,074 MXN $ 1,420 Chinese Yuan Renminbi 3,253 RMB $ 445 Euro 18 EUR $ 20 Polish Zloty 869 PLN $ 215 Hungarian Forint 26,272 HUF $ 70 As of June 30, 2024, Aptiv has entered into derivative instruments to hedge cash flows extending out to September 2026. 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 gains on cash flow hedges included in accumulated OCI as of June 30, 2024 were $77 million (approximately $78 million, net of tax). Of this total, approximately $79 million of gains are expected to be included in cost of sales within the next 12 months and approximately $2 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, 2024 and 2023, the Company received less than $1 million and paid $1 million, respectively, at settlement related to these series of forward contracts which matured during the period. In March 2024, the Company entered into forward contracts with a total notional amount of 700 million RMB (approximately $100 million, using foreign currency rates on the trade date), which mature in September 2024. 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, 2024, $18 million and $42 million of gains, respectively, were recognized within the cumulative translation adjustment component of OCI. During the three and six months ended June 30, 2023, $8 million and $25 million of losses, 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 $40 million and losses of $2 million as of June 30, 2024 and December 31, 2023, 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, 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, 2024 and December 31, 2023 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 $ 31 Accrued liabilities $ — Foreign currency derivatives* Other current assets 47 Other current assets — $ 47 Foreign currency derivatives* Accrued liabilities 1 Accrued liabilities 12 (11) Commodity derivatives Other long-term assets 18 Other long-term liabilities — Foreign currency derivatives* Other long-term assets 2 Other long-term assets — 2 Foreign currency derivatives* Other long-term liabilities 1 Other long-term liabilities 19 (18) Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets 1 Accrued liabilities — Total derivatives designated as hedges $ 101 $ 31 Derivatives not designated: Foreign currency derivatives* Other current assets $ 3 Other current assets $ — 3 Total derivatives not designated as hedges $ 3 $ — 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 $ 1 Accrued liabilities $ 4 Foreign currency derivatives* Other current assets 133 Other current assets — $ 133 Commodity derivatives Other long-term assets 2 Other long-term liabilities 1 Foreign currency derivatives* Other long-term assets 22 Other long-term assets 1 21 Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets — Accrued liabilities 2 Total derivatives designated as hedges $ 158 $ 8 Derivatives not designated: Foreign currency derivatives* Other current assets $ 4 Other current assets $ — 4 Total derivatives not designated as hedges $ 4 $ — * 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 were in a net asset position as of June 30, 2024 and December 31, 2023. Effect of Derivatives on the Statements of Operations and Statements of Comprehensive Income The pre-tax effects 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, 2024 and 2023 are as follows: Three Months Ended June 30, 2024 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 40 $ 9 Foreign currency derivatives (87) 44 Derivatives designated as net investment hedges: Foreign currency derivatives 1 — Total $ (46) $ 53 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (1) Total $ (1) Three Months Ended June 30, 2023 (Loss) Gain Recognized in OCI (Loss) Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (34) $ (9) Foreign currency derivatives 103 36 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ 75 $ 27 Gain Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ 1 Total $ 1 Six Months Ended June 30, 2024 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 56 $ 5 Foreign currency derivatives (46) 92 Derivatives designated as net investment hedges: Foreign currency derivatives 3 — Total $ 13 $ 97 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (4) Total $ (4) Six Months Ended June 30, 2023 (Loss) Gain Recognized in OCI (Loss) Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (7) $ (12) Foreign currency derivatives 186 48 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ 185 $ 36 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (2) Total $ (2) The gain or loss recognized in income for designated and non-designated derivative instruments was recorded to cost of sales and other income, net in the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, respectively. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023, Aptiv was in a net derivative asset position of $73 million and $154 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. 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, net on the consolidated statement of operations. Available-for-sale debt securities —Investments in available-for-sale debt securities are reported at fair value with changes in the fair value recorded in other comprehensive income. Changes in the fair value of available-for-sale debt securities impact earnings only when such securities are sold, or an allowance for expected credit losses or impairment is recognized. As further described in Note 21. Investments in Affiliates, the Company previously made investments in convertible redeemable preferred shares of StradVision, Inc., (“StradVision”). Due to the Company’s redemption rights, the Company’s investment in StradVision, which totaled $84 million as of June 30, 2024, is classified as an available-for-sale debt security within other long-term assets in the consolidated balance sheets. The fair value of this investment is based on significant inputs that are not observable in the market, and is therefore classified as a Level 3 measurement. Unrealized gains or losses were not material during the three and six months ended June 30, 2024 and 2023. There were no impairment charges related to our investment during the three and six months ended June 30, 2024 and 2023. The change in the available-for-sale debt securities classified as a Level 3 measurement for the six months ended June 30, 2024 is as follows: Available-for-sale debt securities (in millions) Fair value at beginning of period $ — Additions 84 Fair value at end of period $ 84 As of June 30, 2024 and December 31, 2023, 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, 2024: Commodity derivatives $ 49 $ — $ 49 $ — Foreign currency derivatives 53 — 53 — Publicly traded equity securities 16 16 — — Available-for-sale debt securities 84 — — 84 Total $ 202 $ 16 $ 102 $ 84 As of December 31, 2023: Commodity derivatives $ 3 $ — $ 3 $ — Foreign currency derivatives 158 — 158 — Publicly traded equity securities 14 14 — — Total $ 175 $ 14 $ 161 $ — As of June 30, 2024 and December 31, 2023, 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, 2024: Commodity derivatives $ — $ — $ — $ — Foreign currency derivatives 29 — 29 — Total $ 29 $ — $ 29 $ — As of December 31, 2023: Commodity derivatives $ 5 $ — $ 5 $ — Foreign currency derivatives 2 — 2 — Total $ 7 $ — $ 7 $ — 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 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, 2024 and December 31, 2023, total debt was recorded at $6,979 million and $6,213 million, respectively, and had estimated fair values of $5,901 million and $5,255 million, respectively. For all other financial instruments recorded at June 30, 2024 and December 31, 2023, 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, intangible assets, equity investments without readily determinable fair values and liabilities for exit or disposal activities measured at fair value upon initial recognition. Aptiv recorded non-cash long-lived asset impairment charges of $14 million for the six months ended June 30, 2024, within cost of sales primarily related to an operating lease right-of-use asset that will no longer be in use during the remaining lease term. Aptiv recorded non-cash impairment charges of $18 million for the six months ended June 30, 2023, within other expense, net related to its equity investments without readily determinable fair value. 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, 2024 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | OTHER INCOME, NET Other income, net included: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Interest income $ 16 $ 24 $ 36 $ 46 Components of net periodic benefit cost other than service cost (Note 9) (7) (6) (13) (13) Costs associated with acquisitions and other transactions — (4) — (4) Impairment of equity investments without readily determinable fair value (Note 21) — — — (18) Gain (loss) on change in fair value of publicly traded equity securities 3 (3) 2 (6) Other, net (2) — — 5 Other income, net $ 10 $ 11 $ 25 $ 10 During the three months ended June 30, 2024 and 2023, net unrealized gains of $3 million and losses of $3 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2024. During the six months ended June 30, 2024 and 2023, net unrealized gains of $2 million and losses of $6 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2024. As further described in Note 21. Investments in Affiliates, during the six months ended June 30, 2023, Aptiv recorded an impairment loss of $18 million in its equity investments without readily determinable fair values. |
Acquisitions And Divestitures
Acquisitions And Divestitures | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Acquisition of Höhle Ltd. On April 3, 2023, Aptiv acquired 100% of the equity interests of Höhle Ltd. (“Höhle”), a manufacturer of microducts, for total consideration of $42 million. The results of operations of Höhle are reported within the Signal and Power Solutions segment from the date of acquisition. The Company acquired Höhle 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 2023. Adjustments recorded from the amounts disclosed as of June 30, 2023 included minor adjustments to various assets acquired and liabilities assumed. The final purchase price and related allocation to the acquired net assets of Höhle based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 42 Intangible assets $ 11 Other assets, net 4 Identifiable net assets acquired 15 Goodwill resulting from purchase 27 Total purchase price allocation $ 42 Intangible assets include amounts recognized for the fair value of customer-based assets, which will be amortized over their estimated useful lives, which range from two 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. Sale of Interest in Majority Owned Russian Subsidiary Given the sanctions put in place by the E.U., U.S. and other governments, which restrict our ability to conduct business in Russia, we initiated a plan in the second quarter of 2022 to exit our 51% owned subsidiary in Russia, which was reported within the Signal and Power Solutions segment. On May 30, 2023, the Company completed the sale of its entire interest in the Russian subsidiary to JSC Samara Cables Company, the sole minority shareholder in the Russian subsidiary, for a nominal amount in exchange for all of the Company’s shares in the subsidiary. As a result of this transaction, the net assets held for sale of the Russian subsidiary were deconsolidated from the Company’s consolidated financial statements and the Company did not record any incremental gain or loss resulting from this disposition. Furthermore, losses relating to the Russian subsidiary during the held for sale period were de minimis. The former Russian subsidiary is not considered to be a related party of the Company after deconsolidation. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
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. 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. When applicable, dividend equivalents are paid out in ordinary shares upon vesting of the underlying RSUs. In April 2024, the Company’s shareholders approved a new long-term incentive plan, the 2024 Long-Term Incentive Plan (the “2024 LTIP”). The 2024 LTIP allows for the grant of awards of up to 9,880,000 ordinary shares for long-term compensation. Similar to the PLC LTIP, the 2024 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, RSUs, performance awards and other share-based awards to the employees, directors, consultants and advisors of the Company. Beginning in April 2024, all awards of equity compensation will be made under the 2024 LTIP and no further awards will be made under the PLC LTIP. In addition, the Company has competitive and market-appropriate ownership requirements for its directors and officers. 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 2024 30,497 $ 2 April 2025 N/A N/A N/A April 2023 20,584 $ 2 April 2024 18,272 $ 1 2,312 April 2022 23,387 $ 2 April 2023 20,457 $ 2 2,930 (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% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are: Metric 2020 - 2024 Average return on net assets (1) 33% Cumulative net income 33% Relative total shareholder return (2) 33% (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 annual 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 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 February 2023 0.79 $ 99 Annually on anniversary of grant date, 2024 - 2026 December 31, 2025 February 2024 1.12 $ 94 Annually on anniversary of grant date, 2025 - 2027 December 31, 2026 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 a third-party 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 2024 LTIP. The Company has also granted additional awards to employees in certain periods under both the PLC LTIP and 2024 LTIP. Any off-cycle grants made to new hires or 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 shares issued for vested annual 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 2024 461,052 $ 36 188,897 151,245 $ 12 65,910 Q1 2023 286,337 $ 33 116,753 315,664 $ 37 138,036 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, 2024 1,996 $ 124.06 Granted 1,522 $ 81.67 Vested (505) $ 120.97 Forfeited (215) $ 115.82 Nonvested, June 30, 2024 2,798 $ 102.19 Aptiv recognized share-based compensation expense of $27 million ($23 million, net of tax) and $30 million ($30 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, 2024 and 2023, respectively. Aptiv recognized share-based compensation expense of $52 million ($44 million, net of tax) and $48 million ($48 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, 2024 and 2023, 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, 2024, unrecognized compensation expense on a pre-tax basis of approximately $222 million is anticipated to be recognized over a weighted average period of approximately two years. For the six months ended June 30, 2024 and 2023, approximately $21 million and $31 million, respectively, of cash was paid and reflected as a financing activity in the statements of cash flows related to the tax withholding for vested RSUs. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
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 services in advanced safety, user experience and smart vehicle compute and software, as well as cloud-native software platforms, autonomous driving technologies and DevOps tools. • 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, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”). 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 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, 2024 and 2023. Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2024: Net sales $ 3,512 $ 1,554 $ (15) $ 5,051 Depreciation and amortization $ 162 $ 86 $ — $ 248 Adjusted operating income $ 436 $ 170 $ — $ 606 Operating income $ 334 $ 107 $ — $ 441 Gain on Motional transactions $ — $ 641 $ — $ 641 Equity income (loss), net of tax $ 4 $ (38) $ — $ (34) Net income attributable to noncontrolling interest $ 5 $ — $ — $ 5 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2023: Net sales $ 3,679 $ 1,532 $ (11) $ 5,200 Depreciation and amortization $ 155 $ 69 $ — $ 224 Adjusted operating income $ 392 $ 138 $ — $ 530 Operating income $ 340 $ 70 $ — $ 410 Equity income (loss), net of tax $ 4 $ (77) $ — $ (73) Net income attributable to noncontrolling interest $ 4 $ — $ — $ 4 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2024: Net sales $ 6,999 $ 2,983 $ (30) $ 9,952 Depreciation and amortization $ 323 $ 155 $ — $ 478 Adjusted operating income $ 825 $ 325 $ — $ 1,150 Operating income $ 651 $ 209 $ — $ 860 Gain on Motional transactions $ — $ 641 $ — $ 641 Equity income (loss), net of tax $ 8 $ (111) $ — $ (103) Net income attributable to noncontrolling interest $ 11 $ — $ — $ 11 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2023: Net sales $ 7,143 $ 2,898 $ (23) $ 10,018 Depreciation and amortization $ 304 $ 136 $ — $ 440 Adjusted operating income $ 766 $ 201 $ — $ 967 Operating income $ 659 $ 99 $ — $ 758 Equity income (loss), net of tax $ 7 $ (162) $ — $ (155) Net income attributable to noncontrolling interest $ 7 $ — $ — $ 7 Net loss attributable to redeemable noncontrolling interest $ (1) $ — $ — $ (1) (1) Eliminations and Other includes the elimination of inter-segment transactions. 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, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions. The reconciliations of Adjusted Operating Income to net income attributable to Aptiv for the three and six months ended June 30, 2024 and 2023 are as follows: Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2024: Adjusted operating income $ 436 $ 170 $ 606 Amortization (31) (21) (52) Restructuring (54) (16) (70) Other acquisition and portfolio project costs (17) (8) (25) Asset impairments — (14) (14) Compensation expense related to acquisitions — (4) (4) Operating income $ 334 $ 107 441 Interest expense (64) Other income, net 10 Gain on Motional transactions 641 Income before income taxes and equity loss 1,028 Income tax expense (51) Equity loss, net of tax (34) Net income 943 Net income attributable to noncontrolling interest 5 Net income attributable to Aptiv $ 938 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2023: Adjusted operating income $ 392 $ 138 $ 530 Amortization (36) (23) (59) Restructuring (8) (34) (42) Other acquisition and portfolio project costs (8) (3) (11) Compensation expense related to acquisitions — (8) (8) Operating income $ 340 $ 70 410 Interest expense (72) Other income, net 11 Income before income taxes and equity loss 349 Income tax expense (30) Equity loss, net of tax (73) Net income 246 Net income attributable to noncontrolling interest 4 Net income attributable to Aptiv $ 242 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2024: Adjusted operating income $ 825 $ 325 $ 1,150 Amortization (62) (44) (106) Restructuring (76) (33) (109) Other acquisition and portfolio project costs (36) (17) (53) Asset impairments — (14) (14) Compensation expense related to acquisitions — (8) (8) Operating income $ 651 $ 209 860 Interest expense (129) Other income, net 25 Gain on Motional transactions 641 Income before income taxes and equity loss 1,397 Income tax expense (127) Equity loss, net of tax (103) Net income 1,167 Net income attributable to noncontrolling interest 11 Net income attributable to Aptiv $ 1,156 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2023: Adjusted operating income $ 766 $ 201 $ 967 Amortization (72) (46) (118) Restructuring (15) (38) (53) Other acquisition and portfolio project costs (20) (5) (25) Compensation expense related to acquisitions — (13) (13) Operating income $ 659 $ 99 758 Interest expense (139) Other income, net 10 Income before income taxes and equity loss 629 Income tax expense (64) Equity loss, net of tax (155) Net income 410 Net income attributable to noncontrolling interest 7 Net loss attributable to redeemable noncontrolling interest (1) Net income attributable to Aptiv $ 404 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [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. The Company also generates revenue from the sale of software licenses, post delivery support and maintenance and professional software services. The Company generally recognizes revenue for software licenses and professional software services at a point in time upon delivery or when the services are provided. Revenue from post delivery support and maintenance for software contracts is generally recognized over time on a ratable basis over the contract term. Under certain of these arrangements, timing may differ between revenue recognition and billing. 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, 2024 and 2023. Information concerning geographic market reflects the manufacturing location. For the Three Months Ended June 30, 2024: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,325 $ 554 $ (2) $ 1,877 Europe, Middle East and Africa 997 714 (4) 1,707 Asia Pacific 1,096 286 (9) 1,373 South America 94 — — 94 Total net sales $ 3,512 $ 1,554 $ (15) $ 5,051 For the Three Months Ended June 30, 2023: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,402 $ 534 $ (2) $ 1,934 Europe, Middle East and Africa 1,037 725 (4) 1,758 Asia Pacific 1,126 273 (5) 1,394 South America 114 — — 114 Total net sales $ 3,679 $ 1,532 $ (11) $ 5,200 For the Six Months Ended June 30, 2024: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,655 $ 1,044 $ (6) $ 3,693 Europe, Middle East and Africa 2,020 1,407 (8) 3,419 Asia Pacific 2,142 532 (16) 2,658 South America 182 — — 182 Total net sales $ 6,999 $ 2,983 $ (30) $ 9,952 For the Six Months Ended June 30, 2023: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,725 $ 990 $ (3) $ 3,712 Europe, Middle East and Africa 2,082 1,395 (8) 3,469 Asia Pacific 2,129 513 (12) 2,630 South America 207 — — 207 Total net sales $ 7,143 $ 2,898 $ (23) $ 10,018 Revenue by core product line for the three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Electrical Distribution Systems $ 2,051 $ 2,237 $ 4,118 $ 4,319 Engineered Components Group 1,629 1,635 3,224 3,202 Eliminations (168) (193) (343) (378) Signal and Power Solutions 3,512 3,679 6,999 7,143 Active Safety 758 658 1,444 1,218 Smart Vehicle Compute and Software 134 138 252 271 User Experience and Other 676 750 1,316 1,436 Eliminations (14) (14) (29) (27) Advanced Safety and User Experience 1,554 1,532 2,983 2,898 Eliminations (15) (11) (30) (23) Total net sales $ 5,051 $ 5,200 $ 9,952 $ 10,018 Contract Balances Contract liabilities solely consist of deferred revenue. As of June 30, 2024 and December 31, 2023, the balance of contract liabilities was $100 million (of which $81 million was recorded in other current liabilities and $19 million was recorded in other long-term liabilities) and $109 million (of which $93 million was recorded in other current liabilities and $16 million was recorded in other long-term liabilities), respectively. The decrease in the contract liabilities balance was primarily driven by $73 million of revenues recognized during the six months ended June 30, 2024 that were included in the contract liability balance as of December 31, 2023, partially offset by cash payments received or due in advance of the performance obligation being satisfied. Contract assets are primarily comprised of unbilled receivables, which consist of amounts related to the Company’s unconditional right to consideration for completed performance obligations that have not been invoiced. As of June 30, 2024, the balance of contract assets was $146 million (of which $66 million was recorded in other current assets and $80 million was recorded in other long-term assets). As of December 31, 2023, the balance of contract assets was $122 million (of which $55 million was recorded in other current assets and $67 million was recorded in other long-term assets). Remaining Performance Obligations For production parts, customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. There are no contracts for production parts 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 for production parts. Customer contracts for sales of software and related services are generally represented by a sales contract or purchase order with contract durations typically ranging from one to three years. Remaining performance obligations include contract liabilities and unbilled amounts that will be recognized as revenue in future periods. Transaction price allocated to the remaining performance obligation is based on the standalone selling price. The value of the transaction price allocated to remaining performance obligations under software and related service contracts as of June 30, 2024 was approximately $196 million. The Company expects to recognize approximately 65% of remaining performance obligations as revenue in the next twelve months, and the remainder thereafter. Payments to Customers 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, are capitalized as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. As of June 30, 2024 and December 31, 2023, Aptiv has recorded $54 million (of which $10 million was classified within other current assets and $44 million was classified within other long-term assets) and $61 million (of which $12 million was classified within other current assets and $49 million was classified within other long-term assets), respectively, related to these capitalized upfront fees. Capitalized upfront fees are amortized to revenue based on the transfer of goods and services to the customer for which the upfront fees relate, which typically range from three to five years. There have been no impairment losses in relation to the costs capitalized. The amount of amortization to net sales was $3 million and $9 million for the three months ended June 30, 2024 and 2023, respectively, and $11 million and $17 million for the six months ended June 30, 2024 and 2023, respectively. |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2024 | |
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 from approximately 15% to 50%, with the most significant investment being in Motional AD LLC (“Motional”). Motional Joint Venture Funding and Ownership Restructuring Transactions On April 19, 2024, Aptiv and Hyundai Motor Group (“Hyundai”) entered into an agreement to restructure Aptiv’s ownership interest in Motional and for Hyundai to provide additional funding to Motional, each as described below. Prior to these transactions, Motional was 50% owned by each of Aptiv and Hyundai. As part of the agreement, on May 2, 2024, Hyundai invested $475 million in Motional in exchange for an additional 11.7% common equity interest. Aptiv did not participate in this funding round. This transaction resulted in the dilution of Aptiv’s common equity interest in Motional from 50% to approximately 44%, prior to the completion of any further transactions as described below. As these units were issued at a valuation greater than the carrying value of our investment in Motional, the Company recognized a gain of approximately $91 million during the three months ended June 30, 2024, within income before income taxes and equity losses in the consolidated statement of operations. Also as part of the agreement, on May 16, 2024, Aptiv sold 11% of its common equity interest in Motional to Hyundai for approximately $448 million of cash consideration. Aptiv also exchanged approximately 21% of its common equity in Motional for a like number of Motional preferred shares. These transactions resulted in the reduction of Aptiv’s common equity interest in Motional from approximately 44% to approximately 15%. As a result of these transactions, the Company recognized a gain of approximately $550 million during the three months ended June 30, 2024, within income before income taxes and equity losses in the consolidated statement of operations. The total gain recorded as a result of the Motional funding and ownership restructuring transactions completed in May 2024, all as described above, was approximately $641 million (approximately $2.37 per diluted share) for the three months ended June 30, 2024. As of June 30, 2024, the carrying values of the Company’s common equity and preferred equity investments in Motional were $283 million and $899 million, respectively. As of December 31, 2023, the carrying value of the Company’s common equity investment in Motional was $1,096 million. These investments are recorded within investment in affiliates in the consolidated balance sheets and included in the Advanced Safety and User Experience segment. The Company's preferred equity investment in Motional was initially measured at fair value, and subsequently accounted for under the measurement alternative in accordance with ASC Topic 321, Investments – Equity Securities , as it does not have a readily determinable fair value. 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 five years as of June 30, 2024. Total income under the agreement was $1 million during the three months ended June 30, 2024 and 2023, and $2 million during the six months ended June 30, 2024 and 2023. The sublease income and Aptiv’s associated operating lease cost are recorded to cost of sales in the consolidated statement of operations. The Company believes the terms of the lease agreement have not significantly been affected by the fact the Company and the lessee are related parties. Investment in TTTech Auto AG As of June 30, 2024 and December 31, 2023, the carrying value of the Company’s investment in TTTech Auto AG (“TTTech Auto”) was $188 million and $200 million, respectively, which is included in the Advanced Safety and User Experience segment. As of June 30, 2024 and December 31, 2023, 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 $151 million and $156 million, respectively. 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 which Aptiv does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), 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 available-for-sale debt securities and publicly traded equity securities. Investments in available-for-sale debt securities are measured at fair value based on prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Investments in publicly traded equity securities 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, 2024 and December 31, 2023: Investment Name Segment June 30, 2024 December 31, 2023 (in millions) Publicly traded equity securities: Smart Eye AB Advanced Safety and User Experience $ 8 $ 8 Urgently, Inc. Advanced Safety and User Experience 1 1 Valens Semiconductor Ltd. Signal and Power Solutions 7 5 Total publicly traded equity securities 16 14 Non-publicly traded investments: StradVision, Inc. Advanced Safety and User Experience 84 44 Other investments Various 7 7 Total non-publicly traded investments 91 51 Total technology investments $ 107 $ 65 During the six months ended June 30, 2023, the Company’s Advanced Safety and User Experience segment made investments totaling approximately $40 million in convertible redeemable preferred shares of StradVision, Inc. (“StradVision”), a provider of deep learning-based camera perception software for automotive applications. The Company previously made investments in StradVision totaling approximately $44 million in prior years. Due to the Company’s redemption rights, the Company’s investment in StradVision is classified as an available-for-sale debt security within other long-term assets in the consolidated balance sheets, with changes in fair value recorded in other comprehensive income. Subsequently, in July 2024, Aptiv made an additional investment totaling approximately $24 million in convertible redeemable preferred shares of StradVision. As of June 30, 2024, none of the Company’s equity securities were subject to contractual sales restrictions prohibiting the sale of securities. The Company evaluated the measurement guidance for equity securities without a readily determinable fair value and performed a qualitative assessment of various impairment indicators and concluded that one of its equity investments was impaired. As a result, the Company recognized an impairment loss of $18 million during the six months ended June 30, 2023, within other expense, net in the consolidated statement of operations. The impairment recorded is equal to the difference between the fair value of Aptiv’s ownership interest in the investment and its carrying amount. There were no other 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS New Share Repurchase Authorization On July 29, 2024, our Board of Directors authorized a new share repurchase program to repurchase up to $5.0 billion of our outstanding ordinary shares. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions (which may include derivative transactions, including an accelerated share repurchase program (“ASR”)), depending on share price, market conditions and other factors, as determined by the Company. This program will commence following completion of the Company’s $2.0 billion January 2019 share repurchase program. Accelerated Share Repurchase Agreement As part of our share repurchase program, on August 1, 2024, the Company entered into ASR agreements with each of Goldman Sachs International and JPMorgan Chase Bank, N.A. to repurchase an aggregate of $3.0 billion of Aptiv’s ordinary shares (the “ASR Agreements”). Under the terms of the ASR Agreements, the Company will make an aggregate payment of $3.0 billion (the “Repurchase Price”) and will receive an initial delivery of ordinary shares with an aggregate value of approximately 75% of the total Repurchase Price based on the closing price of our ordinary shares on the date of the ASR Agreements. The total number of shares to be repurchased under each ASR Agreement will be based on the average daily volume-weighted average price of our ordinary shares on specified dates during the term of such ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. Upon final settlement of the ASR Agreements, under certain circumstances, the relevant counterparty may be required to deliver additional ordinary shares, or we may be required to deliver ordinary shares or to make a cash payment to the relevant counterparty, at our election. The final settlements under the ASR Agreements are scheduled to occur no later than the second quarter of 2025, and in each case may be accelerated at the option of the applicable counterparty. The Company expects to fund the accelerated share repurchase program with cash on hand and borrowings under a new unsecured bridge credit facility as described below. We expect to refinance the bridge credit facility with the issuance of new debt or borrowings under other sources of existing liquidity. Bridge Credit Agreement On August 1, 2024, in order to partially finance the share repurchases under the ASR Agreements, Aptiv PLC and certain of its subsidiaries entered into a new $2,500 million senior unsecured bridge facility under a Bridge Credit Agreement (the “Bridge Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A. and Goldman Sachs Lending Partners LLC, as joint lead arrangers and joint bookrunners, and Goldman Sachs Lending Partners LLC, as syndication agent. The loans available under the Bridge Credit Agreement were fully drawn on August 1, are scheduled to mature 364 days thereafter, and once repaid may not be reborrowed. We expect to use the proceeds of the loans drawn under the Bridge Credit Agreement to pay related fees and expenses and, along with cash on hand, to fund the ASR Agreements described above. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income attributable to Aptiv | $ 938 | $ 242 | $ 1,156 | $ 404 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | ITEM 5. OTHER INFORMATION Securities Trading Plans of Executive Officers and Directors Transactions in our securities by our executive officers and directors are required to be made in accordance with our insider trading policy, which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Our insider trading policy permits our executive officers and directors to enter into trading plans in accordance with Rule 10b5-1. The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our executive officers and directors during the second quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans. Name and Title Action Date of Adoption of Rule 10b5-1 Trading Plan Scheduled Expiration Date of Rule 10b5-1 Trading Plan (1) Aggregate Number of Securities/Dollar Value to be Purchased or Sold Katherine H. Ramundo Executive Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary Adoption 5/14/2024 4/30/2025 Sale of up to 10,000 ordinary shares Kevin P. Clark Chairman, Chief Executive Officer Adoption 6/7/2024 9/20/2024 Purchase of up to $2,000,000 (1) In each case, a trading plan may also expire on such earlier dates as all transactions under the trading plan are completed. During the second quarter of 2024, no executive officer or director of the Company adopted, modified or terminated any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K). |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Katherine H. Ramundo [Member] | |
Trading Arrangements, by Individual | |
Name | Katherine H. RamundoExecutive Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary |
Title | Katherine H. RamundoExecutive Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 5/14/2024 |
Termination Date | 4/30/2025 |
Aggregate Available | 10,000 |
Kevin P. Clark [Member] | |
Trading Arrangements, by Individual | |
Name | Kevin P. ClarkChairman, Chief Executive Officer |
Title | Kevin P. ClarkChairman, Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 6/7/2024 |
Termination Date | 9/20/2024 |
Aggregate Available | 2,000,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023, Aptiv received dividends of $7 million and $5 million, respectively, from its equity method investments. The dividends were recognized as a reduction to the investment and represented a return on investment included in cash flows from operating activities. Aptiv’s investments in publicly traded equity securities totaled $16 million and $14 million as of June 30, 2024 and December 31, 2023, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s non-publicly traded investments totaled $91 million and $51 million as of June 30, 2024 and December 31, 2023, 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 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, redeemable noncontrolling interest, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, 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 for production parts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. Substantially all of the Company's revenue is generated from the sale of manufactured production parts, wherein there is a single performance obligation. Transfer of control and revenue recognition for the Company’s sales of production parts generally occurs upon shipment or delivery of the product, which is when title, ownership, and risk of loss pass to the customer and is based on the applicable customer shipping terms. Revenue is measured based on the transaction price and the quantity of parts specified in a contract with a customer. Refer to Note 20. Revenue for further detail of the Company’s accounting for its revenue from sales of production parts. Customer contracts for software licenses are generally represented by a sales contract or purchase order with contract durations typically ranging from one to three years. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue from software licenses and professional software services is generally recognized at a point in time upon delivery or when the services are provided. Revenue from post delivery support and maintenance for software contracts is generally recognized over time on a ratable basis over the contract term. Certain software license contracts contain multiple performance obligations, for which the Company allocates the contract’s transaction price to each performance obligation based on the estimated relative standalone selling price of each distinct performance obligation in the contract. The standalone selling prices are generally determined based on observable inputs, such as the prices of standalone sales and historical contract pricing. Under certain of these arrangements, timing may differ between revenue recognition and billing. Refer to Note 20. Revenue for further detail of the Company’s accounting for its revenue from contracts with customers, including contract balances associated with software sales. From time to time, Aptiv enters into pricing agreements with its customers that provide for price reductions on production parts, some of which are conditional upon achieving certain joint cost saving targets, which are accounted for as variable consideration. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment if available, or in the event the Company concludes that a portion of the revenue for a given part may vary from the purchase order and requires estimation, the Company records consideration at the most likely amount that the Company expects to be entitled to based on historical experience and input from customer negotiations. 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. The Company also generates revenue from the sale of software licenses, post delivery support and maintenance and professional software services. The Company generally recognizes revenue for software licenses and professional software services at a point in time upon delivery or when the services are provided. Revenue from post delivery support and maintenance for software contracts is generally recognized over time on a ratable basis over the contract term. Under certain of these arrangements, timing may differ between revenue recognition and billing. |
Net Income Per Share, Policy | Net income per share —Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income 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. Prior to the conversion of the 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) into ordinary shares in June 2023, the if-converted method was used to determine if the impact of the conversion of the MCPS into ordinary shares was more dilutive than the MCPS dividends to net income per share. If so, the MCPS were assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares were included in the denominator and the MCPS dividends were 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 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. |
Short-Term Investments, Policy | Short-term investments |
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, software licenses 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 (“ASC 326”). As of June 30, 2024 and December 31, 2023, the Company reported $3,592 million and $3,546 million, respectively, of accounts receivable, net of the allowances, which includes the allowance for doubtful accounts of $81 million and $52 million, respectively. During the six months ended June 30, 2024, the Company recorded bad debt expense totaling approximately $37 million, primarily related to a supply relationship in Europe. Other changes in the allowance for doubtful accounts were not material for the six months ended June 30, 2024. |
Inventories, Policy | Inventories —As of June 30, 2024 and December 31, 2023, 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 net realizable 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 as purchases are made. |
Intangible Assets, Policy | Intangible assets —Intangible assets were $2,263 million and $2,399 million as of June 30, 2024 and December 31, 2023, respectively. The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company 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 $52 million and $106 million for the three and six months ended June 30, 2024, respectively, and $59 million and $118 million for the three and six months ended June 30, 2023, 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, 2024 and 2023. Goodwill was $5,078 million and $5,151 million as of June 30, 2024 and December 31, 2023, 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. Expected 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 a reasonable estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of June 30, 2024. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of June 30, 2024 to be zero to $25 million. |
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 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, 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 —We sell our products and services to the major global OEMs in every region of the world. Our ten largest customers accounted for approximately 57% and 56% of our total net sales for the three and six months ended June 30, 2024, respectively, which included approximately 10% to Ford Motor Company during the three months ended June 30, 2024, and none of which individually exceeded 10% for the six months ended June 30, 2024. Our ten largest customers accounted for approximately 55% for the three and six months ended June 30, 2023, none of which individually exceeded 10%. During the three and six months ended June 30, 2024, our Signal and Power Solutions segment and our Advanced Safety and User Experience segment recognized net sales to all of our ten largest customers. During the three and six months ended June 30, 2023, our Signal and Power Solutions segment recognized net sales to all of our ten largest customers and our Advanced Safety and User Experience segment recognized net sales to eight of our ten largest customers. |
Recently Issued Accounting Pronouncements, Policy | Recently issued accounting pronouncements not yet adopted —In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update require public entities to disclose specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that exceed a quantitative threshold. The amendments also require all entities to disclose income taxes paid disaggregated by federal, state and foreign taxes, and further disaggregated for specific jurisdictions that exceed 5% of total income taxes paid, among other expanded disclosures. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2024, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is expected to result in incremental disclosures in the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update require public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and which are included within each reported measure of segment profit or loss as well as disclosure of other segment items and a description of their composition. The amendments also require public entities to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance is expected to result in incremental disclosures in the Company’s financial statements. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement |
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 United Kingdom (“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 years after an involuntary or voluntary separation from Aptiv. The SERP is closed to new members. |
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, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”). 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 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of inventories is shown below: June 30, December 31, (in millions) Productive material $ 1,451 $ 1,507 Work-in-process 202 178 Finished goods 717 680 Total $ 2,370 $ 2,365 |
Assets (Tables)
Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 $ 165 $ 160 Prepaid insurance and other expenses 89 91 Reimbursable engineering costs 165 122 Notes receivable 4 9 Income and other taxes receivable 122 100 Deposits to vendors 5 6 Derivative financial instruments (Note 14) 82 138 Capitalized upfront fees (Note 20) 10 12 Contract assets (Note 20) 66 55 Other 2 3 Total $ 710 $ 696 |
Schedule of Other Assets, Noncurrent | Other long-term assets consisted of the following: June 30, December 31, (in millions) Deferred income taxes, net $ 2,298 $ 2,351 Unamortized Revolving Credit Facility debt issuance costs 5 6 Income and other taxes receivable 47 33 Reimbursable engineering costs 128 163 Value added tax receivable 2 2 Technology investments (Note 21) 107 65 Derivative financial instruments (Note 14) 20 23 Capitalized upfront fees (Note 20) 44 49 Contract assets (Note 20) 80 67 Other 98 103 Total $ 2,829 $ 2,862 |
Liabilities (Tables)
Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, (in millions) Payroll-related obligations $ 371 $ 371 Employee benefits, including current pension obligations 85 131 Income and other taxes payable 132 175 Warranty obligations (Note 6) 54 52 Restructuring (Note 7) 102 142 Customer deposits 106 91 Derivative financial instruments (Note 14) 11 6 Accrued interest 51 51 Contract liabilities (Note 20) 81 93 Operating lease liabilities 125 121 Other 400 415 Total $ 1,518 $ 1,648 |
Liabilities, Noncurrent | Other long-term liabilities consisted of the following: June 30, December 31, (in millions) Environmental $ 3 $ 3 Extended disability benefits 4 4 Warranty obligations (Note 6) 8 9 Restructuring (Note 7) 28 25 Payroll-related obligations 12 12 Accrued income taxes 184 169 Deferred income taxes, net 379 394 Contract liabilities (Note 20) 19 16 Derivative financial instruments (Note 14) 18 1 Other 70 68 Total $ 725 $ 701 |
Warranty Obligations (Tables)
Warranty Obligations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: Warranty Obligations (in millions) Accrual balance at beginning of period $ 61 Provision for estimated warranties incurred during the period 15 Changes in estimate for pre-existing warranties 13 Settlements (27) Accrual balance at end of period $ 62 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 by operating segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Signal and Power Solutions $ 54 $ 8 $ 76 $ 15 Advanced Safety and User Experience 16 34 33 38 Total $ 70 $ 42 $ 109 $ 53 |
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, 2024: Employee Termination Benefits Liability Other Exit Costs Liability Total (in millions) Accrual balance at January 1, 2024 $ 167 $ — $ 167 Provision for estimated expenses incurred during the period 109 — 109 Payments made during the period (143) — (143) Foreign currency and other (3) — (3) Accrual balance at June 30, 2024 $ 130 $ — $ 130 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023: June 30, December 31, (in millions) 2.396%, senior notes, due 2025 (net of $1 and $2 unamortized issuance costs, respectively) $ 699 $ 698 1.50%, Euro-denominated senior notes, due 2025 (net of $1 and $1 unamortized issuance costs, respectively) 747 772 1.60%, Euro-denominated senior notes, due 2028 (net of $2 and $2 unamortized issuance costs, respectively) 532 550 4.35%, senior notes, due 2029 (net of $1 and $2 unamortized issuance costs, respectively) 299 298 3.25%, senior notes, due 2032 (net of $6 and $6 unamortized issuance costs and $2 and $2 discount, respectively) 792 792 4.25%, Euro-denominated senior notes, due 2036 (net of $7 and $0 unamortized issuance costs and $2 and $0 discount, respectively) 792 — 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 $15 and $16 unamortized issuance costs and $30 and $30 discount, respectively) 1,455 1,454 4.15%, senior notes, due 2052 (net of $10 and $11 unamortized issuance costs and $2 and $2 discount, respectively) 988 987 Finance leases and other 34 21 Total debt 6,979 6,213 Less: current portion (1,475) (9) Long-term debt $ 5,504 $ 6,204 |
Schedule of Interest Rates | The rates under the Credit Agreement on the specified dates are set forth below: June 30, 2024 December 31, 2023 SOFR plus ABR plus SOFR plus ABR plus Revolving Credit Facility 1.06 % 0.06 % 1.06 % 0.06 % |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023: Non-U.S. Plans U.S. Plans Three Months Ended June 30, 2024 2023 2024 2023 (in millions) Service cost $ 4 $ 5 $ — $ — Interest cost 10 10 — — Expected return on plan assets (4) (4) — — Amortization of actuarial losses — — 1 — Net periodic benefit cost $ 10 $ 11 $ 1 $ — Non-U.S. Plans U.S. Plans Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Service cost $ 10 $ 9 $ — $ — Interest cost 21 20 — — Expected return on plan assets (9) (8) — — Amortization of actuarial losses — 1 1 — Net periodic benefit cost $ 22 $ 22 $ 1 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in millions) Income tax expense $ 51 $ 30 $ 127 $ 64 Effective tax rate 5 % 9 % 9 % 10 % |
Shareholders' Equity And Net _2
Shareholders' Equity And Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Shareholders' Equity and Net Income Per Share Note [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table illustrates net income per share attributable to ordinary shareholders and the weighted average shares outstanding used in calculating basic and diluted income per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions, except per share data) Numerator: Net income attributable to ordinary shareholders $ 938 $ 229 $ 1,156 $ 375 Denominator: Weighted average ordinary shares outstanding, basic 270.19 272.69 272.69 271.86 Dilutive shares related to restricted stock units 0.24 0.08 0.18 0.11 Weighted average ordinary shares outstanding, including dilutive shares 270.43 272.77 272.87 271.97 Net income per share attributable to ordinary shareholders: Basic $ 3.47 $ 0.84 $ 4.24 $ 1.38 Diluted $ 3.47 $ 0.84 $ 4.24 $ 1.38 |
Share Repurchases | A summary of the ordinary shares repurchased during the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total number of shares repurchased 5,372,682 269,003 12,720,092 872,774 Average price paid per share $ 80.69 $ 104.36 $ 81.25 $ 112.03 Total (in millions) $ 434 $ 28 $ 1,034 $ 98 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 are shown below: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Foreign currency translation adjustments: Balance at beginning of period $ (829) $ (775) $ (761) $ (790) Aggregate adjustment for the period (1) (86) (36) (154) (21) Balance at end of period (915) (811) (915) (811) Gains (losses) on derivatives: Balance at beginning of period 155 101 140 7 Other comprehensive income before reclassifications (net tax effect of $(4), $9, $(4), and $2) (50) 84 9 187 Reclassification to income (net tax effect of $2, $(3), $2, and $(3)) (51) (30) (95) (39) Balance at end of period 54 155 54 155 Pension and postretirement plans: Balance at beginning of period (24) (8) (24) (8) Other comprehensive loss before reclassifications (net tax effect of $0, $1, $0 and $1) — (1) — (2) Reclassification to income (nil net tax effect for all periods presented) 1 — 1 1 Balance at end of period (23) (9) (23) (9) Accumulated other comprehensive loss, end of period $ (884) $ (665) $ (884) $ (665) (1) Includes gains of $18 million and $42 million for the three and six months ended June 30, 2024, respectively, and losses of $8 million and $25 million for the three and six months ended June 30, 2023, 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, 2024 and 2023 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 2024 2023 2024 2023 (in millions) Gains (losses) on derivatives: Commodity derivatives $ 9 $ (9) $ 5 $ (12) Cost of sales Foreign currency derivatives 44 36 92 48 Cost of sales 53 27 97 36 Income before income taxes (2) 3 (2) 3 Income tax expense 51 30 95 39 Net income — — — — Net income attributable to noncontrolling interest $ 51 $ 30 $ 95 $ 39 Net income attributable to Aptiv Pension and postretirement plans: Actuarial losses $ (1) $ — $ (1) $ (1) Other income, net (1) (1) — (1) (1) Income before income taxes — — — — Income tax expense (1) — (1) (1) Net income — — — — Net income attributable to noncontrolling interest $ (1) $ — $ (1) $ (1) Net income attributable to Aptiv Total reclassifications for the period $ 50 $ 30 $ 94 $ 38 (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, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2024, 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 116,351 pounds $ 510 Foreign Currency Quantity Hedged Unit of Measure Notional Amount (in millions) Mexican Peso 26,074 MXN $ 1,420 Chinese Yuan Renminbi 3,253 RMB $ 445 Euro 18 EUR $ 20 Polish Zloty 869 PLN $ 215 Hungarian Forint 26,272 HUF $ 70 |
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, 2024 and December 31, 2023 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 $ 31 Accrued liabilities $ — Foreign currency derivatives* Other current assets 47 Other current assets — $ 47 Foreign currency derivatives* Accrued liabilities 1 Accrued liabilities 12 (11) Commodity derivatives Other long-term assets 18 Other long-term liabilities — Foreign currency derivatives* Other long-term assets 2 Other long-term assets — 2 Foreign currency derivatives* Other long-term liabilities 1 Other long-term liabilities 19 (18) Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets 1 Accrued liabilities — Total derivatives designated as hedges $ 101 $ 31 Derivatives not designated: Foreign currency derivatives* Other current assets $ 3 Other current assets $ — 3 Total derivatives not designated as hedges $ 3 $ — 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 $ 1 Accrued liabilities $ 4 Foreign currency derivatives* Other current assets 133 Other current assets — $ 133 Commodity derivatives Other long-term assets 2 Other long-term liabilities 1 Foreign currency derivatives* Other long-term assets 22 Other long-term assets 1 21 Derivatives designated as net investment hedges: Foreign currency derivatives Other current assets — Accrued liabilities 2 Total derivatives designated as hedges $ 158 $ 8 Derivatives not designated: Foreign currency derivatives* Other current assets $ 4 Other current assets $ — 4 Total derivatives not designated as hedges $ 4 $ — * 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 effects 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, 2024 and 2023 are as follows: Three Months Ended June 30, 2024 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 40 $ 9 Foreign currency derivatives (87) 44 Derivatives designated as net investment hedges: Foreign currency derivatives 1 — Total $ (46) $ 53 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (1) Total $ (1) Three Months Ended June 30, 2023 (Loss) Gain Recognized in OCI (Loss) Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (34) $ (9) Foreign currency derivatives 103 36 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ 75 $ 27 Gain Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ 1 Total $ 1 Six Months Ended June 30, 2024 Gain (Loss) Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 56 $ 5 Foreign currency derivatives (46) 92 Derivatives designated as net investment hedges: Foreign currency derivatives 3 — Total $ 13 $ 97 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (4) Total $ (4) Six Months Ended June 30, 2023 (Loss) Gain Recognized in OCI (Loss) Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ (7) $ (12) Foreign currency derivatives 186 48 Derivatives designated as net investment hedges: Foreign currency derivatives 6 — Total $ 185 $ 36 Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ (2) Total $ (2) |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in the available-for-sale debt securities classified as a Level 3 measurement for the six months ended June 30, 2024 is as follows: Available-for-sale debt securities (in millions) Fair value at beginning of period $ — Additions 84 Fair value at end of period $ 84 |
Fair Value, Assets Measured on Recurring Basis | As of June 30, 2024 and December 31, 2023, 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, 2024: Commodity derivatives $ 49 $ — $ 49 $ — Foreign currency derivatives 53 — 53 — Publicly traded equity securities 16 16 — — Available-for-sale debt securities 84 — — 84 Total $ 202 $ 16 $ 102 $ 84 As of December 31, 2023: Commodity derivatives $ 3 $ — $ 3 $ — Foreign currency derivatives 158 — 158 — Publicly traded equity securities 14 14 — — Total $ 175 $ 14 $ 161 $ — |
Fair Value, Liabilities Measured on Recurring Basis | As of June 30, 2024 and December 31, 2023, 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, 2024: Commodity derivatives $ — $ — $ — $ — Foreign currency derivatives 29 — 29 — Total $ 29 $ — $ 29 $ — As of December 31, 2023: Commodity derivatives $ 5 $ — $ 5 $ — Foreign currency derivatives 2 — 2 — Total $ 7 $ — $ 7 $ — |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | Other income, net included: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Interest income $ 16 $ 24 $ 36 $ 46 Components of net periodic benefit cost other than service cost (Note 9) (7) (6) (13) (13) Costs associated with acquisitions and other transactions — (4) — (4) Impairment of equity investments without readily determinable fair value (Note 21) — — — (18) Gain (loss) on change in fair value of publicly traded equity securities 3 (3) 2 (6) Other, net (2) — — 5 Other income, net $ 10 $ 11 $ 25 $ 10 During the three months ended June 30, 2024 and 2023, net unrealized gains of $3 million and losses of $3 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2024. During the six months ended June 30, 2024 and 2023, net unrealized gains of $2 million and losses of $6 million, respectively, were recognized for publicly traded equity securities still held as of June 30, 2024. As further described in Note 21. Investments in Affiliates, during the six months ended June 30, 2023, Aptiv recorded an impairment loss of $18 million in its equity investments without readily determinable fair values. |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Tables) | Apr. 03, 2024 |
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 Höhle based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed Purchase price, cash consideration, net of cash acquired $ 42 Intangible assets $ 11 Other assets, net 4 Identifiable net assets acquired 15 Goodwill resulting from purchase 27 Total purchase price allocation $ 42 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 30,497 $ 2 April 2025 N/A N/A N/A April 2023 20,584 $ 2 April 2024 18,272 $ 1 2,312 April 2022 23,387 $ 2 April 2023 20,457 $ 2 2,930 (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% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are: Metric 2020 - 2024 Average return on net assets (1) 33% Cumulative net income 33% Relative total shareholder return (2) 33% (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 annual 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 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 February 2023 0.79 $ 99 Annually on anniversary of grant date, 2024 - 2026 December 31, 2025 February 2024 1.12 $ 94 Annually on anniversary of grant date, 2025 - 2027 December 31, 2026 |
ScheduleofExecutiveRSUGrantsVesting | The details of shares issued for vested annual 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 2024 461,052 $ 36 188,897 151,245 $ 12 65,910 Q1 2023 286,337 $ 33 116,753 315,664 $ 37 138,036 |
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, 2024 1,996 $ 124.06 Granted 1,522 $ 81.67 Vested (505) $ 120.97 Forfeited (215) $ 115.82 Nonvested, June 30, 2024 2,798 $ 102.19 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023. Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2024: Net sales $ 3,512 $ 1,554 $ (15) $ 5,051 Depreciation and amortization $ 162 $ 86 $ — $ 248 Adjusted operating income $ 436 $ 170 $ — $ 606 Operating income $ 334 $ 107 $ — $ 441 Gain on Motional transactions $ — $ 641 $ — $ 641 Equity income (loss), net of tax $ 4 $ (38) $ — $ (34) Net income attributable to noncontrolling interest $ 5 $ — $ — $ 5 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Three Months Ended June 30, 2023: Net sales $ 3,679 $ 1,532 $ (11) $ 5,200 Depreciation and amortization $ 155 $ 69 $ — $ 224 Adjusted operating income $ 392 $ 138 $ — $ 530 Operating income $ 340 $ 70 $ — $ 410 Equity income (loss), net of tax $ 4 $ (77) $ — $ (73) Net income attributable to noncontrolling interest $ 4 $ — $ — $ 4 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2024: Net sales $ 6,999 $ 2,983 $ (30) $ 9,952 Depreciation and amortization $ 323 $ 155 $ — $ 478 Adjusted operating income $ 825 $ 325 $ — $ 1,150 Operating income $ 651 $ 209 $ — $ 860 Gain on Motional transactions $ — $ 641 $ — $ 641 Equity income (loss), net of tax $ 8 $ (111) $ — $ (103) Net income attributable to noncontrolling interest $ 11 $ — $ — $ 11 Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other (1) Total (in millions) For the Six Months Ended June 30, 2023: Net sales $ 7,143 $ 2,898 $ (23) $ 10,018 Depreciation and amortization $ 304 $ 136 $ — $ 440 Adjusted operating income $ 766 $ 201 $ — $ 967 Operating income $ 659 $ 99 $ — $ 758 Equity income (loss), net of tax $ 7 $ (162) $ — $ (155) Net income attributable to noncontrolling interest $ 7 $ — $ — $ 7 Net loss attributable to redeemable noncontrolling interest $ (1) $ — $ — $ (1) (1) Eliminations and Other includes the elimination of inter-segment transactions. |
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, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions. The reconciliations of Adjusted Operating Income to net income attributable to Aptiv for the three and six months ended June 30, 2024 and 2023 are as follows: Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2024: Adjusted operating income $ 436 $ 170 $ 606 Amortization (31) (21) (52) Restructuring (54) (16) (70) Other acquisition and portfolio project costs (17) (8) (25) Asset impairments — (14) (14) Compensation expense related to acquisitions — (4) (4) Operating income $ 334 $ 107 441 Interest expense (64) Other income, net 10 Gain on Motional transactions 641 Income before income taxes and equity loss 1,028 Income tax expense (51) Equity loss, net of tax (34) Net income 943 Net income attributable to noncontrolling interest 5 Net income attributable to Aptiv $ 938 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Three Months Ended June 30, 2023: Adjusted operating income $ 392 $ 138 $ 530 Amortization (36) (23) (59) Restructuring (8) (34) (42) Other acquisition and portfolio project costs (8) (3) (11) Compensation expense related to acquisitions — (8) (8) Operating income $ 340 $ 70 410 Interest expense (72) Other income, net 11 Income before income taxes and equity loss 349 Income tax expense (30) Equity loss, net of tax (73) Net income 246 Net income attributable to noncontrolling interest 4 Net income attributable to Aptiv $ 242 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2024: Adjusted operating income $ 825 $ 325 $ 1,150 Amortization (62) (44) (106) Restructuring (76) (33) (109) Other acquisition and portfolio project costs (36) (17) (53) Asset impairments — (14) (14) Compensation expense related to acquisitions — (8) (8) Operating income $ 651 $ 209 860 Interest expense (129) Other income, net 25 Gain on Motional transactions 641 Income before income taxes and equity loss 1,397 Income tax expense (127) Equity loss, net of tax (103) Net income 1,167 Net income attributable to noncontrolling interest 11 Net income attributable to Aptiv $ 1,156 Signal and Power Solutions Advanced Safety and User Experience Total (in millions) For the Six Months Ended June 30, 2023: Adjusted operating income $ 766 $ 201 $ 967 Amortization (72) (46) (118) Restructuring (15) (38) (53) Other acquisition and portfolio project costs (20) (5) (25) Compensation expense related to acquisitions — (13) (13) Operating income $ 659 $ 99 758 Interest expense (139) Other income, net 10 Income before income taxes and equity loss 629 Income tax expense (64) Equity loss, net of tax (155) Net income 410 Net income attributable to noncontrolling interest 7 Net loss attributable to redeemable noncontrolling interest (1) Net income attributable to Aptiv $ 404 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Regional and Core Product Line] | 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, 2024 and 2023. Information concerning geographic market reflects the manufacturing location. For the Three Months Ended June 30, 2024: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,325 $ 554 $ (2) $ 1,877 Europe, Middle East and Africa 997 714 (4) 1,707 Asia Pacific 1,096 286 (9) 1,373 South America 94 — — 94 Total net sales $ 3,512 $ 1,554 $ (15) $ 5,051 For the Three Months Ended June 30, 2023: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 1,402 $ 534 $ (2) $ 1,934 Europe, Middle East and Africa 1,037 725 (4) 1,758 Asia Pacific 1,126 273 (5) 1,394 South America 114 — — 114 Total net sales $ 3,679 $ 1,532 $ (11) $ 5,200 For the Six Months Ended June 30, 2024: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,655 $ 1,044 $ (6) $ 3,693 Europe, Middle East and Africa 2,020 1,407 (8) 3,419 Asia Pacific 2,142 532 (16) 2,658 South America 182 — — 182 Total net sales $ 6,999 $ 2,983 $ (30) $ 9,952 For the Six Months Ended June 30, 2023: Signal and Power Solutions Advanced Safety and User Experience Eliminations and Other Total (in millions) Geographic Market North America $ 2,725 $ 990 $ (3) $ 3,712 Europe, Middle East and Africa 2,082 1,395 (8) 3,469 Asia Pacific 2,129 513 (12) 2,630 South America 207 — — 207 Total net sales $ 7,143 $ 2,898 $ (23) $ 10,018 Revenue by core product line for the three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Electrical Distribution Systems $ 2,051 $ 2,237 $ 4,118 $ 4,319 Engineered Components Group 1,629 1,635 3,224 3,202 Eliminations (168) (193) (343) (378) Signal and Power Solutions 3,512 3,679 6,999 7,143 Active Safety 758 658 1,444 1,218 Smart Vehicle Compute and Software 134 138 252 271 User Experience and Other 676 750 1,316 1,436 Eliminations (14) (14) (29) (27) Advanced Safety and User Experience 1,554 1,532 2,983 2,898 Eliminations (15) (11) (30) (23) Total net sales $ 5,051 $ 5,200 $ 9,952 $ 10,018 |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
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, 2024 and December 31, 2023: Investment Name Segment June 30, 2024 December 31, 2023 (in millions) Publicly traded equity securities: Smart Eye AB Advanced Safety and User Experience $ 8 $ 8 Urgently, Inc. Advanced Safety and User Experience 1 1 Valens Semiconductor Ltd. Signal and Power Solutions 7 5 Total publicly traded equity securities 16 14 Non-publicly traded investments: StradVision, Inc. Advanced Safety and User Experience 84 44 Other investments Various 7 7 Total non-publicly traded investments 91 51 Total technology investments $ 107 $ 65 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 12, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Nov. 30, 2022 | |
Significant Accounting Policies [Line Items] | |||||||
Investment Income, Dividend | $ 7,000,000 | $ 5,000,000 | |||||
Publicly traded equity securities | $ 16,000,000 | 16,000,000 | $ 14,000,000 | ||||
Investments, All Other Investments [Abstract] | 91,000,000 | 91,000,000 | 51,000,000 | ||||
Redeemable noncontrolling interest | $ 95,000,000 | $ 95,000,000 | $ 99,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | ||||||
Preferred shares, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Accounts receivable, net of allowance for doubtful accounts of $49 million and $52 million, respectively. | $ 3,592,000,000 | $ 3,592,000,000 | $ 3,546,000,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 81,000,000 | 81,000,000 | 52,000,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 37,000,000 | ||||||
Intangible assets, net (excluding goodwill) | 2,263,000,000 | 2,263,000,000 | 2,399,000,000 | ||||
Amortization | 52,000,000 | $ 59,000,000 | 106,000,000 | $ 118,000,000 | |||
Goodwill | 5,078,000,000 | 5,078,000,000 | 5,151,000,000 | ||||
Intercable | |||||||
Significant Accounting Policies [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85% | ||||||
Intercable | Mutschlechner Family | |||||||
Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15% | ||||||
Other Long-Term Assets | |||||||
Significant Accounting Policies [Line Items] | |||||||
Publicly traded equity securities | 16,000,000 | 16,000,000 | 14,000,000 | ||||
Investments, All Other Investments [Abstract] | $ 91,000,000 | $ 91,000,000 | $ 51,000,000 | ||||
Customer Concentration Risk | Total Net Sales | Top 10 Customers | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of Total Net Sales | 57% | 55% | 56% | 55% | |||
Customer Concentration Risk | Total Net Sales | Ford | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of Total Net Sales | 10% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Productive material | $ 1,451 | $ 1,507 |
Work-in-process | 202 | 178 |
Finished goods | 717 | 680 |
Total | $ 2,370 | $ 2,365 |
Assets Current Assets (Details)
Assets Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivable | $ 165 | $ 160 |
Prepaid insurance and other expenses | 89 | 91 |
Reimbursable engineering costs | 165 | 122 |
Notes receivable | 4 | 9 |
Income and other taxes receivable | 122 | 100 |
Deposits to vendors | 5 | 6 |
Derivative financial instruments (Note 14) | 82 | 138 |
Capitalized upfront fees (Note 20) | 10 | 12 |
Contract assets (Note 20) | 66 | 55 |
Other | 2 | 3 |
Total | $ 710 | $ 696 |
Assets Non Current assets (Deta
Assets Non Current assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred income taxes, net | $ 2,298 | $ 2,351 |
Unamortized Revolving Credit Facility debt issuance costs | 5 | 6 |
Income and other taxes receivable | 47 | 33 |
Reimbursable engineering costs | 128 | 163 |
Value added tax receivable | 2 | 2 |
Technology investments (Note 21) | 107 | 65 |
Derivative financial instruments (Note 14) | 20 | 23 |
Capitalized upfront fees (Note 20) | 44 | 49 |
Contract assets (Note 20) | 80 | 67 |
Other | 98 | 103 |
Total | $ 2,829 | $ 2,862 |
Liabilities Other Liabilities,
Liabilities Other Liabilities, Current (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Payroll-related obligations | $ 371 | $ 371 |
Employee benefits, including current pension obligations | 85 | 131 |
Income and other taxes payable | 132 | 175 |
Warranty obligations (Note 6) | 54 | 52 |
Restructuring (Note 7) | 102 | 142 |
Customer deposits | 106 | 91 |
Derivative financial instruments (Note 14) | 11 | 6 |
Accrued interest | 51 | 51 |
Contract liabilities (Note 20) | 81 | 93 |
Operating lease liabilities | 125 | 121 |
Other | 400 | 415 |
Total | $ 1,518 | $ 1,648 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Liabilities Other Liabilities_2
Liabilities Other Liabilities, Non Current (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Environmental | $ 3 | $ 3 |
Extended disability benefits | 4 | 4 |
Warranty obligations (Note 6) | 8 | 9 |
Restructuring (Note 7) | 28 | 25 |
Payroll-related obligations | 12 | 12 |
Accrued income taxes | 184 | 169 |
Deferred income taxes, net | 379 | 394 |
Contract liabilities (Note 20) | 19 | 16 |
Derivative financial instruments (Note 14) | 18 | 1 |
Other | 70 | 68 |
Total | $ 725 | $ 701 |
Warranty Obligations (Details)
Warranty Obligations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Accrual balance at beginning of period | $ 61 |
Provision for estimated warranties incurred during the period | 15 |
Changes in estimate for pre-existing warranties | 13 |
Settlements | (27) |
Accrual balance at end of period | 62 |
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 | $ 25 |
Restructuring Narrative (Detail
Restructuring Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 70 | $ 42 | $ 109 | $ 53 |
Restructuring and Related Cost, Expected Cost | 10 | 10 | ||
Restructuring, Cash Expenditures | (143) | (53) | ||
Global Salaried Headcount Reduction Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 30 | 54 | ||
Signal and Power Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 54 | 8 | 76 | 15 |
Advanced Safety and User Experience | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 16 | 34 | $ 33 | $ 38 |
EMEA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 27 |
Restructuring Restructuring Cos
Restructuring Restructuring Costs by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 70 | $ 42 | $ 109 | $ 53 |
Signal and Power Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | 54 | 8 | 76 | 15 |
Advanced Safety and User Experience | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (Note 7) | $ 16 | $ 34 | $ 33 | $ 38 |
Restructuring Restructuring Lia
Restructuring Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | $ 167 | |||
Restructuring | $ 70 | $ 42 | 109 | $ 53 |
Payments made during the period | (143) | $ (53) | ||
Foreign currency and other | (3) | |||
Ending Balance | 130 | 130 | ||
Employee Termination Benefits Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 167 | |||
Restructuring | 109 | |||
Payments made during the period | (143) | |||
Foreign currency and other | (3) | |||
Ending Balance | 130 | 130 | ||
Other Exit Costs Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 0 | |||
Restructuring | 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, 2024 | Jun. 11, 2024 | Dec. 31, 2023 | Feb. 18, 2022 | Nov. 23, 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 | $ 34 | $ 21 | |||||||||
Total debt | 6,979 | 6,213 | |||||||||
Less: current portion | (1,475) | (9) | |||||||||
Long-term debt | 5,504 | 6,204 | |||||||||
Senior Notes | Senior Notes, 2.396% due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 699 | 698 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.396% | 2.396% | |||||||||
Debt Issuance Costs, Net | $ 1 | 2 | |||||||||
Senior Notes | Euro-Denominated Senior Notes, 1.500% Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 747 | 772 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||||||||
Debt Issuance Costs, Net | $ 1 | 1 | |||||||||
Senior Notes | Euro-denominated Senior Notes, 1.600% Due 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 532 | 550 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | |||||||||
Debt Issuance Costs, Net | $ 2 | 2 | |||||||||
Senior Notes | Senior Notes, 4.35% Due 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 299 | 298 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | |||||||||
Debt Issuance Costs, Net | $ 1 | 2 | |||||||||
Senior Notes | Senior Notes, 3.250% due 2032 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 792 | 792 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||||||||
Debt Issuance Costs, Net | $ 6 | 6 | |||||||||
Debt Instrument, Unamortized Discount | 2 | 2 | |||||||||
Senior Notes | Euro-Denominated Senior Notes, 4.250% Due 2036 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 792 | 0 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||||
Debt Issuance Costs, Net | $ 7 | 0 | |||||||||
Debt Instrument, Unamortized Discount | 2 | 0 | |||||||||
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% | |||||||||
Debt Issuance Costs, Net | $ 3 | 3 | |||||||||
Debt Instrument, Unamortized Discount | 1 | 1 | |||||||||
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% | |||||||||
Debt Issuance Costs, Net | $ 4 | 4 | |||||||||
Debt Instrument, Unamortized Discount | 1 | 1 | |||||||||
Senior Notes | Senior Notes, 3.10% Due 2051 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 1,455 | 1,454 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | 3.10% | |||||||||
Debt Issuance Costs, Net | $ 15 | 16 | |||||||||
Debt Instrument, Unamortized Discount | 30 | 30 | |||||||||
Senior Notes | Senior Notes, 4.150% due 2052 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 988 | 987 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | |||||||||
Debt Issuance Costs, Net | $ 10 | 11 | |||||||||
Debt Instrument, Unamortized Discount | $ 2 | $ 2 | |||||||||
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% |
Debt Credit Agreement (Details)
Debt Credit Agreement (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Oct. 27, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Line of Credit Facility [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 4 | $ 4 | ||
Repayment of senior notes | $ 301 | |||
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. | Administrative Agents Alternate Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.06% | 0.06% | ||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.06% | 1.06% | ||
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% |
Debt Senior Unsecured Notes (De
Debt Senior Unsecured Notes (Details) € in Millions | Jun. 11, 2024 USD ($) | Feb. 18, 2022 USD ($) | Nov. 23, 2021 USD ($) | Mar. 14, 2019 USD ($) | Sep. 20, 2016 USD ($) | Sep. 15, 2016 USD ($) | Mar. 10, 2015 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 11, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Sep. 15, 2016 EUR (€) | Nov. 19, 2015 USD ($) | Mar. 10, 2015 EUR (€) | Mar. 03, 2014 USD ($) | Feb. 14, 2013 USD ($) | May 17, 2011 USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Short-Term Investments | $ 748,000,000 | $ 0 | |||||||||||||||
Euro Member Countries, Euro | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Short-Term Investments | € | € 700 | ||||||||||||||||
Euro-Denominated Senior Notes, 1.500% Due 2025 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 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% | ||||||||||||||||
Debt Instrument, Face Amount | € | € 700 | ||||||||||||||||
Senior Notes, 6.125% Due 2021 | Senior Notes | |||||||||||||||||
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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 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 | Senior Notes | Designated as Hedging Instrument | Net Investment Hedging | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | € | € 500 | ||||||||||||||||
Senior Notes, 5.000% Due 2023 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||||||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | ||||||||||||||||
Senior Notes, 4.400% Due 2046 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 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] | Senior Notes | |||||||||||||||||
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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | 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 | Senior Notes | |||||||||||||||||
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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||||||
Debt Instrument, Face Amount | $ 650,000,000 | ||||||||||||||||
2022 Senior Notes | 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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.396% | 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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 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 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 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, 3.15% Due 2020 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||||||||||||
Debt Instrument, Face Amount | $ 650,000,000 | ||||||||||||||||
Euro-Denominated Senior Notes, 4.250% Due 2036 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | ||||||||||||||
Payments of Debt Issuance Costs | $ 7,000,000 | ||||||||||||||||
Debt Instrument, Price | 99.723% | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.28% | ||||||||||||||||
Debt Instrument, Face Amount | € | € 750 |
Debt Other Financing (Details)
Debt Other Financing (Details) € in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Finance leases and other | $ 34 | $ 21 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 124 | $ 135 | ||
Letters of Credit Outstanding, Amount | $ 4 | $ 4 | ||
European Factoring Program | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.20% | 0.20% | ||
European Factoring Program | Accounts Receivable Factoring | ||||
Debt Instrument [Line Items] | ||||
New Maximum Funding From Factoring Program | € | € 450 | |||
European Factoring Program | EURIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
European Factoring Program | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% |
Pension Benefits Narrative (Det
Pension Benefits Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4 | $ 5 | $ 10 | $ 9 |
Interest cost | 10 | 10 | 21 | 20 |
Expected return on plan assets | (4) | (4) | (9) | (8) |
Amortization of actuarial losses | 0 | 0 | 0 | 1 |
Net periodic benefit cost | 10 | 11 | 22 | 22 |
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 |
Amortization of actuarial losses | 1 | 0 | 1 | 0 |
Net periodic benefit cost | $ 1 | $ 0 | $ 1 | $ 0 |
Commitments And Contingencies E
Commitments And Contingencies Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Environmental Exit Cost [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 4 | $ 4 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3 | $ 3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Examination [Line Items] | ||||
Income tax expense | $ 51 | $ 30 | $ 127 | $ 64 |
Effective tax rate | 5% | 9% | 9% | 10% |
Income tax expense (benefit) associated with discrete items | $ (27) | $ (22) | $ (20) | $ (25) |
Cash taxes paid | $ 151 | $ 148 | ||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 800,000,000% |
Income Taxes Intellectual Prope
Income Taxes Intellectual Property Transfer (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Examination [Line Items] | |||||
Income tax expense | $ 51 | $ 30 | $ 127 | $ 64 | |
Deferred Income Tax Expense (Benefit) | $ 31 | $ (17) | |||
IP Transfer and Tax Incentive Total Benefit | |||||
Income Tax Examination [Line Items] | |||||
Deferred Income Tax Expense (Benefit) | $ 2,080 |
2020 Public Equity Offering (De
2020 Public Equity Offering (Details) | Jun. 15, 2023 shares | Jun. 12, 2020 d $ / shares | Jun. 30, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares |
Ordinary shares, issued | 266,704,200 | 279,033,365 | ||
Preferred shares, issued | 0 | 0 | ||
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 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 1.0754 | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ / shares | $ 5.50 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 12,370,000 | |||
Preferred Shares | ||||
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator, basic: | ||||
Net income attributable to ordinary shareholders | $ 938 | $ 229 | $ 1,156 | $ 375 |
Numerator, diluted: | ||||
Net income attributable to Aptiv | 938 | 242 | 1,156 | 404 |
MCPS dividends (1) | 0 | (13) | 0 | (29) |
Net income attributable to ordinary shareholders | $ 938 | $ 229 | $ 1,156 | $ 375 |
Denominator: | ||||
Weighted average number of basic shares outstanding | 270,190 | 272,690 | 272,690 | 271,860 |
Dilutive shares related to restricted stock units (“RSUs”) | 240 | 80 | 180 | 110 |
Weighted average ordinary shares outstanding, including dilutive shares | 270,430 | 272,770 | 272,870 | 271,970 |
Basic net income per share: | ||||
Basic net income per share attributable to ordinary shareholders | $ 3.47 | $ 0.84 | $ 4.24 | $ 1.38 |
Diluted net income per share (Note 12): | ||||
Diluted net income per share attributable to ordinary shareholders | $ 3.47 | $ 0.84 | $ 4.24 | $ 1.38 |
Antidilutive securities share impact | 11,010 | 11,680 |
Shareholders' Equity And Net _4
Shareholders' Equity And Net Income Per Share Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Repurchase Program [Line Items] | |||||
Stock Repurchased During Period, Shares | 5,372,682 | 269,003 | 12,720,092 | 872,774 | |
Repurchases of ordinary shares | $ (434) | $ (28) | $ (1,034) | $ (98) | |
Stock repurchased during the period | $ 80.69 | $ 104.36 | $ 81.25 | $ 112.03 | |
Subsequent Event | |||||
Share Repurchase Program [Line Items] | |||||
Repurchases of ordinary shares | $ (66) | ||||
Share Repurchase Program April 2016 | |||||
Share Repurchase Program [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | $ 1,500 | |||
Share Repurchase Program January 2019 [Member] | |||||
Share Repurchase Program [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | 2,000 | 2,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 581 | $ 581 | |||
Share Repurchase Program January 2019 [Member] | Subsequent Event | |||||
Share Repurchase Program [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 515 |
Shareholders' Equity And Net _5
Shareholders' Equity And Net Income Per Share Dividends (Details) - Preferred Shares - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | |
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.375 | $ 1.375 | |
Mandatory convertible preferred share cumulative dividends | $ 16 | $ 32 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning of period | $ (645) | |||
Aggregate adjustment for the period (1) | $ (185) | $ 14 | (239) | $ 123 |
Accumulated other comprehensive loss, end of period | (884) | (665) | (884) | (665) |
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 | 18 | (8) | 42 | 25 |
Foreign currency translation adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning of period | (829) | (775) | (761) | (790) |
Aggregate adjustment for the period (1) | (86) | (36) | (154) | (21) |
Accumulated other comprehensive loss, end of period | (915) | (811) | (915) | (811) |
Unrealized gains (losses) on derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning of period | 155 | 101 | 140 | 7 |
Other comprehensive income (loss) before reclassifications (net of tax effect) | (50) | 84 | 9 | 187 |
Reclassification to income (net of tax effect) | (51) | (30) | (95) | (39) |
Accumulated other comprehensive loss, end of period | 54 | 155 | 54 | 155 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (4) | 9 | (4) | 2 |
Net tax effect of Reclassification Adjustment from AOCI on Derivatives | 2 | (3) | 2 | (3) |
Pension and postretirement plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning of period | (24) | (8) | (24) | (8) |
Other comprehensive income (loss) before reclassifications (net of tax effect) | 0 | (1) | 0 | (2) |
Reclassification to income (net of tax effect) | 1 | 0 | 1 | 1 |
Accumulated other comprehensive loss, end of period | (23) | (9) | (23) | (9) |
Net tax effect of Other comprehensive income before reclassifications | 0 | 1 | 0 | 1 |
Net tax effect of Reclassification Adjustment from AOCI, Pension and Other Postretirement Plans | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cost of sales | $ 4,083 | $ 4,336 | $ 8,106 | $ 8,394 | |
Income tax expense | (51) | (30) | (127) | (64) | |
Net income | 943 | 246 | 1,167 | 410 | |
Net income attributable to noncontrolling interest | (5) | (4) | (11) | (7) | |
Net income attributable to Aptiv | 938 | 242 | 1,156 | 404 | |
Amount Reclassified from Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income attributable to Aptiv | 50 | 30 | 94 | 38 | |
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 | 53 | 27 | 97 | 36 | |
Income tax expense | (2) | 3 | (2) | 3 | |
Net income | 51 | 30 | 95 | 39 | |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Aptiv | 51 | 30 | 95 | 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 | (9) | 5 | (12) | |
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 | 44 | 36 | 92 | 48 | |
Amount Reclassified from Accumulated Other Comprehensive Income | Pension and postretirement plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial losses | [1] | (1) | 0 | (1) | (1) |
Income before income taxes | (1) | 0 | (1) | (1) | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income | (1) | 0 | (1) | (1) | |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Aptiv | $ (1) | $ 0 | $ (1) | $ (1) | |
[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, Ft in Millions, $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2024 USD ($) lb | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) lb | Jun. 30, 2023 USD ($) | Jun. 30, 2026 USD ($) | Jun. 30, 2025 USD ($) | Jun. 30, 2024 MXN ($) lb | Jun. 30, 2024 CNY (¥) lb | Jun. 30, 2024 EUR (€) lb | Jun. 30, 2024 PLN (zł) lb | Jun. 30, 2024 HUF (Ft) lb | |
Derivative [Line Items] | |||||||||||
Net derivative gains (losses) included in accumulated other comprehensive income, before tax | $ 77 | $ 77 | |||||||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 78 | 78 | |||||||||
Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative Instruments, (Loss) Gain Reclassified from Accumulated OCI into Income, Effective Portion | (53) | $ (27) | (97) | $ (36) | |||||||
Cash Flow Hedging | Commodity derivatives | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative Instruments, (Loss) Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ (9) | 9 | $ (5) | 12 | |||||||
Cash Flow Hedging | Copper | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Nonmonetary Notional Amount | lb | 116,351 | 116,351 | 116,351 | 116,351 | 116,351 | 116,351 | 116,351 | ||||
Derivative, Notional Amount | $ 510 | $ 510 | |||||||||
Cash Flow Hedging | Foreign currency derivatives | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative Instruments, (Loss) Gain Reclassified from Accumulated OCI into Income, Effective Portion | (44) | (36) | (92) | (48) | |||||||
Cash Flow Hedging | Foreign currency derivatives | Mexican Peso | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 1,420 | 1,420 | $ 26,074 | ||||||||
Cash Flow Hedging | Foreign currency derivatives | Chinese Yuan Renminbi | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 445 | 445 | ¥ 3,253 | ||||||||
Cash Flow Hedging | Foreign currency derivatives | Polish Zloty | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 215 | 215 | zł 869 | ||||||||
Cash Flow Hedging | Foreign currency derivatives | Euro Member Countries, Euro | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 20 | 20 | € 18 | ||||||||
Cash Flow Hedging | Foreign currency derivatives | Hungary, Forint | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 70 | 70 | Ft 26,272 | ||||||||
Net Investment Hedging | Foreign currency derivatives | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative Instruments, (Loss) Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | $ 0 | 0 | $ 0 | |||||||
Net Investment Hedging | Foreign exchange forward | Chinese Yuan Renminbi | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | ¥ | ¥ 700 | ||||||||||
Net Investment Hedging | Foreign exchange forward | United States of America, Dollars | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 100 | $ 100 | |||||||||
Forecast [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative Instruments, (Loss) Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ (2) | $ 79 |
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, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 CNY (¥) | Dec. 31, 2023 USD ($) | Sep. 15, 2016 EUR (€) | Mar. 10, 2015 EUR (€) | |
Derivative [Line Items] | ||||||||
Settlement of derivatives | $ 0 | $ (1) | ||||||
Euro-Denominated Senior Notes, 1.500% Due 2025 | Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument designated as net investment hedge | € | € 700 | |||||||
Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (1) | $ 1 | (4) | (2) | ||||
Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) on net investment hedge, net of tax | 18 | $ (8) | 42 | 25 | ||||
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 | 18 | (42) | ||||||
Net investment hedge gains (losses) included in accumulated other comprehensive income | 40 | 40 | $ (2) | |||||
Foreign exchange forward | China, Yuan Renminbi | Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | ¥ | ¥ 700 | |||||||
Foreign exchange forward | United States of America, Dollars | Net Investment Hedging | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 100 | 100 | ||||||
Settlement of derivatives | $ (1) | $ (1) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Settlement of derivatives | $ 0 | $ (1) | ||
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (1) | $ 1 | $ (4) | $ (2) |
Derivatives And Hedging Activ_6
Derivatives And Hedging Activities Fair Value of Derivative Instruments in the Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Noncurrent | $ 18 | $ 1 | |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 101 | 158 | |
Gross amount of recognized liability derivatives | $ 31 | 8 | |
Designated as Hedging Instrument | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | ||
Designated as Hedging Instrument | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | $ 1 | ||
Designated as Hedging Instrument | Other Current Assets | Foreign currency derivatives | |||
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 | 0 | ||
Designated as Hedging Instrument | Accrued Liabilities | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 2 | ||
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 3 | 4 | |
Gross amount of recognized liability derivatives | 0 | 0 | |
Not Designated as Hedging Instrument | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Net amount of derivative asset presented in the Balance Sheet | $ (3) | $ 4 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current | |
Not Designated as Hedging Instrument | Other Current Assets | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | $ 3 | $ 4 | |
Gross amount of recognized liability derivatives | 0 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Noncurrent | [1] | 18 | |
Net amount of derivative liability presented in the Balance Sheet | [1] | (11) | |
Cash Flow Hedging | Designated as Hedging Instrument | Other Current Assets | Commodity derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 31 | 1 | |
Cash Flow Hedging | Designated as Hedging Instrument | Other Current Assets | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 47 | 133 |
Gross amount of recognized liability derivatives | [1] | 0 | 0 |
Net amount of derivative asset presented in the Balance Sheet | [1] | 47 | 133 |
Cash Flow Hedging | Designated as Hedging Instrument | Accrued Liabilities | Commodity derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 0 | 4 | |
Cash Flow Hedging | Designated as Hedging Instrument | Accrued Liabilities | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 1 | |
Gross amount of recognized liability derivatives | [1] | 12 | |
Cash Flow Hedging | Designated as Hedging Instrument | Other Long-Term Assets | Commodity derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | 18 | 2 | |
Cash Flow Hedging | Designated as Hedging Instrument | Other Long-Term Assets | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 2 | 22 |
Gross amount of recognized liability derivatives | [1] | 0 | 1 |
Net amount of derivative asset presented in the Balance Sheet | [1] | 2 | 21 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Long-Term Liabilities | Commodity derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized liability derivatives | 0 | $ 1 | |
Cash Flow Hedging | Designated as Hedging Instrument | Other Long-Term Liabilities | Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Gross amount of recognized asset derivatives | [1] | 1 | |
Gross amount of recognized liability derivatives | [1] | $ 19 | |
[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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion | $ 53 | $ 27 | $ 97 | $ 36 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 46 | (75) | (13) | (185) |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion | 9 | (9) | 5 | (12) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain, before Reclassification and Tax | 40 | (34) | 56 | (7) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion | 44 | 36 | 92 | 48 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain, before Reclassification and Tax | (87) | 103 | (46) | (186) |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss (Gain) 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 | 1 | 6 | 3 | (6) |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 1 | (4) | (2) |
Not Designated as Hedging Instrument | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (1) | $ 1 | $ (4) | $ (2) |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Fair Value, Net | $ 73 | $ 73 | $ 154 | ||
Total debt, recorded amount | 6,979 | 6,979 | 6,213 | ||
Impairment of equity investments without readily determinable fair value (Note 21) | 0 | $ 0 | 0 | $ 18 | |
Short-Term Investments | 748 | 748 | 0 | ||
Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of equity investments without readily determinable fair value (Note 21) | $ 18 | ||||
Impairment, Long-Lived Asset, Held-for-Use | 14 | ||||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total debt, fair value | $ 5,901 | $ 5,901 | $ 5,255 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments Unobservable Inputs Reconciliation (Details) - Other Assets - Fair Value, Measurements, Recurring - Available-for-Sale Securities $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value at beginning of period | $ 0 |
Fair value at end of period | 84 |
Additions | $ 84 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of equity investments without readily determinable fair value (Note 21) | $ 0 | $ 0 | $ 0 | $ 18 | |
Short-Term Investments | 748 | 748 | $ 0 | ||
Stradvision | Advanced Safety and User Experience | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 84 | 84 | 44 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 16 | 16 | 14 | ||
Debt Securities, Available-for-Sale | 84 | 84 | |||
Assets, Fair Value Disclosure | 202 | 202 | 175 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 29 | 29 | 7 | ||
Fair Value, Measurements, Recurring | Commodity derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 49 | 49 | 3 | ||
Derivative Liability | 0 | 0 | 5 | ||
Fair Value, Measurements, Recurring | Foreign currency derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 53 | 53 | 158 | ||
Derivative Liability | 29 | 29 | 2 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 16 | 16 | 14 | ||
Debt Securities, Available-for-Sale | 0 | 0 | |||
Assets, Fair Value Disclosure | 16 | 16 | 14 | ||
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 | 0 | 0 | ||
Derivative Liability | 0 | 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] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Debt Securities, Available-for-Sale | 0 | 0 | |||
Assets, Fair Value Disclosure | 102 | 102 | 161 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 29 | 29 | 7 | ||
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 | 49 | 49 | 3 | ||
Derivative Liability | 0 | 0 | 5 | ||
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 | 53 | 53 | 158 | ||
Derivative Liability | 29 | 29 | 2 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Debt Securities, Available-for-Sale | 84 | 84 | |||
Assets, Fair Value Disclosure | 84 | 84 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
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 | 0 | 0 | ||
Derivative Liability | 0 | 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 | ||
Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of equity investments without readily determinable fair value (Note 21) | 18 | ||||
Other income (expense), net | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of equity investments without readily determinable fair value (Note 21) | $ 18 |
Other Income, Net Table (Detail
Other Income, Net Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | $ 16 | $ 24 | $ 36 | $ 46 |
Components of net periodic benefit cost other than service cost (Note 9) | (7) | (6) | (13) | (13) |
Impairment of equity investments without readily determinable fair value (Note 21) | 0 | 0 | 0 | (18) |
Loss on change in fair value of publicly traded equity securities (Note 21) | 3 | (3) | 2 | (6) |
Other, net | (2) | 0 | 0 | 5 |
Other income (expense), net | 10 | 11 | 25 | 10 |
Equity Securities, FV-NI, unrealized loss on securities held at period end | 3 | (3) | 2 | (6) |
Costs associated with acquisitions and other transactions | $ 0 | $ (4) | $ 0 | $ (4) |
Acquisitions and Divestitures A
Acquisitions and Divestitures Acquisition of Hohle (Details) - USD ($) $ in Millions | Apr. 03, 2023 | Jun. 30, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | |||
Goodwill | $ 5,078 | $ 5,151 | |
Hohle | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 42 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||
Intangible assets | $ 11 | ||
Other assets, net | 4 | ||
Identifiable net assets acquired | 15 | ||
Goodwill | 27 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 42 | ||
Hohle | Minimum [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Hohle | Maximum [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Acquisitions And Divestitures P
Acquisitions And Divestitures Planned Exit from Majority Owned Russian Subsidiary (Details) | Jun. 30, 2024 |
Former Majority Owned Russian Subsidiary | |
Business Acquisition [Line Items] | |
Subsidiary, Ownership Percentage, Parent | 51% |
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. 30, 2024 | Feb. 29, 2024 | Apr. 30, 2023 | Feb. 28, 2023 | Apr. 30, 2022 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2020 | Apr. 24, 2024 | Apr. 23, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Document Period End Date | Jun. 30, 2024 | ||||||||||||
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% | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
RSU's Granted | 1,522,000 | ||||||||||||
Grant Date Fair Value | $ 94 | $ 99 | $ 80 | $ 72 | $ 62 | ||||||||
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 | 30,497 | 20,584 | 23,387 | ||||||||||
Grant Date Fair Value | $ 2 | $ 2 | $ 2 | ||||||||||
RSU's Issued in Period, Gross | 18,272 | 20,457 | |||||||||||
Fair Value of RSUs Vested in Period | $ 1 | $ 2 | |||||||||||
RSU's, Used to Pay Witholding Taxes | (2,312) | (2,930) | |||||||||||
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 | 2023 Grants | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
RSU's Granted | 790,000 | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | 2024 Grant | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
RSU's Granted | 1,120,000 | ||||||||||||
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 | 461,052 | 286,337 | |||||||||||
Fair Value of RSUs Vested in Period | $ 36 | $ 33 | |||||||||||
RSU's, Used to Pay Witholding Taxes | 188,897 | 116,753 | |||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Performance-Based | 2020 Grant | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
RSU's Issued in Period, Gross | 315,664 | ||||||||||||
Fair Value of RSUs Vested in Period | $ 37 | ||||||||||||
RSU's, Used to Pay Witholding Taxes | 138,036 | ||||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Executives | Performance-Based | 2021 Grant | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
RSU's Issued in Period, Gross | 151,245 | ||||||||||||
Fair Value of RSUs Vested in Period | $ 12 | ||||||||||||
RSU's, Used to Pay Witholding Taxes | 65,910 | ||||||||||||
2024 PLC Long Term Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Maximum Shares Available for Grant under PLC LTIP | 9,880,000 |
Share-Based Compensation Weight
Share-Based Compensation Weighting for Components of Performance Based RSU Awards (Details) - PLC Long Term Incentive Plan - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 30, 2024 | Feb. 29, 2024 | Apr. 30, 2023 | Feb. 28, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | 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% | ||||||
Restricted Stock Units (RSUs) | Executives | Time-Based | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
RSU's Issued in Period, Gross | 461,052 | 286,337 | ||||||
Fair Value of RSUs Vested in Period | $ 36 | $ 33 | ||||||
RSU's, Used to Pay Witholding Taxes | 188,897 | 116,753 | ||||||
Restricted Stock Units (RSUs) | Board of Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
RSU's Issued in Period, Gross | 18,272 | 20,457 | ||||||
Fair Value of RSUs Vested in Period | $ 1 | $ 2 | ||||||
RSU's, Used to Pay Witholding Taxes | (2,312) | (2,930) | ||||||
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% | ||||||
2020 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 | 315,664 | |||||||
Fair Value of RSUs Vested in Period | $ 37 | |||||||
RSU's, Used to Pay Witholding Taxes | 138,036 | |||||||
2021 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 | 151,245 | |||||||
Fair Value of RSUs Vested in Period | $ 12 | |||||||
RSU's, Used to Pay Witholding Taxes | 65,910 | |||||||
[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. 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. 30, 2024 | Feb. 29, 2024 | Apr. 30, 2023 | Feb. 28, 2023 | Apr. 30, 2022 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 21 | $ 31 | |||||||||||
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 | $ 102.19 | $ 102.19 | $ 124.06 | ||||||||||
LTIP Grants in Period, Weighted Average Grant Date Fair Value per share | 81.67 | ||||||||||||
LTIP Vested in Period, Weighted Average Grant Date Fair Value per share | 120.97 | ||||||||||||
LTIP RSUs, Forfeitures, Weighted Average Grant Date Fair Value per share | $ 115.82 | ||||||||||||
Share-based Compensation Expense | $ 27 | $ 30 | $ 52 | 48 | |||||||||
Share-based Compensation Expense, net of tax | 23 | $ 30 | 44 | 48 | |||||||||
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 222 | $ 222 | |||||||||||
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 21 | $ 31 | |||||||||||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
LTIP Shares, Nonvested, Number | 2,798,000 | 2,798,000 | 1,996,000 | ||||||||||
RSU's Granted | 1,522,000 | ||||||||||||
LTIP RSUs, Vested in Period | (505,000) | ||||||||||||
LTIP RSUs, Forfeited in Period | (215,000) | ||||||||||||
Grant Date Fair Value | $ 94 | $ 99 | $ 80 | $ 72 | $ 62 | ||||||||
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 | 30,497 | 20,584 | 23,387 | ||||||||||
RSU's Issued in Period, Gross | 18,272 | 20,457 | |||||||||||
Fair Value of RSUs Vested in Period | $ 1 | $ 2 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Withheld for Taxes in Period | 2,312 | 2,930 | |||||||||||
Grant Date Fair Value | $ 2 | $ 2 | $ 2 | ||||||||||
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 | 461,052 | 286,337 | |||||||||||
Fair Value of RSUs Vested in Period | $ 36 | $ 33 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Withheld for Taxes in Period | (188,897) | (116,753) |
Segment Reporting Reconciliatio
Segment Reporting Reconciliation of Sales and Operating Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 16, 2024 | May 02, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 5,051 | $ 5,200 | $ 9,952 | $ 10,018 | ||
Depreciation and amortization | 248 | 224 | 478 | 440 | ||
Adjusted operating income | 606 | 530 | 1,150 | 967 | ||
Operating income | 441 | 410 | 860 | 758 | ||
Gain on Motional transactions | $ 550 | $ 91 | 641 | 0 | 641 | 0 |
Equity income (loss), net of tax | (34) | (73) | (103) | (155) | ||
Net income attributable to noncontrolling interest | 5 | 4 | 11 | 7 | ||
Net loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (1) | ||
Operating Segments | Signal and Power Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 3,512 | 3,679 | 6,999 | 7,143 | ||
Depreciation and amortization | 162 | 155 | 323 | 304 | ||
Adjusted operating income | 436 | 392 | 825 | 766 | ||
Operating income | 334 | 340 | 651 | 659 | ||
Gain on Motional transactions | 0 | 0 | ||||
Equity income (loss), net of tax | 4 | 4 | 8 | 7 | ||
Net income attributable to noncontrolling interest | 5 | 4 | 11 | 7 | ||
Net loss attributable to redeemable noncontrolling interest | (1) | |||||
Operating Segments | Advanced Safety and User Experience | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,554 | 1,532 | 2,983 | 2,898 | ||
Depreciation and amortization | 86 | 69 | 155 | 136 | ||
Adjusted operating income | 170 | 138 | 325 | 201 | ||
Operating income | 107 | 70 | 209 | 99 | ||
Gain on Motional transactions | 641 | 641 | ||||
Equity income (loss), net of tax | (38) | (77) | (111) | (162) | ||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net loss attributable to redeemable noncontrolling interest | 0 | |||||
Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | (15) | (11) | (30) | (23) | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Adjusted operating income | 0 | 0 | 0 | 0 | ||
Operating income | 0 | 0 | 0 | 0 | ||
Gain on Motional transactions | 0 | 0 | ||||
Equity income (loss), net of tax | 0 | 0 | 0 | 0 | ||
Net income attributable to noncontrolling interest | $ 0 | $ 0 | $ 0 | 0 | ||
Net loss attributable to redeemable noncontrolling interest | $ 0 |
Segment Reporting Reconciliat_2
Segment Reporting Reconciliation of Adjusted OI to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 16, 2024 | May 02, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||||
Adjusted operating income | $ 606 | $ 530 | $ 1,150 | $ 967 | ||
Amortization | 52 | 59 | 106 | 118 | ||
Restructuring | 70 | 42 | 109 | 53 | ||
Other acquisition and portfolio project costs | 25 | 11 | 53 | 25 | ||
Compensation expense related to acquisitions | (4) | (8) | (8) | (13) | ||
Operating income | 441 | 410 | 860 | 758 | ||
Interest expense | (64) | (72) | (129) | (139) | ||
Other income, net | 10 | 11 | 25 | 10 | ||
Income before income taxes and equity loss | 1,028 | 349 | 1,397 | 629 | ||
Income tax expense | (51) | (30) | (127) | (64) | ||
Equity loss, net of tax | (34) | (73) | (103) | (155) | ||
Net income | 943 | 246 | 1,167 | 410 | ||
Net income attributable to noncontrolling interest | 5 | 4 | 11 | 7 | ||
Net loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (1) | ||
Net income attributable to Aptiv | 938 | 242 | 1,156 | 404 | ||
Gain on Motional transactions | $ 550 | $ 91 | 641 | 0 | 641 | 0 |
Asset Impairment Charges | 14 | 14 | ||||
Signal and Power Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring | 54 | 8 | 76 | 15 | ||
Advanced Safety and User Experience | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring | 16 | 34 | 33 | 38 | ||
Operating Segments | Signal and Power Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted operating income | 436 | 392 | 825 | 766 | ||
Amortization | 31 | 36 | 62 | 72 | ||
Restructuring | 54 | 8 | 76 | 15 | ||
Other acquisition and portfolio project costs | 17 | 8 | 36 | 20 | ||
Compensation expense related to acquisitions | 0 | 0 | 0 | 0 | ||
Operating income | 334 | 340 | 651 | 659 | ||
Equity loss, net of tax | 4 | 4 | 8 | 7 | ||
Net loss attributable to redeemable noncontrolling interest | (1) | |||||
Gain on Motional transactions | 0 | 0 | ||||
Asset Impairment Charges | 0 | 0 | ||||
Operating Segments | Advanced Safety and User Experience | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted operating income | 170 | 138 | 325 | 201 | ||
Amortization | 21 | 23 | 44 | 46 | ||
Restructuring | 16 | 34 | 33 | 38 | ||
Other acquisition and portfolio project costs | 8 | 3 | 17 | 5 | ||
Compensation expense related to acquisitions | (4) | (8) | (8) | (13) | ||
Operating income | 107 | 70 | 209 | 99 | ||
Equity loss, net of tax | (38) | $ (77) | (111) | (162) | ||
Net loss attributable to redeemable noncontrolling interest | $ 0 | |||||
Gain on Motional transactions | 641 | 641 | ||||
Asset Impairment Charges | $ 14 | $ 14 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 5,051 | $ 5,200 | $ 9,952 | $ 10,018 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,877 | 1,934 | 3,693 | 3,712 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,707 | 1,758 | 3,419 | 3,469 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,373 | 1,394 | 2,658 | 2,630 |
South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 94 | 114 | 182 | 207 |
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (15) | (11) | (30) | (23) |
Intersegment Eliminations | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (2) | (2) | (6) | (3) |
Intersegment Eliminations | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (4) | (4) | (8) | (8) |
Intersegment Eliminations | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (9) | (5) | (16) | (12) |
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 | 1,554 | 1,532 | 2,983 | 2,898 |
Advanced Safety and User Experience | Operating Segments | Active Safety | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 758 | 658 | 1,444 | 1,218 |
Advanced Safety and User Experience | Operating Segments | Smart Vehicle Compute and Software | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 134 | 138 | 252 | 271 |
Advanced Safety and User Experience | Operating Segments | User Experience and Other [Domain] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 676 | 750 | 1,316 | 1,436 |
Advanced Safety and User Experience | Operating Segments | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 554 | 534 | 1,044 | 990 |
Advanced Safety and User Experience | Operating Segments | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 714 | 725 | 1,407 | 1,395 |
Advanced Safety and User Experience | Operating Segments | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 286 | 273 | 532 | 513 |
Advanced Safety and User Experience | Operating Segments | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Advanced Safety and User Experience | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (14) | (14) | (29) | (27) |
Signal and Power Solutions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3,512 | 3,679 | 6,999 | 7,143 |
Signal and Power Solutions | Operating Segments | Electrical Distribution Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,051 | 2,237 | 4,118 | 4,319 |
Signal and Power Solutions | Operating Segments | Engineered Components Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,629 | 1,635 | 3,224 | 3,202 |
Signal and Power Solutions | Operating Segments | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,325 | 1,402 | 2,655 | 2,725 |
Signal and Power Solutions | Operating Segments | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 997 | 1,037 | 2,020 | 2,082 |
Signal and Power Solutions | Operating Segments | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,096 | 1,126 | 2,142 | 2,129 |
Signal and Power Solutions | Operating Segments | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 94 | 114 | 182 | 207 |
Signal and Power Solutions | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ (168) | $ (193) | $ (343) | $ (378) |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Liability | $ 100 | $ 109 |
Contract liabilities (Note 20) | 81 | 93 |
Contract liabilities (Note 20) | 19 | 16 |
Deferred Revenue, Revenue Recognized | 73 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 146 | 122 |
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | 80 | 67 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 66 | $ 55 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 196 |
Revenue, Remaining Performance Obligation, Percentage | 65% |
Revenue Cost to Obtain a Contra
Revenue Cost to Obtain a Contract (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Capitalized upfront fees | $ 54 | $ 54 | $ 61 | ||
Capitalized upfront fees, amortization | 3 | $ 9 | 11 | $ 17 | |
Other Current Assets | |||||
Capitalized upfront fees | 10 | 10 | 12 | ||
Other Long-Term Assets | |||||
Capitalized upfront fees | $ 44 | $ 44 | $ 49 |
Investments in Affiliates Narra
Investments in Affiliates Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
May 16, 2024 USD ($) | May 02, 2024 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 1,506 | $ 1,506 | $ 1,443 | ||||
Gain on Motional transactions | $ 550 | $ 91 | $ 641 | $ 0 | 641 | $ 0 | |
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee, Per Diluted Share | $ / shares | $ 2.37 | ||||||
Proceeds from the sale of equity method investment | 448 | 0 | |||||
TTTech Auto AG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 188 | 188 | 200 | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 151 | 151 | $ 156 | ||||
Motional AD LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 15% | 44% | 50% | ||||
Equity Method Investments | 283 | 283 | $ 1,096 | ||||
Capital Committed by Hyundai to Fund Motional | $ 475 | ||||||
Equity Interest Acquired by Hyundai from Providing Funding to Motional | 0.117 | ||||||
Proceeds from Sale of Equity Method Investments, Percentage Sold | 0.11 | ||||||
Conversion of Stock, Percentage Converted | 0.21 | ||||||
Proceeds from the sale of equity method investment | $ 448 | ||||||
Motional AD LLC | Series B Preferred Stock | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 899 | $ 899 | |||||
Motional AD LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 5 years | |||||
Lease Income | $ 1 | $ 1 | $ 2 | $ 2 |
Investments in Affiliates Techn
Investments in Affiliates Technology Investments (Details) - USD ($) | 6 Months Ended | |||
Jul. 11, 2024 | May 31, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | $ 91,000,000 | $ 51,000,000 | ||
Total technology investments | 107,000,000 | 65,000,000 | ||
Publicly traded equity securities | 16,000,000 | 14,000,000 | ||
Equity Securities, FV-NI, Restricted | 0 | |||
Valens Semiconductor | Signal and Power Solutions | ||||
Publicly traded equity securities | 7,000,000 | 5,000,000 | ||
Other [Member] | ||||
Non-publicly traded investments | 7,000,000 | 7,000,000 | ||
Smart Eye | Advanced Safety and User Experience | ||||
Publicly traded equity securities | 8,000,000 | 8,000,000 | ||
Stradvision | United States of America, Dollars | ||||
Payments to Acquire Equity Method Investments | $ 44,000,000 | |||
Payments to Acquire Debt Securities, Available-for-Sale | 40,000,000 | |||
Stradvision | United States of America, Dollars | Subsequent Event | ||||
Payments to Acquire Debt Securities, Available-for-Sale | $ 24,000,000 | |||
Stradvision | Advanced Safety and User Experience | ||||
Debt Securities, Available-for-Sale | 84,000,000 | 44,000,000 | ||
Urgently | Advanced Safety and User Experience | ||||
Publicly traded equity securities | $ 1,000,000 | $ 1,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Aug. 01, 2024 | Jul. 29, 2024 | |
Subsequent Event [Line Items] | ||||
Repurchase of ordinary shares | $ 1,030 | $ 98 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Stock Repurchase Program, Shares Repurchased, Percentage | 75% | |||
Bridge Loan | $ 2,500 | |||
Subsequent Event | Accelerated Share Repurchase July 2024 Agreement | ||||
Subsequent Event [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | |||
Subsequent Event | Share Repurchase Program July 2024 | ||||
Subsequent Event [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 5,000 |