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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
FORM 10-Q
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission file number: 001-35346
_____________________________________________________________________________________________________________________________________________________________________________________________________________
aptivimagea01a.jpg 
APTIV PLC
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________________________________________________________________________________________________________________
Jersey 98-1029562
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
5 Hanover Quay
Grand Canal Dock
Dublin, D02 VY79, Ireland
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code) 353-1-259-7013
(Former name, former address and former fiscal year, if changed since last report) N/A
_____________________________________________________________________________________________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Ordinary Shares, $0.01 par value per shareAPTVNew York Stock Exchange
2.396% Senior Notes due 2025APTVNew York Stock Exchange
1.500% Senior Notes due 2025APTVNew York Stock Exchange
1.600% Senior Notes due 2028APTVNew York Stock Exchange
4.350% Senior Notes due 2029APTVNew York Stock Exchange
3.250% Senior Notes due 2032APTVNew York Stock Exchange
4.250% Senior Notes due 2036APTVNew York Stock Exchange
4.400% Senior Notes due 2046APTVNew York Stock Exchange
5.400% Senior Notes due 2049APTVNew York Stock Exchange
3.100% Senior Notes due 2051APTVNew York Stock Exchange
4.150% Senior Notes due 2052APTVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒ Accelerated filer☐
Non-accelerated filer☐ Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of the registrant’s ordinary shares outstanding, $0.01 par value per share as of July 26, 2024, was 265,760,092.

APTIV PLC
INDEX 
  Page
Part I - Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
APTIV PLC
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions, except per share amounts)
Net sales$5,051 $5,200 $9,952 $10,018 
Operating expenses:
Cost of sales4,083 4,336 8,106 8,394 
Selling, general and administrative405 353 771 695 
Amortization52 59 106 118 
Restructuring (Note 7)
70 42 109 53 
Total operating expenses4,610 4,790 9,092 9,260 
Operating income441 410 860 758 
Interest expense(64)(72)(129)(139)
Other income, net (Note 16)
10 11 25 10 
Gain on Motional transactions (Note 21)
641 — 641 — 
Income before income taxes and equity loss1,028 349 1,397 629 
Income tax expense (Note 11)
(51)(30)(127)(64)
Income before equity loss977 319 1,270 565 
Equity loss, net of tax(34)(73)(103)(155)
Net income943 246 1,167 410 
Net income attributable to noncontrolling interest5 4 11 7 
Net loss attributable to redeemable noncontrolling interest— — — (1)
Net income attributable to Aptiv938 242 1,156 404 
Mandatory convertible preferred share dividends (Note 12)
— (13)— (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 outstanding270.19 272.69 272.69 271.86 
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 outstanding270.43 272.77 272.87 271.97 
See notes to consolidated financial statements.

3
APTIV PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions)
Net income$943 $246 $1,167 $410 
Other comprehensive (loss) income:
Currency translation adjustments(87)(39)(158)(22)
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 14)
(101)54 (86)148 
Employee benefit plans adjustment, net of tax1 (1)1 (1)
Other comprehensive (loss) income(187)14 (243)125 
Comprehensive income756 260 924 535 
Comprehensive income attributable to noncontrolling interests6 1 11 4 
Comprehensive (loss) income attributable to redeemable noncontrolling interest(2)— (4)1 
Comprehensive income attributable to Aptiv$752 $259 $917 $530 
See notes to consolidated financial statements.

4
APTIV PLC
CONSOLIDATED BALANCE SHEETS
June 30, 2024December 31,
2023
(Unaudited)
 (in millions)
ASSETS
Current assets:
Cash and cash equivalents$1,409 $1,640 
Short-term investments (Note 2)
748 — 
Accounts receivable, net of allowance for doubtful accounts of $81 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 assets8,829 8,247 
Long-term assets:
Property, net3,731 3,785 
Operating lease right-of-use assets515 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 assets15,922 16,180 
Total assets$24,751 $24,427 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 8)
$1,475 $9 
Accounts payable2,915 3,151 
Accrued liabilities (Note 5)
1,518 1,648 
Total current liabilities5,908 4,808 
Long-term liabilities:
Long-term debt (Note 8)
5,504 6,204 
Pension benefit obligations407 417 
Long-term operating lease liabilities437 453 
Other long-term liabilities (Note 5)
725 701 
Total long-term liabilities7,073 7,775 
Total liabilities12,981 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
— — 
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-capital3,947 4,028 
Retained earnings8,401 8,162 
Accumulated other comprehensive loss (Note 13)
(884)(645)
Total Aptiv shareholders’ equity11,467 11,548 
Noncontrolling interest208 197 
Total shareholders’ equity11,675 11,745 
Total liabilities, redeemable noncontrolling interest and shareholders’ equity$24,751 $24,427 
See notes to consolidated financial statements.

5
APTIV PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
 20242023
 (in millions)
Cash flows from operating activities:
Net income$1,167 $410 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation372 322 
Amortization106 118 
Amortization of deferred debt issuance costs4 5 
Restructuring expense, net of cash paid(34)— 
Deferred income taxes31 (17)
Pension and other postretirement benefit expenses23 22 
Loss from equity method investments, net of dividends received110 160 
Loss on sale of assets1 1 
Share-based compensation57 51 
Gain on Motional transactions(641)— 
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 activities887 526 
Cash flows from investing activities:
Capital expenditures(491)(491)
Proceeds from sale of property2 3 
Proceeds from business divestitures, net of cash sold— (17)
Cost of business acquisitions and other transactions, net of cash acquired— (83)
Cost of technology investments(40)(1)
Proceeds from the sale of equity method investment448 — 
Purchase of short-term investments(748)— 
Settlement of derivatives— (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— (2)
Proceeds from the issuance of senior notes, net of issuance costs798 — 
Contingent consideration payments— (10)
Repurchase of ordinary shares(1,030)(98)
Distribution of mandatory convertible preferred share cash dividends— (32)
Taxes withheld and paid on employees’ restricted share awards(21)(31)
Net cash used in 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 the period1,640 1,555 
Cash, cash equivalents and restricted cash at end of the period$1,409 $1,302 
June 30,
20242023
(in millions)
Supplemental non-cash investing activities:
Capital expenditures included in accounts payable$167 $217 
See notes to consolidated financial statements.

6
APTIV PLC
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended June 30,
Ordinary SharesPreferred Shares
Redeemable Noncontrolling InterestNumber of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2024(in millions)
Balance at March 31, 2024$97 272 $3 — $— $3,968 $7,847 $(698)$11,120 $202 $11,322 
Net income— — — — — — 938 — 938 — 938 
Other comprehensive (loss) income(2)— — — — — — (186)(186)1 (185)
Net income attributable to noncontrolling interest— — — — — — — — — 5 5 
Taxes withheld on employees’ restricted share award vestings— — — — — (1)— — (1)— (1)
Repurchase of ordinary shares— (6)— — — (50)(384)— (434)— (434)
Share-based compensation— 1 — — — 30 — — 30 — 30 
Balance at June 30, 2024$95 267 $3 — $— $3,947 $8,401 $(884)$11,467 $208 $11,675 
2023
Balance at March 31, 2023$97 271 $3 12 $— $3,972 $5,690 $(682)$8,983 $192 $9,175 
Net income— — — — — — 242 — 242 — 242 
Other comprehensive income (loss)— — — — — — — 17 17 (3)14 
Net income attributable to noncontrolling interest— — — — — — — — — 4 4 
Mandatory convertible preferred share cumulative dividends— — — — — — (13)— (13)— (13)
Conversion of MCPS to ordinary shares— 12 — (12)— — — — — — — 
Taxes withheld on employees’ restricted share award vestings— — — — — (1)— — (1)— (1)
Repurchase of ordinary shares— (1)— — — (2)(26)— (28)— (28)
Share-based compensation— 1 — — — 32 — — 32 — 32 
Balance at June 30, 2023$97 283 $3 — $— $4,001 $5,893 $(665)$9,232 $193 $9,425 
See notes to consolidated financial statements.



7
APTIV PLC
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Six Months Ended June 30,
Ordinary SharesPreferred Shares
 Redeemable Noncontrolling InterestNumber of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2024(in millions)
Balance at January 1, 2024$99 279 $3 — $— $4,028 $8,162 $(645)$11,548 $197 $11,745 
Net income— — — — — — 1,156 — 1,156 — 1,156 
Other comprehensive loss(4)— — — — — — (239)(239)— (239)
Net income attributable to noncontrolling interest— — — — — — — — — 11 11 
Taxes withheld on employees’ restricted share award vestings— — — — — (21)— — (21)— (21)
Repurchase of ordinary shares— (13)— — — (117)(917)— (1,034)— (1,034)
Share-based compensation— 1 — — — 57 — — 57 — 57 
Balance at June 30, 2024$95 267 $3 — $— $3,947 $8,401 $(884)$11,467 $208 $11,675 
2023
Balance at January 1, 2023$96 271 $3 12 $— $3,989 $5,608 $(791)$8,809 $189 $8,998 
Net income— — — — — — 404 — 404 — 404 
Other comprehensive income (loss)2 — — — — — — 126 126 (3)123 
Net (loss) income attributable to noncontrolling interest(1)— — — — — — — — 7 7 
Mandatory convertible preferred share cumulative dividends— — — — — — (29)— (29)— (29)
Conversion of MCPS to ordinary shares— 12 — (12)— — — — — — — 
Taxes withheld on employees’ restricted share award vestings— — — — — (31)— — (31)— (31)
Repurchase of ordinary shares— (1)— — — (8)(90)— (98)— (98)
Share-based compensation— 1 — — — 51 — — 51 — 51 
Balance at June 30, 2023$97 283 $3 — $— $4,001 $5,893 $(665)$9,232 $193 $9,425 
See notes to consolidated financial statements.


8
APTIV PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. 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.

2. 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.

9
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.

10
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

11
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,

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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. The amendments in this update require a joint venture to initially recognize all contributions received at fair value upon formation. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 and is to be applied prospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Aptiv’s consolidated financial statements.

3. 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,
2024		December 31,
2023
 (in millions)
Productive material$1,451 $1,507 
Work-in-process202 178 
Finished goods717 680 
Total$2,370 $2,365 


4. ASSETS
Other current assets consisted of the following:
June 30,
2024		December 31,
2023
 (in millions)
Value added tax receivable$165 $160 
Prepaid insurance and other expenses89 91 
Reimbursable engineering costs165 122 
Notes receivable4 9 
Income and other taxes receivable122 100 
Deposits to vendors5 6 
Derivative financial instruments (Note 14)82 138 
Capitalized upfront fees (Note 20)10 12 
Contract assets (Note 20)66 55 
Other2 3 
Total$710 $696 

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Other long-term assets consisted of the following:
June 30,
2024		December 31,
2023
 (in millions)
Deferred income taxes, net$2,298 $2,351 
Unamortized Revolving Credit Facility debt issuance costs5 6 
Income and other taxes receivable47 33 
Reimbursable engineering costs128 163 
Value added tax receivable2 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 
Other98 103 
Total$2,829 $2,862 

5. LIABILITIES
Accrued liabilities consisted of the following:
June 30,
2024		December 31,
2023
 (in millions)
Payroll-related obligations$371 $371 
Employee benefits, including current pension obligations85 131 
Income and other taxes payable132 175 
Warranty obligations (Note 6)54 52 
Restructuring (Note 7)102 142 
Customer deposits106 91 
Derivative financial instruments (Note 14)11 6 
Accrued interest51 51 
Contract liabilities (Note 20)81 93 
Operating lease liabilities125 121 
Other400 415 
Total$1,518 $1,648 

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Other long-term liabilities consisted of the following:
June 30,
2024		December 31,
2023
 (in millions)
Environmental$3 $3 
Extended disability benefits4 4 
Warranty obligations (Note 6)8 9 
Restructuring (Note 7)28 25 
Payroll-related obligations12 12 
Accrued income taxes184 169 
Deferred income taxes, net379 394 
Contract liabilities (Note 20)19 16 
Derivative financial instruments (Note 14)18 1 
Other70 68 
Total$725 $701 

6. 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 period15 
Changes in estimate for pre-existing warranties13 
Settlements(27)
Accrual balance at end of period$62 

7. 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.

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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,
2024202320242023
 (in millions)
Signal and Power Solutions$54 $8