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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 September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission file number: 001-35346
_____________________________________________________________________________________________________________________________________________________________________________________________________________
 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
5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per shareAPTV PRANew York Stock Exchange
1.500% Senior Notes due 2025APTVNew York Stock Exchange
4.250% Senior Notes due 2026APTVNew York Stock Exchange
1.600% Senior Notes due 2028APTVNew York Stock Exchange
4.350% Senior Notes due 2029APTVNew York Stock Exchange
4.400% Senior Notes due 2046APTVNew York Stock Exchange
5.400% Senior Notes due 2049APTVNew 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 October 29, 2021, was 270,514,140.


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 6.
Exhibits

2

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
APTIV PLC
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (in millions, except per share amounts)
Net sales$3,654 $3,668 $11,484 $8,854 
Operating expenses:
Cost of sales3,138 3,021 9,639 7,693 
Selling, general and administrative263 229 784 698 
Amortization37 36 111 107 
Restructuring (Note 7)
1 18 21 118 
Gain on autonomous driving joint venture (Note 17)
   (1,434)
Total operating expenses3,439 3,304 10,555 7,182 
Operating income215 364 929 1,672 
Interest expense(36)(38)(114)(125)
Other income (expense), net (Note 16)
1 1 2 (6)
Income before income taxes and equity loss180 327 817 1,541 
Income tax (expense) benefit(25)2 (101)6 
Income before equity loss155 329 716 1,547 
Equity loss, net of tax(51)(24)(146)(40)
Net income104 305 570 1,507 
Net income attributable to noncontrolling interest3 6 11 2 
Net income attributable to Aptiv101 299 559 1,505 
Mandatory convertible preferred share dividends (Note 12)
(15)(16)(47)(19)
Net income attributable to ordinary shareholders$86 $283 $512 $1,486 
Basic net income per share:
Basic net income per share attributable to ordinary shareholders$0.32 $1.05 $1.89 $5.69 
Weighted average number of basic shares outstanding270.51 270.03 270.44 261.22 
Diluted net income per share (Note 12):
Diluted net income per share attributable to ordinary shareholders$0.32 $1.05 $1.89 $5.63 
Weighted average number of diluted shares outstanding271.20 270.38 271.14 267.14 
See notes to consolidated financial statements.
3

APTIV PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (in millions)
Net income$104 $305 $570 $1,507 
Other comprehensive (loss) income:
Currency translation adjustments(78)91 (127)(21)
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 14)
(62)37 (64)(40)
Employee benefit plans adjustment, net of tax6 (1)36 9 
Other comprehensive (loss) income(134)127 (155)(52)
Comprehensive (loss) income(30)432 415 1,455 
Comprehensive income (loss) attributable to noncontrolling interests2 7 10 (1)
Comprehensive (loss) income attributable to Aptiv$(32)$425 $405 $1,456 
See notes to consolidated financial statements.
4

APTIV PLC
CONSOLIDATED BALANCE SHEETS
September 30, 2021December 31,
2020
(Unaudited)
 (in millions)
ASSETS
Current assets:
Cash and cash equivalents$2,741 $2,821 
Restricted cash52 32 
Accounts receivable, net of allowance for doubtful accounts of $49 million and $40 million, respectively (Note 2)
2,715 2,812 
Inventories (Note 3)
2,119 1,297 
Other current assets (Note 4)
477 503 
Total current assets8,104 7,465 
Long-term assets:
Property, net3,193 3,301 
Operating lease right-of-use assets381 380 
Investments in affiliates1,852 2,011 
Intangible assets, net (Note 2)
973 1,091 
Goodwill (Note 2)
2,504 2,580 
Other long-term assets (Note 4)
644 694 
Total long-term assets9,547 10,057 
Total assets$17,651 $17,522 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 8)
$8 $90 
Accounts payable2,544 2,571 
Accrued liabilities (Note 5)
1,282 1,385 
Total current liabilities3,834 4,046 
Long-term liabilities:
Long-term debt (Note 8)
4,000 4,011 
Pension benefit obligations493 525 
Long-term operating lease liabilities301 300 
Other long-term liabilities (Note 5)
524 540 
Total long-term liabilities5,318 5,376 
Total liabilities9,152 9,422 
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; 11,500,000 shares of 5.50% Mandatory Convertible Preferred Shares, Series A, issued and outstanding as of September 30, 2021 and December 31, 2020
  
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 270,507,574 and 270,025,374 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
3 3 
Additional paid-in-capital3,928 3,897 
Retained earnings5,062 4,550 
Accumulated other comprehensive loss (Note 13)
(699)(545)
Total Aptiv shareholders’ equity8,294 7,905 
Noncontrolling interest205 195 
Total shareholders’ equity8,499 8,100 
Total liabilities and shareholders’ equity$17,651 $17,522 
See notes to consolidated financial statements.
5

APTIV PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
 20212020
 (in millions)
Cash flows from operating activities:
Net income$570 $1,507 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation472 449 
Amortization111 107 
Amortization of deferred debt issuance costs7 7 
Restructuring expense, net of cash paid(42) 
Deferred income taxes(5)10 
Pension and other postretirement benefit expenses34 31 
Loss from equity method investments, net of dividends received152 46 
Loss on modification of debt1 4 
Loss on sale of assets1 2 
Share-based compensation76 24 
Gain on autonomous driving joint venture, net (1,434)
Changes in operating assets and liabilities:
Accounts receivable, net99 (51)
Inventories(819)60 
Other assets50 (57)
Accounts payable(37)(144)
Accrued and other long-term liabilities(64)114 
Other, net(35)(38)
Pension contributions(18)(23)
Net cash provided by operating activities553 614 
Cash flows from investing activities:
Capital expenditures(430)(489)
Proceeds from sale of property4 6 
Cost of business acquisitions and other transactions, net of cash acquired(45)(49)
Proceeds from sale of technology investments14  
Cost of technology investments(2)(1)
Settlement of derivatives(11)1 
Net cash used in investing activities (470)(532)
Cash flows from financing activities:
Net repayments under other short-term debt agreements(22)(370)
Net repayments under other long-term debt agreements(8)(30)
Fees related to modification of debt agreements(6)(18)
Proceeds from the public offering of ordinary shares, net of issuance costs 1,115 
Proceeds from the public offering of preferred shares, net of issuance costs 1,115 
Dividend payments of consolidated affiliates to minority shareholders (6)
Repurchase of ordinary shares (57)
Distribution of mandatory convertible preferred share cash dividends(47)(16)
Distribution of ordinary share cash dividends (56)
Taxes withheld and paid on employees’ restricted share awards(45)(33)
Net cash (used in) provided by financing activities(128)1,644 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(15)(1)
(Decrease) increase in cash, cash equivalents and restricted cash(60)1,725 
Cash, cash equivalents and restricted cash at beginning of the period2,853 429 
Cash, cash equivalents and restricted cash at end of the period$2,793 $2,154 
See notes to consolidated financial statements.
6

APTIV PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30,
Ordinary SharesPreferred Shares
Number of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2021(in millions)
Balance at June 30, 2021271 $3 12 $ $3,909 $4,976 $(566)$8,322 $203 $8,525 
Net income— — — — — 101 — 101 3 104 
Other comprehensive income
— — — — — — (133)(133)(1)(134)
Mandatory convertible preferred share cumulative dividends— — — — — (15)— (15)— (15)
Share-based compensation
 — — — 19 — — 19 — 19 
Balance at September 30, 2021271 $3 12 $ $3,928 $5,062 $(699)$8,294 $205 $8,499 
2020
Balance at June 30, 2020270 $3 12 $ $3,849 $3,984 $(894)$6,942 $184 $7,126 
Net income— — — — — 299 — 299 6 305 
Other comprehensive income— — — — — — 126 126 1 127 
Mandatory convertible preferred share cumulative dividends— — — — — (16)— (16)— (16)
Share-based compensation
 — — — 12 — — 12 — 12 
Balance at September 30, 2020270 $3 12 $ $3,861 $4,267 $(768)$7,363 $191 $7,554 
See notes to consolidated financial statements.
7

APTIV PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued) (Unaudited)
Nine Months Ended September 30,
Ordinary SharesPreferred Shares
 Number of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2021(in millions)
Balance at January 1, 2021270 $3 12 $ $3,897 $4,550 $(545)$7,905 $195 $8,100 
Net income— — — — — 559 — 559 11 570 
Other comprehensive loss
— — — — — — (154)(154)(1)(155)
Mandatory convertible preferred share cumulative dividends— — — — — (47)— (47)— (47)
Taxes withheld on employees’ restricted share award vestings
— — — — (45)— — (45)— (45)
Share-based compensation
1 — — — 76 — — 76 — 76 
Balance at September 30, 2021271 $3 12 $ $3,928 $5,062 $(699)$8,294 $205 $8,499 
2020
Balance at January 1, 2020255 $3  $ $1,645 $2,890 $(719)$3,819 $192 $4,011 
Net income— — — — — 1,505 — 1,505 2 1,507 
Other comprehensive loss— — — — — — (49)(49)(3)(52)
Dividends on ordinary shares— — — — 1 (57)— (56) (56)
Mandatory convertible preferred share cumulative dividends— — — — — (19)— (19)— (19)
Taxes withheld on employees’ restricted share award vestings
— — — — (33)— — (33)— (33)
Repurchase of ordinary shares
(1)— — — (6)(51)— (57)— (57)
Issuance of ordinary shares15 — — — 1,115 — — 1,115 — 1,115 
Issuance of mandatory convertible preferred shares— — 12 — 1,115 — — 1,115 — 1,115