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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 March 31, 2022
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
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
4.400% 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 April 29, 2022, was 270,930,925.


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 March 31,
 20222021
 (in millions, except per share amounts)
Net sales$4,178 $4,023 
Operating expenses:
Cost of sales3,589 3,296 
Selling, general and administrative274 255 
Amortization37 37 
Restructuring (Note 7)
22 6 
Total operating expenses3,922 3,594 
Operating income256 429 
Interest expense(43)(40)
Other (expense) income, net (Note 16)
(39)1 
Income before income taxes and equity loss174 390 
Income tax expense(21)(48)
Income before equity loss153 342 
Equity loss, net of tax(63)(42)
Net income90 300 
Net income attributable to noncontrolling interest1 5 
Net income attributable to Aptiv89 295 
Mandatory convertible preferred share dividends (Note 12)
(16)(16)
Net income attributable to ordinary shareholders$73 $279 
Basic net income per share:
Basic net income per share attributable to ordinary shareholders$0.27 $1.03 
Weighted average number of basic shares outstanding270.79 270.31 
Diluted net income per share (Note 12):
Diluted net income per share attributable to ordinary shareholders$0.27 $1.03 
Weighted average number of diluted shares outstanding271.16 271.14 
See notes to consolidated financial statements.
3

APTIV PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended March 31,
 20222021
 (in millions)
Net income$90 $300 
Other comprehensive income (loss):
Currency translation adjustments(35)(92)
Net change in unrecognized gain (loss) on derivative instruments, net of tax (Note 14)
37 (7)
Employee benefit plans adjustment, net of tax2 7 
Other comprehensive income (loss)4 (92)
Comprehensive income94 208 
Comprehensive (loss) income attributable to noncontrolling interests(2)4 
Comprehensive income attributable to Aptiv$96 $204 
See notes to consolidated financial statements.
4

APTIV PLC
CONSOLIDATED BALANCE SHEETS
March 31, 2022December 31,
2021
(Unaudited)
 (in millions)
ASSETS
Current assets:
Cash and cash equivalents$4,877 $3,139 
Accounts receivable, net of allowance for doubtful accounts of $38 million and $37 million, respectively (Note 2)
3,054 2,784 
Inventories (Note 3)
2,312 2,014 
Other current assets (Note 4)
531 499 
Total current assets10,774 8,436 
Long-term assets:
Property, net3,288 3,294 
Operating lease right-of-use assets384 383 
Investments in affiliates (Note 21)
1,949 1,797 
Intangible assets, net (Note 2)
924 964 
Goodwill (Note 2)
2,479 2,511 
Other long-term assets (Note 4)
606 622 
Total long-term assets9,630 9,571 
Total assets$20,404 $18,007 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 8)
$35 $8 
Accounts payable2,910 2,953 
Accrued liabilities (Note 5)
1,201 1,246 
Total current liabilities4,146 4,207 
Long-term liabilities:
Long-term debt (Note 8)
6,503 4,059 
Pension benefit obligations437 440 
Long-term operating lease liabilities303 304 
Other long-term liabilities (Note 5)
415 436 
Total long-term liabilities7,658 5,239 
Total liabilities11,804 9,446 
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; 11,500,000 shares of 5.50% Mandatory Convertible Preferred Shares, Series A, issued and outstanding as of March 31, 2022 and December 31, 2021
  
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 270,915,292 and 270,514,140 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
3 3 
Additional paid-in-capital3,908 3,939 
Retained earnings5,150 5,077 
Accumulated other comprehensive loss (Note 13)
(665)(672)
Total Aptiv shareholders’ equity8,396 8,347 
Noncontrolling interest204 214 
Total shareholders’ equity8,600 8,561 
Total liabilities and shareholders’ equity$20,404 $18,007 
See notes to consolidated financial statements.
5

APTIV PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
 20222021
 (in millions)
Cash flows from operating activities:
Net income$90 $300 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation154 156 
Amortization37 37 
Amortization of deferred debt issuance costs2 3 
Restructuring expense, net of cash paid7 (25)
Deferred income taxes(1)3 
Pension and other postretirement benefit expenses8 10 
Loss from equity method investments, net of dividends received63 42 
Share-based compensation5 29 
Changes in operating assets and liabilities:
Accounts receivable, net(270)14 
Inventories(298)(228)
Other assets35 (60)
Accounts payable1 101 
Accrued and other long-term liabilities(64)(120)
Other, net33 (4)
Pension contributions(4)(6)
Net cash (used in) provided by operating activities(202)252 
Cash flows from investing activities:
Capital expenditures(247)(134)
Proceeds from sale of property2 1 
Cost of business acquisitions and other transactions, net of cash acquired(220) 
Proceeds from sale of technology investments2  
Cost of technology investments(1) 
Settlement of derivatives(1)(1)
Net cash used in investing activities(465)(134)
Cash flows from financing activities:
Net repayments under other short-term debt agreements(1)(8)
Net repayments under other long-term debt agreements (8)
Proceeds from issuance of senior notes, net of issuance costs2,472  
Dividend payments of consolidated affiliates to minority shareholders(8) 
Distribution of mandatory convertible preferred share cash dividends(16)(16)
Taxes withheld and paid on employees’ restricted share awards(36)(45)
Net cash provided by (used in) financing activities2,411 (77)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(6)(12)
Increase in cash, cash equivalents and restricted cash1,738 29 
Cash, cash equivalents and restricted cash at beginning of the period3,139 2,853 
Cash, cash equivalents and restricted cash at end of the period$4,877 $2,882 
See notes to consolidated financial statements.
6

APTIV PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended March 31,
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
2022(in millions)
Balance at January 1, 2022271 $3 12 $ $3,939 $5,077 $(672)$8,347 $214 $8,561 
Net income— — — — — 89 — 89 1 90 
Other comprehensive income (loss)— — — — — — 7 7 (3)4 
Dividend payments of consolidated affiliates to minority shareholders
— — — — — — — — (8)(8)
Mandatory convertible preferred share cumulative dividends— — — — — (16)— (16)— (16)
Taxes withheld on employees’ restricted share award vestings
— — — — (36)— — (36)— (36)
Share-based compensation
 — — — 5 — — 5 — 5 
Balance at March 31, 2022271 $3 12 $ $3,908 $5,150 $(665)$8,396 $204 $8,600 
2021
Balance at January 1, 2021270 $3 12 $ $3,897 $4,550 $(545)$7,905 $195 $8,100 
Net income— — — — — 295 — 295 5 300 
Other comprehensive loss— — — — — — (91)(91)(1)(92)
Mandatory convertible preferred share cumulative dividends— — — — — (16)— (16)— (16)
Taxes withheld on employees’ restricted share award vestings
— — — — (45)— — (45)— (45)
Share-based compensation
 — — — 29 — — 29 — 29 
Balance at March 31, 2021270 $3 12 $ $3,881 $4,829 $(636)$8,077 $199 $8,276 
See notes to consolidated financial statements.
7

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. On December 4, 2017, following the spin-off of Delphi Technologies PLC, the Company changed its name to Aptiv PLC and New York Stock Exchange (“NYSE”) symbol to “APTV.”
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and all adjustments, consisting of only normal recurring items, which are necessary for a fair presentation, have been included. The consolidated financial statements and notes thereto included in this report should be read in conjunction with Aptiv’s 2021 Annual Report on Form 10-K.
Nature of operations—Aptiv is a leading global technology and mobility architecture company primarily serving the automotive sector. We deliver end-to-end mobility solutions enabling our customers’ transition to more electrified, software-defined vehicles. We design and manufacture vehicle components and provide electrical, electronic and active safety technology solutions to the global automotive and commercial vehicle markets. Aptiv operates manufacturing facilities and technical centers utilizing a regional service model that enables the Company to efficiently and effectively serve its global customers from best cost countries.

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.
Aptiv’s equity investments without readily determinable fair value totaled $25 million and $30 million as of March 31, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s investments in publicly traded equity securities totaled $38 million and $66 million as of March 31, 2022 and December 31, 2021, respectively, and are classified within other long-term assets in the consolidated balance sheets. Refer to Note 21. Investments in Affiliates for further information regarding Aptiv’s equity investments.
Use of estimates—Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, contingent consideration arrangements, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, including the duration and severity of the impacts of the COVID-19 pandemic, the ongoing global supply chain disruptions and the conflict between Ukraine and Russia, actual results reported in future periods may be based upon amounts that differ from those estimates.
Revenue recognition—Revenue is measured based on consideration specified in a contract with a customer. Customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. From time to time, Aptiv enters into pricing agreements with its customers that provide for price reductions, some of which are conditional upon achieving certain joint cost saving targets. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment.
Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Aptiv makes payments to customers in conjunction with ongoing business. These payments to customers are
8

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. The if-converted method is used to determine if the impact of conversion of the 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) into ordinary shares is more dilutive than the MCPS dividends to net income per share. If so, the MCPS are assumed to have been converted at the later of the beginning of the period or the time of issuance, and the resulting ordinary shares are included in the denominator and the MCPS dividends are added back to the numerator. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. Refer to Note 12. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income per share.
Cash and cash equivalents—Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less, for which the book value approximates fair value.
Accounts receivable—Aptiv enters into agreements to sell certain of its accounts receivable, primarily in Europe. Sales of receivables are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing (“ASC 860”). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Aptiv to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense.
Credit losses—Aptiv is exposed to credit losses primarily through the sale of vehicle components and services. Aptiv assesses the creditworthiness of a counterparty by conducting ongoing credit reviews, which considers the Company’s expected billing exposure and timing for payment, as well as the counterparty’s established credit rating. When a credit rating is not available, the Company’s assessment is based on an analysis of the counterparty’s financial statements. Aptiv also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. Based on the outcome of this review, the Company establishes a credit limit for each counterparty. The Company continues to monitor its ongoing credit exposure through active review of counterparty balances against contract terms and due dates, which includes timely account reconciliation, payment confirmation and dispute resolution. The Company may also employ collection agencies and legal counsel to pursue recovery of defaulted receivables, if necessary.
Aptiv primarily utilizes historical loss and recovery data, combined with information on current economic conditions and reasonable and supportable forecasts to develop the estimate of the allowance for doubtful accounts in accordance with ASC Topic 326, Financial Instruments – Credit Losses. As of March 31, 2022 and December 31, 2021, the Company reported $3,054 million and $2,784 million, respectively, of accounts receivable, net of allowances, which includes the allowance for doubtful accounts of $38 million and $37 million, respectively. Changes in the allowance for doubtful accounts were not material for the three months ended March 31, 2022.
Inventories—As of March 31, 2022 and December 31, 2021, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 3. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved.
From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period.
Intangible assets—Intangible assets were $924 million and $964 million as of March 31, 2022 and December 31, 2021, respectively. Aptiv amortizes definite-lived intangible assets over their estimated useful lives. Aptiv has definite-lived
9

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 $37 million and $37 million for the three months ended March 31, 2022 and 2021, respectively, which includes the impact of any intangible asset impairment charges recorded during the period.
Goodwill—Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management.
The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met the Company then performs a quantitative assessment by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit. The Company qualitatively concluded there were no goodwill impairments during the three months ended March 31, 2022 and 2021. Goodwill was $2,479 million and $2,511 million as of March 31, 2022 and December 31, 2021, respectively.
Warranty and product recalls—Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 6. Warranty Obligations for additional information.
Income taxes—Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. 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.
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Customer concentrations—As reflected in the table below, net sales to Stellantis N.V. (“Stellantis”), General Motors Company (“GM”) and Volkswagen Group (“VW”), Aptiv’s three largest customers, totaled approximately 26% and 29% of our total net sales for the three months ended March 31, 2022 and 2021, respectively.
Percentage of Total Net SalesAccounts Receivable
Three Months Ended March 31,March 31,
2022
December 31,
2021
20222021
 (in millions)
Stellantis (1)10 %12 %$349 $317 
GM9 %9 %259 208 
VW7 %8 %155 163 
(1)On January 16, 2021, Fiat Chrysler Automobiles N.V. (“FCA”) and Peugeot Citroën (“PSA”) merged to form a new, combined company (“Stellantis”). Net sales to FCA and PSA before the date of the merger are included in net sales to Stellantis in the table above for the three months ended March 31, 2021.
Recently adopted accounting pronouncements—Aptiv adopted Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance in the first quarter of 2022. This guidance is intended to improve the transparency of government assistance received by most business entities by requiring disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on the registrant’s financial statements. As the guidance is only applicable to annual disclosures, the Company is still evaluating the effects that the adoption of ASU 2021-10 will have on the Company’s consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contracts and Contract Liabilities from Contracts with Customers. This guidance requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. As permitted, the Company elected to early adopt this guidance effective January 1, 2022. As this standard is to be applied prospectively to business combinations, the impact to the Company’s consolidated financial statements will depend on various factors associated with individual business combinations that occur in future periods.

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:
March 31,
2022
December 31,
2021
 (in millions)
Productive material$1,574 $1,311 
Work-in-process159 172 
Finished goods579 531 
Total$2,312 $2,014 


11

4. ASSETS
Other current assets consisted of the following:
March 31,
2022
December 31,
2021
 (in millions)
Value added tax receivable$187 $178 
Prepaid insurance and other expenses79 63 
Reimbursable engineering costs107 110 
Notes receivable7 16 
Income and other taxes receivable65 54 
Deposits to vendors9 6 
Derivative financial instruments (Note 14)47 38 
Capitalized upfront fees (Note 20)30 34 
Total$531 $499 
Other long-term assets consisted of the following:
March 31,
2022
December 31,
2021
 (in millions)
Deferred income taxes, net$159 $159 
Unamortized Revolving Credit Facility debt issuance costs10 11 
Income and other taxes receivable30 28 
Reimbursable engineering costs181 176 
Value added tax receivable19 20 
Equity investments (Note 21)63 96 
Derivative financial instruments (Note 14)16 3 
Capitalized upfront fees (Note 20)55 58 
Other73 71 
Total$606 $622 

5. LIABILITIES
Accrued liabilities consisted of the following:
March 31,
2022
December 31,
2021
 (in millions)
Payroll-related obligations$290 $286 
Employee benefits, including current pension obligations53 83 
Income and other taxes payable124 157 
Warranty obligations (Note 6)40 41 
Restructuring (Note 7)51 42 
Customer deposits71 83 
Derivative financial instruments (Note 14)4 13 
Accrued interest40 30 
MCPS dividends payable3 3 
Operating lease liabilities96 92 
Other429 416 
Total$1,201 $1,246 
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Other long-term liabilities consisted of the following:
March 31,
2022
December 31,
2021
 (in millions)
Environmental (Note 10)$4 $4 
Extended disability benefits6 5 
Warranty obligations (Note 6)8 8 
Restructuring (Note 7)19 21 
Payroll-related obligations10 11 
Accrued income taxes152 153 
Deferred income taxes, net152 153 
Derivative financial instruments (Note 14)5 7 
Other59 74 
Total$415 $436 

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 its best estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of March 31, 2022. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of March 31, 2022 to be zero to $10 million.
The table below summarizes the activity in the product warranty liability for the three months ended March 31, 2022:
 Warranty Obligations
 (in millions)
Accrual balance at beginning of period$49 
Provision for estimated warranties incurred during the period9 
Changes in estimate for pre-existing warranties2 
Settlements made during the period (in cash or in kind)(11)
Foreign currency translation and other(1)
Accrual balance at end of period$48 

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 Aptiv’s continued efforts to optimize its cost structure, it has undertaken several restructuring programs which include workforce reductions as well as plant closures. These programs are primarily focused on reducing global overhead costs and on the continued rotation of our manufacturing footprint to best cost locations in Europe. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $22 million during the three months ended March 31, 2022. None of the Company's individual restructuring programs initiated during the three months ended March 31, 2022 were material and there have been no changes in previously initiated programs that have resulted (or are expected to result) in a material change to our restructuring costs. The Company expects to incur additional restructuring costs of approximately $25 million (of which approximately $15 million relates to the Advanced Safety and User Experience segment and approximately $10 million relates to the Signal and Power Solutions segment) for programs approved as of March 31, 2022, which are primarily expected to be incurred within the next twelve months.
13

During the three months ended March 31, 2021, Aptiv recorded employee-related and other restructuring charges totaling approximately $6 million.
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 $15 million and $31 million in the three months ended March 31, 2022 and 2021, respectively.
The following table summarizes the restructuring charges recorded for the three months ended March 31, 2022 and 2021 by operating segment:
 Three Months Ended March 31,
20222021
 (in millions)
Signal and Power Solutions$9 $(2)
Advanced Safety and User Experience13 8 
Total$22 $6 
The table below summarizes the activity in the restructuring liability for the three months ended March 31, 2022:
Employee Termination Benefits LiabilityOther Exit Costs LiabilityTotal
 (in millions)
Accrual balance at January 1, 2022$63 $ $63 
Provision for estimated expenses incurred during the period22  22 
Payments made during the period(15) (15)
Foreign currency and other   
Accrual balance at March 31, 2022$70 $ $70 

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8. DEBT
The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of March 31, 2022 and December 31, 2021:
March 31,
2022
December 31,
2021
 (in millions)
2.396%, senior notes, due 2025 (net of $4 and $0 unamortized issuance costs, respectively)$696 $ 
1.50%, Euro-denominated senior notes, due 2025 (net of $1 and $2 unamortized issuance costs and $1 and $1 discount, respectively)774 790 
1.60%, Euro-denominated senior notes, due 2028 (net of $2 and $3 unamortized issuance costs, respectively)552 563 
4.35%, senior notes, due 2029 (net of $2 and $2 unamortized issuance costs, respectively)298 298 
3.25%, senior notes, due 2032 (net of $7 and $0 unamortized issuance costs and $3 and $0 discount, respectively)790  
4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively)