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Related Party Transactions
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

20. Related Party Transactions

Throughout the periods covered by consolidated financial statements, Autoliv purchased finished goods from Veoneer. Related party purchases from Veoneer amounted to approximately $70 million and $73 million for the full year 2020 and 2019, respectively.

Autoliv also subleases certain office space to Veoneer. However, related party sublease income from Veoneer is not material for 2020 and 2019.

Amounts due to and due from related parties as of December 31, 2020 and December 31, 2019 are summarized in the below table:

 

 

 

As of

 

(Dollars in millions)

 

December 31,

2020

 

 

December 31,

2019

 

Related party receivables

 

$

2.0

 

 

$

2.8

 

Related party payables1)

 

 

27.2

 

 

 

9.7

 

Related party accrued expenses1)

 

 

10.3

 

 

 

7.7

 

 

1)

Included in Related party liabilities in the Consolidated Balance Sheet.

 

Related party receivables primarily relate to an agreement between Autoliv and Veoneer.

The related party payables are mainly driven by Reseller Agreements entered into in connection with the spin-off. The Reseller Agreements are between Autoliv and Veoneer to facilitate the temporary arrangement of the sale of Veoneer products in the interim period post spin-off. For further information, see Note 3. Discontinued Operations above.

The related party accrued expenses consists of indemnification liabilities where Autoliv is required to indemnify Veoneer for certain warranty and recall related claims in connection with the Spin-off.