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Investments in Affiliates
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliates INVESTMENTS IN AFFILIATES
As part of Aptiv’s operations, it has investments in four non-consolidated affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located primarily in North America and Asia Pacific. Aptiv’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investments being in Motional, Inc. (“Motional”) (of which Aptiv owns 50%) and in Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Aptiv owns approximately 40%). The Motional joint venture was formed in a transaction with Hyundai Motor Group (“Hyundai”) to focus on the design, development and commercialization of autonomous driving technologies. Refer to Note 20. Acquisitions and Divestitures for additional information on the formation of Motional. The Company’s aggregate investments in affiliates was $1,797 million and $2,011 million at December 31, 2021 and 2020, respectively. Dividends of $6 million, $9 million and $9 million for the years ended December 31, 2021, 2020 and 2019, respectively, have been received from these non-consolidated affiliates. No impairment charges were recorded for the years ended December 31, 2021, 2020 and 2019.
The following is a summary of the combined financial information of significant affiliates accounted for under the equity method as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019:
 December 31,
 20212020
 (in millions)
Current assets$794 $1,140 
Non-current assets3,163 3,210 
Total assets$3,957 $4,350 
Current liabilities$194 $166 
Non-current liabilities112 101 
Shareholders’ equity3,651 4,083 
Total liabilities and shareholders’ equity$3,957 $4,350 
Year Ended December 31,
 202120202019
 (in millions)
Net sales$599 $553 $531 
Gross (loss) profit(244)(71)59 
Net (loss) income(393)(154)35 
A summary of transactions with affiliates is shown below:
Year Ended December 31,
 202120202019
 (in millions)
Sales to affiliates$30 $7 $6 
Purchases from affiliates19 32 37 
A summary of amounts recorded in the Company’s consolidated balance sheets related to its affiliates is shown below:
December 31,
 20212020
 (in millions)
Receivables due from affiliates$11 $12 
Payables due to affiliates20 38 
Technology Investments
The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20%, as described in Note 2. Significant Accounting Policies. Certain of these investments do not have readily determinable fair values and are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company also holds technology investments in publicly traded equity securities. These investments are measured at fair value based on quoted prices for identical assets on active market exchanges.
The following is a summary of technology investments, which are classified within other long-term assets in the consolidated balance sheets, as of December 31, 2021 and 2020:
December 31,
Investment NameSegment20212020
(in millions)
Equity investments without readily determinable fair values:
Krono-Safe, SAS (1)Advanced Safety and User Experience$— $6 
Affectiva, Inc. (2)Advanced Safety and User Experience— 15 
Innoviz Technologies (2)Advanced Safety and User Experience— 25 
LeddarTech, Inc.Advanced Safety and User Experience19 10 
Valens Semiconductor Ltd. (2)Signal and Power Solutions— 10 
Otonomo Technologies Ltd. (2)Advanced Safety and User Experience— 37 
Quanergy Systems, IncAdvanced Safety and User Experience6 6 
Other investmentsVarious5 4 
Total equity investments without readily determinable fair values30 113 
Publicly traded equity securities:
Smart Eye AB (2)Advanced Safety and User Experience11 — 
Otonomo Technologies Ltd. (2)Advanced Safety and User Experience39 — 
Valens Semiconductor Ltd. (2)Signal and Power Solutions16 — 
Total publicly traded equity securities66 — 
Total investments$96 $113 
(1)During the year ended December 31, 2021, Aptiv exchanged its investment in Krono-Safe, SAS as part of the consideration paid to acquire Krono-Safe Automotive, SAS. See below for further details.
(2)Each of these equity investments experienced a change in measurement basis due to an underlying transaction during the year ended December 31, 2021. See below for further details on each respective transaction. In the case of Innoviz Technologies, we liquidated our entire investment in the company after the transaction and during the year ended December 31, 2021.
In September 2021, Valens Semiconductor Ltd. (“Valens”) merged with a publicly traded Special Purpose Acquisition Company (“SPAC”) and shares of Valens began trading on the NYSE under the symbol VLN. As part of the SPAC merger, our preferred shares in Valens were converted into Valens ordinary shares.
In August 2021, Otonomo Technologies Ltd. (“Otonomo”), a connected car data marketplace developer, merged with a publicly traded SPAC and shares of Otonomo began trading on the Nasdaq Capital Market under the symbol OTMO. As part of the SPAC merger, our preferred shares in Otonomo were converted into Otonomo ordinary shares. During the remainder of 2021, the Company sold a portion of its Otonomo ordinary shares for net proceeds of approximately $3 million. The Company’s Advanced Safety and User Experience segment had previously made a $3 million investment in Otonomo during 2019, which was in addition to the Company’s $15 million investment made during 2017.
In June 2021, Affectiva, Inc. (“Affectiva”) was acquired by Smart Eye AB (“Smart Eye”), which is publicly traded on the Nasdaq Stockholm AB stock exchange. As part of the acquisition, Aptiv received shares of Smart Eye in exchange for Aptiv’s Affectiva preferred shares.
In April 2021, Innoviz Technologies (“Innoviz”) merged with a publicly traded SPAC and shares of Innoviz began trading on the Nasdaq Capital Market under the symbol INVZ. As part of the SPAC merger, our preferred shares in Innoviz were converted into Innoviz ordinary shares. During the remainder of 2021, the Company sold all of its Innoviz ordinary shares for net proceeds of approximately $18 million. The Company’s Advanced Safety and User Experience segment had previously made a $15 million investment in Innoviz during 2017.
Following each of the transactions described above, the fair value of each respective investment is measured on a recurring basis, with changes in fair value recorded to other income (expense), net.
On November 9, 2021, Aptiv acquired 100% of the equity interests of Krono-Safe Automotive, SAS (“Krono-Safe Automotive”), a leading software developer of safety-critical real-time embedded systems, for total consideration of $13 million, which was comprised of Aptiv’s previous investment of $6 million in Krono-Safe, SAS and $7 million of cash. The Company’s Advanced Safety and User Experience segment had previously made a $6 million investment in Krono-Safe, SAS during 2019. Refer to Note 20. Acquisitions and Divestitures for additional information on this transaction.
In December 2021, Aptiv agreed to invest €200 million in TTTech Auto AG, a leading provider of safety-critical middleware solutions for advanced driver-assistance systems and autonomous driving applications, in exchange for an approximate 20% equity share in the business. The investment is subject to the satisfaction of customary closing conditions and the receipt of regulatory and other approvals, and is expected to close during the first quarter of 2022. The Company expects to make this investment utilizing cash on hand.
During the year ended December 31, 2021, the Company’s investment in LeddarTech, Inc., was remeasured to a fair value of $19 million, based on a subsequent round of financing observed for identical or similar investments of the same issuer. As a result, the Company recorded a pre-tax unrealized gain of $9 million to other income, net during the year ended December 31, 2021.
During the year ended December 31, 2020, the Company’s investment in Innoviz, while being classified as an equity investment without readily determinable fair value, was remeasured to a fair value of $25 million, based on a subsequent round of financing observed for identical or similar investments of the same issuer. As a result, the Company recorded a pre-tax unrealized gain of $10 million to other income, net during the year ended December 31, 2020.
During the year ended December 31, 2019, the Company’s investment in Otonomo, while being classified as an equity investment without readily determinable fair value, was remeasured to a fair value of $37 million, based on a subsequent round of financing observed for identical or similar investments of the same issuer. As a result, the Company recorded a pre-tax unrealized gain of $19 million to other income, net during the year ended December 31, 2019.
There were no other material transactions, events or changes in circumstances requiring an impairment or an observable price change adjustment to these investments without readily determinable fair value. The Company continues to monitor these investments to identify potential transactions which may indicate an impairment or an observable price change requiring an adjustment to its carrying value.