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Pension Benefits
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Pension Benefits PENSION BENEFITS
Certain of Aptiv’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Aptiv’s primary non-U.S. plans are located in France, Germany, Mexico, Portugal and the U.K. The U.K. and certain Mexican plans are funded. In addition, Aptiv has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period.
Aptiv sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives of the former Delphi Corporation prior to September 30, 2008 and were still U.S. executives of the Company on October 7,
2009, the effective date of the program. This program is unfunded. Executives receive benefits over five years after an involuntary or voluntary separation from Aptiv. The SERP is closed to new members.
Funded Status
The amounts shown below reflect the change in the U.S. defined benefit pension obligations during 2021 and 2020.
Year Ended December 31,
20212020
 (in millions)
Benefit obligation at beginning of year$8 $11 
Actuarial loss— 2 
Benefits paid(3)(5)
Benefit obligation at end of year5 8 
Change in plan assets:
Fair value of plan assets at beginning of year— — 
Aptiv contributions3 5 
Benefits paid(3)(5)
Fair value of plan assets at end of year— — 
Underfunded status(5)(8)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities(1)(3)
Non-current liabilities(4)(5)
Total(5)(8)
Amounts recognized in accumulated other comprehensive loss consist of (pre-tax):
Actuarial loss6 7 
Total$6 $7 
The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2021 and 2020.
Year Ended December 31,
20212020
 (in millions)
Benefit obligation at beginning of year$977 $900 
Service cost18 18 
Interest cost19 20 
Actuarial (gain) loss(62)36 
Benefits paid(36)(38)
Impact of curtailments(3)— 
Exchange rate movements and other(52)41 
Benefit obligation at end of year861 977 
Change in plan assets:
Fair value of plan assets at beginning of year438 403 
Actual return on plan assets23 40 
Aptiv contributions25 28 
Benefits paid(36)(38)
Exchange rate movements and other(12)5 
Fair value of plan assets at end of year438 438 
Underfunded status(423)(539)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets29 1 
Current liabilities(17)(21)
Non-current liabilities(435)(519)
Total(423)(539)
Amounts recognized in accumulated other comprehensive loss consist of (pre-tax):
Actuarial loss101 197 
Prior service cost— 5 
Total$101 $202 
The benefit obligations were impacted by actuarial gains of $62 million and losses of $36 million during the years ended December 31, 2021 and 2020, respectively, primarily due to changes in the discount rates used to measure the benefit obligation.
The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:
 U.S. PlansNon-U.S. Plans
 2021202020212020
(in millions)
Plans with ABO in Excess of Plan Assets
PBO$5 $8 $445 $838 
ABO5 8 405 784 
Fair value of plan assets at end of year— — 7 314 
 Plans with Plan Assets in Excess of ABO
PBO$— $— $416 $139 
ABO— — 393 113 
Fair value of plan assets at end of year— — 431 124 
 Total
PBO$5 $8 $861 $977 
ABO5 8 798 897 
Fair value of plan assets at end of year— — 438 438 
Benefit costs presented below were determined based on actuarial methods and included the following:
 U.S. Plans
 Year Ended December 31,
 202120202019
 (in millions)
Interest cost$— $— $1 
Amortization of actuarial losses1 1 1 
Net periodic benefit cost$1 $1 $2 
 Non-U.S. Plans
 Year Ended December 31,
 202120202019
 (in millions)
Service cost$18 $18 $17 
Interest cost19 20 25 
Expected return on plan assets(17)(17)(18)
Settlement loss1 1 1 
Curtailment loss 3 — 7 
Amortization of actuarial losses14 14 9 
Other— 1 1 
Net periodic benefit cost$38 $37 $42 
Other postretirement benefit obligations were approximately $1 million and $1 million at December 31, 2021 and 2020, respectively.
Experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions are recognized in other comprehensive income. Cumulative gains and losses in excess of 10% of the PBO for a particular plan are amortized over the average future service period of the employees in that plan.
The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the U.S. and non-U.S. pension plans were:
Assumptions used to determine benefit obligations at December 31:
 Pension Benefits
 U.S. PlansNon-U.S. Plans
 2021202020212020
Weighted-average discount rate1.90 %1.20 %3.09 %2.21 %
Weighted-average rate of increase in compensation levelsN/AN/A2.47 %3.64 %
Assumptions used to determine net expense for years ended December 31:
 Pension Benefits
 U.S. PlansNon-U.S. Plans
 202120202019202120202019
Weighted-average discount rate1.20 %2.40 %3.80 %2.21 %2.87 %3.53 %
Weighted-average rate of increase in compensation levels
N/AN/AN/A3.64 %3.69 %3.74 %
Weighted-average expected long-term rate of return on plan assets
N/AN/AN/A4.29 %4.68 %4.95 %
Aptiv selects discount rates by analyzing the results of matching each plan’s projected benefit obligations with a portfolio of high-quality fixed income investments rated AA or higher by Standard and Poor’s or Moody’s.
Aptiv does not have any U.S. pension assets; therefore no U.S. asset rate of return calculation was necessary. The primary funded non-U.S. plans are in the U.K. and Mexico. For the determination of 2021 expense, Aptiv assumed a long-term expected asset rate of return of approximately 3.75% and 7.50% for the U.K. and Mexico, respectively. Aptiv evaluated input from local actuaries and asset managers, including consideration of recent fund performance and historical returns, in developing the long-term rate of return assumptions. The assumptions for the U.K. and Mexico are primarily long-term, prospective rates. To determine the expected return on plan assets, the market-related value of our plan assets is actual fair value.
Aptiv’s pension expense for 2022 is determined at the 2021 year end measurement date. For purposes of analysis, the following table highlights the sensitivity of the Company’ pension obligations and expense to changes in key assumptions:
Change in AssumptionImpact on
Pension Expense		Impact on PBO
25 basis point (“bp”) decrease in discount rate+ $1 million+ $28 million
25 bp increase in discount rate- $1 million- $27 million
25 bp decrease in long-term expected return on assets+ $1 million—
25 bp increase in long-term expected return on assets- $1 million—
The above sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear. The above sensitivities also assume no changes to the design of the pension plans and no major restructuring programs.
Pension Funding
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 Projected Pension Benefit Payments
 U.S. PlansNon-U.S. Plans
 (in millions)
2022$1 $44 
20231 41 
20241 42 
20251 45 
2026— 49 
2027 – 20311 286 
Aptiv anticipates making pension contributions and benefit payments of approximately $35 million in 2022.
Aptiv sponsors defined contribution plans for certain hourly and salaried employees. Expense related to the contributions for these plans was $37 million, $17 million, and $40 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Plan Assets
Certain pension plans sponsored by Aptiv invest in a diversified portfolio consisting of an array of asset classes that attempts to maximize returns while minimizing volatility. These asset classes include developed market equities, emerging market equities, private equity, global high quality and high yield fixed income, real estate and absolute return strategies.
The fair values of Aptiv’s pension plan assets weighted-average asset allocations at December 31, 2021 and 2020, by asset category, are as follows:
 Fair Value Measurements at December 31, 2021
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in millions)
Cash$13 $13 $— $— 
Time deposits29 — 29 — 
Equity mutual funds33 — 33 — 
Bond mutual funds216 — 216 — 
Real estate trust funds35 — — 35 
Hedge funds11 — — 11 
Insurance contracts4 — — 4 
Debt securities56 56 — — 
Equity securities41 41 — — 
Total$438 $110 $278 $50 
 Fair Value Measurements at December 31, 2020
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in millions)
Cash$45 $45 $— $— 
Time deposits28 — 28 — 
Equity mutual funds33 — 33 — 
Bond mutual funds186 — 186 — 
Real estate trust funds34 — — 34 
Hedge funds9 — — 9 
Insurance contracts7 — — 7 
Debt securities55 55 — — 
Equity securities41 41 — — 
Total$438 $141 $247 $50 
Following is a description of the valuation methodologies used for pension assets measured at fair value.
Time deposits—The fair value of fixed-maturity certificates of deposit was estimated using the rates offered for deposits of similar remaining maturities.
Equity mutual funds—The fair value of the equity mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund.
Bond mutual funds—The fair value of the bond mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund.
Real estate—The fair value of real estate properties is estimated using an annual appraisal provided by the administrator of the property investment. Management believes this is an appropriate methodology to obtain the fair value of these assets.
Hedge funds—The fair value of the hedge funds is accounted for by a custodian. The custodian obtains valuations from the underlying hedge fund managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. Management and the custodian review the methods used by the underlying managers to value the assets. Management believes this is an appropriate methodology to obtain the fair value of these assets.
Insurance contracts—The insurance contracts are invested in a fund with guaranteed minimum returns. The fair values of these contracts are based on the net asset value underlying the contracts.
Debt securities—The fair value of debt securities is determined by direct quoted market prices on regulated financial exchanges.
Equity securities—The fair value of equity securities is determined by direct quoted market prices on regulated financial exchanges.
 Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
 Real Estate Trust FundHedge FundsInsurance Contracts
 (in millions)
Beginning balance at January 1, 2020$31 $15 $7 
Actual return on plan assets:
Relating to assets still held at the reporting date1 (1)— 
Purchases, sales and settlements— (6)— 
Foreign currency translation and other2 1 — 
Ending balance at December 31, 2020$34 $9 $7 
Actual return on plan assets:
Relating to assets still held at the reporting date$3 $2 $— 
Purchases, sales and settlements(1)— (3)
Foreign currency translation and other(1)— — 
Ending balance at December 31, 2021$35 $11 $4