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Table of Contents

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, 2023
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
_____________________________________________________________________________________________________________________________________________________________________________________________________________
aptivimagea01a.jpg 
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
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 October 27, 2023, was 282,862,149.

Table of Contents

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 5.
Item 6.


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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,
 2023202220232022
 (in millions, except per share amounts)
Net sales$5,114 $4,614 $15,132 $12,849 
Operating expenses:
Cost of sales4,221 3,821 12,615 11,027 
Selling, general and administrative360 275 1,055 835 
Amortization59 37 177 112 
Restructuring (Note 7)
28 11 81 52 
Total operating expenses4,668 4,144 13,928 12,026 
Operating income446 470 1,204 823 
Interest expense(75)(58)(214)(157)
Other income (expense), net (Note 16)
26 20 36 (44)
Income before income taxes and equity loss397 432 1,026 622 
Income tax benefit (expense) (Note 11)
1,312 (59)1,248 (96)
Income before equity loss1,709 373 2,274 526 
Equity loss, net of tax(72)(67)(227)(202)
Net income1,637 306 2,047 324 
Net income (loss) attributable to noncontrolling interest8 5 15 (21)
Net loss attributable to redeemable noncontrolling interest— — (1)— 
Net income attributable to Aptiv1,629 301 2,033 345 
Mandatory convertible preferred share dividends (Note 12)
— (15)(29)(47)
Net income attributable to ordinary shareholders$1,629 $286 $2,004 $298 
Basic net income per share:
Basic net income per share attributable to ordinary shareholders$5.76 $1.06 $7.27 $1.10 
Weighted average number of basic shares outstanding282.84 270.93 275.56 270.88 
Diluted net income per share (Note 12):
Diluted net income per share attributable to ordinary shareholders$5.76 $1.05 $7.17 $1.10 
Weighted average number of diluted shares outstanding283.01 271.10 283.44 271.10 
See notes to consolidated financial statements.

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APTIV PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
 (in millions)
Net income$1,637 $306 $2,047 $324 
Other comprehensive (loss) income:
Currency translation adjustments(82)(213)(104)(425)
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 14)
(36)(5)112 (67)
Employee benefit plans adjustment, net of tax1 7 — 14 
Other comprehensive (loss) income(117)(211)8 (478)
Comprehensive income (loss)1,520 95 2,055 (154)
Comprehensive income (loss) attributable to noncontrolling interests9 3 13 (20)
Comprehensive loss attributable to redeemable noncontrolling interest(4)— (3)— 
Comprehensive income (loss) attributable to Aptiv$1,515 $92 $2,045 $(134)
See notes to consolidated financial statements.

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APTIV PLC
CONSOLIDATED BALANCE SHEETS
September 30, 2023December 31,
2022
(Unaudited)
 (in millions)
ASSETS
Current assets:
Cash and cash equivalents$1,808 $1,531 
Accounts receivable, net of allowance for doubtful accounts of $49 million and $52 million, respectively (Note 2)
3,647 3,433 
Inventories (Note 3)
2,432 2,340 
Other current assets (Note 4)
603 480 
Total current assets8,490 7,784 
Long-term assets:
Property, net3,579 3,495 
Operating lease right-of-use assets511 451 
Investments in affiliates (Note 21)
1,498 1,723 
Intangible assets, net (Note 2)
2,423 2,585 
Goodwill (Note 2)
5,073 5,106 
Other long-term assets (Note 4)
2,137 740 
Total long-term assets15,221 14,100 
Total assets$23,711 $21,884 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 8)
$43 $31 
Accounts payable3,056 3,150 
Accrued liabilities (Note 5)
1,597 1,684 
Total current liabilities4,696 4,865 
Long-term liabilities:
Long-term debt (Note 8)
6,419 6,460 
Pension benefit obligations372 354 
Long-term operating lease liabilities419 361 
Other long-term liabilities (Note 5)
732 750 
Total long-term liabilities7,942 7,925 
Total liabilities12,638 12,790 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest (Note 2)
93 96 
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; none issued and outstanding as of September 30, 2023; 11,500,000 shares of 5.50% Mandatory Convertible Preferred Shares, Series A, issued and outstanding as of December 31, 2022
— — 
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 282,824,285 and 270,949,579 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
3 3 
Additional paid-in-capital4,032 3,989 
Retained earnings7,522 5,608 
Accumulated other comprehensive loss (Note 13)
(779)(791)
Total Aptiv shareholders’ equity10,778 8,809 
Noncontrolling interest202 189 
Total shareholders’ equity10,980 8,998 
Total liabilities, redeemable noncontrolling interest and shareholders’ equity$23,711 $21,884 
See notes to consolidated financial statements.

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APTIV PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
 20232022
 (in millions)
Cash flows from operating activities:
Net income$2,047 $324 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation489 462 
Amortization177 112 
Amortization of deferred debt issuance costs7 7 
Restructuring expense, net of cash paid4 2 
Deferred income taxes(1,408)(6)
Pension and other postretirement benefit expenses34 25 
Loss from equity method investments, net of dividends received232 205 
Loss on sale of assets2 — 
Share-based compensation82 65 
Other charges related to Ukraine/Russia conflict— 54 
Changes in operating assets and liabilities:
Accounts receivable, net(213)(582)
Inventories(87)(301)
Other assets(76)52 
Accounts payable(1)(107)
Accrued and other long-term liabilities(7)(5)
Other, net10 38 
Pension contributions(20)(15)
Net cash provided by operating activities1,272 330 
Cash flows from investing activities:
Capital expenditures(703)(666)
Proceeds from sale of property3 3 
Proceeds from business divestitures, net of cash sold(17)— 
Cost of business acquisitions and other transactions, net of cash acquired(83)(220)
Proceeds from sale of technology investments— 3 
Cost of technology investments(1)(42)
Settlement of derivatives6 9 
Net cash used in investing activities(795)(913)
Cash flows from financing activities:
Net repayments under other short-term debt agreements(22)(3)
Net repayments under other long-term debt agreements(8)(2)
Proceeds from issuance of senior notes, net of issuance costs— 2,472 
Contingent consideration payments(10)— 
Dividend payments of consolidated affiliates to minority shareholders— (8)
Repurchase of ordinary shares(98)— 
Distribution of mandatory convertible preferred share cash dividends(32)(47)
Taxes withheld and paid on employees’ restricted share awards(31)(36)
Net cash (used in) provided by financing activities(201)2,376 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(23)(54)
Increase in cash, cash equivalents and restricted cash253 1,739 
Cash, cash equivalents and restricted cash at beginning of the period1,555 3,139 
Cash, cash equivalents and restricted cash at end of the period$1,808 $4,878 
Reconciliation of cash, cash equivalents and restricted cash and cash classified as assets held for sale:
September 30,
20232022
(in millions)
Cash, cash equivalents and restricted cash$1,808 $4,854 
Cash classified as assets held for sale— 24 
Total cash, cash equivalents and restricted cash$1,808 $4,878 
See notes to consolidated financial statements.

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APTIV PLC
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30,
Ordinary SharesPreferred Shares
Redeemable Noncontrolling InterestNumber of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2023(in millions)
Balance at June 30, 2023$97 283 $3 — $— $4,001 $5,893 $(665)$9,232 $193 $9,425 
Net income— — — — — — 1,629 — 1,629 — 1,629 
Other comprehensive (loss) income(4)— — — — — — (114)(114)1 (113)
Net income attributable to noncontrolling interest— — — — — — — — — 8 8 
Share-based compensation— — — — — 31 — — 31 — 31 
Balance at September 30, 2023$93 283 $3 — $— $4,032 $7,522 $(779)$10,778 $202 $10,980 
2022
Balance at June 30, 2022$— 271 $3 12 $— $3,949 $5,089 $(942)$8,099 $183 $8,282 
Net income— — — — — — 301 — 301 — 301 
Other comprehensive loss— — — — — — — (209)(209)— (209)
Net income attributable to noncontrolling interest— — — — — — — — — 5 5 
Other comprehensive loss attributable to noncontrolling interest— — — — — — — — — (2)(2)
Mandatory convertible preferred share cumulative dividends— — — — — — (15)— (15)— (15)
Share-based compensation— — — — — 19 — — 19 — 19 
Balance at September 30, 2022$— 271 $3 12 $— $3,968 $5,375 $(1,151)$8,195 $186 $8,381 
See notes to consolidated financial statements.


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APTIV PLC
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Nine Months Ended September 30,
Ordinary SharesPreferred Shares
 Redeemable Noncontrolling InterestNumber of sharesAmount of sharesNumber of sharesAmount of sharesAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Aptiv Shareholders’ EquityNoncontrolling InterestTotal Shareholders’ Equity
2023(in millions)
Balance at January 1, 2023$96 271 $3 12 $— $3,989 $5,608 $(791)$8,809 $189 $8,998 
Net income— — — — — — 2,033 — 2,033 — 2,033 
Other comprehensive (loss) income(2)— — — — — — 12 12 (2)10 
Net (loss) income attributable to noncontrolling interest(1)— — — — — — — — 15 15 
Mandatory convertible preferred share cumulative dividends— — — — — — (29)— (29)— (29)
Conversion of MCPS to ordinary shares— 12 — (12)— — — — — — — 
Taxes withheld on employees’ restricted share award vestings— — — — — (31)— — (31)— (31)
Repurchase of ordinary shares— (1)— — — (8)(90)— (98)— (98)
Share-based compensation— 1 — — — 82 — — 82 — 82 
Balance at September 30, 2023$93 283 $3 — $— $4,032 $7,522 $(779)$10,778 $202 $10,980 
2022
Balance at January 1, 2022$— 271 $3 12 $— $3,939 $5,077 $(672)$8,347 $214 $8,561 
Net income— — — — — — 345 — 345 — 345 
Other comprehensive loss— — — — — — — (479)(479)— (479)
Net loss attributable to noncontrolling interest— — — — — — — — — (21)(21)
Other comprehensive income attributable to noncontrolling interest— — — — — — — — — 1 1 
Dividend payments of consolidated affiliates to minority shareholders— — — — — — — — — (8)(8)
Mandatory convertible preferred share cumulative dividends— — — — — — (47)— (47)— (47)
Taxes withheld on employees’ restricted share award vestings— — — — — (36)— — (36)— (36)
Share-based compensation— — — — — 65 — — 65 — 65 
Balance at September 30, 2022$— 271 $3 12 $— $3,968 $5,375 $(1,151)$8,195 $186 $8,381 
See notes to consolidated financial statements.

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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. The Company’s ordinary shares are publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “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 2022 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.
During the nine months ended September 30, 2023, Aptiv received a dividend of $5 million from its equity method investments. During the three months ended September 30, 2022, Aptiv received a dividend of $3 million from its equity method investments. The dividends were recognized as a reduction to the investment and represented a return on investment included in cash flows from operating activities.
Aptiv’s equity investments without readily determinable fair value totaled $48 million and $67 million as of September 30, 2023 and December 31, 2022, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s investments in publicly traded equity securities totaled $12 million and $17 million as of September 30, 2023 and December 31, 2022, 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.
In 2022, the Company acquired 85% of the equity interests of Intercable Automotive Solutions S.r.l. (“Intercable Automotive”). Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 15% of Intercable Automotive for cash at a contractually defined value beginning in 2026. As a result of this redemption feature, the Company recorded the redeemable noncontrolling interest at its acquisition-date fair value to temporary equity in the consolidated balance sheet. The redeemable noncontrolling interest is adjusted each reporting period for the income (loss) attributable to the noncontrolling interest, and for any measurement period adjustments necessary to record the redeemable noncontrolling interest at the higher of its redemption value, assuming it was redeemable at the reporting date, or its carrying value. Any measurement period adjustments are recorded to retained earnings, with a corresponding increase or reduction to net income attributable to Aptiv. Redeemable noncontrolling interest was $93 million and $96 million as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 17. Acquisitions and Divestitures for further information regarding this acquisition and the redeemable noncontrolling interest.

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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, redeemable noncontrolling interest, 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 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 for production parts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. Customer contracts for software licenses are generally represented by a sales contract or purchase order with contract durations typically ranging from one to three years. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue from software licenses and professional software services is generally recognized at a point in time upon delivery while revenue from post delivery support and maintenance for software contracts is generally recognized over time on a ratable basis over the contract term. 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 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, software licenses 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

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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 September 30, 2023 and December 31, 2022, the Company reported $3,647 million and $3,433 million, respectively, of accounts receivable, net of allowances, which includes the allowance for doubtful accounts of $49 million and $52 million, respectively. Changes in the allowance for doubtful accounts were not material for the nine months ended September 30, 2023.
Inventories—As of September 30, 2023 and December 31, 2022, 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.
Assets and liabilities held for sale—The Company considers assets to be held for sale when management, having the appropriate authority, approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, less cost to sell, and ceases to record depreciation expense on the assets.
Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheets. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts.
Intangible assets—Intangible assets were $2,423 million and $2,585 million as of September 30, 2023 and December 31, 2022, respectively. Aptiv amortizes definite-lived intangible assets over their estimated useful lives. Aptiv has definite-lived 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 $59 million and $177 million for the three and nine months ended September 30, 2023, respectively, and $37 million and $112 million for the three and nine months ended September 30, 2022, 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

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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 nine months ended September 30, 2023 and 2022. Goodwill was $5,073 million and $5,106 million as of September 30, 2023 and December 31, 2022, 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. As it relates to changes in accumulated other comprehensive income (loss), the Company’s policy is to release tax effects from accumulated other comprehensive income (loss) when the underlying components affect earnings. 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.
Customer concentrations—As reflected in the table below, net sales to General Motors (“GM”), Stellantis N.V. (“Stellantis”), Ford Motor Company (“Ford”) and Volkswagen Group (“VW”), Aptiv’s four largest customers, totaled approximately 34% of our total net sales for the three and nine months ended September 30, 2023, and 34% of our total net sales for the three and nine months ended September 30, 2022.
Percentage of Total Net SalesAccounts Receivable
Three Months Ended September 30,Nine Months Ended September 30,September 30,
2023		December 31,
2022
2023202220232022
 (in millions)
GM8 %9 %8 %9 %$272 $231 
Stellantis9 %8 %9 %9 %$322 $325 
Ford9 %9 %9 %8 %$295 $250 
VW8 %8 %8 %8 %$201 $186 
Recently adopted accounting pronouncements—Aptiv adopted Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, in the second quarter of 2023. ASU 2020-04 provides optional expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 and is effective immediately. The Company elected to apply the contract modifications accounting optional expedient, under which the reporting entity accounts for changes made to debt agreements solely for the replacement of a discontinued reference rate as being not substantial and thus a continuation of the existing

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contract, to contract amendments within the scope of ASU 2020-04 that were effective in the second quarter of 2023, which did not have a significant impact on Aptiv’s consolidated financial statements.
Aptiv adopted ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, in the first quarter of 2023, except for the amendment on rollforward information, which is to be applied prospectively and is effective for fiscal years beginning after December 15, 2023. The amendments in this update are intended to improve the transparency of supplier finance programs by requiring a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of the financial statements to understand the program’s nature, key terms, outstanding balances and activity during the period. The adoption of this guidance did not have a significant impact on Aptiv’s consolidated financial statements.
Recently issued accounting pronouncements not yet adopted—In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The amendments in this update require a joint venture to initially recognize all contributions received at fair value upon formation. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 and is to be applied prospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Aptiv’s consolidated financial statements.

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:
September 30,
2023		December 31,
2022
 (in millions)
Productive material$1,580 $1,570 
Work-in-process187 164 
Finished goods665 606 
Total$2,432 $2,340 


4. ASSETS
Other current assets consisted of the following:
September 30,
2023		December 31,
2022
 (in millions)
Value added tax receivable$141 $167 
Prepaid insurance and other expenses79 75 
Reimbursable engineering costs114 90 
Notes receivable6 8 
Income and other taxes receivable70 40 
Deposits to vendors7 7 
Derivative financial instruments (Note 14)114 44 
Capitalized upfront fees (Note 20)12 17 
Contract assets (Note 20)52 24 
Other8 8 
Total$603 $480 

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Other long-term assets consisted of the following:
September 30,
2023		December 31,
2022
 (in millions)
Deferred income taxes, net$1,643 $259 
Unamortized Revolving Credit Facility debt issuance costs7 8 
Income and other taxes receivable32 30 
Reimbursable engineering costs163 160 
Value added tax receivable2 2 
Equity investments (Note 21)60 84 
Derivative financial instruments (Note 14)18 14 
Capitalized upfront fees (Note 20)51 61 
Contract assets (Note 20)68 43 
Other93 79 
Total$2,137 $740 

5. LIABILITIES
Accrued liabilities consisted of the following:
September 30,
2023		December 31,
2022
 (in millions)
Payroll-related obligations$405 $330 
Employee benefits, including current pension obligations143 151 
Income and other taxes payable179 188 
Warranty obligations (Note 6)51 43 
Restructuring (Note 7)56 65 
Customer deposits79 82 
Derivative financial instruments (Note 14)19 29 
Accrued interest53 51 
MCPS dividends payable— 3 
Contract liabilities (Note 20)70 90 
Operating lease liabilities113 109 
Other429 543 
Total$1,597 $1,684 

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Other long-term liabilities consisted of the following:
September 30,
2023		December 31,
2022
 (in millions)
Environmental$3 $1 
Extended disability benefits5 4 
Warranty obligations (Note 6)8 9 
Restructuring (Note 7)29 18 
Payroll-related obligations11 10 
Accrued income taxes142 161 
Deferred income taxes, net455 481 
Contract liabilities (Note 20)8 9 
Derivative financial instruments (Note 14)4 7 
Other67 50 
Total$732 $