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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 September 30, 2021
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 class Trading symbol(s) Name of each exchange on which registered
Ordinary Shares, $0.01 par value per share APTV New York Stock Exchange
5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share APTV PRA New York Stock Exchange
1.500% Senior Notes due 2025 APTV New York Stock Exchange
4.250% Senior Notes due 2026 APTV New York Stock Exchange
1.600% Senior Notes due 2028 APTV New York Stock Exchange
4.350% Senior Notes due 2029 APTV New York Stock Exchange
4.400% Senior Notes due 2046 APTV New York Stock Exchange
5.400% Senior Notes due 2049 APTV New 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 29, 2021, was 270,514,140.


APTIV PLC
INDEX 
    Page
Part I - Financial Information
Item 1.
3
4
5
6
7
9
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 September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
  (in millions, except per share amounts)
Net sales $ 3,654  $ 3,668  $ 11,484  $ 8,854 
Operating expenses:
Cost of sales 3,138  3,021  9,639  7,693 
Selling, general and administrative 263  229  784  698 
Amortization 37  36  111  107 
Restructuring (Note 7)
18  21  118 
Gain on autonomous driving joint venture (Note 17)
—  —  —  (1,434)
Total operating expenses 3,439  3,304  10,555  7,182 
Operating income 215  364  929  1,672 
Interest expense (36) (38) (114) (125)
Other income (expense), net (Note 16)
(6)
Income before income taxes and equity loss 180  327  817  1,541 
Income tax (expense) benefit (25) (101)
Income before equity loss 155  329  716  1,547 
Equity loss, net of tax (51) (24) (146) (40)
Net income 104  305  570  1,507 
Net income attributable to noncontrolling interest 11 
Net income attributable to Aptiv 101  299  559  1,505 
Mandatory convertible preferred share dividends (Note 12)
(15) (16) (47) (19)
Net income attributable to ordinary shareholders $ 86  $ 283  $ 512  $ 1,486 
Basic net income per share:
Basic net income per share attributable to ordinary shareholders $ 0.32  $ 1.05  $ 1.89  $ 5.69 
Weighted average number of basic shares outstanding 270.51  270.03  270.44  261.22 
Diluted net income per share (Note 12):
Diluted net income per share attributable to ordinary shareholders $ 0.32  $ 1.05  $ 1.89  $ 5.63 
Weighted average number of diluted shares outstanding 271.20  270.38  271.14  267.14 
See notes to consolidated financial statements.
3

APTIV PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
  (in millions)
Net income $ 104  $ 305  $ 570  $ 1,507 
Other comprehensive (loss) income:
Currency translation adjustments (78) 91  (127) (21)
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 14)
(62) 37  (64) (40)
Employee benefit plans adjustment, net of tax (1) 36 
Other comprehensive (loss) income (134) 127  (155) (52)
Comprehensive (loss) income (30) 432  415  1,455 
Comprehensive income (loss) attributable to noncontrolling interests 10  (1)
Comprehensive (loss) income attributable to Aptiv $ (32) $ 425  $ 405  $ 1,456 
See notes to consolidated financial statements.
4

APTIV PLC
CONSOLIDATED BALANCE SHEETS
September 30, 2021 December 31,
2020
(Unaudited)
  (in millions)
ASSETS
Current assets:
Cash and cash equivalents $ 2,741  $ 2,821 
Restricted cash 52  32 
Accounts receivable, net of allowance for doubtful accounts of $49 million and $40 million, respectively (Note 2)
2,715  2,812 
Inventories (Note 3)
2,119  1,297 
Other current assets (Note 4)
477  503 
Total current assets 8,104  7,465 
Long-term assets:
Property, net 3,193  3,301 
Operating lease right-of-use assets 381  380 
Investments in affiliates 1,852  2,011 
Intangible assets, net (Note 2)
973  1,091 
Goodwill (Note 2)
2,504  2,580 
Other long-term assets (Note 4)
644  694 
Total long-term assets 9,547  10,057 
Total assets $ 17,651  $ 17,522 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 8)
$ $ 90 
Accounts payable 2,544  2,571 
Accrued liabilities (Note 5)
1,282  1,385 
Total current liabilities 3,834  4,046 
Long-term liabilities:
Long-term debt (Note 8)
4,000  4,011 
Pension benefit obligations 493  525 
Long-term operating lease liabilities 301  300 
Other long-term liabilities (Note 5)
524  540 
Total long-term liabilities 5,318  5,376 
Total liabilities 9,152  9,422 
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 September 30, 2021 and December 31, 2020
—  — 
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 270,507,574 and 270,025,374 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Additional paid-in-capital 3,928  3,897 
Retained earnings 5,062  4,550 
Accumulated other comprehensive loss (Note 13)
(699) (545)
Total Aptiv shareholders’ equity 8,294  7,905 
Noncontrolling interest 205  195 
Total shareholders’ equity 8,499  8,100 
Total liabilities and shareholders’ equity $ 17,651  $ 17,522 
See notes to consolidated financial statements.
5

APTIV PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
  2021 2020
  (in millions)
Cash flows from operating activities:
Net income $ 570  $ 1,507 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 472  449 
Amortization 111  107 
Amortization of deferred debt issuance costs
Restructuring expense, net of cash paid (42) — 
Deferred income taxes (5) 10 
Pension and other postretirement benefit expenses 34  31 
Loss from equity method investments, net of dividends received 152  46 
Loss on modification of debt
Loss on sale of assets
Share-based compensation 76  24 
Gain on autonomous driving joint venture, net —  (1,434)
Changes in operating assets and liabilities:
Accounts receivable, net 99  (51)
Inventories (819) 60 
Other assets 50  (57)
Accounts payable (37) (144)
Accrued and other long-term liabilities (64) 114 
Other, net (35) (38)
Pension contributions (18) (23)
Net cash provided by operating activities 553  614 
Cash flows from investing activities:
Capital expenditures (430) (489)
Proceeds from sale of property
Cost of business acquisitions and other transactions, net of cash acquired (45) (49)
Proceeds from sale of technology investments 14  — 
Cost of technology investments (2) (1)
Settlement of derivatives (11)
Net cash used in investing activities (470) (532)
Cash flows from financing activities:
Net repayments under other short-term debt agreements (22) (370)
Net repayments under other long-term debt agreements (8) (30)
Fees related to modification of debt agreements (6) (18)
Proceeds from the public offering of ordinary shares, net of issuance costs —  1,115 
Proceeds from the public offering of preferred shares, net of issuance costs —  1,115 
Dividend payments of consolidated affiliates to minority shareholders —  (6)
Repurchase of ordinary shares —  (57)
Distribution of mandatory convertible preferred share cash dividends (47) (16)
Distribution of ordinary share cash dividends —  (56)
Taxes withheld and paid on employees’ restricted share awards (45) (33)
Net cash (used in) provided by financing activities (128) 1,644 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash (15) (1)
(Decrease) increase in cash, cash equivalents and restricted cash (60) 1,725 
Cash, cash equivalents and restricted cash at beginning of the period 2,853  429 
Cash, cash equivalents and restricted cash at end of the period $ 2,793  $ 2,154 
See notes to consolidated financial statements.
6

APTIV PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30,
Ordinary Shares Preferred Shares
Number of shares Amount of shares Number of shares Amount of shares Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Aptiv Shareholders’ Equity Noncontrolling Interest Total Shareholders’ Equity
2021 (in millions)
Balance at June 30, 2021 271  $ 12  $ —  $ 3,909  $ 4,976  $ (566) $ 8,322  $ 203  $ 8,525 
Net income —  —  —  —  —  101  —  101  104 
Other comprehensive income
—  —  —  —  —  —  (133) (133) (1) (134)
Mandatory convertible preferred share cumulative dividends —  —  —  —  —  (15) —  (15) —  (15)
Share-based compensation
—  —  —  —  19  —  —  19  —  19 
Balance at September 30, 2021 271  $ 12  $ —  $ 3,928  $ 5,062  $ (699) $ 8,294  $ 205  $ 8,499 
2020
Balance at June 30, 2020 270  $ 12  $ —  $ 3,849  $ 3,984  $ (894) $ 6,942  $ 184  $ 7,126 
Net income —  —  —  —  —  299  —  299  305 
Other comprehensive income —  —  —  —  —  —  126  126  127 
Mandatory convertible preferred share cumulative dividends —  —  —  —  —  (16) —  (16) —  (16)
Share-based compensation
—  —  —  —  12  —  —  12  —  12 
Balance at September 30, 2020 270  $ 12  $ —  $ 3,861  $ 4,267  $ (768) $ 7,363  $ 191  $ 7,554 
See notes to consolidated financial statements.
7

APTIV PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued) (Unaudited)
Nine Months Ended September 30,
Ordinary Shares Preferred Shares
  Number of shares Amount of shares Number of shares Amount of shares Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Aptiv Shareholders’ Equity Noncontrolling Interest Total Shareholders’ Equity
2021 (in millions)
Balance at January 1, 2021 270  $ 12  $ —  $ 3,897  $ 4,550  $ (545) $ 7,905  $ 195  $ 8,100 
Net income —  —  —  —  —  559  —  559  11  570 
Other comprehensive loss
—  —  —  —  —  —  (154) (154) (1) (155)
Mandatory convertible preferred share cumulative dividends —  —  —  —  —  (47) —  (47) —  (47)
Taxes withheld on employees’ restricted share award vestings
—  —  —  —  (45) —  —  (45) —  (45)
Share-based compensation
—  —  —  76  —  —  76  —  76 
Balance at September 30, 2021 271  $ 12  $ —  $ 3,928  $ 5,062  $ (699) $ 8,294  $ 205  $ 8,499 
2020
Balance at January 1, 2020 255  $ —  $ —  $ 1,645  $ 2,890  $ (719) $ 3,819  $ 192  $ 4,011 
Net income —  —  —  —  —  1,505  —  1,505  1,507 
Other comprehensive loss —  —  —  —  —  —  (49) (49) (3) (52)
Dividends on ordinary shares —  —  —  —  (57) —  (56) —  (56)
Mandatory convertible preferred share cumulative dividends —  —  —  —  —  (19) —  (19) —  (19)
Taxes withheld on employees’ restricted share award vestings
—  —  —  —  (33) —  —  (33) —  (33)
Repurchase of ordinary shares
(1) —  —  —  (6) (51) —  (57) —  (57)
Issuance of ordinary shares 15  —  —  —  1,115  —  —  1,115  —  1,115 
Issuance of mandatory convertible preferred shares —  —  12  —  1,115  —  —  1,115  —  1,115 
Share-based compensation
—  —  —  24  —  —  24  —  24 
Adjustment for recently adopted accounting pronouncements
—  —  —  —  —  (1) —  (1) —  (1)
Balance at September 30, 2020 270  $ 12  $ —  $ 3,861  $ 4,267  $ (768) $ 7,363  $ 191  $ 7,554 
See notes to consolidated financial statements.
8

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, a public limited company formed under the laws of Jersey on May 19, 2011 as Delphi Automotive PLC, which completed an initial public offering on November 22, 2011. On December 4, 2017, the Company completed the separation (the “Separation”) of its former Powertrain Systems segment by distributing to Aptiv shareholders on a pro rata basis all of the issued and outstanding ordinary shares of Delphi Technologies PLC, a public limited company formed to hold the spun-off business. Following the Separation, the remaining 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 2020 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 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. In line with the long-term growth in emerging markets, Aptiv has been increasing its focus on these markets, particularly in China, where the Company has a major manufacturing base and strong customer relationships.

2. SIGNIFICANT ACCOUNTING POLICIES
Consolidation—The consolidated financial statements include the accounts of Aptiv and United States (“U.S.”) and non-U.S. 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, 2021, Aptiv received a dividend of $6 million from one of its equity method investments. During the three months ended September 30, 2020, Aptiv received a dividend of $6 million from one of its equity method investments. The dividends were recognized as a reduction to the investment and represented a return on investment in cash flows from operating activities.
Aptiv’s equity investments without readily determinable fair values totaled $28 million and $113 million as of September 30, 2021 and December 31, 2020, respectively, and are classified within other long-term assets in the consolidated balance sheets. Aptiv’s investments in publicly traded equity securities totaled $83 million as of September 30, 2021 and are classified within other long-term assets in the consolidated balance sheets. There were no publicly traded equity securities held as of December 31, 2020. Refer to Note 17. Acquisitions and Divestitures for additional 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 and the ongoing global supply chain disruptions, actual results reported in future periods may be based upon amounts that differ from those estimates.
9

Revenue recognition—Aptiv recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Accordingly, revenue is measured based on consideration specified in a contract with a customer. Refer to Note 20. Revenue for additional information regarding the Company’s revenue recognition policies.
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.
Restricted cash—Restricted cash includes balances on deposit at financial institutions that have issued letters of credit in favor of Aptiv and cash deposited into escrow accounts. Refer to Note 15. Fair Value of Financial Instruments for further information regarding amounts deposited into an escrow account.
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 (“ASC 326”). As of September 30, 2021 and December 31, 2020, the Company reported $2,715 million and $2,812 million, respectively, of accounts receivable, net of allowances, which includes the allowance for doubtful accounts of $49 million and $40 million, respectively. Changes in the allowance for doubtful accounts were not material for the nine months ended September 30, 2021.
Intangible assets—Intangible assets were $973 million and $1,091 million as of September 30, 2021 and December 31, 2020, 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 $37 million and $111 million for the three and nine
10

months ended September 30, 2021, respectively, and $36 million and $107 million for the three and nine months ended September 30, 2020, 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 nine months ended September 30, 2021 and 2020. Goodwill was $2,504 million and $2,580 million as of September 30, 2021 and December 31, 2020, 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.
11

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 25% and 28% of our total net sales for the three and nine months ended September 30, 2021, respectively, and 33% and 30% our total net sales for the three and nine months ended September 30, 2020, respectively.
Percentage of Total Net Sales Accounts Receivable
Three Months Ended September 30, Nine Months Ended September 30, September 30,
2021
December 31,
2020
2021 2020 2021 2020
  (in millions)
Stellantis (1) 10  % 12  % 11  % 11  % $ 276  $ 352 
GM % 10  % % % 172  200 
VW % 11  % % 10  % 132  216 
(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 and nine months ended September 30, 2021 and 2020. As of December 31, 2020, accounts receivable due from FCA and PSA are shown on a combined basis as accounts receivable due from Stellantis.
Recently adopted accounting pronouncements—Aptiv adopted Accounting Standards Update (“ASU”) 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 in the first quarter of 2021 on a prospective basis. This guidance clarifies the interactions between accounting for equity securities under the measurement alternative in Topic 321 and the equity method of accounting in Topic 323, as well as the accounting for certain forward contracts and purchased options to purchase securities that, upon settlement or exercise, would be accounted for under the equity method of accounting. The adoption of this guidance did not have a significant impact on Aptiv’s 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,
2021
December 31,
2020
  (in millions)
Productive material $ 1,347  $ 745 
Work-in-process 182  111 
Finished goods 590  441 
Total $ 2,119  $ 1,297 


4. ASSETS
Other current assets consisted of the following:
September 30,
2021
December 31,
2020
  (in millions)
Value added tax receivable $ 172  $ 155 
Prepaid insurance and other expenses 64  47 
Reimbursable engineering costs 106  169 
Notes receivable
Income and other taxes receivable 60  41 
Deposits to vendors
Derivative financial instruments (Note 14) 29  48 
Capitalized upfront fees (Note 20) 33  30 
Total $ 477  $ 503 
12

Other long-term assets consisted of the following:
September 30,
2021
December 31,
2020
  (in millions)
Deferred income taxes, net $ 167  $ 174 
Unamortized Revolving Credit Facility debt issuance costs 11  11 
Income and other taxes receivable 26  25 
Reimbursable engineering costs 182  186 
Value added tax receivable 34  29 
Equity investments (Note 17) 111  113 
Derivative financial instruments (Note 14) —  22 
Capitalized upfront fees (Note 20) 58  86 
Other 55  48 
Total $ 644  $ 694 

5. LIABILITIES
Accrued liabilities consisted of the following:
September 30,
2021
December 31,
2020
  (in millions)
Payroll-related obligations $ 327  $ 293 
Employee benefits, including current pension obligations 72  84 
Income and other taxes payable 129  177 
Warranty obligations (Note 6) 38  51 
Restructuring (Note 7) 52  82 
Customer deposits 64  62 
Derivative financial instruments (Note 14) 13 
Accrued interest 23  48 
MCPS dividends payable
Operating lease liabilities 95  100 
Other 466  477 
Total $ 1,282  $ 1,385 
Other long-term liabilities consisted of the following:
September 30,
2021
December 31,
2020
  (in millions)
Environmental (Note 10) $ $
Extended disability benefits
Warranty obligations (Note 6)
Restructuring (Note 7) 27  43 
Payroll-related obligations 11  11 
Accrued income taxes 177  156 
Deferred income taxes, net 193  207 
Derivative financial instruments (Note 14)
Other 90  105 
Total $ 524  $ 540 
13


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 September 30, 2021. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of September 30, 2021 to be zero to $10 million.
The table below summarizes the activity in the product warranty liability for the nine months ended September 30, 2021:
  Warranty Obligations
  (in millions)
Accrual balance at beginning of period $ 59 
Provision for estimated warranties incurred during the period 23 
Changes in estimate for pre-existing warranties
Settlements made during the period (in cash or in kind) (43)
Foreign currency translation and other (1)
Accrual balance at end of period $ 46 

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 the continued rotation of our manufacturing footprint to best cost locations in Europe and on reducing global overhead costs. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $1 million and $21 million during the three and nine months ended September 30, 2021, respectively. None of the Company's individual restructuring programs initiated during the three and nine months ended September 30, 2021 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 $15 million (which primarily relates to the Signal and Power Solutions segment) for programs approved as of September 30, 2021, which are primarily expected to be incurred within the next twenty-four months.
During the three and nine months ended September 30, 2020, Aptiv recorded employee-related and other restructuring charges totaling approximately $18 million and $118 million, respectively, of which $9 million and $60 million, respectively, was recognized for programs implemented in the North America region and $8 million and $42 million, respectively, was recognized for programs implemented in the European region. The charges recorded during the three and nine months ended September 30, 2020 included the recognition of approximately $15 million and $75 million, respectively, of employee-related and other costs related to actions taken as a result of the global impacts of the COVID-19 pandemic.
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 $63 million and $118 million in the nine months ended September 30, 2021 and 2020, respectively.
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The following table summarizes the restructuring charges recorded for the three and nine months ended September 30, 2021 and 2020 by operating segment:
  Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
  (in millions)
Signal and Power Solutions $ (4) $ $ $ 88 
Advanced Safety and User Experience 16  30 
Total $ $ 18  $ 21  $ 118 
The table below summarizes the activity in the restructuring liability for the nine months ended September 30, 2021:
Employee Termination Benefits Liability Other Exit Costs Liability Total
  (in millions)
Accrual balance at January 1, 2021 $ 125  $ —  $ 125 
Provision for estimated expenses incurred during the period 21  —  21 
Payments made during the period (63) —  (63)
Foreign currency and other (4) —  (4)
Accrual balance at September 30, 2021 $ 79  $ —  $ 79 

8. DEBT
The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of September 30, 2021 and December 31, 2020:
September 30,
2021
December 31,
2020
  (in millions)
4.15%, senior notes, due 2024 (net of $1 and $1 unamortized issuance costs and $1 and $1 discount, respectively) $ 698  $ 698 
1.50%, Euro-denominated senior notes, due 2025 (net of $2 and $2 unamortized issuance costs and $1 and $2 discount, respectively) 815  857 
4.25%, senior notes, due 2026 (net of $2 and $2 unamortized issuance costs, respectively) 648  648 
1.60%, Euro-denominated senior notes, due 2028 (net of $3 and $3 unamortized issuance costs, respectively) 581  612 
4.35%, senior notes, due 2029 (net of $2 and $3 unamortized issuance costs, respectively) 298  297 
4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively) 296  296 
5.40%, senior notes, due 2049 (net of $4 and $4 unamortized issuance costs and $1 and $1 discount, respectively) 345  345 
Tranche A Term Loan, due 2026 (net of $2 and $1 unamortized issuance costs, respectively) 311  320 
Finance leases and other 16  28 
Total debt 4,008  4,101 
Less: current portion (8) (90)
Long-term debt $ 4,000  $ 4,011 
Credit Agreement
Aptiv PLC and its wholly-owned subsidiary Aptiv Corporation entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), under which it maintains senior unsecured credit facilities currently consisting of a term loan (the “Tranche A Term Loan”) and a revolving credit facility of $2 billion (the “Revolving Credit Facility”). During 2020, Aptiv Global Financing Limited (“AGFL”), a wholly-owned Irish subsidiary of Aptiv PLC, executed a joinder agreement to the Credit Agreement, which allows it to act as a borrower under the
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Credit Agreement, and a guaranty supplement, under which AGFL guarantees the obligations under the Credit Agreement, subject to certain exceptions.
The Credit Agreement was originally entered into in March 2011 and has been subsequently amended and restated on several occasions, most recently on June 24, 2021. The June 2021 amendment, among other things, (1) refinanced and replaced the existing term loan A and revolver with a new term loan A that matures in five years, and a new five-year revolving credit facility with aggregate commitments of $2 billion, (2) utilized the Company’s existing sustainability-linked metrics and commitments, that, if achieved, would change the facility fee and interest rate margins as described below, (3) removed prior provisions from the May 2020 amendment that had increased the leverage ratio maintenance covenant from 3.5 to 1.0 to 4.5 to 1.0 until July 1, 2021 and restricted dividends and other payments on equity, and (4) includes a financial maintenance covenant that requires the Company to maintain total net leverage (as calculated in accordance with the Credit Agreement) of less than 3.5 to 1.0 (or 4.0 to 1.0 for four full fiscal quarters following completion of material acquisitions, as defined in the Credit Agreement). Losses on modification of debt totaled $1 million and $4 million during the nine months ended September 30, 2021 and 2020, respectively, related to the June 2021 amendment and May 2020 amendment. Aptiv paid amendment fees of $6 million and $18 million during the nine months ended September 30, 2021 and 2020, respectively, which are reflected as financing activities in the consolidated statements of cash flows.
The Tranche A Term Loan and the Revolving Credit Facility mature on June 24, 2026. Beginning on September 30, 2022, Aptiv is obligated to make quarterly principal payments on the Tranche A Term Loan according to the amortization schedule in the Credit Agreement. The Credit Agreement also contains an accordion feature that permits Aptiv to increase, from time to time, the aggregate borrowing capacity under the Credit Agreement by up to an additional $1 billion upon Aptiv’s request, the agreement of the lenders participating in the increase, and the approval of the Administrative Agent.
As of September 30, 2021, Aptiv had no amounts outstanding under the Revolving Credit Facility and less than $1 million in letters of credit were issued under the Credit Agreement. Letters of credit issued under the Credit Agreement reduce availability under the Revolving Credit Facility.
Loans under the Credit Agreement bear interest, at Aptiv’s option, at either (a) the Administrative Agent’s Alternate Base Rate (“ABR” as defined in the Credit Agreement) or (b) the London Interbank Offered Rate (the “Adjusted LIBO Rate” as defined in the Credit Agreement) (“LIBOR”) plus in either case a percentage per annum as set forth in the table below (the “Applicable Rate”). The June 2021 amendment also contains provisions to facilitate the replacement of the LIBOR-based rate with a Secured Overnight Financing Rate (“SOFR”) based rate upon the discontinuation or unavailability of LIBOR. The Applicable Rates under the Credit Agreement on the specified dates are set forth below:
September 30, 2021 December 31, 2020
LIBOR plus ABR plus LIBOR plus ABR plus
Revolving Credit Facility (1) 1.10  % 0.10  % 1.10  % 0.10  %
Revolving Credit Facility (2) N/A N/A 1.40  % 0.40  %
Tranche A Term Loan (1) 1.125  % 0.125  % 1.25  % 0.25  %
Tranche A Term Loan (2) N/A N/A 1.75  % 0.75  %
(1)Rates as of September 30, 2021 are applicable to balances under the Credit Agreement as amended and restated on June 24, 2021 as described above. Rates as of December 31, 2020 are applicable to principal balances under the Credit Agreement which were not extended as part of the May 2020 amendment.
(2)Rates as of December 31, 2020 are applicable to principal balances under the Credit Agreement which were extended as part of the May 2020 amendment.
Under the June 2021 amendment, the Applicable Rate under the Credit Agreement, as well as the facility fee, may increase or decrease from time to time based on changes in the Company’s credit ratings and whether the Company achieves or fails to achieve certain sustainability-linked targets with respect to greenhouse gas emissions and workplace safety. Such adjustments may be up to 0.04% per annum on interest rate margins on the Revolving Credit Facility, 0.02% per annum on interest rate margins on the Tranche A Term Loan and up to 0.01% per annum on the facility fee. Accordingly, the interest rate is subject to fluctuation during the term of the Credit Agreement based on changes in the ABR, LIBOR, changes in the Company’s corporate credit ratings or whether the Company achieves or fails to achieve its sustainability-linked targets. The Credit Agreement also requires that Aptiv pay certain facility fees on the Revolving Credit Facility, which are also subject to adjustment based on the sustainability-linked targets as described above, and certain letter of credit issuance and fronting fees.
The interest rate period with respect to LIBOR interest rate options can be set at one-, three-, or six-months as selected by Aptiv in accordance with the terms of the Credit Agreement (or other period as may be agreed by the applicable lenders). Aptiv may elect to change the selected interest rate option in accordance with the provisions of the Credit Agreement. As of September 30, 2021, Aptiv selected the one-month LIBOR interest rate option on the Tranche A Term Loan, and the rates
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effective as of September 30, 2021, as detailed in the table below, were based on the Company’s current credit rating and the Applicable Rate for the Credit Agreement:
Borrowings as of
September 30, 2021 Rates effective as of
Applicable Rate (in millions) September 30, 2021
Tranche A Term Loan LIBOR plus 1.125% $ 313  1.25  %
Borrowings under the Credit Agreement are prepayable at Aptiv’s option without premium or penalty.
The Credit Agreement contains certain covenants that limit, among other things, the Company’s (and the Company’s subsidiaries’) ability to incur certain additional indebtedness or liens or to dispose of substantially all of its assets. In addition, under the June 2021 amendment, the Credit Agreement requires that the Company maintain a consolidated leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the Credit Agreement) of not more than 3.5 to 1.0 (or 4.0 to 1.0 for four full fiscal quarters following completion of material acquisitions, as defined in the Credit Agreement). The Credit Agreement also contains events of default customary for financings of this type. The Company was in compliance with the Credit Agreement covenants as of September 30, 2021.
As of September 30, 2021, all obligations under the Credit Agreement were borrowed by Aptiv Corporation and jointly and severally guaranteed by its direct and indirect parent companies, subject to certain exceptions set forth in the Credit Agreement.
Senior Unsecured Notes
On March 3, 2014, Aptiv Corporation issued $700 million in aggregate principal amount of 4.15% senior unsecured notes due 2024 (the “2014 Senior Notes”) in a transaction registered under the Securities Act of 1933, as amended (the “Securities Act”). The 2014 Senior Notes were priced at 99.649% of par, resulting in a yield to maturity of 4.193%. The proceeds were primarily utilized to redeem $500 million of 5.875% senior unsecured notes due 2019 and to repay a portion of the Tranche A Term Loan. Aptiv paid approximately $6 million of issuance costs in connection with the 2014 Senior Notes. Interest is payable semi-annually on March 15 and September 15 of each year to holders of record at the close of business on March 1 or September 1 immediately preceding the interest payment date.
On March 10, 2015, Aptiv PLC issued €700 million in aggregate principal amount of 1.50% Euro-denominated senior unsecured notes due 2025 (the “2015 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2015 Euro-denominated Senior Notes were priced at 99.54% of par, resulting in a yield to maturity of 1.55%. The proceeds were primarily utilized to redeem $500 million of 6.125% senior unsecured notes due 2021, and to fund growth initiatives, such as acquisitions, and share repurchases. Aptiv incurred approximately $5 million of issuance costs in connection with the 2015 Euro-denominated Senior Notes. Interest is payable annually on March 10. The Company has designated the 2015 Euro-denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly-owned subsidiaries. Refer to Note 14. Derivatives and Hedging Activities for further information.
On November 19, 2015, Aptiv PLC issued $1.3 billion in aggregate principal amount of senior unsecured notes in a transaction registered under the Securities Act, comprised of $650 million of 3.15% senior unsecured notes due 2020 (the “3.15% Senior Notes”) and $650 million of 4.25% senior unsecured notes due 2026 (the “4.25% Senior Notes”) (collectively, the “2015 Senior Notes”). The 3.15% Senior Notes were priced at 99.784% of par, resulting in a yield to maturity of 3.197%, and the 4.25% Senior Notes were priced at 99.942% of par, resulting in a yield to maturity of 4.256%. The proceeds were primarily utilized to fund a portion of the cash consideration for the acquisition of HellermannTyton PLC and for general corporate purposes, including the payment of fees and expenses associated with the HellermannTyton PLC acquisition and the related financing transaction. Aptiv incurred approximately $8 million of issuance costs in connection with the 2015 Senior Notes. Interest on the 3.15% Senior Notes was payable semi-annually on May 19 and November 19 of each year to holders of record at the close of business on May 4 or November 4 immediately preceding the interest payment date. Interest on the 4.25% Senior Notes is payable semi-annually on January 15 and July 15 of each year to holders of record at the close of business on January 1 or July 1 immediately preceding the interest payment date. In March 2019, Aptiv redeemed for cash the entire $650 million aggregate principal amount outstanding of the 3.15% Senior Notes, financed by the proceeds received from the issuance of the 2019 Senior Notes, as defined below.
On September 15, 2016, Aptiv PLC issued €500 million in aggregate principal amount of 1.60% Euro-denominated senior unsecured notes due 2028 (the “2016 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2016 Euro-denominated Senior Notes were priced at 99.881% of par, resulting in a yield to maturity of 1.611%. The proceeds, together with proceeds from the 2016 Senior Notes described below, were utilized to redeem the $800 million of 5.00% senior unsecured notes due 2023. Aptiv incurred approximately $4 million of issuance costs in connection with the 2016 Euro-denominated Senior Notes. Interest is payable annually on September 15. The Company has designated the 2016 Euro-
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denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly-owned subsidiaries. Refer to Note 14. Derivatives and Hedging Activities for further information.
On September 20, 2016, Aptiv PLC issued $300 million in aggregate principal amount of 4.40% senior unsecured notes due 2046 (the “2016 Senior Notes”) in a transaction registered under the Securities Act. The 2016 Senior Notes were priced at 99.454% of par, resulting in a yield to maturity of 4.433%. The proceeds, together with proceeds from the 2016 Euro-denominated Senior Notes, were utilized to redeem the $800 million of 5.00% senior unsecured notes due 2023. Aptiv incurred approximately $3 million of issuance costs in connection with the 2016 Senior Notes. Interest is payable semi-annually on April 1 and October 1 of each year to holders of record at the close of business on March 15 or September 15 immediately preceding the interest payment date.
On March 14, 2019, Aptiv PLC issued $650 million in aggregate principal amount of senior unsecured notes in a transaction registered under the Securities Act, comprised of $300 million of 4.35% senior unsecured notes due 2029 (the “4.35% Senior Notes”) and $350 million of 5.40% senior unsecured notes due 2049 (the “5.40% Senior Notes”) (collectively, the “2019 Senior Notes”). The 4.35% Senior Notes were priced at 99.879% of par, resulting in a yield to maturity of 4.365%, and the 5.40% Senior Notes were priced at 99.558% of par, resulting in a yield to maturity of 5.430%. The proceeds were utilized to redeem the 3.15% Senior Notes. Aptiv incurred approximately $7 million of issuance costs in connection with the 2019 Senior Notes. Interest on the 2019 Senior Notes is payable semi-annually on March 15 and September 15 of each year to holders of record at the close of business on March 1 or September 1 immediately preceding the interest payment date.
Although the specific terms of each indenture governing each series of senior notes vary, the indentures contain certain restrictive covenants, including with respect to Aptiv’s (and Aptiv’s subsidiaries) ability to incur liens, enter into sale and leaseback transactions and merge with or into other entities. As of September 30, 2021, the Company was in compliance with the provisions of all series of the outstanding senior notes.
The 2014 Senior Notes issued by Aptiv Corporation are fully and unconditionally guaranteed, jointly and severally, by Aptiv PLC and by certain of Aptiv PLC’s direct and indirect subsidiaries, which are directly or indirectly 100% owned by Aptiv PLC, subject to customary release provisions (other than in the case of Aptiv PLC). The 2015 Euro-denominated Senior Notes, 4.25% Senior Notes, 2016 Euro-denominated Senior Notes, 2016 Senior Notes and 2019 Senior Notes issued by Aptiv PLC are fully and unconditionally guaranteed, jointly and severally, by certain of Aptiv PLC’s direct and indirect subsidiaries (including Aptiv Corporation), which are directly or indirectly 100% owned by Aptiv PLC, subject to customary release provisions.
Other Financing
Receivable factoring—Aptiv maintains a €450 million European accounts receivable factoring facility that is available on a committed basis and allows for factoring of receivables denominated in both Euros and U.S. dollars (“USD”). This facility became effective on January 1, 2021 and replaced Aptiv’s previous €300 million European accounts receivable factoring facility. This facility is accounted for as short-term debt and borrowings are subject to the availability of eligible accounts receivable. Collateral is not required related to these trade accounts receivable. The program is for a term of three years, subject to Aptiv’s right to terminate at any time with three months’ notice. After expiration of the three year term, either party can terminate with three months’ notice. Borrowings denominated in Euros under the facility bear interest at the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.50% and USD borrowings bear interest at two-month LIBOR plus 0.50%, with borrowings under either denomination carrying a minimum interest rate of 0.20%. As of September 30, 2021, Aptiv had no amounts drawn on the new European accounts receivable factoring facility and as of December 31, 2020, Aptiv had no amounts outstanding on the previous European accounts receivable factoring facility.
Finance leases and other—As of September 30, 2021 and December 31, 2020, approximately $16 million and $28 million, respectively, of other debt primarily issued by certain non-U.S. subsidiaries and finance lease obligations were outstanding.
Interest—Cash paid for interest related to debt outstanding totaled $131 million and $142 million for the nine months ended September 30, 2021 and 2020, respectively.
Letter of credit facilities—In addition to the letters of credit issued under the Credit Agreement, Aptiv had approximately $3 million and $2 million outstanding through other letter of credit facilities as of September 30, 2021 and December 31, 2020, respectively, primarily to support arrangements and other obligations at certain of its subsidiaries.

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9. 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.
The amounts shown below reflect the defined benefit pension expense for the three and nine months ended September 30, 2021 and 2020:
  Non-U.S. Plans U.S. Plans
  Three Months Ended September 30,
  2021 2020 2021 2020
  (in millions)
Service cost $ $ $ —  $ — 
Interest cost —  — 
Expected return on plan assets (4) (5) —  — 
Amortization of actuarial losses —  — 
Net periodic benefit cost $ 10  $ 11  $ —  $ — 
  Non-U.S. Plans U.S. Plans
  Nine Months Ended September 30,
  2021 2020 2021 2020
  (in millions)
Service cost $ 15  $ 15  $ —  $ — 
Interest cost 15  17  —  — 
Expected return on plan assets (14) (14) —  — 
Curtailment loss —  —  — 
Amortization of actuarial losses 12  12 
Net periodic benefit cost $ 33  $ 30  $ $
Other postretirement benefit obligations were approximately $1 million and $1 million at September 30, 2021 and December 31, 2020, respectively.

10. COMMITMENTS AND CONTINGENCIES
Ordinary Business Litigation
Aptiv is from time to time subject to various legal actions and claims incidental to its business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters, and employment-related matters. It is the opinion of Aptiv that the outcome of such matters will not have a material adverse impact on the consolidated financial position, results of operations, or cash flows of Aptiv. With respect to warranty matters, although Aptiv cannot ensure that the future costs of warranty claims by customers will not be material, Aptiv believes its established reserves are adequate to cover potential warranty settlements.
Matters Related to Global Supply Chain Disruptions
Due to various factors, there are currently global supply chain disruptions, including a worldwide semiconductor supply shortage. The semiconductor supply shortage, due in part to increased demand across multiple industries, is impacting production in automotive and other industries. We anticipate these supply chain disruptions will persist into 2022. We, along with most automotive component supply companies that use semiconductors, have been unable to fully meet the vehicle
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production demands of OEMs because of events which are outside our control, including but not limited to, the COVID-19 pandemic, the global semiconductor shortage, fires in our suppliers’ facilities, unprecedented weather events in the southwestern United States, and other extraordinary events. Although we are working closely with suppliers and customers to minimize any potential adverse impacts of these events, some of our customers have indicated that they expect us to bear at least some responsibility for their lost production and other costs. While no assurances can be made as to the ultimate outcome of these customer expectations or any other future claims, we do not currently believe a loss is probable, and accordingly, no reserve has been made as of September 30, 2021. We will continue to actively monitor all direct and indirect potential impacts of these supply chain disruptions, and will seek to aggressively mitigate and minimize their impact on our business.
Brazil Matters
Aptiv conducts business operations in Brazil that are subject to the Brazilian federal labor, social security, environmental, tax and customs laws, as well as a variety of state and local laws. While Aptiv believes it complies with such laws, they are complex, subject to varying interpretations, and the Company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances. As of September 30, 2021, the majority of claims asserted against Aptiv in Brazil relate to such litigation. The remaining claims in Brazil relate to commercial and labor litigation with private parties. As of September 30, 2021, claims totaling approximately $100 million (using September 30, 2021 foreign currency rates) have been asserted against Aptiv in Brazil. As of September 30, 2021, the Company maintains accruals for these asserted claims of $20 million (using September 30, 2021 foreign currency rates). The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company’s analyses and assessment of the asserted claims and prior experience with similar matters. While the Company believes its accruals are adequate, the final amounts required to resolve these matters could differ materially from the Company’s recorded estimates and Aptiv’s results of operations could be materially affected. The Company estimates the reasonably possible loss in excess of the amounts accrued related to these claims to be zero to $80 million.
Environmental Matters
Aptiv is subject to the requirements of U.S. federal, state, local and non-U.S. environmental and safety and health laws and regulations. As of September 30, 2021 and December 31, 2020, the undiscounted reserve for environmental investigation and remediation recorded in other long-term liabilities was approximately $4 million and $4 million, respectively. Aptiv cannot ensure that environmental requirements will not change or become more stringent over time or that its eventual environmental remediation costs and liabilities will not exceed the amount of its current reserves. In the event that such liabilities were to significantly exceed the amounts recorded, Aptiv’s results of operations could be materially affected. At September 30, 2021, the difference between the recorded liabilities and the reasonably possible range of potential loss was not material.

11. INCOME TAXES
At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs.
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in respective jurisdictions, permanent and temporary differences, and the likelihood of the realizability of deferred tax assets generated in the current year. The ongoing volatile global economic conditions resulting from the COVID-19 pandemic, the future direct and indirect impacts of which are difficult to predict, may cause fluctuations in our expected pre-tax income (or loss) for the year, which could create volatility in our annual expected effective income tax rate. Jurisdictions with a projected loss for the year or a year-to-date loss for which no tax benefit or expense can be recognized due to a valuation allowance are excluded from the estimated annual effective tax rate. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the composition and timing of actual earnings compared to annual projections. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as our tax environment changes. To the extent that the expected annual effective income tax rate changes, the effect of the change on prior interim periods is included in the income tax provision in the period in which the change in estimate occurs.
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The Company’s income tax expense (benefit) and effective tax rate for the three and nine months ended September 30, 2021 and 2020 were as follows:
  Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
  (dollars in millions)
Income tax expense (benefit) $ 25  $ (2) $ 101  $ (6)
Effective tax rate 14  % (1) % 12  % %
The Company’s tax rate is affected by the fact that its parent entity is an Irish resident taxpayer, the tax rates in Ireland and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. Due to the COVID-19 pandemic, losses for which no tax benefit was recognized were higher in the nine months ended September 30, 2020 as compared to the same period in the current year. The Company’s effective tax rate is also impacted by the receipt of certain tax incentives and holidays that reduce the effective tax rate for certain subsidiaries below the statutory rate.
The Company’s effective tax rate for the three and nine months ended September 30, 2021 also includes net discrete tax expense of approximately $4 million and $0 million, respectively, primarily related to changes in reserves and provision to return adjustments. The effective tax rate for the three and nine months ended September 30, 2020 includes net discrete tax benefits of $38 million and $44 million, respectively, primarily related to changes in reserves, provision to return adjustments and the tax impact of certain intragroup reorganizations in the three months ended September 30, 2020 meant to streamline and simplify the Company’s operating and legal structure, which resulted in the recognition of losses for tax purposes. Also included as a discrete item in the effective tax rate for the nine months ended September 30, 2020 is the beneficial impact from the gain on the autonomous driving joint venture. The tax expense associated with the gain was insignificant as Aptiv’s aggregate autonomous driving assets were exempt from capital gains tax in the jurisdiction from which they were sold. The aggregate autonomous driving assets had been acquired, purchased or developed in taxable transactions in prior periods and reflect changes made to the corporate entity operating structure for intellectual property following the Separation of its former Powertrain Systems segment.
Aptiv PLC is an Irish resident taxpayer and not a domestic corporation for U.S. federal income tax purposes. As such, it is not subject to U.S. tax on remitted foreign earnings and, as a result of its capital structure, is also generally not subject to Irish tax on the repatriation of foreign earnings.
Cash paid or withheld for income taxes was $134 million and $97 million for the nine months ended September 30, 2021 and 2020, respectively.

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12. SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE
2020 Public Equity Offering
In June 2020, the Company completed the underwritten public offering of approximately 15.1 million ordinary shares at a price of $75.91 per share (the “Ordinary Share Offering”), resulting in net proceeds of approximately $1,115 million, after deducting expenses and the underwriters’ discount of $35 million. Simultaneously, the Company completed the underwritten public offering of 11.5 million 5.50% Mandatory Convertible Preferred Shares, Series A, $0.01 par value per share (the “MCPS”) with a liquidation preference of $100 per share (the “MCPS Offering”), resulting in net proceeds of approximately $1,115 million, after deducting expenses and the underwriters’ discount of $35 million.
Each share of MCPS will mandatorily convert on the mandatory conversion date of June 15, 2023, into between 1.0754 and 1.3173 shares of the Company’s ordinary shares, subject to customary anti-dilution adjustments, and further adjustment if there are any accumulated and unpaid MCPS dividends at the conversion date. The number of the Company’s ordinary shares issuable upon conversion will be determined based on the volume-weighted average price per share of the Company’s ordinary shares over the 20 consecutive trading day period beginning on, and including the 21st scheduled trading day immediately before June 15, 2023. Subject to certain exceptions, at any time prior to June 15, 2023, holders of the MCPS may elect to convert each share into 1.0754 ordinary shares, subject to further anti-dilution adjustments. In the event of a fundamental change, the MCPS will convert at the fundamental change rates specified in the statement of rights, and the holders of the MCPS would be entitled to a fundamental change make-whole dividend.
Holders of the MCPS will be entitled to receive, when and if declared by the Company’s Board of Directors, cumulative dividends at the annual rate of 5.50% of the liquidation preference of $100 per share (equivalent to $5.50 annually per share), payable in cash or, subject to certain limitations, by delivery of the Company’s ordinary shares or any combination of cash and the Company’s ordinary shares, at the Company’s election. If declared, dividends on the MCPS will be payable quarterly on March 15, June 15, September 15 and December 15 of each year (commencing on September 15, 2020 to, and including June 15, 2023), to the holders of record of the MCPS as they appear on the Company’s share register at the close of business on the immediately preceding March 1, June 1, September 1 or December 1, respectively.
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 the conversion of 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. For the three and nine months ended September 30, 2021, the impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 12.37 million and 12.37 million ordinary shares underlying the MCPS, respectively, were excluded from the diluted net income per share calculation. For the three months ended September 30, 2020, the impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 13.71 million ordinary shares underlying the MCPS were excluded from the diluted net income per share calculation. For the nine months ended September 30, 2020, the calculation of net income per share includes the dilutive impacts of the MCPS under the if-converted method. For all periods presented, the calculation of net income per share also contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 18. Share-Based Compensation for additional information.
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Weighted Average Shares
The following table illustrates net income per share attributable to ordinary shareholders and the weighted average shares outstanding used in calculating basic and diluted income per share:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
  (in millions, except per share data)
Numerator, basic:
Net income attributable to ordinary shareholders $ 86  $ 283  $ 512  $ 1,486 
Numerator, diluted:
Net income attributable to Aptiv $ 101  $ 299  $ 559  $ 1,505 
MCPS dividends (1) (15) (16) (47) — 
Numerator, diluted $ 86  $ 283  $ 512  $ 1,505 
Denominator:
Weighted average ordinary shares outstanding, basic 270.51  270.03  270.44  261.22 
Dilutive shares related to restricted stock units (“RSUs”) 0.69  0.35  0.70  0.28 
Weighted average MCPS Converted Shares (1) —  —  —  5.64 
Weighted average ordinary shares outstanding, including dilutive shares 271.20  270.38  271.14  267.14 
Net income per share attributable to ordinary shareholders:
Basic $ 0.32  $ 1.05  $ 1.89  $ 5.69 
Diluted $ 0.32  $ 1.05  $ 1.89  $ 5.63 
(1)For purposes of calculating net income per share under the if-converted method, the Company has included the impact of the MCPS dividends for the three and nine months ended September 30, 2021, as well as for the three months ended September 30, 2020 as the impact was more dilutive to net income per share than the impact of assuming the conversion of the MCPS into ordinary shares on a weighted average basis. The Company has excluded the impact of the MCPS dividends for the nine months ended September 30, 2020, as the assumed conversion of the MCPS into ordinary shares on a weighted average basis was more dilutive than the impact of the MCPS dividends.
Share Repurchase Programs
In April 2016, the Board of Directors authorized a share repurchase program of up to $1.5 billion of ordinary shares, which commenced in September 2016. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company.
There were no shares repurchased during the three and nine months ended September 30, 2021 and for the three months ended September 30, 2020. A summary of the ordinary shares repurchased during the nine months ended September 30, 2020 is as follows:
Total number of shares repurchased 1,059,075 
Average price paid per share $ 53.73 
Total (in millions) $ 57 
As of September 30, 2021, approximately $13 million of share repurchases remained available under the April 2016 share repurchase program, which is in addition to the share repurchase program of up to $2.0 billion that was previously announced in January 2019. This program, which will commence following the completion of the April 2016 share repurchase program, provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.
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Dividends
The Company has declared and paid cash dividends per ordinary and preferred share during the periods presented as follows:
Ordinary Shares Preferred Shares
Dividend Amount Dividend Amount
 Per Share (in millions) Per Share (in millions)
2021:
Third quarter $ —  $ —  $ 1.375  $ 15 
Second quarter —  —  1.375  16 
First quarter —  —  1.375  16 
Total $ —  $ —  $ 4.125  $ 47 
2020:
Fourth quarter $ —  $ —  $ 1.375  $ 16 
Third quarter —  —  1.421  16 
Second quarter —  —  —  — 
First quarter 0.22  56  —  — 
Total $ 0.22  $ 56  $ 2.796  $ 32 


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13. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) attributable to Aptiv (net of tax) for the three and nine months ended September 30, 2021 and 2020 are shown below:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in millions)
Foreign currency translation adjustments:
Balance at beginning of period
$ (494) $ (705) $ (445) $ (597)
Aggregate adjustment for the period (1)
(77) 90  (126) (18)
Balance at end of period
(571) (615) (571) (615)
Gains (losses) on derivatives:
Balance at beginning of period
38  (64) 40  13 
Other comprehensive income (loss) before reclassifications (nil net tax effect for all periods presented) (44) 33  (7) (62)
Reclassification to income (nil net tax effect for all periods presented) (18) (57) 22 
Balance at end of period (24) (27) (24) (27)
Pension and postretirement plans:
Balance at beginning of period (110) (125) (140) (135)
Other comprehensive income before reclassifications (net tax (benefit) expense of ($2), $2, ($3) and $1) (5) 21  (1)
Reclassification to income (net tax benefit of $1, $1, $3 and $3) 15  10 
Balance at end of period (104) (126) (104) (126)
Accumulated other comprehensive loss, end of period $ (699) $ (768) $ (699) $ (768)
(1)Includes gains of $30 million and $74 million for the three and nine months ended September 30, 2021, respectively, and losses of $54 million and $56 million for the three and nine months ended September 30, 2020, respectively, related to non-derivative net investment hedges. Refer to Note 14. Derivatives and Hedging Activities for further description of these hedges.
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Reclassifications from accumulated other comprehensive income (loss) to income for the three and nine months ended September 30, 2021 and 2020 were as follows:
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Details About Accumulated Other Comprehensive Income Components Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Statements of Operations
2021 2020 2021 2020
(in millions)
Gains (losses) on derivatives:
Commodity derivatives $ 15  $ —  $ 54  $ (11) Cost of sales
Foreign currency derivatives (4) (11) Cost of sales
18  (4) 57  (22) Income before income taxes
—  —  —  —  Income tax (expense) benefit
18  (4) 57  (22) Net income
—  —  —  —  Net income attributable to noncontrolling interest
$ 18  $ (4) $ 57  $ (22) Net income attributable to Aptiv
Pension and postretirement plans:
Actuarial losses $ (4) $ (5) $ (13) $ (13) Other income (expense), net (1)
Curtailment loss —  —  (5) —  Other income (expense), net (1)
(4) (5) (18) (13) Income before income taxes
Income tax (expense) benefit
(3) (4) (15) (10) Net income
—  —  —  —  Net income attributable to noncontrolling interest
$ (3) $ (4) $ (15) $ (10) Net income attributable to Aptiv
Total reclassifications for the period $ 15  $ (8) $ 42  $ (32)
(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9. Pension Benefits for additional details).

14. DERIVATIVES AND HEDGING ACTIVITIES
Cash Flow Hedges
Aptiv is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Aptiv aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures that are not offset within its operations, Aptiv enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Aptiv assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy.
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As of September 30, 2021, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
Commodity Quantity Hedged Unit of Measure Notional Amount
(Approximate USD Equivalent)
  (in thousands) (in millions)
Copper 77,212  pounds $ 325 
Foreign Currency Quantity Hedged Unit of Measure Notional Amount
(Approximate USD Equivalent)
  (in millions)
Mexican Peso 13,146  MXN $ 645 
Chinese Yuan Renminbi 2,527  RMB 390 
Euro 147  EUR 170 
Polish Zloty 525  PLN 130 
Hungarian Forint 12,842  HUF 40 
As of September 30, 2021, Aptiv has entered into derivative instruments to hedge cash flows extending out to September 2023.
Gains and losses on derivatives qualifying as cash flow hedges are recorded in accumulated OCI, to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated OCI will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. Net gains on cash flow hedges included in accumulated OCI as of September 30, 2021 were $9 million (approximately $9 million, net of tax). Of this total, approximately $18 million of gains are expected to be included in cost of sales within the next 12 months and approximately $9 million of losses are expected to be included in cost of sales in subsequent periods. Cash flow hedges are discontinued when Aptiv determines it is no longer probable that the originally forecasted transactions will occur. Cash flows from derivatives used to manage commodity and foreign exchange risks designated as cash flow hedges are classified as operating activities within the consolidated statements of cash flows.
Net Investment Hedges
The Company is also exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investment in non-U.S. subsidiaries. To manage this risk, the Company designates certain qualifying derivative and non-derivative instruments, including foreign currency forward contracts and foreign currency-denominated debt, as net investment hedges of certain non-U.S. subsidiaries. The gains or losses on instruments designated as net investment hedges are recognized within OCI to offset changes in the value of the net investment in these foreign currency-denominated operations. Gains and losses reported in accumulated OCI are reclassified to earnings only when the related currency translation adjustments are required to be reclassified, usually upon sale or liquidation of the investment. Cash flows from derivatives designated as net investment hedges are classified as investing activities within the consolidated statements of cash flows.
The Company has entered into a series of forward contracts, each of which were designated as net investment hedges of the foreign currency exposure of the Company’s investments in certain Chinese Yuan Renminbi (“RMB”)-denominated subsidiaries. During the nine months ended September 30, 2021 and 2020, the Company paid $11 million and received $1 million, respectively, at settlement related to this series of forward contracts which matured during the period. In September 2021, the Company entered into forward contracts with a total notional amount of 2.0 billion RMB (approximately $310 million, using September 30, 2021 foreign currency rates), which mature in December 2021. Refer to the tables below for details of the fair value recorded in the consolidated balance sheets and the effects recorded in the consolidated statements of operations and consolidated statements of comprehensive income related to these derivative instruments.
The Company has designated the €700 million 2015 Euro-denominated Senior Notes and the €500 million 2016 Euro-denominated Senior Notes, as more fully described in Note 8. Debt, as net investment hedges of the foreign currency exposure of its investments in certain Euro-denominated subsidiaries. Due to changes in the value of the Euro-denominated debt instruments designated as net investment hedges, during the three and nine months ended September 30, 2021, $30 million and $74 million of gains, respectively, were recognized within the cumulative translation adjustment component of OCI. During the three and nine months ended September 30, 2020, $54 million and $56 million of losses, respectively, were recognized within the cumulative translation adjustment component of OCI.
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Included in accumulated OCI related to these net investment hedges were cumulative losses of $79 million and $153 million as of September 30, 2021 and December 31, 2020, respectively.
Derivatives Not Designated as Hedges
In certain occasions the Company enters into certain foreign currency and commodity contracts that are not designated as hedges. When hedge accounting is not applied to derivative contracts, gains and losses are recorded to other income (expense), net and cost of sales in the consolidated statements of operations.
Fair Value of Derivative Instruments in the Balance Sheet
The fair value of derivative financial instruments recorded in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 are as follows:
  Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
  Balance Sheet Location September 30,
2021
Balance Sheet Location September 30,
2021
September 30,
2021
  (in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives Other current assets $ 21  Accrued liabilities $ — 
Foreign currency derivatives* Other current assets 11  Other current assets $
Foreign currency derivatives* Accrued liabilities Accrued liabilities 13  (10)
Commodity derivatives Other long-term assets —  Other long-term liabilities
Foreign currency derivatives* Other long-term liabilities —  Other long-term liabilities (7)
Derivatives designated as net investment hedges:
Foreign currency derivatives Other current assets —  Accrued liabilities
Total derivatives designated as hedges $ 35  $ 29 
Derivatives not designated:
Commodity derivatives Other current assets $ Accrued liabilities $ — 
Foreign currency derivatives* Accrued liabilities —  Accrued liabilities (2)
Total derivatives not designated as hedges $ $
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  Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
  Balance Sheet Location December 31,
2020
Balance Sheet Location December 31,
2020
December 31,
2020
  (in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives Other current assets $ 26  Accrued liabilities $ — 
Foreign currency derivatives* Other current assets 24  Other current assets