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APTVAptiv

Consumer discretionary · Auto Parts · NYSE
Employees
140,000
Headquarters
Schaffhausen, V8
CEO
Kevin P. Clark
Next results
around Feb 1, 2027
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10-K 0001521332-26-000009 (2026-02-06) vs 10-K 0001521332-25-000010 (2025-02-07)

SectionCompared textWords nowChanged
Risk FactorsItem 1A13,826 21.3%
MD&AItem 721,000 27.0%
Legal ProceedingsItem 3, via Note 13 – COMMITMENTS AND CONTINGENCIES220 0.0%
Accounting PoliciesItem 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES7,607 21.9%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 293 words changed in this paragraph; it is 38% similar to last year's version.
If any of our products are or are alleged to be defective, we may be required to participate in a recall involving such products. Each vehicle manufacturer has its own practices regarding product recalls and other product liability actions relating to its suppliers. However, as suppliers become more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, OEMs continue to look to their suppliers for contribution when faced with recalls and product liability claims. A recall claim brought against us, The number of vehicles recalled globally by OEMs has increased above historical levels. These recalls can either be initiated by the OEMs or a product liability claim brought against us in excess of our available insurance, influenced or required by regulatory agencies. Although there are differing rules and regulations across countries governing recalls for safety issues, the overall transition towards global vehicle platforms may have a material adverse effect on our business. OEMs also require their suppliers contribute to guarantee or warrant their products and bear the costs of repair and replacement of such products under new vehicle warranties. Depending on the terms under which we supply products to a vehicle manufacturer, a vehicle manufacturer may attempt to hold us responsible for some or all increased recalls outside of the repair or replacement costs United States, as automotive components are increasingly standardized across regions. Given the sensitivity to safety issues in the automotive industry, including increased focus from regulators and consumers, we anticipate the number of products automotive recalls may remain above historical levels in the near future. In addition, the National Highway Traffic Safety Administration and other non-U.S. regulators have the authority, under new vehicle warranties when the OEM asserts that the product supplied did not perform as warranted. Although we cannot ensure that the future costs of warranty claims by our customers will not be material, we believe our established reserves are adequate certain circumstances, to cover potential warranty settlements. Our warranty reserves are based on our best estimates of amounts necessary require recalls to settle future and existing claims. We regularly evaluate the level of these reserves and adjust them when appropriate. However, the final amounts determined to be due related to these matters could differ materially from our recorded estimates. remedy safety concerns.

Source: Item 1A, 10-K 0001521332-26-000009 vs Item 1A, 10-K 0001521332-25-000010

MD&A 232 words changed in this paragraph; it is 51% similar to last year's version.
The Credit Agreement was entered into in March 2011 and has been subsequently amended and restated on several occasions, most recently on June 24, 2021, and was further amended on April 19, 2023. March 31, 2025 (the “March 2025 amendment”). The June 2021 March 2025 amendment, among other things, (1) refinanced and replaced the term loan A and revolver with a new term loan A with an original maturity in 2026, and a new five-year revolving credit facility with aggregate commitments of $2 billion, and (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, and (3) established the leverage ratio 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) and allowed for dividends and other payments on equity. Effective removed provisions from the date of the April 2023 amendment, all interest June 2021 amendment for sustainability-linked rate benchmarks within the adjustments. The Revolving Credit Agreement that were previously based Facility matures on the London Interbank Offered Rate were transitioned to a rate based on the Secured Overnight Financing Rate (“SOFR”). March 31, 2030. The Credit Agreement also contains an uncommitted accordion feature that permits Aptiv to increase, from time to time, on customary terms and conditions, 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. Borrowings under the Credit Agreement are prepayable revolving in nature and may be made and prepaid from time to time at Aptiv’s option without premium or penalty. penalty, in accordance with the terms and conditions of the Credit Agreement. The March 2025 amendment also required that Aptiv pay amendment fees of $5 million during the year ended December 31, 2025, which are reflected as a financing activity in the consolidated statements of cash flows.

Source: Item 7, 10-K 0001521332-26-000009 vs Item 7, 10-K 0001521332-25-000010

Accounting Policies 174 words changed in this paragraph; it is 40% similar to last year's version.
Recently issued accounting pronouncements not yet adopted—In November 2024, December 2025, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. 2025-12, Codification Improvements. The amendments in this update require public entities address changes to disclose, on an annual the Codification that clarify, correct errors and interim basis, disaggregated information about certain income statement expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization make minor improvements, making the Codification easier to understand and depletion, that are included in each relevant income statement expense line item. The amendments also require qualitative descriptions of the amounts remaining in relevant expense line items not separately disaggregated quantitatively. Certain amounts already disclosed under existing U.S. GAAP are required to be included in the same disclosure as the other disaggregated income statement expense line items. In addition, the amendments require disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of those expenses. apply. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026 2026, and interim periods within fiscal years beginning after December 15, 2027. those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is not expected to result in incremental disclosures in the Company’s have a significant impact on Aptiv’s consolidated financial statements.

Source: Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001521332-26-000009 vs Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001521332-25-000010

Every change, by type

Sentences and paragraphs of APTV's Risk Factors and MD&A, 10-K 2026-02-06 against 10-K 2025-02-07. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
Any significant negative cash flow or instability in the global credit markets and global economic pressure could limit our ability to obtain external financing on favorable terms. There can be no assurance that we would be able to secure such financing on terms acceptable to us, or at all.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
In connection with the award of new business, we obligate ourselves to deliver new products and services that are subject to our customers’ timing, performance and quality standards. The launch of production is a complex process, the success of which depends on a wide range of factors, including: the timing and frequency of design changes by our customers relative to the start of production; product maturity and complexity; production readiness of our own, as well as our customers’ and suppliers’ manufacturing facilities; robustness of manufacturing and validation processes; launch volumes; quality and production readiness of tooling and equipment; sufficiency of skilled employees; and initial product quality. Given the complexity of new program launches, we may experience difficulties managing product quality, timeliness and associated costs. Failure by us to successfully launch a new product could result in commercial or litigation claims against us which could have a material adverse effect on our profitability. Additionally, a significant product or program launch failure could adversely affect our reputation, future business prospects with one or more customers, and/or ability to execute our strategy. In addition, new program launches require a significant ramp up of costs; however, our sales related to these new programs generally are dependent upon the timing and success of our customers’ introduction of new vehicles. Customer decisions on program launch

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
timing may be impacted by industry conditions, government regulations and consumer preferences, and therefore, the timing of such launches may also be subject to change.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
If any of our products are or are alleged to be defective, we may be required to participate in a recall involving such products. Each vehicle manufacturer has its own practices regarding product recalls and other product liability actions relating to its suppliers. However, as suppliers become more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, OEMs continue to look to their suppliers for contribution when faced with recalls and product liability claims. The number of vehicles recalled globally by OEMs has increased above historical levels. These recalls can either be initiated by the OEMs or influenced or required by regulatory agencies. Although there are differing rules and regulations across countries governing recalls for safety issues, the overall transition towards global vehicle platforms may also contribute to increased recalls outside of the United States, as automotive components are increasingly standardized across regions. Given the sensitivity to safety issues in the automotive industry, including increased focus from regulators and consumers, we anticipate the number of automotive recalls may remain above historical levels in the near future. In addition, the National Highway Traffic Safety Administration and other non-U.S. regulators have the authority, under certain circumstances, to require recalls to remedy safety concerns.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
Our tax position could be adversely impacted by changes in the tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by any tax authority. For example, legislative action may be taken by the U.S. Congress which, if ultimately enacted, could override tax treaties upon which we rely or could broaden the circumstances under which we would be considered a U.S. resident, which could materially and adversely affect our effective tax rate and cash tax position. We cannot predict the outcome of any specific legislative proposals. If proposals were enacted that had the effect of limiting our ability to take advantage of the tax treaties between Switzerland and other jurisdictions (including the United States), we could be subjected to increased taxation. In addition, any future amendments to the current income tax treaties between Switzerland and other jurisdictions (including the United States) could subject us to increased taxation.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
We are subject to periodic tax audits by tax authorities. Tax authorities may not agree with our interpretation of applicable tax laws and regulations. As a result, such tax authorities may assess additional tax, interest and penalties. We regularly assess the likely outcomes of these audits and other tax disputes to determine the appropriateness of our tax provision and establish reserves for material, known tax exposures. However, the calculation of such tax exposures involves the application of complex tax laws and regulations in many jurisdictions. Therefore, there can be no assurance that we will accurately predict the outcomes of any tax audit or other tax dispute or that issues raised by tax authorities will be resolved at a financial cost that does not exceed our related reserves. As such, the actual outcomes of these disputes and other tax audits could have a material impact on our financial results.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
We have deferred tax assets in certain countries, and our ability to use such assets will depend on our taxable income generation in the relevant countries. Further, subsequent changes to applicable tax laws in these jurisdictions could impact our ability to fully benefit from such deferred tax assets. Changes in our ability to use deferred tax assets could have a material impact on our financial results.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
Moreover, completion of the Separation will result in independent public companies that are smaller, less diversified companies with more limited businesses concentrated in their respective industries than Aptiv was prior to the Separation. As a result, each company could be more vulnerable to global economic trends, geopolitical risks, demand or supply shocks, and changing industry or market conditions, which could have a material adverse effect on its business, financial condition, cash flows and results of operations. Each of the separate companies will also incur ongoing costs, including costs of operating as independent public companies, that the separated businesses will no longer be able to share.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
If our distribution of the shares of Versigent to our shareholders fails to qualify as tax-free for U.S. federal income tax purposes, certain of our subsidiaries and our U.S. shareholders could be subject to significant tax liabilities.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
It is a condition to the distribution of the shares of Versigent to our shareholders as part of the Separation that we receive one or more tax opinions from our tax advisors, satisfactory to our Board of Directors in its sole discretion, regarding the qualification of the Separation as a distribution under Section 355(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”). We do not intend to seek a ruling from the Internal Revenue Service (the “IRS”) with respect to the U.S. federal income tax treatment of the Separation. The opinions of our tax advisors will assume that the Separation will be completed according to the terms of a separation and distribution agreement that we intend to enter into with Versigent prior to the Separation (the “Separation and Distribution Agreement”) and relies on the facts as stated in the Separation and Distribution Agreement, the Tax Matters Agreement (as defined below) and a number of other documents.

Read it in 10-K 2026-02-06 at sec.gov ↗

RemovedRisk Factors
In 2022, certain of our operations in China were impacted by lockdowns imposed by governmental authorities to mitigate the spread of COVID-19, resulting in total indirect and direct adverse impacts to revenue of approximately $270 million during the year ended December 31, 2022. The extent to which the COVID-19 pandemic or similar significant health crises will impact our business in the future is uncertain. In addition, to the extent such significant health crises may adversely affect our business, financial condition, results of operations and cash flows, they may also have the effect of heightening many of the other risk factors in this section.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
within our business. Our sales of products in the regions in which our customers operate also depend on the success of these customers in those regions.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
Our future growth is dependent on our making the right investments at the right time to support product development and manufacturing capacity in geographic areas where we can support our customer base and in product areas of evolving vehicle

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
collaborative arrangement, we may be required to devote additional resources to product development and commercialization or may need to cancel certain development programs, which could adversely affect our business and operational results.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
We have currency exposures related to buying, selling and financing in currencies other than the local currencies of the countries in which we operate. Approximately 65% of our net revenue for the year ended December 31, 2024 came from sales

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
identify, quantify and assess proposed or threatened duties, taxes or other business restrictions which could adversely affect our business and financial results.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
interpretation of the law and assess us with additional taxes. Should additional taxes be assessed, this may result in a material adverse effect on our results of operations and financial condition.

Read it in 10-K 2025-02-07 at sec.gov ↗

RewordedRisk Factors
Global automotive vehicle production decreased 1% (3% increased 4% from 2024 to 2025 (1% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue) from 2023 to 2024, revenue), reflecting increased vehicle production declines of 5% in Europe and 2% in North America, partially offset by increased production of 4% 10% in China and 3% 1% in South America, our smallest region. region, partially offset by declines of 2% in North America and 1% in Europe.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
We also have incurred, and expect to incur continue to incur, significant expenses in connection with the spin-off, certain Separation, a significant portion of which has already been incurred or will be incurred even if the spin-off Separation is not completed. completed, including costs of approximately $178 million during the year ended December 31, 2025.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
Executing the spin-off will require significant resources, time and attention from our senior management and employees, which could divert attention and resources away from other projects and the day-to-day operation of our business We may experience negative reactions from financial markets if we do not complete the spin-off Separation in a reasonable time period.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
A prolonged economic recession and/or a downturn or economic uncertainty in global automotive sales could adversely affect our business and cause us to require additional sources of financing, financing to continue our operations, which may not be available to us or be available only on materially different terms than what has historically been available.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
The While the impacts to the Company resulting from these incremental tariffs were not significant during 2025, the future impact of these any announced tariffs is subject to a number of factors, including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs in the future, any retaliatory responses to such actions that the target countries may take and any mitigating actions that may become available. available, and may be material to the Company.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
However, failing to properly respond to and invest in information technology and cybersecurity advancements may limit our ability to attract and retain customers, prevent us from offering similar products and services as those offered by our competitors or inhibit our ability to meet regulatory, industry or other compliance requirements.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
We do not have a material physical presence in either Ukraine Russia or Russia, Ukraine, with less than 1% of our workforce located in the countries as of December 31, 2024 and less than 1% of our net sales for the year ended December 31, 2024 generated from manufacturing facilities in those countries. 2025.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
The discontinuation or loss of business with respect to, business, or the lack of commercial success of, with respect to a vehicle model particular product for which we are a significant supplier could adversely affect reduce our financial performance. sales and harm our profitability.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
If our third-party manufacturers fail to deliver products, parts and components of sufficient quality on time and at reasonable prices, we could have difficulties fulfilling our orders, sales and profits could decline, and our commercial reputation could be damaged.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
For instance, effective January 1, 2024 and January 1, 2025, the government of Mexico implemented country-wide statutory minimum wage increases of 20% approximately 13% (5% in Northern Border Zone), 12% and 12%, 20%, effective January 1, 2026, 2025 and 2024, respectively.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
A prolonged downturn in the global or regional automotive industry, or a significant change in product mix due to consumer demand, Any such adverse impacts could require us to shut down plants or result in impairment charges, restructuring actions or changes in our valuation allowances against deferred tax assets, which could be material to our financial condition and results of operations.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
Additionally, the The government of Mexico has indicated it may implement other labor reforms, such as a bill an initiative to shorten the work week from 48 to 40 hours. hours, as early as January 1, 2027, through a gradual reduction of two hours per year.

Read it in 10-K 2026-02-06 at sec.gov ↗

Quiet changesRisk Factors
We will continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital.

Read it in 10-K 2026-02-06 at sec.gov ↗

Quiet changesRisk Factors
Furthermore, some Some of our suppliers may not be able to handle commodity cost volatility and/or sharply changing volumes while still performing as we expect.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized future. We deliver flexible and scalable solutions that support our customers’ transition to an increasingly software-defined future. Our technologies reach from sensor to cloud, including the hardware and software necessary to support automotive and other industries on a global basis. Our Advanced Safety and User Experience segment provides advanced software and services, intelligent sensors and high-performance compute platforms; our Engineered Components Group segment provides connection systems, high-performance interconnects, and cable management and protection solutions; and our Electrical Distribution Systems segment provides low voltage and high voltage power, signal and data distribution.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
During the year ended December 31, 2025, the Company incurred costs of approximately $178 million related to the Separation. These costs, which are included in selling, general and administrative expense within the consolidated statements of operations, are primarily related to third-party professional fees associated with planning the Separation. The Company expects to continue to incur additional expenses related to the Separation through the completion of the transaction.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
In connection with the Separation, in the first quarter of 2025, Aptiv realigned its business into three reportable operating segments: Advanced Safety and User Experience, Engineered Components Group and Electrical Distribution Systems. Prior period amounts have been adjusted retrospectively to reflect the change in reportable operating segments, consistent with the current year presentation, throughout the audited consolidated financial statements contained herein.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
Commencing with the first Quarterly Report on Form 10-Q of 2026, Aptiv will rename its Advanced Safety and User Experience segment to Intelligent Systems, and will rename its Engineered Components Group segment to Engineered Components. There is no impact to the composition of either segment.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
•Delivering record revenue, with strong revenue growth over the prior year despite the dynamic vehicle production environment, helped by strong growth in other industrial end markets;

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
◦Opportunistically deploying capital to repurchase $300 million aggregate principal amount of certain senior notes and repaying the outstanding principal balance of $250 million on the Term Loan A;

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
•Commencing partnerships with leading technology companies to commercialize our intelligent edge portfolio, including ServiceNow, Capgemini, Robust.AI, Vecna Robotics, Nota AI, SiMa.ai, DEEPX and others;

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
•Fully preparing our Electrical Distribution Systems business for separation into an independent, publicly traded company, including post-separation strategies and growth opportunities for both Aptiv and Versigent, and remaining on-track to complete the Separation by April 1, 2026.

Read it in 10-K 2026-02-06 at sec.gov ↗

RemovedMD&A
We are a global technology company focused on making the world safer, greener and more connected. We deliver end-to-end mobility solutions, enabling our customers’ transition to a more electrified, software-defined future. We design and manufacture vehicle components and provide electrical, electronic and active safety technology to the global automotive and commercial vehicle markets, creating the software and hardware foundation for vehicle features and functionality. Our Advanced Safety and User Experience segment is focused on providing the necessary software and advanced computing platforms, and our Signal and Power Solutions segment is focused on providing the requisite networking architecture required to support the integrated systems in today’s complex vehicles. Together, our businesses develop the ‘brain’ and the ‘nervous system’ of increasingly complex vehicles, providing integration of the vehicle into its operating environment.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
•Refinancing over $1.4 billion in near-term debt maturities and successfully maintaining a well-laddered debt maturity profile, providing financial flexibility and reducing short-term refinancing risks

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
•Restructuring our Motional AD LLC (“Motional”) joint venture ownership, reducing our common equity interest in Motional from 50% to 15%, eliminating future cash funding requirements while maintaining access to insights and market intelligence

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
◦Increasing our customer choice and regional flexibility through investments in computer vision providers StradVision, Inc. (“StradVision”) and MAXIEYE Automotive Technology (Ningbo) Co., Ltd. (“Maxieye”).

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
Commercializing the high-tech evolution of the automotive industry. The automotive industry is increasingly evolving towards the implementation of software-dependent components and solutions. In particular, the industry is focused on the development of advanced driver assistance technologies, with the goal of developing and introducing a commercially-viable, fully automated driving experience. We expect automated driving technologies will provide strong societal benefit as well as the opportunity for long-term growth for our product offerings in this space. We are focused on enabling and delivering end-to-

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
end smart mobility solutions, enabling our customers’ transition to more electrified, software-defined vehicles, accelerating the commercialization of active safety and autonomous driving technologies and providing enhanced user experience and connected services.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
Global capabilities. Many OEMs are continuing to adopt global vehicle platforms to increase standardization, reduce per unit cost and increase capital efficiency and profitability. As a result, OEMs are selecting suppliers that have the capability to manufacture products on a worldwide basis, as well as the flexibility to adapt to regional variations. Suppliers with global scale and strong design, engineering and manufacturing capabilities, are best positioned to benefit from this trend. Our global footprint enables us to serve the global OEMs on a worldwide basis as we gain market share with key growth market OEMs. This regional model is structured primarily to service the North American market from Mexico, the South American market from Brazil, the European market from Eastern Europe and North Africa, and the Asia Pacific market from China, and we have continued to rotate our manufacturing footprint to best cost locations within these regions.

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedMD&A
The effective tax rate for the year ended December 31, 2023 was primarily impacted by the Company’s transfers of intellectual property, as described below.

Read it in 10-K 2025-02-07 at sec.gov ↗

RewordedMD&A
Payments due by Period Total 2025 2026 2027 & 2027 2028 2029 & 2029 2030 Thereafter (in millions) Debt and finance lease obligations (excluding interest) $ 8,465 7,653 $ 509 81 $ 254 590 $ 1,371 668 $ 6,331 6,314 Estimated interest costs related to debt and finance lease obligations 6,173 338 643 612 4,580 5,822 316 628 566 4,312 Operating lease obligations 605 144 227 118 116 602 160 231 108 103 Contractual commitments for capital expenditures 194 192 2 183 182 1 — — Other contractual purchase commitments, including information technology 329 178 120 31 — 662 242 249 108 63 Total $ 15,766 14,922 $ 1,361 981 $ 1,246 1,699 $ 2,132 1,450 $ 11,027 10,792

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The Company recorded employee-related and other restructuring charges totaling approximately $211 $185 million during the year ended December 31, 2023, 2025, which included the recognition of which $68 approximately $37 million was recognized within the Electrical Distribution Systems segment for programs to downsize and close European manufacturing sites, approximately $25 million related to workforce optimization within the Advanced Safety and User Experience segment and approximately $15 million for a program initiated in the fourth quarter of 2023 2024 focused on global salaried workforce optimization, primarily in the North American and European regions. region.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
We expect to continue to incur additional restructuring expense in 2025 2026 and beyond, primarily related to programs focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning manufacturing capacity with the levels of automotive production, which includes approximately $55 $75 million (of which approximately $40 million relates to the Signal and Power Solutions segment and Electrical Distribution Systems segment, approximately $15 $25 million relates to the Advanced Safety and User Experience segment and approximately $10 million relates to the Engineered Components Group segment) for approved programs approved as of December 31, 2024, inclusive of $35 million related to the global salaried headcount reduction program described above, and are expected to be incurred within the next twelve months.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
Global automotive vehicle production decreased 1% (3% increased 4% from 2024 to 2025 (1% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue, “AWM”) from 2023 to 2024, revenue), reflecting increased vehicle production declines of 5% in Europe and 2% in North America, partially offset by increased production of 4% 10% in China and 3% 1% in South America, our smallest region. region, partially offset by declines of 2% in North America and 1% in Europe.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 2022 (in millions) Signal and Power Solutions $ 580 $ 639 $ 573 Advanced Safety and User Experience $ 157 $ 201 $ 207 196 Engineered Components Group 314 368 423 Electrical Distribution Systems 160 212 216 Other (1) 25 49 60 75 Total capital expenditures $ 656 $ 830 $ 906 $ 844 North America $ 209 $ 299 $ 355 $ 312 Europe, Middle East & Africa 235 295 288 271 Asia Pacific 200 226 252 249 South America 12 10 11 12 Total capital expenditures $ 656 $ 830 $ 906 $ 844

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
We In particular, we believe automotive industry growth will increasingly be driven by the Company is well-positioned for growth from the industry’s accelerating transition to software-defined vehicles, the continued commercialization of active safety, the safety and adoption of autonomous driving technologies, and enhanced user in-cabin experiences and connected services, and providing the all of which require advanced software, advanced computing platforms and networking architecture required optimized hardware and architectures to do so. support them.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
On August 19, 2024, Aptiv PLC and its wholly-owned subsidiaries AGF DAC and Aptiv Corporation entered into a new senior unsecured term loan A credit agreement (the “Term Loan A Credit Agreement”) with, among others, JPMorgan Chase Bank, N.A., as Administrative Agent, under which it maintains maintained a senior unsecured credit facility consisting of a term loan (the “Term Loan A”) in aggregate principal amount of $600 million.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
As a result, Aptiv During the first quarter of 2025, the Company fully repaid the remaining outstanding principal balance of $250 million on the Term Loan A utilizing cash on hand, and recognized a loss on debt extinguishment of approximately $3 $2 million during the year ended December 31, 2024 2025 within other income (expense), income, net in the consolidated statements of operations.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The Under the ASR Agreements, the Company received total number deliveries of approximately 48.5 million ordinary shares to be repurchased under each ASR Agreement will be at an average price of $61.84 per share, based on the average daily volume-weighted average price of our ordinary shares on specified dates during the term terms of such the ASR Agreement, Agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
Our volumes decreased 2% increased 3% for the period, which primarily reflects decreased volume growth in North America and Asia Pacific, partially offset by volume declines in Europe, compared to increased global automotive production of 1% (3% 4% (1% on an AWM basis), primarily in Europe and North America. basis).

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
We In addition, we continue to build upon our extensive geographic reach reach, enabled by our leadership in the automotive market, to capitalize on fast-growing automotive markets. opportunities in key growth markets, including aerospace and defense, telecom and datacom, and diversified industries.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The Company recorded employee-related and other restructuring charges recorded totaling approximately $193 million during the year ended December 31, 2024 also 2024, which reflected programs to align manufacturing capacity with the current levels of automotive production in each region, and included the recognition of approximately $25 million and $57 million for programs initiated in the fourth quarter of 2024 and 2023, respectively, focused on global salaried workforce optimization, primarily in the North American and European regions.

Read it in 10-K 2026-02-06 at sec.gov ↗

Quiet changesMD&A
We will continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital.

Read it in 10-K 2026-02-06 at sec.gov ↗

Quiet changesMD&A
The total gain recorded as a result of the Motional funding and ownership restructuring transactions completed in May 2024, all as described above, was approximately $641 million ($2.50 (approximately $2.50 per diluted share) for the year ended December 31, 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

Quiet changesMD&A
Accordingly, a pro-rata portion of the unamortized fees from the Bridge Credit Agreement in the amount of $4 million was transferred to the Term Loan A and, together with the $2 million of direct issuance costs referenced above, will be were amortized to interest expense over the term of the Term Loan A.

Read it in 10-K 2026-02-06 at sec.gov ↗

Work on APTV in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/APTV/export.csv") into a cell.