Aptiv PLCAPTV
Aptiv PLC Segments Disclosure
SEGMENT REPORTING
In connection with the Separation, as further described in Note 26. Separation of Electrical Distribution Systems, 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 consolidated financial statements and the accompanying notes to the consolidated financial statements.
Aptiv operates its core business along the following operating segments, which are grouped on the basis of similar product, market and operating factors:
•Advanced Safety and User Experience, which includes platforms and modular offerings, such as intelligent sensors, high-performance compute, and advance software tools and services.
•Engineered Components Group, which includes connection systems, high-performance interconnects, and cable management and protection solutions that optimize the distribution of power, signal and data for next-generation applications across multiple end markets.
•Electrical Distribution Systems, which includes a full range of low voltage and high voltage power, signal and data distribution solutions needed to deliver fully integrated, cost-optimized architectures. As described in Note 26. Separation of Electrical Distribution Systems, the Company is pursuing a separation of the Electrical Distribution Systems business into a new, independent publicly traded company, through a transaction expected to be treated as a tax-free spin-off to its shareholders.
•Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature.
The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Aptiv’s chief operating decision maker (“CODM”), who is the Company’s chair and chief executive officer, regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to, the segments.
Generally, Aptiv evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, Separation costs related to the planned spin-off of the Electrical Distribution Systems business, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), goodwill and other asset impairments, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”).
Aptiv’s management, including the CODM, utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of Aptiv’s operating segments. The CODM regularly evaluates budget-to-actual and period-over-period variances for this metric when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted Operating Income in evaluating the operating performance of each segment and as part of determining the compensation of the segment managers and certain other employees.
Segment Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Aptiv, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income, as determined and measured by Aptiv, should also not be compared to similarly titled measures reported by other companies.
Included below are sales, significant expenses and operating data for Aptiv’s segments for the years ended December 31, 2025, 2024 and 2023, as well as balance sheet data as of December 31, 2025 and 2024.
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Eliminations and Other (1) | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| For the Year Ended December 31, 2025: | |||||||||||||||||||||||||||||
| Sales from external customers | $ | 5,771 | $ | 5,813 | $ | 8,814 | $ | — | $ | 20,398 | |||||||||||||||||||
| Intersegment revenues | 21 | 849 | 4 | (874) | — | ||||||||||||||||||||||||
| Net sales | $ | 5,792 | $ | 6,662 | $ | 8,818 | $ | (874) | $ | 20,398 | |||||||||||||||||||
| Cost of sales | (4,709) | (4,927) | (7,738) | 874 | (16,500) | ||||||||||||||||||||||||
| Selling, general and administrative | (453) | (621) | (599) | — | (1,673) | ||||||||||||||||||||||||
| Other segment items (2) | 28 | 15 | 193 | — | 236 | ||||||||||||||||||||||||
| Segment adjusted operating income | $ | 658 | $ | 1,129 | $ | 674 | $ | — | $ | 2,461 | |||||||||||||||||||
| Depreciation and amortization | $ | 300 | $ | 447 | $ | 244 | $ | — | $ | 991 | |||||||||||||||||||
| Goodwill impairment | $ | 648 | $ | — | $ | — | $ | — | $ | 648 | |||||||||||||||||||
| Net gain on equity method transactions | $ | 46 | $ | — | $ | — | $ | — | $ | 46 | |||||||||||||||||||
| Equity (loss) income, net of tax | $ | (51) | $ | — | $ | 13 | $ | — | $ | (38) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | $ | — | $ | — | $ | 19 | $ | — | $ | 19 | |||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | $ | — | $ | (3) | $ | — | $ | — | $ | (3) | |||||||||||||||||||
| Capital expenditures | $ | 157 | $ | 314 | $ | 160 | $ | 25 | $ | 656 | |||||||||||||||||||
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Eliminations and Other (1) | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| For the Year Ended December 31, 2024: | |||||||||||||||||||||||||||||
| Sales from external customers | $ | 5,785 | $ | 5,621 | $ | 8,307 | $ | — | $ | 19,713 | |||||||||||||||||||
| Intersegment revenues | 6 | 763 | 2 | (771) | — | ||||||||||||||||||||||||
| Net sales | $ | 5,791 | $ | 6,384 | $ | 8,309 | $ | (771) | $ | 19,713 | |||||||||||||||||||
| Cost of sales | (4,691) | (4,747) | (7,335) | 771 | (16,002) | ||||||||||||||||||||||||
| Selling, general and administrative | (445) | (595) | (425) | — | (1,465) | ||||||||||||||||||||||||
| Other segment items (2) | 59 | 31 | 30 | — | 120 | ||||||||||||||||||||||||
| Segment adjusted operating income | $ | 714 | $ | 1,073 | $ | 579 | $ | — | $ | 2,366 | |||||||||||||||||||
| Depreciation and amortization | $ | 300 | $ | 429 | $ | 235 | $ | — | $ | 964 | |||||||||||||||||||
| Net gain on equity method transactions | $ | 605 | $ | — | $ | — | $ | — | $ | 605 | |||||||||||||||||||
| Equity (loss) income, net of tax | $ | (140) | $ | — | $ | 22 | $ | — | $ | (118) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | $ | — | $ | — | $ | 24 | $ | — | $ | 24 | |||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | $ | — | $ | (1) | $ | — | $ | — | $ | (1) | |||||||||||||||||||
| Capital expenditures | $ | 201 | $ | 368 | $ | 212 | $ | 49 | $ | 830 | |||||||||||||||||||
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Eliminations and Other (1) | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| For the Year Ended December 31, 2023: | |||||||||||||||||||||||||||||
| Sales from external customers | $ | 5,695 | $ | 5,527 | $ | 8,829 | $ | — | $ | 20,051 | |||||||||||||||||||
| Intersegment revenues | — | 888 | 3 | (891) | — | ||||||||||||||||||||||||
| Net sales | $ | 5,695 | $ | 6,415 | $ | 8,832 | $ | (891) | $ | 20,051 | |||||||||||||||||||
| Cost of sales | (4,843) | (4,859) | (7,801) | 891 | (16,612) | ||||||||||||||||||||||||
| Selling, general and administrative | (450) | (579) | (407) | — | (1,436) | ||||||||||||||||||||||||
| Other segment items (2) | 49 | 32 | 43 | — | 124 | ||||||||||||||||||||||||
| Segment adjusted operating income | $ | 451 | $ | 1,009 | $ | 667 | $ | — | $ | 2,127 | |||||||||||||||||||
| Depreciation and amortization | $ | 274 | $ | 404 | $ | 234 | $ | — | $ | 912 | |||||||||||||||||||
| Equity (loss) income, net of tax | $ | (312) | $ | — | $ | 13 | $ | — | $ | (299) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | $ | — | $ | — | $ | 28 | $ | — | $ | 28 | |||||||||||||||||||
| Capital expenditures | $ | 207 | $ | 423 | $ | 216 | $ | 60 | $ | 906 | |||||||||||||||||||
(1)Eliminations and Other includes the elimination of inter-segment transactions. Capital expenditures amounts are attributable to corporate administrative and support functions, including corporate headquarters and certain technical centers.
(2)Other segment items represent costs that are not included in Adjusted operating income, such as other acquisitions and portfolio project costs, goodwill and other asset impairments, compensation expense related to acquisitions and Separation costs, as described above in the definition of Adjusted operating income.
The reconciliations of Segment Adjusted Operating Income to net income attributable to Aptiv for the years ended December 31, 2025, 2024 and 2023 are as follows:
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| For the Year Ended December 31, 2025: | |||||||||||||||||||||||
| Segment adjusted operating income | $ | 658 | $ | 1,129 | $ | 674 | $ | 2,461 | |||||||||||||||
| Amortization | (89) | (118) | (1) | (208) | |||||||||||||||||||
| Restructuring | (58) | (41) | (86) | (185) | |||||||||||||||||||
| Separation costs | — | — | (178) | (178) | |||||||||||||||||||
| Other acquisition and portfolio project costs | (14) | (7) | (9) | (30) | |||||||||||||||||||
| Asset impairments | (2) | (8) | (6) | (16) | |||||||||||||||||||
| Goodwill impairment | (648) | — | — | (648) | |||||||||||||||||||
| Compensation expense related to acquisitions | (17) | — | — | (17) | |||||||||||||||||||
| Gain on asset sale | 5 | — | — | 5 | |||||||||||||||||||
| Operating income | 1,184 | ||||||||||||||||||||||
| Interest expense | (361) | ||||||||||||||||||||||
| Other income, net | 50 | ||||||||||||||||||||||
| Net gain on equity method transactions | 46 | ||||||||||||||||||||||
| Income before income taxes and equity loss | 919 | ||||||||||||||||||||||
| Income tax expense | (700) | ||||||||||||||||||||||
| Equity loss, net of tax | (38) | ||||||||||||||||||||||
| Net income | 181 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interest | 19 | ||||||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | (3) | ||||||||||||||||||||||
| Net income attributable to Aptiv | $ | 165 | |||||||||||||||||||||
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| For the Year Ended December 31, 2024: | |||||||||||||||||||||||
| Segment adjusted operating income | $ | 714 | $ | 1,073 | $ | 579 | $ | 2,366 | |||||||||||||||
| Amortization | (89) | (120) | (2) | (211) | |||||||||||||||||||
| Restructuring | (53) | (39) | (101) | (193) | |||||||||||||||||||
| Other acquisition and portfolio project costs | (27) | (23) | (30) | (80) | |||||||||||||||||||
| Asset impairments | (14) | (8) | — | (22) | |||||||||||||||||||
| Compensation expense related to acquisitions | (18) | — | — | (18) | |||||||||||||||||||
| Operating income | 1,842 | ||||||||||||||||||||||
| Interest expense | (337) | ||||||||||||||||||||||
| Other income, net | 41 | ||||||||||||||||||||||
| Net gain on equity method transactions | 605 | ||||||||||||||||||||||
| Income before income taxes and equity loss | 2,151 | ||||||||||||||||||||||
| Income tax expense | (223) | ||||||||||||||||||||||
| Equity loss, net of tax | (118) | ||||||||||||||||||||||
| Net income | 1,810 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interest | 24 | ||||||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | (1) | ||||||||||||||||||||||
| Net income attributable to Aptiv | $ | 1,787 | |||||||||||||||||||||
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| For the Year Ended December 31, 2023: | |||||||||||||||||||||||
| Segment adjusted operating income | $ | 451 | $ | 1,009 | $ | 667 | $ | 2,127 | |||||||||||||||
| Amortization | (93) | (128) | (12) | (233) | |||||||||||||||||||
| Restructuring | (129) | (34) | (48) | (211) | |||||||||||||||||||
| Other acquisition and portfolio project costs | (20) | (30) | (30) | (80) | |||||||||||||||||||
| Asset impairments | (3) | (2) | (13) | (18) | |||||||||||||||||||
| Compensation expense related to acquisitions | (26) | — | — | (26) | |||||||||||||||||||
| Operating income | 1,559 | ||||||||||||||||||||||
| Interest expense | (285) | ||||||||||||||||||||||
| Other income, net | 63 | ||||||||||||||||||||||
| Income before income taxes and equity loss | 1,337 | ||||||||||||||||||||||
| Income tax benefit | 1,928 | ||||||||||||||||||||||
| Equity loss, net of tax | (299) | ||||||||||||||||||||||
| Net income | 2,966 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interest | 28 | ||||||||||||||||||||||
| Net income attributable to Aptiv | $ | 2,938 | |||||||||||||||||||||
| Advanced Safety and User Experience | Engineered Components Group | Electrical Distribution Systems | Eliminations and Other (1) | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Balance as of December 31, 2025: | |||||||||||||||||||||||||||||
| Investment in affiliates | $ | 1,288 | $ | — | $ | 143 | $ | — | $ | 1,431 | |||||||||||||||||||
| Goodwill | $ | 1,679 | $ | 2,329 | $ | 588 | $ | — | $ | 4,596 | |||||||||||||||||||
| Total segment assets | $ | 9,213 | $ | 10,236 | $ | 5,575 | $ | (1,611) | $ | 23,413 | |||||||||||||||||||
| Balance as of December 31, 2024: | |||||||||||||||||||||||||||||
| Investment in affiliates | $ | 1,301 | $ | — | $ | 132 | $ | — | $ | 1,433 | |||||||||||||||||||
| Goodwill | $ | 2,326 | $ | 2,110 | $ | 588 | $ | — | $ | 5,024 | |||||||||||||||||||
| Total segment assets | $ | 9,585 | $ | 9,707 | $ | 5,019 | $ | (853) | $ | 23,458 | |||||||||||||||||||
(1)Eliminations and Other includes corporate assets and the elimination of inter-segment transactions.
Information concerning principal geographic areas is set forth below. Net sales reflects the manufacturing location and is for the years ended December 31, 2025, 2024 and 2023. Long-lived assets is as of December 31, 2025, 2024 and 2023.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||
| Net Sales | Long-Lived Assets (1) | Net Sales | Long-Lived Assets (1) | Net Sales | Long-Lived Assets (1) | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| United States (2) | $ | 7,361 | $ | 1,062 | $ | 6,934 | $ | 1,167 | $ | 7,021 | $ | 1,204 | |||||||||||||||||||||||
| Other North America | 207 | 379 | 207 | 375 | 174 | 378 | |||||||||||||||||||||||||||||
| Europe, Middle East & Africa (3) | 6,566 | 1,693 | 6,489 | 1,538 | 6,738 | 1,576 | |||||||||||||||||||||||||||||
| Asia Pacific (4) | 5,872 | 1,079 | 5,722 | 1,060 | 5,697 | 1,104 | |||||||||||||||||||||||||||||
| South America | 392 | 62 | 361 | 53 | 421 | 63 | |||||||||||||||||||||||||||||
| Total | $ | 20,398 | $ | 4,275 | $ | 19,713 | $ | 4,193 | $ | 20,051 | $ | 4,325 | |||||||||||||||||||||||
(1)Includes property, plant and equipment, net of accumulated depreciation and operating lease right-of-use assets.
(2)Includes net sales and machinery, equipment and tooling that relate to the Company’s maquiladora operations located in Mexico. These assets are utilized to produce products sold to customers located in the U.S.
(3)Includes Aptiv’s country of domicile, Jersey. The Company had no sales or long-lived assets in Jersey in any period. The largest portion of net sales in the Europe, Middle East & Africa region was $1,639 million, $1,632 million and $1,701 million in Germany for the years ended December 31, 2025, 2024 and 2023, respectively.
(4)Net sales and long-lived assets in Asia Pacific are primarily attributable to China.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 6, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 7, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 3, 2020 | |
| 2018 | Feb 4, 2019 | |
| 2016 | Feb 6, 2017 | |
| 2015 | Feb 8, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.