Company: APTV
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001521332-25-000027
Chunk: 115

Company: Aptiv PLC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 115
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izationThree Months Ended March 31,20252024Favorable/(unfavorable)(in millions)Amortization$51 $54 $3 

Amortization expense reflects the non-cash charge related to definite-lived intangible assets. Amortization during the three months ended March 31, 2025 and 2024 reflects the continued amortization of our definite-lived intangible assets, which resulted primarily from our acquisitions, over their estimated useful lives.

RestructuringThree Months Ended March 31,20252024Favorable/(unfavorable)(dollars in millions)Restructuring$37 $39 $2 Percentage of net sales0.8 %0.8 %

The Company recorded employee-related and other restructuring charges totaling approximately $37 million during the three months ended March 31, 2025, of which $13 million was recognized for the initiation of the closure of a European manufacturing site within the Electrical Distribution Systems segment. The charges during the three months ended March 31, 

54

2025 also included the recognition of approximately $3 million for a program initiated in the fourth quarter of 2024 focused on global salaried workforce optimization, primarily in the European region, and we expect to recognize additional charges of approximately $30 million related to this program through the remainder of 2025, with cash payments expected to be largely completed within the next twelve months. We expect to make cash payments of approximately $85 million over the next twelve months pursuant to currently implemented restructuring programs.

The Company recorded employee-related and other restructuring charges totaling approximately $39 million during the three months ended March 31, 2024, of which $24 million was recognized for a program initiated in the fourth quarter of 2023 focused on global salaried workforce optimization, primarily in the European region.

We expect to continue to incur additional restructuring expense in 2025 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 $65 million (of which approximately $30 million relates to the Engineering Components Group segment, approximately $20 million relates to the Electrical Distribution Systems segment and approximately $15 million relates to the Advanced Safety and User Experience segment) for programs approved as of March 31, 2025. Additionally, as we continue to operate in a cyclical industry that is impacted by movements in the global and regional economies,