Company: APTV
Filing Date: 2025-02-07
Form Type: 10-K
Source: 0001521332-25-000010
Chunk: 90

Company: Aptiv PLC
Filing Date: 2025-02-07
Form: 10-K
Item: Item 7
Chunk 90
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ucturing$193 $211 $18 Percentage of net sales1.0 %1.1 %

The Company recorded employee-related and other restructuring charges totaling approximately $193 million during the year ended December 31, 2024, which reflects programs to align manufacturing capacity with the current levels of automotive 

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production in each region. The charges recorded during the year ended December 31, 2024 also 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. We expect to recognize additional charges of approximately $35 million in 2025 related to the restructuring program initiated in the fourth quarter of 2024, with cash payments expected to be principally completed in 2025. We expect to make cash payments of approximately $100 million in 2025 pursuant to currently implemented restructuring programs.

The Company recorded employee-related and other restructuring charges totaling approximately $211 million during the year ended December 31, 2023, of which $68 million was recognized for a program initiated in the fourth quarter of 2023 focused on global salaried workforce optimization, primarily in the North American and European regions. The charges recorded during the year ended December 31, 2023 also included the recognition of approximately $27 million of employee-related and other costs related to the initiation of the closure of a Western European manufacturing site within the Advanced Safety and User Experience segment pursuant to the Company’s ongoing European footprint rotation strategy. 

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 $55 million (of which approximately $40 million relates to the Signal and Power Solutions segment and approximately $15 million relates to the Advanced Safety and User Experience segment) for 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. Additionally, as we continue to operate in a cyclical industry that is impacted by movements in the global and regional economies, we continually evaluate opportunities to further adjust our cost structure and optimize our manufacturing footprint. The Company plans to implement additional restructuring activities in the future, if necessary,