Company: APTV
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001521332-25-000040
Chunk: 170

Company: Aptiv PLC
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 170
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 as incurred. Refer to Note 7. Restructuring for additional information.Customer concentrations—We sell our products and services to the major global OEMs in every region of the world. Our ten largest customers accounted for approximately 55% of our total net sales for the three and six months ended June 30, 2025, which included approximately 11% to Ford Motor Company during the three and six months ended June 30, 2025. Our ten largest customers accounted for approximately 57% and 56% for the three and six months ended June 30, 2024, which included approximately 10% to Ford Motor Company during the three months ended June 30, 2024, and none of which individually exceeded 10% for the six months ended June 30, 2024. During the three and six months ended June 30, 2025, our Electrical Distribution Systems segment and Advanced Safety and User Experience segment recognized net sales to each of our ten largest customers, and our Engineered Components Group segment recognized net sales to nine of our ten largest customers during the three months ended June 30, 2025 and to each of our top ten largest customers during the six months ended June 30, 2025. During the three and six months ended June 30, 2024, our Electrical Distribution Systems segment and Advanced Safety and User Experience segment recognized net sales to each of our ten largest customers, and our Engineered Components Group Segment recognized net sales to nine of our ten largest customers during the three and six months ended June 30, 2024.Recently adopted accounting pronouncements—Aptiv adopted ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement in the first quarter of 2025. The amendments in this update require a joint venture to initially recognize all contributions received at fair value upon formation. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 and is to be applied prospectively. As the Company did not have any applicable joint venture formations during the first half of 2025, there was no impact to the Company’s financial statements upon adoption. The adoption of this guidance will be applied to any applicable joint venture formations that occur in future periods.Aptiv adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the first quarter of 2025.