Company: APTV
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001521332-25-000027
Chunk: 201

Company: Aptiv PLC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 201
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4)79 Total net sales$2,024 $1,581 $1,424 $(204)$4,825 For the Three Months Ended March 31, 2024:Electrical Distribution SystemsEngineered Components GroupAdvanced Safety and User ExperienceEliminations and OtherTotal(in millions)Geographic MarketNorth America$876 $536 $490 $(86)$1,816 Europe, Middle East and Africa526 537 693 (44)1,712 Asia Pacific625 484 246 (70)1,285 South America54 39 — (5)88 Total net sales$2,081 $1,596 $1,429 $(205)$4,901 Revenue by core product line for the three months ended March 31, 2025 and 2024 are as follows: Three Months Ended March 31, 20252024 (in millions)Electrical Distribution Systems$2,024 $2,081 Engineered Components Group1,581 1,596 Active Safety743 686 Smart Vehicle Compute and Software133 118 User Experience and Other562 640 Eliminations(14)(15)Advanced Safety and User Experience1,424 1,429 Eliminations(204)(205)Total net sales$4,825 $4,901 

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Contract BalancesContract liabilities solely consist of deferred revenue. As of March 31, 2025 and December 31, 2024, the balance of contract liabilities was $121 million (of which $93 million was recorded in other current liabilities and $28 million was recorded in other long-term liabilities) and $124 million (of which $111 million was recorded in other current liabilities and $13 million was recorded in other long-term liabilities), respectively. The decrease in the contract liabilities balance was primarily driven by $57 million of revenues recognized during the three months ended March 31, 2025 that were included in the contract liability balance as of December 31, 2024, partially offset by cash payments received or due in advance of the performance obligation being satisfied.Contract assets are primarily comprised of unbilled receivables, which consist of amounts related to the Company’s unconditional right to consideration for completed performance obligations that have not been invoiced. As of March 31, 2025, the balance of contract assets was $143 million (of which $73 million was recorded in other current assets and $