Company: APTV
Filing Date: 2025-02-07
Form Type: 10-K
Source: 0001521332-25-000010
Chunk: 228

Company: Aptiv PLC
Filing Date: 2025-02-07
Form: 10-K
Item: Item 8
Chunk 228
---
)

The following is a condensed summary of the Company’s unaudited results of operations for the three months ended December 31, 2024 and 2023. Three Months Ended December 31, 20242023 (in millions, except per share amounts)Net sales$4,907 $4,919 Cost of sales3,945 3,997 Gross margin$962 $922 Operating income (1)$479 $355 Net income (2)$275 $919 Net income attributable to Aptiv$268 $905 Net income attributable to ordinary shareholders$268 $905 Basic net income per share:Basic net income per share attributable to ordinary shareholders $1.14 $3.22 Weighted average number of basic shares outstanding235.04 280.95 Diluted net income per share:Diluted net income per share attributable to ordinary shareholders $1.14 $3.22 Weighted average number of diluted shares outstanding235.46 281.21 (1)In the fourth quarter of 2024, Aptiv recorded restructuring charges totaling $68 million, of which $25 million was recognized for a program initiated in the fourth quarter of 2024 focused on global salaried workforce optimization. In the fourth quarter of 2023, Aptiv recorded restructuring charges totaling $130 million, of which $68 million was recognized for a program initiated in the fourth quarter of 2023 focused on global salaried workforce optimization. Refer to Note 10. Restructuring for additional information.

(2)In the fourth quarter of 2024, Aptiv recorded a non-cash long-lived asset impairment charge of approximately $36 million related to its equity method investment in TTTech Auto, as further discussed in Note 5. Investments in Affiliates. In the fourth quarter of 2023, Aptiv recorded an income tax benefit of approximately $725 million related to changes to its corporate entity structure, including intercompany transfers of intellectual property and other related transactions. Refer to Note 14. Income Taxes for additional information.

24. REVENUE

Refer to Note 2. Significant Accounting Policies for a complete description of the Company’s revenue recognition accounting policy.Nature of Goods and ServicesThe principal activity from which the Company generates its revenue is the manufacturing of production parts for OEM customers. Aptiv recognizes revenue for production parts at a point in time, rather than over time, as the performance obligation is