Company: APTV
Filing Date: 2025-02-07
Form Type: 10-K
Source: 0001521332-25-000010
Chunk: 190

Company: Aptiv PLC
Filing Date: 2025-02-07
Form: 10-K
Item: Item 8
Chunk 190
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 liabilities were to significantly exceed the amounts recorded, Aptiv’s results of operations could be materially affected. At December 31, 2024, the difference between the recorded liabilities and the reasonably possible range of potential loss was not material.

14. INCOME TAXES

In connection with the change of tax residency described in Note 1. General, in December 2024, Aptiv established a new publicly-listed Jersey parent company, New Aptiv, which is resident for tax purposes in Switzerland. Following consummation of the Transaction, Aptiv PLC became a wholly-owned subsidiary of New Aptiv and New Aptiv was renamed “Aptiv PLC.”Income before income taxes and equity income for U.S. and non-U.S. operations are as follows:Year Ended December 31, 202420232022 (in millions)U.S. (loss) income$(78)$(162)$24 Non-U.S. income2,229 1,499 966 Income before income taxes and equity loss$2,151 $1,337 $990 

106

The provision (benefit) for income taxes is comprised of:Year Ended December 31,202420232022 (in millions)Current income tax expense (benefit):U.S. federal$(25)$25 $45 Non-U.S.277 208 205 U.S. state and local5 3 15 Total current257 236 265 Deferred income tax expense (benefit), net:U.S. federal(67)(62)(43)Non-U.S.35 (2,091)(90)U.S. state and local(2)(11)(11)Total deferred(34)(2,164)(144)Total income tax provision (benefit)$223 $(1,928)$121 Cash paid or withheld for income taxes was $249 million, $307 million and $194 million for the years ended December 31, 2024, 2023 and 2022, respectively.For purposes of comparability and consistency, the Company uses the notional U.S. federal income tax rate when presenting the Company’s reconciliation of the income tax provision. The Company is a Swiss resident taxpayer as of December 31, 2024. Prior to December 2024, the Company was an Irish resident taxpayer. A reconciliation of the provision for income taxes compared with the amounts at the notional U.S. federal statutory rate was: Year Ended December 31, 202