Shareholders' Equity And Net Income Per Share

9 Months Ended

Sep. 30, 2018

Shareholders' Equity and Net Income Per Share Note [Abstract]

Shareholders' Equity And Net Income Per Share

SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to Aptiv by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Aptiv by the diluted weighted average number of ordinary shares outstanding during the period. For all periods presented, the calculation of diluted net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 18. Share-Based Compensation for additional information.

Weighted Average Shares

The following table illustrates net income per share attributable to Aptiv and the weighted average shares outstanding used in calculating basic and diluted income per share:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017

	(in millions, except per share data)
Numerator:
Income from continuing operations	$	222	$	297	$	820	$	814
Income from discontinued operations	—		98		—		285
Net income attributable to Aptiv	$	222	$	395	$	820	$	1,099
Denominator:
Weighted average ordinary shares outstanding, basic	264.56		266.24		265.02		267.60
Dilutive shares related to restricted stock units (“RSUs”)	0.77		0.92		0.72		0.63
Weighted average ordinary shares outstanding, including dilutive shares	265.33		267.16		265.74		268.23

Basic net income per share:
Continuing operations	$	0.84	$	1.11	$	3.09	$	3.04
Discontinued operations	—		0.37		—		1.07
Basic net income per share attributable to Aptiv	$	0.84	$	1.48	$	3.09	$	4.11
Diluted net income per share:
Continuing operations	$	0.84	$	1.11	$	3.09	$	3.04
Discontinued operations	—		0.37		—		1.06
Diluted net income per share attributable to Aptiv	$	0.84	$	1.48	$	3.09	$	4.10
Anti-dilutive securities share impact	—		—		—		—

Share Repurchase Program

In April 2016, the Board of Directors authorized a share repurchase program of up to $1.5 billion of ordinary shares, which commenced in September 2016 following the completion of the Company’s $1.5 billion January 2015 share repurchase program. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company.

A summary of the ordinary shares repurchased during the three and nine months ended September 30, 2018 and 2017 is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Total number of shares repurchased	793,424		1,018,930		2,513,136		4,667,193
Average price paid per share	$	86.08	$	92.99	$	88.24	$	82.00
Total (in millions)	$	69	$	95	$	222	$	383

As of September 30, 2018, approximately $767 million of share repurchases remained available under the April 2016 share repurchase program. During the period from October 1, 2018 to October 30, 2018, the Company repurchased an additional $42 million worth of shares pursuant to a trading plan with set trading instructions established by the Company. As a result, approximately $725 million of share repurchases remain available under the April 2016 share repurchase program. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.

Dividends

The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:



	Dividend		Amount
	Per Share		(in millions)
2018:
Third quarter	$	0.22	$	58
Second quarter	0.22		58
First quarter	0.22		59
Total	$	0.66	$	175
2017:
Fourth quarter	$	0.29	$	77
Third quarter	0.29		77
Second quarter	0.29		78
First quarter	0.29		78
Total	$	1.16	$	310

In addition, in October 2018, the Board of Directors declared a regular quarterly cash dividend of $0.22 per ordinary share, payable November 21, 2018 to shareholders of record at the close of business on November 7, 2018.

Other

On December 4, 2017, Aptiv distributed the issued and outstanding ordinary shares of Delphi Technologies to the Company’s shareholders. The Company distributed to its shareholders one ordinary share of Delphi Technologies for every three Aptiv ordinary shares outstanding as of November 22, 2017, the record date for the distribution. Shareholders received cash in lieu of any fractional ordinary shares of Delphi Technologies.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Also, includes the entire disclosure for net income per share.

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