INVESTMENTS IN AFFILIATES

As part of Aptiv’s continuing operations, it has investments in five non-consolidated affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located primarily in Asia Pacific and North America. Aptiv’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investment in Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Aptiv owns approximately 40%). The Company’s aggregate investments in affiliates was $99 million and $91 million at December 31, 2018 and 2017, respectively. Dividends of $12 million, $15 million and $17 million for the years ended December 31, 2018, 2017 and 2016, respectively, have been received from these non-consolidated affiliates. No impairment charges were recorded for the years ended December 31, 2018, 2017 and 2016.

The following is a summary of the combined financial information of significant affiliates accounted for under the equity method for continuing operations as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 (unaudited):



	December 31,
	2018		2017
	(in millions)
Current assets	$	222	$	222
Non-current assets	124		108
Total assets	$	346	$	330
Current liabilities	$	99	$	114
Non-current liabilities	7		4
Shareholders’ equity	240		212
Total liabilities and shareholders’ equity	$	346	$	330



	Year Ended December 31,
	2018		2017		2016
	(in millions)
Net sales	$	533	$	570	$	521
Gross profit	84		111		105
Net income	53		66		77

A summary of transactions with affiliates is shown below:



	Year Ended December 31,
	2018		2017		2016
	(in millions)
Sales to affiliates	$	7	$	8	$	14
Purchases from affiliates	38		19		23

Technology Investments

The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20%, which are accounted for in accordance with ASU 2016-01, as described in Note 2. Significant Accounting Policies. These investments do not have readily determinable fair values and are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer.

During the fourth quarter of 2018, the Company’s Advanced Safety and User Experience segment made a $15 million investment in Affectiva, Inc., a leader in human perception artificial intelligence technology.

During the third quarter of 2017, the Company’s Advanced Safety and User Experience segment made investments in two leading developers of Light Detection and Ranging (“LIDAR”) technology, a $15 million investment in Innoviz Technologies and a $10 million investment in LeddarTech, Inc.

During the second quarter of 2017, the Company’s Signal and Power Solutions segment made a $10 million investment in Valens Semiconductor Ltd., a leading provider of signal processing technology for high frequency data transmission of connected car content. During the first quarter of 2017, the Company’s Advanced Safety and User Experience segment made a $15 million investment in Otonomo Technologies Ltd., the developer of a connected car data marketplace.

As of December 31, 2018, the Company had the following technology investments, which are classified within other long-term assets in the consolidated balance sheet:



Investment Name	Segment	Investment Date	Investment (in millions)
Affectiva, Inc.	Advanced Safety and User Experience	Q4 2018	$	15
Innoviz Technologies	Advanced Safety and User Experience	Q3 2017	15
LeddarTech, Inc.	Advanced Safety and User Experience	Q3 2017	10
Valens Semiconductor Ltd.	Signal and Power Solutions	Q2 2017	10
Otonomo Technologies Ltd.	Advanced Safety and User Experience	Q1 2017	15
Quanergy Systems, Inc	Advanced Safety and User Experience	Q2 2015; Q1 2016	6
Other investments	Advanced Safety and User Experience	Q4 2018	1
			$	72

During the year ended December 31, 2018 there were no material transactions, events or changes in circumstances requiring an impairment or an observable price change adjustment to any of these investments. The Company continues to monitor these investments to identify potential transactions which may indicate an impairment or an observable price change requiring an adjustment to its carrying value.