XML 89 R48.htm IDEA: XBRL DOCUMENT
v3.21.1

Long-Term Employee Benefit Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Long-Term Employee Benefit Liabilities | Long-term employee benefit liabilities consist of:
|  | 2020 |  |  | 2019 |
Defined benefit pension plans and other [a] |  | $ | 216 |  |  | $ | 203 |
Termination and long-term service arrangements [b] |  |  | 468 |  |  |  | 437 |
Retirement medical benefits plans [c] |  |  | 29 |  |  |  | 27 |
Other long-term employee benefits |  |  | 16 |  |  |  | 10 |
Long-term employee benefit obligations |  | $ | 729 |  |  | $ | 677 |
Summary of Weighted Average Significant Actuarial Assumptions Adopted in Measuring Company's Obligations and Cost | The weighted average significant actuarial assumptions adopted in measuring the Company’s obligations and costs are as follows:
|  | 2020 |  |  | 2019 |
Projected benefit obligation |  |  |  |  |  |  |  |
Discount rate |  |  | 2.1 | % |  |  | 2.5 | %
Rate of compensation increase |  |  | 2.4 | % |  |  | 2.6 | %
Net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 2.8 | % |  |  | 3.2 | %
Rate of compensation increase |  |  | 2.4 | % |  |  | 2.6 | %
Expected return on plan assets |  |  | 4.6 | % |  |  | 4.9 | %
Schedule of Company's Defined Benefit Pension Plans | Information about the Company’s defined benefit pension plans is as follows:
|  | 2020 |  |  | 2019 |
Projected benefit obligation |  |  |  |  |  |  |  |
Beginning of year |  | $ | 659 |  |  | $ | 633 |
Current service cost |  |  | 10 |  |  |  | 11 |
Interest cost |  |  | 17 |  |  |  | 20 |
Actuarial losses and changes in actuarial assumptions |  |  | 43 |  |  |  | 79 |
Benefits paid |  |  | (23 | ) |  |  | (21 | )
Divestiture |  |  | — |  |  |  | (68 | )
Foreign exchange |  |  | 25 |  |  |  | 5 |
End of year |  |  | 731 |  |  |  | 659 |
Plan assets at fair value [i] |  |  |  |  |  |  |  |
Beginning of year |  |  | 478 |  |  |  | 406 |
Return on plan assets |  |  | 42 |  |  |  | 78 |
Employer contributions |  |  | 9 |  |  |  | 11 |
Benefits paid |  |  | (18 | ) |  |  | (17 | )
Divestiture |  |  | — |  |  |  | (10 | )
Foreign exchange |  |  | 6 |  |  |  | 10 |
End of year |  |  | 517 |  |  |  | 478 |
Ending funded status – Plan deficit |  | $ | 214 |  |  | $ | 181 |
Amounts recorded in the consolidated balance sheet |  |  |  |  |  |  |  |
Non-current asset [note 12] |  | $ | (4 | ) |  | $ | (23 | )
Current liability |  |  | 2 |  |  |  | 1 |
Non-current liability |  |  | 216 |  |  |  | 203 |
Net amount |  | $ | 214 |  |  | $ | 181 |
Amounts recorded in accumulated other comprehensive income |  |  |  |  |  |  |  |
Unrecognized actuarial losses |  | $ | (158 | ) |  | $ | (141 | )
Net periodic benefit cost |  |  |  |  |  |  |  |
Current service cost |  | $ | 10 |  |  | $ | 11 |
Interest cost |  |  | 17 |  |  |  | 20 |
Return on plan assets |  |  | (21 | ) |  |  | (19 | )
Actuarial losses |  |  | 5 |  |  |  | 4 |
Net periodic benefit cost |  | $ | 11 |  |  | $ | 16 |
| [i] | The asset allocation of the Company’s defined benefit pension plans at December 31, 2020 and the target allocation for 2021 is as follows:
|  | 2021 |  |  | 2020 |
Fixed income securities |  |  | 55-75 | % |  |  | 58 | %
Equity securities |  |  | 25-45 | % |  |  | 37 | %
Cash and cash equivalents |  |  | 0-10 | % |  |  | 5 | %
|  |  | 100 | % |  |  | 100 | %
Future Benefit Payments |
[d] | Future benefit payments
|  | Defined benefit pension plans |  |  | Termination and long service arrangements |  |  | Retirement medical benefits plans |  |  | Total |
Expected employer contributions - 2021 |  | $ | 13 |  |  | $ | 10 |  |  | $ | 1 |  |  | $ | 24 |
Expected benefit payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ | 24 |  |  | $ | 10 |  |  | $ | 1 |  |  | $ | 35 |
2022 |  |  | 25 |  |  |  | 11 |  |  |  | 1 |  |  |  | 37 |
2023 |  |  | 25 |  |  |  | 13 |  |  |  | 1 |  |  |  | 39 |
2024 |  |  | 26 |  |  |  | 15 |  |  |  | 2 |  |  |  | 43 |
2025 |  |  | 27 |  |  |  | 21 |  |  |  | 2 |  |  |  | 50 |
Thereafter |  |  | 151 |  |  |  | 124 |  |  |  | 8 |  |  |  | 283 |
|  | $ | 278 |  |  | $ | 194 |  |  | $ | 15 |  |  | $ | 487 |
Termination and Long-term Service Arrangements [Member] |
Summary of Weighted Average Significant Actuarial Assumptions Adopted in Measuring Company's Obligations and Cost | The weighted average significant actuarial assumptions adopted in measuring the Company’s projected termination and long-term service benefit obligations and net periodic benefit cost are as follows:
|  | 2020 |  |  | 2019 |
Discount rate |  |  | 2.1 | % |  |  | 2.1 | %
Rate of compensation increase |  |  | 3.1 | % |  |  | 3.1 | %
Schedule of Company's Defined Benefit Pension Plans | Information about the Company’s termination and long-term service arrangements is as follows:
|  | 2020 |  |  | 2019 |
Projected benefit obligation |  |  |  |  |  |  |  |
Beginning of year |  | $ | 446 |  |  | $ | 394 |
Current service cost |  |  | 32 |  |  |  | 29 |
Interest cost |  |  | 8 |  |  |  | 10 |
Actuarial (gains) losses and changes in actuarial assumptions |  |  | (13 | ) |  |  | 39 |
Benefits paid |  |  | (27 | ) |  |  | (19 | )
Divestiture |  |  | — |  |  |  | (3 | )
Foreign exchange |  |  | 32 |  |  |  | (4 | )
Ending funded status – Plan deficit |  | $ | 478 |  |  | $ | 446 |
Amounts recorded in the consolidated balance sheet |  |  |  |  |  |  |  |
Current liability |  | $ | 10 |  |  | $ | 9 |
Non-current liability |  |  | 468 |  |  |  | 437 |
Net amount |  | $ | 478 |  |  | $ | 446 |
Amounts recorded in accumulated other comprehensive income |  |  |  |  |  |  |  |
Unrecognized actuarial losses |  | $ | (106 | ) |  | $ | (124 | )
Net periodic benefit cost |  |  |  |  |  |  |  |
Current service cost |  | $ | 32 |  |  | $ | 29 |
Interest cost |  |  | 8 |  |  |  | 10 |
Actuarial losses |  |  | 6 |  |  |  | 4 |
Net periodic benefit cost |  | $ | 46 |  |  | $ | 43 |
Retirement Medical Benefits Plans [Member] |
Summary of Weighted Average Significant Actuarial Assumptions Adopted in Measuring Company's Obligations and Cost | The weighted average discount rates used in measuring the Company’s projected retirement medical benefit obligations and net periodic benefit cost are as follows:
|  | 2020 |  |  | 2019 |
Retirement medical benefit obligations |  |  | 2.4 | % |  |  | 3.1 | %
Net periodic benefit cost |  |  | 3.1 | % |  |  | 4.0 | %
Health care cost inflation |  |  | 6.6 | % |  |  | 6.8 | %
Schedule of Company's Defined Benefit Pension Plans | Information about the Company’s retirement medical benefits plans are as follows:
|  | 2020 |  |  | 2019 |
Projected benefit obligation |  |  |  |  |  |  |  |
Beginning of year |  | $ | 29 |  |  | $ | 29 |
Interest cost |  |  | 1 |  |  |  | 1 |
Actuarial losses and changes in actuarial assumptions |  |  | 1 |  |  |  | — |
Benefits paid |  |  | (1 | ) |  |  | (1 | )
Ending funded status – Plan deficit |  | $ | 30 |  |  | $ | 29 |
Amounts recorded in the consolidated balance sheet |  |  |  |  |  |  |  |
Current liability |  | $ | 1 |  |  | $ | 2 |
Non-current liability |  |  | 29 |  |  |  | 27 |
Net amount |  | $ | 30 |  |  | $ | 29 |
Amounts recorded in accumulated other comprehensive income |  |  |  |  |  |  |  |
Unrecognized actuarial gains |  |  | 6 |  |  |  | 11 |
Total accumulated other comprehensive income |  | $ | 6 |  |  | $ | 11 |
Net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ | 1 |  |  | $ | 1 |
Actuarial gains |  |  | (1 | ) |  |  | (1 | )
Net periodic benefit cost |  | $ | — |  |  | $ | — |

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=mga_TerminationAndLongServiceArrangementsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=mga_RetirementMedicalBenefitsPlansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |