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Segmented Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segmented Information | 23. SEGMENTED INFORMATION
[a] | Magna is a global automotive supplier which has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mirrors & lighting, mechatronics and roof systems. Magna also has electronic and software capabilities across many of these areas.
The Company is organized under four operating segments: Body Exteriors & Structures, Power & Vision, Seating Systems and Complete Vehicles. These segments have been determined on the basis of technological opportunities, product similarities, and market and operating factors, and are also the Company’s reportable segments. The Company’s chief operating decision maker uses Adjusted Earnings before Interest and Income Taxes [“Adjusted EBIT”] as the measure of segment profit or loss, since management believes Adjusted EBIT is the most appropriate measure of operational profitability or loss for its reporting segments. Adjusted EBIT is calculated by taking Net income and adding back Income taxes, Interest expense, net, and Other expense, net. The accounting policies of each segment are the same as those set out under “Significant Accounting Policies” [note 1] . All intersegment sales and transfers are accounted for at fair market value.
[a] | The following tables show segment information for the Company’s reporting segments and a reconciliation of Adjusted EBIT to the Company’s consolidated income before income taxes:
|  | 2021 |
|  |  |  |  |  |  |  |  |  |  | Depreciation |  |  | Equity |
|  | Total |  |  | External |  |  | Adjusted |  |  | and |  |  | loss |
|  | sales |  |  | sales |  |  | EBIT |  |  | amortization |  |  | (income) |
Body Exteriors & Structures |  | $ | 14,477 |  |  | $ | 14,196 |  |  | $ | 820 |  |  | $ | 743 |  |  | $ | 13 |
Power & Vision |  |  | 11,342 |  |  |  | 11,129 |  |  |  | 738 |  |  |  | 554 |  |  |  | (134 | )
Seating Systems |  |  | 4,891 |  |  |  | 4,851 |  |  |  | 152 |  |  |  | 92 |  |  |  | (9 | )
Complete Vehicles |  |  | 6,106 |  |  |  | 6,057 |  |  |  | 287 |  |  |  | 103 |  |  |  | (10 | )
Corporate & Other [i] |  |  | (574 | ) |  |  | 9 |  |  |  | 67 |  |  |  | 20 |  |  |  | (8 | )
Total Reportable Segments |  | $ | 36,242 |  |  | $ | 36,242 |  |  | $ | 2,064 |  |  | $ | 1,512 |  |  | $ | (148 | )
|  | 2020 |
|  |  |  |  |  |  |  |  |  |  | Depreciation |  |  |  |
|  | Total |  |  | External |  |  | Adjusted |  |  | and |  |  | Equity |
|  | sales |  |  | sales |  |  | EBIT |  |  | amortization |  |  | income |
Body Exteriors & Structures |  | $ | 13,550 |  |  | $ | 13,292 |  |  | $ | 817 |  |  | $ | 727 |  |  | $ | — |
Power & Vision |  |  | 9,722 |  |  |  | 9,553 |  |  |  | 495 |  |  |  | 464 |  |  |  | (179 | )
Seating Systems |  |  | 4,455 |  |  |  | 4,433 |  |  |  | 107 |  |  |  | 73 |  |  |  | (6 | )
Complete Vehicles |  |  | 5,415 |  |  |  | 5,363 |  |  |  | 274 |  |  |  | 84 |  |  |  | (3 | )
Corporate & Other [i] |  |  | (495 | ) |  |  | 6 |  |  |  | (17 | ) |  |  | 18 |  |  |  | (1 | )
Total Reportable Segments |  | $ | 32,647 |  |  | $ | 32,647 |  |  | $ | 1,676 |  |  | $ | 1,366 |  |  | $ | (189 | )
|  | 2021 |
|  |  |  |  |  |  |  |  |  |  | Fixed |  |  | Fixed |
|  | Net |  |  |  |  |  |  |  |  | assets, |  |  | asset |
|  | assets |  |  | Investments |  |  | Goodwill |  |  | net |  |  | additions |
Body Exteriors & Structures |  | $ | 7,349 |  |  | $ | 15 |  |  | $ | 471 |  |  | $ | 4,599 |  |  | $ | 711 |
Power & Vision |  |  | 6,066 |  |  |  | 735 |  |  |  | 1,269 |  |  |  | 2,620 |  |  |  | 522 |
Seating Systems |  |  | 1,379 |  |  |  | 147 |  |  |  | 270 |  |  |  | 485 |  |  |  | 73 |
Complete Vehicles |  |  | 623 |  |  |  | 93 |  |  |  | 112 |  |  |  | 501 |  |  |  | 54 |
Corporate & Other [i] |  |  | 813 |  |  |  | 603 |  |  |  | — |  |  |  | 88 |  |  |  | 12 |
Total Reportable Segments |  | $ | 16,230 |  |  | $ | 1,593 |  |  | $ | 2,122 |  |  | $ | 8,293 |  |  | $ | 1,372 |
|  | 2020 |
|  |  |  |  |  |  |  |  |  |  | Fixed |  |  | Fixed |
|  | Net |  |  |  |  |  |  |  |  | assets, |  |  | asset |
|  | assets |  |  | Investments |  |  | Goodwill |  |  | net |  |  | additions |
Body Exteriors & Structures |  | $ | 7,536 |  |  | $ | 31 |  |  | $ | 478 |  |  | $ | 4,725 |  |  | $ | 581 |
Power & Vision |  |  | 5,529 |  |  |  | 371 |  |  |  | 1,320 |  |  |  | 2,666 |  |  |  | 440 |
Seating Systems |  |  | 1,118 |  |  |  | 144 |  |  |  | 176 |  |  |  | 418 |  |  |  | 70 |
Complete Vehicles |  |  | 671 |  |  |  | 80 |  |  |  | 121 |  |  |  | 578 |  |  |  | 34 |
Corporate & Other [i] |  |  | 710 |  |  |  | 321 |  |  |  | — |  |  |  | 88 |  |  |  | 20 |
Total Reportable Segments |  | $ | 15,564 |  |  | $ | 947 |  |  | $ | 2,095 |  |  | $ | 8,475 |  |  | $ | 1,145 |
[i] | Included in Corporate and Other Adjusted EBIT are intercompany fees charged to the automotive segments.
[b] | The following table reconciles Net income from operations to Adjusted EBIT:
|  | 2021 |  |  | 2020 |
Net Income |  | $ | 1,553 |  |  | $ | 677 |
Add: |  |  |  |  |  |  |  |
Interest expense, net |  |  | 78 |  |  |  | 86 |
Other expense, net |  |  | 38 |  |  |  | 584 |
Income taxes |  |  | 395 |  |  |  | 329 |
Adjusted EBIT |  | $ | 2,064 |  |  | $ | 1,676 |
[c] | The following table shows Net Assets for the Company’s reporting segments:
|  | 2021 |  |  | 2020 |
Total Assets |  | $ | 29,086 |  |  | $ | 28,605 |
Deduct assets not included in segment net assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | (2,948 | ) |  |  | (3,268 | )
Deferred tax assets |  |  | (421 | ) |  |  | (372 | )
Long-term receivables from joint venture partners |  |  | (15 | ) |  |  | (66 | )
Deduct liabilities included in segment net assets: |  |  |  |  |  |  |  |
Accounts payable |  |  | (6,465 | ) |  |  | (6,266 | )
Accrued salaries and wages |  |  | (851 | ) |  |  | (815 | )
Other accrued liabilities |  |  | (2,156 | ) |  |  | (2,254 | )
Segment Net Assets |  | $ | 16,230 |  |  | $ | 15,564 |
[d] | The following table aggregates external revenues by customer as follows:
|  | 2021 |  |  | 2020 |
BMW |  | $ | 5,680 |  |  | $ | 4,714 |
Daimler AG |  |  | 5,032 |  |  |  | 4,596 |
General Motors |  |  | 4,884 |  |  |  | 4,921 |
Stellantis |  |  | 4,683 |  |  |  | 3,958 |
Ford Motor Company |  |  | 4,205 |  |  |  | 4,004 |
Volkswagen |  |  | 3,717 |  |  |  | 3,510 |
Other |  |  | 8,041 |  |  |  | 6,944 |
|  | $36,242 |  |  | $32,647 |
[e] | The following table summarizes external revenues and long-lived assets by geographic region:
|  | External Sales |  |  | Fixed Assets, Net |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 8,612 |  |  | $ | 8,210 |  |  | $ | 1,686 |  |  | $ | 1,610 |
Canada |  |  | 4,253 |  |  |  | 4,144 |  |  |  | 960 |  |  |  | 974 |
Mexico |  |  | 3,833 |  |  |  | 3,359 |  |  |  | 1,210 |  |  |  | 1,247 |
|  |  | 16,698 |  |  |  | 15,713 |  |  |  | 3,856 |  |  |  | 3,831 |
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Austria |  |  | 7,661 |  |  |  | 6,817 |  |  |  | 771 |  |  |  | 867 |
Germany |  |  | 3,989 |  |  |  | 4,366 |  |  |  | 972 |  |  |  | 1,095 |
Czech Republic |  |  | 931 |  |  |  | 912 |  |  |  | 274 |  |  |  | 293 |
Poland |  |  | 610 |  |  |  | 535 |  |  |  | 220 |  |  |  | 221 |
Russia |  |  | 371 |  |  |  | 345 |  |  |  | 110 |  |  |  | 120 |
Spain |  |  | 331 |  |  |  | 323 |  |  |  | 79 |  |  |  | 82 |
United Kingdom |  |  | 344 |  |  |  | 292 |  |  |  | 208 |  |  |  | 214 |
Italy |  |  | 296 |  |  |  | 256 |  |  |  | 237 |  |  |  | 265 |
Turkey |  |  | 293 |  |  |  | 247 |  |  |  | 6 |  |  |  | 9 |
France |  |  | 262 |  |  |  | 142 |  |  |  | 58 |  |  |  | 62 |
Slovakia |  |  | 204 |  |  |  | 126 |  |  |  | 273 |  |  |  | 283 |
Other Europe |  |  | 139 |  |  |  | 111 |  |  |  | 208 |  |  |  | 222 |
|  |  | 15,431 |  |  |  | 14,472 |  |  |  | 3,416 |  |  |  | 3,733 |
Asia Pacific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  |  | 3,534 |  |  |  | 1,921 |  |  |  | 875 |  |  |  | 758 |
India |  |  | 147 |  |  |  | 79 |  |  |  | 83 |  |  |  | 89 |
Other Asia Pacific |  |  | 21 |  |  |  | 31 |  |  |  | 7 |  |  |  | 6 |
|  |  | 3,702 |  |  |  | 2,031 |  |  |  | 965 |  |  |  | 853 |
Rest of World |  |  | 411 |  |  |  | 431 |  |  |  | 56 |  |  |  | 58 |
|  | $ | 36,242 |  |  | $ | 32,647 |  |  | $ | 8,293 |  |  | $ | 8,475 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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