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Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Schedule of Investments |
|  | 2022 |  |  | 2021 |
Equity method investments [a] |  | $ | 997 |  |  | $ | 1,031 |
Public and private equity investments |  |  | 290 |  |  |  | 358 |
Warrants [b] |  |  | 142 |  |  |  | 204 |
|  | $ | 1,429 |  |  | $ | 1,593 |
Ownership Percentages and Carrying Value Principal Equity Method Investments |
[a] | The ownership percentages and carrying values of the Company’s principal equity method investments at December 31 were as follows [in millions, except percentages]:
|  |  |  |  | 2022 |  |  | 2021 |
LG Magna e-Powertrain Co., Ltd. [i] |  |  | 49.0 | % |  | $ | 420 |  |  | $ | 481 |
Litens Automotive Partnership [ii] |  |  | 76.7 | % |  | $ | 337 |  |  | $ | 291 |
Hubei HAPM Magna Seating Systems Co., Ltd. |  |  | 49.9 | % |  | $ | 120 |  |  | $ | 127 |
[i] | LG Magna e-Powertrain [“LGM”] is a variable interest entity [‘‘VIE’’] and depends on the Company and LG Electronics for any additional cash needs. The Company cannot make key operating decisions considered to be most significant to the VIE, and is therefore not considered to be the primary beneficiary. The Company’s known maximum exposure to loss approximated the carrying value of its investment balance as at December 31, 2022.
[ii] | The Company accounts for its investments under the equity method of accounting as a result of significant participating rights that prevent control.
Summary of Total Financial Results of Equity Method Investees | A summary of the total financial results, as reported by the Company’s equity method investees, in the aggregate, at December 31 was as follows: Summarized Balance Sheets
|  | 2022 |  |  | 2021 |
Current assets |  | $ | 2,266 |  |  | $ | 1,825 |
Non-current assets |  | $ | 1,866 |  |  | $ | 1,838 |
Current liabilities |  | $ | 1,555 |  |  | $ | 1,269 |
Long-term liabilities |  | $ | 715 |  |  | $ | 450 |
Summarized Income Statements
|  | 2022 |  |  | 2021 |
Sales |  | $ | 4,447 |  |  | $ | 3,303 |
Cost of goods sold & expenses |  |  | 4,363 |  |  |  | 3,156 |
Net income |  | $ | 84 |  |  | $ | 147 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611322-123010 + Details
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