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Cover Page | 12 Months Ended
--- | ---
Dec. 31, 2022 shares
Document Information [Line Items] |
Document Type | 40-F/A
Document Registration Statement | false
Document Annual Report | true
Amendment Flag | true
Document Period End Date | Dec. 31, 2022
Document Fiscal Year Focus | 2022
Document Fiscal Period Focus | FY
Entity Registrant Name | Magna International Inc.
Entity Central Index Key | 0000749098
Current Fiscal Year End Date | --12-31
Entity Current Reporting Status | Yes
Entity Interactive Data Current | Yes
Entity Emerging Growth Company | false
Entity Common Stock, Shares Outstanding | 285,932,016
Title of 12(b) Security | Common Shares
No Trading Symbol Flag | true
Security Exchange Name | NYSE
Entity File Number | 001-11444
Entity Incorporation, State or Country Code | A6
Entity Address, Address Line One | 337 Magna Drive
Entity Address, State or Province | ON
Entity Address, City or Town | Aurora
Entity Address, Country | CA
Entity Address, Postal Zip Code | L4G 7K1
City Area Code | 905
Local Phone Number | 726-2462
Annual Information Form | true
Audited Annual Financial Statements | true
Auditor Name | Deloitte LLP
Auditor Firm ID | 1208
Auditor Location | Toronto, Canada
Amendment Description | This Amendment No. 1 on Form 40-F/A amends Magna International Inc. (the “Company”)’s Annual Report on Form 40-F for the year ended December 31, 2022, originally filed with the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) on March 31, 2023 (the “Original Filing”). The Company is filing this Amendment No. 1 to amend the risk factor on page 21 titled “Evolving Counterparty Risk Profile” of the Annual Information Form dated March 30, 2023 filed with the Original Filing with the following corrected version consistent with the equivalent risk factor in the Company’s Management’s Discussion and Analysis of Results of Operations and Financial Position for the year ended December 31, 2022, included as Exhibit 3 of our Annual Report on Form 40-F: • Evolving Counterparty Risk Profile: Conducting business with newer EV-focused OEMs continues to alter the risk profile of our business and poses incremental risks and challenges compared to our traditional customers, including as a result of: their relatively short operating histories; limited financial, liquidity/capital or other resources; less mature product development and validation processes; uncertain market acceptance of their products/services; and untested business models. These factors may elevate our counterparty risks in dealing with such OEMs, particularly with respect to recovery of: pre-production (including tooling, engineering, and launch) and production receivables; inventory; fixed assets and capitalized pre-production expenditures; as well as other third party obligations related to such items. As at December 31, 2022, our balance sheet exposure related to these factors was approximately $400 million, the majority of which related to Fisker. In some cases, we may hold a minority equity position in such companies which involves a high degree of risk, including those discussed above under “Investments in Mobility and Technology Companies”. The inability of newer EV-focused OEMs to achieve commercial success, or the bankruptcy or insolvency of any such OEM with which we conduct business, could result in us incurring material cash and impairment charges, which could have a material adverse effect on our financial condition. Except as described above, no other changes have been made to the Original Filing. The Original Filing continues to speak as of the date of the Original Filing, and the Company has not updated the disclosures contained therein to reflect any events that occurred at a date subsequent to the filing of the Original Filing other than as expressly indicated in this Amendment No. 1. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and the Company’s other SEC filings.
Business Contact [Member] |
Document Information [Line Items] |
Contact Personnel Name | Corporation Service Company
Entity Address, Address Line One | 19 West 44th Street
Entity Address, Address Line Two | Suite 200
Entity Address, State or Province | NY
Entity Address, City or Town | New York
Entity Address, Postal Zip Code | 10036
City Area Code | 212
Local Phone Number | 299-5600

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