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v3.24.1

Segmented Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segmented Information |
24. | SEGMENTED INFORMATION
[a] | Magna is a mobility technology company and a global supplier in the automotive space. Magna has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting 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. During 2023, the Company revised its calculation of Adjusted EBIT to exclude the amortization of acquired intangible assets. The Company believes that excluding the amortization of acquired intangible assets from Adjusted EBIT helps management and investors in understanding its underlying performance and improves comparability between its segmented results of operations and its peers. Adjusted EBIT is calculated by taking Net income and adding back Amortization of acquired intangible assets, Income taxes, Interest expense, net and Other (income) expense, net. The Adjusted EBIT presented in the tables below, including for the prior period, have been updated to reflect the revised calculation. The accounting policies of each segment are the same as those set out under “Significant Accounting Policies” [note 2] . All intersegment sales and transfers are accounted for at fair market value.
[b] | 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:
|  | 2023 |
|  | Total sales |  |  | External sales |  |  | Adjusted EBIT |  |  | Depreciation |  |  | Equity loss (income) |
Body Exteriors & Structures |  | $ | 17,511 |  |  | $ | 17,199 |  |  | $ | 1,304 |  |  | $ | 716 |  |  | $ | 4 |
Power & Vision |  |  | 14,305 |  |  |  | 14,052 |  |  |  | 668 |  |  |  | 510 |  |  |  | (107 | )
Seating Systems |  |  | 6,047 |  |  |  | 6,027 |  |  |  | 218 |  |  |  | 89 |  |  |  | (3 | )
Complete Vehicles |  |  | 5,538 |  |  |  | 5,502 |  |  |  | 124 |  |  |  | 100 |  |  |  | (8 | )
Corporate & Other [i] |  |  | (604 | ) |  |  | 17 |  |  |  | (76 | ) |  |  | 21 |  |  |  | 2 |
Total Reportable Segments |  | $ | 42,797 |  |  | $ | 42,797 |  |  | $ | 2,238 |  |  | $ | 1,436 |  |  | $ | (112 | )
|  | 2022 |
|  | Total sales |  |  | External sales |  |  | Adjusted EBIT |  |  | Depreciation |  |  | Equity loss (income) |
Body Exteriors & Structures |  | $ | 16,004 |  |  | $ | 15,763 |  |  | $ | 852 |  |  | $ | 697 |  |  | $ | 10 |
Power & Vision |  |  | 11,861 |  |  |  | 11,636 |  |  |  | 502 |  |  |  | 473 |  |  |  | (77 | )
Seating Systems |  |  | 5,269 |  |  |  | 5,252 |  |  |  | 104 |  |  |  | 79 |  |  |  | (15 | )
Complete Vehicles |  |  | 5,221 |  |  |  | 5,180 |  |  |  | 235 |  |  |  | 107 |  |  |  | (10 | )
Corporate & Other [i] |  |  | (515 | ) |  |  | 9 |  |  |  | 15 |  |  |  | 17 |  |  |  | 3 |
Total Reportable Segments |  | $ | 37,840 |  |  | $ | 37,840 |  |  | $ | 1,708 |  |  | $ | 1,373 |  |  | $ | (89 | )
|  | 2023 |
|  | Net assets |  |  | Investments |  |  | Goodwill |  |  | Fixed assets, net |  |  | Fixed asset additions |
Body Exteriors & Structures |  | $ | 8,147 |  |  | $ | 2 |  |  | $ | 452 |  |  | $ | 5,569 |  |  | $ | 1,638 |
Power & Vision |  |  | 7,880 |  |  |  | 696 |  |  |  | 1,929 |  |  |  | 2,991 |  |  |  | 664 |
Seating Systems |  |  | 1,340 |  |  |  | 172 |  |  |  | 257 |  |  |  | 506 |  |  |  | 108 |
Complete Vehicles |  |  | 574 |  |  |  | 100 |  |  |  | 109 |  |  |  | 453 |  |  |  | 65 |
Corporate & Other |  |  | 1,066 |  |  |  | 303 |  |  |  | 20 |  |  |  | 100 |  |  |  | 25 |
Total Reportable Segments |  | $ | 19,007 |  |  | $ | 1,273 |  |  | $ | 2,767 |  |  | $ | 9,619 |  |  | $ | 2,500 |
|  | 2022 |
|  | Net assets |  |  | Investments |  |  | Goodwill |  |  | Fixed assets, net |  |  | Fixed asset additions |
Body Exteriors & Structures |  | $ | 7,168 |  |  | $ | 6 |  |  | $ | 448 |  |  | $ | 4,557 |  |  | $ | 928 |
Power & Vision |  |  | 6,104 |  |  |  | 728 |  |  |  | 1,198 |  |  |  | 2,569 |  |  |  | 544 |
Seating Systems |  |  | 1,377 |  |  |  | 143 |  |  |  | 260 |  |  |  | 486 |  |  |  | 101 |
Complete Vehicles |  |  | 632 |  |  |  | 95 |  |  |  | 105 |  |  |  | 471 |  |  |  | 94 |
Corporate & Other |  |  | 802 |  |  |  | 457 |  |  |  | 20 |  |  |  | 90 |  |  |  | 14 |
Total Reportable Segments |  | $ | 16,083 |  |  | $ | 1,429 |  |  | $ | 2,031 |  |  | $ | 8,173 |  |  | $ | 1,681 |
[i] | Included in Corporate and Other Adjusted EBIT are intercompany fees charged to the automotive segments.
[c] | The following table reconciles Net income from operations to Adjusted EBIT:
|  | 2023 |  |  | 2022 |
Net Income |  | $ | 1,286 |  |  | $ | 641 |
Add: |  |  |  |  |  |  |  |
Amortization of acquired intangible assets |  |  | 88 |  |  |  | 46 |
Interest expense, net |  |  | 156 |  |  |  | 81 |
Other expense, net |  |  | 388 |  |  |  | 703 |
Income taxes |  |  | 320 |  |  |  | 237 |
Adjusted EBIT |  | $ | 2,238 |  |  | $ | 1,708 |
[d] | The following table reconciles Total Assets to Net Assets:
|  | 2023 |  |  | 2022 |
Total Assets |  | $ | 32,255 |  |  | $ | 27,789 |
Deduct assets not included in segment net assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | (1,198 | ) |  |  | (1,234 | )
Deferred tax assets |  |  | (621 | ) |  |  | (491 | )
Long-term receivables from joint venture partners |  |  | (49 | ) |  |  | (14 | )
Deduct liabilities included in segment net assets: |  |  |  |  |  |  |  |
Accounts payable |  |  | (7,842 | ) |  |  | (6,999 | )
Accrued salaries and wages |  |  | (912 | ) |  |  | (850 | )
Other accrued liabilities |  |  | (2,626 | ) |  |  | (2,118 | )
Segment Net Assets |  | $ | 19,007 |  |  | $ | 16,083 |
[e] | The following table aggregates external revenues by customer as follows:
|  | 2023 |  |  | 2022 |
General Motors |  | $ | 6,162 |  |  | $ | 5,903 |
Daimler AG |  |  | 5,785 |  |  |  | 4,953 |
BMW |  |  | 5,334 |  |  |  | 5,243 |
Ford Motor Company |  |  | 5,317 |  |  |  | 4,904 |
Stellantis |  |  | 5,246 |  |  |  | 5,013 |
Volkswagen |  |  | 4,684 |  |  |  | 3,872 |
Other |  |  | 10,269 |  |  |  | 7,952 |
|  | $ | 42,797 |  |  | $ | 37,840 |
[f] | The following table summarizes external revenues and long-lived assets by geographic region:
|  | External Sales |  |  | Fixed Assets, Net |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 10,855 |  |  | $ | 9,648 |  |  | $ | 2,297 |  |  | $ | 1,860 |
Mexico |  |  | 4,958 |  |  |  | 4,393 |  |  |  | 1,509 |  |  |  | 1,260 |
Canada |  |  | 4,909 |  |  |  | 4,870 |  |  |  | 1,211 |  |  |  | 921 |
|  |  | 20,722 |  |  |  | 18,911 |  |  |  | 5,017 |  |  |  | 4,041 |
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Austria |  |  | 6,926 |  |  |  | 6,617 |  |  |  | 787 |  |  |  | 737 |
Germany |  |  | 4,403 |  |  |  | 3,800 |  |  |  | 831 |  |  |  | 832 |
Czech Republic |  |  | 1,330 |  |  |  | 1,024 |  |  |  | 342 |  |  |  | 307 |
Poland |  |  | 798 |  |  |  | 695 |  |  |  | 238 |  |  |  | 224 |
Italy |  |  | 464 |  |  |  | 357 |  |  |  | 240 |  |  |  | 223 |
United Kingdom |  |  | 442 |  |  |  | 343 |  |  |  | 162 |  |  |  | 163 |
Spain |  |  | 390 |  |  |  | 351 |  |  |  | 81 |  |  |  | 75 |
France |  |  | 337 |  |  |  | 381 |  |  |  | 77 |  |  |  | 61 |
Turkey |  |  | 325 |  |  |  | 305 |  |  |  | 9 |  |  |  | 7 |
Sweden |  |  | 322 |  |  |  | — |  |  |  | 150 |  |  |  | — |
Slovakia |  |  | 273 |  |  |  | 206 |  |  |  | 329 |  |  |  | 299 |
Other Europe |  |  | 207 |  |  |  | 216 |  |  |  | 214 |  |  |  | 203 |
|  |  | 16,217 |  |  |  | 14,295 |  |  |  | 3,460 |  |  |  | 3,131 |
Asia Pacific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  |  | 4,843 |  |  |  | 3,901 |  |  |  | 958 |  |  |  | 852 |
India |  |  | 242 |  |  |  | 228 |  |  |  | 100 |  |  |  | 82 |
Other Asia Pacific |  |  | 231 |  |  |  | 38 |  |  |  | 12 |  |  |  | 6 |
|  |  | 5,316 |  |  |  | 4,167 |  |  |  | 1,070 |  |  |  | 940 |
Rest of World |  |  | 542 |  |  |  | 467 |  |  |  | 72 |  |  |  | 61 |
|  | $ | 42,797 |  |  | $ | 37,840 |  |  | $ | 9,619 |  |  | $ | 8,173 |

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