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Other Expense, Net | 12 Months Ended
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Dec. 31, 2023
Other Income and Expenses [Abstract] |
Other Expense, Net |
4. | OTHER EXPENSE, NET
Other expense, net consists of significant items such as: impairment charges; restructuring costs generally related to significant plant closures or consolidations; net losses (gains) on investments; gains or losses on disposal of facilities or businesses; and other items not reflective of on-going operating profit or loss. Other expense, net consists of:
|  | 2023 |  |  | 2022 |
Investments [a] |  | $ | 201 |  |  | $ | 221 |
Restructuring [b] |  |  | 148 |  |  |  | 22 |
Veoneer Active Safety Business transaction costs [c] |  |  | 23 |  |  |  | — |
Impairments and loss on sale of operations in Russia [d] |  |  | 16 |  |  |  | 376 |
Loss on sale of business [e] |  |  | — |  |  |  | 58 |
Impairments [f] |  |  | — |  |  |  | 26 |
Other expense, net |  | $ | 388 |  |  | $ | 703 |
[a] | Investments
|  | 2023 |  |  | 2022 |
Revaluation of public company warrants |  | $ | 110 |  |  | $ | 173 |
Non-cash impairment charges [i] |  |  | 90 |  |  |  | — |
Revaluation of public and private equity investments |  |  | 1 |  |  |  | 49 |
Net gain on sale of public equity investments |  |  | — |  |  |  | (1 | )
Other expense, net |  |  | 201 |  |  |  | 221 |
Tax effect |  |  | (28 | ) |  |  | (53 | )
Net loss attributable to Magna |  | $ | 173 |  |  | $ | 168 |
| [i] | The non-cash impairment charges relate to impairments of private equity investments and related long-term receivables within Other assets.
[b] | Restructuring
For the year ended December 31, 2023, the Company recorded restructuring charges of $117 million [$97 million after tax] in its Power & Vision segment, and $31 million [$27 million after tax] in its Body Exteriors & Structures segment, respectively. For the year ended December 31, 2022, the Company recorded restructuring charges of $22 million [$22 million after tax] for its Power & Vision segment.
[c] | Veoneer Active Safety Business transaction costs
During 2023, the Company incurred $ 23 million [$22 million after tax] of transaction costs related to the acquisition of the Veoneer Active Safety Business [“Veoneer AS”]. Refer to Note 7, “Business Combinations”, in these consolidated financial statements.
[d] | Impairments and loss on sale of operations in Russia
During 2023, the Company completed the sale of all of its investments in Russia which resulted in a loss of $16 million [$16 million after tax] including a net cash outflow of $23 million. During 2022, the Company recorded a $376 million [$361 million after tax] impairment charge related to its investment in Russia as a result of the expected lack of future cashflows and the uncertainties connected with the Russian economy. This included net asset impairments of $173 million and a $203 million reserve against the related foreign currency translation losses that were included in accumulated other comprehensive loss. The net asset impairments consisted of $163 million and $10 million in our Body Exteriors & Structures and Seating Systems segments, respectively.
[e] | Loss on sale of business
During the fourth quarter of 2022, the Company entered into an agreement to sell a European Power & Vision operation. Under the terms of the arrangement, the Company was contractually obligated to provide the buyer with up to $42 million of funding, resulting in a loss of $58 million [$57 million after tax]. During the first quarter of 2023, the Company completed the sale of this operation which resulted in a net cash outflow of $25 million.
[f] | Impairments
During 2022, the Company recorded impairment charges of $22 million [$21 million after tax] in its Body Exteriors & Structures segment and $4 million [$3 million after tax] in its Power & Vision segment, respectively.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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