false FY 0000749098 true ON NY The non-cash impairment charges relate to impairments of private equity investments and related long-term receivables within Other assets.Included in Corporate and Other Adjusted EBIT are intercompany fees charged to the automotive segments.Excludes $143 million of future payments for leases, primarily for manufacturing facilities, commencing during 2024.In October 2020, the Company signed agreements with Fisker Inc. [“Fisker”] for the platform sharing, engineering and manufacturing of the Fisker Ocean SUV. In connection with the arrangement, Fisker issued approximately 19.5 million penny warrants to the Company to purchase common stock, which vested during 2021 and 2022 based on specified milestones for a total value of $320 million. The initial value attributable to the warrants was deferred within other accrued liabilities and other long-term liabilities and is being recognized in income as performance obligations are satisfied.The Company accounts for its investments under the equity method of accounting as a result of significant participating rights that prevent control.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 the most significant to the VIE, and is therefore not the primary beneficiary. The Company’s known maximum exposure to loss approximated the carrying value of its investment balance as at December 31, 2023.The ownership percentages and carrying values of the Company’s principal equity method investments at December 31 were as follows [in millions, except percentages]Options to purchase Common Shares are exercisable by the holder in accordance with the vesting provisions and upon payment of the exercise price as may be determined from time to time pursuant to the Company’s stock option plans. 0000749098 2023-01-01 2023-12-31 0000749098 2022-01-01 2022-12-31 0000749098 2023-12-31 0000749098 2022-12-31 0000749098 2024-02-12 0000749098 2024-02-12 2024-02-12 0000749098 2023-05-26 2023-05-26 0000749098 2023-01-01 2023-03-31 0000749098 2021-12-31 0000749098 mga:InvestmentPennyWarrantsMember mga:VestedDuringTwoThousandAndTwentyOneAndTwoTwoThousandAndTwentyTwoMember mga:FiskerIncMember 2020-10-01 2020-10-31 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember mga:AmendedSyndicatedRevolvingCreditFacilityMember 2023-05-26 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember mga:AmendedSyndicatedRevolvingCreditFacilityMember 2023-05-26 2023-05-26 0000749098 mga:SixHundredMillionDollarFiveYearTrancheMember 2023-04-01 2023-06-30 0000749098 mga:EightHundredMillionDollarThreeYearTrancheMember 2023-04-01 2023-06-30 0000749098 us-gaap:RevolvingCreditFacilityMember mga:OldExpiryDateMember 2023-04-27 2023-04-27 0000749098 us-gaap:RevolvingCreditFacilityMember mga:NewExpiryDateMember 2023-04-27 2023-04-27 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2023-04-27 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember mga:AsianTrancheMember 2023-04-27 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember mga:MexicanTrancheMember 2023-04-27 0000749098 mga:MagnaYumaMember 2022-09-11 0000749098 mga:EightHundredMillionDollarThreeYearTrancheMember 2023-03-06 0000749098 mga:SixHundredMillionDollarFiveYearTrancheMember 2023-03-06 0000749098 mga:MagnaYumaMember 2022-09-11 2022-09-11 0000749098 mga:MagnaYumaMember mga:YuluMobilityMember 2022-09-11 2022-09-11 0000749098 mga:VeoneersActiveSafetyBusinessMember 2023-06-01 2023-06-01 0000749098 mga:FourPointThreeSevenFiveSeniorNotesMember 2023-01-01 2023-03-31 0000749098 mga:FivePointNineEightZeroSeniorNotesMember 2023-01-01 2023-03-31 0000749098 mga:FivePointFiveZeroZeroSeniorNotesMember 2023-01-01 2023-03-31 0000749098 mga:FourPointNineFiveZeroSeniorNotesMember 2023-01-01 2023-03-31 0000749098 mga:VeoneersActiveSafetyBusinessMember 2023-06-01 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:FixedIncomeSecuritiesMember srt:MinimumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:CashAndCashEquivalentsMember srt:MaximumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:CashAndCashEquivalentsMember srt:MinimumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:EquitySecuritiesMember srt:MaximumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:EquitySecuritiesMember srt:MinimumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:FixedIncomeSecuritiesMember srt:MaximumMember us-gaap:PensionPlansDefinedBenefitMember 2024-12-31 0000749098 us-gaap:ConvertibleCommonStockMember us-gaap:SubsequentEventMember 2024-02-22 0000749098 mga:InvestmentPennyWarrantsMember mga:FiskerIncMember 2020-10-31 0000749098 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember mga:EuropeanPowerandVisionOperationMember 2022-10-01 2022-12-31 0000749098 mga:HubeiAviationPrecisionMachineryCompanyLimitedMember 2023-12-31 0000749098 mga:LitensAutomotivePartnershipMember 2023-12-31 0000749098 mga:LgMagnaEPowertrainColtdMember 2023-12-31 0000749098 mga:BaicBlueparkMagnaAutomobileCoLtdMember 2023-12-31 0000749098 mga:TwoPointFourFiveZeroSeniorNotesMember 2023-12-31 0000749098 mga:BankTermDebtMember 2023-12-31 0000749098 mga:FivePointFiveZeroZeroSeniorNotesMember 2023-12-31 0000749098 mga:FourPointThreeSevenFiveSeniorNotesMember 2023-12-31 0000749098 mga:FourPointNineFiveZeroSeniorNotesMember 2023-12-31 0000749098 mga:FivePointNineEightZeroSeniorNotesMember 2023-12-31 0000749098 mga:GovernmentLoansMember 2023-12-31 0000749098 mga:OtherLongTermDebtMember 2023-12-31 0000749098 mga:OnePointFiveZeroZeroSeniorNotesMember 2023-12-31 0000749098 mga:OnePointNineZeroZeroSeniorNotesMember 2023-12-31 0000749098 mga:ThreePointSixTwoFiveSeniorNotesMember 2023-12-31 0000749098 mga:FourPointOneFiveZeroSeniorNotesMember 2023-12-31 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2023-12-31 0000749098 mga:RetirementMedicalBenefitsPlansMember 2023-12-31 0000749098 mga:TerminationAndLongServiceArrangementsMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:DE 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SK 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:TR 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:IN 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:ES 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:IT 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember mga:OtherEuropeMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:PL 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:CZ 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:GB 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:AT 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:FR 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:CN 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember mga:OtherAsiaPacificMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:US 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:CA 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:MX 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:RestOfTheWorldMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SE 2023-12-31 0000749098 mga:USCommercialPaperNotesMember 2023-12-31 0000749098 mga:EuroCommercialPaperNotesMember 2023-12-31 0000749098 us-gaap:EquityMethodInvesteeMember 2023-12-31 0000749098 srt:MinimumMember 2023-12-31 0000749098 srt:MaximumMember 2023-12-31 0000749098 us-gaap:LandMember 2023-12-31 0000749098 us-gaap:BuildingMember 2023-12-31 0000749098 us-gaap:MachineryAndEquipmentMember 2023-12-31 0000749098 us-gaap:FixedIncomeSecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2023-12-31 0000749098 us-gaap:EquitySecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2023-12-31 0000749098 us-gaap:CashAndCashEquivalentsMember us-gaap:PensionPlansDefinedBenefitMember 2023-12-31 0000749098 us-gaap:CustomerRelationshipsMember 2023-12-31 0000749098 mga:ComputerSoftwareAndOtherLicensesMember 2023-12-31 0000749098 mga:PatentsAndTechnologyMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:SeatingSystemsMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:PowerAndVisionMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:BodyExteriorsAndStructuresMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:CompleteVehiclesMember 2023-12-31 0000749098 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorNotesMember 2023-12-31 0000749098 us-gaap:CorporateJointVentureMember 2023-12-31 0000749098 us-gaap:OtherAssetsMember us-gaap:ForeignExchangeContractMember 2023-12-31 0000749098 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember 2023-12-31 0000749098 mga:OtherAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember 2023-12-31 0000749098 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:ForeignExchangeContractMember 2023-12-31 0000749098 us-gaap:UseRightsMember 2023-12-31 0000749098 us-gaap:ManufacturingFacilityMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:EUR us-gaap:LongMember 2023-12-31 0000749098 mga:CzechKorunaMember 2023-12-31 0000749098 currency:USD 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:EUR us-gaap:LongMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:USD us-gaap:LongMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:CAD us-gaap:LongMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember mga:CzechKorunaMember us-gaap:LongMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:USD us-gaap:LongMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:CAD us-gaap:LongMember 2023-12-31 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2023-12-31 0000749098 us-gaap:ForeignExchangeContractMember 2023-12-31 0000749098 us-gaap:RevolvingCreditFacilityMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTwleveMember currency:CAD 2023-12-31 0000749098 currency:EUR 2023-12-31 0000749098 currency:CAD 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:EUR us-gaap:ShortMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:CAD us-gaap:ShortMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:EUR us-gaap:ShortMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:USD us-gaap:ShortMember 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:CAD us-gaap:ShortMember 2023-12-31 0000749098 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember mga:NewerElectricVehicleFocusedCustomersMember 2023-12-31 0000749098 mga:TwoPointFourFiveZeroSeniorNotesMember 2022-12-31 0000749098 mga:BankTermDebtMember 2022-12-31 0000749098 mga:FivePointFiveZeroZeroSeniorNotesMember 2022-12-31 0000749098 mga:FourPointThreeSevenFiveSeniorNotesMember 2022-12-31 0000749098 mga:FourPointNineFiveZeroSeniorNotesMember 2022-12-31 0000749098 mga:FivePointNineEightZeroSeniorNotesMember 2022-12-31 0000749098 mga:GovernmentLoansMember 2022-12-31 0000749098 mga:OtherLongTermDebtMember 2022-12-31 0000749098 mga:OnePointFiveZeroZeroSeniorNotesMember 2022-12-31 0000749098 mga:OnePointNineZeroZeroSeniorNotesMember 2022-12-31 0000749098 mga:ThreePointSixTwoFiveSeniorNotesMember 2022-12-31 0000749098 mga:FourPointOneFiveZeroSeniorNotesMember 2022-12-31 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2022-12-31 0000749098 mga:TerminationAndLongServiceArrangementsMember 2022-12-31 0000749098 mga:RetirementMedicalBenefitsPlansMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:DE 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SK 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:TR 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:IN 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:ES 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:IT 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember mga:OtherEuropeMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:PL 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:CZ 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:GB 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:AT 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:FR 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:CN 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember mga:OtherAsiaPacificMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:US 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:CA 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:MX 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:RestOfTheWorldMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SE 2022-12-31 0000749098 mga:BaicBlueparkMagnaAutomobileCoLtdMember 2022-12-31 0000749098 mga:LitensAutomotivePartnershipMember 2022-12-31 0000749098 mga:LgMagnaEPowertrainColtdMember 2022-12-31 0000749098 mga:HubeiAviationPrecisionMachineryCompanyLimitedMember 2022-12-31 0000749098 us-gaap:EquityMethodInvesteeMember 2022-12-31 0000749098 mga:EuroCommercialPaperNotesMember 2022-12-31 0000749098 mga:USCommercialPaperNotesMember 2022-12-31 0000749098 us-gaap:LandMember 2022-12-31 0000749098 us-gaap:BuildingMember 2022-12-31 0000749098 us-gaap:MachineryAndEquipmentMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:SeatingSystemsMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:CompleteVehiclesMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:BodyExteriorsAndStructuresMember 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:PowerAndVisionMember 2022-12-31 0000749098 mga:PatentsAndTechnologyMember 2022-12-31 0000749098 mga:ComputerSoftwareAndOtherLicensesMember 2022-12-31 0000749098 us-gaap:CustomerRelationshipsMember 2022-12-31 0000749098 us-gaap:CorporateJointVentureMember 2022-12-31 0000749098 us-gaap:OtherAssetsMember us-gaap:ForeignExchangeContractMember 2022-12-31 0000749098 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember 2022-12-31 0000749098 mga:OtherAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember 2022-12-31 0000749098 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:ForeignExchangeContractMember 2022-12-31 0000749098 mga:AmendmentTwoToSyndicatedRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0000749098 us-gaap:ForeignExchangeContractMember 2022-12-31 0000749098 us-gaap:RevolvingCreditFacilityMember 2022-12-31 0000749098 mga:SpecialPurposeEquipmentMember srt:MaximumMember 2023-01-01 2023-12-31 0000749098 mga:GeneralPurposeEquipmentMember srt:MaximumMember 2023-01-01 2023-12-31 0000749098 mga:SpecialPurposeEquipmentMember srt:MinimumMember 2023-01-01 2023-12-31 0000749098 mga:GeneralPurposeEquipmentMember srt:MinimumMember 2023-01-01 2023-12-31 0000749098 us-gaap:BuildingMember srt:MaximumMember 2023-01-01 2023-12-31 0000749098 us-gaap:BuildingMember srt:MinimumMember 2023-01-01 2023-12-31 0000749098 us-gaap:ForeignExchangeForwardMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:BodyExteriorsAndStructuresMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:PowerAndVisionMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:SeatingSystemsMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:CompleteVehiclesMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2023-01-01 2023-12-31 0000749098 mga:VolkswagenMember 2023-01-01 2023-12-31 0000749098 mga:FordMotorCompanyMember 2023-01-01 2023-12-31 0000749098 mga:BmwMember 2023-01-01 2023-12-31 0000749098 mga:GeneralMotorsMember 2023-01-01 2023-12-31 0000749098 mga:DaimlerAgMember 2023-01-01 2023-12-31 0000749098 mga:OtherCustomersMember 2023-01-01 2023-12-31 0000749098 mga:StellantisMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SE 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:CN 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:IN 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember mga:OtherAsiaPacificMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember mga:OtherEuropeMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SK 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:MX 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:RestOfTheWorldMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:DE 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:US 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:CA 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:FR 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:AT 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:GB 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:CZ 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:PL 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:TR 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:IT 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:ES 2023-01-01 2023-12-31 0000749098 mga:RetirementMedicalBenefitsPlansMember 2023-01-01 2023-12-31 0000749098 mga:TerminationAndLongServiceArrangementsMember 2023-01-01 2023-12-31 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-12-31 0000749098 mga:FourPointNineFiveZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:TwoPointFourFiveZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:OnePointFiveZeroZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:FivePointNineEightZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:FourPointOneFiveZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:ThreePointSixTwoFiveSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:OnePointNineZeroZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:FivePointFiveZeroZeroSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:FourPointThreeSevenFiveSeniorNotesMember 2023-01-01 2023-12-31 0000749098 mga:PowerAndVisionMember 2023-01-01 2023-12-31 0000749098 us-gaap:CorporateMember 2023-01-01 2023-12-31 0000749098 mga:CompleteVehiclesMember 2023-01-01 2023-12-31 0000749098 mga:SeatingSystemsMember 2023-01-01 2023-12-31 0000749098 mga:BodyExteriorsAndStructuresMember 2023-01-01 2023-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2023-01-01 2023-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2023-01-01 2023-12-31 0000749098 mga:PowerAndVisionSegmentMember 2023-01-01 2023-12-31 0000749098 mga:BodyExteriorsAndStructuresSegmentMember 2023-01-01 2023-12-31 0000749098 mga:TwoThousandTwentyOneBidMember 2023-01-01 2023-12-31 0000749098 mga:TwoThousandAndTwentyTwoBidMember 2023-01-01 2023-12-31 0000749098 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2023-01-01 2023-12-31 0000749098 mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2023-01-01 2023-12-31 0000749098 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-12-31 0000749098 us-gaap:EquityMethodInvesteeMember 2023-01-01 2023-12-31 0000749098 srt:MaximumMember 2023-01-01 2023-12-31 0000749098 srt:MinimumMember 2023-01-01 2023-12-31 0000749098 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember mga:SixLargestCompanyMember 2023-01-01 2023-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000749098 us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-31 0000749098 mga:ToolingAndEngineeringMember 2023-01-01 2023-12-31 0000749098 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0000749098 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000749098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:USD mga:MexicanPesoMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:CAD mga:UsDollarMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:CAD mga:UsDollarMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:USD mga:MexicanPesoMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodElevenMember currency:EUR mga:UsDollarMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:EUR mga:CzechKorunaMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTenMember currency:EUR mga:UsDollarMember 2023-01-01 2023-12-31 0000749098 mga:ForeignExchangeForwardContractsPeriodTwleveMember currency:CAD mga:UsDollarMember 2023-01-01 2023-12-31 0000749098 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0000749098 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000749098 us-gaap:ManufacturingFacilityMember 2023-01-01 2023-12-31 0000749098 dei:BusinessContactMember 2023-01-01 2023-12-31 0000749098 mga:PublicCompanyWarrantsMember 2023-01-01 2023-12-31 0000749098 mga:PublicAndPrivateEquityInvestmentsMember 2023-01-01 2023-12-31 0000749098 mga:PublicEquityInvestmentsMember 2023-01-01 2023-12-31 0000749098 country:RU 2023-01-01 2023-12-31 0000749098 mga:ProductRecallMember 2023-01-01 2023-12-31 0000749098 mga:VeoneerActiveSafetyBusinessMember 2023-01-01 2023-12-31 0000749098 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:CompleteVehiclesMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:SeatingSystemsMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:PowerAndVisionMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:BodyExteriorsAndStructuresMember 2022-01-01 2022-12-31 0000749098 mga:VolkswagenMember 2022-01-01 2022-12-31 0000749098 mga:FordMotorCompanyMember 2022-01-01 2022-12-31 0000749098 mga:DaimlerAgMember 2022-01-01 2022-12-31 0000749098 mga:GeneralMotorsMember 2022-01-01 2022-12-31 0000749098 mga:OtherCustomersMember 2022-01-01 2022-12-31 0000749098 mga:StellantisMember 2022-01-01 2022-12-31 0000749098 mga:BmwMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SE 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:CN 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember country:IN 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember mga:OtherAsiaPacificMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember mga:OtherEuropeMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:SK 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:MX 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember mga:RestOfTheWorldMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:DE 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:US 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember country:CA 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:FR 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:AT 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:GB 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:CZ 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:PL 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:TR 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:IT 2022-01-01 2022-12-31 0000749098 us-gaap:OperatingSegmentsMember srt:EuropeMember country:ES 2022-01-01 2022-12-31 0000749098 mga:RetirementMedicalBenefitsPlansMember 2022-01-01 2022-12-31 0000749098 mga:TerminationAndLongServiceArrangementsMember 2022-01-01 2022-12-31 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2022-01-01 2022-12-31 0000749098 mga:BodyExteriorsAndStructuresMember 2022-01-01 2022-12-31 0000749098 mga:PowerAndVisionMember 2022-01-01 2022-12-31 0000749098 mga:SeatingSystemsMember 2022-01-01 2022-12-31 0000749098 mga:CompleteVehiclesMember 2022-01-01 2022-12-31 0000749098 us-gaap:CorporateMember 2022-01-01 2022-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2022-01-01 2022-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2022-01-01 2022-12-31 0000749098 mga:TwoThousandTwentyOneBidMember 2022-01-01 2022-12-31 0000749098 mga:TwoThousandAndTwentyTwoBidMember 2022-01-01 2022-12-31 0000749098 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2022-01-01 2022-12-31 0000749098 mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2022-01-01 2022-12-31 0000749098 us-gaap:AccumulatedTranslationAdjustmentMember 2022-01-01 2022-12-31 0000749098 us-gaap:EquityMethodInvesteeMember 2022-01-01 2022-12-31 0000749098 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember mga:SixLargestCompanyMember 2022-01-01 2022-12-31 0000749098 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000749098 mga:ToolingAndEngineeringMember 2022-01-01 2022-12-31 0000749098 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000749098 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000749098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000749098 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000749098 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000749098 country:RU 2022-01-01 2022-12-31 0000749098 mga:PublicCompanyWarrantsMember 2022-01-01 2022-12-31 0000749098 mga:PublicAndPrivateEquityInvestmentsMember 2022-01-01 2022-12-31 0000749098 mga:PublicEquityInvestmentsMember 2022-01-01 2022-12-31 0000749098 mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2022-12-31 0000749098 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0000749098 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2022-12-31 0000749098 us-gaap:CorporateMember 2023-12-31 0000749098 mga:SeatingSystemsMember 2023-12-31 0000749098 mga:CompleteVehiclesMember 2023-12-31 0000749098 mga:BodyExteriorsAndStructuresMember 2023-12-31 0000749098 mga:PowerAndVisionMember 2023-12-31 0000749098 mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2023-12-31 0000749098 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2023-12-31 0000749098 us-gaap:NoncontrollingInterestMember 2023-12-31 0000749098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000749098 us-gaap:RetainedEarningsMember 2023-12-31 0000749098 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000749098 us-gaap:CommonStockMember 2023-12-31 0000749098 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000749098 us-gaap:CorporateMember 2021-12-31 0000749098 mga:BodyExteriorsAndStructuresMember 2021-12-31 0000749098 mga:PowerAndVisionMember 2021-12-31 0000749098 mga:SeatingSystemsMember 2021-12-31 0000749098 mga:CompleteVehiclesMember 2021-12-31 0000749098 us-gaap:PensionPlansDefinedBenefitMember 2021-12-31 0000749098 mga:TerminationAndLongServiceArrangementsMember 2021-12-31 0000749098 mga:RetirementMedicalBenefitsPlansMember 2021-12-31 0000749098 mga:AccumulatedNetUnrealizedLossOnOtherLongTermLiabilitiesMember 2021-12-31 0000749098 us-gaap:AccumulatedTranslationAdjustmentMember 2021-12-31 0000749098 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2021-12-31 0000749098 us-gaap:NoncontrollingInterestMember 2021-12-31 0000749098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000749098 us-gaap:RetainedEarningsMember 2021-12-31 0000749098 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000749098 us-gaap:CommonStockMember 2021-12-31 0000749098 us-gaap:CorporateMember 2022-12-31 0000749098 mga:BodyExteriorsAndStructuresMember 2022-12-31 0000749098 mga:PowerAndVisionMember 2022-12-31 0000749098 mga:SeatingSystemsMember 2022-12-31 0000749098 mga:CompleteVehiclesMember 2022-12-31 0000749098 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000749098 us-gaap:CommonStockMember 2022-12-31 0000749098 us-gaap:NoncontrollingInterestMember 2022-12-31 0000749098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000749098 us-gaap:RetainedEarningsMember 2022-12-31 iso4217:USD xbrli:shares xbrli:pure iso4217:EUR iso4217:CAD utr:Year utr:Day iso4217:CZK iso4217:MXN utr:Month iso4217:USD xbrli:shares mga:Segment mga:Vote mga:Customer
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM
40-F

☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ | ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023 |  | Commission File Number 001-11444

Magna International Inc.
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English (if applicable)
Province of Ontario, Canada
(Province of other jurisdiction of incorporation or organization)
3714
(Primary Standard Industrial Classification Code number (if applicable)
Not Applicable
(I.R.S. Employer Identification Number (if applicable)
337 Magna Drive, Aurora,
Ontario
, Canada L4G 7K1
(905) 726-2462
(Address and telephone number of Registrant’s principal executive offices)
Corporation Service Company, 19 West 44th Street, Suite 200, New York,
NY
10036
Telephone
212-299-5600
(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class |  | Name of each exchange on which registered
Common Shares |  | New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act. None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None
For annual reports, indicate by check mark the information filed with this Form:

☒ Annual Information Form |  | ☒ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
286,554,574
Common Shares
.
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.Y
es
☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
☒ No ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
12b-2
of the Exchange Act.
Emerging Growth C
ompan
y
☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial stateme
nt
s
.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of the incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ☐

Auditor Name: Deloitte LLP |  | Auditor Location: Toronto, Canada |  | Auditor Firm ID: 1208

1. | ANNUAL INFORMATION FORM

The Registrant’s Annual Information Form for the year ended December 31, 2023 is attached as Exhibit 1 (the “Annual Information Form”) to this annual report on Form 40-F and is incorporated by reference herein.

2. | AUDITED ANNUAL FINANCIAL STATEMENTS

The Registrant’s consolidated audited financial statements as at and for the fiscal years ended December 31, 2023 and December 31, 2022, including the reports of independent registered public accounting firm, prepared by Deloitte LLP (“Deloitte”) with respect thereto, are included in Exhibit 2 attached to this annual report on Form 40-F and are incorporated by reference herein.

3. | MANAGEMENT’S DISCUSSION AND ANALYSIS

The Registrant’s Management’s Discussion and Analysis of Operations and Financial Position for the year ended December 31, 2023 is included in Exhibit 3 attached to this annual report on Form 40-F and is incorporated by reference herein.

4. | WEBSITE INFORMATION

Notwithstanding any reference to the Registrant’s website on the World Wide Web in the Annual Information Form or in the documents attached or incorporated as exhibits hereto, the information contained in the Registrant’s website, or any other site on the World Wide Web referred to in the Registrant’s website, is not a part of this annual report on Form 40-F and, therefore, is not filed with the Commission.

5. | FORWARD-LOOKING STATEMENTS

The Registrant has made in the documents filed as part of this annual report on Form 40-F, and from time to time may otherwise make “forward-looking statements”, within the meaning of Section 21E under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the U.S. Securities Act of 1933, and related assumptions concerning its operations, economic performance and financial matters. Actual results or events could differ materially from those set forth in, or implied by, the forward-looking statements and the related assumptions due to a variety of factors. Reference is made to the section titled “Forward-Looking Statements” on page 2 of the Annual Information Form for a discussion of such factors.

6. | CONTROLS AND PROCEDURES

The Registrant’s Chief Executive Officer and its Executive Vice-President and Chief Financial Officer are responsible for establishing and maintaining the Registrant’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) and internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

Disclosure Controls and Procedures

The disclosure provided under the heading Controls and Procedures – Disclosure Controls and Procedures included in Exhibit 3: Management’s Discussion and Analysis is incorporated by reference herein.

Internal Control Over Financial Reporting

The disclosure provided under the heading Controls and Procedures – Management’s Annual Report on Internal Control Over Financial Reporting included in Exhibit 3: Management’s Discussion and Analysis is incorporated by reference herein.

Changes in Internal Controls Over Financial Reporting

The disclosure provided under the heading Controls and Procedures – Changes in Internal Controls Over Financial Reporting included in Exhibit 3: Management’s Discussion and Analysis is incorporated by reference herein.

7. | AUDIT COMMITTEE MEMBERS AND AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant has a separately designated standing audit committee of its Board of Directors (the “Audit Committee”), which is currently comprised of the following members of the Registrant’s Board of Directors: Peter G. Bowie (Chair), Jan R. Hauser, Jay K. Kunkel and Mary Lou Maher.

The Registrant’s Board of Directors has determined that each of Mr. Bowie, Ms. Hauser, Mr. Kunkel and Ms. Maher, is an “audit committee financial expert” and that each member of the Audit Committee is “independent” and “financially literate”, as such terms are defined in the listing standards of the New York Stock Exchange and Exchange Act Rule 10A-3.

8. | CODE OF ETHICS

The Registrant has adopted a code of ethics that applies to all of its employees, including its Chief Executive Officer, its Chief Financial Officer, its Controller and other persons performing similar functions. The full text of such code of ethics is available on the Registrant’s website at www.magna.com under the Leadership & Governance section.

9. | CORPORATE GOVERNANCE

As a “foreign private issuer” listed on The New York Stock Exchange (the “NYSE”), the Registrant is required to disclose the significant ways in which its corporate governance practices differ from those to be followed by U.S. domestic issuers under the NYSE listing standards. There is only one significant difference between the Registrant’s corporate governance practices and those required of U.S. domestic companies under NYSE listing standards. NYSE listing standards require shareholder approval of all “equity compensation plans” and material revisions to these types of plans (with limited exceptions). The rules of the Toronto Stock Exchange (the “TSX”) require shareholder approval of “security-based compensation arrangements,” which are plans that involve newly issued shares, or specified amendments to such plans. The Registrant follows the TSX rules and has previously obtained shareholder approval for the following security-based compensation arrangements:

| • |  | Treasury PSU Plan approved by shareholders on May 3, 2022; and

| • |  | Amended and Restated 2009 Stock Option Plan approved by shareholders on May 6, 2010.

The Registrant also has two equity compensation arrangements which involve the purchase of its common shares in the secondary trading market at market prices:

| • |  | Performance Stock Unit Plan approved by the Registrant’s Board of Directors on August 7, 2018; and

| • |  | Restricted Stock Unit arrangements.

The rules of the TSX do not require shareholder approval for these equity compensation arrangements and accordingly the Registrant has not sought shareholder approval of either.

10. | PRINCIPAL ACCOUNTANT FEES AND SERVICES

The table below shows the fees for professional services rendered by our principal accountant, Deloitte, for the fiscal years ended December 31, 2023 and December 31, 2022.

|  | Fiscal 2023 |  |  | Fiscal 2022 |
Type of Services |  | Fees |  |  | % of Total |  |  | Fees |  |  | % of Total |
Audit Fees |  |  | 10,199,000 |  |  |  | 52% |  |  |  | 9,773,000 |  |  |  | 57% |
Audit-Related Fees |  |  | 8,198,000 |  |  |  | 42% |  |  |  | 6,589,000 |  |  |  | 39% |
Tax Fees |  |  | 1,069,000 |  |  |  | 6% |  |  |  | 685,000 |  |  |  | 4% |
All Other Fees |  |  | 7,000 |  |  |  | <1% |  |  |  | 48,000 |  |  |  | <1% |
Total |  |  | 19,473,000 |  |  |  | 100.00% |  |  |  | 17,095,000 |  |  |  | 100.00% |

The services comprising the “Audit Fees” category for each of the last two fiscal years were performed by Deloitte to comply with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), including integrated audit of the consolidated financial statements and quarterly reviews. In some cases, fees in this category may include an appropriate allocation of fees for tax services or accounting consultations, to the extent such services were necessary to comply with the standards of the PCAOB. This category includes fees incurred in connection with the audit of our internal control over financial reporting for purposes of Section 404 of the Sarbanes-Oxley Act of 2002.

The services comprising the “Audit-Related Fees” category consists of fees paid in respect of assurance and related services, including such things as due diligence relating to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, services related to statutory audits of certain foreign subsidiaries, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards. Audit-related services actually provided by Deloitte in each of fiscal 2023 and fiscal 2022 consisted of: services related to statutory audits of certain foreign subsidiaries, assurance services and procedures related to attest engagements not required by statute or regulation, due diligence relating to mergers and acquisitions and other assurance services.

The services comprising the “Tax Fees” category consists of all fees paid in respect of tax compliance, planning and advisory services performed by Deloitte’s tax professionals, except those services required in order to comply with the standards of the PCAOB which are included under “Audit Services”. The tax services actually provided by Deloitte in each of fiscal 2023 and fiscal 2022 consisted of: domestic and international tax advisory, compliance and research services, as well as transfer pricing advisory services.

The category “All Other Fees” captures fees in respect of all permitted services not falling under any of the previous categories.

In order to protect Deloitte’s independence, the Audit Committee has a process for pre-approving all services provided by, and related fees to be paid to, Deloitte. This process includes reviewing, on a quarterly basis, the details and associated costs of the services expected to be provided by Deloitte. Audit Committee approval is required for any services that have not previously been approved by the Audit Committee. In assessing the impact of any proposed services on auditor independence, the Audit Committee considers whether:

| • |  | the services are consistent with applicable auditor independence rules;

| • |  | the independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Registrant’s business, people, culture, accounting systems and risk profile; and

| • |  | the services enhance the Registrant’s ability to manage or control risks and improve audit quality.

None of the services provided by Deloitte in 2023 were treated as exempt from pre-approval pursuant to the de minimis provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

11. | TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The tabular disclosure regarding the Registrant’s known contractual obligations provided under the heading Financial Condition, Liquidity and Capital Resources – Contractual Obligations included in Exhibit 3: Management’s Discussion and Analysis is incorporated by reference herein.

12. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

The Registrant has adopted a policy on recovery of erroneously awarded incentive-based compensation, which is consistent with the NYSE Listing Standards implementing Section 954 of the Dodd-Frank Act.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A. | Undertaking

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

B. | Consent to Service of Process

A Form F-X signed by the Registrant and its agent for service of process was previously filed with the Commission.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: |  | MAGNA INTERNATIONAL INC.
By (Signature and Title): |  | /s/ “Bassem Shakeel”
|  | Bassem A. Shakeel,
|  | Vice-President, Associate General Counsel and Corporate Secretary
Date: |  | March 28, 2024.

EXHIBIT INDEX

Exhibit 1 |  | Annual Information Form of the Registrant dated March 27, 2024.
Exhibit 2 |  | Registrant’s audited financial statements as at and for the two-year period ended December 31, 2023.
Exhibit 3 |  | Registrant’s Management’s Discussion and Analysis of Results of Operations and Financial Position for the year ended December 31, 2023.
Exhibit 4 |  | Consent of Deloitte LLP.
Exhibit 97 |  | Registrant’s Policy on Recovery of Erroneously Awarded Incentive-Based Compensation
Exhibit 99.1 |  | Certificate of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (S. Kotagiri).
Exhibit 99.2 |  | Certificate of Principal Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (P. McCann).
Exhibit 99.3 |  | Certificate of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (S. Kotagiri).
Exhibit 99.4 |  | Certificate of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (P. McCann).
Exhibit 101 |  | Interactive Data File.
Exhibit 104 |  | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.