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Other Expense, Net
 12 Months Ended
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.