XML 39 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
LEASES | Note 14:- LEASES The Company leases substantially all of its office space and vehicles under operating leases. The Company’s leases have original lease periods expiring between 2024 and 2034. Some leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. Lease payments included in the measurement of the lease liability comprise the following: the fixed non-cancellable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. In July 2020, the Company entered into a lease agreement for new corporate offices for the Company in Or Yehuda, Israel. The lease expires in June 2033, with an option by the Company to extend for an additional 10-years term. The Company deemed this option as reasonably certain to be renewed. The Company has several leased offices in the United States, with expiry dates varying between 2024 and 2026, with renewal options varying between 2024 and 2029. In November 2021, one of the Company’s subsidiaries in Israel entered into a lease agreement for new corporate offices. The lease commenced in July 2022 with a lease term through 2029, with an option to terminate the lease after a 4-year term following a 12-month notice in advance, and an option to renew the lease to an additional 5-year term, through 2034. The Company deemed this option as reasonably certain to be renewed. Under IFRS 16, all leases with durations greater than 12 months, including non-cancellable operating leases, are now recognized on the statement of financial position. The aggregated present value of lease agreements is recorded as a long-term asset titled operating lease right-of-use assets. The corresponding lease liabilities are classified between operating lease liabilities which are current and long-term. Maturity analysis of undiscounted future lease payments for lease liabilities:
|  | December 31, |
|  | 2023 |
2024 |  | $ | 5,309 |
2025 |  |  | 4,367 |
2026 |  |  | 3,265 |
2027 |  |  | 2,561 |
2028 |  |  | 2,086 |
2029 and thereafter |  |  | 15,663 |
Total undiscounted cash flows |  | $ | 33,251 |
Less imputed interest |  |  | (5,744 | )
Present value of lease liabilities |  | $ | 27,507 |
| a. | Information on leases:
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |
Expenses relating to operating lease costs |  | $ | 1,930 |  |  | $ | 2,225 |
Expenses relating to short-term leases |  | $ | 109 |  |  | $ | 62 |
Expenses relating to variable lease payments |  | $ | 2,753 |  |  | $ | 2,872 |
Total cash outflow for leases |  | $ | 4,792 |  |  | $ | 5,159 |
The following is a summary of weighted average remaining lease terms and discount rates for all of the Company’s operating leases:
|  | December 31, |
|  | 2023 |
Weighted average remaining lease term (years) |  |  | 11.80 |
Weighted average discount rate |  |  | 3.89 | %
| b. | Disclosures in respect of right-of-use assets:
|  | Buildings |  |  | Motor vehicles |  |  | Total |
Cost: |  |  |  |  |  |  |  |  |
Balance as of January 1, 2022 |  | $ | 33,241 |  |  | $ | 3,505 |  |  | $ | 36,746 |
Additions during the year: |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  | 4,881 |  |  |  | 1,468 |  |  |  | 6,349 |
Modification of leases |  |  | 589 |  |  |  | 89 |  |  |  | 678 |
Adjustments for indexation |  |  | 947 |  |  |  | 95 |  |  |  | 1,042 |
Adjustments arising from translating financial statements of foreign operations |  |  | (1,228 | ) |  |  | 7 |  |  |  | (1,221 | )
Acquisition of subsidiaries |  |  | 2,714 |  |  |  | 40 |  |  |  | 2,754 |
Disposals during the year: |  |  |  |  |  |  |  |  |  |  |  |
Termination of leases |  |  | (692 | ) |  |  | (333 | ) |  |  | (1,025 | )
Balance as of December 31, 2022 |  | $ | 40,452 |  |  | $ | 4,871 |  |  | $ | 45,323 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2022 |  |  | 11,943 |  |  |  | 1,523 |  |  |  | 13,466 |
Additions during the year: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 3,151 |  |  |  | 1,169 |  |  |  | 4,320 |
Adjustments arising from translating financial statements of foreign operations |  |  | 665 |  |  |  | 29 |  |  |  | 694 |
Disposals during the year: |  |  |  |  |  |  |  |  |  |  |  |
Termination of leases |  |  | (509 | ) |  |  | (184 | ) |  |  | (693 | )
Balance as of December 31, 2022 |  |  | 15,250 |  |  |  | 2,537 |  |  |  | 17,787 |
Depreciated cost at December 31, 2022 |  | $ | 25,202 |  |  | $ | 2,334 |  |  | $ | 27,536 |
|  | Buildings |  |  | Motor vehicles |  |  | Total |
Cost: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2023 |  | $ | 40,452 |  |  | $ | 4,871 |  |  | $ | 45,323 |
Additions during the year: |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  | 1,150 |  |  |  | 1,575 |  |  |  | 2,725 |
Modification of leases |  |  | 910 |  |  |  | 66 |  |  |  | 976 |
Adjustments for indexation |  |  | 871 |  |  |  | 72 |  |  |  | 943 |
Adjustments arising from translating financial statements of foreign operations |  |  | 37 |  |  |  | 212 |  |  |  | 249 |
Acquisition of subsidiaries |  |  | 62 |  |  |  | - |  |  |  | 62 |
Disposals during the year: |  |  |  |  |  |  |  |  |  |  |  |
Termination of leases |  |  | (298 | ) |  |  | (378 | ) |  |  | (676 | )
Balance as of December 31, 2023 |  | $ | 43,184 |  |  | $ | 6,418 |  |  | $ | 49,602 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2023 |  |  | 15,250 |  |  |  | 2,537 |  |  |  | 17,787 |
Additions during the year: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 3,689 |  |  |  | 1,470 |  |  |  | 5,159 |
Adjustments arising from translating financial statements of foreign operations |  |  | 929 |  |  |  | 428 |  |  |  | 1,357 |
Disposals during the year: |  |  |  |  |  |  |  |  |  |  |  |
Termination of leases |  |  | (192 | ) |  |  | (227 | ) |  |  | (419 | )
Balance as of December 31, 2023 |  |  | 19,676 |  |  |  | 4,208 |  |  |  | 23,884 |
Depreciated cost at December 31, 2023 |  | $ | 23,508 |  |  | $ | 2,210 |  |  | $ | 25,718 |

X
- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfLeasesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | mgic_LeasesLineItems
Namespace Prefix: | mgic_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration