0001171843-20-005725.txt : 20200807 0001171843-20-005725.hdr.sgml : 20200807 20200807120930 ACCESSION NUMBER: 0001171843-20-005725 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200807 FILED AS OF DATE: 20200807 DATE AS OF CHANGE: 20200807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAGNA INTERNATIONAL INC CENTRAL INDEX KEY: 0000749098 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11444 FILM NUMBER: 201084541 BUSINESS ADDRESS: STREET 1: 337 MAGNA DRIVE STREET 2: N/A CITY: AURORA, ONTARIO, CAN STATE: A6 ZIP: L4G 7K1 BUSINESS PHONE: 9057262462 MAIL ADDRESS: STREET 1: 337 MAGNA DRIVE STREET 2: N/A CITY: AURORA, ONTARIO, CAN STATE: A6 ZIP: L4G 7K1 6-K 1 f6k_080720.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 under the Securities Exchange Act of 1934

For the month of August 2020

Commission File Number 001-11444

MAGNA INTERNATIONAL INC.

(Exact Name of Registrant as specified in its Charter)

337 Magna Drive, Aurora, Ontario, Canada L4G 7K1

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _______

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MAGNA INTERNATIONAL INC.
	(Registrant)


Date: August 7, 2020	By:	/s/ "Bassem Shakeel"
		Bassem A. Shakeel
		Vice-President and Corporate Secretary

EXHIBITS

Exhibit 99

Q2 2020 Financial Review

EX-99 2 exh_99.htm EXHIBIT 99

Exhibit 99

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)
Prepared in accordance with U.S. GAAP

				2018					2019					2020
			Note	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL
VEHICLE VOLUME STATISTICS (in millions)
North American vehicle volumes (including Mexico)				4.414	4.368	4.048	4.211	17.041	4.250	4.268	3.925	3.910	16.353	3.795	1.286	5.081

European vehicle volumes:
	Western Europe			3.939	4.005	2.997	3.388	14.329	3.720	3.615	3.001	3.289	13.625	2.886	1.389	4.275
	Eastern Europe			1.972	2.068	1.694	2.064	7.798	2.015	2.068	1.677	1.996	7.756	1.764	0.935	2.699
		Total Europe		5.911	6.073	4.691	5.452	22.127	5.735	5.683	4.678	5.285	21.381	4.650	2.324	6.974

Asia volumes				12.557	12.325	11.683	12.887	49.452	11.946	11.255	11.069	13.190	47.460	8.231	8.988	17.219

China volumes				6.663	6.614	6.094	6.993	26.364	6.031	5.484	5.653	7.471	24.639	3.260	5.639	8.899

Magna Steyr vehicle assembly volumes				0.041	0.033	0.034	0.037	0.145	0.046	0.043	0.035	0.034	0.158	0.031	0.017	0.048

AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars				0.790	0.775	0.765	0.756	0.771	0.752	0.748	0.757	0.758	0.754	0.745	0.722	0.733
1 Euro equals U.S. dollars				1.229	1.193	1.163	1.141	1.181	1.135	1.124	1.112	1.107	1.119	1.102	1.101	1.102
1 Chinese renminbi equals U.S. dollars				0.157	0.157	0.147	0.145	0.151	0.148	0.147	0.142	0.142	0.145	0.143	0.141	0.142

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales				10,792	10,280	9,618	10,137	40,827	10,591	10,126	9,319	9,395	39,431	8,657	4,293	12,950

Costs and expenses:
	Cost of goods sold			9,293	8,795	8,253	8,714	35,055	9,164	8,710	8,063	8,085	34,022	7,567	4,206	11,773
	Selling, general and administrative			396	434	403	431	1,664	421	453	400	423	1,697	381	378	759
	Equity income			(87)	(72)	(62)	(56)	(277)	(35)	(48)	(37)	(58)	(178)	(30)	(25)	(55)
	EBITDA		2	1,190	1,123	1,024	1,048	4,385	1,041	1,011	893	945	3,890	739	(266)	473
	Depreciation and amortization			315	320	325	318	1,278	321	334	335	355	1,345	336	334	670
	EBIT		3	875	803	699	730	3,107	720	677	558	590	2,545	403	(600)	(197)
	Interest expense, net			21	23	23	26	93	31	14	18	19	82	17	21	38
Operating income (loss)			2	854	780	676	704	3,014	689	663	540	571	2,463	386	(621)	(235)
Other expense (income), net			2	3	(39)	2	97	63	(679)	68	859	(8)	240	-	168	168
Income (loss) from operations before income taxes				851	819	674	607	2,951	1,368	595	(319)	579	2,223	386	(789)	(403)
Income tax expense (benefit)				182	183	114	140	619	267	145	45	134	591	134	(137)	(3)
Net income (loss)				669	636	560	467	2,332	1,101	450	(364)	445	1,632	252	(652)	(400)
(Income) loss attributable to non-controlling interests			2	(9)	(10)	(6)	(11)	(36)	5	2	131	(5)	133	9	5	14
Net income (loss) attributable to Magna International Inc.				660	626	554	456	2,296	1,106	452	(233)	440	1,765	261	(647)	(386)


Adjusted net income (loss) attributable to Magna International Inc.			2	663	590	535	542	2,330	531	509	438	433	1,911	261	(511)	(250)

Diluted earnings (loss) per share:
	Diluted			$ 1.83	$ 1.77	$ 1.62	$ 1.37	$ 6.61	$ 3.39	$ 1.42	$ (0.75)	$ 1.43	$ 5.59	$ 0.86	$ (2.17)	$ (1.29)
	Adjusted Diluted			$ 1.84	$ 1.67	$ 1.56	$ 1.63	$ 6.71	$ 1.63	$ 1.59	$ 1.41	$ 1.41	$ 6.05	$ 0.86	$ (1.71)	$ (0.83)

Weighted average number of Common Shares outstanding
	during the year (in millions):			359.9	354.1	343.0	333.2	347.5	326.3	319.5	310.7	306.3	315.8	302.7	298.4	300.3

PROFITABILITY RATIOS
	Selling, general and administrative /Sales			3.7%	4.2%	4.2%	4.3%	4.1%	4.0%	4.5%	4.3%	4.5%	4.3%	4.4%	8.8%	5.9%
	EBITDA /Sales			11.0%	10.9%	10.6%	10.3%	10.7%	9.8%	10.0%	9.6%	10.1%	9.9%	8.5%	-6.2%	3.7%
	EBIT /Sales			8.1%	7.8%	7.3%	7.2%	7.6%	6.8%	6.7%	6.0%	6.3%	6.5%	4.7%	-14.0%	-1.5%
	Operating income(loss) /Sales			7.9%	7.6%	7.0%	6.9%	7.4%	6.5%	6.5%	5.8%	6.1%	6.2%	4.5%	-14.5%	-1.8%
	Effective tax rate
		Reported		21.4%	22.3%	16.9%	23.1%	21.0%	19.5%	24.4%	-14.1%	23.1%	26.6%	34.7%	17.4%	0.7%
		Excluding Other expense (income), net of taxes		21.3%	23.1%	20.0%	21.4%	21.5%	23.7%	23.5%	19.6%	23.3%	22.7%	34.7%	16.9%	-12.3%

Page 1 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(United States dollars in millions) (Unaudited)

				2018				2019				2020
				1st Q	2nd Q	3rd Q	4th Q	1st Q	2nd Q	3rd Q	4th Q	1st Q	2nd Q
ASSETS								[Note 1]
Current assets:
	Accounts receivable			8,073	7,656	7,160	6,548	7,446	7,204	7,068	5,927	5,684	5,253
	Inventories			3,564	3,600	3,580	3,403	3,501	3,521	3,457	3,304	3,531	3,503
	Prepaid expenses and other			250	201	237	250	275	278	211	238	234	303
				11,887	11,457	10,977	10,201	11,222	11,003	10,736	9,469	9,449	9,059
Current liabilities:
	Accounts payable and other accruals			9,855	9,048	8,847	8,597	9,347	9,048	8,757	8,198	8,381	6,992

Working capital				2,032	2,409	2,130	1,604	1,875	1,955	1,979	1,271	1,068	2,067
Investments				2,132	2,320	2,337	2,189	2,408	2,334	1,430	1,210	1,336	1,336
Fixed assets, net				8,204	8,026	7,743	8,095	7,958	8,109	7,943	8,260	7,948	7,860
Goodwill, other assets and intangible assets				3,837	3,684	3,467	3,527	3,487	3,593	3,461	3,456	3,340	3,362
Operating lease right-of-use assets				-	-	-	-	1,716	1,744	1,702	1,811	1,788	1,777
				16,205	16,439	15,677	15,415	17,444	17,735	16,515	16,008	15,480	16,402
Net assets held for sale				-	-	568	541	-	-	-	-	-	-
Funds employed				16,205	16,439	16,245	15,956	17,444	17,735	16,515	16,008	15,480	16,402
FINANCING
Straight debt:
	Cash and cash equivalents			(769)	(626)	(884)	(684)	(925)	(563)	(769)	(1,276)	(1,146)	(533)
	Short-term borrowings			262	1,123	1,291	1,098	335	199	436	-	-	188
	Long-term debt due within one year			114	120	231	201	122	112	104	106	93	150
	Long-term debt			3,220	3,115	3,112	3,084	3,062	3,071	3,021	3,062	3,021	3,771
	Current portion of operating lease liabilities			-	-	-	-	176	214	218	225	218	221
	Operating lease liabilities			-	-	-	-	1,566	1,544	1,527	1,601	1,586	1,577
				2,827	3,732	3,750	3,699	4,336	4,577	4,537	3,718	3,772	5,374
Long-term employee benefit liabilities				691	659	592	597	598	606	584	677	659	675
Other long-term liabilities				340	314	291	400	396	404	388	371	420	390
Deferred tax liabilities, net				54	86	107	101	167	196	133	111	87	10
				1,085	1,059	990	1,098	1,161	1,206	1,105	1,159	1,166	1,075
Shareholders' equity				12,293	11,648	11,505	11,159	11,947	11,952	10,873	11,131	10,542	9,953
				16,205	16,439	16,245	15,956	17,444	17,735	16,515	16,008	15,480	16,402


ASSET UTILIZATION RATIOS
	Days in accounts receivable			67.3	67.0	67.0	58.1	63.3	64.0	68.3	56.8	59.1	110.1
	Days in accounts payable			95.4	92.6	96.5	88.8	91.8	93.5	97.7	91.3	99.7	149.6
	Inventory turnover - cost of sales			10.4	9.8	9.2	10.2	10.5	9.9	9.3	9.8	8.6	4.8
	Working capital turnover			21.2	17.1	18.1	25.3	22.6	20.7	18.8	29.6	32.4	8.3
	Total asset turnover			2.7	2.5	2.5	2.6	2.4	2.3	2.3	2.3	2.2	1.0

CAPITAL STRUCTURE
	Straight debt			17.4%	22.7%	23.1%	23.2%	24.9%	25.8%	27.5%	23.2%	24.4%	32.8%
	Long-term employee benefit liabilities, other long-term
		liabilities & deferred tax liabilities, net		6.6%	6.4%	6.1%	6.9%	6.6%	6.8%	6.7%	7.2%	7.5%	6.6%
	Shareholders' equity			75.9%	70.9%	70.8%	69.9%	68.5%	67.4%	65.8%	69.5%	68.1%	60.7%
				100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

	Debt to total capitalization			22.6%	27.2%	28.7%	28.2%	30.6%	30.1%	32.8%	31.0%	31.8%	37.2%

	Adjusted Debt to Adjusted EBITDA		2	1.18x	1.32x	1.37x	1.32x	1.18x	1.18x	1.26x	1.23x	1.30x	2.30x
ANNUALIZED RETURNS
	Return on assets (EBIT/assets employed)			21.6%	19.5%	17.8%	18.9%	16.5%	15.3%	13.5%	14.7%	10.4%	-14.6%
	Return on equity (Net income attributable to Magna
		International Inc. / Average shareholders' equity)		22.0%	20.9%	19.1%	16.1%	38.3%	15.1%	-8.2%	16.0%	9.6%	-25.3%
	Adjusted Return on equity (Adjusted Net income attributable
		to Magna International Inc. / Average shareholders' equity)		22.1%	19.7%	18.5%	19.1%	18.4%	17.0%	15.4%	15.7%	9.6%	-19.9%

Page 2 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(United States dollars in millions) (Unaudited)

			2018					2019					2020
Cash provided from (used for):		Note	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL

Operating activities
	Net income (loss)		669	636	560	467	2,332	1,101	450	(364)	445	1,632	252	(652)	(400)
	Items not involving current cash flows		363	303	339	534	1,539	(213)	470	1,210	509	1,976	363	354	717
			1,032	939	899	1,001	3,871	888	920	846	954	3,608	615	(298)	317
	Changes in operating assets and liabilities		(455)	(472)	177	597	(153)	(294)	-	(96)	742	352	24	(934)	(910)

Cash (used for) provided from operating activities			577	467	1,076	1,598	3,718	594	920	750	1,696	3,960	639	(1,232)	(593)

Investment activities
	Fixed asset additions		(243)	(379)	(381)	(647)	(1,650)	(251)	(328)	(349)	(513)	(1,441)	(203)	(169)	(372)
	Increase in investments, other assets and intangible assets		(109)	(103)	(114)	(150)	(476)	(77)	(102)	(83)	(122)	(384)	(93)	(72)	(165)
	Proceeds from disposition		29	48	76	70	223	86	26	57	16	185	23	11	34
	Proceeds from sale of (Investment in) Lyft, Inc.		-	(200)	(20)	-	(220)	-	-	10	221	231	-	-	-
	Increase in private equity investments		(5)	-	-	-	(5)	(5)	(5)	-	-	(10)	(100)	(2)	(102)
	Acquisitions		-	4	-	(152)	(148)	-	(152)	-	5	(147)	(7)	-	(7)
	Sale of Fluid Pressure & Controls Business ["FP&C"]		-	-	-	-	-	1,129	-	3	-	1,132	-	-	-

Cash provided from (used for) investment activities			(328)	(630)	(439)	(879)	(2,276)	882	(561)	(362)	(393)	(434)	(380)	(232)	(612)

Financing activities
	Net issues (repayments) of debt		3	886	262	(284)	867	(855)	(187)	251	(435)	(1,226)	(6)	962	956
	Common Shares issued on exercise of stock options		5	41	1	3	50	8	6	19	11	44	1	1	2
	Repurchase of Common Shares		(103)	(729)	(520)	(479)	(1,831)	(284)	(409)	(342)	(254)	(1,289)	(201)	-	(201)
	Shares repurchased for tax withholdings on vesting of equity awards		-	(2)	(4)	(10)	(16)	(3)	(2)	-	(4)	(9)	(10)	-	(10)
	Contributions to subsidiaries by non-controlling interests		-	4	-	-	4	2	-	2	-	4	-	-	-
	Dividends paid to non-controlling interests		-	(30)	-	(39)	(69)	-	(13)	-	(9)	(22)	(3)	(3)	(6)
	Dividends paid		(118)	(115)	(109)	(106)	(448)	(119)	(110)	(109)	(111)	(449)	(121)	(116)	(237)

Cash (used for) provided from financing activities			(213)	55	(370)	(915)	(1,443)	(1,251)	(715)	(179)	(802)	(2,947)	(340)	844	504
Effect of exchange rate changes on cash, cash equivalents
	and restricted cash equivalents		10	(31)	(10)	(5)	(36)	14	(4)	(9)	10	11	(52)	9	(43)
Net increase (decrease) in cash, cash equivalents
	and restricted cash equivalents during the period		46	(139)	257	(201)	(37)	239	(360)	200	511	590	(133)	(611)	(744)
Cash, cash equivalents and restricted cash equivalents,
	beginning of period	4	839	885	746	1,003	839	802	1,041	681	881	802	1,392	1,259	1,392
Cash, cash equivalents and restricted cash equivalents,
	end of period		885	746	1,003	802	802	1,041	681	881	1,392	1,392	1,259	648	648

Page 3 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)

		This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019.

Note 1:		LEASES ADOPTION
		On January 1, 2019, the Company adopted ASC 842, Leases using the modified retrospective transition approach, without restatement of comparative periods' financial information. The adoption requires the Company to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets.

Note 2:		NON-GAAP MEASURES
		The Company presents Operating income, EBIT (Earnings before interest and taxes) and EBITDA (Earnings before interest, taxes and depreciation and amortization) before Other expense (income),net. The Company also presents Adjusted Net Income (Net Income before Other expense (income),net , net of tax and excluding significant income tax valuation allowance adjustments), Adjusted Diluted Earnings per Share, Adjusted EBIT and Adjusted EBIT as a percentage of sales, Return on Invested Capital and Return on Equity. The Company calculates Adjusted Debt as total debt adjusted to include pension and lease liabilities and Adjusted EBITDA as earnings before, interest, net, taxes, depreciation and amortization adjusted to add back interest income, certain pension costs and operating lease expense. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies. Other expense (income), net consists of:

				2018					2019					2020
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL

		Impairment charges	[a]	-	-	-	74	74	-	-	727	-	727	-	19	19
		Restructuring charges	[b]	3	17	2	23	45	14	7	7	3	31	-	149	149
		Net (gains) losses on investments	[c]	-	(56)	-	-	(56)	(177)	67	127	(11)	6	-	-	-
		Gain on the sale of business	[d]	-	-	-	-	-	(516)	(6)	(2)	-	(524)	-	-	-

				3	(39)	2	97	63	(679)	68	859	(8)	240	-	168	168
	[a]	Impairment charges

		During the second quarter of 2020, the Company recorded asset impairment charges of $8 million in Body Exteriors & Structures and $11 million in Power & Vision. In Power & Vision, during the third quarter of 2019, the Company recorded $700 million impairment on its equity accounted investment. Additionally, the Company recorded asset impairment charges of $27 million in the Company's Power & Vision segment. During the fourth quarter of 2018, the Company recorded $14 million of impairment charges for fixed assets in Body Exteriors & Structures, and the Company recorded a $60 million impairment charge on its equity accounted investment in Power & Vision.

	[b]	Restructuring charges
				2018					2019					2020
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL
		Power & Vision		3	12	2	3	20	-	-	-	-	-	-	104	104
		Body Exteriors & Structures		-	5	-	20	25	14	7	7	3	31	-	29	29
		Seating Systems		-	-	-	-	-	-	-	-	-	-	-	16	16
				3	17	2	23	45	14	7	7	3	31	-	149	149
	[c]	Net (gains) losses on investments

		In Corporate, during the first, second, third and fourth quarters of 2019, the Company recorded gains of $177 million, net losses of $67 million, net losses of $127 million, and net gains of $11 million respectively, substantially related to the revaluation of its investment in Lyft, Inc. In Corporate, during the second quarter of 2018, the Company remeasured its private equity investments at fair value resulting in a $56 million gain, of which $46 million related to its investment in Lyft, Inc.

	[d]	Gain on the sale of business

		In Power & Vision, during the first quarter of 2019, the Company recorded a gain on the sale of its Fluid Pressure & Controls ["FP&C"] business of $516 million. In the second and third quarters of 2019, the Company recorded an increase in the gain on sale of $6 million and $2 million, respectively, as a result of finalizing the proceeds relating to working capital.

Page 4 of 6

	The following table reconciles Net (loss) income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:
				2018					2019					2020
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL


	Net income (loss) attributable to Magna International Inc.			660	626	554	456	2,296	1,106	452	(233)	440	1,765	261	(647)	(386)
		Exclude:
			Impairment charges [f]	-	-	-	71	71	-	-	557	-	557	-	17	17
			Restructuring charges	3	17	2	21	43	14	7	7	3	31	-	119	119
			Net (gains) losses on investments	-	(53)	-	-	(53)	(151)	57	109	(10)	5	-	-	-
			Gain on the sale of business	-	-	-	-	-	(438)	(7)	(2)	-	(447)	-	-	-
			US tax reform	-	-	-	11	11	-	-	-	-	-	-	-	-
			Reassessment of deferred tax balances - FP&C [g]	-	-	(21)	-	(21)	-	-	-	-	-	-	-	-
			Adjustment to tax valuation allowance in India	-	-	-	(17)	(17)	-	-	-	-	-	-	-	-
														-		-
	Adjusted net income (loss) attributable to Magna International Inc.			663	590	535	542	2,330	531	509	438	433	1,911	261	(511)	(250)


	Diluted earnings (loss) per share			$ 1.83	$ 1.77	$ 1.62	$ 1.37	$ 6.61	$ 3.39	$ 1.42	$ (0.75)	$ 1.43	$ 5.59	$ 0.86	(2.17)	$ (1.29)
		Exclude:
			Impairment charges [f]	-	-	-	0.22	0.21	-	-	1.80	-	1.76	-	0.06	0.06
			Restructuring charges	0.01	0.05	-	0.06	0.12	0.04	0.02	0.02	0.01	0.10	-	0.40	0.40
			Net (gains) losses on investments	-	(0.15)	-	-	(0.15)	(0.46)	0.17	0.35	(0.03)	0.02	-	-	-
			Gain on the sale of business	-	-	-	-	-	(1.34)	(0.02)	(0.01)	-	(1.42)	-	-	-
			US tax reform	-	-	-	0.03	0.03	-	-	-	-	-	-	-	-
			Reassessment of deferred tax balances - FP&C [g]	-	-	(0.06)	-	(0.06)	-	-	-	-	-	-	-	-
			Adjustment to tax valuation allowance in India	-	-	-	(0.05)	(0.05)	-	-	-	-	-	-	-	-

	Adjusted diluted earnings (loss) per share			$ 1.84	$ 1.67	$ 1.56	$ 1.63	$ 6.71	$ 1.63	$ 1.59	$ 1.41	$ 1.41	$ 6.05	$ 0.86	$ (1.71)	$ (0.83)

[f]	Impairment charges

	In 2019, Impairment charges relating to the Company's equity accounted investment, include $127 million attributable to non-controlling interest.

[g]	Reassessment of deferred tax balances - FP&C

	Reassessment of deferred tax balances relating to timing differences that reversed on closing of the sale of the global FP&C business.

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Note 3:	SEGMENTED INFORMATION

			2018					2019					2020
			1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	TOTAL
	Body Exteriors & Structures Group
		Sales	4,619	4,551	4,180	4,177	17,527	4,308	4,243	3,984	3,923	16,458	3,676	1,623	5,299
		Adjusted EBIT	343	388	326	356	1,413	363	341	306	289	1,299	199	(315)	(116)
		Adjusted EBIT as a percentage of sales	7.4%	8.5%	7.8%	8.5%	8.1%	8.4%	8.0%	7.7%	7.4%	7.9%	5.4%	-19.4%	-2.2%

	Power & Vision
		Sales	3,190	3,197	2,947	2,987	12,321	3,083	2,808	2,696	2,725	11,312	2,523	1,298	3,821
		Adjusted EBIT	359	299	259	254	1,171	216	201	167	163	747	135	(226)	(91)
		Adjusted EBIT as a percentage of sales	11.3%	9.4%	8.8%	8.5%	9.5%	7.0%	7.2%	6.2%	6.0%	6.6%	5.4%	-17.4%	-2.4%

	Seating Systems
		Sales	1,470	1,424	1,219	1,435	5,548	1,433	1,452	1,266	1,426	5,577	1,261	524	1,785
		Adjusted EBIT	130	117	69	110	426	94	83	56	79	312	40	(84)	(44)
		Adjusted EBIT as a percentage of sales	8.8%	8.2%	5.7%	7.7%	7.7%	6.6%	5.7%	4.4%	5.5%	5.6%	3.2%	-16.0%	-2.5%

	Complete Vehicles
		Sales	1,660	1,280	1,391	1,687	6,018	1,928	1,802	1,516	1,461	6,707	1,321	933	2,254
		Adjusted EBIT	19	1	24	24	68	28	43	29	44	144	50	44	94
		Adjusted EBIT as a percentage of sales	1.1%	0.1%	1.7%	1.4%	1.1%	1.5%	2.4%	1.9%	3.0%	2.1%	3.8%	4.7%	4.2%

	Corporate and other
		Intercompany fees	(147)	(172)	(119)	(149)	(587)	(161)	(179)	(143)	(140)	(623)	(124)	(85)	(209)
		Adjusted EBIT	24	(2)	21	(14)	29	19	9	0	15	43	(21)	(19)	(40)

	Total
		Sales	10,792	10,280	9,618	10,137	40,827	10,591	10,126	9,319	9,395	39,431	8,657	4,293	12,950
		Adjusted EBIT	875	803	699	730	3,107	720	677	558	590	2,545	403	(600)	(197)
		Adjusted EBIT as a percentage of sales	8.1%	7.8%	7.3%	7.2%	7.6%	6.8%	6.7%	6.0%	6.3%	6.5%	4.7%	-14.0%	-1.5%

Note 4:	CASH, CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

	A reconciliation of Cash and cash equivalents and Restricted cash equivalents (included in prepaid expenses) to Total cash, cash equivalents and restricted cash equivalents is as follows:

			2018					2019					2020
			1st Q	2nd Q	3rd Q	4th Q		1st Q	2nd Q	3rd Q	4th Q		1st Q	2nd Q

	Cash and cash equivalents		(769)	(626)	(884)	(684)		(925)	(563)	(769)	(1,276)		(1,146)	(533)
	Restricted cash equivalents included in prepaid expenses		(116)	(120)	(119)	(118)		(116)	(118)	(112)	(116)		(113)	(115)
	Total cash, cash equivalents and restricted cash equivalents		(885)	(746)	(1,003)	(802)		(1,041)	(681)	(881)	(1,392)		(1,259)	(648)

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