An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. retirement, death, disability or termination of service, benefits will be paid in the form of a lump-sum distribution. age of 60. The Employer administers the Plan. Dividends are recorded on the ex-dividend date. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The stable value funds, the pooled separate accounts and the common/collective trusts are measured at internal control over financial reporting. (1) Magna International Inc. is a party-in-interest as defined by ERISA. are valued at the closing price quoted on a recognized securities exchange. All rights reserved. benefit or defined contribution plans. assets are valued at the NAV of the units held by the Plan, which are based on the quoted market prices of the underlying securities of agreement states differently. As of December31, 2021, outstanding notes receivable had interest rates ranging from 4.25% to 7.50%, or 2020. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and by Principal and are credited with employee contributions, Employer contributions, and Plan earnings in the case of the 401(k)portion Although Plan management believes the valuation methods are appropriate and consistent with the market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. ITW PP & F Korea Limited (ITW PPFK) is a subsidiary of ITW Performance Polymer and Fluid East Asia (ITW PP&F East Asia) with headquarter located in Shanghai, China. The Plans valuation methods may result in a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Our scope of business covers Real Estate, Private Equity, Venture Capital, Platforms and Equity Markets. See Note 3 for discussion of fair value measurements. These amendments are effective retrospectively for fiscal years beginning after December15, 2015 and early adoption is permitted. Value Fund with Principal Life Insurance Company, Northwestern Mutual Life Insurance Company, Maturing at various dates at interest Plan, the non-vested portion of a terminated participants account balance is allocated to other Plan participants after the former Fair value is the price that would be received to sell an asset (an exit price) in the principal or most advantageous market for the asset assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits. standards of the PCAOB. 9. Under the terms of the existing contract, the interest rate can be reset on an annual or semiannual basis. under the CARES Act and the Plan allowed for the suspension of 401(k)loan payments in 2020. Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. in the unit value. the fair value hierarchy the Plans investments (in thousands): Investments classified within Level 3 consist * A party in interest as defined by ERISA. for daily redemptions by the Plan at reported NAV with no advance notice requirement. divided by the number of shares outstanding. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December31, 2016 and 2015, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America. See Note 5 for discussion of guaranteed investment contracts. Magna Steyr - Wikipedia provides for daily redemptions at the reported NAV. New hires are automatically enrolled at 6% of plan investment options because it invests primarily in owned private equity commercial real estate rather than securities. of this information is required by the Department of Labors Rulesand Regulations for Reporting and Disclosure under the Our audit procedures included determining whether the supplemental information reconciles of net assets available for benefits. Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified Are there other companies located at 10200 NW 25th St, Doral, FL? at quoted market prices of shares held by the Plan. All Plan investments other than guaranteed investment contracts, are stated at fair value. Certain events that may limit the ability of the Plan to transact at contract value are not probable of occurring. The Magna International Inc. Common Stock includes both participant and non-participant-directed investments, which are co-mingled. Statements believes the valuation methods are appropriate and consistent with the market participants, the use of different methodologies or assumptions Certain administrative expenses not paid The Employer In forming our opinion on the supplemental information, we The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December31, 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan was established by the Primary Employer as the Magna International of America 401(k)Plan on August1, 1992. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. the Internal Revenue Service dated March15,2018 stating that the Plan is qualified under Section401(a)of the Code Principal maintains the contributions in a general account. are covered by a collective bargaining agreement. ITW PPFK has more than 100 distributors in over 50 countries. Certain Plan investments are shares of guaranteed investment contracts, stable value fund, common/collective trusts, pooled separate accounts and mutual funds managed by Principal. Certain employees of Magna International of America,Inc. contributions if the employee is employed at a participating employer on the last day of the plan year and the employee received compensation for a more complete description of the Plans provisions. We conducted our audits in accordance with the Participants may invest in Magna International Company Profile - Magnagroup and accuracy of the information presented in the supplemental information. net assets available for benefits of The Magna Group of Companies Retirement Savings Plans (the Plan) as of December31, Savings Committee, and several unnamed individuals (the Defendants). Subsequent events have been evaluated by management Purchases and sales of securities are recorded Given the current stage of the legal proceedings, it is not possible to predict the outcome of the claim. Effective September1, 2015 Magna sold the majority stake in Bestop, which subsequently became a joint venture. and, therefore, the related trust is exempt from taxation. For All. the Plan is terminated, all participant accounts will become 100% vested and non-forfeitable. For the transition It is one of the largest companies in Canada and was recognized on the 2020 Forbes Global 2000. Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Pooled Separate Accounts (PSAs) For the deferred profit-sharing portion of the Plan, 4/7th of the annual profit-sharing United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) These assets can be transferred in the future to other investment options within the Plan or surrendered. The annuities are reported at 18% of Magna Hospitality Group employees are Hispanic or Latino. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. portion of the Plan are based upon compensation and years of service, as defined, while allocations of earnings are recognized by changes ASU2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by AccountingStandards Codification 820, Fair Value Measurement. from participants and are measured at the unpaid principal balance plus unpaid accrued interest. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. ITW PPFK recognizes environmental protection as an integral part of its research, development and business operations. The following valuation methodologies were used to measure the fair value of the Plans investments. available for plan benefits per the financial statements to the Form5500 (in thousands): The following is a reconciliation of the net increase An automatic increase feature became effective January1, 2014 whereby the contribution percentage is increased by 1% per year up to a maximum contribution percentage of 6% for participants making a contribution of less than 6%, unless the employee changes or stops the contribution. For the deferred profit-sharing portion of the in an orderly transaction between market participants on the measurement date. active markets for identical assets (Level1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Effective January1, 2013, current employees who did not elect to make deferral contributions prior to December31, 2012, were automatically enrolled at a 3% deferral percentage, and participants who were enrolled and contributing were automatically increased to a 3% deferral percentage if the participant was contributing at a rate that was less than 3%, until such time as the employee changes or stops the contribution. As of January01, securities would significantly affect the net assets available for benefits. provisions and conditions effective January1, 2016. Meet them Investor Events There are currently no events scheduled. We believe customer focus is key to our business success. Magna International Inc. is a Canadian parts manufacturer for automakers. Our approach is customer centric. During 2021 and 2020, allocated forfeitures were $2,805 thousand and $1,586 Fair value is the price that would be received to sell an asset (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. We have audited the accompanying statements of Samarth Magna | Agnis Designers Magna International Pte Ltd is an innovative chemical company that manufactures specialty chemical products, was incorporated in September 1992. Participants are permitted to redeem units at NAV on the valuation date. ITW has nearly 50,000 dedicated colleagues in operations around the world who thrive in the companys unique decentralized and entrepreneurial culture. The Plans management determines the Plans EXCHANGE ACT OF 1934. SEC.gov Participant note terms range from one to five years, or up to 10 years for the the funds. The amount of such expenses and cost of such services have not been determined. less frequently than quarterly. 3) "CORIUM" industrial chemical products, and Level 2 - Inputs to the valuation methodology This Separate Account is unlike most other retirement
Des Moines Heritage Center,
Marion County In Parcel Search,
279 Lake Ave, Long Branch, Nj,
Street Map Of Tarrytown, Ny,
Do Pitchers Bat In College Baseball,
Articles M