Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 27, 2013 | Oct. 25, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ON Semiconductor Corporation | ' |
Entity Central Index Key | '0001097864 | ' |
Current Fiscal Year End | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 444,427,693 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $369.50 | $486.90 |
Short-term investments | 184.1 | 144.8 |
Receivables, net | 419.2 | 357.8 |
Inventories | 585.3 | 581.7 |
Other current assets | 77.7 | 111.7 |
Deferred income taxes | 9.9 | 10.5 |
Total current assets | 1,645.70 | 1,693.40 |
Property, plant and equipment, net | 1,092.90 | 1,103.30 |
Deferred income taxes | 37.9 | 31.2 |
Goodwill | 184.6 | 184.6 |
Intangible assets, net | 231.8 | 257 |
Other assets | 55.8 | 58.9 |
Total assets | 3,248.70 | 3,328.40 |
Liabilities, Non-Controlling Interest and Stockholders’ Equity | ' | ' |
Accounts payable | 259.2 | 279.5 |
Accrued expenses | 194.3 | 228.3 |
Income taxes payable | 2.2 | 4.9 |
Accrued interest | 5 | 0.6 |
Deferred income on sales to distributors | 145.2 | 134.5 |
Deferred income taxes | 23.2 | 22.9 |
Current portion of long-term debt (see Note 6) | 249 | 353.6 |
Total current liabilities | 878.1 | 1,024.30 |
Long-term debt (see Note 6) | 659.4 | 658.3 |
Other long-term liabilities | 186 | 232.2 |
Deferred income taxes | 23.5 | 22.9 |
Total liabilities | 1,747 | 1,937.70 |
Commitments and contingencies (See Note 9) | ' | ' |
ON Semiconductor Corporation stockholders’ equity: | ' | ' |
Common stock ($0.01 par value, 750,000,000 shares authorized, 513,797,605 and 509,977,999 shares issued, 446,697,412 and 448,824,345 shares outstanding, respectively) | 5.1 | 5.1 |
Additional paid-in capital | 3,195.20 | 3,156.40 |
Accumulated other comprehensive loss | -48.6 | -41.1 |
Accumulated deficit | -1,170.80 | -1,292.90 |
Less: treasury stock, at cost; 67,100,193 and 61,153,654 shares, respectively | -511.5 | -466.4 |
Total ON Semiconductor Corporation stockholders’ equity | 1,469.40 | 1,361.10 |
Non-controlling interest in consolidated subsidiary | 32.3 | 29.6 |
Total stockholders' equity | 1,501.70 | 1,390.70 |
Total liabilities and equity | $3,248.70 | $3,328.40 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
Stockholders' Equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 513,797,605 | 509,977,999 |
Common stock, shares outstanding | 446,697,412 | 448,824,345 |
Treasury stock, shares | 67,100,193 | 61,153,654 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $715.40 | $725.50 | $2,064.70 | $2,214.70 |
Cost of revenues | 466.2 | 487.5 | 1,379.20 | 1,473.20 |
Gross profit | 249.2 | 238 | 685.5 | 741.5 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 84 | 90.1 | 255.5 | 279.3 |
Selling and marketing | 44.2 | 44.2 | 127.3 | 136.8 |
General and administrative | 34.5 | 36.8 | 110.9 | 119.7 |
Amortization of acquisition-related intangible assets | 8.2 | 11.1 | 24.8 | 33.3 |
Restructuring, asset impairments and other, net | 11 | 11.2 | 11.1 | 57.3 |
Total operating expenses | 181.9 | 193.4 | 529.6 | 626.4 |
Operating income | 67.3 | 44.6 | 155.9 | 115.1 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | -9.2 | -13.6 | -28.6 | -43.4 |
Interest income | 0.3 | 0.3 | 1 | 1.1 |
Other | -1.4 | -3.6 | 3.6 | 3.4 |
Loss on debt exchange | 0 | -7.8 | -3.1 | -7.8 |
Other income (expenses), net | -10.3 | -24.7 | -27.1 | -46.7 |
Income before income taxes | 57 | 19.9 | 128.8 | 68.4 |
Income tax provision | -4.2 | -6.5 | -4 | -17.8 |
Net income | 52.8 | 13.4 | 124.8 | 50.6 |
Less: Net income attributable to non-controlling interest | -1 | -0.9 | -2.7 | -3 |
Net income attributable to ON Semiconductor Corporation | 51.8 | 12.5 | 122.1 | 47.6 |
Comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 1.3 | -2.1 | -4.5 | 0.2 |
Effects of cash flow hedges | 1.1 | 1.8 | -3.2 | 1.1 |
Unrealized gain (loss) on available-for-sale securities | 0.1 | -0.2 | 0.2 | 0.1 |
Amortization of prior service costs of defined benefit plan | 0 | 0 | 0 | 0.1 |
Other comprehensive income (loss) | 2.5 | -0.5 | -7.5 | 1.5 |
Comprehensive income | 55.3 | 12.9 | 117.3 | 52.1 |
Comprehensive income attributable to non-controlling interest | -1 | -0.9 | -2.7 | -3 |
Comprehensive income attributable to ON Semiconductor Corporation | $54.30 | $12 | $114.60 | $49.10 |
Net income per common share attributable to ON Semiconductor Corporation: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.12 | $0.03 | $0.27 | $0.10 |
Diluted (in dollars per share) | $0.11 | $0.03 | $0.27 | $0.10 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 449.3 | 454.6 | 449.8 | 453.9 |
Diluted (in shares) | 452.1 | 456.2 | 452.6 | 458.2 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $124.80 | $50.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 156.5 | 182.7 |
Gain on sale or disposal of fixed assets | -7.6 | -4.7 |
Loss on debt exchange | 3.1 | 7.8 |
Amortization of debt issuance costs | 0.9 | 1.7 |
Provision for excess inventories | 45.7 | 30.6 |
Non-cash share-based compensation expense | 23.4 | 14.7 |
Non-cash interest | 8.5 | 18.7 |
Impairment | 3.5 | 2.1 |
Non-cash foreign currency translation gain | -21 | 0 |
Deferred income taxes | -5.7 | 3.4 |
Other | 0 | -1.4 |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ' | ' |
Receivables | -69.1 | 43.5 |
Inventories | -64.8 | -36.3 |
Other assets | 18.1 | -19.2 |
Accounts payable | 1 | -128.8 |
Accrued expenses | -8 | 3.8 |
Income taxes payable | -2.7 | -1.4 |
Accrued interest | 4.4 | 3.4 |
Deferred income on sales to distributors | 10.7 | -22.1 |
Other long-term liabilities | -21.4 | -9.7 |
Net cash provided by operating activities | 200.3 | 139.4 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -135.1 | -198.8 |
Proceeds from sales of property, plant and equipment | 8.6 | 5.1 |
Deposits (made) utilized for purchases of property, plant and equipment | -1.6 | 1.6 |
Recovery from insurance on property, plant and equipment | 0 | 11.5 |
Proceeds from held-to-maturity securities | 155.7 | 288.7 |
Purchase of held-to-maturity securities | -195 | -261.7 |
Net cash used in investing activities | -167.4 | -153.6 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock under the employee stock purchase plan | 4.1 | 4.3 |
Proceeds from exercise of stock options | 9.5 | 6 |
Payments of tax withholding for restricted shares | -2.8 | -8.8 |
Repurchase of common stock | -35.8 | -22.5 |
Proceeds from debt issuance | 46.2 | 11.1 |
Payment of capital lease obligations | -31.3 | -30.6 |
Repayment of long-term debt | -130.3 | -175.6 |
Net cash used in financing activities | -140.4 | -216.1 |
Effect of exchange rate changes on cash and cash equivalents | -9.9 | -1.2 |
Net decrease in cash and cash equivalents | -117.4 | -231.5 |
Cash and cash equivalents, beginning of period | 486.9 | 652.9 |
Cash and cash equivalents, end of period | $369.50 | $421.40 |
Background_And_Basis_Of_Presen
Background And Basis Of Presentation | 9 Months Ended |
Sep. 27, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Background And Basis Of Presentation | ' |
Background and Basis of Presentation | |
ON Semiconductor Corporation, together with its wholly-owned subsidiaries ("ON Semiconductor" or the "Company"), uses a thirteen-week fiscal quarter accounting period for each quarter, with the first three quarters ending on the last Friday in March, June and September, and the fourth quarter ending on December 31. The three months ended September 27, 2013 and September 28, 2012 each contained 91 days. The nine months ended September 27, 2013 and September 28, 2012 contained 269 days and 271 days, respectively. | |
The accompanying unaudited financial statements as of September 27, 2013 have been prepared in accordance with generally accepted accounting principles in the United States of America for unaudited interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America for audited financial statements. Additionally, the balance sheet as of December 31, 2012 was derived from audited financial statements, but also does not include all disclosures required by accounting principles generally accepted in the United States of America for audited financial statements. In the opinion of the Company's management, the interim information includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The footnote disclosures related to the interim financial information included herein are also unaudited. Such financial information should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2012 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (“2012 Form 10-K”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the full year. | |
The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Significant estimates have been used by management in conjunction with the measurement of valuation allowances relating to trade and tax receivables, inventories and deferred tax assets; estimates of future payouts for customer incentives, warranties, and restructuring activities; assumptions surrounding future pension obligations and related investment returns; the fair value of stock options and of financial instruments (including derivative financial instruments); and future cash flows associated with long-lived assets and goodwill impairment charges. Actual results could differ from these estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
ASU No. 2013-11 - “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”) | |
In July 2013, the FASB issued ASU 2013-11, which applies to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Pursuant to ASU 2013-11, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The amendments contained in ASU 2013-11 do not require new recurring disclosures. The related amendments are effective for reporting periods beginning after December 15, 2013; however early adoption is permitted. ASU 2013-11 is not expected to have a material impact on the Company's Consolidated Financial Statements. | |
ASU No. 2013-05 - “Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”) | |
In March 2013, the FASB issued ASU 2013-05, which applies to the release of cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 provides for the release of the cumulative translation adjustment into net income only if a sale or transfer represents a sale or complete or substantially complete liquidation of an investment in a foreign entity. Pursuant to ASU 2013-05, when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to apply the guidance in ASC Subtopic 830-30 to release any related cumulative translation adjustment into net income. The amendments are effective prospectively for reporting periods beginning after December 15, 2013; however early adoption is permitted. See Note 4: "Restructuring, Asset Impairments and Other, Net" and Note 12: "Changes in Accumulated Other Comprehensive Loss," for a description of the release of certain of the Company's cumulative foreign currency translation adjustments to net income. | |
ASU No. 2013-02 - “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”) | |
In February 2013, the FASB issued ASU 2013-02, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under generally accepted accounting principles in the United States of America to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. See Note 12: "Changes in Accumulated Other Comprehensive Loss," for a description of the reclassification of certain of the Company's cumulative foreign currency translation adjustments out of accumulated other comprehensive loss. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following table summarizes goodwill by relevant operating segment as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Balance as of September 27, 2013 | Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Operating Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
$ | 623.4 | $ | (438.8 | ) | $ | 184.6 | $ | 623.4 | $ | (438.8 | ) | $ | 184.6 | ||||||||||||
Goodwill is tested for impairment annually on the first day of the fourth quarter unless a triggering event would require an expedited analysis. Adverse changes in operating results and/or unfavorable changes in economic factors used to estimate fair values could result in a non-cash impairment charge in the future. While management did not identify any triggering events through September 27, 2013 that would require an expedited impairment analysis, the Company's current projections include assumptions of current industry and market conditions, which could negatively change, and in turn, may adversely impact the fair value of the Company's goodwill, intangible assets and other long-lived assets. As a result, the carrying value of the reporting units containing the Company's goodwill may exceed their fair value in future impairment tests. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Intangible assets, net, were as follows as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 27, 2013 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.2 | ) | $ | — | $ | (0.4 | ) | $ | 4.3 | 12-May | ||||||||||||
Customer relationships | 280.3 | (102.1 | ) | (27.2 | ) | (23.0 | ) | 128 | 18-May | ||||||||||||||||
Patents | 43.7 | (18.4 | ) | — | (13.7 | ) | 11.6 | 12 | |||||||||||||||||
Developed technology | 146.2 | (62.9 | ) | — | (2.4 | ) | 80.9 | 12-May | |||||||||||||||||
Trademarks | 14 | (5.9 | ) | — | (1.1 | ) | 7 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (198.5 | ) | $ | (27.2 | ) | $ | (40.6 | ) | $ | 231.8 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (8.7 | ) | $ | — | $ | (0.4 | ) | $ | 4.8 | 12-May | ||||||||||||
Customer relationships | 280.3 | (91.8 | ) | (26.9 | ) | (23.0 | ) | 138.6 | 18-May | ||||||||||||||||
Patents | 43.7 | (16.6 | ) | — | (13.7 | ) | 13.4 | 12 | |||||||||||||||||
Developed technology | 146.2 | (51.3 | ) | — | (2.4 | ) | 92.5 | 12-May | |||||||||||||||||
Trademarks | 14 | (5.2 | ) | — | (1.1 | ) | 7.7 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (173.6 | ) | $ | (26.9 | ) | $ | (40.6 | ) | $ | 257 | ||||||||||||
Amortization expense for acquisition-related intangible assets amounted to $8.2 million and $24.8 million for the quarter and nine months ended September 27, 2013, respectively, and was $11.1 million and $33.3 million for the quarter and nine months ended September 28, 2012, respectively. Amortization expense for intangible assets is expected to be as follows over the next five years and thereafter (in millions): | |||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2013 | $ | 8.2 | |||||||||||||||||||||||
2014 | 32.6 | ||||||||||||||||||||||||
2015 | 31.7 | ||||||||||||||||||||||||
2016 | 30.6 | ||||||||||||||||||||||||
2017 | 27.7 | ||||||||||||||||||||||||
Thereafter | 101 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 231.8 | |||||||||||||||||||||||
Restructuring_Asset_Impairment
Restructuring, Asset Impairments And Other, Net | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||||
Restructuring, Asset Impairments And Other, Net | ' | ||||||||||||||||||||
Restructuring, Asset Impairments and Other, Net | |||||||||||||||||||||
A summary description of the activity included in the “Restructuring, Asset Impairments and Other, Net” caption on the Company's Consolidated Statements of Operations and Comprehensive Income for the quarter and nine months ended September 27, 2013 is as follows (in millions): | |||||||||||||||||||||
Restructuring | Impairment | Other | Total | ||||||||||||||||||
Quarter ended September 27, 2013 | |||||||||||||||||||||
SANYO Semiconductor Products Group Voluntary Retirement Program | $ | 2.6 | $ | — | $ | (0.2 | ) | $ | 2.4 | ||||||||||||
Aizu facility closure | 0.8 | — | — | 0.8 | |||||||||||||||||
KSS facility closure | 3.9 | 2.9 | — | 6.8 | |||||||||||||||||
Other (1) | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 8.3 | $ | 2.9 | $ | (0.2 | ) | $ | 11 | ||||||||||||
Nine months ended September 27, 2013 | |||||||||||||||||||||
SANYO Semiconductor Products Group Voluntary Retirement Program | $ | 35 | $ | — | $ | (12.1 | ) | $ | 22.9 | ||||||||||||
Aizu facility closure | 3.1 | — | (22.4 | ) | (19.3 | ) | |||||||||||||||
KSS facility closure | 3.9 | 2.9 | — | 6.8 | |||||||||||||||||
Other (1) | 4.3 | 0.6 | (4.2 | ) | 0.7 | ||||||||||||||||
Total | $ | 46.3 | $ | 3.5 | $ | (38.7 | ) | $ | 11.1 | ||||||||||||
(1) Includes charges related to certain reductions in workforce and facility closures which are not considered to be significant. | |||||||||||||||||||||
The following is a rollforward of the accrued restructuring charges from December 31, 2012 to September 27, 2013 (in millions): | |||||||||||||||||||||
Balance as of December 31, 2012 | Charges | Usage | Adjustments | Balance as of September 27, 2013 | |||||||||||||||||
Estimated employee separation charges | $ | 15.5 | $ | 41.3 | $ | (47.1 | ) | $ | (0.2 | ) | $ | 9.5 | |||||||||
Estimated costs to exit | 1.6 | 5 | (4.5 | ) | — | 2.1 | |||||||||||||||
Total | $ | 17.1 | $ | 46.3 | $ | (51.6 | ) | $ | (0.2 | ) | $ | 11.6 | |||||||||
Activity related to the Company’s restructuring, asset impairments and other, net for programs that were either initiated in 2013 or had not been completed as of September 27, 2013, is as follows: | |||||||||||||||||||||
SANYO Semiconductor Products Group Voluntary Retirement Program | |||||||||||||||||||||
During first quarter of 2013, the Company initiated a voluntary retirement program for certain employees of the Company's SANYO Semiconductor Products Group (the "Q1 2013 Voluntary Retirement Program"). Approximately 500 employees accepted Q1 2013 Voluntary Retirement Program packages and approximately 480 employees had retired by September 27, 2013. The remaining employees who accepted retirement packages are expected to retire by the end of 2013. | |||||||||||||||||||||
As a result of these headcount reductions, the Company recognized a $0.2 million and $12.1 million pension curtailment gain during the quarter and nine months ended September 27, 2013, respectively, which is recorded in Restructuring, Asset Impairments and Other, Net. See Note 5: "Balance Sheet Information" for additional information relating to the adjustment to the pension and related retirement liabilities associated with the Q1 2013 Voluntary Retirement Program. | |||||||||||||||||||||
As of September 27, 2013, the accrued liability associated with employee separation charges was $4.1 million. The Company expects to incur additional severance charges of approximately $0.5 million for employees affected by the Q1 2013 Voluntary Retirement Program, which is expected to be completed by the end of 2013. | |||||||||||||||||||||
See Note 16: "Subsequent Events" for information with respect to an additional voluntary retirement program for certain employees of the Company's SANYO Semiconductor Products Group which was initiated on October 7, 2013. | |||||||||||||||||||||
Aizu Facility Closure | |||||||||||||||||||||
Cumulative charges of $86.7 million, net of adjustments, have been recognized through September 27, 2013, related to the closure of the Company's Aizu facility for cost savings purposes. As of September 27, 2013, all employees have been terminated. | |||||||||||||||||||||
In connection with the closure and sale of its Aizu facility, the Company released the cumulative foreign currency translation adjustment of $21.0 million related to the Aizu facility, which was recorded as a benefit to Restructuring, Asset Impairments and Other, Net on the Company's Consolidated Statements of Operations and Comprehensive Income for the nine months ended September 27, 2013. See Note 12: "Changes in Accumulated Other Comprehensive Loss" for information on related amounts reclassified out of accumulated other comprehensive loss during the nine months ended September 27, 2013. | |||||||||||||||||||||
All previously accrued liabilities associated with employee separation charges at the Aizu facility have been paid as of September 27, 2013. | |||||||||||||||||||||
SANYO Semiconductor Products Group KSS Facility Closure | |||||||||||||||||||||
On October 6, 2013, the Company announced a plan to close KSS by the end of the second quarter of 2014 (the "KSS Plan"). Pursuant to the KSS Plan, a majority of the production from KSS will be transferred to other Company owned manufacturing facilities. The KSS Plan includes the elimination of approximately 170 full time and 40 contract employees located at the Hanyu site. As a result of the plan, the Company expects to incur cash charges of approximately $11 million to $16 million. Included in this amount are expected severance costs and related employee benefit plan expenses of approximately $10 million to $14 million and other exit costs of approximately $1 million to $2 million. | |||||||||||||||||||||
During the quarter and nine months ended September 27, 2013, the Company accrued a multi-employer pension plan withdrawal liability of $3.9 million related to the KSS Plan. The decision to close this facility triggered an impairment test to determine recoverability of the carrying value of the related long-lived assets, including certain held-for-sale properties owned by KSS. As a result of the KSS Plan, the Company recorded $2.9 million of land and building asset impairment charges. The fair value of the related long-lived assets as of September 27, 2013 was $8.3 million. The fair value was derived by obtaining third-party broker estimates containing unobservable inputs (Level 3). See Note 10: "Fair Value Measurements" for additional information with respect to non-financial assets measured at fair value on a nonrecurring basis and Note 16: "Subsequent Events" for additional information with respect to the KSS Plan. |
Balance_Sheet_Information
Balance Sheet Information | 9 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||
Balance Sheet Information | ' | |||||||||||||||
Balance Sheet Information | ||||||||||||||||
Certain significant amounts included in the Company's balance sheet as of September 27, 2013 and December 31, 2012 consist of the following (dollars in millions): | ||||||||||||||||
September 27, 2013 | December 31, 2012 | |||||||||||||||
Receivables, net: | ||||||||||||||||
Accounts receivable | $ | 420.3 | $ | 360.5 | ||||||||||||
Less: Allowance for doubtful accounts | (1.1 | ) | (2.7 | ) | ||||||||||||
$ | 419.2 | $ | 357.8 | |||||||||||||
Inventories: | ||||||||||||||||
Raw materials | $ | 84.6 | $ | 73.2 | ||||||||||||
Work in process | 299.7 | 310.9 | ||||||||||||||
Finished goods | 201 | 197.6 | ||||||||||||||
$ | 585.3 | $ | 581.7 | |||||||||||||
Other current assets: | ||||||||||||||||
Prepaid expenses | $ | 32.1 | $ | 24.3 | ||||||||||||
Value added and other income tax receivables | 30.2 | 34.3 | ||||||||||||||
Other | 15.4 | 53.1 | ||||||||||||||
$ | 77.7 | $ | 111.7 | |||||||||||||
Property, plant and equipment, net (1): | ||||||||||||||||
Land | $ | 59 | $ | 67.4 | ||||||||||||
Buildings | 483.5 | 572.4 | ||||||||||||||
Machinery and equipment | 1,934.40 | 1,979.40 | ||||||||||||||
Total property, plant and equipment | 2,476.90 | 2,619.20 | ||||||||||||||
Less: Accumulated depreciation | (1,384.0 | ) | (1,515.9 | ) | ||||||||||||
$ | 1,092.90 | $ | 1,103.30 | |||||||||||||
Accrued expenses: | ||||||||||||||||
Accrued payroll | $ | 88.9 | $ | 102.9 | ||||||||||||
Sales related reserves | 54.1 | 64.9 | ||||||||||||||
Restructuring reserves | 11.6 | 17.1 | ||||||||||||||
Accrued pension liability | 0.4 | 7.4 | ||||||||||||||
Other | 39.3 | 36 | ||||||||||||||
$ | 194.3 | $ | 228.3 | |||||||||||||
(1) Included in property, plant, and equipment are approximately $14.9 million of fixed assets which are held-for-sale as of September 27, 2013. | ||||||||||||||||
Warranty Reserves | ||||||||||||||||
The activity related to the Company's warranty reserves for the nine months ended September 27, 2013 and September 28, 2012, respectively, is as follows (in millions): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
Beginning Balance | $ | 10.2 | $ | 5.8 | ||||||||||||
Provision | 3.9 | 2.5 | ||||||||||||||
Usage | (8.0 | ) | (1.8 | ) | ||||||||||||
Ending Balance | $ | 6.1 | $ | 6.5 | ||||||||||||
Defined Benefit Plans | ||||||||||||||||
The Company maintains defined benefit plans for certain of its foreign subsidiaries. The Company recognizes the aggregate amount of all overfunded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of September 27, 2013, the total accrued pension liability for underfunded plans was $150.5 million, of which the current portion of $0.4 million was classified as accrued expenses. As of December 31, 2012, the total accrued pension liability for underfunded plans was $201.4 million, of which the current portion of $7.4 million was classified as accrued expenses. As of September 27, 2013 and December 31, 2012, the total pension asset for overfunded plans was zero and $0.2 million, respectively. | ||||||||||||||||
The Q1 2013 Voluntary Retirement Program triggered the re-measurement of the related pension assets and liabilities during the first quarter of 2013, resulting in an actuarial loss of $13.6 million for the nine months ended September 27, 2013. Additionally, the Company recorded a curtailment gain of $0.2 million and $12.1 million, for the quarter and nine months ended September 27, 2013, respectively, in Restructuring, Asset Impairments and Other, Net. See Note 4: "Restructuring, Asset Impairments and Other, Net" for information related to the Company's restructuring activities. | ||||||||||||||||
The components of the Company's net periodic pension expense for the quarter and nine months ended September 27, 2013 and September 28, 2012 are as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||
Service cost | $ | 2.9 | $ | 2.9 | $ | 9.5 | $ | 8.2 | ||||||||
Interest cost | 1.6 | 1.4 | 5.2 | 4.2 | ||||||||||||
Expected return on plan assets | (1.1 | ) | (0.9 | ) | (3.3 | ) | (3.3 | ) | ||||||||
Amortization of prior service cost | — | — | — | 0.1 | ||||||||||||
Curtailment gain | (0.2 | ) | — | (12.1 | ) | (6.6 | ) | |||||||||
Actuarial loss | — | — | 13.6 | 2.4 | ||||||||||||
Total net periodic pension cost | $ | 3.2 | $ | 3.4 | $ | 12.9 | $ | 5 | ||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
The Company's long-term debt consists of the following (dollars in millions): | ||||||||
September 27, 2013 | December 31, 2012 | |||||||
Senior Revolving Credit Facility (up to $325.0 million) (1) | $ | — | $ | — | ||||
Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.00% and 2.06%, respectively (2) | 283.1 | 302 | ||||||
1.875% Notes (3) | — | 73.4 | ||||||
2.625% Notes (net of discount of $0.9 million and $7.1 million, respectively) (4) | 71.7 | 125.5 | ||||||
2.625% Notes, Series B (net of discount of $23.5 million and $24.2 million, respectively) (5) | 333.4 | 274.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.93% and 1.96%, respectively | 40 | 30 | ||||||
Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | 33 | 45.8 | ||||||
Loan with Chinese bank due 2014, interest payable quarterly at 3.36% and 3.41%, respectively | 7 | 7 | ||||||
Loan with Japanese bank due 2013, interest payable monthly at 0.00% and 1.58%, respectively | — | 0.8 | ||||||
Loan with Singapore bank, interest payable weekly at 1.95% and 1.95%, respectively | 17 | 15 | ||||||
Loan with British finance company, interest payable monthly at 1.52% and 1.51%, respectively | 0.3 | 3.3 | ||||||
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | 28.6 | 29.8 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% | 10.6 | 14 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% | 6.4 | — | ||||||
Canada revolving line of credit, interest payable quarterly at 1.86% | 15 | — | ||||||
Capital lease obligations | 62.3 | 91.1 | ||||||
Long-term debt, including current maturities | 908.4 | 1,011.90 | ||||||
Less: Current maturities | (249.0 | ) | (353.6 | ) | ||||
Long-term debt | $ | 659.4 | $ | 658.3 | ||||
_______________________ | ||||||||
-1 | No balance was due on the Senior Revolving Credit Facility as of September 27, 2013. See below under the heading "Amended and Restated Senior Revolving Credit Facility" for information with respect to related activities subsequent to September 27, 2013. | |||||||
-2 | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. See additional information below under the heading "Note Payable to SMBC." | |||||||
-3 | The 1.875% Notes were partially redeemed by the Company on December 20, 2012. The balance as of December 31, 2012 for notes submitted for conversion was subject to a 20 consecutive trading-day observation period and was subsequently settled during January 2013. | |||||||
-4 | The 2.625% Notes may be put back to the Company at the option of the holders of the notes on December 15 of 2013, 2016 and 2021 or called at the option of the Company on or after December 20, 2013. | |||||||
-5 | The 2.625% Notes, Series B may be put back to the Company at the option of the holders of the notes on December 15 of 2016 and 2021 or called at the option of the Company on or after December 20, 2016. | |||||||
Expected maturities relating to the Company’s long-term debt as of September 27, 2013 are as follows (in millions): | ||||||||
Period | Expected Maturities | |||||||
Remainder of 2013 | $ | 103.1 | ||||||
2014 | 168.1 | |||||||
2015 | 73.6 | |||||||
2016 | 424.6 | |||||||
2017 | 39 | |||||||
Thereafter | 124.4 | |||||||
Total | $ | 932.8 | ||||||
For purposes of the table above, the convertible debt issuances are assumed to mature at their respective initial put option dates. | ||||||||
Loss on Debt Exchange | ||||||||
As further described below, the Company recognized a net loss of $3.1 million during the nine months ended September 27, 2013 resulting from the exchange of certain of its 2.625% Notes. | ||||||||
On March 22, 2013, the Company closed an exchange offer for $60.0 million in principal value (approximately $57.4 million of carrying value) of its 2.625% Notes in exchange for $58.5 million in principal value of its 2.625% Notes, Series B, plus accrued and unpaid interest on the 2.625% Notes. Subject to certain other terms and conditions, this exchange extended the first put date, which the Company considers to be the earliest maturity date, for the exchanged amount from December 2013 to December 2016. The exchanged amount of the 2.625% Notes, Series B was allocated between the fair value of the liability component and equity components of the convertible security. The amount allocated to the extinguishment of the liability component was based on the discounted cash flows using a rate of return an investor would have required on non-convertible debt with other terms substantially similar to the 2.625% Notes. The remaining consideration was recognized as re-acquisition of the equity component. | ||||||||
The difference between the consideration allocated to the liability component and the remaining net carrying amount of the liability and unamortized debt issuance costs was recorded as a loss on debt exchange of $3.1 million, which included the write-off of approximately $0.2 million in unamortized debt issuance costs. The Company also recorded an adjustment to additional paid-in capital of approximately $5.9 million, net of adjustments, relating to the exchange of equity components. | ||||||||
For additional information with respect to the Company's 2.625% Notes and 2.625% Notes, Series B, see Note 8: "Long-Term Debt" of the notes to the Company's audited consolidated financial statements included in Part IV, Item 15 of the 2012 Form 10-K. | ||||||||
Conversion and Retirement of Debt | ||||||||
On December 19, 2012, the holders of approximately $73.4 million in aggregate outstanding principal amount of the 1.875% Notes submitted their 1.875% Notes for conversion at a rate of 142.8571 shares of the Company's common stock per $1,000 principal amount of their 1.875% Notes. The Company elected to satisfy its conversion obligation with respect to each $1,000 principal amount of notes tendered for conversion by delivering cash equal to the sum of the daily settlement amount for each of the 20 consecutive trading days during the observation period for the 1.875% Notes on the settlement date, as provided for in the applicable indenture. | ||||||||
On January 28, 2013, the Company settled the conversion obligation on the outstanding 1.875% Notes by delivering approximately $77.5 million in cash to the holders who tendered their 1.875% Notes for conversion. The excess $4.1 million over the $73.4 million in aggregate outstanding principal amount of the 1.875% Notes was attributable to the 1.875% Note's conversion feature and was recorded as a reduction to additional paid-in capital during the nine months ended September 27, 2013. The settlement of the conversion obligation on January 28, 2013 resulted in the retirement of the obligation under the 1.875% Notes. | ||||||||
Note Payable to SMBC | ||||||||
In January 2011, SCI LLC, as borrower, and the Company, as guarantor, entered into a seven-year, unsecured loan agreement with SANYO Electric to finance a portion of the purchase price for the Company's acquisition of SANYO Semiconductor and certain related assets in early 2011. The loan had an original principal amount of approximately $377.5 million and had a principal balance of $283.1 million and $302.0 million as of September 27, 2013 and December 31, 2012, respectively. The loan bears interest at a rate of 3-month LIBOR plus 1.75% per annum and provides for quarterly interest and $9.4 million in principal payments, with the unpaid balance of $122.7 million due in January 2018. | ||||||||
On January 31, 2013, the Company amended and restated its seven-year unsecured loan obligation with SANYO Electric. In connection with the amendment and restatement of the loan agreement, SANYO Electric assigned all of its rights under the loan agreement to SMBC. | ||||||||
2.625% Notes, Series B | ||||||||
As discussed above, on March 22, 2013, the Company closed an exchange offer for $60.0 million in principal value of its 2.625% Notes in exchange for $58.5 million in principal value of its 2.625% Notes, Series B, plus accrued and unpaid interest on the 2.625% Notes. The notes bear interest at the rate of 2.625% per year from the date of issuance. Interest is payable on June 15 and December 15 of each year, beginning on June 15, 2013. The effective interest rate of the notes is approximately 4.7%. The notes are fully and unconditionally guaranteed on an unsecured senior subordinated basis by certain existing domestic subsidiaries of the Company. | ||||||||
For additional information on the rights and preferences and other details associated with the 2.625% Notes, Series B, see Note 8: "Long-Term Debt" of the notes to the Company's audited consolidated financial statements included in Part IV, Item 15 of the 2012 Form 10-K. | ||||||||
Canada Revolving Line of Credit | ||||||||
On August 30, 2013, one of the Company's wholly-owned Canadian subsidiaries and SCI LLC, as guarantor, entered into an unsecured and uncommitted $15.0 million line of credit (the "Line of Credit"), the terms of which were set forth in an agreement by and between the Company's Canadian subsidiary and a U.S. bank. During the quarter ended September 27, 2013, the Company's Canadian subsidiary borrowed the full $15.0 million available under the Line of Credit. The borrowing under the Line of Credit bears interest based on an option of 1-month, 2-month, 3-month or 6-month LIBOR plus 1.60% per annum, with interest payable quarterly. The borrowed amount is payable within three business days of demand. | ||||||||
Debt Guarantees | ||||||||
ON Semiconductor was the sole issuer of the 1.875% Notes and is the sole issuer of the 2.625% Notes and the 2.625% Notes, Series B (collectively, the "Convertible Notes"). See Note 15: "Guarantor and Non-Guarantor Statements" for the condensed consolidated financial information for the issuers of the Convertible Notes, the guarantor subsidiaries and the non-guarantor subsidiaries. | ||||||||
Amended and Restated Senior Revolving Credit Facility | ||||||||
On October 10, 2013, the Company and its wholly-owned subsidiary, SCI LLC, entered into an $800.0 million, five-year senior revolving credit facility (the “Facility”), the terms of which are set forth in an Amended and Restated Credit Agreement dated as of October 10, 2013 (“Credit Agreement”) among the Company and a group of lenders. The new Credit Agreement amends and restates the Company’s prior Credit Agreement, dated as of December 23, 2011. The Facility may be used for general corporate purposes including working capital, stock repurchase, and/or acquisitions. The Company subsequently recorded $3.2 million of debt issuance costs associated with the Facility during the fourth quarter of 2013. | ||||||||
The Facility includes $40.0 million availability for the issuance of letters of credit, $15.0 million availability for swingline loans for short-term borrowings and a foreign currency sublimit of $75.0 million. The Company has the ability to increase the size of the Facility in increments of $10.0 million, provided that the aggregate amount of such increases does not exceed $250.0 million. | ||||||||
Payments of the principal amounts of revolving loans under the Credit Agreement are due no later than October 10, 2018, which is the maturity date of the Facility. Interest is payable based on either a LIBOR or base rate option, plus an applicable rate that varies based on the total leverage ratio. The Company has also agreed to pay the lenders certain fees, including a commitment fee that varies based on the total leverage ratio. The Company may prepay loans under the Credit Agreement at any time, in whole or in part, upon payment of accrued interest and break funding payments, if applicable. | ||||||||
The obligations under the Facility are guaranteed by certain of the domestic subsidiaries of the Company and SCI LLC and are secured by a pledge of the equity interests in certain of the Company’s and SCI LLC’s domestic subsidiaries and material first tier foreign subsidiaries. | ||||||||
The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, investments and transactions with affiliates. The Credit Agreement contains only two financial covenants: (i) a maximum total leverage ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization and other adjustments described in the Credit Agreement (“consolidated EBITDA”) for the trailing four consecutive quarters of 3.75 to 1.0; and (ii) a minimum interest coverage ratio of consolidated EBITDA to consolidated interest expense for the trailing four consecutive quarters of 3.50 to 1.0. | ||||||||
The Credit Agreement contains customary events of default that include, among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, cross default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults and a change of control default. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement. | ||||||||
In the ordinary course of their respective businesses, certain of the lenders and other parties to the Credit Agreement and their respective affiliates have engaged, and may engage, in commercial banking, investment banking, financial advisory or other services with the Company, SCI LLC, and any of their affiliates for which they have in the past and/or may in the future receive customary compensation and expense reimbursement. |
Earnings_per_Share_and_Equity
Earnings per Share and Equity | 9 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
Earnings Per Share and Equity | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Calculations of net income per common share attributable to ON Semiconductor are as follows (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | ||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 51.8 | $ | 12.5 | $ | 122.1 | $ | 47.6 | |||||||||
Basic weighted average common shares outstanding | 449.3 | 454.6 | 449.8 | 453.9 | |||||||||||||
Add: Incremental shares for: | |||||||||||||||||
Dilutive effect of share-based awards | 2.8 | 1.6 | 2.8 | 3.2 | |||||||||||||
Dilutive effect of the Convertible Notes | — | — | — | 1.1 | |||||||||||||
Diluted weighted average common shares outstanding | 452.1 | 456.2 | 452.6 | 458.2 | |||||||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.03 | $ | 0.27 | $ | 0.1 | |||||||||
Diluted | $ | 0.11 | $ | 0.03 | $ | 0.27 | $ | 0.1 | |||||||||
Basic net income per common share is computed by dividing net income attributable to ON Semiconductor Corporation by the weighted average number of common shares outstanding during the period. | |||||||||||||||||
The number of incremental shares from the assumed exercise of stock options and assumed issuance of shares relating to restricted stock units is calculated by applying the treasury stock method. Share-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation. The excluded number of anti-dilutive share-based awards was approximately 12.4 million and 18.8 million for the quarters ended September 27, 2013 and September 28, 2012, respectively, and 12.7 million and 15.1 million for the nine months ended September 27, 2013 and September 28, 2012, respectively. | |||||||||||||||||
The dilutive impact related to the Convertible Notes is determined in accordance with the net share settlement requirements prescribed by ASC Topic 260, Earnings Per Share ("ASC 260"). Under the net share settlement calculation, the Company's Convertible Notes are assumed to be convertible into cash up to the par value, with the excess of par value being convertible into common stock. A dilutive effect occurs when the stock price exceeds the conversion price for each of the Convertible Notes. In periods when the share price is lower than the conversion price, the impact is anti-dilutive and therefore has no impact on the Company's earnings per share calculations. As described in Note 6: "Long-Term Debt," the 1.875% Notes were retired during the first quarter of 2013 and as a result, there were no incremental shares to consider for these notes. | |||||||||||||||||
Equity | |||||||||||||||||
Share Repurchase Program | |||||||||||||||||
During the quarter and nine months ended September 27, 2013, the Company repurchased approximately 4.1 million and 5.6 million shares of common stock, respectively, pursuant to a previously announced share repurchase program, for an aggregate purchase price of approximately $30.2 million and $42.3 million, respectively, inclusive of fees, commissions and other expenses, at a weighted average execution price per share of $7.41 and $7.54, respectively. As of September 27, 2013, approximately $6.5 million of the aggregate repurchase amount remained unpaid and is recorded in accrued expenses in the Company's Consolidated Balance Sheet. None of these shares had been reissued or retired as of September 27, 2013, but may be reissued or retired by the Company at a later date. As of September 27, 2013, approximately $202.4 million remained of the total authorized amount to purchase common stock pursuant to the share repurchase program. | |||||||||||||||||
Shares for Restricted Stock Units Tax Withholding | |||||||||||||||||
Treasury stock is recorded at cost and is presented as a reduction of stockholders' equity in the accompanying consolidated financial statements. Shares, with a fair market value equal to the applicable statutory minimum amount of the employee withholding taxes due, are withheld by the Company upon the vesting of restricted stock units to pay the applicable statutory minimum amount of employee withholding taxes and are considered common stock repurchases. The Company then pays the applicable statutory minimum amount of withholding taxes in cash. The amount remitted for the quarter and nine months ended September 27, 2013 was $0.6 million and $2.8 million, respectively, for which the Company withheld approximately 0.1 million and 0.4 million shares of common stock, respectively, that were underlying the restricted stock units that vested. None of these shares had been reissued or retired as of September 27, 2013; however, these shares may be reissued or retired by the Company at a later date. | |||||||||||||||||
Non-Controlling Interest | |||||||||||||||||
The Company's entity which operates assembly and test operations in Leshan, China is owned by a joint venture company, Leshan-Phoenix Semiconductor Company Limited (“Leshan”). The Company owns a majority of the outstanding equity interests in Leshan and its investment in Leshan has been consolidated in the Company's financial statements. | |||||||||||||||||
At December 31, 2012, the non-controlling interest balance was $29.6 million. This balance was increased to $32.3 million at September 27, 2013 due to the non-controlling interest's $2.7 million share of the earnings for the nine months ended September 27, 2013. | |||||||||||||||||
At December 31, 2011, the non-controlling interest balance was $25.3 million. This balance increased to $28.3 million at September 28, 2012 due to the non-controlling interest's $3.0 million share of the earnings for the nine months ended September 28, 2012. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||
Total share-based compensation expense related to the Company's employee stock options, restricted stock units, stock grant awards and ESPP for the quarter and nine months ended September 27, 2013 and September 28, 2012 was comprised as follows (in millions): | ||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||||||||
Cost of revenues | $ | 1.3 | $ | 0.5 | $ | 3.8 | $ | 2.6 | ||||||||||||||
Research and development | 1.5 | 0.6 | 4.6 | 3.1 | ||||||||||||||||||
Selling and marketing | 1.4 | 0.7 | 4.1 | 3.1 | ||||||||||||||||||
General and administrative | 2.8 | 0.3 | 10.9 | 5.9 | ||||||||||||||||||
Share-based compensation expense before income taxes | $ | 7 | $ | 2.1 | $ | 23.4 | $ | 14.7 | ||||||||||||||
Related income tax benefits (1) | — | — | — | — | ||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 7 | $ | 2.1 | $ | 23.4 | $ | 14.7 | ||||||||||||||
____________________ | ||||||||||||||||||||||
(1) | A majority of the Company’s share-based compensation relates to its domestic subsidiaries; therefore, no related deferred income tax benefits are recorded due to historical net operating losses at those subsidiaries. | |||||||||||||||||||||
At September 27, 2013, total unrecognized estimated share-based compensation expense, net of estimated forfeitures, related to non-vested stock options granted prior to that date was $6.3 million. At September 27, 2013, total unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock units with time-based service conditions and performance-based vesting criteria granted prior to that date was $38.3 million. The total intrinsic value of stock options exercised during the quarter and nine months ended September 27, 2013 was $0.5 million and $3.6 million, respectively. The Company recorded cash received from the exercise of stock options of $2.9 million and $9.5 million during the quarter and nine months ended September 27, 2013, respectively. The Company recorded cash received from the issuance of shares under the ESPP of $2.0 million and $4.1 million during the quarter and nine months ended September 27, 2013, respectively, and recorded no related income tax benefits during the quarter and nine months ended September 27, 2013. | ||||||||||||||||||||||
Share-Based Compensation Information | ||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using a lattice-based option valuation model. The lattice-based model uses: (1) a constant volatility; (2) an employee exercise behavior model (based on an analysis of historical exercise behavior); and (3) the treasury yield curve to calculate the fair value of each option grant. | ||||||||||||||||||||||
The weighted-average estimated fair value of employee stock options and the weighted average assumptions used in the lattice model to calculate the weighted-average estimated fair value of employee stock options granted during the quarter and nine months ended September 27, 2013 and September 28, 2012 are as follows (annualized percentages): | ||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||||||||
Volatility | 42.5 | % | 46.9 | % | 43 | % | 46.8 | % | ||||||||||||||
Risk-free interest rate | 1.6 | % | 0.6 | % | 1.3 | % | 0.8 | % | ||||||||||||||
Expected term (in years) | 5.2 | 5.1 | 5.2 | 4.9 | ||||||||||||||||||
Weighted-average fair value per share | $ | 2.93 | $ | 2.54 | $ | 2.99 | $ | 3.06 | ||||||||||||||
Share-based compensation expense recognized in the Consolidated Statement of Operations and Comprehensive Income is based on awards ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeitures for stock options were estimated to be approximately 11.0% and 11.0% in the quarters and nine months ended September 27, 2013 and September 28, 2012, respectively. Pre-vesting forfeitures for restricted stock units were estimated to be approximately 5.0% and 4.0% in the quarters and nine months ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||||||||||||
Shares Available | ||||||||||||||||||||||
As of December 31, 2012, there was an aggregate of 43.7 million shares of common stock available for grant under the Company's Amended and Restated SIP and 2.6 million shares available for issuance under the ESPP. On May 15, 2013, shareholders approved certain amendments to the Company's ESPP which increased the number of shares reserved and available to be issued pursuant to the ESPP by 3.0 million to a total of 18.0 million. As of September 27, 2013, there was an aggregate of 38.6 million shares of common stock available for grant under the Amended and Restated SIP and 4.9 million shares available for issuance under the ESPP. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
A summary of stock option transactions follows (in millions except per share and term data): | ||||||||||||||||||||||
Nine Months Ended September 27, 2013 | ||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2012 | 17.2 | $ | 7.7 | |||||||||||||||||||
Granted | 0.1 | 7.56 | ||||||||||||||||||||
Exercised | (1.7 | ) | 5.78 | |||||||||||||||||||
Canceled | (0.9 | ) | 8.45 | |||||||||||||||||||
Outstanding at September 27, 2013 | 14.7 | $ | 7.87 | 3.6 | $ | 8.7 | ||||||||||||||||
Exercisable at September 27, 2013 | 11.8 | $ | 7.95 | 3.2 | $ | 7.4 | ||||||||||||||||
Additional information about stock options outstanding at September 27, 2013 with exercise prices less than or above $7.28 per share, the effective closing price of the Company's common stock at September 27, 2013, follows (number of shares in millions): | ||||||||||||||||||||||
Exercisable | Unexercisable | Total | ||||||||||||||||||||
Exercise Prices | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | ||||||||||||||||
Less than $7.28 | 5.8 | $ | 6.01 | 1.2 | $ | 6.26 | 7 | $ | 6.05 | |||||||||||||
Above $7.28 | 6 | $ | 9.85 | 1.7 | $ | 8.43 | 7.7 | $ | 9.55 | |||||||||||||
Total outstanding | 11.8 | $ | 7.95 | 2.9 | $ | 7.5 | 14.7 | $ | 7.87 | |||||||||||||
Restricted Stock Units | ||||||||||||||||||||||
Restricted stock units vest over one to three years with service-based requirements or performance-based requirements and are payable in shares of the Company's common stock upon vesting. The following table presents a summary of the status of the Company's restricted stock units granted to certain officers and employees of the Company as of September 27, 2013, and changes during the nine months ended September 27, 2013 (number of shares in millions): | ||||||||||||||||||||||
Nine Months Ended September 27, 2013 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2012 | 8.9 | $ | 8.75 | |||||||||||||||||||
Granted | 4.2 | 8.15 | ||||||||||||||||||||
Released | (1.4 | ) | 8.08 | |||||||||||||||||||
Forfeited | (0.8 | ) | 8.48 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at September 27, 2013 | 10.9 | $ | 8.62 | |||||||||||||||||||
Stock Grant Awards | ||||||||||||||||||||||
During the nine months ended September 27, 2013, the Company granted approximately 0.2 million shares of stock pursuant to stock grant awards to certain directors of the Company with immediate vesting and a weighted average grant date fair value of $8.49 per share. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |||
Sep. 27, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
Commitments and Contingencies | ||||
Leases | ||||
The following is a schedule by year of future minimum lease obligations under non-cancelable operating leases as of September 27, 2013 (in millions): | ||||
Remainder of 2013 | $ | 6.1 | ||
2014 | 21.6 | |||
2015 | 16.7 | |||
2016 | 13.9 | |||
2017 | 11.5 | |||
Thereafter | 42.3 | |||
Total | $ | 112.1 | ||
Other Contingencies | ||||
The Company’s headquarters in Phoenix, Arizona is located on property that is a “Superfund” site, which is a property listed on the National Priorities List and subject to clean-up activities under the Comprehensive Environmental Response, Compensation, and Liability Act. Motorola and Freescale have been involved in the cleanup of on-site solvent contaminated soil and groundwater and off-site contaminated groundwater pursuant to consent decrees with the State of Arizona. As part of the Company's August 4, 1999 recapitalization, Motorola retained responsibility for this contamination, and Motorola and Freescale have agreed to indemnify the Company with respect to remediation costs and other costs or liabilities related to this matter. | ||||
As part of the recapitalization, the Company was granted various manufacturing facilities, one of which was located in the Czech Republic. In regards to this site, the Company has ongoing remediation projects to respond to releases of hazardous substances that occurred prior to the recapitalization during the years that this facility was operated by government-owned entities. In each case, the remediation project consists primarily of monitoring groundwater wells located on-site and off-site with additional action plans developed to respond in the event activity levels are exceeded at each of the respective locations. The government of the Czech Republic has agreed to indemnify the Company and the respective subsidiaries, subject to specified limitations, for remediation costs associated with this historical contamination. Based upon the information available, total future remediation costs to the Company are not expected to be material. | ||||
The Company’s design center in East Greenwich, Rhode Island is located on property that has localized soil contamination. In connection with the purchase of the facility, the Company entered into a settlement agreement and covenant not to sue with the State of Rhode Island. This agreement requires that remedial actions be undertaken and a quarterly groundwater monitoring program be initiated by the former owners of the property. Based on the information available, any costs to the Company in connection with this matter have not been, and are not expected to be material. | ||||
As a result of its acquisition of AMIS, the Company is a "primary responsible party" to an environmental remediation and cleanup at AMIS's former corporate headquarters in Santa Clara, California. Costs incurred by AMIS have included implementation of the clean up plan, operations and maintenance of remediation systems, and other project management costs. However, AMIS's former parent company, a subsidiary of Nippon Mining, contractually agreed to indemnify AMIS and the Company for any obligation relating to environmental remediation and cleanup at this location. Based on the information available, any costs to the Company in connection with this matter have not been, and are not expected to be material. | ||||
The Company's former manufacturing location in Aizu, Japan is located on property where soil and ground water contamination has been detected. The Company believes that the contamination originally occurred during a time when the facility was operated by a prior owner. The Company has worked with local authorities to implement a remediation plan and expects remaining remediation costs to be covered by insurance. Based on information available, any costs to the Company in connection with this matter have not been, and are not expected to be material. | ||||
In the normal course of business, the Company provides standby letters of credit or other guarantee instruments to certain parties initiated by either the Company or its subsidiaries, as required for transactions such as, but not limited to, purchase commitments, agreements to mitigate collection risk, leases, utilities or customs guarantees. The Company's senior revolving credit facility includes $40.0 million of availability for the issuance of letters of credit. A $0.2 million letter of credit was outstanding under the senior revolving credit facility as of September 27, 2013. The Company also had outstanding guarantees and letters of credit outside of its senior revolving credit facility totaling $4.7 million as of September 27, 2013. | ||||
As part of securing financing in the normal course of business, the Company issued guarantees related to its receivables financing, capital lease obligations and real estate mortgages, which totaled approximately $83.9 million as of September 27, 2013. The Company is also a guarantor of SCI LLC's unsecured loan with SMBC, which had a balance of $283.1 million as of September 27, 2013. See Note 6: "Long-Term Debt" for further information on this loan. | ||||
Based on historical experience and information currently available, the Company believes that in the foreseeable future it will not be required to make payments under the standby letters of credit or guarantee arrangements. | ||||
Indemnification Contingencies | ||||
The Company is a party to a variety of agreements entered into in the ordinary course of business pursuant to which it may be obligated to indemnify the other parties for certain liabilities that arise out of or relate to the subject matter of the agreements. Some of the agreements entered into by the Company require it to indemnify the other party against losses due to IP infringement, property damage including environmental contamination, personal injury, failure to comply with applicable laws, the Company’s negligence or willful misconduct, or breach of representations and warranties and covenants related to such matters as title to sold assets. | ||||
The Company faces risk of exposure to warranty and product liability claims in the event that its products fail to perform as expected or such failure of its products results, or is alleged to result, in bodily injury or property damage (or both). In addition, if any of the Company’s designed products are alleged to be defective, the Company may be required to participate in their recall. Depending on the significance of any particular customer and other relevant factors, the Company may agree to provide more favorable indemnity rights to such customer for valid warranty claims. | ||||
The Company and its subsidiaries provide for indemnification of directors, officers and other persons in accordance with limited liability agreements, certificates of incorporation, by-laws, articles of association or similar organizational documents, as the case may be. The Company maintains directors’ and officers’ insurance, which should enable it to recover a portion of any future amounts paid. | ||||
In addition to the above, from time to time the Company provides standard representations and warranties to counterparties in contracts in connection with sales of its securities and the engagement of financial advisers and also provides indemnities that protect the counterparties to these contracts in the event they suffer damages as a result of a breach of such representations and warranties or in certain other circumstances relating to the sale of securities or their engagement by the Company. | ||||
While the Company’s future obligations under certain agreements may contain limitations on liability for indemnification, other agreements do not contain such limitations and under such agreements it is not possible to predict the maximum potential amount of future payments due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under any of these indemnities have not had a material effect on the Company’s business, financial condition, results of operations or cash flows. Additionally, the Company does not believe that any amounts that it may be required to pay under these indemnities in the future will be material to the Company’s business, financial position, results of operations or cash flows. | ||||
Legal Matters | ||||
The Company is currently involved in a variety of legal matters that arise in the normal course of business. Based on information currently available, management does not believe that the ultimate resolution of these matters, including the matters described or referred to in the previous paragraphs will have a material effect on the Company's financial condition, results of operations or cash flows. However, because of the nature and inherent uncertainties of litigation, should the outcome of these actions be unfavorable, the Company's business, consolidated financial position, results of operations or cash flows could be materially and adversely affected. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | |||||||||||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis as of September 27, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||||||||||
27-Sep-13 | Active Markets (Level 1) | December 31, 2012 | Active Markets (Level 1) | |||||||||||||||||||||
Description | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Demand and time deposits | $ | 306.4 | $ | 306.4 | $ | 385.9 | $ | 385.9 | ||||||||||||||||
Money market funds | 63.1 | 63.1 | — | — | ||||||||||||||||||||
Treasuries | — | — | 100.7 | 100.7 | ||||||||||||||||||||
Corporate bonds | — | — | 0.3 | 0.3 | ||||||||||||||||||||
Other Current Assets | ||||||||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | — | $ | 3.2 | $ | 3.2 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 0.1 | $ | 0.1 | $ | — | $ | — | ||||||||||||||||
Short-term investments have an original maturity to the Company between three months and one year, are classified as held-to-maturity and are carried at amortized cost as the Company has the intent and the ability to hold these securities until maturity. Short-term investments classified as held-to-maturity as of the quarters ended September 27, 2013 and December 31, 2012, respectively, were as follows (in millions): | ||||||||||||||||||||||||
Balance at September 27, 2013 | Balance at December 31, 2012 | |||||||||||||||||||||||
Carried at Amortized Cost | Unrealized Gain/(Loss) | Fair Value | Carried at Amortized Cost | Unrealized Gain/(Loss) | Fair Value | |||||||||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||||||||||
Commercial paper | $ | 58.1 | $ | — | $ | 58.1 | $ | 25.5 | $ | — | $ | 25.5 | ||||||||||||
Corporate bonds | 118.9 | (0.1 | ) | 118.8 | 119.3 | (0.1 | ) | 119.2 | ||||||||||||||||
Government agencies | 7.1 | — | 7.1 | — | — | — | ||||||||||||||||||
$ | 184.1 | $ | (0.1 | ) | $ | 184 | $ | 144.8 | $ | (0.1 | ) | $ | 144.7 | |||||||||||
The Company’s financial assets are valued using market prices on active markets (Level 1). Level 1 instrument valuations are based on quoted prices for transactions in active exchange markets involving identical assets. Cash and cash equivalents are short-term, highly liquid investments with original or remaining maturities of three months or less when purchased. The Company's short-term investments balance of $184.1 million is classified as held-to-maturity securities and is carried at amortized cost. There was a $0.1 million unrealized loss on these short-term investments as of September 27, 2013. | ||||||||||||||||||||||||
The carrying amounts of other current assets and liabilities, such as accounts receivable and accounts payable, approximate fair value based on the short-term nature of these instruments. | ||||||||||||||||||||||||
Fair Value of Long-Term Debt, Including Current Portion | ||||||||||||||||||||||||
The carrying amounts and fair values of the Company’s long-term borrowings (excluding capital lease obligations, real estate mortgages and equipment financing) at September 27, 2013 and December 31, 2012 are as follows (in millions): | ||||||||||||||||||||||||
September 27, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Long-term debt, including current portion | ||||||||||||||||||||||||
Convertible Notes | $ | 405.1 | $ | 458.1 | $ | 473.1 | $ | 530.9 | ||||||||||||||||
Long-term debt | $ | 395.4 | $ | 375.9 | $ | 403.9 | $ | 380.6 | ||||||||||||||||
The fair value of the Company's Convertible Notes was estimated based on quoted market prices on active markets (Level 1). The fair value of other long-term debt was estimated based on discounting the remaining principal payments and interest using current market rates for similar debt (Level 2) at September 27, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Fair Values Measured on a Non-Recurring Basis | ||||||||||||||||||||||||
Our non-financial assets, such as property, plant and equipment, goodwill and intangible assets are recorded at fair value upon acquisition and are remeasured at fair value only if an impairment charge is recognized. The Company uses unobservable inputs to the valuation methodologies that were significant to the fair value measurements, and the valuations required management judgment due to the absence of quoted market prices. See Note 4: "Restructuring, Asset Impairment and Other, Net" for a discussion of assets which were impaired during the quarter and nine months ended September 27, 2013. | ||||||||||||||||||||||||
The following table shows the fair value of certain of the Company's non-financial assets included in its Consolidated Balance Sheet at September 27, 2013 and December 31, 2012 that were remeasured at fair value on a nonrecurring basis (in millions): | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
27-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||
Property, plant and equipment (Level 3) | $ | 8.9 | $ | 134.1 | ||||||||||||||||||||
Intangible assets (Level 3) | — | 8.2 | ||||||||||||||||||||||
$ | 8.9 | $ | 142.3 | |||||||||||||||||||||
The following table shows the adjustments to fair value of certain of the Company's non-financial assets that had an impact on the Company's results of operations during the quarters and nine months ended September 27, 2013 and September 28, 2012 (in millions): | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
27-Sep-13 | 28-Sep-12 | 27-Sep-13 | 28-Sep-12 | |||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||
Losses on property, plant and equipment held for use or disposal (Level 3) | $ | 2.9 | $ | — | $ | 3.5 | $ | 2.1 | ||||||||||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
Foreign Currencies | |||||||||||||||||
As a multinational business, the Company’s transactions are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company’s policy prohibits trading in currencies for which there are no underlying exposures, or entering into trades for any currency to intentionally increase the underlying exposure. | |||||||||||||||||
The Company primarily hedges existing assets and liabilities and cash flows associated with transactions currently on its balance sheet. | |||||||||||||||||
As of September 27, 2013 and December 31, 2012, the Company had outstanding foreign exchange contracts with a net notional amount of $87.5 million and $197.3 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months. Management believes that these financial instruments should not subject the Company to increased risks from foreign exchange movements because gains and losses on these contracts should offset losses and gains on the underlying assets, liabilities and transactions to which they are related. The following schedule shows the Company’s net foreign exchange positions in U.S. dollars as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||
27-Sep-13 | 31-Dec-12 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (15.5 | ) | $ | 15.5 | $ | (17.4 | ) | $ | 17.4 | |||||||
Japanese Yen | (10.6 | ) | 10.6 | (123.3 | ) | 123.3 | |||||||||||
Malaysian Ringgit | 34.5 | 34.5 | 32.7 | 32.7 | |||||||||||||
Philippine Peso | 11.2 | 11.2 | 4.2 | 4.2 | |||||||||||||
Other Currencies | 10.1 | 15.7 | (1.5 | ) | 19.7 | ||||||||||||
$ | 29.7 | $ | 87.5 | $ | (105.3 | ) | $ | 197.3 | |||||||||
The Company is exposed to credit-related losses if counterparties to its foreign exchange contracts fail to perform their obligations. As of September 27, 2013, the counterparties to the Company’s foreign exchange contracts are highly rated financial institutions and no credit-related losses are anticipated. Amounts payable or receivable under the contracts are included in other current assets or accrued expenses in the accompanying consolidated balance sheet. For the quarter ended September 27, 2013 the realized and unrealized foreign currency transaction gain was $0.1 million. For the quarter ended September 28, 2012 the realized and unrealized foreign currency transaction loss was $3.8 million. For the nine months ended September 27, 2013 and September 28, 2012, the realized and unrealized foreign currency transaction gain was $4.9 million and $1.0 million, respectively. | |||||||||||||||||
As of September 27, 2013 and December 31, 2012, the Company had balances for contracts not designated as cash flow hedges of zero and $2.4 million, respectively, that were classified as other assets. As of September 27, 2013 and December 31, 2012, the Company had $0.1 million and zero liability balances for these contracts. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
The Company is exposed to global market risks associated with fluctuations in interest rates and foreign currency exchange rates. The Company addresses these risks through controlled management that includes the use of derivative financial instruments to economically hedge or reduce these exposures. The Company does not enter into derivative financial instruments for trading or speculative purposes. | |||||||||||||||||
The purpose of the Company's foreign currency hedging activities is to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies will be adversely affected by changes in exchange rates. The Company enters into forward contracts that are designated as foreign-currency cash flow hedges of selected forecasted payments denominated in currencies other than U.S. dollars. All the contracts mature within 12 months and upon maturity, the amount recorded in accumulated other comprehensive income is reclassified into earnings. The Company documents all relationships between designated hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. | |||||||||||||||||
All derivatives are recognized on the balance sheet at their fair value and classified based on the instrument's maturity date. The total notional amount of outstanding derivatives designated as cash flow hedges as of September 27, 2013 was approximately $77.0 million, which is primarily comprised of cash flow hedges for Malaysian Ringgit/U.S. dollar and Philippine Peso/U.S. dollar currency pairs. | |||||||||||||||||
For the quarter and nine months ended September 27, 2013, the Company recorded a net loss of $1.1 million and $3.2 million, respectively, recognized in other comprehensive income on derivatives associated with cash flow hedges. As of September 27, 2013, the Company had $2.5 million liability balances for contracts designated as cash flow hedging instruments that were classified as other liabilities. As of December 31, 2012, the Company had liability balances for contracts designated as cash flow hedging instruments of $0.9 million that were classified as other liabilities. As of September 27, 2013, the Company had no asset balances for contracts designated as cash flow hedging instruments that were classified as other assets. As of December 31, 2012, the Company had $0.2 million of contracts designated as cash flow hedging instruments that were classified as other assets. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | |||||||||||||||||||||
Amounts comprising the Company's accumulated other comprehensive loss and reclassifications for the nine months ended September 27, 2013 are as follows (net of tax of $0, in millions): | |||||||||||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Items | Effects of Cash Flow Hedges | Unrealized Gains and Losses on Available-for-Sale Securities | Total | |||||||||||||||||
Balance as of December 31, 2012 | $ | (42.2 | ) | $ | (0.1 | ) | $ | 0.8 | $ | 0.4 | $ | (41.1 | ) | ||||||||
Other comprehensive income (loss) prior to reclassifications | 16.5 | — | (1.8 | ) | 0.2 | 14.9 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (21.0 | ) | — | (1.4 | ) | — | (22.4 | ) | |||||||||||||
Net current period other comprehensive loss | (4.5 | ) | — | (3.2 | ) | 0.2 | (7.5 | ) | |||||||||||||
Balance as of September 27, 2013 | $ | (46.7 | ) | $ | (0.1 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (48.6 | ) | |||||||
Included in accumulated other comprehensive loss as of December 31, 2012 is approximately $21.0 million relating to cumulative foreign currency translation gains associated with the Company's subsidiary that owned its Aizu facility, which utilized the Japanese Yen as its functional currency. As further described in Note 4: "Restructuring, Asset Impairments and Other, Net," the Company closed its Aizu facility during the first quarter of 2013. The liquidation of the Company's subsidiary that owned its Aizu facility was substantially completed during the first quarter of 2013; therefore, the Company reclassified the associated cumulative foreign currency translation adjustments in its Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||||||
There was a $1.7 million effect as a result of the Company's cash flow hedges which was reclassified from accumulated other comprehensive loss to other income and expense in the Company's Consolidated Statements of Operations and Comprehensive Income during the quarter ended September 27, 2013. Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the nine months ended September 27, 2013 were as follows (net of tax of $0, in millions): | |||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item Where Net Income is Presented | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (21.0 | ) | Restructuring, asset impairments and other, net | |||||||||||||||||
Effects of cash flow hedges | (1.4 | ) | Other income and expense | ||||||||||||||||||
Total reclassifications | $ | (22.4 | ) | ||||||||||||||||||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 9 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures | ' | ||||||||
Supplemental Disclosures | |||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||
The Company's non-cash financing activities and cash payments for interest and income taxes are as follows (in millions): | |||||||||
For the Nine Months Ended | |||||||||
September 27, 2013 | September 28, 2012 | ||||||||
Non-cash financing activities: | |||||||||
Capital expenditures in accounts payable | $ | 42.1 | $ | 84.8 | |||||
Equipment acquired or refinanced through capital leases | $ | 2.4 | $ | 30.2 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (1.0 | ) | $ | (1.1 | ) | |||
Interest expense | $ | 14.2 | $ | 19.5 | |||||
Income taxes | $ | 9.9 | $ | 15.7 | |||||
Supplemental Disclosure of Business Interruption Insurance Recoveries | |||||||||
During the nine months ended September 27, 2013, the Company recognized income of approximately $13.5 million pursuant to a business interruption insurance claim associated with damages caused by the 2011 Thailand flood. There was no income recognized from business interruption insurance claims during the quarter ended September 27, 2013. | |||||||||
Supplemental Disclosure of Income Tax Information | |||||||||
The income tax provision for the nine months ended September 27, 2013 included the reversal of $6.0 million of valuation allowances against deferred tax assets of certain foreign subsidiaries and the reversal of $2.6 million of reserves of interest for potential liabilities in foreign taxing jurisdictions that were effectively settled or for which the statute lapsed during the nine months ended September 27, 2013. | |||||||||
The Company's effective tax rate for the nine months ended September 28, 2012 was 26.0% compared to an effective tax rate for the nine months ended September 27, 2013 of 3.1%, due to the reversal of certain valuation allowances and the reversal of reserves and interest for potential liabilities in certain foreign taxing jurisdictions which were effectively settled or for which the statute lapsed during the nine months ended September 27, 2013. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
As of September 27, 2013, the Company was organized into three operating segments, which also represented its three reporting segments: Application Products Group, Standard Products Group and SANYO Semiconductor Products Group. Each of the Company's major product lines has been examined and each product line has been assigned to a segment based on the Company's operating strategy. Because many products are sold into different end-markets, the total revenue reported for a segment is not indicative of actual sales in the end-market associated with that segment, but rather is the sum of the revenue from the product lines assigned to that segment. These segments represent the Company's view of the business and as such are used to evaluate progress of major initiatives and allocation of resources. | ||||||||||||||||
Revenues, gross profit and operating income for the Company’s reportable segments for the quarters and nine months ended September 27, 2013 and September 28, 2012, respectively, are as follows (in millions): | ||||||||||||||||
Application Products Group | Standard | SANYO | Total | |||||||||||||
Products | Semiconductor | |||||||||||||||
Group | Products Group | |||||||||||||||
For the quarter ended September 27, 2013: | ||||||||||||||||
Revenues from external customers | $ | 269 | $ | 289.6 | $ | 156.8 | $ | 715.4 | ||||||||
Segment gross profit | $ | 119 | $ | 95.6 | $ | 34.3 | $ | 248.9 | ||||||||
Segment operating income (loss) | $ | 30.4 | $ | 54.9 | $ | (3.0 | ) | $ | 82.3 | |||||||
For the quarter ended September 28, 2012: | ||||||||||||||||
Revenues from external customers | $ | 252.7 | $ | 279.8 | $ | 193 | $ | 725.5 | ||||||||
Segment gross profit | $ | 113.5 | $ | 100.1 | $ | 37 | $ | 250.6 | ||||||||
Segment operating income (loss) | $ | 28.8 | $ | 60.9 | $ | (21.4 | ) | $ | 68.3 | |||||||
Application Products Group | Standard | SANYO | Total | |||||||||||||
Products | Semiconductor | |||||||||||||||
Group | Products Group | |||||||||||||||
For the nine months ended September 27, 2013: | ||||||||||||||||
Revenues from external customers | $ | 765.5 | $ | 831.2 | $ | 468 | $ | 2,064.70 | ||||||||
Segment gross profit | $ | 336.3 | $ | 296.1 | $ | 63.4 | $ | 695.8 | ||||||||
Segment operating income (loss) | $ | 80.1 | $ | 177.8 | $ | (71.7 | ) | $ | 186.2 | |||||||
For the nine months ended September 28, 2012: | ||||||||||||||||
Revenues from external customers | $ | 772.8 | $ | 837.6 | $ | 604.3 | $ | 2,214.70 | ||||||||
Segment gross profit | $ | 352.6 | $ | 312.5 | $ | 110.8 | $ | 775.9 | ||||||||
Segment operating income (loss) | $ | 90.8 | $ | 190.1 | $ | (73.2 | ) | $ | 207.7 | |||||||
Depreciation and amortization expense is included in segment operating income. Reconciliations of segment gross profit and segment operating income to the financial statements are as follows (in millions): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
Gross profit for reportable segments | $ | 248.9 | $ | 250.6 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | 0.3 | (12.6 | ) | |||||||||||||
Gross profit | $ | 249.2 | $ | 238 | ||||||||||||
Operating income for reportable segments | $ | 82.3 | 68.3 | |||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (11.0 | ) | (11.2 | ) | ||||||||||||
Other unallocated manufacturing costs | 0.3 | (12.6 | ) | |||||||||||||
Other unallocated operating expenses | (4.3 | ) | 0.1 | |||||||||||||
Operating income | $ | 67.3 | $ | 44.6 | ||||||||||||
Nine Months Ended | ||||||||||||||||
27-Sep-13 | September 28, 2012 | |||||||||||||||
Gross profit for reportable segments | $ | 695.8 | $ | 775.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (10.3 | ) | (34.4 | ) | ||||||||||||
Gross profit | $ | 685.5 | $ | 741.5 | ||||||||||||
Operating income for reportable segments | 186.2 | 207.7 | ||||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (11.1 | ) | (57.3 | ) | ||||||||||||
Other unallocated manufacturing costs | (10.3 | ) | (34.4 | ) | ||||||||||||
Other unallocated operating expenses | (8.9 | ) | (0.9 | ) | ||||||||||||
Operating income | $ | 155.9 | $ | 115.1 | ||||||||||||
The Company's consolidated assets are not specifically assigned to its individual reporting segments. Rather, assets used in operations are generally shared across the Company's reporting segments. See Note 5: "Balance Sheet Information" for additional information on certain of the Company's assets. | ||||||||||||||||
The Company operates in various geographic locations. Sales to unaffiliated customers have little correlation with the location of manufacturers. It is, therefore, not meaningful to present operating profit by geographical location. | ||||||||||||||||
Revenues by geographic location, including local sales made by operations within each area, based on sales billed from the respective country are summarized as follows (in millions): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
United States | $ | 109 | $ | 106.7 | ||||||||||||
Japan | 70.3 | 93.9 | ||||||||||||||
China | 230.1 | 228.5 | ||||||||||||||
Singapore | 178.3 | 157.3 | ||||||||||||||
United Kingdom | 101.9 | 94 | ||||||||||||||
Other | 25.8 | 45.1 | ||||||||||||||
$ | 715.4 | $ | 725.5 | |||||||||||||
Nine Months Ended | ||||||||||||||||
27-Sep-13 | September 28, 2012 | |||||||||||||||
United States | $ | 306.4 | $ | 338.3 | ||||||||||||
Japan | 217.6 | 314.2 | ||||||||||||||
China | 628 | 664.4 | ||||||||||||||
Singapore | 525.6 | 464.3 | ||||||||||||||
United Kingdom | 302.2 | 299.8 | ||||||||||||||
Other | 84.9 | 133.7 | ||||||||||||||
$ | 2,064.70 | $ | 2,214.70 | |||||||||||||
For the quarters and nine months ended September 27, 2013 and September 28, 2012, there were no individual customers which accounted for more than 10% of the Company's total revenues. | ||||||||||||||||
Property, plant and equipment, net by geographic location, is summarized as follows (in millions): | ||||||||||||||||
September 27, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
United States | $ | 258.4 | $ | 274.7 | ||||||||||||
Japan | 65 | 78.9 | ||||||||||||||
Czech Republic | 114.5 | 118 | ||||||||||||||
Malaysia | 211.2 | 185 | ||||||||||||||
Philippines | 176.2 | 188.8 | ||||||||||||||
Other | 267.6 | 257.9 | ||||||||||||||
$ | 1,092.90 | $ | 1,103.30 | |||||||||||||
Guarantor_And_NonGuarantor_Sta
Guarantor And Non-Guarantor Statements | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Guarantor And Non-Guarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor And Non-Guarantor Statements | ' | |||||||||||||||||||||||
Guarantor and Non-Guarantor Statements | ||||||||||||||||||||||||
ON Semiconductor is the sole issuer of the Convertible Notes. ON Semiconductor’s 100% owned domestic subsidiaries, except those domestic subsidiaries acquired through the acquisitions of AMIS, Catalyst, PulseCore, CMD, SDT, and SANYO Semiconductor (collectively, the “Guarantor Subsidiaries”), fully and unconditionally guarantee, subject to customary releases, on a joint and several basis ON Semiconductor’s obligations under the Convertible Notes. The Guarantor Subsidiaries include SCI LLC, Semiconductor Components Industries of Rhode Island, Inc., as well as other holding companies whose net assets consist primarily of investments in the joint venture in Leshan, China and equity interests in the Company’s other foreign subsidiaries. ON Semiconductor’s other remaining subsidiaries (collectively, the “Non-Guarantor Subsidiaries”) are not guarantors of the Convertible Notes. The repayment of the unsecured Convertible Notes is subordinated to the senior indebtedness of ON Semiconductor and the Guarantor Subsidiaries on the terms described in the indentures for such Convertible Notes. | ||||||||||||||||||||||||
Condensed consolidating financial information for the issuer of the Convertible Notes, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries is as follows (in millions): | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 157.5 | $ | — | $ | 212 | $ | — | $ | 369.5 | ||||||||||||
Short-term investments | — | 184.1 | — | — | — | 184.1 | ||||||||||||||||||
Receivables, net | — | 49.9 | — | 369.3 | — | 419.2 | ||||||||||||||||||
Inventories | — | 45.4 | — | 555.1 | (15.2 | ) | 585.3 | |||||||||||||||||
Short-term intercompany receivables | — | — | 3.9 | 35 | (38.9 | ) | — | |||||||||||||||||
Other current assets | — | 12.9 | — | 64.8 | — | 77.7 | ||||||||||||||||||
Deferred income taxes | — | 1.6 | — | 8.3 | — | 9.9 | ||||||||||||||||||
Total current assets | — | 451.4 | 3.9 | 1,244.50 | (54.1 | ) | 1,645.70 | |||||||||||||||||
Property, plant and equipment, net | — | 255.9 | 2.5 | 836.4 | (1.9 | ) | 1,092.90 | |||||||||||||||||
Deferred income taxes | — | — | — | 15.1 | 22.8 | 37.9 | ||||||||||||||||||
Goodwill | — | 111.5 | 37.3 | 35.8 | — | 184.6 | ||||||||||||||||||
Intangible assets, net | — | 116.8 | — | 137.8 | (22.8 | ) | 231.8 | |||||||||||||||||
Long-term intercompany receivables | — | 73 | — | — | (73.0 | ) | — | |||||||||||||||||
Other assets | 1,884.10 | 1,555.90 | 135.2 | 824.4 | (4,343.8 | ) | 55.8 | |||||||||||||||||
Total assets | $ | 1,884.10 | $ | 2,564.50 | $ | 178.9 | $ | 3,094.00 | $ | (4,472.8 | ) | $ | 3,248.70 | |||||||||||
Accounts payable | $ | — | $ | 33.3 | $ | 0.1 | $ | 225.8 | $ | — | $ | 259.2 | ||||||||||||
Accrued expenses | 6.5 | 44.2 | 0.1 | 143.5 | — | 194.3 | ||||||||||||||||||
Income taxes payable | — | (7.1 | ) | — | 9.3 | — | 2.2 | |||||||||||||||||
Accrued interest | 3.2 | 1.7 | — | 0.1 | — | 5 | ||||||||||||||||||
Deferred income on sales to distributors | — | 34.3 | — | 110.9 | — | 145.2 | ||||||||||||||||||
Deferred income taxes | — | — | — | 0.4 | 22.8 | 23.2 | ||||||||||||||||||
Current portion of long-term debt | 71.7 | 80.3 | — | 97 | — | 249 | ||||||||||||||||||
Short-term intercompany payables | — | 38.9 | — | — | (38.9 | ) | — | |||||||||||||||||
Total current liabilities | 81.4 | 225.6 | 0.2 | 587 | (16.1 | ) | 878.1 | |||||||||||||||||
Long-term debt | 333.3 | 294.3 | — | 31.8 | — | 659.4 | ||||||||||||||||||
Other long-term liabilities | — | 27.7 | 0.1 | 158.2 | — | 186 | ||||||||||||||||||
Deferred income taxes | — | 1.6 | — | 21.9 | — | 23.5 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 73 | (73.0 | ) | — | |||||||||||||||||
Total liabilities | 414.7 | 549.2 | 0.3 | 871.9 | (89.1 | ) | 1,747.00 | |||||||||||||||||
Common stock | 5.1 | 0.3 | 50.9 | 201.6 | (252.8 | ) | 5.1 | |||||||||||||||||
Additional paid-in capital | 3,195.20 | 2,464.60 | 259.8 | 1,403.60 | (4,128.0 | ) | 3,195.20 | |||||||||||||||||
Accumulated other comprehensive loss | (48.6 | ) | (50.6 | ) | — | (39.2 | ) | 89.8 | (48.6 | ) | ||||||||||||||
Accumulated deficit | (1,170.8 | ) | (399.0 | ) | (132.1 | ) | 656.1 | (125.0 | ) | (1,170.8 | ) | |||||||||||||
Less: treasury stock, at cost | (511.5 | ) | — | — | — | — | (511.5 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,469.40 | 2,015.30 | 178.6 | 2,222.10 | (4,416.0 | ) | 1,469.40 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 32.3 | 32.3 | ||||||||||||||||||
Total equity | 1,469.40 | 2,015.30 | 178.6 | 2,222.10 | (4,383.7 | ) | 1,501.70 | |||||||||||||||||
Total liabilities and equity | $ | 1,884.10 | $ | 2,564.50 | $ | 178.9 | $ | 3,094.00 | $ | (4,472.8 | ) | $ | 3,248.70 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 212.1 | $ | — | $ | 274.8 | $ | — | $ | 486.9 | ||||||||||||
Short-term investments | — | 144.8 | — | — | — | 144.8 | ||||||||||||||||||
Receivables, net | — | 45.4 | — | 312.4 | — | 357.8 | ||||||||||||||||||
Inventories | — | 34.5 | — | 578.4 | (31.2 | ) | 581.7 | |||||||||||||||||
Short-term intercompany receivables | — | — | 3.3 | 17.2 | (20.5 | ) | — | |||||||||||||||||
Other current assets | — | 10.6 | — | 101.1 | — | 111.7 | ||||||||||||||||||
Deferred income taxes | — | 2.3 | — | 8.2 | — | 10.5 | ||||||||||||||||||
Total current assets | — | 449.7 | 3.3 | 1,292.10 | (51.7 | ) | 1,693.40 | |||||||||||||||||
Property, plant and equipment, net | — | 272 | 2.8 | 830.9 | (2.4 | ) | 1,103.30 | |||||||||||||||||
Deferred income taxes | — | — | — | 8.5 | 22.7 | 31.2 | ||||||||||||||||||
Goodwill | — | 111.7 | 37.2 | 35.7 | — | 184.6 | ||||||||||||||||||
Intangible assets, net | — | 128.2 | — | 154.7 | (25.9 | ) | 257 | |||||||||||||||||
Long-term intercompany receivables | — | 166.3 | — | — | (166.3 | ) | — | |||||||||||||||||
Other assets | 1,834.60 | 1,431.50 | 129.5 | 837.7 | (4,174.4 | ) | 58.9 | |||||||||||||||||
Total assets | $ | 1,834.60 | $ | 2,559.40 | $ | 172.8 | $ | 3,159.60 | $ | (4,398.0 | ) | $ | 3,328.40 | |||||||||||
Accounts payable | $ | — | $ | 24.1 | — | 255.4 | — | $ | 279.5 | |||||||||||||||
Accrued expenses | — | 53 | 0.9 | 172.7 | 1.7 | 228.3 | ||||||||||||||||||
Income taxes payable | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||
Accrued interest | 0.5 | — | — | 0.1 | — | 0.6 | ||||||||||||||||||
Deferred income on sales to distributors | — | 34.2 | — | 100.3 | — | 134.5 | ||||||||||||||||||
Deferred income taxes | — | — | — | 0.1 | 22.8 | 22.9 | ||||||||||||||||||
Current portion of long-term debt | 198.9 | 80.2 | 0.1 | 74.4 | — | 353.6 | ||||||||||||||||||
Short-term intercompany payables | — | 20.4 | — | 0.1 | (20.5 | ) | — | |||||||||||||||||
Total current liabilities | 199.4 | 211.9 | 1 | 608 | 4 | 1,024.30 | ||||||||||||||||||
Long-term debt | 274.1 | 344.1 | — | 40.1 | — | 658.3 | ||||||||||||||||||
Other long-term liabilities | — | 27.5 | 0.3 | 204.4 | — | 232.2 | ||||||||||||||||||
Deferred income taxes | — | 2.4 | — | 20.5 | — | 22.9 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 166.3 | (166.3 | ) | — | |||||||||||||||||
Total liabilities | 473.5 | 585.9 | 1.3 | 1,039.30 | (162.3 | ) | 1,937.70 | |||||||||||||||||
Common stock | 5.1 | 0.3 | 50.9 | 201.6 | (252.8 | ) | 5.1 | |||||||||||||||||
Additional paid-in capital | 3,156.40 | 2,549.30 | 259.2 | 1,402.90 | (4,211.4 | ) | 3,156.40 | |||||||||||||||||
Accumulated other comprehensive loss | (41.1 | ) | (41.0 | ) | — | (34.6 | ) | 75.6 | (41.1 | ) | ||||||||||||||
Accumulated deficit | (1,292.9 | ) | (535.1 | ) | (138.6 | ) | 550.4 | 123.3 | (1,292.9 | ) | ||||||||||||||
Less: treasury stock, at cost | (466.4 | ) | — | — | — | — | (466.4 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,361.10 | 1,973.50 | 171.5 | 2,120.30 | (4,265.3 | ) | 1,361.10 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 29.6 | 29.6 | ||||||||||||||||||
Total equity | 1,361.10 | 1,973.50 | 171.5 | 2,120.30 | (4,235.7 | ) | 1,390.70 | |||||||||||||||||
Total liabilities and equity | $ | 1,834.60 | $ | 2,559.40 | $ | 172.8 | $ | 3,159.60 | $ | (4,398.0 | ) | $ | 3,328.40 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 157.2 | $ | 3.7 | $ | 1,078.90 | $ | (524.4 | ) | $ | 715.4 | |||||||||||
Cost of revenues | — | 138.6 | 0.1 | 856.8 | (529.3 | ) | 466.2 | |||||||||||||||||
Gross profit | — | 18.6 | 3.6 | 222.1 | 4.9 | 249.2 | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 12.3 | 2.9 | 68.8 | — | 84 | ||||||||||||||||||
Selling and marketing | — | 18.1 | 0.2 | 25.9 | — | 44.2 | ||||||||||||||||||
General and administrative | — | 7.4 | 0.2 | 26.9 | — | 34.5 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.8 | — | 5.5 | (1.1 | ) | 8.2 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | — | — | 11 | — | 11 | ||||||||||||||||||
Total operating expenses | — | 41.6 | 3.3 | 138.1 | (1.1 | ) | 181.9 | |||||||||||||||||
Operating income (loss) | — | (23.0 | ) | 0.3 | 84 | 6 | 67.3 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (5.6 | ) | (2.4 | ) | — | (1.2 | ) | — | (9.2 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.2 | — | 0.3 | ||||||||||||||||||
Other | — | (1.9 | ) | — | 0.5 | — | (1.4 | ) | ||||||||||||||||
Equity in earnings | 57.4 | 79.4 | 2.3 | — | (139.1 | ) | — | |||||||||||||||||
Other income (expenses), net | 51.8 | 75.2 | 2.3 | (0.5 | ) | (139.1 | ) | (10.3 | ) | |||||||||||||||
Income before income taxes | 51.8 | 52.2 | 2.6 | 83.5 | (133.1 | ) | 57 | |||||||||||||||||
Income tax benefit (provision) | — | 8.8 | — | (13.0 | ) | — | (4.2 | ) | ||||||||||||||||
Net income | 51.8 | 61 | 2.6 | 70.5 | (133.1 | ) | 52.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 51.8 | $ | 61 | $ | 2.6 | $ | 70.5 | $ | (134.1 | ) | $ | 51.8 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 54.3 | $ | 63.5 | $ | 2.6 | $ | 71.7 | $ | (137.8 | ) | $ | 54.3 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 180.6 | $ | 3.4 | $ | 899.1 | $ | (357.6 | ) | $ | 725.5 | |||||||||||
Cost of revenues | — | 115.7 | 0.2 | 726.8 | (355.2 | ) | 487.5 | |||||||||||||||||
Gross profit | — | 64.9 | 3.2 | 172.3 | (2.4 | ) | 238 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 43.5 | 2.5 | 44.1 | — | 90.1 | ||||||||||||||||||
Selling and marketing | — | 17.3 | 0.2 | 26.7 | — | 44.2 | ||||||||||||||||||
General and administrative | — | (35.4 | ) | 0.2 | 72 | — | 36.8 | |||||||||||||||||
Amortization of acquisition related intangible assets | — | 4.5 | — | 7.6 | (1.0 | ) | 11.1 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.1 | 0.1 | 10 | — | 11.2 | ||||||||||||||||||
Total operating expenses | — | 31 | 3 | 160.4 | (1.0 | ) | 193.4 | |||||||||||||||||
Operating income | — | 33.9 | 0.2 | 11.9 | (1.4 | ) | 44.6 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (9.2 | ) | (2.1 | ) | — | (2.3 | ) | — | (13.6 | ) | ||||||||||||||
Interest income | — | 0.2 | — | 0.1 | — | 0.3 | ||||||||||||||||||
Other | — | (1.8 | ) | — | (1.8 | ) | — | (3.6 | ) | |||||||||||||||
Loss on debt repurchase or exchange | (7.8 | ) | — | — | — | — | (7.8 | ) | ||||||||||||||||
Equity in earnings | 29.5 | 4 | 2 | (0.4 | ) | (35.1 | ) | — | ||||||||||||||||
Other income (expenses), net | 12.5 | 0.3 | 2 | (4.4 | ) | (35.1 | ) | (24.7 | ) | |||||||||||||||
Income before income taxes | 12.5 | 34.2 | 2.2 | 7.5 | (36.5 | ) | 19.9 | |||||||||||||||||
Income tax (provision) benefit | — | (7.4 | ) | — | 0.9 | — | (6.5 | ) | ||||||||||||||||
Net income | 12.5 | 26.8 | 2.2 | 8.4 | (36.5 | ) | 13.4 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 12.5 | $ | 26.8 | $ | 2.2 | $ | 8.4 | $ | (37.4 | ) | $ | 12.5 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 12 | $ | 26.3 | $ | 2.2 | $ | 8 | $ | (36.5 | ) | $ | 12 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 485.5 | $ | 10.1 | $ | 3,113.00 | $ | (1,543.9 | ) | $ | 2,064.70 | |||||||||||
Cost of revenues | — | 372.1 | 0.3 | 2,567.80 | (1,561.0 | ) | 1,379.20 | |||||||||||||||||
Gross profit | — | 113.4 | 9.8 | 545.2 | 17.1 | 685.5 | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 66.2 | 8.1 | 181.2 | — | 255.5 | ||||||||||||||||||
Selling and marketing | — | 52.8 | 0.5 | 74 | — | 127.3 | ||||||||||||||||||
General and administrative | — | 23.5 | 0.6 | 86.8 | — | 110.9 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 11.4 | — | 16.5 | (3.1 | ) | 24.8 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1 | — | 10.1 | — | 11.1 | ||||||||||||||||||
Total operating expenses | — | 154.9 | 9.2 | 368.6 | (3.1 | ) | 529.6 | |||||||||||||||||
Operating income (loss) | — | (41.5 | ) | 0.6 | 176.6 | 20.2 | 155.9 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (17.3 | ) | (7.3 | ) | — | (4.0 | ) | — | (28.6 | ) | ||||||||||||||
Interest income | — | 0.3 | — | 0.7 | — | 1 | ||||||||||||||||||
Other | — | (7.4 | ) | — | 11 | — | 3.6 | |||||||||||||||||
Loss on debt exchange | (3.1 | ) | — | — | — | — | (3.1 | ) | ||||||||||||||||
Equity in earnings | 142.5 | 184.1 | 6.4 | — | (333.0 | ) | — | |||||||||||||||||
Other income (expenses), net | 122.1 | 169.7 | 6.4 | 7.7 | (333.0 | ) | (27.1 | ) | ||||||||||||||||
Income before income taxes | 122.1 | 128.2 | 7 | 184.3 | (312.8 | ) | 128.8 | |||||||||||||||||
Income tax benefit (provision) | — | 7.9 | — | (11.9 | ) | — | (4.0 | ) | ||||||||||||||||
Net income | 122.1 | 136.1 | 7 | 172.4 | (312.8 | ) | 124.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (2.7 | ) | (2.7 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 122.1 | $ | 136.1 | $ | 7 | $ | 172.4 | $ | (315.5 | ) | $ | 122.1 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 114.6 | $ | 126.5 | $ | 7 | $ | 167.5 | $ | (301.0 | ) | $ | 114.6 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 568.6 | $ | 10 | $ | 2,702.80 | $ | (1,066.7 | ) | $ | 2,214.70 | |||||||||||
Cost of revenues | — | 350.1 | 0.6 | 2,180.70 | (1,058.2 | ) | 1,473.20 | |||||||||||||||||
Gross profit | — | 218.5 | 9.4 | 522.1 | (8.5 | ) | 741.5 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 136.4 | 7.8 | 135.1 | — | 279.3 | ||||||||||||||||||
Selling and marketing | — | 51.2 | 0.6 | 85 | — | 136.8 | ||||||||||||||||||
General and administrative | — | (3.0 | ) | 0.4 | 122.3 | — | 119.7 | |||||||||||||||||
Amortization of acquisition related intangible assets | — | 13.6 | — | 22.8 | (3.1 | ) | 33.3 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.3 | 0.1 | 55.9 | — | 57.3 | ||||||||||||||||||
Total operating expenses | — | 199.5 | 8.9 | 421.1 | (3.1 | ) | 626.4 | |||||||||||||||||
Operating income | — | 19 | 0.5 | 101 | (5.4 | ) | 115.1 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (29.6 | ) | (6.8 | ) | — | (7.0 | ) | — | (43.4 | ) | ||||||||||||||
Interest income | — | 0.7 | — | 0.4 | — | 1.1 | ||||||||||||||||||
Other | — | 1.4 | — | 2 | — | 3.4 | ||||||||||||||||||
Loss on debt repurchase or exchange | (7.8 | ) | — | — | — | — | (7.8 | ) | ||||||||||||||||
Equity in earnings | 85 | 64.2 | 6.9 | (0.4 | ) | (155.7 | ) | — | ||||||||||||||||
Other income (expenses), net | 47.6 | 59.5 | 6.9 | (5.0 | ) | (155.7 | ) | (46.7 | ) | |||||||||||||||
Income before income taxes | 47.6 | 78.5 | 7.4 | 96 | (161.1 | ) | 68.4 | |||||||||||||||||
Income tax provision | — | (0.9 | ) | — | (16.9 | ) | — | (17.8 | ) | |||||||||||||||
Net income | 47.6 | 77.6 | 7.4 | 79.1 | (161.1 | ) | 50.6 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (3.0 | ) | (3.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 47.6 | $ | 77.6 | $ | 7.4 | $ | 79.1 | $ | (164.1 | ) | $ | 47.6 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 49.1 | $ | 79.1 | $ | 7.4 | $ | 80 | $ | (166.5 | ) | $ | 49.1 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 58.7 | $ | — | $ | 147.2 | $ | (5.6 | ) | $ | 200.3 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (26.1 | ) | — | (109.0 | ) | — | (135.1 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.1 | — | 8.5 | — | 8.6 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 155.7 | — | — | — | 155.7 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (195.0 | ) | — | — | — | (195.0 | ) | ||||||||||||||||
Contribution from subsidiaries | 102.5 | — | — | — | (102.5 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 102.5 | (65.3 | ) | — | (102.1 | ) | (102.5 | ) | (167.4 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loan activity | — | (664.2 | ) | — | 664.2 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 757.5 | — | (757.5 | ) | — | — | |||||||||||||||||
Payments to parent | — | (108.1 | ) | — | — | 108.1 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 4.1 | — | — | — | — | 4.1 | ||||||||||||||||||
Proceeds from exercise of stock options | 9.5 | — | — | — | — | 9.5 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (2.8 | ) | — | — | — | — | (2.8 | ) | ||||||||||||||||
Repurchase of common stock | (35.8 | ) | — | — | — | — | (35.8 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 46.2 | — | 46.2 | ||||||||||||||||||
Payment of capital leases obligations | — | (28.6 | ) | — | (2.7 | ) | — | (31.3 | ) | |||||||||||||||
Repayment of long-term debt | (77.5 | ) | (4.6 | ) | — | (48.2 | ) | — | (130.3 | ) | ||||||||||||||
Net cash provided used in financing activities | (102.5 | ) | (48.0 | ) | — | (98.0 | ) | 108.1 | (140.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (9.9 | ) | — | (9.9 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents | — | (54.6 | ) | — | (62.8 | ) | — | (117.4 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 212.1 | — | 274.8 | — | 486.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 157.5 | $ | — | $ | 212 | $ | — | $ | 369.5 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuers | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (34.1 | ) | $ | 0.9 | $ | 179.2 | $ | (6.6 | ) | $ | 139.4 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (49.7 | ) | (0.7 | ) | (148.4 | ) | — | (198.8 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 5.1 | — | 5.1 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.6 | — | 1.6 | ||||||||||||||||||
Recovery from insurance on property, plant and equipment | — | — | — | 11.5 | — | 11.5 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 288.7 | — | — | — | 288.7 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (261.7 | ) | — | — | — | (261.7 | ) | ||||||||||||||||
Contribution from subsidiaries | 119.5 | (7.9 | ) | — | — | (111.6 | ) | — | ||||||||||||||||
Net cash provided by (used in) investing activities | 119.5 | (30.6 | ) | (0.7 | ) | (130.2 | ) | (111.6 | ) | (153.6 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loan activity | — | (256.4 | ) | — | 256.4 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 323.6 | — | (323.6 | ) | — | — | |||||||||||||||||
Payments to parent | — | (126.1 | ) | — | 7.9 | 118.2 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 4.3 | — | — | — | — | 4.3 | ||||||||||||||||||
Proceeds from exercise of stock options | 6 | — | — | — | — | 6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (8.8 | ) | — | — | — | — | (8.8 | ) | ||||||||||||||||
Repurchase of common stock | (22.5 | ) | — | — | — | — | (22.5 | ) | ||||||||||||||||
Proceeds from debt issuance | — | 6.5 | — | 4.6 | — | 11.1 | ||||||||||||||||||
Payment of capital leases obligations | — | (27.8 | ) | — | (2.8 | ) | — | (30.6 | ) | |||||||||||||||
Repayment of long-term debt | (98.5 | ) | (3.6 | ) | — | (73.5 | ) | — | (175.6 | ) | ||||||||||||||
Net cash used in financing activities | (119.5 | ) | (83.8 | ) | — | (131.0 | ) | 118.2 | (216.1 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (148.5 | ) | 0.2 | (83.2 | ) | — | (231.5 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 304.5 | (0.2 | ) | 348.6 | — | 652.9 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 156 | $ | — | $ | 265.4 | $ | — | $ | 421.4 | ||||||||||||
See also Note 9: “Commitments and Contingencies—Other Contingencies” for further discussion of the Company’s guarantees. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 27, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
SANYO Semiconductor Products Group KSS Facility Closure | |
On October 6, 2013, the Company announced a plan to close its SANYO Semiconductor Products Group back-end assembly/test facility located in Hanyu, Japan by the end of the second quarter of 2014. Under the KSS Plan, a majority of the production from KSS will be transferred to other Company-owned back-end manufacturing facilities. The KSS Plan is being undertaken as part of the Company’s overall drive for operational efficiencies and is in line with an ongoing strategy aimed at migrating in-house production to large, high volume facilities. The Company expects cost savings associated with KSS Plan activities to total approximately $16 million in the first year following the closure of KSS with annual cost savings in years thereafter expected to reach similar levels. See Note 4: "Restructuring, Asset Impairments and Other, Net" for additional information on the KSS Plan. | |
SANYO Semiconductor Products Group Voluntary Retirement Program | |
Effective October 7, 2013, the Company initiated an additional voluntary retirement program for employees of certain of its SANYO Semiconductor Products Group subsidiaries in order to further improve cost structure within the SANYO Semiconductor Products Group. Under the program, the Company expects to reduce the employment levels at these subsidiaries by approximately 600-700 employees. The ultimate cost of the program will depend on several factors, including the years of service and salary levels of employees that apply for early retirement under the program. Given the voluntary nature of the program, the costs associated with the program will be recorded when the retirement offer is accepted by the impacted employees. To the extent the voluntary program is completed at the estimated levels, the Company estimates recording cash charges ranging from $40 million to $48 million related to this program, with a majority of such charges being recorded during the fourth quarter of 2013. Additionally, the Company expects cost savings associated with the above activities totaling approximately $36 million to $45 million during the first year following the completion of the above referenced headcount reduction with annual cost savings in years thereafter expected to reach similar levels. | |
Amended and Restated Senior Revolving Credit Facility | |
On October 10, 2013, the Company and its wholly-owned subsidiary, SCI LLC, entered into an $800.0 million, five-year senior revolving credit facility, the terms of which are set forth in an Amended and Restated Credit Agreement dated as of October 10, 2013 between the Company and a group of lenders. The new Credit Agreement amends and restates the Company’s prior Credit Agreement, dated as of December 23, 2011. The Facility may be used for general corporate purposes including: working capital, stock repurchase, and/or acquisitions. Following entry into the Credit Agreement, the Company borrowed $120.0 million of the $800.0 million available under the Facility. The Company has not identified any specific use for the drawn proceeds. See Note 6: "Long-Term Debt" for additional information with respect to the Facility. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
ASU No. 2013-05 - “Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”) | |
In March 2013, the FASB issued ASU 2013-05, which applies to the release of cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 provides for the release of the cumulative translation adjustment into net income only if a sale or transfer represents a sale or complete or substantially complete liquidation of an investment in a foreign entity. Pursuant to ASU 2013-05, when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to apply the guidance in ASC Subtopic 830-30 to release any related cumulative translation adjustment into net income. The amendments are effective prospectively for reporting periods beginning after December 15, 2013; however early adoption is permitted. See Note 4: "Restructuring, Asset Impairments and Other, Net" and Note 12: "Changes in Accumulated Other Comprehensive Loss," for a description of the release of certain of the Company's cumulative foreign currency translation adjustments to net income. | |
ASU No. 2013-02 - “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”) | |
In February 2013, the FASB issued ASU 2013-02, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under generally accepted accounting principles in the United States of America to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. See Note 12: "Changes in Accumulated Other Comprehensive Loss," for a description of the reclassification of certain of the Company's cumulative foreign currency translation adjustments out of accumulated other comprehensive loss. |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Summary of Goodwill by Operating Segment | ' | ||||||||||||||||||||||||
The following table summarizes goodwill by relevant operating segment as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Balance as of September 27, 2013 | Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Operating Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
$ | 623.4 | $ | (438.8 | ) | $ | 184.6 | $ | 623.4 | $ | (438.8 | ) | $ | 184.6 | ||||||||||||
Summary of Intangible Assets, Net | ' | ||||||||||||||||||||||||
Intangible assets, net, were as follows as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 27, 2013 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.2 | ) | $ | — | $ | (0.4 | ) | $ | 4.3 | 12-May | ||||||||||||
Customer relationships | 280.3 | (102.1 | ) | (27.2 | ) | (23.0 | ) | 128 | 18-May | ||||||||||||||||
Patents | 43.7 | (18.4 | ) | — | (13.7 | ) | 11.6 | 12 | |||||||||||||||||
Developed technology | 146.2 | (62.9 | ) | — | (2.4 | ) | 80.9 | 12-May | |||||||||||||||||
Trademarks | 14 | (5.9 | ) | — | (1.1 | ) | 7 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (198.5 | ) | $ | (27.2 | ) | $ | (40.6 | ) | $ | 231.8 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (8.7 | ) | $ | — | $ | (0.4 | ) | $ | 4.8 | 12-May | ||||||||||||
Customer relationships | 280.3 | (91.8 | ) | (26.9 | ) | (23.0 | ) | 138.6 | 18-May | ||||||||||||||||
Patents | 43.7 | (16.6 | ) | — | (13.7 | ) | 13.4 | 12 | |||||||||||||||||
Developed technology | 146.2 | (51.3 | ) | — | (2.4 | ) | 92.5 | 12-May | |||||||||||||||||
Trademarks | 14 | (5.2 | ) | — | (1.1 | ) | 7.7 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (173.6 | ) | $ | (26.9 | ) | $ | (40.6 | ) | $ | 257 | ||||||||||||
Summary of Amortization Expense | ' | ||||||||||||||||||||||||
Amortization expense for intangible assets is expected to be as follows over the next five years and thereafter (in millions): | |||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2013 | $ | 8.2 | |||||||||||||||||||||||
2014 | 32.6 | ||||||||||||||||||||||||
2015 | 31.7 | ||||||||||||||||||||||||
2016 | 30.6 | ||||||||||||||||||||||||
2017 | 27.7 | ||||||||||||||||||||||||
Thereafter | 101 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 231.8 | |||||||||||||||||||||||
Restructuring_Asset_Impairment1
Restructuring, Asset Impairments And Other, Net (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||||
Reconciliation Of "Restructuring, Asset Impairments And Other, Net" Caption On The Consolidated Statement Of Operations | ' | ||||||||||||||||||||
A summary description of the activity included in the “Restructuring, Asset Impairments and Other, Net” caption on the Company's Consolidated Statements of Operations and Comprehensive Income for the quarter and nine months ended September 27, 2013 is as follows (in millions): | |||||||||||||||||||||
Restructuring | Impairment | Other | Total | ||||||||||||||||||
Quarter ended September 27, 2013 | |||||||||||||||||||||
SANYO Semiconductor Products Group Voluntary Retirement Program | $ | 2.6 | $ | — | $ | (0.2 | ) | $ | 2.4 | ||||||||||||
Aizu facility closure | 0.8 | — | — | 0.8 | |||||||||||||||||
KSS facility closure | 3.9 | 2.9 | — | 6.8 | |||||||||||||||||
Other (1) | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 8.3 | $ | 2.9 | $ | (0.2 | ) | $ | 11 | ||||||||||||
Nine months ended September 27, 2013 | |||||||||||||||||||||
SANYO Semiconductor Products Group Voluntary Retirement Program | $ | 35 | $ | — | $ | (12.1 | ) | $ | 22.9 | ||||||||||||
Aizu facility closure | 3.1 | — | (22.4 | ) | (19.3 | ) | |||||||||||||||
KSS facility closure | 3.9 | 2.9 | — | 6.8 | |||||||||||||||||
Other (1) | 4.3 | 0.6 | (4.2 | ) | 0.7 | ||||||||||||||||
Total | $ | 46.3 | $ | 3.5 | $ | (38.7 | ) | $ | 11.1 | ||||||||||||
Rollforward Of Accrued Restructuring Charges | ' | ||||||||||||||||||||
The following is a rollforward of the accrued restructuring charges from December 31, 2012 to September 27, 2013 (in millions): | |||||||||||||||||||||
Balance as of December 31, 2012 | Charges | Usage | Adjustments | Balance as of September 27, 2013 | |||||||||||||||||
Estimated employee separation charges | $ | 15.5 | $ | 41.3 | $ | (47.1 | ) | $ | (0.2 | ) | $ | 9.5 | |||||||||
Estimated costs to exit | 1.6 | 5 | (4.5 | ) | — | 2.1 | |||||||||||||||
Total | $ | 17.1 | $ | 46.3 | $ | (51.6 | ) | $ | (0.2 | ) | $ | 11.6 | |||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||
Supplemental Balance Sheet Information | ' | |||||||||||||||
Certain significant amounts included in the Company's balance sheet as of September 27, 2013 and December 31, 2012 consist of the following (dollars in millions): | ||||||||||||||||
September 27, 2013 | December 31, 2012 | |||||||||||||||
Receivables, net: | ||||||||||||||||
Accounts receivable | $ | 420.3 | $ | 360.5 | ||||||||||||
Less: Allowance for doubtful accounts | (1.1 | ) | (2.7 | ) | ||||||||||||
$ | 419.2 | $ | 357.8 | |||||||||||||
Inventories: | ||||||||||||||||
Raw materials | $ | 84.6 | $ | 73.2 | ||||||||||||
Work in process | 299.7 | 310.9 | ||||||||||||||
Finished goods | 201 | 197.6 | ||||||||||||||
$ | 585.3 | $ | 581.7 | |||||||||||||
Other current assets: | ||||||||||||||||
Prepaid expenses | $ | 32.1 | $ | 24.3 | ||||||||||||
Value added and other income tax receivables | 30.2 | 34.3 | ||||||||||||||
Other | 15.4 | 53.1 | ||||||||||||||
$ | 77.7 | $ | 111.7 | |||||||||||||
Property, plant and equipment, net (1): | ||||||||||||||||
Land | $ | 59 | $ | 67.4 | ||||||||||||
Buildings | 483.5 | 572.4 | ||||||||||||||
Machinery and equipment | 1,934.40 | 1,979.40 | ||||||||||||||
Total property, plant and equipment | 2,476.90 | 2,619.20 | ||||||||||||||
Less: Accumulated depreciation | (1,384.0 | ) | (1,515.9 | ) | ||||||||||||
$ | 1,092.90 | $ | 1,103.30 | |||||||||||||
Accrued expenses: | ||||||||||||||||
Accrued payroll | $ | 88.9 | $ | 102.9 | ||||||||||||
Sales related reserves | 54.1 | 64.9 | ||||||||||||||
Restructuring reserves | 11.6 | 17.1 | ||||||||||||||
Accrued pension liability | 0.4 | 7.4 | ||||||||||||||
Other | 39.3 | 36 | ||||||||||||||
$ | 194.3 | $ | 228.3 | |||||||||||||
(1) Included in property, plant, and equipment are approximately $14.9 million of fixed assets which are held-for-sale as of September 27, 2013. | ||||||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||
The activity related to the Company's warranty reserves for the nine months ended September 27, 2013 and September 28, 2012, respectively, is as follows (in millions): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
Beginning Balance | $ | 10.2 | $ | 5.8 | ||||||||||||
Provision | 3.9 | 2.5 | ||||||||||||||
Usage | (8.0 | ) | (1.8 | ) | ||||||||||||
Ending Balance | $ | 6.1 | $ | 6.5 | ||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
The components of the Company's net periodic pension expense for the quarter and nine months ended September 27, 2013 and September 28, 2012 are as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||
Service cost | $ | 2.9 | $ | 2.9 | $ | 9.5 | $ | 8.2 | ||||||||
Interest cost | 1.6 | 1.4 | 5.2 | 4.2 | ||||||||||||
Expected return on plan assets | (1.1 | ) | (0.9 | ) | (3.3 | ) | (3.3 | ) | ||||||||
Amortization of prior service cost | — | — | — | 0.1 | ||||||||||||
Curtailment gain | (0.2 | ) | — | (12.1 | ) | (6.6 | ) | |||||||||
Actuarial loss | — | — | 13.6 | 2.4 | ||||||||||||
Total net periodic pension cost | $ | 3.2 | $ | 3.4 | $ | 12.9 | $ | 5 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
The Company's long-term debt consists of the following (dollars in millions): | ||||||||
September 27, 2013 | December 31, 2012 | |||||||
Senior Revolving Credit Facility (up to $325.0 million) (1) | $ | — | $ | — | ||||
Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.00% and 2.06%, respectively (2) | 283.1 | 302 | ||||||
1.875% Notes (3) | — | 73.4 | ||||||
2.625% Notes (net of discount of $0.9 million and $7.1 million, respectively) (4) | 71.7 | 125.5 | ||||||
2.625% Notes, Series B (net of discount of $23.5 million and $24.2 million, respectively) (5) | 333.4 | 274.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.93% and 1.96%, respectively | 40 | 30 | ||||||
Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | 33 | 45.8 | ||||||
Loan with Chinese bank due 2014, interest payable quarterly at 3.36% and 3.41%, respectively | 7 | 7 | ||||||
Loan with Japanese bank due 2013, interest payable monthly at 0.00% and 1.58%, respectively | — | 0.8 | ||||||
Loan with Singapore bank, interest payable weekly at 1.95% and 1.95%, respectively | 17 | 15 | ||||||
Loan with British finance company, interest payable monthly at 1.52% and 1.51%, respectively | 0.3 | 3.3 | ||||||
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | 28.6 | 29.8 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% | 10.6 | 14 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% | 6.4 | — | ||||||
Canada revolving line of credit, interest payable quarterly at 1.86% | 15 | — | ||||||
Capital lease obligations | 62.3 | 91.1 | ||||||
Long-term debt, including current maturities | 908.4 | 1,011.90 | ||||||
Less: Current maturities | (249.0 | ) | (353.6 | ) | ||||
Long-term debt | $ | 659.4 | $ | 658.3 | ||||
_______________________ | ||||||||
-1 | No balance was due on the Senior Revolving Credit Facility as of September 27, 2013. See below under the heading "Amended and Restated Senior Revolving Credit Facility" for information with respect to related activities subsequent to September 27, 2013. | |||||||
-2 | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. See additional information below under the heading "Note Payable to SMBC." | |||||||
-3 | The 1.875% Notes were partially redeemed by the Company on December 20, 2012. The balance as of December 31, 2012 for notes submitted for conversion was subject to a 20 consecutive trading-day observation period and was subsequently settled during January 2013. | |||||||
-4 | The 2.625% Notes may be put back to the Company at the option of the holders of the notes on December 15 of 2013, 2016 and 2021 or called at the option of the Company on or after December 20, 2013. | |||||||
-5 | The 2.625% Notes, Series B may be put back to the Company at the option of the holders of the notes on December 15 of 2016 and 2021 or called at the option of the Company on or after December 20, 2016. | |||||||
Annual Maturities Relating To Long-Term Debt | ' | |||||||
Expected maturities relating to the Company’s long-term debt as of September 27, 2013 are as follows (in millions): | ||||||||
Period | Expected Maturities | |||||||
Remainder of 2013 | $ | 103.1 | ||||||
2014 | 168.1 | |||||||
2015 | 73.6 | |||||||
2016 | 424.6 | |||||||
2017 | 39 | |||||||
Thereafter | 124.4 | |||||||
Total | $ | 932.8 | ||||||
Earnings_per_Share_and_Equity_
Earnings per Share and Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Earnings Per Share And Equity [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Calculations of net income per common share attributable to ON Semiconductor are as follows (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | ||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 51.8 | $ | 12.5 | $ | 122.1 | $ | 47.6 | |||||||||
Basic weighted average common shares outstanding | 449.3 | 454.6 | 449.8 | 453.9 | |||||||||||||
Add: Incremental shares for: | |||||||||||||||||
Dilutive effect of share-based awards | 2.8 | 1.6 | 2.8 | 3.2 | |||||||||||||
Dilutive effect of the Convertible Notes | — | — | — | 1.1 | |||||||||||||
Diluted weighted average common shares outstanding | 452.1 | 456.2 | 452.6 | 458.2 | |||||||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.03 | $ | 0.27 | $ | 0.1 | |||||||||
Diluted | $ | 0.11 | $ | 0.03 | $ | 0.27 | $ | 0.1 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Summary Of Share-Based Compensation Expense | ' | |||||||||||||||||||||
Total share-based compensation expense related to the Company's employee stock options, restricted stock units, stock grant awards and ESPP for the quarter and nine months ended September 27, 2013 and September 28, 2012 was comprised as follows (in millions): | ||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||||||||
Cost of revenues | $ | 1.3 | $ | 0.5 | $ | 3.8 | $ | 2.6 | ||||||||||||||
Research and development | 1.5 | 0.6 | 4.6 | 3.1 | ||||||||||||||||||
Selling and marketing | 1.4 | 0.7 | 4.1 | 3.1 | ||||||||||||||||||
General and administrative | 2.8 | 0.3 | 10.9 | 5.9 | ||||||||||||||||||
Share-based compensation expense before income taxes | $ | 7 | $ | 2.1 | $ | 23.4 | $ | 14.7 | ||||||||||||||
Related income tax benefits (1) | — | — | — | — | ||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 7 | $ | 2.1 | $ | 23.4 | $ | 14.7 | ||||||||||||||
____________________ | ||||||||||||||||||||||
(1) | A majority of the Company’s share-based compensation relates to its domestic subsidiaries; therefore, no related deferred income tax benefits are recorded due to historical net operating losses at those subsidiaries. | |||||||||||||||||||||
Weighted-Average Assumptions Of Employee Stock Options | ' | |||||||||||||||||||||
The weighted-average estimated fair value of employee stock options and the weighted average assumptions used in the lattice model to calculate the weighted-average estimated fair value of employee stock options granted during the quarter and nine months ended September 27, 2013 and September 28, 2012 are as follows (annualized percentages): | ||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||
September 27, 2013 | September 28, 2012 | September 27, 2013 | September 28, 2012 | |||||||||||||||||||
Volatility | 42.5 | % | 46.9 | % | 43 | % | 46.8 | % | ||||||||||||||
Risk-free interest rate | 1.6 | % | 0.6 | % | 1.3 | % | 0.8 | % | ||||||||||||||
Expected term (in years) | 5.2 | 5.1 | 5.2 | 4.9 | ||||||||||||||||||
Weighted-average fair value per share | $ | 2.93 | $ | 2.54 | $ | 2.99 | $ | 3.06 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
A summary of stock option transactions follows (in millions except per share and term data): | ||||||||||||||||||||||
Nine Months Ended September 27, 2013 | ||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2012 | 17.2 | $ | 7.7 | |||||||||||||||||||
Granted | 0.1 | 7.56 | ||||||||||||||||||||
Exercised | (1.7 | ) | 5.78 | |||||||||||||||||||
Canceled | (0.9 | ) | 8.45 | |||||||||||||||||||
Outstanding at September 27, 2013 | 14.7 | $ | 7.87 | 3.6 | $ | 8.7 | ||||||||||||||||
Exercisable at September 27, 2013 | 11.8 | $ | 7.95 | 3.2 | $ | 7.4 | ||||||||||||||||
Additional Information On Stock Options Outstanding | ' | |||||||||||||||||||||
Additional information about stock options outstanding at September 27, 2013 with exercise prices less than or above $7.28 per share, the effective closing price of the Company's common stock at September 27, 2013, follows (number of shares in millions): | ||||||||||||||||||||||
Exercisable | Unexercisable | Total | ||||||||||||||||||||
Exercise Prices | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | ||||||||||||||||
Less than $7.28 | 5.8 | $ | 6.01 | 1.2 | $ | 6.26 | 7 | $ | 6.05 | |||||||||||||
Above $7.28 | 6 | $ | 9.85 | 1.7 | $ | 8.43 | 7.7 | $ | 9.55 | |||||||||||||
Total outstanding | 11.8 | $ | 7.95 | 2.9 | $ | 7.5 | 14.7 | $ | 7.87 | |||||||||||||
Summary Of Restricted Stock Units Transactions | ' | |||||||||||||||||||||
Restricted stock units vest over one to three years with service-based requirements or performance-based requirements and are payable in shares of the Company's common stock upon vesting. The following table presents a summary of the status of the Company's restricted stock units granted to certain officers and employees of the Company as of September 27, 2013, and changes during the nine months ended September 27, 2013 (number of shares in millions): | ||||||||||||||||||||||
Nine Months Ended September 27, 2013 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2012 | 8.9 | $ | 8.75 | |||||||||||||||||||
Granted | 4.2 | 8.15 | ||||||||||||||||||||
Released | (1.4 | ) | 8.08 | |||||||||||||||||||
Forfeited | (0.8 | ) | 8.48 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at September 27, 2013 | 10.9 | $ | 8.62 | |||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||
Sep. 27, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Operating Leases Future Minimum Payments Receivable | ' | |||
The following is a schedule by year of future minimum lease obligations under non-cancelable operating leases as of September 27, 2013 (in millions): | ||||
Remainder of 2013 | $ | 6.1 | ||
2014 | 21.6 | |||
2015 | 16.7 | |||
2016 | 13.9 | |||
2017 | 11.5 | |||
Thereafter | 42.3 | |||
Total | $ | 112.1 | ||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | |||||||||||||||||||||||
Fair Value Of Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||||||||||
The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis as of September 27, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||||||||||
27-Sep-13 | Active Markets (Level 1) | December 31, 2012 | Active Markets (Level 1) | |||||||||||||||||||||
Description | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Demand and time deposits | $ | 306.4 | $ | 306.4 | $ | 385.9 | $ | 385.9 | ||||||||||||||||
Money market funds | 63.1 | 63.1 | — | — | ||||||||||||||||||||
Treasuries | — | — | 100.7 | 100.7 | ||||||||||||||||||||
Corporate bonds | — | — | 0.3 | 0.3 | ||||||||||||||||||||
Other Current Assets | ||||||||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | — | $ | 3.2 | $ | 3.2 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 0.1 | $ | 0.1 | $ | — | $ | — | ||||||||||||||||
Held-to-maturity Securities | ' | |||||||||||||||||||||||
Short-term investments classified as held-to-maturity as of the quarters ended September 27, 2013 and December 31, 2012, respectively, were as follows (in millions): | ||||||||||||||||||||||||
Balance at September 27, 2013 | Balance at December 31, 2012 | |||||||||||||||||||||||
Carried at Amortized Cost | Unrealized Gain/(Loss) | Fair Value | Carried at Amortized Cost | Unrealized Gain/(Loss) | Fair Value | |||||||||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||||||||||
Commercial paper | $ | 58.1 | $ | — | $ | 58.1 | $ | 25.5 | $ | — | $ | 25.5 | ||||||||||||
Corporate bonds | 118.9 | (0.1 | ) | 118.8 | 119.3 | (0.1 | ) | 119.2 | ||||||||||||||||
Government agencies | 7.1 | — | 7.1 | — | — | — | ||||||||||||||||||
$ | 184.1 | $ | (0.1 | ) | $ | 184 | $ | 144.8 | $ | (0.1 | ) | $ | 144.7 | |||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
The carrying amounts and fair values of the Company’s long-term borrowings (excluding capital lease obligations, real estate mortgages and equipment financing) at September 27, 2013 and December 31, 2012 are as follows (in millions): | ||||||||||||||||||||||||
September 27, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Long-term debt, including current portion | ||||||||||||||||||||||||
Convertible Notes | $ | 405.1 | $ | 458.1 | $ | 473.1 | $ | 530.9 | ||||||||||||||||
Long-term debt | $ | 395.4 | $ | 375.9 | $ | 403.9 | $ | 380.6 | ||||||||||||||||
Fair Value of the Company's Financial Assets, Nonrecurring | ' | |||||||||||||||||||||||
The following table shows the fair value of certain of the Company's non-financial assets included in its Consolidated Balance Sheet at September 27, 2013 and December 31, 2012 that were remeasured at fair value on a nonrecurring basis (in millions): | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
27-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||
Property, plant and equipment (Level 3) | $ | 8.9 | $ | 134.1 | ||||||||||||||||||||
Intangible assets (Level 3) | — | 8.2 | ||||||||||||||||||||||
$ | 8.9 | $ | 142.3 | |||||||||||||||||||||
The following table shows the adjustments to fair value of certain of the Company's non-financial assets that had an impact on the Company's results of operations during the quarters and nine months ended September 27, 2013 and September 28, 2012 (in millions): | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
27-Sep-13 | 28-Sep-12 | 27-Sep-13 | 28-Sep-12 | |||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||
Losses on property, plant and equipment held for use or disposal (Level 3) | $ | 2.9 | $ | — | $ | 3.5 | $ | 2.1 | ||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Schedule Of Net Foreign Exchange Positions | ' | ||||||||||||||||
The following schedule shows the Company’s net foreign exchange positions in U.S. dollars as of September 27, 2013 and December 31, 2012 (in millions): | |||||||||||||||||
27-Sep-13 | 31-Dec-12 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (15.5 | ) | $ | 15.5 | $ | (17.4 | ) | $ | 17.4 | |||||||
Japanese Yen | (10.6 | ) | 10.6 | (123.3 | ) | 123.3 | |||||||||||
Malaysian Ringgit | 34.5 | 34.5 | 32.7 | 32.7 | |||||||||||||
Philippine Peso | 11.2 | 11.2 | 4.2 | 4.2 | |||||||||||||
Other Currencies | 10.1 | 15.7 | (1.5 | ) | 19.7 | ||||||||||||
$ | 29.7 | $ | 87.5 | $ | (105.3 | ) | $ | 197.3 | |||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Amounts comprising the Company's accumulated other comprehensive loss and reclassifications for the nine months ended September 27, 2013 are as follows (net of tax of $0, in millions): | |||||||||||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Items | Effects of Cash Flow Hedges | Unrealized Gains and Losses on Available-for-Sale Securities | Total | |||||||||||||||||
Balance as of December 31, 2012 | $ | (42.2 | ) | $ | (0.1 | ) | $ | 0.8 | $ | 0.4 | $ | (41.1 | ) | ||||||||
Other comprehensive income (loss) prior to reclassifications | 16.5 | — | (1.8 | ) | 0.2 | 14.9 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (21.0 | ) | — | (1.4 | ) | — | (22.4 | ) | |||||||||||||
Net current period other comprehensive loss | (4.5 | ) | — | (3.2 | ) | 0.2 | (7.5 | ) | |||||||||||||
Balance as of September 27, 2013 | $ | (46.7 | ) | $ | (0.1 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (48.6 | ) | |||||||
Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the nine months ended September 27, 2013 were as follows (net of tax of $0, in millions): | |||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item Where Net Income is Presented | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (21.0 | ) | Restructuring, asset impairments and other, net | |||||||||||||||||
Effects of cash flow hedges | (1.4 | ) | Other income and expense | ||||||||||||||||||
Total reclassifications | $ | (22.4 | ) | ||||||||||||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||||
The Company's non-cash financing activities and cash payments for interest and income taxes are as follows (in millions): | |||||||||
For the Nine Months Ended | |||||||||
September 27, 2013 | September 28, 2012 | ||||||||
Non-cash financing activities: | |||||||||
Capital expenditures in accounts payable | $ | 42.1 | $ | 84.8 | |||||
Equipment acquired or refinanced through capital leases | $ | 2.4 | $ | 30.2 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (1.0 | ) | $ | (1.1 | ) | |||
Interest expense | $ | 14.2 | $ | 19.5 | |||||
Income taxes | $ | 9.9 | $ | 15.7 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Information Of Revenues, Gross Profit And Operating Income | ' | |||||||||||||||
Revenues, gross profit and operating income for the Company’s reportable segments for the quarters and nine months ended September 27, 2013 and September 28, 2012, respectively, are as follows (in millions): | ||||||||||||||||
Application Products Group | Standard | SANYO | Total | |||||||||||||
Products | Semiconductor | |||||||||||||||
Group | Products Group | |||||||||||||||
For the quarter ended September 27, 2013: | ||||||||||||||||
Revenues from external customers | $ | 269 | $ | 289.6 | $ | 156.8 | $ | 715.4 | ||||||||
Segment gross profit | $ | 119 | $ | 95.6 | $ | 34.3 | $ | 248.9 | ||||||||
Segment operating income (loss) | $ | 30.4 | $ | 54.9 | $ | (3.0 | ) | $ | 82.3 | |||||||
For the quarter ended September 28, 2012: | ||||||||||||||||
Revenues from external customers | $ | 252.7 | $ | 279.8 | $ | 193 | $ | 725.5 | ||||||||
Segment gross profit | $ | 113.5 | $ | 100.1 | $ | 37 | $ | 250.6 | ||||||||
Segment operating income (loss) | $ | 28.8 | $ | 60.9 | $ | (21.4 | ) | $ | 68.3 | |||||||
Application Products Group | Standard | SANYO | Total | |||||||||||||
Products | Semiconductor | |||||||||||||||
Group | Products Group | |||||||||||||||
For the nine months ended September 27, 2013: | ||||||||||||||||
Revenues from external customers | $ | 765.5 | $ | 831.2 | $ | 468 | $ | 2,064.70 | ||||||||
Segment gross profit | $ | 336.3 | $ | 296.1 | $ | 63.4 | $ | 695.8 | ||||||||
Segment operating income (loss) | $ | 80.1 | $ | 177.8 | $ | (71.7 | ) | $ | 186.2 | |||||||
For the nine months ended September 28, 2012: | ||||||||||||||||
Revenues from external customers | $ | 772.8 | $ | 837.6 | $ | 604.3 | $ | 2,214.70 | ||||||||
Segment gross profit | $ | 352.6 | $ | 312.5 | $ | 110.8 | $ | 775.9 | ||||||||
Segment operating income (loss) | $ | 90.8 | $ | 190.1 | $ | (73.2 | ) | $ | 207.7 | |||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
Depreciation and amortization expense is included in segment operating income. Reconciliations of segment gross profit and segment operating income to the financial statements are as follows (in millions): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
Gross profit for reportable segments | $ | 248.9 | $ | 250.6 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | 0.3 | (12.6 | ) | |||||||||||||
Gross profit | $ | 249.2 | $ | 238 | ||||||||||||
Operating income for reportable segments | $ | 82.3 | 68.3 | |||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (11.0 | ) | (11.2 | ) | ||||||||||||
Other unallocated manufacturing costs | 0.3 | (12.6 | ) | |||||||||||||
Other unallocated operating expenses | (4.3 | ) | 0.1 | |||||||||||||
Operating income | $ | 67.3 | $ | 44.6 | ||||||||||||
Nine Months Ended | ||||||||||||||||
27-Sep-13 | September 28, 2012 | |||||||||||||||
Gross profit for reportable segments | $ | 695.8 | $ | 775.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (10.3 | ) | (34.4 | ) | ||||||||||||
Gross profit | $ | 685.5 | $ | 741.5 | ||||||||||||
Operating income for reportable segments | 186.2 | 207.7 | ||||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (11.1 | ) | (57.3 | ) | ||||||||||||
Other unallocated manufacturing costs | (10.3 | ) | (34.4 | ) | ||||||||||||
Other unallocated operating expenses | (8.9 | ) | (0.9 | ) | ||||||||||||
Operating income | $ | 155.9 | $ | 115.1 | ||||||||||||
Revenues By Geographic Location Including Local Sales And Exports | ' | |||||||||||||||
Revenues by geographic location, including local sales made by operations within each area, based on sales billed from the respective country are summarized as follows (in millions): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
September 27, 2013 | September 28, 2012 | |||||||||||||||
United States | $ | 109 | $ | 106.7 | ||||||||||||
Japan | 70.3 | 93.9 | ||||||||||||||
China | 230.1 | 228.5 | ||||||||||||||
Singapore | 178.3 | 157.3 | ||||||||||||||
United Kingdom | 101.9 | 94 | ||||||||||||||
Other | 25.8 | 45.1 | ||||||||||||||
$ | 715.4 | $ | 725.5 | |||||||||||||
Nine Months Ended | ||||||||||||||||
27-Sep-13 | September 28, 2012 | |||||||||||||||
United States | $ | 306.4 | $ | 338.3 | ||||||||||||
Japan | 217.6 | 314.2 | ||||||||||||||
China | 628 | 664.4 | ||||||||||||||
Singapore | 525.6 | 464.3 | ||||||||||||||
United Kingdom | 302.2 | 299.8 | ||||||||||||||
Other | 84.9 | 133.7 | ||||||||||||||
$ | 2,064.70 | $ | 2,214.70 | |||||||||||||
Summary Of Property, Plant And Equipment By Geographic Location | ' | |||||||||||||||
Property, plant and equipment, net by geographic location, is summarized as follows (in millions): | ||||||||||||||||
September 27, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
United States | $ | 258.4 | $ | 274.7 | ||||||||||||
Japan | 65 | 78.9 | ||||||||||||||
Czech Republic | 114.5 | 118 | ||||||||||||||
Malaysia | 211.2 | 185 | ||||||||||||||
Philippines | 176.2 | 188.8 | ||||||||||||||
Other | 267.6 | 257.9 | ||||||||||||||
$ | 1,092.90 | $ | 1,103.30 | |||||||||||||
Recovered_Sheet1
Guarantor and Non-Guarantor Statements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Guarantor And Non-Guarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Balance Sheet | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 157.5 | $ | — | $ | 212 | $ | — | $ | 369.5 | ||||||||||||
Short-term investments | — | 184.1 | — | — | — | 184.1 | ||||||||||||||||||
Receivables, net | — | 49.9 | — | 369.3 | — | 419.2 | ||||||||||||||||||
Inventories | — | 45.4 | — | 555.1 | (15.2 | ) | 585.3 | |||||||||||||||||
Short-term intercompany receivables | — | — | 3.9 | 35 | (38.9 | ) | — | |||||||||||||||||
Other current assets | — | 12.9 | — | 64.8 | — | 77.7 | ||||||||||||||||||
Deferred income taxes | — | 1.6 | — | 8.3 | — | 9.9 | ||||||||||||||||||
Total current assets | — | 451.4 | 3.9 | 1,244.50 | (54.1 | ) | 1,645.70 | |||||||||||||||||
Property, plant and equipment, net | — | 255.9 | 2.5 | 836.4 | (1.9 | ) | 1,092.90 | |||||||||||||||||
Deferred income taxes | — | — | — | 15.1 | 22.8 | 37.9 | ||||||||||||||||||
Goodwill | — | 111.5 | 37.3 | 35.8 | — | 184.6 | ||||||||||||||||||
Intangible assets, net | — | 116.8 | — | 137.8 | (22.8 | ) | 231.8 | |||||||||||||||||
Long-term intercompany receivables | — | 73 | — | — | (73.0 | ) | — | |||||||||||||||||
Other assets | 1,884.10 | 1,555.90 | 135.2 | 824.4 | (4,343.8 | ) | 55.8 | |||||||||||||||||
Total assets | $ | 1,884.10 | $ | 2,564.50 | $ | 178.9 | $ | 3,094.00 | $ | (4,472.8 | ) | $ | 3,248.70 | |||||||||||
Accounts payable | $ | — | $ | 33.3 | $ | 0.1 | $ | 225.8 | $ | — | $ | 259.2 | ||||||||||||
Accrued expenses | 6.5 | 44.2 | 0.1 | 143.5 | — | 194.3 | ||||||||||||||||||
Income taxes payable | — | (7.1 | ) | — | 9.3 | — | 2.2 | |||||||||||||||||
Accrued interest | 3.2 | 1.7 | — | 0.1 | — | 5 | ||||||||||||||||||
Deferred income on sales to distributors | — | 34.3 | — | 110.9 | — | 145.2 | ||||||||||||||||||
Deferred income taxes | — | — | — | 0.4 | 22.8 | 23.2 | ||||||||||||||||||
Current portion of long-term debt | 71.7 | 80.3 | — | 97 | — | 249 | ||||||||||||||||||
Short-term intercompany payables | — | 38.9 | — | — | (38.9 | ) | — | |||||||||||||||||
Total current liabilities | 81.4 | 225.6 | 0.2 | 587 | (16.1 | ) | 878.1 | |||||||||||||||||
Long-term debt | 333.3 | 294.3 | — | 31.8 | — | 659.4 | ||||||||||||||||||
Other long-term liabilities | — | 27.7 | 0.1 | 158.2 | — | 186 | ||||||||||||||||||
Deferred income taxes | — | 1.6 | — | 21.9 | — | 23.5 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 73 | (73.0 | ) | — | |||||||||||||||||
Total liabilities | 414.7 | 549.2 | 0.3 | 871.9 | (89.1 | ) | 1,747.00 | |||||||||||||||||
Common stock | 5.1 | 0.3 | 50.9 | 201.6 | (252.8 | ) | 5.1 | |||||||||||||||||
Additional paid-in capital | 3,195.20 | 2,464.60 | 259.8 | 1,403.60 | (4,128.0 | ) | 3,195.20 | |||||||||||||||||
Accumulated other comprehensive loss | (48.6 | ) | (50.6 | ) | — | (39.2 | ) | 89.8 | (48.6 | ) | ||||||||||||||
Accumulated deficit | (1,170.8 | ) | (399.0 | ) | (132.1 | ) | 656.1 | (125.0 | ) | (1,170.8 | ) | |||||||||||||
Less: treasury stock, at cost | (511.5 | ) | — | — | — | — | (511.5 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,469.40 | 2,015.30 | 178.6 | 2,222.10 | (4,416.0 | ) | 1,469.40 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 32.3 | 32.3 | ||||||||||||||||||
Total equity | 1,469.40 | 2,015.30 | 178.6 | 2,222.10 | (4,383.7 | ) | 1,501.70 | |||||||||||||||||
Total liabilities and equity | $ | 1,884.10 | $ | 2,564.50 | $ | 178.9 | $ | 3,094.00 | $ | (4,472.8 | ) | $ | 3,248.70 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 212.1 | $ | — | $ | 274.8 | $ | — | $ | 486.9 | ||||||||||||
Short-term investments | — | 144.8 | — | — | — | 144.8 | ||||||||||||||||||
Receivables, net | — | 45.4 | — | 312.4 | — | 357.8 | ||||||||||||||||||
Inventories | — | 34.5 | — | 578.4 | (31.2 | ) | 581.7 | |||||||||||||||||
Short-term intercompany receivables | — | — | 3.3 | 17.2 | (20.5 | ) | — | |||||||||||||||||
Other current assets | — | 10.6 | — | 101.1 | — | 111.7 | ||||||||||||||||||
Deferred income taxes | — | 2.3 | — | 8.2 | — | 10.5 | ||||||||||||||||||
Total current assets | — | 449.7 | 3.3 | 1,292.10 | (51.7 | ) | 1,693.40 | |||||||||||||||||
Property, plant and equipment, net | — | 272 | 2.8 | 830.9 | (2.4 | ) | 1,103.30 | |||||||||||||||||
Deferred income taxes | — | — | — | 8.5 | 22.7 | 31.2 | ||||||||||||||||||
Goodwill | — | 111.7 | 37.2 | 35.7 | — | 184.6 | ||||||||||||||||||
Intangible assets, net | — | 128.2 | — | 154.7 | (25.9 | ) | 257 | |||||||||||||||||
Long-term intercompany receivables | — | 166.3 | — | — | (166.3 | ) | — | |||||||||||||||||
Other assets | 1,834.60 | 1,431.50 | 129.5 | 837.7 | (4,174.4 | ) | 58.9 | |||||||||||||||||
Total assets | $ | 1,834.60 | $ | 2,559.40 | $ | 172.8 | $ | 3,159.60 | $ | (4,398.0 | ) | $ | 3,328.40 | |||||||||||
Accounts payable | $ | — | $ | 24.1 | — | 255.4 | — | $ | 279.5 | |||||||||||||||
Accrued expenses | — | 53 | 0.9 | 172.7 | 1.7 | 228.3 | ||||||||||||||||||
Income taxes payable | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||
Accrued interest | 0.5 | — | — | 0.1 | — | 0.6 | ||||||||||||||||||
Deferred income on sales to distributors | — | 34.2 | — | 100.3 | — | 134.5 | ||||||||||||||||||
Deferred income taxes | — | — | — | 0.1 | 22.8 | 22.9 | ||||||||||||||||||
Current portion of long-term debt | 198.9 | 80.2 | 0.1 | 74.4 | — | 353.6 | ||||||||||||||||||
Short-term intercompany payables | — | 20.4 | — | 0.1 | (20.5 | ) | — | |||||||||||||||||
Total current liabilities | 199.4 | 211.9 | 1 | 608 | 4 | 1,024.30 | ||||||||||||||||||
Long-term debt | 274.1 | 344.1 | — | 40.1 | — | 658.3 | ||||||||||||||||||
Other long-term liabilities | — | 27.5 | 0.3 | 204.4 | — | 232.2 | ||||||||||||||||||
Deferred income taxes | — | 2.4 | — | 20.5 | — | 22.9 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 166.3 | (166.3 | ) | — | |||||||||||||||||
Total liabilities | 473.5 | 585.9 | 1.3 | 1,039.30 | (162.3 | ) | 1,937.70 | |||||||||||||||||
Common stock | 5.1 | 0.3 | 50.9 | 201.6 | (252.8 | ) | 5.1 | |||||||||||||||||
Additional paid-in capital | 3,156.40 | 2,549.30 | 259.2 | 1,402.90 | (4,211.4 | ) | 3,156.40 | |||||||||||||||||
Accumulated other comprehensive loss | (41.1 | ) | (41.0 | ) | — | (34.6 | ) | 75.6 | (41.1 | ) | ||||||||||||||
Accumulated deficit | (1,292.9 | ) | (535.1 | ) | (138.6 | ) | 550.4 | 123.3 | (1,292.9 | ) | ||||||||||||||
Less: treasury stock, at cost | (466.4 | ) | — | — | — | — | (466.4 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,361.10 | 1,973.50 | 171.5 | 2,120.30 | (4,265.3 | ) | 1,361.10 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 29.6 | 29.6 | ||||||||||||||||||
Total equity | 1,361.10 | 1,973.50 | 171.5 | 2,120.30 | (4,235.7 | ) | 1,390.70 | |||||||||||||||||
Total liabilities and equity | $ | 1,834.60 | $ | 2,559.40 | $ | 172.8 | $ | 3,159.60 | $ | (4,398.0 | ) | $ | 3,328.40 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement of Operations and Comprehensive Income [Text Block] | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 157.2 | $ | 3.7 | $ | 1,078.90 | $ | (524.4 | ) | $ | 715.4 | |||||||||||
Cost of revenues | — | 138.6 | 0.1 | 856.8 | (529.3 | ) | 466.2 | |||||||||||||||||
Gross profit | — | 18.6 | 3.6 | 222.1 | 4.9 | 249.2 | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 12.3 | 2.9 | 68.8 | — | 84 | ||||||||||||||||||
Selling and marketing | — | 18.1 | 0.2 | 25.9 | — | 44.2 | ||||||||||||||||||
General and administrative | — | 7.4 | 0.2 | 26.9 | — | 34.5 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.8 | — | 5.5 | (1.1 | ) | 8.2 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | — | — | 11 | — | 11 | ||||||||||||||||||
Total operating expenses | — | 41.6 | 3.3 | 138.1 | (1.1 | ) | 181.9 | |||||||||||||||||
Operating income (loss) | — | (23.0 | ) | 0.3 | 84 | 6 | 67.3 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (5.6 | ) | (2.4 | ) | — | (1.2 | ) | — | (9.2 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.2 | — | 0.3 | ||||||||||||||||||
Other | — | (1.9 | ) | — | 0.5 | — | (1.4 | ) | ||||||||||||||||
Equity in earnings | 57.4 | 79.4 | 2.3 | — | (139.1 | ) | — | |||||||||||||||||
Other income (expenses), net | 51.8 | 75.2 | 2.3 | (0.5 | ) | (139.1 | ) | (10.3 | ) | |||||||||||||||
Income before income taxes | 51.8 | 52.2 | 2.6 | 83.5 | (133.1 | ) | 57 | |||||||||||||||||
Income tax benefit (provision) | — | 8.8 | — | (13.0 | ) | — | (4.2 | ) | ||||||||||||||||
Net income | 51.8 | 61 | 2.6 | 70.5 | (133.1 | ) | 52.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 51.8 | $ | 61 | $ | 2.6 | $ | 70.5 | $ | (134.1 | ) | $ | 51.8 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 54.3 | $ | 63.5 | $ | 2.6 | $ | 71.7 | $ | (137.8 | ) | $ | 54.3 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 180.6 | $ | 3.4 | $ | 899.1 | $ | (357.6 | ) | $ | 725.5 | |||||||||||
Cost of revenues | — | 115.7 | 0.2 | 726.8 | (355.2 | ) | 487.5 | |||||||||||||||||
Gross profit | — | 64.9 | 3.2 | 172.3 | (2.4 | ) | 238 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 43.5 | 2.5 | 44.1 | — | 90.1 | ||||||||||||||||||
Selling and marketing | — | 17.3 | 0.2 | 26.7 | — | 44.2 | ||||||||||||||||||
General and administrative | — | (35.4 | ) | 0.2 | 72 | — | 36.8 | |||||||||||||||||
Amortization of acquisition related intangible assets | — | 4.5 | — | 7.6 | (1.0 | ) | 11.1 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.1 | 0.1 | 10 | — | 11.2 | ||||||||||||||||||
Total operating expenses | — | 31 | 3 | 160.4 | (1.0 | ) | 193.4 | |||||||||||||||||
Operating income | — | 33.9 | 0.2 | 11.9 | (1.4 | ) | 44.6 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (9.2 | ) | (2.1 | ) | — | (2.3 | ) | — | (13.6 | ) | ||||||||||||||
Interest income | — | 0.2 | — | 0.1 | — | 0.3 | ||||||||||||||||||
Other | — | (1.8 | ) | — | (1.8 | ) | — | (3.6 | ) | |||||||||||||||
Loss on debt repurchase or exchange | (7.8 | ) | — | — | — | — | (7.8 | ) | ||||||||||||||||
Equity in earnings | 29.5 | 4 | 2 | (0.4 | ) | (35.1 | ) | — | ||||||||||||||||
Other income (expenses), net | 12.5 | 0.3 | 2 | (4.4 | ) | (35.1 | ) | (24.7 | ) | |||||||||||||||
Income before income taxes | 12.5 | 34.2 | 2.2 | 7.5 | (36.5 | ) | 19.9 | |||||||||||||||||
Income tax (provision) benefit | — | (7.4 | ) | — | 0.9 | — | (6.5 | ) | ||||||||||||||||
Net income | 12.5 | 26.8 | 2.2 | 8.4 | (36.5 | ) | 13.4 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 12.5 | $ | 26.8 | $ | 2.2 | $ | 8.4 | $ | (37.4 | ) | $ | 12.5 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 12 | $ | 26.3 | $ | 2.2 | $ | 8 | $ | (36.5 | ) | $ | 12 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 568.6 | $ | 10 | $ | 2,702.80 | $ | (1,066.7 | ) | $ | 2,214.70 | |||||||||||
Cost of revenues | — | 350.1 | 0.6 | 2,180.70 | (1,058.2 | ) | 1,473.20 | |||||||||||||||||
Gross profit | — | 218.5 | 9.4 | 522.1 | (8.5 | ) | 741.5 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 136.4 | 7.8 | 135.1 | — | 279.3 | ||||||||||||||||||
Selling and marketing | — | 51.2 | 0.6 | 85 | — | 136.8 | ||||||||||||||||||
General and administrative | — | (3.0 | ) | 0.4 | 122.3 | — | 119.7 | |||||||||||||||||
Amortization of acquisition related intangible assets | — | 13.6 | — | 22.8 | (3.1 | ) | 33.3 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.3 | 0.1 | 55.9 | — | 57.3 | ||||||||||||||||||
Total operating expenses | — | 199.5 | 8.9 | 421.1 | (3.1 | ) | 626.4 | |||||||||||||||||
Operating income | — | 19 | 0.5 | 101 | (5.4 | ) | 115.1 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (29.6 | ) | (6.8 | ) | — | (7.0 | ) | — | (43.4 | ) | ||||||||||||||
Interest income | — | 0.7 | — | 0.4 | — | 1.1 | ||||||||||||||||||
Other | — | 1.4 | — | 2 | — | 3.4 | ||||||||||||||||||
Loss on debt repurchase or exchange | (7.8 | ) | — | — | — | — | (7.8 | ) | ||||||||||||||||
Equity in earnings | 85 | 64.2 | 6.9 | (0.4 | ) | (155.7 | ) | — | ||||||||||||||||
Other income (expenses), net | 47.6 | 59.5 | 6.9 | (5.0 | ) | (155.7 | ) | (46.7 | ) | |||||||||||||||
Income before income taxes | 47.6 | 78.5 | 7.4 | 96 | (161.1 | ) | 68.4 | |||||||||||||||||
Income tax provision | — | (0.9 | ) | — | (16.9 | ) | — | (17.8 | ) | |||||||||||||||
Net income | 47.6 | 77.6 | 7.4 | 79.1 | (161.1 | ) | 50.6 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (3.0 | ) | (3.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 47.6 | $ | 77.6 | $ | 7.4 | $ | 79.1 | $ | (164.1 | ) | $ | 47.6 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 49.1 | $ | 79.1 | $ | 7.4 | $ | 80 | $ | (166.5 | ) | $ | 49.1 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 485.5 | $ | 10.1 | $ | 3,113.00 | $ | (1,543.9 | ) | $ | 2,064.70 | |||||||||||
Cost of revenues | — | 372.1 | 0.3 | 2,567.80 | (1,561.0 | ) | 1,379.20 | |||||||||||||||||
Gross profit | — | 113.4 | 9.8 | 545.2 | 17.1 | 685.5 | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Research and development | — | 66.2 | 8.1 | 181.2 | — | 255.5 | ||||||||||||||||||
Selling and marketing | — | 52.8 | 0.5 | 74 | — | 127.3 | ||||||||||||||||||
General and administrative | — | 23.5 | 0.6 | 86.8 | — | 110.9 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 11.4 | — | 16.5 | (3.1 | ) | 24.8 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1 | — | 10.1 | — | 11.1 | ||||||||||||||||||
Total operating expenses | — | 154.9 | 9.2 | 368.6 | (3.1 | ) | 529.6 | |||||||||||||||||
Operating income (loss) | — | (41.5 | ) | 0.6 | 176.6 | 20.2 | 155.9 | |||||||||||||||||
Other income (expenses), net: | ||||||||||||||||||||||||
Interest expense | (17.3 | ) | (7.3 | ) | — | (4.0 | ) | — | (28.6 | ) | ||||||||||||||
Interest income | — | 0.3 | — | 0.7 | — | 1 | ||||||||||||||||||
Other | — | (7.4 | ) | — | 11 | — | 3.6 | |||||||||||||||||
Loss on debt exchange | (3.1 | ) | — | — | — | — | (3.1 | ) | ||||||||||||||||
Equity in earnings | 142.5 | 184.1 | 6.4 | — | (333.0 | ) | — | |||||||||||||||||
Other income (expenses), net | 122.1 | 169.7 | 6.4 | 7.7 | (333.0 | ) | (27.1 | ) | ||||||||||||||||
Income before income taxes | 122.1 | 128.2 | 7 | 184.3 | (312.8 | ) | 128.8 | |||||||||||||||||
Income tax benefit (provision) | — | 7.9 | — | (11.9 | ) | — | (4.0 | ) | ||||||||||||||||
Net income | 122.1 | 136.1 | 7 | 172.4 | (312.8 | ) | 124.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (2.7 | ) | (2.7 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 122.1 | $ | 136.1 | $ | 7 | $ | 172.4 | $ | (315.5 | ) | $ | 122.1 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 114.6 | $ | 126.5 | $ | 7 | $ | 167.5 | $ | (301.0 | ) | $ | 114.6 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Operations, Comprehensive Income And Cash Flow | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuers | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (34.1 | ) | $ | 0.9 | $ | 179.2 | $ | (6.6 | ) | $ | 139.4 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (49.7 | ) | (0.7 | ) | (148.4 | ) | — | (198.8 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 5.1 | — | 5.1 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.6 | — | 1.6 | ||||||||||||||||||
Recovery from insurance on property, plant and equipment | — | — | — | 11.5 | — | 11.5 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 288.7 | — | — | — | 288.7 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (261.7 | ) | — | — | — | (261.7 | ) | ||||||||||||||||
Contribution from subsidiaries | 119.5 | (7.9 | ) | — | — | (111.6 | ) | — | ||||||||||||||||
Net cash provided by (used in) investing activities | 119.5 | (30.6 | ) | (0.7 | ) | (130.2 | ) | (111.6 | ) | (153.6 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loan activity | — | (256.4 | ) | — | 256.4 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 323.6 | — | (323.6 | ) | — | — | |||||||||||||||||
Payments to parent | — | (126.1 | ) | — | 7.9 | 118.2 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 4.3 | — | — | — | — | 4.3 | ||||||||||||||||||
Proceeds from exercise of stock options | 6 | — | — | — | — | 6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (8.8 | ) | — | — | — | — | (8.8 | ) | ||||||||||||||||
Repurchase of common stock | (22.5 | ) | — | — | — | — | (22.5 | ) | ||||||||||||||||
Proceeds from debt issuance | — | 6.5 | — | 4.6 | — | 11.1 | ||||||||||||||||||
Payment of capital leases obligations | — | (27.8 | ) | — | (2.8 | ) | — | (30.6 | ) | |||||||||||||||
Repayment of long-term debt | (98.5 | ) | (3.6 | ) | — | (73.5 | ) | — | (175.6 | ) | ||||||||||||||
Net cash used in financing activities | (119.5 | ) | (83.8 | ) | — | (131.0 | ) | 118.2 | (216.1 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (148.5 | ) | 0.2 | (83.2 | ) | — | (231.5 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 304.5 | (0.2 | ) | 348.6 | — | 652.9 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 156 | $ | — | $ | 265.4 | $ | — | $ | 421.4 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 58.7 | $ | — | $ | 147.2 | $ | (5.6 | ) | $ | 200.3 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (26.1 | ) | — | (109.0 | ) | — | (135.1 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.1 | — | 8.5 | — | 8.6 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 155.7 | — | — | — | 155.7 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (195.0 | ) | — | — | — | (195.0 | ) | ||||||||||||||||
Contribution from subsidiaries | 102.5 | — | — | — | (102.5 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 102.5 | (65.3 | ) | — | (102.1 | ) | (102.5 | ) | (167.4 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loan activity | — | (664.2 | ) | — | 664.2 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 757.5 | — | (757.5 | ) | — | — | |||||||||||||||||
Payments to parent | — | (108.1 | ) | — | — | 108.1 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 4.1 | — | — | — | — | 4.1 | ||||||||||||||||||
Proceeds from exercise of stock options | 9.5 | — | — | — | — | 9.5 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (2.8 | ) | — | — | — | — | (2.8 | ) | ||||||||||||||||
Repurchase of common stock | (35.8 | ) | — | — | — | — | (35.8 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 46.2 | — | 46.2 | ||||||||||||||||||
Payment of capital leases obligations | — | (28.6 | ) | — | (2.7 | ) | — | (31.3 | ) | |||||||||||||||
Repayment of long-term debt | (77.5 | ) | (4.6 | ) | — | (48.2 | ) | — | (130.3 | ) | ||||||||||||||
Net cash provided used in financing activities | (102.5 | ) | (48.0 | ) | — | (98.0 | ) | 108.1 | (140.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (9.9 | ) | — | (9.9 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents | — | (54.6 | ) | — | (62.8 | ) | — | (117.4 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 212.1 | — | 274.8 | — | 486.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 157.5 | $ | — | $ | 212 | $ | — | $ | 369.5 | ||||||||||||
Recovered_Sheet2
Background and Basis of Presentation (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Fiscal Quarter, Number of Days | '91 days | '91 days | '269 days | '271 days |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Summary Of Goodwill by Operating Segment) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $623.40 | $623.40 |
Accumulated Impairment Losses | -438.8 | -438.8 |
Carrying Value | 184.6 | 184.6 |
Application Products Group | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 547.4 | 547.4 |
Accumulated Impairment Losses | -410.2 | -410.2 |
Carrying Value | 137.2 | 137.2 |
Standard Products Group | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 76 | 76 |
Accumulated Impairment Losses | -28.6 | -28.6 |
Carrying Value | $47.40 | $47.40 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Summary Of Intangible Assets, Net) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2013 | Dec. 31, 2012 |
Original Cost | $498.10 | $498.10 |
Accumulated Amortization | -198.5 | -173.6 |
Foreign Currency Translation Adjustment | -27.2 | -26.9 |
Accumulated Impairment | -40.6 | -40.6 |
Carrying Value | 231.8 | 257 |
Intellectual Property [Member] | ' | ' |
Original Cost | 13.9 | 13.9 |
Accumulated Amortization | -9.2 | -8.7 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -0.4 | -0.4 |
Carrying Value | 4.3 | 4.8 |
Intellectual Property [Member] | Minimum [Member] | ' | ' |
Useful Life (in Years) | '5 years | '5 years |
Intellectual Property [Member] | Maximum [Member] | ' | ' |
Useful Life (in Years) | '12 years | '12 years |
Customer Relationships [Member] | ' | ' |
Original Cost | 280.3 | 280.3 |
Accumulated Amortization | -102.1 | -91.8 |
Foreign Currency Translation Adjustment | -27.2 | -26.9 |
Accumulated Impairment | -23 | -23 |
Carrying Value | 128 | 138.6 |
Customer Relationships [Member] | Minimum [Member] | ' | ' |
Useful Life (in Years) | '5 years | '5 years |
Customer Relationships [Member] | Maximum [Member] | ' | ' |
Useful Life (in Years) | '18 years | '18 years |
Patents [Member] | ' | ' |
Original Cost | 43.7 | 43.7 |
Accumulated Amortization | -18.4 | -16.6 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -13.7 | -13.7 |
Carrying Value | 11.6 | 13.4 |
Useful Life (in Years) | '12 years | '12 years |
Developed Technology [Member] | ' | ' |
Original Cost | 146.2 | 146.2 |
Accumulated Amortization | -62.9 | -51.3 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -2.4 | -2.4 |
Carrying Value | 80.9 | 92.5 |
Developed Technology [Member] | Minimum [Member] | ' | ' |
Useful Life (in Years) | '5 years | '5 years |
Developed Technology [Member] | Maximum [Member] | ' | ' |
Useful Life (in Years) | '12 years | '12 years |
Trademarks [Member] | ' | ' |
Original Cost | 14 | 14 |
Accumulated Amortization | -5.9 | -5.2 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -1.1 | -1.1 |
Carrying Value | $7 | $7.70 |
Useful Life (in Years) | '15 years | '15 years |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Goodwill And Intangible Assets [Abstract] | ' | ' | ' | ' |
Amortization expense | $8.20 | $11.10 | $24.80 | $33.30 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) (USD $) | Sep. 27, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2013 | $8.20 |
2014 | 32.6 |
2015 | 31.7 |
2016 | 30.6 |
2017 | 27.7 |
Thereafter | 101 |
Total estimated amortization expense | $231.80 |
Restructuring_Asset_Impairment2
Restructuring, Asset Impairments And Other, Net (Reconciliation Of "Restructuring, Asset Impairments And Other, Net" Caption On The Consolidated Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring | $8.30 | ' | $46.30 | ' | |
Impairment | 2.9 | ' | 3.5 | 2.1 | |
Other | -0.2 | ' | -38.7 | ' | |
Restructuring Costs and Asset Impairment Charges | 11 | 11.2 | 11.1 | 57.3 | |
Special Termination Benefits [Member] | SANYO Semiconductor [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring | 2.6 | ' | 35 | ' | |
Impairment | 0 | ' | 0 | ' | |
Other | -0.2 | ' | -12.1 | ' | |
Restructuring Costs and Asset Impairment Charges | 2.4 | ' | 22.9 | ' | |
Facility Closing [Member] | Aizu [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring | 0.8 | ' | 3.1 | ' | |
Impairment | 0 | ' | 0 | ' | |
Other | 0 | ' | -22.4 | ' | |
Restructuring Costs and Asset Impairment Charges | 0.8 | ' | -19.3 | ' | |
Facility Closing [Member] | SANYO Semiconductor [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring | 3.9 | ' | 3.9 | ' | |
Impairment | 2.9 | ' | 2.9 | ' | |
Other | 0 | ' | 0 | ' | |
Restructuring Costs and Asset Impairment Charges | 6.8 | ' | 6.8 | ' | |
Other Restructuring [Member] | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |
Restructuring | 1 | [1] | ' | 4.3 | ' |
Impairment | 0 | ' | 0.6 | ' | |
Other | 0 | [1] | ' | -4.2 | ' |
Restructuring Costs and Asset Impairment Charges | $1 | [1] | ' | $0.70 | ' |
[1] | (1) Includes charges related to certain reductions in workforce and facility closures which are not considered to be significant. |
Restructuring_Asset_Impairment3
Restructuring, Asset Impairments And Other, Net (Rollforward Of Accrued Restructuring Charges) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 27, 2013 | Sep. 27, 2013 | |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at Beginning of Period | ' | $17,100,000 |
Restructuring Costs | 8,300,000 | 46,300,000 |
Usage | ' | -51,600,000 |
Adjustments | ' | -200,000 |
Balance at End of Period | 11,600,000 | 11,600,000 |
Estimated employee separation charges | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at Beginning of Period | ' | 15,500,000 |
Restructuring Costs | ' | 41,300,000 |
Usage | ' | -47,100,000 |
Adjustments | ' | -200,000 |
Balance at End of Period | 9,500,000 | 9,500,000 |
Estimated costs to exit | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at Beginning of Period | ' | 1,600,000 |
Restructuring Costs | ' | 5,000,000 |
Usage | ' | -4,500,000 |
Adjustments | ' | 0 |
Balance at End of Period | $2,100,000 | $2,100,000 |
Restructuring_Asset_Impairment4
Restructuring, Asset Impairments And Other, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Sep. 27, 2013 | Sep. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Oct. 06, 2013 | Oct. 06, 2013 | Oct. 06, 2013 | |
Estimated costs to exit | Estimated costs to exit | SANYO Semiconductor Products Group Voluntary Retirement Program | SANYO Semiconductor Products Group Voluntary Retirement Program | SANYO Semiconductor Products Group Voluntary Retirement Program | Total Employees Notified [Member] | Total Employees Notified [Member] | Foreign Currency Translation Adjustments | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | Restructuring Activities and Related Acquisition [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
employees | Accrued Employee Separation Costs [Member] | SANYO Semiconductor Products Group Voluntary Retirement Program | Aizu facility closure | Facility Closing [Member] | Facility Closing [Member] | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | ||||||||||
employees | Facility Closing [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
employees | Facility Closing [Member] | Facility Closing [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected reduction in employment levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | 170 | ' | ' |
Number of employees terminated | ' | ' | ' | ' | ' | ' | ' | 480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Restructuring Costs | $200,000 | $38,700,000 | ' | ' | ' | ' | $200,000 | $12,100,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
Accrued liabilities | 11,600,000 | 11,600,000 | ' | 17,100,000 | 2,100,000 | 1,600,000 | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional employee separation charges expected to incur | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,700,000 | ' | ' | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | 22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Contract Positions Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' |
Restructuring Reserve, Settled with Cash | ' | 51,600,000 | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | 16,000,000 |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 14,000,000 |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 |
Restructuring Costs | 8,300,000 | 46,300,000 | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 3,900,000 | ' | ' | ' | ' |
Impairment | 2,900,000 | 3,500,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 2,900,000 | 2,900,000 | ' | ' | ' |
Property, plant and equipment, net | $1,092,900,000 | $1,092,900,000 | ' | $1,103,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | $8,300,000 | $8,300,000 | ' | ' | ' | ' |
Balance_Sheet_Information_Sche
Balance Sheet Information (Schedule of Balance Sheet Information) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables, net: | ' | ' |
Accounts receivable | $420.30 | $360.50 |
Less: Allowance for doubtful accounts | -1.1 | -2.7 |
Accounts receivable, net | 419.2 | 357.8 |
Inventories: | ' | ' |
Raw materials | 84.6 | 73.2 |
Work in process | 299.7 | 310.9 |
Finished goods | 201 | 197.6 |
Inventories, net | 585.3 | 581.7 |
Other current assets: | ' | ' |
Prepaid expenses | 32.1 | 24.3 |
Value added and other income tax receivables | 30.2 | 34.3 |
Other | 15.4 | 53.1 |
Other current assets | 77.7 | 111.7 |
Property, plant and equipment, net (1): | ' | ' |
Land | 59 | 67.4 |
Buildings | 483.5 | 572.4 |
Machinery and equipment | 1,934.40 | 1,979.40 |
Total property, plant and equipment | 2,476.90 | 2,619.20 |
Less: Accumulated depreciation | -1,384 | -1,515.90 |
Property, plant and equipment, net | 1,092.90 | 1,103.30 |
Fixed assets held for sale | 14.9 | ' |
Accrued expenses: | ' | ' |
Accrued payroll | 88.9 | 102.9 |
Sales related reserves | 54.1 | 64.9 |
Restructuring reserves | 11.6 | 17.1 |
Accrued pension liability | 0.4 | 7.4 |
Other | 39.3 | 36 |
Accrued Liabilities, Current, Total | $194.30 | $228.30 |
Balance_Sheet_Information_Warr
Balance Sheet Information (Warranty Reserves) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Warranty Reserves [Roll Forward] | ' | ' |
Beginning Balance | $10.20 | $5.80 |
Provision | 3.9 | 2.5 |
Usage | -8 | -1.8 |
Ending Balance | $6.10 | $6.50 |
Balance_Sheet_Information_Narr
Balance Sheet Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $0.40 | ' | $0.40 | ' | $7.40 |
Defined benefit pension plan, liabilities | 150.5 | ' | 150.5 | ' | 201.4 |
Pension asset overfunded plans | 0 | ' | 0 | ' | 0.2 |
Actuarial net losses | 0 | 0 | -13.6 | -2.4 | ' |
Recognized net gain due to curtailments | $0.20 | $0 | $12.10 | $6.60 | ' |
Balance_Sheet_Information_Peri
Balance Sheet Information (Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' |
Service cost | $2.90 | $2.90 | $9.50 | $8.20 |
Interest cost | 1.6 | 1.4 | 5.2 | 4.2 |
Expected return on plan assets | -1.1 | -0.9 | -3.3 | -3.3 |
Amortization of prior service cost | 0 | 0 | 0 | 0.1 |
Curtailment gain | -0.2 | 0 | -12.1 | -6.6 |
Actuarial loss | 0 | 0 | 13.6 | 2.4 |
Total net periodic pension cost | $3.20 | $3.40 | $12.90 | $5 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt (Long-Term Debt) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Dec. 19, 2012 | Sep. 27, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Mar. 23, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | |||||||||
Senior Revolving Credit Facility (up to $325.0 million) (1) | Senior Revolving Credit Facility (up to $325.0 million) (1) | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | Loan with Japanese bank due 2013 through 2018, interest payable quarterly at 2.02% and 2.06%, respectively | 1.875% Notes | 1.875% Notes | 1.875% Notes | 1.875% Notes | 2.625% Notes (net of discount of $2.0 million and $7.1 million, respectively) | 2.625% Notes (net of discount of $2.0 million and $7.1 million, respectively) | 2.625% Notes (net of discount of $2.0 million and $7.1 million, respectively) | 2.625% Notes (net of discount of $2.0 million and $7.1 million, respectively) | 2.625% Notes, Series B (net of discount of $25.1 million and $24.2 million, respectively) | 2.625% Notes, Series B (net of discount of $25.1 million and $24.2 million, respectively) | 2.625% Notes, Series B (net of discount of $25.1 million and $24.2 million, respectively) | Loan with Hong Kong bank, interest payable weekly at 1.93% and 1.96%, respectively | Loan with Hong Kong bank, interest payable weekly at 1.93% and 1.96%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loans with Philippine banks due 2013 through 2015, interest payable monthly and quarterly at an average rate of 2.09% and 1.97%, respectively | Loan with Chinese bank due 2014, interest payable quarterly at 3.36% and 3.41%, respectively | Loan with Chinese bank due 2014, interest payable quarterly at 3.36% and 3.41%, respectively | Loan with Japanese bank due 2013, interest payable monthly at 0.00% and 1.58%, respectively | Loan with Japanese bank due 2013, interest payable monthly at 0.00% and 1.58%, respectively | Loan with Singapore bank, interest payable weekly at 1.95% and 1.95%, respectively | Loan with Singapore bank, interest payable weekly at 1.95% and 1.95%, respectively | Loan with British finance company, interest payable monthly at 1.52% and 1.51%, respectively | Loan with British finance company, interest payable monthly at 1.52% and 1.51%, respectively | U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | U.S. equipment financing payable monthly through 2016 at 2.94% | U.S. equipment financing payable monthly through 2016 at 2.94% | Canada equipment financing payable monthly through 2017 at 3.81% | Canada equipment financing payable monthly through 2017 at 3.81% | Canada revolving line of credit, interest payable quarterly at 1.86% | Canada revolving line of credit, interest payable quarterly at 1.86% | Capital lease obligations | Capital lease obligations | |||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt, including current maturities | $1,011,900,000 | $908,400,000 | $0 | $0 | $283,100,000 | [1] | $302,000,000 | [1] | ' | ' | ' | ' | $73,400,000 | $0 | [2] | ' | $73,400,000 | [2] | ' | $71,700,000 | [3] | $57,400,000 | $125,500,000 | [3] | ' | $333,400,000 | [4] | $274,200,000 | [4] | $40,000,000 | $30,000,000 | $33,000,000 | $45,800,000 | ' | ' | ' | ' | $7,000,000 | $7,000,000 | $0 | $800,000 | $17,000,000 | $15,000,000 | $300,000 | $3,300,000 | $28,600,000 | $29,800,000 | $10,600,000 | $14,000,000 | $6,400,000 | $0 | $15,000,000 | $0 | $62,300,000 | $91,100,000 |
Less: Current maturities | -353,600,000 | -249,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt | 658,300,000 | 659,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, interest rate | ' | ' | ' | ' | 2.00% | 2.06% | ' | ' | ' | ' | ' | 1.88% | 1.88% | 1.88% | 2.63% | 2.63% | ' | 2.63% | 2.63% | 2.63% | 2.63% | 1.93% | 1.96% | 2.09% | 1.97% | ' | ' | ' | ' | 3.36% | 3.41% | 0.00% | 1.58% | 1.95% | 1.95% | 1.52% | 1.51% | 4.86% | 4.86% | 2.94% | 2.94% | 3.81% | ' | 1.86% | ' | ' | ' | ||||||||
Debt instrument, discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | 7,100,000 | ' | 23,500,000 | 24,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, maturity year | ' | ' | ' | ' | ' | ' | '2013 | '2013 | '2018 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | '2013 | '2015 | '2015 | '2014 | '2014 | '2013 | '2013 | ' | ' | ' | ' | '2016 | '2016 | '2016 | '2016 | '2017 | ' | ' | ' | ' | ' | ||||||||
Credit facility, maximum borrowing capacity | ' | ' | $325,000,000 | $325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ||||||||
Consecutive Trading Days Included in Calculation of Conversion Obligation | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. See additional information below under the heading "Note Payable to SMBC." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 1.875% Notes were partially redeemed by the Company on December 20, 2012. The balance as of December 31, 2012 for notes submitted for conversion was subject to a 20 consecutive trading-day observation period and was subsequently settled during January 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 2.625% Notes may be put back to the Company at the option of the holders of the notes on December 15 of 2013, 2016 and 2021 or called at the option of the Company on or after December 20, 2013.(5)The | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | otes, Series B may be put back to the Company at the option of the holders of the notes on December 15 of 2016 and 2021 or called at the option of the Company on or after December 20, 2016.Expected m |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt (Annual Maturities Relating To Long-Term Debt) (Details) (USD $) | Sep. 27, 2013 |
In Millions, unless otherwise specified | |
Long-term Debt, Unclassified [Abstract] | ' |
Remainder of 2013 | $103.10 |
2014 | 168.1 |
2015 | 73.6 |
2016 | 424.6 |
2017 | 39 |
Thereafter | 124.4 |
Total | $932.80 |
LongTerm_Debt_Loss_on_Debt_Exc
Long-Term Debt (Loss on Debt Exchange) (Details) (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 23, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Net carrying value | ' | 908.4 | $1,011.90 | ||
2.625% Convertible Senior Subordinated Notes Due 2026 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Loss on debt repurchase | 3.1 | ' | ' | ||
Debt instrument, interest rate | ' | 2.63% | 2.63% | ||
Par value of debt exchanged | 60 | ' | ' | ||
Net carrying value | 57.4 | 71.7 | [1] | 125.5 | [1] |
Write off of unamortized debt issuance costs | 0.2 | ' | ' | ||
Adjustments to additional paid in capital for reacquisition of equity component | 5.9 | ' | ' | ||
2.625% Convertible Senior Subordinated Notes Due 2026, Series B [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt instrument, interest rate | ' | 2.63% | 2.63% | ||
Par value of debt exchanged | 58.5 | ' | ' | ||
Net carrying value | ' | 333.4 | [2] | $274.20 | [2] |
[1] | 2.625% Notes may be put back to the Company at the option of the holders of the notes on December 15 of 2013, 2016 and 2021 or called at the option of the Company on or after December 20, 2013.(5)The | ||||
[2] | otes, Series B may be put back to the Company at the option of the holders of the notes on December 15 of 2016 and 2021 or called at the option of the Company on or after December 20, 2016.Expected m |
LongTerm_Debt_Conversion_and_R
Long-Term Debt (Conversion and Retirement of Debt)(Details) (USD $) | 0 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2012 | Sep. 27, 2013 | Jan. 28, 2013 | Dec. 19, 2012 | Sep. 27, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | |||
1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt | $1,011,900,000 | $908,400,000 | ' | $73,400,000 | $0 | [1] | ' | $73,400,000 | [1] |
Debt instrument, interest rate | ' | ' | ' | ' | 1.88% | 1.88% | 1.88% | ||
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | 142.8571 | ' | ' | ' | ||
Debt Conversion, Original Debt, Amount | ' | ' | ' | 1,000 | ' | ' | ' | ||
Consecutive Trading Days Included in Calculation of Conversion Obligation | '20 days | ' | ' | '20 days | ' | ' | ' | ||
Cash settlement of debt conversion obligation | ' | ' | 77,500,000 | ' | ' | ' | ' | ||
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | $4,100,000 | ' | ' | ' | ' | ||
[1] | 1.875% Notes were partially redeemed by the Company on December 20, 2012. The balance as of December 31, 2012 for notes submitted for conversion was subject to a 20 consecutive trading-day observation period and was subsequently settled during January 2013. |
LongTerm_Debt_Acquisition_of_N
Long-Term Debt (Acquisition of Note Payable to SMBC) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2011 | Dec. 31, 2012 | Sep. 27, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term Debt | ' | $1,011.90 | $908.40 | |
SANYO Electric [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Term | '7 years | ' | ' | |
Debt Instrument, Face Amount | 377.5 | ' | ' | |
Long-term Debt | ' | 302 | 0 | [1] |
Debt Instrument, Interest Rate Terms | ' | '3-month LIBOR plus 1.75% per annum | ' | |
Debt Instrument Monthly Payment Principal | ' | 9.4 | ' | |
Remaining Balance Of Loan Due In January Two Thousand Eighteen | ' | $122.70 | ' | |
[1] | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. See additional information below under the heading "Note Payable to SMBC." |
LongTerm_Debt_LongTerm_Debt_26
Long-Term Debt Long-Term Debt (2.6225% Notes, Series B) (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 23, 2013 | Sep. 27, 2013 | Dec. 31, 2012 |
2.625% Convertible Senior Subordinated Notes Due 2026 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Par value of debt exchanged | $60 | ' | ' |
Debt instrument, interest rate | ' | 2.63% | 2.63% |
Debt instrument, effective percentage | ' | 4.70% | ' |
2.625% Convertible Senior Subordinated Notes Due 2026, Series B [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Par value of debt exchanged | $58.50 | ' | ' |
Debt instrument, interest rate | ' | 2.63% | 2.63% |
LongTerm_Debt_LongTerm_Debt_Ca
Long-Term Debt Long-Term Debt (Canada Revolving Line of Credit) (Details) (USD $) | Sep. 27, 2013 |
Debt Instrument [Line Items] | ' |
Credit commitment outstanding | $200,000 |
Canada revolving line of credit, interest payable quarterly at 1.86% | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 15,000,000 |
Credit commitment outstanding | $15,000,000 |
Basis spread on variable rate | 1.60% |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Oct. 10, 2013 | Oct. 10, 2013 | Oct. 10, 2013 | Oct. 10, 2013 |
2.625% Convertible Senior Subordinated Notes Due 2026 [Member] | 2.625% Convertible Senior Subordinated Notes Due 2026 [Member] | 2.625% Convertible Senior Subordinated Notes Due 2026 [Member] | 2.625% Convertible Senior Subordinated Notes Due 2026, Series B [Member] | 2.625% Convertible Senior Subordinated Notes Due 2026, Series B [Member] | 2.625% Convertible Senior Subordinated Notes Due 2026, Series B [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Member] | Letter of Credit [Member] | Swingline Loans For Short Term Borrowings [Member] | Foreign Currency Sublimit [Member] | ||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% | 1.88% | 1.88% | 1.88% | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | $40,000,000 | $15,000,000 | $75,000,000 |
Debt isuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' |
Line of Credit Facility, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Line of Credit, Increase, Additional Borrowings, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' |
Ratio of Total Indebtness to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75 | ' | ' |
Ratio of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) to Consolidated Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' |
Earnings_per_Share_and_Equity_1
Earnings per Share and Equity (Income per Share Calculations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to ON Semiconductor Corporation | $51.80 | $12.50 | $122.10 | $47.60 |
Basic weighted average common shares outstanding | 449.3 | 454.6 | 449.8 | 453.9 |
Dilutive effect of share-based awards | 2.8 | 1.6 | 2.8 | 3.2 |
Dilutive effect of the Convertible Notes | 0 | 0 | 0 | 1.1 |
Diluted weighted average common shares outstanding | 452.1 | 456.2 | 452.6 | 458.2 |
Basic (in dollars per share) | $0.12 | $0.03 | $0.27 | $0.10 |
Diluted (in dollars per share) | $0.11 | $0.03 | $0.27 | $0.10 |
Earnings_per_Share_and_Equity_2
Earnings per Share and Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 27, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | |
1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | 1.875% Convertible Senior Subordinated Notes Due 2025 [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive shares | 12,400,000 | 18,800,000 | 12,700,000 | 15,100,000 | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | 1.88% | 1.88% | 1.88% |
Stock repurchased (in shares) | 4,100,000 | ' | 5,600,000 | ' | ' | ' | ' | ' | ' |
Stock repurchased | $30,200,000 | ' | $42,300,000 | ' | $0 | ' | ' | ' | ' |
Average cost per share or repurchased stock | $7.41 | ' | $7.54 | ' | ' | ' | ' | ' | ' |
Stock repurchase program, aggregate repurchase amount unpaid | 6,500,000 | ' | 6,500,000 | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized repurchase amount | ' | ' | 202,400,000 | ' | ' | ' | ' | ' | ' |
Payments of tax withholding for restricted shares | 600,000 | ' | 2,800,000 | 8,800,000 | ' | ' | ' | ' | ' |
Common stock withheld underlying restricted stock units | 100,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Treasury stock, shares, reissued or retired during period | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Non-controlling interest in consolidated subsidiary | 32,300,000 | 28,300,000 | 32,300,000 | 28,300,000 | 29,600,000 | 25,300,000 | ' | ' | ' |
Net (income) loss attributable to non-controlling interests | $1,000,000 | $900,000 | $2,700,000 | $3,000,000 | ' | ' | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | $7 | $2.10 | $23.40 | $14.70 | |||
Related income tax benefits | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Share-based compensation expense, net of taxes | 7 | 2.1 | 23.4 | 14.7 | |||
Cost Of Revenues [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 1.3 | 0.5 | 3.8 | 2.6 | |||
Research And Development [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 1.5 | 0.6 | 4.6 | 3.1 | |||
Selling And Marketing [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 1.4 | 0.7 | 4.1 | 3.1 | |||
General And Administrative [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | $2.80 | $0.30 | $10.90 | $5.90 | |||
[1] | A majority of the Company’s share-based compensation relates to its domestic subsidiaries; therefore, no related deferred income tax benefits are recorded due to historical net operating losses at those subsidiaries. |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | 15-May-13 | Sep. 27, 2013 |
Employee Stock Options [Member] | Employee Stock Options [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Stock Options [Member] | Stock Options [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Amended And Restated Stock Incentive Plan [Member] | Amended And Restated Stock Incentive Plan [Member] | Employee Stock [Member] | Director [Member] | |||
Rate | Rate | Rate | Rate | Maximum [Member] | Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense on non-vested stock options | ' | ' | $6.30 | ' | $38.30 | ' | $38.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Intrinsic value of stock options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 3.6 | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | $9.50 | $6 | ' | ' | ' | ' | ' | ' | ' | $2.90 | $9.50 | $2 | $4.10 | ' | ' | ' | ' | ' |
Options Pre-Vesting Forfeitures Estimated | ' | ' | 11.00% | 11.00% | 5.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of common stock available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | 4.9 | 2.6 | 38.6 | 43.7 | 18 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Share price | $7.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares, granted to directors | ' | ' | ' | ' | ' | ' | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 |
Weighted Average Grant Date Fair Value, Granted | ' | ' | ' | ' | ' | ' | $8.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.49 |
ShareBased_Compensation_Weight
Share-Based Compensation (Weighted-Average Assumptions Of Employee Stock Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted-average fair value per share | $2.93 | $2.54 | $2.99 | $3.06 |
Employee Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Volatility | 42.50% | 46.90% | 43.00% | 46.80% |
Risk-free interest rate | 1.60% | 0.60% | 1.30% | 0.80% |
Expected term (in years) | '5 years 2 months 6 days | '5 years 1 month 6 days | '5 years 2 months 6 days | '4 years 10 months 18 days |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Stock Option Plans) (Details) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Shares, Outstanding Beginning | 17.2 |
Number of Shares, Granted | 0.1 |
Number of Shares, Exercised | -1.7 |
Number of Shares, Canceled | -0.9 |
Number of Shares, Outstanding Ending | 14.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted-Average Exercise Price, Outstanding Beginning | $7.70 |
Weighted-Average Exercise Price. Granted | $7.56 |
Weighted-Average Exercise Price, Exercised | $5.78 |
Weighted-Average Exercise Price, Cancelled | $8.45 |
Weighted-Average Exercise Price, Outstanding Ending | $7.87 |
Weighted Average Remaining Contractual Term (in years), Outstanding | '3 years 7 months 6 days |
Aggregate Intrinsic Value (In-The-Money), Outstanding | $8.70 |
Number of Shares, Exercisable | 11.8 |
Weighted-Average Exercise Price, Exercisable | $7.95 |
Weighted-Average Remaining Contractual Term (in years), Exercisable | '3 years 2 months 12 days |
Aggregate Intrinsic Value (In-The-Money), Exercisable | $7.40 |
ShareBased_Compensation_Additi
Share-Based Compensation (Additional Information On Stock Options Outstanding) (Details) (USD $) | Sep. 27, 2013 |
In Millions, except Per Share data, unless otherwise specified | |
Option Price Less Than Closing Price Of Common Stock At End Of Quarter [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Closing Price of Company Stock | $7.28 |
Number of Shares, Exercisable | 5.8 |
Weighted Average Exercise Price, Exercisable | $6.01 |
Number of Shares, Unexercisable | 1.2 |
Weighted Average Exercise Price, Unexercisable | $6.26 |
Number of Shares, Total | 7 |
Weighted Average Exercise Price, Total | $6.05 |
Option Price Above Closing Price Of Common Stock At End Of Quarter [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Closing Price of Company Stock | $7.28 |
Number of Shares, Exercisable | 6 |
Weighted Average Exercise Price, Exercisable | $9.85 |
Number of Shares, Unexercisable | 1.7 |
Weighted Average Exercise Price, Unexercisable | $8.43 |
Number of Shares, Total | 7.7 |
Weighted Average Exercise Price, Total | $9.55 |
Total Outstanding [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Shares, Exercisable | 11.8 |
Weighted Average Exercise Price, Exercisable | $7.95 |
Number of Shares, Unexercisable | 2.9 |
Weighted Average Exercise Price, Unexercisable | $7.50 |
Number of Shares, Total | 14.7 |
Weighted Average Exercise Price, Total | $7.87 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Restricted Stock Units Transactions) (Details) (Restricted Stock Units [Member], USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested shares of restricted stock units, beginning | 8.9 |
Number of Shares, Granted | 4.2 |
Number of Shares, Released | -1.4 |
Number of Shares, Forfeited | -0.8 |
Nonvested shares of restricted stock units, ending | 10.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Nonvested shares of restricted stock units, beginning | $8.75 |
Weighted Average Grant Date Fair Value, Granted | $8.15 |
Weighted Average Grant Date Fair Value, Released | $8.08 |
Weighted Average Grant Date Fair Value, Forfeited | $8.48 |
Weighted Average Grant Date Fair Value, Nonvested shares of restricted stock units, ending | $8.62 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Operating Leases Future Minimum Payments Receivable) (Details) (USD $) | Sep. 27, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Remainder of 2013 | $6.10 |
2014 | 21.6 |
2015 | 16.7 |
2016 | 13.9 |
2017 | 11.5 |
Thereafter | 42.3 |
Total | $112.10 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Narrative) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Loss Contingencies [Line Items] | ' | ' | ||
Line of Credit Facility, Current Borrowing Capacity | $40 | ' | ||
Credit commitment outstanding | 0.2 | ' | ||
Outstanding guarantees and letters of credit | 4.7 | ' | ||
Guarantees related to capital lease obligations | 83.9 | ' | ||
Long-term Debt | 908.4 | 1,011.90 | ||
Unsecured Loan with SMBC [Member] | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ||
Long-term Debt | $283.10 | [1] | $302 | [1] |
[1] | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. See additional information below under the heading "Note Payable to SMBC." |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | ' |
Short-term investments | $184.10 | $144.80 |
Unrealized Loss on Securities | $0.10 | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Exchange Contract [Member] | ' | ' |
Foreign currency exchange contracts | $0.10 | $0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Demand and Time Deposits [Member] | ' | ' |
Cash and cash equivalents | 306.4 | 385.9 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Cash and cash equivalents | 63.1 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Treasuries And Agencies [Member] | ' | ' |
Cash and cash equivalents | 0 | 100.7 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member] | ' | ' |
Cash and cash equivalents | 0 | 0.3 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | ' | ' |
Foreign currency exchange contracts | 0 | 3.2 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Demand and Time Deposits [Member] | ' | ' |
Cash and cash equivalents | 306.4 | 385.9 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Cash and cash equivalents | 63.1 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Treasuries And Agencies [Member] | ' | ' |
Cash and cash equivalents | 0 | 100.7 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member] | ' | ' |
Cash and cash equivalents | 0 | 0.3 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | ' | ' |
Foreign currency exchange contracts | 0 | 3.2 |
Foreign currency exchange contracts | $0.10 | $0 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments Fair Value of Short-Term Investments (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | $184.10 | $144.80 |
Unrealized Gain/(Loss) | -0.1 | -0.1 |
Fair Value | 184 | 144.7 |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 58.1 | 25.5 |
Unrealized Gain/(Loss) | 0 | 0 |
Fair Value | 58.1 | 25.5 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 118.9 | 119.3 |
Unrealized Gain/(Loss) | -0.1 | -0.1 |
Fair Value | 118.8 | 119.2 |
Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 7.1 | 0 |
Unrealized Gain/(Loss) | 0 | 0 |
Fair Value | $7.10 | $0 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Carrying Amounts And Fair Values Of Long-Term Borrowings) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Convertible Notes Payable [Member] | ' | ' |
Carrying Amount | $405.10 | $473.10 |
Fair Value | 458.1 | 530.9 |
Long-term Debt [Member] | ' | ' |
Carrying Amount | 395.4 | 403.9 |
Fair Value | $375.90 | $380.60 |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments Fair Value Financial Assets, Nonrecurring (Details) (Fair Value, Measurements, Nonrecurring [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2012 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment (Level 3) | $8.90 | ' | $8.90 | ' | $134.10 |
Intangible assets (Level 3) | 0 | ' | 0 | ' | 8.2 |
Total | 8.9 | ' | 8.9 | ' | 142.3 |
Losses on property, plant and equipment held for use or disposal (Level 3) | $2.90 | $0 | $3.50 | $2.10 | ' |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Net Foreign Exchange Positions) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | $29.70 | ($105.30) |
Notional Amount of Foreign Currency Derivatives | 87.5 | 197.3 |
Euro [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | -15.5 | -17.4 |
Notional Amount of Foreign Currency Derivatives | 15.5 | 17.4 |
Japanese Yen [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | -10.6 | -123.3 |
Notional Amount of Foreign Currency Derivatives | 10.6 | 123.3 |
Malaysian Ringgit [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 34.5 | 32.7 |
Notional Amount of Foreign Currency Derivatives | 34.5 | 32.7 |
Philippines, Pesos [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 11.2 | 4.2 |
Notional Amount of Foreign Currency Derivatives | 11.2 | 4.2 |
Other Currencies [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 10.1 | -1.5 |
Notional Amount of Foreign Currency Derivatives | $15.70 | $19.70 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Notional Amount | $87.50 | ' | $87.50 | ' | $197.30 |
Foreign currency transaction gain (loss), realized | 0.1 | ' | 4.9 | ' | ' |
Foreign currency transaction gain (loss), unrealized | ' | -3.8 | ' | 1 | ' |
Other assets | 77.7 | ' | 77.7 | ' | 111.7 |
Other liabilities | 878.1 | ' | 878.1 | ' | 1,024.30 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -1.1 | -1.8 | 3.2 | -1.1 | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Other assets | 0 | ' | 0 | ' | 0.2 |
Other liabilities | 2.5 | ' | 2.5 | ' | 0.9 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Other assets | 0 | ' | 0 | ' | 2.4 |
Other liabilities | 0.1 | 0 | 0.1 | 0 | 0 |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Notional Amount | $77 | ' | $77 | ' | ' |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss Components of Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Income Tax Expense (Benefit) | $4.20 | $6.50 | $4 | $17.80 | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | -41.1 | ' | ||
Other comprehensive income (loss) prior to reclassifications | ' | ' | 14.9 | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -22.4 | ' | ||
Other comprehensive income (loss) | 2.5 | -0.5 | -7.5 | 1.5 | ||
Balance, ending | -48.6 | ' | -48.6 | ' | ||
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | -42.2 | ' | ||
Other comprehensive income (loss) prior to reclassifications | ' | ' | 16.5 | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -21 | ' | ||
Other comprehensive income (loss) | ' | ' | -4.5 | ' | ||
Balance, ending | -46.7 | ' | -46.7 | ' | ||
Defined Benefit Pension Items | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | -0.1 | ' | ||
Other comprehensive income (loss) prior to reclassifications | ' | ' | 0 | ' | ||
Other comprehensive income (loss) | ' | ' | 0 | ' | ||
Balance, ending | -0.1 | ' | -0.1 | ' | ||
Effects of Cash Flow Hedges | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 0.8 | ' | ||
Other comprehensive income (loss) prior to reclassifications | ' | ' | -1.8 | ' | ||
Amounts reclassified from accumulated other comprehensive loss | 1.7 | [1] | ' | -1.4 | [1] | ' |
Other comprehensive income (loss) | ' | ' | -3.2 | ' | ||
Balance, ending | -2.4 | ' | -2.4 | ' | ||
Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 0.4 | ' | ||
Other comprehensive income (loss) prior to reclassifications | ' | ' | 0.2 | ' | ||
Other comprehensive income (loss) | ' | ' | 0.2 | ' | ||
Balance, ending | 0.6 | ' | 0.6 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Income Tax Expense (Benefit) | ' | ' | 0 | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -22.4 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustments | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -21 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Pension Items | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Effects of Cash Flow Hedges | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -1.4 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | $0 | ' | ||
[1] | Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item Where Net Income is PresentedForeign currency translation adjustments $(21.0) Restructuring, asset impairments and other, netEffects of cash flow hedges (1.4) Other income and expenseTotal reclassifications $(22.4) |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Loss Reclassifications (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | $22,400,000 | ' | ||
Income Tax Expense (Benefit) | 4,200,000 | 6,500,000 | 4,000,000 | 17,800,000 | ||
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 21,000,000 | ' | ||
Effects of Cash Flow Hedges | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | -1,700,000 | [1] | ' | 1,400,000 | [1] | ' |
Reclassification from accumulated other comprehensive income, current period, tax | ' | ' | $0 | [1] | ' | |
[1] | Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item Where Net Income is PresentedForeign currency translation adjustments $(21.0) Restructuring, asset impairments and other, netEffects of cash flow hedges (1.4) Other income and expenseTotal reclassifications $(22.4) |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Non-Cash Financing Activities And Cash Payments) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Valuation Allowance [Line Items] | ' | ' |
Capital expenditures in accounts payable | $42.10 | $84.80 |
Capital Lease Obligations Incurred | 2.4 | 30.2 |
Interest income | -1 | -1.1 |
Interest expense | 14.2 | 19.5 |
Income taxes | 9.9 | 15.7 |
Income from business interruption insurance claims | 13.5 | ' |
Effective income tax rate | 3.10% | 26.00% |
Deferred Tax Assets and Reversal of Reserves of Interest for Potential Liabilities [Member] | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 6 | ' |
Potential Liabilities in Foreign Jurisdictions [Member] | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $2.60 | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2013 | Mar. 29, 2013 | Sep. 28, 2012 | Mar. 30, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |
Segment Reporting, Measurement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' |
Number Of Segments | 3 | ' | ' | ' | 3 | ' |
Customers revenue as a percentage of total revenue | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Customers with greater than 10% of total revenue | 0 | 0 | 0 | 0 | 0 | 0 |
Segment_Information_Segment_In
Segment Information (Segment Information Of Revenues, Gross Profit And Operating Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Revenues | $715.40 | $725.50 | $2,064.70 | $2,214.70 |
Segment gross profit | 248.9 | 250.6 | 695.8 | 775.9 |
Segment operating income (loss) | 82.3 | 68.3 | 186.2 | 207.7 |
Applications Products Group [Member] | ' | ' | ' | ' |
Revenues | 269 | 252.7 | 765.5 | 772.8 |
Segment gross profit | 119 | 113.5 | 336.3 | 352.6 |
Segment operating income (loss) | 30.4 | 28.8 | 80.1 | 90.8 |
Standard Products Group [Member] | ' | ' | ' | ' |
Revenues | 289.6 | 279.8 | 831.2 | 837.6 |
Segment gross profit | 95.6 | 100.1 | 296.1 | 312.5 |
Segment operating income (loss) | 54.9 | 60.9 | 177.8 | 190.1 |
SANYO Semiconductor Products Group [Member] | ' | ' | ' | ' |
Revenues | 156.8 | 193 | 468 | 604.3 |
Segment gross profit | 34.3 | 37 | 63.4 | 110.8 |
Segment operating income (loss) | ($3) | ($21.40) | ($71.70) | ($73.20) |
Segment_Information_Reconcilia
Segment Information (Reconciliations Of Segment Gross Profit And Segment Operating Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Gross Profit | $248.90 | $250.60 | $695.80 | $775.90 |
Gross profit for reportable segments | 249.2 | 238 | 685.5 | 741.5 |
Segment Reporting Information, Operating (Loss) Income | 82.3 | 68.3 | 186.2 | 207.7 |
Other unallocated operating expenses | -181.9 | -193.4 | -529.6 | -626.4 |
Operating income (loss) | 67.3 | 44.6 | 155.9 | 115.1 |
Reportable Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Gross Profit | 248.9 | 250.6 | 695.8 | 775.9 |
Segment Reporting Information, Operating (Loss) Income | 82.3 | 68.3 | 186.2 | 207.7 |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Other unallocated manufacturing costs | 0.3 | -12.6 | -10.3 | -34.4 |
Restructuring and other charges | -11 | -11.2 | -11.1 | -57.3 |
Other unallocated operating expenses | ($4.30) | $0.10 | ($8.90) | ($0.90) |
Segment_Information_Revenues_B
Segment Information (Revenues By Geographic Location Including Local Sales And Exports) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Revenues | $715.40 | $725.50 | $2,064.70 | $2,214.70 |
United States [Member] | ' | ' | ' | ' |
Revenues | 109 | 106.7 | 306.4 | 338.3 |
Japan [Member] | ' | ' | ' | ' |
Revenues | 70.3 | 93.9 | 217.6 | 314.2 |
China [Member] | ' | ' | ' | ' |
Revenues | 230.1 | 228.5 | 628 | 664.4 |
Singapore [Member] | ' | ' | ' | ' |
Revenues | 178.3 | 157.3 | 525.6 | 464.3 |
United Kingdom [Member] | ' | ' | ' | ' |
Revenues | 101.9 | 94 | 302.2 | 299.8 |
Other [Member] | ' | ' | ' | ' |
Revenues | $25.80 | $45.10 | $84.90 | $133.70 |
Segment_Information_Summary_Of
Segment Information (Summary Of Property, Plant And Equipment By Geographic Location) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, plant and equipment, net | $1,092.90 | $1,103.30 |
United States [Member] | ' | ' |
Property, plant and equipment, net | 258.4 | 274.7 |
Japan [Member] | ' | ' |
Property, plant and equipment, net | 65 | 78.9 |
Czech Republic [Member] | ' | ' |
Property, plant and equipment, net | 114.5 | 118 |
MALAYSIA | ' | ' |
Property, plant and equipment, net | 211.2 | 185 |
Philippines [Member] | ' | ' |
Property, plant and equipment, net | 176.2 | 188.8 |
Other [Member] | ' | ' |
Property, plant and equipment, net | $267.60 | $257.90 |
Guarantor_And_NonGuarantor_Sta1
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Balance Sheet) (Details) (USD $) | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Percentage of ownership on domestic subsidiaries | 100.00% | ' | ' | ' |
Cash and cash equivalents | $369.50 | $486.90 | $421.40 | $652.90 |
Short-term investments | 184.1 | 144.8 | ' | ' |
Receivables, net | 419.2 | 357.8 | ' | ' |
Inventories | 585.3 | 581.7 | ' | ' |
Short-term intercompany receivables | 0 | 0 | ' | ' |
Other current assets | 77.7 | 111.7 | ' | ' |
Deferred income taxes | 9.9 | 10.5 | ' | ' |
Total current assets | 1,645.70 | 1,693.40 | ' | ' |
Property, plant and equipment, net | 1,092.90 | 1,103.30 | ' | ' |
Deferred income taxes | 37.9 | 31.2 | ' | ' |
Goodwill | 184.6 | 184.6 | ' | ' |
Intangible assets, net | 231.8 | 257 | ' | ' |
Long-term intercompany receivables | 0 | 0 | ' | ' |
Other assets | 55.8 | 58.9 | ' | ' |
Total assets | 3,248.70 | 3,328.40 | ' | ' |
Accounts payable | 259.2 | 279.5 | ' | ' |
Accrued expenses | 194.3 | 228.3 | ' | ' |
Income taxes payable | 2.2 | 4.9 | ' | ' |
Accrued interest | 5 | 0.6 | ' | ' |
Deferred income on sales to distributors | 145.2 | 134.5 | ' | ' |
Deferred income taxes | 23.2 | 22.9 | ' | ' |
Current portion of long-term debt | 249 | 353.6 | ' | ' |
Short-term intercompany payables | 0 | 0 | ' | ' |
Total current liabilities | 878.1 | 1,024.30 | ' | ' |
Long-term debt | 659.4 | 658.3 | ' | ' |
Other long-term liabilities | 186 | 232.2 | ' | ' |
Deferred income taxes | 23.5 | 22.9 | ' | ' |
Long-term intercompany payables | 0 | 0 | ' | ' |
Total liabilities | 1,747 | 1,937.70 | ' | ' |
Common stock | 5.1 | 5.1 | ' | ' |
Additional paid-in capital | 3,195.20 | 3,156.40 | ' | ' |
Accumulated other comprehensive loss | -48.6 | -41.1 | ' | ' |
Accumulated deficit | -1,170.80 | -1,292.90 | ' | ' |
Less: treasury stock, at cost | -511.5 | -466.4 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | 1,469.40 | 1,361.10 | ' | ' |
Non-controlling interest in consolidated subsidiary | 32.3 | 29.6 | 28.3 | 25.3 |
Total stockholders' equity | 1,501.70 | 1,390.70 | ' | ' |
Total liabilities and equity | 3,248.70 | 3,328.40 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Short-term intercompany receivables | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Long-term intercompany receivables | 0 | 0 | ' | ' |
Other assets | 1,884.10 | 1,834.60 | ' | ' |
Total assets | 1,884.10 | 1,834.60 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 6.5 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Accrued interest | 3.2 | 0.5 | ' | ' |
Deferred income on sales to distributors | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 71.7 | 198.9 | ' | ' |
Short-term intercompany payables | 0 | 0 | ' | ' |
Total current liabilities | 81.4 | 199.4 | ' | ' |
Long-term debt | 333.3 | 274.1 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Long-term intercompany payables | 0 | 0 | ' | ' |
Total liabilities | 414.7 | 473.5 | ' | ' |
Common stock | 5.1 | 5.1 | ' | ' |
Additional paid-in capital | 3,195.20 | 3,156.40 | ' | ' |
Accumulated other comprehensive loss | -48.6 | -41.1 | ' | ' |
Accumulated deficit | -1,170.80 | -1,292.90 | ' | ' |
Less: treasury stock, at cost | -511.5 | -466.4 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | 1,469.40 | 1,361.10 | ' | ' |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' |
Total stockholders' equity | 1,469.40 | 1,361.10 | ' | ' |
Total liabilities and equity | 1,884.10 | 1,834.60 | ' | ' |
SCI LLC [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 157.5 | 212.1 | 156 | 304.5 |
Short-term investments | 184.1 | 144.8 | ' | ' |
Receivables, net | 49.9 | 45.4 | ' | ' |
Inventories | 45.4 | 34.5 | ' | ' |
Short-term intercompany receivables | 0 | 0 | ' | ' |
Other current assets | 12.9 | 10.6 | ' | ' |
Deferred income taxes | 1.6 | 2.3 | ' | ' |
Total current assets | 451.4 | 449.7 | ' | ' |
Property, plant and equipment, net | 255.9 | 272 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 111.5 | 111.7 | ' | ' |
Intangible assets, net | 116.8 | 128.2 | ' | ' |
Long-term intercompany receivables | 73 | 166.3 | ' | ' |
Other assets | 1,555.90 | 1,431.50 | ' | ' |
Total assets | 2,564.50 | 2,559.40 | ' | ' |
Accounts payable | 33.3 | 24.1 | ' | ' |
Accrued expenses | 44.2 | 53 | ' | ' |
Income taxes payable | -7.1 | 0 | ' | ' |
Accrued interest | 1.7 | 0 | ' | ' |
Deferred income on sales to distributors | 34.3 | 34.2 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 80.3 | 80.2 | ' | ' |
Short-term intercompany payables | 38.9 | 20.4 | ' | ' |
Total current liabilities | 225.6 | 211.9 | ' | ' |
Long-term debt | 294.3 | 344.1 | ' | ' |
Other long-term liabilities | 27.7 | 27.5 | ' | ' |
Deferred income taxes | 1.6 | 2.4 | ' | ' |
Long-term intercompany payables | 0 | 0 | ' | ' |
Total liabilities | 549.2 | 585.9 | ' | ' |
Common stock | 0.3 | 0.3 | ' | ' |
Additional paid-in capital | 2,464.60 | 2,549.30 | ' | ' |
Accumulated other comprehensive loss | -50.6 | -41 | ' | ' |
Accumulated deficit | -399 | -535.1 | ' | ' |
Less: treasury stock, at cost | 0 | 0 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | 2,015.30 | 1,973.50 | ' | ' |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' |
Total stockholders' equity | 2,015.30 | 1,973.50 | ' | ' |
Total liabilities and equity | 2,564.50 | 2,559.40 | ' | ' |
Other Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | -0.2 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Short-term intercompany receivables | 3.9 | 3.3 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Total current assets | 3.9 | 3.3 | ' | ' |
Property, plant and equipment, net | 2.5 | 2.8 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 37.3 | 37.2 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Long-term intercompany receivables | 0 | 0 | ' | ' |
Other assets | 135.2 | 129.5 | ' | ' |
Total assets | 178.9 | 172.8 | ' | ' |
Accounts payable | 0.1 | 0 | ' | ' |
Accrued expenses | 0.1 | 0.9 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Deferred income on sales to distributors | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0.1 | ' | ' |
Short-term intercompany payables | 0 | 0 | ' | ' |
Total current liabilities | 0.2 | 1 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other long-term liabilities | 0.1 | 0.3 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Long-term intercompany payables | 0 | 0 | ' | ' |
Total liabilities | 0.3 | 1.3 | ' | ' |
Common stock | 50.9 | 50.9 | ' | ' |
Additional paid-in capital | 259.8 | 259.2 | ' | ' |
Accumulated other comprehensive loss | 0 | 0 | ' | ' |
Accumulated deficit | -132.1 | -138.6 | ' | ' |
Less: treasury stock, at cost | 0 | 0 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | 178.6 | 171.5 | ' | ' |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' |
Total stockholders' equity | 178.6 | 171.5 | ' | ' |
Total liabilities and equity | 178.9 | 172.8 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 212 | 274.8 | 265.4 | 348.6 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 369.3 | 312.4 | ' | ' |
Inventories | 555.1 | 578.4 | ' | ' |
Short-term intercompany receivables | 35 | 17.2 | ' | ' |
Other current assets | 64.8 | 101.1 | ' | ' |
Deferred income taxes | 8.3 | 8.2 | ' | ' |
Total current assets | 1,244.50 | 1,292.10 | ' | ' |
Property, plant and equipment, net | 836.4 | 830.9 | ' | ' |
Deferred income taxes | 15.1 | 8.5 | ' | ' |
Goodwill | 35.8 | 35.7 | ' | ' |
Intangible assets, net | 137.8 | 154.7 | ' | ' |
Long-term intercompany receivables | 0 | 0 | ' | ' |
Other assets | 824.4 | 837.7 | ' | ' |
Total assets | 3,094 | 3,159.60 | ' | ' |
Accounts payable | 225.8 | 255.4 | ' | ' |
Accrued expenses | 143.5 | 172.7 | ' | ' |
Income taxes payable | 9.3 | 4.9 | ' | ' |
Accrued interest | 0.1 | 0.1 | ' | ' |
Deferred income on sales to distributors | 110.9 | 100.3 | ' | ' |
Deferred income taxes | 0.4 | 0.1 | ' | ' |
Current portion of long-term debt | 97 | 74.4 | ' | ' |
Short-term intercompany payables | 0 | 0.1 | ' | ' |
Total current liabilities | 587 | 608 | ' | ' |
Long-term debt | 31.8 | 40.1 | ' | ' |
Other long-term liabilities | 158.2 | 204.4 | ' | ' |
Deferred income taxes | 21.9 | 20.5 | ' | ' |
Long-term intercompany payables | 73 | 166.3 | ' | ' |
Total liabilities | 871.9 | 1,039.30 | ' | ' |
Common stock | 201.6 | 201.6 | ' | ' |
Additional paid-in capital | 1,403.60 | 1,402.90 | ' | ' |
Accumulated other comprehensive loss | -39.2 | -34.6 | ' | ' |
Accumulated deficit | 656.1 | 550.4 | ' | ' |
Less: treasury stock, at cost | 0 | 0 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | 2,222.10 | 2,120.30 | ' | ' |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' |
Total stockholders' equity | 2,222.10 | 2,120.30 | ' | ' |
Total liabilities and equity | 3,094 | 3,159.60 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | -15.2 | -31.2 | ' | ' |
Short-term intercompany receivables | -38.9 | -20.5 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Total current assets | -54.1 | -51.7 | ' | ' |
Property, plant and equipment, net | -1.9 | -2.4 | ' | ' |
Deferred income taxes | 22.8 | 22.7 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | -22.8 | -25.9 | ' | ' |
Long-term intercompany receivables | -73 | -166.3 | ' | ' |
Other assets | -4,343.80 | -4,174.40 | ' | ' |
Total assets | -4,472.80 | -4,398 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 0 | 1.7 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Deferred income on sales to distributors | 0 | 0 | ' | ' |
Deferred income taxes | 22.8 | 22.8 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Short-term intercompany payables | -38.9 | -20.5 | ' | ' |
Total current liabilities | -16.1 | 4 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Long-term intercompany payables | -73 | -166.3 | ' | ' |
Total liabilities | -89.1 | -162.3 | ' | ' |
Common stock | -252.8 | -252.8 | ' | ' |
Additional paid-in capital | -4,128 | -4,211.40 | ' | ' |
Accumulated other comprehensive loss | 89.8 | 75.6 | ' | ' |
Accumulated deficit | -125 | 123.3 | ' | ' |
Less: treasury stock, at cost | 0 | 0 | ' | ' |
Total ON Semiconductor Corporation stockholders’ equity | -4,416 | -4,265.30 | ' | ' |
Non-controlling interest in consolidated subsidiary | 32.3 | 29.6 | ' | ' |
Total stockholders' equity | -4,383.70 | -4,235.70 | ' | ' |
Total liabilities and equity | ($4,472.80) | ($4,398) | ' | ' |
Recovered_Sheet3
Guarantor and Non-Guarantor Statements (Notes To Consolidated Statement of Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $715.40 | $725.50 | $2,064.70 | $2,214.70 |
Cost of revenues | 466.2 | 487.5 | 1,379.20 | 1,473.20 |
Gross profit | 249.2 | 238 | 685.5 | 741.5 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 84 | 90.1 | 255.5 | 279.3 |
Selling and marketing | 44.2 | 44.2 | 127.3 | 136.8 |
General and administrative | 34.5 | 36.8 | 110.9 | 119.7 |
Amortization of acquisition-related intangible assets | 8.2 | 11.1 | 24.8 | 33.3 |
Restructuring, asset impairments and other, net | 11 | 11.2 | 11.1 | 57.3 |
Total operating expenses | 181.9 | 193.4 | 529.6 | 626.4 |
Operating income | 67.3 | 44.6 | 155.9 | 115.1 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | -9.2 | -13.6 | -28.6 | -43.4 |
Interest income | 0.3 | 0.3 | 1 | 1.1 |
Other | -1.4 | -3.6 | 3.6 | 3.4 |
Loss on debt exchange | 0 | -7.8 | -3.1 | -7.8 |
Equity in earnings | 0 | 0 | 0 | 0 |
Other income (expenses), net | -10.3 | -24.7 | -27.1 | -46.7 |
Income before income taxes | 57 | 19.9 | 128.8 | 68.4 |
Income tax benefit (provision) | -4.2 | -6.5 | -4 | -17.8 |
Net income | 52.8 | 13.4 | 124.8 | 50.6 |
Net income attributable to non-controlling interest | -1 | -0.9 | -2.7 | -3 |
Net income attributable to ON Semiconductor Corporation | 51.8 | 12.5 | 122.1 | 47.6 |
Comprehensive income attributable to ON Semiconductor Corporation | 54.3 | 12 | 114.6 | 49.1 |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 0 | 0 | 0 | 0 |
Selling and marketing | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Amortization of acquisition-related intangible assets | 0 | 0 | 0 | 0 |
Restructuring, asset impairments and other, net | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | -5.6 | -9.2 | -17.3 | -29.6 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | -7.8 | -3.1 | -7.8 |
Equity in earnings | 57.4 | 29.5 | 142.5 | 85 |
Other income (expenses), net | 51.8 | 12.5 | 122.1 | 47.6 |
Income before income taxes | 51.8 | 12.5 | 122.1 | 47.6 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income | 51.8 | 12.5 | 122.1 | 47.6 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 51.8 | 12.5 | 122.1 | 47.6 |
Comprehensive income attributable to ON Semiconductor Corporation | 54.3 | 12 | 114.6 | 49.1 |
SCI LLC [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 157.2 | 180.6 | 485.5 | 568.6 |
Cost of revenues | 138.6 | 115.7 | 372.1 | 350.1 |
Gross profit | 18.6 | 64.9 | 113.4 | 218.5 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 12.3 | 43.5 | 66.2 | 136.4 |
Selling and marketing | 18.1 | 17.3 | 52.8 | 51.2 |
General and administrative | 7.4 | -35.4 | 23.5 | -3 |
Amortization of acquisition-related intangible assets | 3.8 | 4.5 | 11.4 | 13.6 |
Restructuring, asset impairments and other, net | 0 | 1.1 | 1 | 1.3 |
Total operating expenses | 41.6 | 31 | 154.9 | 199.5 |
Operating income | -23 | 33.9 | -41.5 | 19 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | -2.4 | -2.1 | -7.3 | -6.8 |
Interest income | 0.1 | 0.2 | 0.3 | 0.7 |
Other | -1.9 | -1.8 | -7.4 | 1.4 |
Loss on debt exchange | ' | 0 | 0 | 0 |
Equity in earnings | 79.4 | 4 | 184.1 | 64.2 |
Other income (expenses), net | 75.2 | 0.3 | 169.7 | 59.5 |
Income before income taxes | 52.2 | 34.2 | 128.2 | 78.5 |
Income tax benefit (provision) | 8.8 | -7.4 | 7.9 | -0.9 |
Net income | 61 | 26.8 | 136.1 | 77.6 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 61 | 26.8 | 136.1 | 77.6 |
Comprehensive income attributable to ON Semiconductor Corporation | 63.5 | 26.3 | 126.5 | 79.1 |
Other Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 3.7 | 3.4 | 10.1 | 10 |
Cost of revenues | 0.1 | 0.2 | 0.3 | 0.6 |
Gross profit | 3.6 | 3.2 | 9.8 | 9.4 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2.9 | 2.5 | 8.1 | 7.8 |
Selling and marketing | 0.2 | 0.2 | 0.5 | 0.6 |
General and administrative | 0.2 | 0.2 | 0.6 | 0.4 |
Amortization of acquisition-related intangible assets | 0 | 0 | 0 | 0 |
Restructuring, asset impairments and other, net | 0 | 0.1 | 0 | 0.1 |
Total operating expenses | 3.3 | 3 | 9.2 | 8.9 |
Operating income | 0.3 | 0.2 | 0.6 | 0.5 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | 0 | 0 | 0 |
Equity in earnings | 2.3 | 2 | 6.4 | 6.9 |
Other income (expenses), net | 2.3 | 2 | 6.4 | 6.9 |
Income before income taxes | 2.6 | 2.2 | 7 | 7.4 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income | 2.6 | 2.2 | 7 | 7.4 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 2.6 | 2.2 | 7 | 7.4 |
Comprehensive income attributable to ON Semiconductor Corporation | 2.6 | 2.2 | 7 | 7.4 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 1,078.90 | 899.1 | 3,113 | 2,702.80 |
Cost of revenues | 856.8 | 726.8 | 2,567.80 | 2,180.70 |
Gross profit | 222.1 | 172.3 | 545.2 | 522.1 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 68.8 | 44.1 | 181.2 | 135.1 |
Selling and marketing | 25.9 | 26.7 | 74 | 85 |
General and administrative | 26.9 | 72 | 86.8 | 122.3 |
Amortization of acquisition-related intangible assets | 5.5 | 7.6 | 16.5 | 22.8 |
Restructuring, asset impairments and other, net | 11 | 10 | 10.1 | 55.9 |
Total operating expenses | 138.1 | 160.4 | 368.6 | 421.1 |
Operating income | 84 | 11.9 | 176.6 | 101 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | -1.2 | -2.3 | -4 | -7 |
Interest income | 0.2 | 0.1 | 0.7 | 0.4 |
Other | 0.5 | -1.8 | 11 | 2 |
Loss on debt exchange | ' | 0 | 0 | 0 |
Equity in earnings | 0 | -0.4 | 0 | -0.4 |
Other income (expenses), net | -0.5 | -4.4 | 7.7 | -5 |
Income before income taxes | 83.5 | 7.5 | 184.3 | 96 |
Income tax benefit (provision) | -13 | 0.9 | -11.9 | -16.9 |
Net income | 70.5 | 8.4 | 172.4 | 79.1 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 70.5 | 8.4 | 172.4 | 79.1 |
Comprehensive income attributable to ON Semiconductor Corporation | 71.7 | 8 | 167.5 | 80 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -524.4 | -357.6 | -1,543.90 | -1,066.70 |
Cost of revenues | -529.3 | -355.2 | -1,561 | -1,058.20 |
Gross profit | 4.9 | -2.4 | 17.1 | -8.5 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 0 | 0 | 0 | 0 |
Selling and marketing | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Amortization of acquisition-related intangible assets | -1.1 | -1 | -3.1 | -3.1 |
Restructuring, asset impairments and other, net | 0 | 0 | 0 | 0 |
Total operating expenses | -1.1 | -1 | -3.1 | -3.1 |
Operating income | 6 | -1.4 | 20.2 | -5.4 |
Other income (expenses), net: | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | 0 | 0 | 0 |
Equity in earnings | -139.1 | -35.1 | -333 | -155.7 |
Other income (expenses), net | -139.1 | -35.1 | -333 | -155.7 |
Income before income taxes | -133.1 | -36.5 | -312.8 | -161.1 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income | -133.1 | -36.5 | -312.8 | -161.1 |
Net income attributable to non-controlling interest | -1 | -0.9 | -2.7 | -3 |
Net income attributable to ON Semiconductor Corporation | -134.1 | -37.4 | -315.5 | -164.1 |
Comprehensive income attributable to ON Semiconductor Corporation | ($137.80) | ($36.50) | ($301) | ($166.50) |
Guarantor_And_NonGuarantor_Sta2
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $200.30 | $139.40 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -135.1 | -198.8 |
Proceeds from sales of property, plant and equipment | 8.6 | 5.1 |
Deposits (made) utilized for purchases of property, plant and equipment | -1.6 | 1.6 |
Recovery from insurance on property, plant and equipment | 0 | 11.5 |
Proceeds from held-to maturity securities | 155.7 | 288.7 |
Purchase of held-to-maturity securities | -195 | -261.7 |
Contribution from (to) subsidiaries | 0 | 0 |
Net cash used in investing activities | -167.4 | -153.6 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments | 0 | 0 |
Payments from/(to) parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 4.1 | 4.3 |
Proceeds from exercise of stock options | 9.5 | 6 |
Payments of tax withholding for restricted shares | -2.8 | -8.8 |
Repurchase of common stock | -35.8 | -22.5 |
Proceeds from debt issuance | 46.2 | 11.1 |
Payment of capital leases obligations | -31.3 | -30.6 |
Repayment of long-term debt | -130.3 | -175.6 |
Net cash used in financing activities | -140.4 | -216.1 |
Effect of exchange rate changes on cash and cash equivalents | -9.9 | -1.2 |
Net decrease in cash and cash equivalents | -117.4 | -231.5 |
Cash and cash equivalents, beginning of period | 486.9 | 652.9 |
Cash and cash equivalents, end of period | 369.5 | 421.4 |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | 0 | 0 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits (made) utilized for purchases of property, plant and equipment | 0 | 0 |
Recovery from insurance on property, plant and equipment | ' | 0 |
Proceeds from held-to maturity securities | 0 | 0 |
Purchase of held-to-maturity securities | 0 | 0 |
Contribution from (to) subsidiaries | 102.5 | 119.5 |
Net cash used in investing activities | 102.5 | 119.5 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments | 0 | 0 |
Payments from/(to) parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 4.1 | 4.3 |
Proceeds from exercise of stock options | 9.5 | 6 |
Payments of tax withholding for restricted shares | -2.8 | -8.8 |
Repurchase of common stock | -35.8 | -22.5 |
Proceeds from debt issuance | 0 | 0 |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | -77.5 | -98.5 |
Net cash used in financing activities | -102.5 | -119.5 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
SCI LLC [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 58.7 | -34.1 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -26.1 | -49.7 |
Proceeds from sales of property, plant and equipment | 0.1 | 0 |
Deposits (made) utilized for purchases of property, plant and equipment | 0 | 0 |
Recovery from insurance on property, plant and equipment | ' | 0 |
Proceeds from held-to maturity securities | 155.7 | 288.7 |
Purchase of held-to-maturity securities | -195 | -261.7 |
Contribution from (to) subsidiaries | 0 | -7.9 |
Net cash used in investing activities | -65.3 | -30.6 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | -664.2 | -256.4 |
Intercompany loan repayments | 757.5 | 323.6 |
Payments from/(to) parent | -108.1 | -126.1 |
Proceeds from issuance of common stock under the employee stock purchase plan | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 0 | 6.5 |
Payment of capital leases obligations | -28.6 | -27.8 |
Repayment of long-term debt | -4.6 | -3.6 |
Net cash used in financing activities | -48 | -83.8 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | -54.6 | -148.5 |
Cash and cash equivalents, beginning of period | 212.1 | 304.5 |
Cash and cash equivalents, end of period | 157.5 | 156 |
Other Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0.9 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | 0 | -0.7 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits (made) utilized for purchases of property, plant and equipment | 0 | 0 |
Recovery from insurance on property, plant and equipment | ' | 0 |
Proceeds from held-to maturity securities | 0 | 0 |
Purchase of held-to-maturity securities | 0 | 0 |
Contribution from (to) subsidiaries | 0 | 0 |
Net cash used in investing activities | 0 | -0.7 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments | 0 | 0 |
Payments from/(to) parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 0 | ' |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0.2 |
Cash and cash equivalents, beginning of period | 0 | -0.2 |
Cash and cash equivalents, end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 147.2 | 179.2 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -109 | -148.4 |
Proceeds from sales of property, plant and equipment | 8.5 | 5.1 |
Deposits (made) utilized for purchases of property, plant and equipment | -1.6 | 1.6 |
Recovery from insurance on property, plant and equipment | ' | 11.5 |
Proceeds from held-to maturity securities | 0 | 0 |
Purchase of held-to-maturity securities | 0 | 0 |
Contribution from (to) subsidiaries | 0 | 0 |
Net cash used in investing activities | -102.1 | -130.2 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 664.2 | 256.4 |
Intercompany loan repayments | -757.5 | -323.6 |
Payments from/(to) parent | 0 | 7.9 |
Proceeds from issuance of common stock under the employee stock purchase plan | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 46.2 | 4.6 |
Payment of capital leases obligations | -2.7 | -2.8 |
Repayment of long-term debt | -48.2 | -73.5 |
Net cash used in financing activities | -98 | -131 |
Effect of exchange rate changes on cash and cash equivalents | -9.9 | -1.2 |
Net decrease in cash and cash equivalents | -62.8 | -83.2 |
Cash and cash equivalents, beginning of period | 274.8 | 348.6 |
Cash and cash equivalents, end of period | 212 | 265.4 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -5.6 | -6.6 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | 0 | 0 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits (made) utilized for purchases of property, plant and equipment | 0 | 0 |
Recovery from insurance on property, plant and equipment | ' | 0 |
Proceeds from held-to maturity securities | 0 | 0 |
Purchase of held-to-maturity securities | 0 | 0 |
Contribution from (to) subsidiaries | -102.5 | -111.6 |
Net cash used in investing activities | -102.5 | -111.6 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments | 0 | 0 |
Payments from/(to) parent | 108.1 | 118.2 |
Proceeds from issuance of common stock under the employee stock purchase plan | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 0 | ' |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Net cash used in financing activities | 108.1 | 118.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 27, 2013 | Oct. 10, 2013 | Oct. 06, 2013 | Oct. 06, 2013 | Oct. 06, 2013 | Oct. 06, 2013 |
Revolving Credit Facility [Member] | Special Termination Benefits [Member] | Special Termination Benefits [Member] | Facility Closing [Member] | Facility Closing [Member] | ||
Subsequent Event [Member] | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | SANYO Semiconductor [Member] | ||
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Minimum [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | employees | Subsequent Event [Member] | |||
employees | employees | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Expected cost savings from restructuring | ' | ' | $36,000,000 | $45,000,000 | ' | $16,000,000 |
Expected reduction in employment levels | ' | ' | 600 | 700 | 170 | ' |
Restructuring Charges | ' | ' | 40,000,000 | 48,000,000 | ' | ' |
Credit facility, maximum borrowing capacity | ' | 800,000,000 | ' | ' | ' | ' |
Credit commitment outstanding | $200,000 | $120,000,000 | ' | ' | ' | ' |