Guarantor and Non-Guarantor Statements (Tables) | 12 Months Ended |
Dec. 31, 2013 |
Guarantor And Non-Guarantor Statements [Abstract] | ' |
Notes To Consolidated Statement Of Balance Sheet | ' |
Condensed consolidating financial information for the issuer of the Convertible Notes, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries is as follows (in millions): |
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|
|
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2013 |
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | | | | | |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
|
Cash and cash equivalents | $ | — | | | $ | 267.9 | | | $ | — | | | $ | 241.6 | | | $ | — | | | $ | 509.5 | |
|
Short-term investments | — | | | 116.2 | | | — | | | — | | | — | | | 116.2 | |
|
Receivables, net | — | | | 49.8 | | | — | | | 333.6 | | | — | | | 383.4 | |
|
Inventories | — | | | 46.7 | | | — | | | 562.1 | | | 3 | | | 611.8 | |
|
Short-term intercompany receivables | — | | | — | | | 4.1 | | | 7.6 | | | (11.7 | ) | | — | |
|
Other current assets | — | | | 17.8 | | | — | | | 71.5 | | | — | | | 89.3 | |
|
Total current assets | — | | | 498.4 | | | 4.1 | | | 1,216.40 | | | (8.7 | ) | | 1,710.20 | |
|
Property, plant and equipment, net | — | | | 252.3 | | | 3.1 | | | 820.6 | | | (1.8 | ) | | 1,074.20 | |
|
Goodwill | — | | | 111.5 | | | 37.3 | | | 35.8 | | | — | | | 184.6 | |
|
Intangible assets, net | — | | | 113 | | | — | | | 132.2 | | | (21.8 | ) | | 223.4 | |
|
Long-term intercompany receivables | — | | | — | | | — | | | 3.3 | | | (3.3 | ) | | — | |
|
Other assets | 1,790.20 | | | 1,600.60 | | | 136.1 | | | 837.3 | | | (4,299.6 | ) | | 64.6 | |
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Total assets | $ | 1,790.20 | | | $ | 2,575.80 | | | $ | 180.6 | | | $ | 3,045.60 | | | $ | (4,335.2 | ) | | $ | 3,257.00 | |
|
Accounts payable | $ | — | | | $ | 39.1 | | | $ | 0.5 | | | $ | 237.2 | | | $ | — | | | $ | 276.8 | |
|
Accrued expenses | 1 | | | 50.8 | | | 0.2 | | | 168.3 | | | — | | | 220.3 | |
|
Deferred income on sales to distributors | — | | | 32.3 | | | — | | | 108.2 | | | — | | | 140.5 | |
|
Current portion of long-term debt | — | | | 79.3 | | | — | | | 102.3 | | | — | | | 181.6 | |
|
Short-term intercompany payables | — | | | 11.7 | | | — | | | — | | | (11.7 | ) | | — | |
|
Total current liabilities | 1 | | | 213.2 | | | 0.7 | | | 616 | | | (11.7 | ) | | 819.2 | |
|
Long-term debt | 335.2 | | | 396.1 | | | — | | | 29.3 | | | — | | | 760.6 | |
|
Other long-term liabilities | — | | | 42.2 | | | 0.1 | | | 148.1 | | | — | | | 190.4 | |
|
Long-term intercompany payables | — | | | 3.3 | | | — | | | — | | | (3.3 | ) | | — | |
|
Total liabilities | 336.2 | | | 654.8 | | | 0.8 | | | 793.4 | | | (15.0 | ) | | 1,770.20 | |
|
Common stock | 5.2 | | | 0.3 | | | 50.9 | | | 201.6 | | | (252.8 | ) | | 5.2 | |
|
Additional paid-in capital | 3,210.80 | | | 2,335.10 | | | 259.8 | | | 1,402.60 | | | (3,997.5 | ) | | 3,210.80 | |
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Accumulated other comprehensive loss | (47.4 | ) | | (49.2 | ) | | — | | | (38.6 | ) | | 87.8 | | | (47.4 | ) |
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Accumulated deficit | (1,142.1 | ) | | (365.2 | ) | | (130.9 | ) | | 686.6 | | | (190.5 | ) | | (1,142.1 | ) |
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Less: treasury stock, at cost | (572.5 | ) | | — | | | — | | | — | | | — | | | (572.5 | ) |
|
Total ON Semiconductor Corporation stockholders’ equity | 1,454.00 | | | 1,921.00 | | | 179.8 | | | 2,252.20 | | | (4,353.0 | ) | | 1,454.00 | |
|
Non-controlling interest in consolidated subsidiary | — | | | — | | | — | | | — | | | 32.8 | | | 32.8 | |
|
Total equity | 1,454.00 | | | 1,921.00 | | | 179.8 | | | 2,252.20 | | | (4,320.2 | ) | | 1,486.80 | |
|
Total liabilities and equity | $ | 1,790.20 | | | $ | 2,575.80 | | | $ | 180.6 | | | $ | 3,045.60 | | | $ | (4,335.2 | ) | | $ | 3,257.00 | |
|
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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 | — | | | 12.9 | | | — | | | 109.3 | | | — | | | 122.2 | |
|
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 | |
|
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 | | | 846.2 | | | (4,151.7 | ) | | 90.1 | |
|
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 | 0.5 | | | 53 | | | 0.9 | | | 177.8 | | | 24.5 | | | 256.7 | |
|
Deferred income on sales to distributors | — | | | 34.2 | | | — | | | 100.3 | | | — | | | 134.5 | |
|
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 | — | | | 29.9 | | | 0.3 | | | 224.9 | | | — | | | 255.1 | |
|
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 | ) |
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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 | |
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Total liabilities and equity | $ | 1,834.60 | | | $ | 2,559.40 | | | $ | 172.8 | | | $ | 3,159.60 | | | $ | (4,398.0 | ) | | $ | 3,328.40 | |
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Notes to Consolidated Statement of Operations and Comprehensive Income | ' |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2013 |
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 684.2 | | | $ | 13.8 | | | $ | 4,142.30 | | | $ | (2,057.6 | ) | | $ | 2,782.70 | |
|
Cost of revenues | — | | | 516.4 | | | 0.6 | | | 3,419.10 | | | (2,091.8 | ) | | 1,844.30 | |
|
Gross profit | — | | | 167.8 | | | 13.2 | | | 723.2 | | | 34.2 | | | 938.4 | |
|
Operating expenses: | | | | | | | | | | | |
Research and development | — | | | 77.2 | | | 10.9 | | | 246.1 | | | — | | | 334.2 | |
|
Selling and marketing | — | | | 71.4 | | | 0.7 | | | 99.1 | | | — | | | 171.2 | |
|
General and administrative | — | | | 32.6 | | | 0.8 | | | 115.1 | | | — | | | 148.5 | |
|
Amortization of acquisition-related intangible assets | — | | | 15.2 | | | — | | | 22.1 | | | (4.2 | ) | | 33.1 | |
|
Restructuring, asset impairments and other, net | — | | | 1.2 | | | — | | | 32 | | | — | | | 33.2 | |
|
Total operating expenses | — | | | 197.6 | | | 12.4 | | | 514.4 | | | (4.2 | ) | | 720.2 | |
|
Operating income (loss) | — | | | (29.8 | ) | | 0.8 | | | 208.8 | | | 38.4 | | | 218.2 | |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (23.0 | ) | | (10.5 | ) | | — | | | (5.1 | ) | | — | | | (38.6 | ) |
|
Interest income | — | | | 0.4 | | | — | | | 0.9 | | | — | | | 1.3 | |
|
Other | — | | | (11.5 | ) | | — | | | 14.6 | | | — | | | 3.1 | |
|
Loss on debt repurchase or exchange | (3.1 | ) | | — | | | — | | | — | | | — | | | (3.1 | ) |
|
Equity in earnings | 176.9 | | | 232.6 | | | 7.4 | | | — | | | (416.9 | ) | | — | |
|
Other income (expenses), net | 150.8 | | | 211 | | | 7.4 | | | 10.4 | | | (416.9 | ) | | (37.3 | ) |
|
Income before income taxes | 150.8 | | | 181.2 | | | 8.2 | | | 219.2 | | | (378.5 | ) | | 180.9 | |
|
Income tax provision | — | | | (11.4 | ) | | — | | | (15.5 | ) | | — | | | (26.9 | ) |
|
Net income | 150.8 | | | 169.8 | | | 8.2 | | | 203.7 | | | (378.5 | ) | | 154 | |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (3.2 | ) | | (3.2 | ) |
|
Net income attributable to ON Semiconductor Corporation | $ | 150.8 | | | $ | 169.8 | | | $ | 8.2 | | | $ | 203.7 | | | $ | (381.7 | ) | | $ | 150.8 | |
|
Comprehensive income attributed to ON Semiconductor Corporation | $ | 144.5 | | | $ | 161.4 | | | $ | 8.2 | | | $ | 200.1 | | | $ | (369.7 | ) | | $ | 144.5 | |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2012 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 732.2 | | | $ | 12.9 | | | $ | 3,760.90 | | | $ | (1,611.1 | ) | | $ | 2,894.90 | |
|
Cost of revenues | — | | | 468.1 | | | 0.6 | | | 3,052.30 | | | (1,578.0 | ) | | 1,943.00 | |
|
Gross profit | — | | | 264.1 | | | 12.3 | | | 708.6 | | | (33.1 | ) | | 951.9 | |
|
Operating expenses: | | | | | | | | | | | |
Research and development | — | | | 180.3 | | | 10.3 | | | 176.9 | | | — | | | 367.5 | |
|
Selling and marketing | — | | | 68.2 | | | 0.8 | | | 111.9 | | | — | | | 180.9 | |
|
General and administrative | — | | | 5 | | | 0.6 | | | 155 | | | — | | | 160.6 | |
|
Amortization of acquisition related intangible assets | — | | | 18.1 | | | — | | | 30.5 | | | (4.2 | ) | | 44.4 | |
|
Restructuring, asset impairments and other, net | — | | | 3.3 | | | 0.1 | | | 161.9 | | | — | | | 165.3 | |
|
Goodwill and intangible asset impairment | — | | | 20.1 | | | — | | | 29.4 | | | — | | | 49.5 | |
|
Total operating expenses | — | | | 295 | | | 11.8 | | | 665.6 | | | (4.2 | ) | | 968.2 | |
|
Operating income (loss) | — | | | (30.9 | ) | | 0.5 | | | 43 | | | (28.9 | ) | | (16.3 | ) |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (38.0 | ) | | (9.0 | ) | | — | | | (9.1 | ) | | — | | | (56.1 | ) |
|
Interest income | — | | | 0.8 | | | — | | | 0.7 | | | — | | | 1.5 | |
|
Other | — | | | 11.7 | | | — | | | (5.9 | ) | | — | | | 5.8 | |
|
Loss on debt repurchase or exchange | (7.8 | ) | | — | | | — | | | — | | | — | | | (7.8 | ) |
|
Equity in earnings | (44.8 | ) | | (25.6 | ) | | 10 | | | — | | | 60.4 | | | — | |
|
Other income (expenses), net | (90.6 | ) | | (22.1 | ) | | 10 | | | (14.3 | ) | | 60.4 | | | (56.6 | ) |
|
Income (loss) before income taxes | (90.6 | ) | | (53.0 | ) | | 10.5 | | | 28.7 | | | 31.5 | | | (72.9 | ) |
|
Income tax provision | — | | | (1.8 | ) | | — | | | (11.6 | ) | | — | | | (13.4 | ) |
|
Net income (loss) | (90.6 | ) | | (54.8 | ) | | 10.5 | | | 17.1 | | | 31.5 | | | (86.3 | ) |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (4.3 | ) | | (4.3 | ) |
|
Net income (loss) attributable to ON Semiconductor Corporation | $ | (90.6 | ) | | $ | (54.8 | ) | | $ | 10.5 | | | $ | 17.1 | | | $ | 27.2 | | | $ | (90.6 | ) |
|
Comprehensive income (loss) attributed to ON Semiconductor Corporation | $ | (85.0 | ) | | $ | (49.2 | ) | | $ | 10.5 | | | $ | 21.4 | | | $ | 17.3 | | | $ | (85.0 | ) |
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 788.9 | | | $ | 13.9 | | | $ | 3,985.70 | | | $ | (1,346.2 | ) | | $ | 3,442.30 | |
|
Cost of revenues | — | | | 531.5 | | | 0.8 | | | 3,236.40 | | | (1,335.2 | ) | | 2,433.50 | |
|
Gross profit | — | | | 257.4 | | | 13.1 | | | 749.3 | | | (11.0 | ) | | 1,008.80 | |
|
Operating Expenses: | | | | | | | | | | | |
Research and development | — | | | 167.6 | | | 10.7 | | | 184.2 | | | — | | | 362.5 | |
|
Selling and marketing | — | | | 70.4 | | | 1 | | | 123.7 | | | — | | | 195.1 | |
|
General and administrative | — | | | 84 | | | 0.7 | | | 107.7 | | | — | | | 192.4 | |
|
Amortization of acquisition related intangible assets | — | | | 18 | | | — | | | 28.8 | | | (4.1 | ) | | 42.7 | |
|
Restructuring, asset impairments and other, net | — | | | 3.4 | | | — | | | 99.3 | | | — | | | 102.7 | |
|
Total operating expenses | — | | | 343.4 | | | 12.4 | | | 543.7 | | | (4.1 | ) | | 895.4 | |
|
Operating income (loss) | — | | | (86.0 | ) | | 0.7 | | | 205.6 | | | (6.9 | ) | | 113.4 | |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (50.8 | ) | | (8.5 | ) | | — | | | (9.6 | ) | | — | | | (68.9 | ) |
|
Interest income | — | | | 0.4 | | | — | | | 0.7 | | | — | | | 1.1 | |
|
Other | — | | | (3.1 | ) | | — | | | (5.8 | ) | | — | | | (8.9 | ) |
|
Loss on debt repurchase or exchange | (23.2 | ) | | — | | | — | | | — | | | — | | | (23.2 | ) |
|
Gain on System Solutions Semiconductor acquisition | (0.1 | ) | | 24.4 | | | — | | | — | | | — | | | 24.3 | |
|
Equity in earnings | 85.7 | | | 151.6 | | | 7.7 | | | — | | | (245.0 | ) | | — | |
|
Other income (expenses), net | 11.6 | | | 164.8 | | | 7.7 | | | (14.7 | ) | | (245.0 | ) | | (75.6 | ) |
|
Income before income taxes | 11.6 | | | 78.8 | | | 8.4 | | | 190.9 | | | (251.9 | ) | | 37.8 | |
|
Income tax benefit (provision) | — | | | 1.5 | | | — | | | (24.4 | ) | | — | | | (22.9 | ) |
|
Net income | 11.6 | | | 80.3 | | | 8.4 | | | 166.5 | | | (251.9 | ) | | 14.9 | |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (3.3 | ) | | (3.3 | ) |
|
Net income attributable to ON Semiconductor Corporation | $ | 11.6 | | | $ | 80.3 | | | $ | 8.4 | | | $ | 166.5 | | | $ | (255.2 | ) | | $ | 11.6 | |
|
Comprehensive income attributable to ON Semiconductor Corporation | $ | 24 | | | $ | 92.6 | | | $ | 8.4 | | | $ | 178.9 | | | $ | (279.9 | ) | | $ | 24 | |
|
Notes to Consolidated Statement of Cash Flow | ' |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2013 |
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 684.2 | | | $ | 13.8 | | | $ | 4,142.30 | | | $ | (2,057.6 | ) | | $ | 2,782.70 | |
|
Cost of revenues | — | | | 516.4 | | | 0.6 | | | 3,419.10 | | | (2,091.8 | ) | | 1,844.30 | |
|
Gross profit | — | | | 167.8 | | | 13.2 | | | 723.2 | | | 34.2 | | | 938.4 | |
|
Operating expenses: | | | | | | | | | | | |
Research and development | — | | | 77.2 | | | 10.9 | | | 246.1 | | | — | | | 334.2 | |
|
Selling and marketing | — | | | 71.4 | | | 0.7 | | | 99.1 | | | — | | | 171.2 | |
|
General and administrative | — | | | 32.6 | | | 0.8 | | | 115.1 | | | — | | | 148.5 | |
|
Amortization of acquisition-related intangible assets | — | | | 15.2 | | | — | | | 22.1 | | | (4.2 | ) | | 33.1 | |
|
Restructuring, asset impairments and other, net | — | | | 1.2 | | | — | | | 32 | | | — | | | 33.2 | |
|
Total operating expenses | — | | | 197.6 | | | 12.4 | | | 514.4 | | | (4.2 | ) | | 720.2 | |
|
Operating income (loss) | — | | | (29.8 | ) | | 0.8 | | | 208.8 | | | 38.4 | | | 218.2 | |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (23.0 | ) | | (10.5 | ) | | — | | | (5.1 | ) | | — | | | (38.6 | ) |
|
Interest income | — | | | 0.4 | | | — | | | 0.9 | | | — | | | 1.3 | |
|
Other | — | | | (11.5 | ) | | — | | | 14.6 | | | — | | | 3.1 | |
|
Loss on debt repurchase or exchange | (3.1 | ) | | — | | | — | | | — | | | — | | | (3.1 | ) |
|
Equity in earnings | 176.9 | | | 232.6 | | | 7.4 | | | — | | | (416.9 | ) | | — | |
|
Other income (expenses), net | 150.8 | | | 211 | | | 7.4 | | | 10.4 | | | (416.9 | ) | | (37.3 | ) |
|
Income before income taxes | 150.8 | | | 181.2 | | | 8.2 | | | 219.2 | | | (378.5 | ) | | 180.9 | |
|
Income tax provision | — | | | (11.4 | ) | | — | | | (15.5 | ) | | — | | | (26.9 | ) |
|
Net income | 150.8 | | | 169.8 | | | 8.2 | | | 203.7 | | | (378.5 | ) | | 154 | |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (3.2 | ) | | (3.2 | ) |
|
Net income attributable to ON Semiconductor Corporation | $ | 150.8 | | | $ | 169.8 | | | $ | 8.2 | | | $ | 203.7 | | | $ | (381.7 | ) | | $ | 150.8 | |
|
Comprehensive income attributed to ON Semiconductor Corporation | $ | 144.5 | | | $ | 161.4 | | | $ | 8.2 | | | $ | 200.1 | | | $ | (369.7 | ) | | $ | 144.5 | |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2012 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 732.2 | | | $ | 12.9 | | | $ | 3,760.90 | | | $ | (1,611.1 | ) | | $ | 2,894.90 | |
|
Cost of revenues | — | | | 468.1 | | | 0.6 | | | 3,052.30 | | | (1,578.0 | ) | | 1,943.00 | |
|
Gross profit | — | | | 264.1 | | | 12.3 | | | 708.6 | | | (33.1 | ) | | 951.9 | |
|
Operating expenses: | | | | | | | | | | | |
Research and development | — | | | 180.3 | | | 10.3 | | | 176.9 | | | — | | | 367.5 | |
|
Selling and marketing | — | | | 68.2 | | | 0.8 | | | 111.9 | | | — | | | 180.9 | |
|
General and administrative | — | | | 5 | | | 0.6 | | | 155 | | | — | | | 160.6 | |
|
Amortization of acquisition related intangible assets | — | | | 18.1 | | | — | | | 30.5 | | | (4.2 | ) | | 44.4 | |
|
Restructuring, asset impairments and other, net | — | | | 3.3 | | | 0.1 | | | 161.9 | | | — | | | 165.3 | |
|
Goodwill and intangible asset impairment | — | | | 20.1 | | | — | | | 29.4 | | | — | | | 49.5 | |
|
Total operating expenses | — | | | 295 | | | 11.8 | | | 665.6 | | | (4.2 | ) | | 968.2 | |
|
Operating income (loss) | — | | | (30.9 | ) | | 0.5 | | | 43 | | | (28.9 | ) | | (16.3 | ) |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (38.0 | ) | | (9.0 | ) | | — | | | (9.1 | ) | | — | | | (56.1 | ) |
|
Interest income | — | | | 0.8 | | | — | | | 0.7 | | | — | | | 1.5 | |
|
Other | — | | | 11.7 | | | — | | | (5.9 | ) | | — | | | 5.8 | |
|
Loss on debt repurchase or exchange | (7.8 | ) | | — | | | — | | | — | | | — | | | (7.8 | ) |
|
Equity in earnings | (44.8 | ) | | (25.6 | ) | | 10 | | | — | | | 60.4 | | | — | |
|
Other income (expenses), net | (90.6 | ) | | (22.1 | ) | | 10 | | | (14.3 | ) | | 60.4 | | | (56.6 | ) |
|
Income (loss) before income taxes | (90.6 | ) | | (53.0 | ) | | 10.5 | | | 28.7 | | | 31.5 | | | (72.9 | ) |
|
Income tax provision | — | | | (1.8 | ) | | — | | | (11.6 | ) | | — | | | (13.4 | ) |
|
Net income (loss) | (90.6 | ) | | (54.8 | ) | | 10.5 | | | 17.1 | | | 31.5 | | | (86.3 | ) |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (4.3 | ) | | (4.3 | ) |
|
Net income (loss) attributable to ON Semiconductor Corporation | $ | (90.6 | ) | | $ | (54.8 | ) | | $ | 10.5 | | | $ | 17.1 | | | $ | 27.2 | | | $ | (90.6 | ) |
|
Comprehensive income (loss) attributed to ON Semiconductor Corporation | $ | (85.0 | ) | | $ | (49.2 | ) | | $ | 10.5 | | | $ | 21.4 | | | $ | 17.3 | | | $ | (85.0 | ) |
|
|
|
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Revenues | $ | — | | | $ | 788.9 | | | $ | 13.9 | | | $ | 3,985.70 | | | $ | (1,346.2 | ) | | $ | 3,442.30 | |
|
Cost of revenues | — | | | 531.5 | | | 0.8 | | | 3,236.40 | | | (1,335.2 | ) | | 2,433.50 | |
|
Gross profit | — | | | 257.4 | | | 13.1 | | | 749.3 | | | (11.0 | ) | | 1,008.80 | |
|
Operating Expenses: | | | | | | | | | | | |
Research and development | — | | | 167.6 | | | 10.7 | | | 184.2 | | | — | | | 362.5 | |
|
Selling and marketing | — | | | 70.4 | | | 1 | | | 123.7 | | | — | | | 195.1 | |
|
General and administrative | — | | | 84 | | | 0.7 | | | 107.7 | | | — | | | 192.4 | |
|
Amortization of acquisition related intangible assets | — | | | 18 | | | — | | | 28.8 | | | (4.1 | ) | | 42.7 | |
|
Restructuring, asset impairments and other, net | — | | | 3.4 | | | — | | | 99.3 | | | — | | | 102.7 | |
|
Total operating expenses | — | | | 343.4 | | | 12.4 | | | 543.7 | | | (4.1 | ) | | 895.4 | |
|
Operating income (loss) | — | | | (86.0 | ) | | 0.7 | | | 205.6 | | | (6.9 | ) | | 113.4 | |
|
Other income (expenses), net: | | | | | | | | | | | |
Interest expense | (50.8 | ) | | (8.5 | ) | | — | | | (9.6 | ) | | — | | | (68.9 | ) |
|
Interest income | — | | | 0.4 | | | — | | | 0.7 | | | — | | | 1.1 | |
|
Other | — | | | (3.1 | ) | | — | | | (5.8 | ) | | — | | | (8.9 | ) |
|
Loss on debt repurchase or exchange | (23.2 | ) | | — | | | — | | | — | | | — | | | (23.2 | ) |
|
Gain on System Solutions Semiconductor acquisition | (0.1 | ) | | 24.4 | | | — | | | — | | | — | | | 24.3 | |
|
Equity in earnings | 85.7 | | | 151.6 | | | 7.7 | | | — | | | (245.0 | ) | | — | |
|
Other income (expenses), net | 11.6 | | | 164.8 | | | 7.7 | | | (14.7 | ) | | (245.0 | ) | | (75.6 | ) |
|
Income before income taxes | 11.6 | | | 78.8 | | | 8.4 | | | 190.9 | | | (251.9 | ) | | 37.8 | |
|
Income tax benefit (provision) | — | | | 1.5 | | | — | | | (24.4 | ) | | — | | | (22.9 | ) |
|
Net income | 11.6 | | | 80.3 | | | 8.4 | | | 166.5 | | | (251.9 | ) | | 14.9 | |
|
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | (3.3 | ) | | (3.3 | ) |
|
Net income attributable to ON Semiconductor Corporation | $ | 11.6 | | | $ | 80.3 | | | $ | 8.4 | | | $ | 166.5 | | | $ | (255.2 | ) | | $ | 11.6 | |
|
Comprehensive income attributable to ON Semiconductor Corporation | $ | 24 | | | $ | 92.6 | | | $ | 8.4 | | | $ | 178.9 | | | $ | (279.9 | ) | | $ | 24 | |
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATING STATEMENT CASH FLOWS |
FOR THE YEAR ENDED DECEMBER 31, 2013 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Net cash provided by operating activities | $ | — | | | $ | 63.9 | | | $ | 0.2 | | | $ | 274.5 | | | $ | (11.3 | ) | | $ | 327.3 | |
|
Cash flows from investing activities: | | | | | | | | | | | |
Purchases of property, plant and equipment | — | | | (32.4 | ) | | (0.2 | ) | | (122.6 | ) | | — | | | (155.2 | ) |
|
Proceeds from sales of property, plant and equipment | — | | | 0.1 | | | — | | | 9.6 | | | — | | | 9.7 | |
|
Deposits made for purchases of property, plant and equipment | — | | | — | | | — | | | (1.3 | ) | | — | | | (1.3 | ) |
|
Proceeds from held-to maturity securities | — | | | 224.3 | | | — | | | — | | | — | | | 224.3 | |
|
Purchase of held-to-maturity securities | — | | | (195.7 | ) | | — | | | — | | | — | | | (195.7 | ) |
|
Contribution from subsidiaries | 235.2 | | | — | | | — | | | — | | | (235.2 | ) | | — | |
|
Net cash provided by (used in) investing activities | 235.2 | | | (3.7 | ) | | (0.2 | ) | | (114.3 | ) | | (235.2 | ) | | (118.2 | ) |
|
Cash flows from financing activities: | | | | | | | | | | | |
Intercompany loans | — | | | (812.0 | ) | | — | | | 812 | | | — | | | — | |
|
Intercompany loan repayments to guarantor | — | | | 981.7 | | | — | | | (981.7 | ) | | — | | | — | |
|
Payments to parent | — | | | (246.5 | ) | | — | | | — | | | 246.5 | | | — | |
|
Proceeds from issuance of common stock under the employee stock purchase plan | 8.3 | | | — | | | — | | | — | | | — | | | 8.3 | |
|
Proceeds from exercise of stock options | 12.1 | | | — | | | — | | | — | | | — | | | 12.1 | |
|
Payments of tax withholding for restricted shares | (4.5 | ) | | — | | | — | | | — | | | — | | | (4.5 | ) |
|
Repurchase of common stock | (101.0 | ) | | — | | | — | | | — | | | — | | | (101.0 | ) |
|
Proceeds from debt issuance | — | | | 120 | | | — | | | 53.7 | | | — | | | 173.7 | |
|
Payment of capital leases obligations | — | | | (38.2 | ) | | — | | | (3.5 | ) | | — | | | (41.7 | ) |
|
Repayment of long-term debt | (150.1 | ) | | (6.2 | ) | | — | | | (61.4 | ) | | — | | | (217.7 | ) |
|
Payments made in connection with debt refinancing | — | | | (3.2 | ) | | — | | | — | | | — | | | (3.2 | ) |
|
Net cash used in financing activities | (235.2 | ) | | (4.4 | ) | | — | | | (180.9 | ) | | 246.5 | | | (174.0 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (12.5 | ) | | — | | | (12.5 | ) |
|
Net increase (decrease) in cash and cash equivalents | — | | | 55.8 | | | — | | | (33.2 | ) | | — | | | 22.6 | |
|
Cash and cash equivalents, beginning of period | — | | | 212.1 | | | — | | | 274.8 | | | — | | | 486.9 | |
|
Cash and cash equivalents, end of period | $ | — | | | $ | 267.9 | | | $ | — | | | $ | 241.6 | | | $ | — | | | $ | 509.5 | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED DECEMBER 31, 2012 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Net cash provided by operating activities | $ | — | | | $ | 45.5 | | | $ | 0.9 | | | $ | 242.7 | | | $ | (13.1 | ) | | $ | 276 | |
|
Cash flows from investing activities: | | | | | | | | | | | |
|
Purchases of property, plant and equipment | — | | | (55.0 | ) | | (0.7 | ) | | (200.6 | ) | | — | | | (256.3 | ) |
|
Proceeds from sale of property, plant and equipment | — | | | 0.1 | | | — | | | 6.1 | | | — | | | 6.2 | |
|
Deposits utilized for purchases of property, plant and equipment | — | | | — | | | — | | | 1.4 | | | — | | | 1.4 | |
|
Recovery from insurance on property, plant and equipment | — | | | — | | | — | | | 11.5 | | | — | | | 11.5 | |
|
Proceeds from held-to-maturity securities | — | | | 377.6 | | | — | | | — | | | — | | | 377.6 | |
|
Purchase of held-to-maturity securities | — | | | (273.8 | ) | | — | | | — | | | — | | | (273.8 | ) |
|
Contribution from subsidiaries | 167.8 | | | (7.9 | ) | | — | | | — | | | (159.9 | ) | | — | |
|
Net cash provided by (used in) investing activities | 167.8 | | | 41 | | | (0.7 | ) | | (181.6 | ) | | (159.9 | ) | | (133.4 | ) |
|
Cash flows from financing activities: | | | | | | | | | | | |
Intercompany loans | — | | | (524.0 | ) | | — | | | 524 | | | — | | | — | |
|
Intercompany loan repayments | — | | | 562 | | | — | | | (562.0 | ) | | — | | | — | |
|
Payments to parent | — | | | (180.9 | ) | | — | | | 7.9 | | | 173 | | | — | |
|
Proceeds from issuance of common stock under the employee stock purchase plan | 8.3 | | | — | | | — | | | — | | | — | | | 8.3 | |
|
Proceeds from exercise of stock options | 9.4 | | | — | | | — | | | — | | | — | | | 9.4 | |
|
Payments of tax withholding for restricted shares | (9.6 | ) | | — | | | — | | | — | | | — | | | (9.6 | ) |
|
Repurchase of common stock | (55.5 | ) | | — | | | — | | | — | | | — | | | (55.5 | ) |
|
Proceeds from debt issuance | — | | | 6.5 | | | — | | | 17.1 | | | — | | | 23.6 | |
|
Payment of capital lease obligation | — | | | (37.4 | ) | | — | | | (3.4 | ) | | — | | | (40.8 | ) |
|
Repayment of long-term debt | (117.8 | ) | | (5.1 | ) | | — | | | (109.6 | ) | | — | | | (232.5 | ) |
|
Payments made in connection with debt refinancing | (2.6 | ) | | — | | | — | | | — | | | — | | | (2.6 | ) |
|
Net cash used in financing activities | (167.8 | ) | | (178.9 | ) | | — | | | (126.0 | ) | | 173 | | | (299.7 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (8.9 | ) | | — | | | (8.9 | ) |
|
Net increase (decrease) in cash and cash equivalents | — | | | (92.4 | ) | | 0.2 | | | (73.8 | ) | | — | | | (166.0 | ) |
|
Cash and cash equivalents, beginning of period | — | | | 304.5 | | | (0.2 | ) | | 348.6 | | | — | | | 652.9 | |
|
Cash and cash equivalents, end of period | $ | — | | | $ | 212.1 | | | $ | — | | | $ | 274.8 | | | $ | — | | | $ | 486.9 | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
(in millions) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Issuers | | Guarantor | | | | | | |
Subsidiaries |
| ON Semiconductor | | SCI LLC | | Other | | Non-Guarantor | | Eliminations | | Total |
Corporation | Subsidiaries | Subsidiaries |
| | | | | | | | | | | |
Net cash provided by operating activities | $ | — | | | $ | 0.4 | | | $ | — | | | $ | 558.9 | | | $ | (13.8 | ) | | $ | 545.5 | |
|
Cash flows from investing activities: | | | | | | | | | | | |
Purchases of property, plant and equipment | — | | | (69.0 | ) | | (0.2 | ) | | (247.2 | ) | | — | | | (316.4 | ) |
|
Proceeds from sales of property, plant and equipment | — | | | 0.1 | | | — | | | 3.2 | | | — | | | 3.3 | |
|
Deposits utilized for purchases of property, plant and equipment | — | | | — | | | — | | | 0.5 | | | — | | | 0.5 | |
|
Recovery from insurance on property, plant and equipment | — | | | — | | | — | | | 13.3 | | | — | | | 13.3 | |
|
Purchase of businesses, net of cash acquired | — | | | 24.3 | | | — | | | (42.2 | ) | | — | | | (17.9 | ) |
|
Proceeds from held-to maturity securities | — | | | 122.2 | | | — | | | — | | | — | | | 122.2 | |
|
Purchase of held-to-maturity securities | — | | | (370.8 | ) | | — | | | — | | | — | | | (370.8 | ) |
|
Change in restricted cash | — | | | 142.1 | | | — | | | — | | | — | | | 142.1 | |
|
Contribution from subsidiaries | 23.9 | | | 234.5 | | | — | | | — | | | (258.4 | ) | | — | |
|
Net cash provided by (used in) investing activities | 23.9 | | | 83.4 | | | (0.2 | ) | | (272.4 | ) | | (258.4 | ) | | (423.7 | ) |
|
Cash flows from financing activities: | | | | | | | | | | | |
Intercompany loan activity | — | | | (289.3 | ) | | — | | | 289.3 | | | — | | | — | |
|
Intercompany loan repayments to guarantor | — | | | 182.2 | | | — | | | (182.2 | ) | | — | | | — | |
|
Payments to parent | — | | | (37.7 | ) | | — | | | (234.5 | ) | | 272.2 | | | — | |
|
Proceeds from issuance of common stock under the employee stock purchase plan | 8.1 | | | — | | | — | | | — | | | — | | | 8.1 | |
|
Proceeds from exercise of stock options | 59.4 | | | — | | | — | | | — | | | — | | | 59.4 | |
|
Payments of tax withholding for restricted shares | (19.3 | ) | | — | | | — | | | — | | | — | | | (19.3 | ) |
|
Proceeds from debt issuance | — | | | 12.2 | | | — | | | 56.8 | | | — | | | 69 | |
|
Payment of capital leases obligations | — | | | (36.4 | ) | | — | | | (2.6 | ) | | — | | | (39.0 | ) |
|
Repayment of long-term debt | (56.2 | ) | | (2.6 | ) | | — | | | (100.7 | ) | | — | | | (159.5 | ) |
|
Payments made in connection with debt refinancing | (15.9 | ) | | — | | | — | | | — | | | — | | | (15.9 | ) |
|
Net cash used in financing activities | (23.9 | ) | | (171.6 | ) | | — | | | (173.9 | ) | | 272.2 | | | (97.2 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 5 | | | — | | | 5 | |
|
Net increase (decrease) in cash and cash equivalents | — | | | (87.8 | ) | | (0.2 | ) | | 117.6 | | | — | | | 29.6 | |
|
Cash and cash equivalents, beginning of period | — | | | 392.3 | | | — | | | 231 | | | — | | | 623.3 | |
|
Cash and cash equivalents, end of period | $ | — | | | $ | 304.5 | | | $ | (0.2 | ) | | $ | 348.6 | | | $ | — | | | $ | 652.9 | |
|
|