Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 27, 2014 | Jul. 25, 2014 | |
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-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 441,127,284 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Assets | ' | ' | |
Cash and cash equivalents | $598.90 | $509.50 | |
Short-term investments | 2.3 | 116.2 | |
Receivables, net | 437.3 | 383.4 | |
Inventories | 632.6 | 611.8 | |
Other current assets | 90.5 | 89.3 | |
Total current assets | 1,761.60 | 1,710.20 | |
Property, plant and equipment, net | 1,141.70 | [1] | 1,074.20 |
Goodwill | 211.6 | 184.6 | |
Intangible assets, net | 245.5 | 223.4 | |
Other assets | 58 | 64.6 | |
Total assets | 3,418.40 | 3,257 | |
Liabilities, Non-Controlling Interest and Stockholders’ Equity | ' | ' | |
Accounts payable | 305.4 | 276.8 | |
Accrued expenses | 231.9 | 220.3 | |
Deferred income on sales to distributors | 162.6 | 140.5 | |
Current portion of long-term debt (see Note 7) | 169.4 | 181.6 | |
Total current liabilities | 869.3 | 819.2 | |
Long-term debt (see Note 7) | 735.5 | 760.6 | |
Other long-term liabilities | 174.1 | 190.4 | |
Total liabilities | 1,778.90 | 1,770.20 | |
Commitments and contingencies (See Note 10) | ' | ' | |
ON Semiconductor Corporation stockholders’ equity: | ' | ' | |
Common stock ($0.01 par value, 750,000,000 shares authorized, 520,663,680 and 515,888,942 shares issued, 441,195,380 and 440,250,288 shares outstanding, respectively) | 5.2 | 5.2 | |
Additional paid-in capital | 3,250.60 | 3,210.80 | |
Accumulated other comprehensive loss | -45.3 | -47.4 | |
Accumulated deficit | -995.7 | -1,142.10 | |
Less: treasury stock, at cost: 79,468,300 and 75,638,654 shares, respectively | -608.1 | -572.5 | |
Total ON Semiconductor Corporation stockholders’ equity | 1,606.70 | 1,454 | |
Non-controlling interest in consolidated subsidiary | 32.8 | 32.8 | |
Total stockholders' equity | 1,639.50 | 1,486.80 | |
Total liabilities and equity | $3,418.40 | $3,257 | |
[1] | Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
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 | 520,663,680 | 515,888,942 |
Common stock, shares outstanding | 441,195,380 | 440,250,288 |
Treasury stock, shares | 79,468,300 | 75,638,654 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $757.60 | $688.30 | $1,464.10 | $1,349.30 |
Cost of revenues | 484.6 | 456.5 | 940.3 | 913 |
Gross profit | 273 | 231.8 | 523.8 | 436.3 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 84.2 | 83.1 | 162.3 | 171.5 |
Selling and marketing | 47.9 | 43.3 | 92.3 | 83.1 |
General and administrative | 44.7 | 40.2 | 85.7 | 76.4 |
Amortization of acquisition-related intangible assets | 10.4 | 8.2 | 18.6 | 16.6 |
Restructuring, asset impairments and other, net | 4.1 | 6.1 | 9.9 | 0.1 |
Total operating expenses | 191.3 | 180.9 | 368.8 | 347.7 |
Operating income | 81.7 | 50.9 | 155 | 88.6 |
Other income (expense), net: | ' | ' | ' | ' |
Interest expense | -7.9 | -9.3 | -16 | -19.4 |
Interest income | 0.2 | 0.4 | 0.4 | 0.7 |
Other | -1.2 | 4.1 | -1.8 | 5 |
Loss on debt exchange | 0 | 0 | 0 | -3.1 |
Other income (expense), net | -8.9 | -4.8 | -17.4 | -16.8 |
Income before income taxes | 72.8 | 46.1 | 137.6 | 71.8 |
Income tax benefit | 16.2 | 2.6 | 10 | 0.2 |
Net income | 89 | 48.7 | 147.6 | 72 |
Less: Net income attributable to non-controlling interest | -1 | -1 | -1.2 | -1.7 |
Net income attributable to ON Semiconductor Corporation | 88 | 47.7 | 146.4 | 70.3 |
Comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -0.2 | 2.5 | -0.6 | -5.8 |
Effects of cash flow hedges | 1.3 | -3.4 | 2.7 | -4.3 |
Unrealized loss on available-for-sale securities | 0 | 0.2 | 0 | 0.1 |
Other comprehensive income (loss) | 1.1 | -0.7 | 2.1 | -10 |
Comprehensive income | 90.1 | 48 | 149.7 | 62 |
Comprehensive income attributable to non-controlling interest | -1 | -1 | -1.2 | -1.7 |
Comprehensive income attributable to ON Semiconductor Corporation | $89.10 | $47 | $148.50 | $60.30 |
Net income per common share attributable to ON Semiconductor Corporation: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.20 | $0.11 | $0.33 | $0.16 |
Diluted (in dollars per share) | $0.20 | $0.11 | $0.33 | $0.16 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 441.1 | 450.7 | 440.7 | 450.1 |
Diluted (in shares) | 444.5 | 453.3 | 444.5 | 452.9 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $147.60 | $72 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 110.3 | 103.6 |
Gain on sale or disposal of fixed assets | -0.3 | -7.1 |
Loss on debt exchange | 0 | 3.1 |
Amortization of debt issuance costs | 0.7 | 0.6 |
Provision for excess inventories | 11.5 | 39.9 |
Non-cash share-based compensation expense | 21.9 | 16.4 |
Non-cash interest | 3.3 | 5.8 |
Non-cash asset impairment charges | 1.8 | 0 |
Non-cash foreign currency translation gain | 0 | -21 |
Reversal of valuation allowance | -21.5 | 0 |
Other | 2.7 | -5.9 |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ' | ' |
Receivables | -44 | -56.5 |
Inventories | -13.4 | -33.3 |
Other assets | 0 | 32.1 |
Accounts payable | -0.2 | 2.9 |
Accrued expenses | 4.1 | -13.8 |
Deferred income on sales to distributors | 22.1 | 18.4 |
Other long-term liabilities | -20.1 | -16.8 |
Net cash provided by operating activities | 226.5 | 140.4 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -96.5 | -84.7 |
Proceeds from sales of property, plant and equipment | 0.2 | 8.4 |
Deposits utilized (made) for purchases of property, plant and equipment | 1.3 | -1.5 |
Purchase of businesses, net of cash acquired | -90.9 | 0 |
Proceeds from held-to-maturity securities | 116.2 | 124.2 |
Purchases of held-to-maturity securities | -2.3 | -162.3 |
Net cash used in investing activities | -72 | -115.9 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock under the employee stock purchase plan | 2.5 | 2.1 |
Proceeds from exercise of stock options | 15.4 | 6.6 |
Payments of tax withholding for restricted shares | -5.4 | -2.2 |
Repurchase of common stock | -30.8 | -9.4 |
Proceeds from debt issuance | 15 | 26.2 |
Payment of capital lease obligations | -21 | -21.8 |
Repayment of long-term debt | -40.7 | -107.6 |
Dividend to non-controlling shareholder of consolidated subsidiary | -1.2 | 0 |
Net cash used in financing activities | -66.2 | -106.1 |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | -9.2 |
Net increase (decrease) in cash and cash equivalents | 89.4 | -90.8 |
Cash and cash equivalents, beginning of period | 509.5 | 486.9 |
Cash and cash equivalents, end of period | $598.90 | $396.10 |
Background_And_Basis_Of_Presen
Background And Basis Of Presentation | 6 Months Ended |
Jun. 27, 2014 | |
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 and majority-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 June 27, 2014 and June 28, 2013 each contained 91 days. The six months ended June 27, 2014 and June 28, 2013 contained 178 days and 179 days, respectively. | |
The accompanying unaudited financial statements as of June 27, 2014 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, 2013 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, 2013 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (“2013 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 Company condensed certain prior year amounts in our consolidated financial statements to conform to the current year presentation. | |
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 following: (i) measurement of valuation allowances relating to trade receivables, inventories and deferred tax assets; (ii) estimates of future payouts for customer incentives, warranties, and restructuring activities; (iii) assumptions surrounding future pension obligations; (iv) fair values of stock options and of financial instruments (including derivative financial instruments); (v) evaluations of uncertain tax positions; and (vi) future cash flows used to assess and test for impairment of long-lived assets and, if applicable, goodwill. Actual results could differ from these estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
ASU No. 2014-09 - “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) | |
In May 2014, the FASB issued ASU 2014-09, which applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other standards, superceding the revenue recognition requirements in Topic 605. Pursuant to ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange, as applied through a multi-step process to achieve that core principle. The related amendments are effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact that the adoption of ASU 2014-09 may have on the Company's Consolidated Financial Statements. |
Acquisitions_Acquisitions
Acquisitions Acquisitions | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Acquisitions | |||||||||||||||||
The Company pursues strategic acquisitions from time to time to leverage its existing capabilities and further build its business. Such acquisitions are accounted for as business combinations pursuant to ASC 805 "Business Combinations." Accordingly, acquisition costs are not included as components of consideration transferred, but are accounted for as expenses in the period in which the costs are incurred. During the quarter and six months ended June 27, 2014, the Company incurred acquisition related costs of approximately $3.7 million and $4.0 million, respectively. | |||||||||||||||||
Acquisition of Truesense Imaging, Inc. ("Truesense") | |||||||||||||||||
On April 30, 2014, the Company acquired 100% of Truesense for approximately $95.1 million in cash, subject to customary closing adjustments. During the second quarter of 2014, Truesense was incorporated into the Company's Application Products Group. The acquisition of Truesense strengthens the Company's product portfolio targeting industrial end-markets such as machine vision, surveillance, and intelligent transportation systems by complementing the Company's existing high-speed, high-resolution, power-efficient image sensing solutions with Truesense’s high-performance image sensors for low-light, low-noise. | |||||||||||||||||
The following table presents the initial allocation of the purchase price of Truesense to the assets acquired and liabilities assumed on April 30, 2014 based on their fair values (in millions): | |||||||||||||||||
Allocation | |||||||||||||||||
Cash and cash equivalents | $ | 4.2 | |||||||||||||||
Receivables, net | 8.8 | ||||||||||||||||
Inventories | 18.8 | ||||||||||||||||
Other current assets | 2.6 | ||||||||||||||||
Property, plant and equipment | 25.6 | ||||||||||||||||
Goodwill | 27 | ||||||||||||||||
Intangible assets | 33.1 | ||||||||||||||||
In-process research and development | 7.5 | ||||||||||||||||
Total assets acquired | 127.6 | ||||||||||||||||
Accounts payable | 3.8 | ||||||||||||||||
Other current liabilities | 5.6 | ||||||||||||||||
Other non-current liabilities | 23.1 | ||||||||||||||||
Total liabilities assumed | 32.5 | ||||||||||||||||
Net assets acquired | $ | 95.1 | |||||||||||||||
Acquired intangible assets include $7.5 million of IPRD assets, which are to be amortized over the useful life upon successful completion of the projects. The value assigned to IPRD was determined by considering the importance of products under development to the overall development plan, estimating costs to develop the purchased IPRD into commercially viable products, estimating the resulting net cash flows from the projects when completed and discounting the net cash flows to their present value. A discount rate of 21% was used in the present value calculations, and was derived from a weighted-average cost of capital analysis, adjusted to reflect the risks inherent in the acquired research and development operations. | |||||||||||||||||
Other acquired intangible assets of $33.1 million include: customer relationships of $20.4 million (five year weighted-average useful life) and developed technology of $12.7 million (twelve year weighted-average useful life). | |||||||||||||||||
Goodwill of $27.0 million was assigned to the Application Products Group. Among the factors that contributed to goodwill arising from the acquisition were the potential synergies expected to be derived from combining Truesense with the Company’s existing image sensor business. These synergies provide the capability of providing a broad range of high-performance image sensors to the industrial end-market. Goodwill will not be amortized but instead tested for impairment at least annually (more frequently if certain indicators are present). The $27.0 million of goodwill as of June 27, 2014 is not expected to be deductible for tax purposes. | |||||||||||||||||
The initial purchase price allocation is subject to change as the Company finalizes its determination relating to the valuation of net assets acquired from Truesense. Accordingly, future adjustments may impact the initial amount of goodwill represented in the table above. | |||||||||||||||||
The following unaudited pro-forma consolidated results of operations for the quarters and six months ended June 27, 2014 and June 28, 2013 have been prepared as if the acquisition of Truesense had occurred on January 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, interest expense and the effect of taxes (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||||
Revenues | $ | 765.3 | $ | 708.2 | $ | 1,490.40 | $ | 1,385.10 | |||||||||
Gross profit | $ | 276.2 | $ | 240.6 | $ | 534.1 | $ | 452.1 | |||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88.5 | $ | 49.2 | $ | 147.3 | $ | 71.1 | |||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Diluted | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Acquisition of Aptina, Inc. ("Aptina") | |||||||||||||||||
On June 9, 2014, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Aptina, pursuant to which, at the effective time of the merger, Aptina would become an indirect wholly-owned subsidiary of ON Semiconductor, for an estimated purchase price of approximately $400.0 million in cash, subject to customary closing adjustments as set forth in the Merger Agreement. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||||||||||
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 June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
Balance as of June 27, 2014 | Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Operating Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 574.4 | $ | (410.2 | ) | $ | 164.2 | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
$ | 650.4 | $ | (438.8 | ) | $ | 211.6 | $ | 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 interim 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 June 27, 2014 that would require an interim 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 June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 27, 2014 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.7 | ) | $ | — | $ | (0.4 | ) | $ | 3.8 | 12-May | ||||||||||||
Customer relationships | 300.7 | (114.0 | ) | (27.3 | ) | (23.0 | ) | 136.4 | 18-May | ||||||||||||||||
Patents | 43.7 | (20.1 | ) | — | (13.7 | ) | 9.9 | 12 | |||||||||||||||||
Developed technology | 158.9 | (75.0 | ) | — | (2.4 | ) | 81.5 | 13-May | |||||||||||||||||
Trademarks | 14 | (6.5 | ) | — | (1.1 | ) | 6.4 | 15 | |||||||||||||||||
In-process research and development | 7.5 | — | — | — | 7.5 | ||||||||||||||||||||
Total intangibles | $ | 538.7 | $ | (225.3 | ) | $ | (27.3 | ) | $ | (40.6 | ) | $ | 245.5 | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.4 | ) | $ | — | $ | (0.4 | ) | $ | 4.1 | 12-May | ||||||||||||
Customer relationships | 280.3 | (105.5 | ) | (27.4 | ) | (23.0 | ) | 124.4 | 18-May | ||||||||||||||||
Patents | 43.7 | (19.0 | ) | — | (13.7 | ) | 11 | 12 | |||||||||||||||||
Developed technology | 146.2 | (66.7 | ) | — | (2.4 | ) | 77.1 | 12-May | |||||||||||||||||
Trademarks | 14 | (6.1 | ) | — | (1.1 | ) | 6.8 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (206.7 | ) | $ | (27.4 | ) | $ | (40.6 | ) | $ | 223.4 | ||||||||||||
Amortization expense for acquisition-related intangible assets amounted to $10.4 million and $18.6 million for the quarter and six months ended June 27, 2014, respectively, and $8.2 million and $16.6 million for the quarter and six months ended June 28, 2013, respectively. Amortization expense for intangible assets, with the exception of the $7.5 million of IPRD assets that will be amortized once the corresponding projects have been completed, is expected to be as follows over the next five years and thereafter (in millions): | |||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2014 | $ | 24 | |||||||||||||||||||||||
2015 | 44.3 | ||||||||||||||||||||||||
2016 | 34.6 | ||||||||||||||||||||||||
2017 | 30.3 | ||||||||||||||||||||||||
2018 | 25.8 | ||||||||||||||||||||||||
Thereafter | 79 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 238 | |||||||||||||||||||||||
Restructuring_Asset_Impairment
Restructuring, Asset Impairments And Other, Net | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
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 six months ended June 27, 2014 is as follows (in millions): | |||||||||||||||||
Restructuring | Impairment | Other | Total | ||||||||||||||
Quarter ended June 27, 2014 | |||||||||||||||||
System Solutions Group Voluntary Retirement Program | $ | 2.3 | $ | — | $ | (1.7 | ) | $ | 0.6 | ||||||||
KSS facility closure | 3.1 | — | (1.4 | ) | 1.7 | ||||||||||||
Other | 0.5 | 1.3 | — | 1.8 | |||||||||||||
Total | $ | 5.9 | $ | 1.3 | $ | (3.1 | ) | $ | 4.1 | ||||||||
Six months ended June 27, 2014 | |||||||||||||||||
System Solutions Group Voluntary Retirement Program | $ | 7.3 | $ | — | $ | (4.5 | ) | $ | 2.8 | ||||||||
KSS facility closure | 6.7 | — | (1.4 | ) | 5.3 | ||||||||||||
Other | 0.5 | 1.3 | — | 1.8 | |||||||||||||
Total | $ | 14.5 | $ | 1.3 | $ | (5.9 | ) | $ | 9.9 | ||||||||
The following is a rollforward of the accrued restructuring charges from December 31, 2013 to June 27, 2014 (in millions): | |||||||||||||||||
Balance as of December 31, 2013 | Charges | Usage | Balance as of June 27, 2014 | ||||||||||||||
Estimated employee separation charges | $ | 25.2 | $ | 13.6 | $ | (21.2 | ) | $ | 17.6 | ||||||||
Estimated costs to exit | 1 | 0.9 | (1.0 | ) | 0.9 | ||||||||||||
Total | $ | 26.2 | $ | 14.5 | $ | (22.2 | ) | $ | 18.5 | ||||||||
Activity related to the Company’s Restructuring, asset impairments and other, net for programs that had not been completed as of June 27, 2014, is as follows: | |||||||||||||||||
System Solutions Group Voluntary Retirement Program | |||||||||||||||||
During the fourth quarter of 2013, the Company initiated a voluntary retirement program for employees of certain of its System Solutions Group subsidiaries in Japan (the "Q4 2013 Voluntary Retirement Program"). Approximately 350 employees opted to retire under the Q4 2013 Voluntary Retirement Program of which approximately 340 employees had retired by June 27, 2014. The remaining employees who accepted retirement packages are expected to retire by the end of 2014. For the six months ended June 27, 2014, the Company recognized approximately $7.3 million of employee separation charges related to the Q4 2013 Voluntary Retirement Program. The Company expects to incur an additional $0.2 million in employee separation charges related to this program through the end of 2014. | |||||||||||||||||
As part of the Q4 2013 Voluntary Retirement Program, approximately 70 contractor positions were also identified for elimination, of which all had exited by June 27, 2014. During the six months ended June 27, 2014, an additional 40 positions were identified for elimination, as an extension of this program, consisting of 20 employees and 20 contractors, substantially all of which had exited by June 27, 2014. | |||||||||||||||||
As a result of the Q4 2013 Voluntary Retirement Program, the Company recognized a pension curtailment benefit associated with the affected employees of $1.7 million and $4.5 million during the quarter and six months ended June 27, 2014, respectively, which is recorded in Restructuring, asset impairments and other, net. As of June 27, 2014, the accrued liability for the Q4 2013 Voluntary Retirement Program associated with employee separation charges was $4.3 million. See Note 6: "Balance Sheet Information" for additional information. | |||||||||||||||||
During the quarter ended June 27, 2014, the Company initiated further voluntary retirement activities applicable to an additional 60 to 70 positions, for certain of its System Solutions Group subsidiaries in Japan, consisting of employees and contractors which are expected to be eliminated during the third quarter of 2014. | |||||||||||||||||
KSS Facility Closure | |||||||||||||||||
On October 6, 2013, the Company announced a plan to close KSS (the "KSS Plan"). Pursuant to the KSS Plan, a majority of the production from KSS was transferred to other of the Company's manufacturing facilities. The KSS Plan includes the elimination of approximately 170 full time and 40 contract employees. During the quarter ended June 27, 2014, the Company recorded approximately $3.0 million of employee separation charges and $0.1 million of exit costs related to the KSS Plan. The Company expects to record additional KSS Plan severance costs and related employee benefit plan expenses of approximately $1.8 million along with other exit costs of approximately $3.0 million to $4.0 million, offset by a pension curtailment gain of approximately $0.6 million through the end of 2014. | |||||||||||||||||
As a result of the KSS facility closure, the Company recognized a $1.4 million pension curtailment benefit associated with the affected employees during the quarter and six months ended June 27, 2014, which is recorded in Restructuring, asset impairments and other, net. See Note 6: "Balance Sheet Information" for additional information. | |||||||||||||||||
As of June 27, 2014, the accrued liability associated with employee separation charges was $12.7 million for the KSS Plan. |
Balance_Sheet_Information
Balance Sheet Information | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||
Balance Sheet Information | ' | |||||||||||||||
Balance Sheet Information | ||||||||||||||||
Certain significant amounts included in the Company's balance sheet as of June 27, 2014 and December 31, 2013 consist of the following (dollars in millions): | ||||||||||||||||
June 27, 2014 | December 31, 2013 | |||||||||||||||
Receivables, net: | ||||||||||||||||
Accounts receivable | $ | 438.4 | $ | 384.4 | ||||||||||||
Less: Allowance for doubtful accounts | (1.1 | ) | (1.0 | ) | ||||||||||||
$ | 437.3 | $ | 383.4 | |||||||||||||
Inventories: | ||||||||||||||||
Raw materials | $ | 96.4 | $ | 89.2 | ||||||||||||
Work in process | 337.4 | 319.6 | ||||||||||||||
Finished goods | 198.8 | 203 | ||||||||||||||
$ | 632.6 | $ | 611.8 | |||||||||||||
Other current assets: | ||||||||||||||||
Prepaid expenses | $ | 25.8 | $ | 24.8 | ||||||||||||
Value added and other income tax receivables | 29.7 | 31.7 | ||||||||||||||
Other | 35 | 32.8 | ||||||||||||||
$ | 90.5 | $ | 89.3 | |||||||||||||
Property, plant and equipment, net (1): | ||||||||||||||||
Land | $ | 53.2 | $ | 52.3 | ||||||||||||
Buildings | 493 | 467.7 | ||||||||||||||
Machinery and equipment | 2,025.70 | 1,918.40 | ||||||||||||||
Total property, plant and equipment | 2,571.90 | 2,438.40 | ||||||||||||||
Less: Accumulated depreciation | (1,430.2 | ) | (1,364.2 | ) | ||||||||||||
$ | 1,141.70 | $ | 1,074.20 | |||||||||||||
Accrued expenses: | ||||||||||||||||
Accrued payroll | $ | 107.4 | $ | 91.3 | ||||||||||||
Sales related reserves | 55.9 | 54.2 | ||||||||||||||
Restructuring reserves | 18.5 | 26.2 | ||||||||||||||
Accrued pension liability | 8.6 | 10.4 | ||||||||||||||
Accrued interest | 2.7 | 1.9 | ||||||||||||||
Other | 38.8 | 36.3 | ||||||||||||||
$ | 231.9 | $ | 220.3 | |||||||||||||
(1) Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. | ||||||||||||||||
Warranty Reserves | ||||||||||||||||
The activity related to the Company's warranty reserves for the six months ended June 27, 2014 and June 28, 2013, respectively, is as follows (in millions): | ||||||||||||||||
Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
Beginning Balance | $ | 6 | $ | 10.2 | ||||||||||||
Provision | 1.1 | 2 | ||||||||||||||
Usage | (1.3 | ) | (5.1 | ) | ||||||||||||
Ending Balance | $ | 5.8 | $ | 7.1 | ||||||||||||
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 June 27, 2014, the total accrued pension liability for underfunded plans was $110.1 million, of which the current portion of $8.6 million was classified as accrued expenses. As of December 31, 2013, the total accrued pension liability for underfunded plans was $128.9 million, of which the current portion of $10.4 million was classified as accrued expenses. | ||||||||||||||||
The Company recorded a pension curtailment gain of $3.1 million and $5.9 million included in Restructuring, asset impairments and other, net for the quarter and six months ended June 27, 2014, respectively, related to the Q4 2013 Voluntary Retirement Program and KSS facility closure. See Note 5: "Restructuring, Asset Impairments and Other, Net" for additional information. | ||||||||||||||||
The components of the Company's net periodic pension expense for the quarters ended June 27, 2014 and June 28, 2013 are as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | |||||||||||||
Service cost | $ | 2.4 | $ | 2.9 | $ | 4.9 | $ | 6.6 | ||||||||
Interest cost | 1.5 | 1.6 | 3 | 3.6 | ||||||||||||
Expected return on plan assets | (0.9 | ) | (1.1 | ) | (1.8 | ) | (2.2 | ) | ||||||||
Curtailment gain | (3.1 | ) | (2.9 | ) | (5.9 | ) | (11.9 | ) | ||||||||
Actuarial loss | — | — | — | 13.6 | ||||||||||||
Total net periodic pension cost | $ | (0.1 | ) | $ | 0.5 | $ | 0.2 | $ | 9.7 | |||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
The Company's long-term debt consists of the following (dollars in millions): | ||||||||
June 27, 2014 | December 31, 2013 | |||||||
Senior Revolving Credit Facility due 2018, interest payable quarterly at 1.75% and 2.00% respectively | $ | 120 | $ | 120 | ||||
Loan with Japanese bank due 2014 through 2018, interest payable quarterly at 1.98% and 2.00%, respectively (1) | 254.8 | 273.7 | ||||||
2.625% Notes, Series B (net of discount of $18.3 million and $21.7 million, respectively) (2) | 338.6 | 335.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.90% and 1.91%, respectively | 25 | 40 | ||||||
Loans with Philippine bank due 2014 through 2015, interest payable monthly and quarterly at an average rate of 2.15% and 2.16%, respectively | 36.7 | 39.2 | ||||||
Loan with Chinese bank due 2014, interest payable quarterly at 3.33% and 3.34%, respectively | 7 | 7 | ||||||
Loan with Singapore bank, interest payable weekly at 1.40% and 1.94%, respectively | 30 | 15 | ||||||
Loan with British finance company, interest payable monthly at 0.0% and 1.57%, respectively | — | 0.2 | ||||||
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | 27.2 | 28.1 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% | 7.1 | 9.5 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% | 5.1 | 5.9 | ||||||
Canada revolving line of credit, interest payable quarterly at 1.83% and 1.84%, respectively | 15 | 15 | ||||||
Capital lease obligations | 38.4 | 53.4 | ||||||
Long-term debt, including current maturities | 904.9 | 942.2 | ||||||
Less: Current maturities | (169.4 | ) | (181.6 | ) | ||||
Long-term debt | $ | 735.5 | $ | 760.6 | ||||
_______________________ | ||||||||
-1 | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. | |||||||
-2 | Interest is payable on June 15 and December 15 of each year at 2.625% annually. 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 June 27, 2014 are as follows (in millions): | ||||||||
Period | Expected Maturities | |||||||
Remainder of 2014 | $ | 81.5 | ||||||
2015 | 130.9 | |||||||
2016 | 426.8 | |||||||
2017 | 39.6 | |||||||
2018 | 243.5 | |||||||
Thereafter | 0.9 | |||||||
Total | $ | 923.2 | ||||||
For purposes of the table above, the 2.625% Notes, Series B are assumed to mature at the earliest put date. | ||||||||
For additional information with respect to the Company's long-term debt, 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 2013 Form 10-K. | ||||||||
Debt Guarantees | ||||||||
ON Semiconductor was the sole issuer of the 2.625% Notes, Series B. See Note 16: "Guarantor and Non-Guarantor Statements" for the condensed consolidated financial information for the issuer of the 2.625% Notes, Series B, the guarantor subsidiaries and the non-guarantor subsidiaries. |
Earnings_per_Share_and_Equity
Earnings per Share and Equity | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
Earnings Per Share [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 | Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88 | $ | 47.7 | $ | 146.4 | $ | 70.3 | |||||||||
Basic weighted average common shares outstanding | 441.1 | 450.7 | 440.7 | 450.1 | |||||||||||||
Add: Incremental shares for: | |||||||||||||||||
Dilutive effect of share-based awards | 3.4 | 2.6 | 3.8 | 2.8 | |||||||||||||
Diluted weighted average common shares outstanding | 444.5 | 453.3 | 444.5 | 452.9 | |||||||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Diluted | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
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 7.1 million and 13.2 million for the quarters ended June 27, 2014 and June 28, 2013, respectively, and 7.4 million and 12.9 million for the six months ended June 27, 2014 and June 28, 2013, respectively. | |||||||||||||||||
The dilutive impact related to the Company's 2.625% Notes, Series B is determined in accordance with the net share settlement requirements prescribed by ASC Topic 260, Earnings Per Share. 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. | |||||||||||||||||
Equity | |||||||||||||||||
Share Repurchase Program | |||||||||||||||||
Information relating to the Company's share repurchase program is as follows (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | 27-Jun-14 | 28-Jun-13 | ||||||||||||||
Number of repurchased shares (1) | 1.1 | 1.5 | 3.3 | 1.5 | |||||||||||||
Beginning accrued share repurchases (2) | 1.3 | — | 0.6 | — | |||||||||||||
Aggregate purchase price | $ | 10.1 | $ | 12.1 | $ | 30.2 | $ | 12.1 | |||||||||
Less: ending accrued share repurchases (3) | $ | — | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | |||||||
Total cash used for share repurchases | $ | 11.4 | $ | 9.4 | $ | 30.8 | $ | 9.4 | |||||||||
Weighted-average purchase price per share (4) | $ | 9.57 | $ | 7.87 | $ | 9.27 | $ | 7.87 | |||||||||
Available for future purchases at period end | $ | 113.2 | $ | 232.6 | $ | 113.2 | $ | 232.6 | |||||||||
(1) None of these shares had been reissued or retired as of June 27, 2014, but may be reissued or retired by | |||||||||||||||||
the Company at a later date. | |||||||||||||||||
(2) Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance | |||||||||||||||||
Sheet as of the beginning of the period. | |||||||||||||||||
(3) Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance | |||||||||||||||||
Sheet as of the end of the period. | |||||||||||||||||
(4) Exclusive of fees, commissions and other expenses. | |||||||||||||||||
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 six months ended June 27, 2014 was $0.9 million and $5.4 million, respectively, for which the Company withheld approximately 0.1 million and 0.6 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 June 27, 2014; 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, 2013, the non-controlling interest balance was $32.8 million. This balance was unchanged at $32.8 million as of June 27, 2014 due to the non-controlling interest's $1.2 million share of the earnings for the six months ended June 27, 2014, offset by a $1.2 million dividend paid to the non-controlling shareholder. | |||||||||||||||||
At December 31, 2012, the non-controlling interest balance was $29.6 million. This balance increased to $31.3 million at June 28, 2013 due to the non-controlling interest's $1.7 million share of the earnings for the six months ended June 28, 2013. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||
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 and ESPP for the quarters ended June 27, 2014 and June 28, 2013 was comprised as follows (in millions): | ||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | |||||||||||||||||||
Cost of revenues | $ | 1.7 | $ | 1.4 | $ | 3.1 | $ | 2.5 | ||||||||||||||
Research and development | 2.2 | 1.7 | 4 | 3.1 | ||||||||||||||||||
Selling and marketing | 2.2 | 1.6 | 3.7 | 2.7 | ||||||||||||||||||
General and administrative | 7.3 | 5.9 | 11.1 | 8.1 | ||||||||||||||||||
Share-based compensation expense before income taxes | $ | 13.4 | $ | 10.6 | $ | 21.9 | $ | 16.4 | ||||||||||||||
Related income tax benefits (1) | — | — | — | — | ||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 13.4 | $ | 10.6 | $ | 21.9 | $ | 16.4 | ||||||||||||||
____________________ | ||||||||||||||||||||||
(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 June 27, 2014, total estimated unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested stock options granted prior to that date was $4.1 million. At June 27, 2014, total estimated 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 $57.6 million. The total intrinsic value of stock options exercised during the quarter and six months ended June 27, 2014 was $3.1 million and $6.4 million, respectively. The Company recorded cash received from the exercise of stock options of $5.8 million and $15.4 million during the quarter and six months ended June 27, 2014. The Company recorded no related income tax benefits during the quarter and six months ended June 27, 2014. | ||||||||||||||||||||||
Share-Based Compensation Information | ||||||||||||||||||||||
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 six months ended June 27, 2014 and June 28, 2013, respectively. Pre-vesting forfeitures for restricted stock units were estimated to be approximately 5.0% and 5.0% in the quarters and six months ended June 27, 2014 and June 28, 2013, respectively. | ||||||||||||||||||||||
Shares Available | ||||||||||||||||||||||
As of December 31, 2013, there was an aggregate of 37.4 million shares of common stock available for grant under the Company's Amended and Restated SIP and 4.3 million shares available for issuance under the ESPP. As of June 27, 2014, there was an aggregate of 36.7 million shares of common stock available for grant under the Amended and Restated SIP and 3.9 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): | ||||||||||||||||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2013 | 14 | $ | 7.89 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | (2.4 | ) | 6.56 | |||||||||||||||||||
Canceled | (0.3 | ) | 10.19 | |||||||||||||||||||
Outstanding at July 27, 2014 | 11.3 | $ | 8.1 | 3.2 | $ | 16 | ||||||||||||||||
Exercisable at July 27, 2014 | 9.2 | $ | 8.28 | 2.8 | $ | 12.1 | ||||||||||||||||
Additional information about stock options outstanding at June 27, 2014 with exercise prices less than or above $9.09 per share, the effective closing price of the Company's common stock at June 27, 2014, 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 $9.09 | 4.8 | $ | 6.59 | 2 | $ | 7.13 | 6.8 | $ | 6.75 | |||||||||||||
Above $9.09 | 4.4 | $ | 10.16 | 0.1 | $ | 9.7 | 4.5 | $ | 10.15 | |||||||||||||
Total outstanding | 9.2 | $ | 8.28 | 2.1 | $ | 7.25 | 11.3 | $ | 8.1 | |||||||||||||
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 June 27, 2014, and changes during the six months ended June 27, 2014 (number of shares in millions): | ||||||||||||||||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2013 | 10.8 | $ | 8.52 | |||||||||||||||||||
Granted | 3.5 | 9.32 | ||||||||||||||||||||
Released | (1.9 | ) | 8.37 | |||||||||||||||||||
Forfeited | (3.1 | ) | 10.14 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at June 27, 2014 | 9.3 | $ | 8.32 | |||||||||||||||||||
Stock Grant Awards | ||||||||||||||||||||||
During the quarter and six months ended June 27, 2014, the Company granted approximately 0.1 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 $8.66 per share. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended | |||
Jun. 27, 2014 | ||||
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 June 27, 2014 (in millions): | ||||
Remainder of 2014 | $ | 17 | ||
2015 | 14.5 | |||
2016 | 10.8 | |||
2017 | 8.3 | |||
2018 | 6.3 | |||
Thereafter | 31.1 | |||
Total | $ | 88 | ||
Environmental 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 clean-up 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 (the "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 clean-up 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 obligations relating to environmental remediation and clean-up 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. | ||||
Financing Contingencies | ||||
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 June 27, 2014. The Company also had outstanding guarantees and letters of credit outside of its senior revolving credit facility totaling $5.2 million as of June 27, 2014. | ||||
As part of securing financing in the normal course of business, the Company issued guarantees related to its receivables financing, certain capital lease obligations, equipment financing, lines of credit and real estate mortgages, which totaled approximately $62.9 million as of June 27, 2014. The Company is also a guarantor of SCI LLC's unsecured loan with SMBC, which had a balance of $254.8 million as of June 27, 2014. See Note 7: "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 economic damage, bodily injury or property damage. 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 rights to such customer for valid defective product 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. | ||||
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 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 | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity 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 June 27, 2014 and December 31, 2013 (in millions): | ||||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||
27-Jun-14 | Active Markets (Level 1) | December 31, 2013 | Active Markets (Level 1) | |||||||||||||
Description | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Demand and time deposits | $ | 442.9 | $ | 442.9 | $ | 447.5 | $ | 447.5 | ||||||||
Money market funds | 156 | 156 | 62 | 62 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign currency exchange contracts | $ | 0.1 | $ | 0.1 | $ | 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 June 27, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||
Balance at June 27, 2014 | Balance at December 31, 2013 | |||||||||||||||
Carried at Amortized Cost | Fair Value | Carried at Amortized Cost | Fair Value | |||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||
Commercial paper | $ | — | $ | — | $ | 15.5 | $ | 15.5 | ||||||||
Corporate bonds | 2.3 | 2.3 | 93.7 | 93.7 | ||||||||||||
Government agencies | — | — | 7 | 7 | ||||||||||||
$ | 2.3 | $ | 2.3 | $ | 116.2 | $ | 116.2 | |||||||||
The Company’s financial assets are valued using market prices on active markets (Level 1). The Company's short-term investments balance of $2.3 million as of June 27, 2014 is classified as held-to-maturity and is carried at amortized cost. There was no unrealized gain or loss on these short-term investments as of June 27, 2014. | ||||||||||||||||
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) as of June 27, 2014 and December 31, 2013 are as follows (in millions): | ||||||||||||||||
June 27, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Long-term debt, including current portion | ||||||||||||||||
2.625% Notes, Series B | $ | 338.6 | $ | 418 | $ | 335.2 | $ | 392.6 | ||||||||
Long-term debt | $ | 488.5 | $ | 490.2 | $ | 510.2 | $ | 511.4 | ||||||||
The fair value of the Company's 2.625% Notes, Series B was estimated based on market prices in active markets (Level 1). The fair value of other long-term debt was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2) as of June 27, 2014 and December 31, 2013. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
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 associated with transactions currently on its balance sheet. | |||||||||||||||||
As of June 27, 2014 and December 31, 2013, the Company had outstanding foreign exchange contracts with notional amounts of $132.5 million and $101.7 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 June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||
27-Jun-14 | 31-Dec-13 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (31.7 | ) | $ | 31.7 | $ | (30.5 | ) | $ | 30.5 | |||||||
Japanese Yen | (23.3 | ) | 23.3 | (6.7 | ) | 6.7 | |||||||||||
Malaysian Ringgit | 42.6 | 42.6 | 35.8 | 35.8 | |||||||||||||
Philippine Peso | 16.9 | 16.9 | 11.7 | 11.7 | |||||||||||||
Other Currencies | 12.7 | 18 | 10.6 | 17 | |||||||||||||
$ | 17.2 | $ | 132.5 | $ | 20.9 | $ | 101.7 | ||||||||||
The Company is exposed to credit-related losses if counterparties to its foreign exchange contracts fail to perform their obligations. As of June 27, 2014, 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 quarters ended June 27, 2014 and June 28, 2013, realized and unrealized foreign currency transaction loss was $1.1 million and a gain of $4.3 million, respectively. For the six months ended June 27, 2014 and June 28, 2013, realized and unrealized foreign currency transaction loss was $1.8 million and a gain of $4.8 million, respectively. | |||||||||||||||||
As of June 27, 2014 and December 31, 2013, the Company had balances for contracts not designated as cash flow hedges of $0.1 million and $0.1 million, respectively, that were classified as other liabilities. | |||||||||||||||||
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 June 27, 2014 was approximately $42.5 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 six months ended June 27, 2014, the Company recorded a net loss of $0.1 million and $1.4 million, respectively, associated with cash flow hedges recognized as a component of cost of revenues. As of June 27, 2014, the Company had a zero liability balance for contracts designated as cash flow hedging instruments. As of December 31, 2013, the Company had a $1.8 million liability balance for contracts designated as cash flow hedging instruments that were classified as other liabilities. As of June 27, 2014, the Company had a $0.8 million asset balance for contracts designated as cash flow hedging instruments that were classified as other assets. As of December 31, 2013, the Company had no asset balances for contracts designated as cash flow hedging instruments. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
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 six months ended June 27, 2014 are as follows (net of tax of $0, in millions): | |||||||||||||||||
Foreign Currency Translation Adjustments | Effects of Cash Flow Hedges | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||||||
Balance as of December 31, 2013 | $ | (46.0 | ) | $ | (1.8 | ) | $ | 0.4 | $ | (47.4 | ) | ||||||
Other comprehensive income (loss) prior to reclassifications | (0.6 | ) | 4.1 | — | 3.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1.4 | ) | — | (1.4 | ) | |||||||||||
Net current period other comprehensive gain | (0.6 | ) | 2.7 | — | 2.1 | ||||||||||||
Balance as of June 27, 2014 | $ | (46.6 | ) | $ | 0.9 | $ | 0.4 | $ | (45.3 | ) | |||||||
Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the quarter and six months ended June 27, 2014 were as follows (net of tax of $0, in millions): | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Quarter Ended June 27, 2014 | Six Months Ended June 27, 2014 | Affected Line Item Where Net Income is Presented | |||||||||||||||
Effects of cash flow hedges | $ | (0.1 | ) | $ | (1.4 | ) | Cost of revenues | ||||||||||
Included in accumulated other comprehensive loss as of June 27, 2014 is approximately $9.4 million of foreign currency translation losses related to the Company’s subsidiary that owns the KSS facility, which utilizes the Japanese Yen as its functional currency. In connection with the previously announced restructuring plan, the Company intends to liquidate and wind-down the legal entity. Upon the substantial liquidation of the KSS entity, the Company will evaluate the need to release any amount remaining in accumulated other comprehensive income to its results of operations, as required by the appropriate accounting standards. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 6 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
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 Six Months Ended | |||||||||
June 27, 2014 | June 28, 2013 | ||||||||
Non-cash financing activities: | |||||||||
Capital expenditures in accounts payable | $ | 80.1 | $ | 56.9 | |||||
Equipment acquired or refinanced through capital leases | $ | 6.1 | $ | 2.1 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (0.4 | ) | $ | (0.7 | ) | |||
Interest expense | $ | 11.2 | $ | 11.3 | |||||
Income taxes | $ | 8.6 | $ | 7.4 | |||||
Supplemental Disclosure of Income Tax Information | |||||||||
The income tax benefit for the quarter ended June 27, 2014 consisted of the reversal of $21.5 million of our previously established valuation allowance against our U.S. deferred tax assets as a result of a net deferred tax liability recorded as part of the Truesense acquisition and the reversal of $3.2 million for reserves and interest for uncertain tax positions in foreign taxing jurisdictions that were effectively settled or for which the statute lapsed during the quarter ended June 27, 2014, partially offset by $6.6 million for income and withholding taxes of certain of our foreign and domestic operations and $1.9 million of new reserves and interest on existing reserves for uncertain tax positions in foreign taxing jurisdictions. | |||||||||
The income tax benefit for the six months ended June 27, 2014 included the reversal of $21.5 million of the Company's previously established valuation allowance against its U.S. deferred tax assets as a result of a net deferred tax liability recorded as part of the Truesense acquisition and the reversal of $3.6 million for reserves and interest for uncertain tax positions in foreign taxing jurisdictions that were effectively settled or for which the statute lapsed during the quarter ended June 27, 2014, partially offset by $12.9 million for income and withholding taxes of certain of our foreign and domestic operations and $2.2 million of new reserves and interest on existing reserves for uncertain tax positions in foreign taxing jurisdictions. | |||||||||
The Company's provision for income taxes is subject to volatility and could be adversely impacted by earnings being lower than anticipated in countries that have lower tax rates and earnings being higher than anticipated in countries that have higher tax rates. The Company's effective tax rate for the quarter and six months ended June 27, 2014 was a benefit of 22.3% and 7.3%, respectively, which differs from the U.S. statutory federal income tax rate of 35% due to our domestic tax losses and tax rate differential in our foreign subsidiaries, as well as the reversal of valuation allowances and certain reserves and interest for potential liabilities in foreign taxing jurisdictions that were effectively settled or for which the statute lapsed during the quarter and six months ended June 27, 2014. The Company continues to maintain a full valuation allowance on all of its domestic and substantially all of its Japan related deferred tax assets; however, it is reasonably possible that a substantial portion of the valuation allowance on the Company's domestic deferred tax assets will be reversed within one year of June 27, 2014, which is not expected to have a material effect on the Company's cash taxes. As of December 31, 2013, the valuation allowance on our domestic deferred tax assets was approximately $524 million. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
As of June 27, 2014, the Company was organized into three operating segments, which also represented its three reporting segments: Application Products Group, Standard Products Group and System Solutions 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 six months ended June 27, 2014 and June 28, 2013, respectively, are as follows (in millions): | ||||||||||||||||
Application Products Group | Standard | System Solutions Group | Total | |||||||||||||
Products | ||||||||||||||||
Group | ||||||||||||||||
For the quarter ended June 27, 2014: | ||||||||||||||||
Revenues from external customers | $ | 301.2 | $ | 303.7 | $ | 152.7 | $ | 757.6 | ||||||||
Segment gross profit | $ | 136.9 | $ | 110.2 | $ | 31 | $ | 278.1 | ||||||||
Segment operating income (loss) | $ | 36.5 | $ | 60.7 | $ | (0.1 | ) | $ | 97.1 | |||||||
For the quarter ended June 28, 2013: | ||||||||||||||||
Revenues from external customers | $ | 251.5 | $ | 276.4 | $ | 160.4 | $ | 688.3 | ||||||||
Segment gross profit | $ | 110.4 | $ | 106 | $ | 20.5 | $ | 236.9 | ||||||||
Segment operating income (loss) | $ | 22.2 | $ | 65.3 | $ | (23.0 | ) | $ | 64.5 | |||||||
Application Products Group | Standard | System Solutions Group | Total | |||||||||||||
Products | ||||||||||||||||
Group | ||||||||||||||||
For the six months ended June 27, 2014: | ||||||||||||||||
Revenues from external customers | $ | 580.7 | $ | 596.6 | $ | 286.8 | $ | 1,464.10 | ||||||||
Segment gross profit | $ | 263 | $ | 216.4 | $ | 56 | $ | 535.4 | ||||||||
Segment operating income (loss) | $ | 74.3 | $ | 120.9 | $ | (8.8 | ) | $ | 186.4 | |||||||
For the six months ended June 28, 2013: | ||||||||||||||||
Revenues from external customers | $ | 496.5 | $ | 541.6 | $ | 311.2 | $ | 1,349.30 | ||||||||
Segment gross profit | $ | 217.3 | $ | 200.5 | $ | 29.1 | $ | 446.9 | ||||||||
Segment operating income (loss) | $ | 49.7 | $ | 122.9 | $ | (68.7 | ) | $ | 103.9 | |||||||
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 | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
Gross profit for reportable segments | $ | 278.1 | $ | 236.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (5.1 | ) | (5.1 | ) | ||||||||||||
Gross profit | $ | 273 | $ | 231.8 | ||||||||||||
Operating income for reportable segments | $ | 97.1 | 64.5 | |||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (4.1 | ) | (6.1 | ) | ||||||||||||
Other unallocated manufacturing costs | (5.1 | ) | (5.1 | ) | ||||||||||||
Other unallocated operating expenses | (6.2 | ) | (2.4 | ) | ||||||||||||
Operating income | $ | 81.7 | $ | 50.9 | ||||||||||||
Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | |||||||||||||||
Gross profit for reportable segments | $ | 535.4 | $ | 446.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (11.6 | ) | (10.6 | ) | ||||||||||||
Gross profit | $ | 523.8 | $ | 436.3 | ||||||||||||
Operating income for reportable segments | 186.4 | 103.9 | ||||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (9.9 | ) | (0.1 | ) | ||||||||||||
Other unallocated manufacturing costs | (11.6 | ) | (10.6 | ) | ||||||||||||
Other unallocated operating expenses | (9.9 | ) | (4.6 | ) | ||||||||||||
Operating income | $ | 155 | $ | 88.6 | ||||||||||||
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 6: "Balance Sheet Information" for additional information. | ||||||||||||||||
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 | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
United States | $ | 126.1 | $ | 98.5 | ||||||||||||
Japan | 66.8 | 75.7 | ||||||||||||||
China | 220.9 | 198.5 | ||||||||||||||
Singapore | 189.7 | 180.9 | ||||||||||||||
United Kingdom | 118.3 | 102.6 | ||||||||||||||
Other | 35.8 | 32.1 | ||||||||||||||
$ | 757.6 | $ | 688.3 | |||||||||||||
Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | |||||||||||||||
United States | $ | 238.1 | $ | 197.4 | ||||||||||||
Japan | 132.1 | 147.3 | ||||||||||||||
China | 423.6 | 397.9 | ||||||||||||||
Singapore | 370.1 | 347.3 | ||||||||||||||
United Kingdom | 235.5 | 200.3 | ||||||||||||||
Other | 64.7 | 59.1 | ||||||||||||||
$ | 1,464.10 | $ | 1,349.30 | |||||||||||||
For the quarters and six months ended June 27, 2014 and June 28, 2013, 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): | ||||||||||||||||
June 27, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 284.2 | $ | 255.3 | ||||||||||||
Czech Republic | 114.5 | 111.1 | ||||||||||||||
Malaysia | 225.3 | 213.9 | ||||||||||||||
Philippines | 188.4 | 173.8 | ||||||||||||||
Other | 329.3 | 320.1 | ||||||||||||||
$ | 1,141.70 | $ | 1,074.20 | |||||||||||||
Guarantor_And_NonGuarantor_Sta
Guarantor And Non-Guarantor Statements | 6 Months Ended | |||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||
Guarantor And Non-Guarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor And Non-Guarantor Statements | ' | |||||||||||||||||||||||
Guarantor and Non-Guarantor Statements | ||||||||||||||||||||||||
ON Semiconductor is the sole issuer of the 2.625% Notes, Series B. ON Semiconductor’s 100% owned domestic subsidiaries, except those domestic subsidiaries acquired through the acquisitions of AMIS, Catalyst, PulseCore, CMD, SDT, SANYO Semiconductor and Truesense (collectively, the “Guarantor Subsidiaries”), fully and unconditionally guarantee, subject to customary releases, on a joint and several basis ON Semiconductor’s obligations under the 2.625% Notes, Series B. 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 2.625% Notes, Series B. The repayment of the unsecured 2.625% Notes, Series B is subordinated to the senior indebtedness of ON Semiconductor and the Guarantor Subsidiaries on the terms described in the indenture for the 2.625% Notes, Series B. | ||||||||||||||||||||||||
Condensed consolidating financial information for the issuer of the 2.625% Notes, Series B, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries is as follows (in millions): | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 302.8 | $ | — | $ | 296.1 | $ | — | $ | 598.9 | ||||||||||||
Short-term investments | — | 2.3 | — | — | — | 2.3 | ||||||||||||||||||
Receivables, net | — | 59.2 | — | 378.1 | — | 437.3 | ||||||||||||||||||
Inventories | — | 47.5 | — | 582.3 | 2.8 | 632.6 | ||||||||||||||||||
Short-term intercompany receivables | — | — | 4.7 | 67.6 | (72.3 | ) | — | |||||||||||||||||
Other current assets | — | 24 | — | 66.5 | — | 90.5 | ||||||||||||||||||
Total current assets | — | 435.8 | 4.7 | 1,390.60 | (69.5 | ) | 1,761.60 | |||||||||||||||||
Property, plant and equipment, net | — | 255.9 | 3.1 | 884.3 | (1.6 | ) | 1,141.70 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 62.7 | — | 211.6 | ||||||||||||||||||
Intangible assets, net | — | 105.5 | — | 159.7 | (19.7 | ) | 245.5 | |||||||||||||||||
Long-term intercompany receivables | — | — | — | 1.8 | (1.8 | ) | — | |||||||||||||||||
Other assets | 1,945.60 | 1,921.00 | 136.3 | 831.6 | (4,776.5 | ) | 58 | |||||||||||||||||
Total assets | $ | 1,945.60 | $ | 2,829.80 | $ | 181.4 | $ | 3,330.70 | $ | (4,869.1 | ) | $ | 3,418.40 | |||||||||||
Accounts payable | $ | — | $ | 37.2 | $ | 0.1 | $ | 268.1 | $ | — | $ | 305.4 | ||||||||||||
Accrued expenses | 0.3 | 61.5 | 0.5 | 169.6 | — | 231.9 | ||||||||||||||||||
Deferred income on sales to distributors | — | 38.6 | — | 124 | — | 162.6 | ||||||||||||||||||
Current portion of long-term debt | — | 67.8 | — | 101.6 | — | 169.4 | ||||||||||||||||||
Short-term intercompany payables | — | 72.3 | — | — | (72.3 | ) | — | |||||||||||||||||
Total current liabilities | 0.3 | 277.4 | 0.6 | 663.3 | (72.3 | ) | 869.3 | |||||||||||||||||
Long-term debt | 338.6 | 372.3 | — | 24.6 | — | 735.5 | ||||||||||||||||||
Other long-term liabilities | — | 20.5 | 0.1 | 153.5 | — | 174.1 | ||||||||||||||||||
Long-term intercompany payables | — | 1.8 | — | — | (1.8 | ) | — | |||||||||||||||||
Total liabilities | 338.9 | 672 | 0.7 | 841.4 | (74.1 | ) | 1,778.90 | |||||||||||||||||
Common stock | 5.2 | 24.6 | 50.9 | 173.9 | (249.4 | ) | 5.2 | |||||||||||||||||
Additional paid-in capital | 3,250.60 | 2,370.60 | 260.1 | 1,497.70 | (4,128.4 | ) | 3,250.60 | |||||||||||||||||
Accumulated other comprehensive loss | (45.3 | ) | (46.9 | ) | — | (39.2 | ) | 86.1 | (45.3 | ) | ||||||||||||||
Accumulated deficit | (995.7 | ) | (190.5 | ) | (130.3 | ) | 856.9 | (536.1 | ) | (995.7 | ) | |||||||||||||
Less: treasury stock, at cost | (608.1 | ) | — | — | — | — | (608.1 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,606.70 | 2,157.80 | 180.7 | 2,489.30 | (4,827.8 | ) | 1,606.70 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 32.8 | 32.8 | ||||||||||||||||||
Total equity | 1,606.70 | 2,157.80 | 180.7 | 2,489.30 | (4,795.0 | ) | 1,639.50 | |||||||||||||||||
Total liabilities and equity | $ | 1,945.60 | $ | 2,829.80 | $ | 181.4 | $ | 3,330.70 | $ | (4,869.1 | ) | $ | 3,418.40 | |||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
Accumulated other comprehensive loss | (47.4 | ) | (49.2 | ) | — | (38.6 | ) | 87.8 | (47.4 | ) | ||||||||||||||
Accumulated deficit | (1,142.1 | ) | (365.2 | ) | (130.9 | ) | 686.6 | (190.5 | ) | (1,142.1 | ) | |||||||||||||
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 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 177.2 | $ | 4 | $ | 1,050.10 | $ | (473.7 | ) | $ | 757.6 | |||||||||||
Cost of revenues | — | 142.9 | 0.3 | 816.3 | (474.9 | ) | 484.6 | |||||||||||||||||
Gross profit | — | 34.3 | 3.7 | 233.8 | 1.2 | 273 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 13.2 | 2.9 | 68.1 | — | 84.2 | ||||||||||||||||||
Selling and marketing | — | 20.9 | 0.2 | 26.8 | — | 47.9 | ||||||||||||||||||
General and administrative | — | 17.3 | 0.3 | 27.1 | — | 44.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.8 | — | 7.6 | (1.0 | ) | 10.4 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 0.9 | — | 3.2 | — | 4.1 | ||||||||||||||||||
Total operating expenses | — | 56.1 | 3.4 | 132.8 | (1.0 | ) | 191.3 | |||||||||||||||||
Operating income (loss) | — | (21.8 | ) | 0.3 | 101 | 2.2 | 81.7 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.2 | ) | (3.1 | ) | — | (0.6 | ) | — | (7.9 | ) | ||||||||||||||
Interest income | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Other | — | 1.5 | — | (2.7 | ) | — | (1.2 | ) | ||||||||||||||||
Equity in earnings | 92.2 | 97.1 | 2.3 | — | (191.6 | ) | — | |||||||||||||||||
Other income (expense), net | 88 | 95.5 | 2.3 | (3.1 | ) | (191.6 | ) | (8.9 | ) | |||||||||||||||
Income before income taxes | 88 | 73.7 | 2.6 | 97.9 | (189.4 | ) | 72.8 | |||||||||||||||||
Income tax benefit (provision) | — | 18.9 | (0.3 | ) | (2.4 | ) | — | 16.2 | ||||||||||||||||
Net income | 88 | 92.6 | 2.3 | 95.5 | (189.4 | ) | 89 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88 | $ | 92.6 | $ | 2.3 | $ | 95.5 | $ | (190.4 | ) | $ | 88 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 89.1 | $ | 93.9 | $ | 2.3 | $ | 95.3 | $ | (191.5 | ) | $ | 89.1 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED JUNE 28, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 150.2 | $ | 3.2 | $ | 1,086.30 | $ | (551.4 | ) | $ | 688.3 | |||||||||||
Cost of revenues | — | 121.2 | — | 891.8 | (556.5 | ) | 456.5 | |||||||||||||||||
Gross profit | — | 29 | 3.2 | 194.5 | 5.1 | 231.8 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 12.3 | 2.7 | 68.1 | — | 83.1 | ||||||||||||||||||
Selling and marketing | — | 18 | 0.2 | 25.1 | — | 43.3 | ||||||||||||||||||
General and administrative | — | 11 | 0.2 | 29 | — | 40.2 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.8 | — | 5.4 | (1.0 | ) | 8.2 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | — | — | 6.1 | — | 6.1 | ||||||||||||||||||
Total operating expenses | — | 45.1 | 3.1 | 133.7 | (1.0 | ) | 180.9 | |||||||||||||||||
Operating income (loss) | — | (16.1 | ) | 0.1 | 60.8 | 6.1 | 50.9 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (5.6 | ) | (2.5 | ) | — | (1.2 | ) | — | (9.3 | ) | ||||||||||||||
Interest income | — | — | — | 0.4 | — | 0.4 | ||||||||||||||||||
Other | — | (13.3 | ) | — | 17.4 | — | 4.1 | |||||||||||||||||
Equity in earnings | 53.3 | 79.8 | 2.5 | 0.1 | (135.7 | ) | — | |||||||||||||||||
Other income (expense), net | 47.7 | 64 | 2.5 | 16.7 | (135.7 | ) | (4.8 | ) | ||||||||||||||||
Income before income taxes | 47.7 | 47.9 | 2.6 | 77.5 | (129.6 | ) | 46.1 | |||||||||||||||||
Income tax (provision) benefit | — | (3.1 | ) | — | 5.7 | — | 2.6 | |||||||||||||||||
Net income | 47.7 | 44.8 | 2.6 | 83.2 | (129.6 | ) | 48.7 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 47.7 | $ | 44.8 | $ | 2.6 | $ | 83.2 | $ | (130.6 | ) | $ | 47.7 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 47 | $ | 43.2 | $ | 2.6 | $ | 85.7 | $ | (131.5 | ) | $ | 47 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 347.2 | $ | 7.9 | $ | 2,024.20 | $ | (915.2 | ) | $ | 1,464.10 | |||||||||||
Cost of revenues | — | 282.3 | 0.5 | 1,573.00 | (915.5 | ) | 940.3 | |||||||||||||||||
Gross profit | — | 64.9 | 7.4 | 451.2 | 0.3 | 523.8 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 25.4 | 5.9 | 131 | — | 162.3 | ||||||||||||||||||
Selling and marketing | — | 40.2 | 0.4 | 51.7 | — | 92.3 | ||||||||||||||||||
General and administrative | — | 30.5 | 0.6 | 54.6 | — | 85.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 7.5 | — | 13.1 | (2.0 | ) | 18.6 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.3 | — | 8.6 | — | 9.9 | ||||||||||||||||||
Total operating expenses | — | 104.9 | 6.9 | 259 | (2.0 | ) | 368.8 | |||||||||||||||||
Operating income (loss) | — | (40.0 | ) | 0.5 | 192.2 | 2.3 | 155 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (8.2 | ) | (6.6 | ) | — | (1.2 | ) | — | (16.0 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.3 | — | 0.4 | ||||||||||||||||||
Other | — | 0.9 | — | (2.7 | ) | — | (1.8 | ) | ||||||||||||||||
Equity in earnings | 154.6 | 195.7 | 2.9 | — | (353.2 | ) | — | |||||||||||||||||
Other income (expense), net | 146.4 | 190.1 | 2.9 | (3.6 | ) | (353.2 | ) | (17.4 | ) | |||||||||||||||
Income before income taxes | 146.4 | 150.1 | 3.4 | 188.6 | (350.9 | ) | 137.6 | |||||||||||||||||
Income tax benefit (provision) | — | 24.6 | (0.3 | ) | (14.3 | ) | — | 10 | ||||||||||||||||
Net income | 146.4 | 174.7 | 3.1 | 174.3 | (350.9 | ) | 147.6 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 146.4 | $ | 174.7 | $ | 3.1 | $ | 174.3 | $ | (352.1 | ) | $ | 146.4 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 148.5 | $ | 177.2 | $ | 3.1 | $ | 173.7 | $ | (354.0 | ) | $ | 148.5 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 328.3 | $ | 6.4 | $ | 2,034.10 | $ | (1,019.5 | ) | $ | 1,349.30 | |||||||||||
Cost of revenues | — | 233.5 | 0.2 | 1,711.00 | (1,031.7 | ) | 913 | |||||||||||||||||
Gross profit | — | 94.8 | 6.2 | 323.1 | 12.2 | 436.3 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 53.9 | 5.2 | 112.4 | — | 171.5 | ||||||||||||||||||
Selling and marketing | — | 34.7 | 0.3 | 48.1 | — | 83.1 | ||||||||||||||||||
General and administrative | — | 16.1 | 0.4 | 59.9 | — | 76.4 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 7.6 | — | 11 | (2.0 | ) | 16.6 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1 | — | (0.9 | ) | — | 0.1 | |||||||||||||||||
Total operating expenses | — | 113.3 | 5.9 | 230.5 | (2.0 | ) | 347.7 | |||||||||||||||||
Operating income (loss) | — | (18.5 | ) | 0.3 | 92.6 | 14.2 | 88.6 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (11.7 | ) | (4.9 | ) | — | (2.8 | ) | — | (19.4 | ) | ||||||||||||||
Interest income | — | 0.2 | — | 0.5 | — | 0.7 | ||||||||||||||||||
Other | — | (5.5 | ) | — | 10.5 | — | 5 | |||||||||||||||||
Loss on debt exchange | (3.1 | ) | — | — | — | — | (3.1 | ) | ||||||||||||||||
Equity in earnings | 85.1 | 104.7 | 4.1 | — | (193.9 | ) | — | |||||||||||||||||
Other income (expense), net | 70.3 | 94.5 | 4.1 | 8.2 | (193.9 | ) | (16.8 | ) | ||||||||||||||||
Income before income taxes | 70.3 | 76 | 4.4 | 100.8 | (179.7 | ) | 71.8 | |||||||||||||||||
Income tax (provision) benefit | — | (0.9 | ) | — | 1.1 | — | 0.2 | |||||||||||||||||
Net income | 70.3 | 75.1 | 4.4 | 101.9 | (179.7 | ) | 72 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.7 | ) | (1.7 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 70.3 | $ | 75.1 | $ | 4.4 | $ | 101.9 | $ | (181.4 | ) | $ | 70.3 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 60.3 | $ | 63 | $ | 4.4 | $ | 95.8 | $ | (163.2 | ) | $ | 60.3 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 14.1 | $ | 0.7 | $ | 215.2 | $ | (3.5 | ) | $ | 226.5 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (29.0 | ) | (0.7 | ) | (66.8 | ) | — | (96.5 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.3 | — | 1.3 | ||||||||||||||||||
Purchase of businesses, net of cash acquired | — | — | — | (90.9 | ) | — | (90.9 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 116.2 | — | — | — | 116.2 | ||||||||||||||||||
Purchases of held-to-maturity securities | — | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 18.3 | — | — | — | (18.3 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 18.3 | 84.9 | (0.7 | ) | (156.2 | ) | (18.3 | ) | (72.0 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (65.3 | ) | — | 65.3 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 65.5 | — | (65.5 | ) | — | — | |||||||||||||||||
Payments to parent | — | (23.0 | ) | — | — | 23 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Proceeds from exercise of stock options | 15.4 | — | — | — | — | 15.4 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (5.4 | ) | — | — | — | — | (5.4 | ) | ||||||||||||||||
Repurchase of common stock | (30.8 | ) | — | — | — | — | (30.8 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 15 | — | 15 | ||||||||||||||||||
Payment of capital leases obligations | — | (19.2 | ) | — | (1.8 | ) | — | (21.0 | ) | |||||||||||||||
Repayment of long-term debt | — | (22.1 | ) | — | (18.6 | ) | — | (40.7 | ) | |||||||||||||||
Dividend to non-controlling shareholder of consolidated subsidiary | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||
Net cash used in financing activities | (18.3 | ) | (64.1 | ) | — | (5.6 | ) | 21.8 | (66.2 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | 34.9 | — | 54.5 | — | 89.4 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 267.9 | — | 241.6 | — | 509.5 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 302.8 | $ | — | $ | 296.1 | $ | — | $ | 598.9 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||||||
(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 | $ | — | $ | (5.5 | ) | $ | — | $ | 151.5 | $ | (5.6 | ) | $ | 140.4 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (16.3 | ) | — | (68.4 | ) | — | (84.7 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.1 | — | 8.3 | — | 8.4 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 124.2 | — | — | — | 124.2 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (162.3 | ) | — | — | — | (162.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 80.4 | — | — | — | (80.4 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 80.4 | (54.3 | ) | — | (61.6 | ) | (80.4 | ) | (115.9 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (403.7 | ) | — | 403.7 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 539.6 | — | (539.6 | ) | — | — | |||||||||||||||||
Payments to parent | — | (86.0 | ) | — | — | 86 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 2.1 | — | — | — | — | 2.1 | ||||||||||||||||||
Proceeds from exercise of stock options | 6.6 | — | — | — | — | 6.6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (2.2 | ) | — | — | — | — | (2.2 | ) | ||||||||||||||||
Repurchase of common stock | (9.4 | ) | — | — | — | — | (9.4 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 26.2 | — | 26.2 | ||||||||||||||||||
Payment of capital leases obligations | — | (19.7 | ) | — | (2.1 | ) | — | (21.8 | ) | |||||||||||||||
Repayment of long-term debt | (77.5 | ) | (3.0 | ) | — | (27.1 | ) | — | (107.6 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (80.4 | ) | 27.2 | — | (138.9 | ) | 86 | (106.1 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (9.2 | ) | — | (9.2 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (32.6 | ) | — | (58.2 | ) | — | (90.8 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 212.1 | — | 274.8 | — | 486.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 179.5 | $ | — | $ | 216.6 | $ | — | $ | 396.1 | ||||||||||||
See also Note 10: “Commitments and Contingencies—Financing Contingencies” for discussion certain of the Company’s guarantees. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
In May 2014, the FASB issued ASU 2014-09, which applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other standards, superceding the revenue recognition requirements in Topic 605. Pursuant to ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange, as applied through a multi-step process to achieve that core principle. The related amendments are effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact that the adoption of ASU 2014-09 may have on the Company's Consolidated Financial Statements. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of Purchase Price Allocation | ' | ||||||||||||||||
The following table presents the initial allocation of the purchase price of Truesense to the assets acquired and liabilities assumed on April 30, 2014 based on their fair values (in millions): | |||||||||||||||||
Allocation | |||||||||||||||||
Cash and cash equivalents | $ | 4.2 | |||||||||||||||
Receivables, net | 8.8 | ||||||||||||||||
Inventories | 18.8 | ||||||||||||||||
Other current assets | 2.6 | ||||||||||||||||
Property, plant and equipment | 25.6 | ||||||||||||||||
Goodwill | 27 | ||||||||||||||||
Intangible assets | 33.1 | ||||||||||||||||
In-process research and development | 7.5 | ||||||||||||||||
Total assets acquired | 127.6 | ||||||||||||||||
Accounts payable | 3.8 | ||||||||||||||||
Other current liabilities | 5.6 | ||||||||||||||||
Other non-current liabilities | 23.1 | ||||||||||||||||
Total liabilities assumed | 32.5 | ||||||||||||||||
Net assets acquired | $ | 95.1 | |||||||||||||||
Schedule of Pro Forma Information | ' | ||||||||||||||||
The following unaudited pro-forma consolidated results of operations for the quarters and six months ended June 27, 2014 and June 28, 2013 have been prepared as if the acquisition of Truesense had occurred on January 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, interest expense and the effect of taxes (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||||
Revenues | $ | 765.3 | $ | 708.2 | $ | 1,490.40 | $ | 1,385.10 | |||||||||
Gross profit | $ | 276.2 | $ | 240.6 | $ | 534.1 | $ | 452.1 | |||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88.5 | $ | 49.2 | $ | 147.3 | $ | 71.1 | |||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Diluted | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Summary of Goodwill by Operating Segment | ' | ||||||||||||||||||||||||
The following table summarizes goodwill by relevant operating segment as of June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
Balance as of June 27, 2014 | Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Operating Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 574.4 | $ | (410.2 | ) | $ | 164.2 | $ | 547.4 | $ | (410.2 | ) | $ | 137.2 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
$ | 650.4 | $ | (438.8 | ) | $ | 211.6 | $ | 623.4 | $ | (438.8 | ) | $ | 184.6 | ||||||||||||
Summary of Intangible Assets, Net | ' | ||||||||||||||||||||||||
Intangible assets, net, were as follows as of June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 27, 2014 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.7 | ) | $ | — | $ | (0.4 | ) | $ | 3.8 | 12-May | ||||||||||||
Customer relationships | 300.7 | (114.0 | ) | (27.3 | ) | (23.0 | ) | 136.4 | 18-May | ||||||||||||||||
Patents | 43.7 | (20.1 | ) | — | (13.7 | ) | 9.9 | 12 | |||||||||||||||||
Developed technology | 158.9 | (75.0 | ) | — | (2.4 | ) | 81.5 | 13-May | |||||||||||||||||
Trademarks | 14 | (6.5 | ) | — | (1.1 | ) | 6.4 | 15 | |||||||||||||||||
In-process research and development | 7.5 | — | — | — | 7.5 | ||||||||||||||||||||
Total intangibles | $ | 538.7 | $ | (225.3 | ) | $ | (27.3 | ) | $ | (40.6 | ) | $ | 245.5 | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | Useful Life | ||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | (in Years) | |||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (9.4 | ) | $ | — | $ | (0.4 | ) | $ | 4.1 | 12-May | ||||||||||||
Customer relationships | 280.3 | (105.5 | ) | (27.4 | ) | (23.0 | ) | 124.4 | 18-May | ||||||||||||||||
Patents | 43.7 | (19.0 | ) | — | (13.7 | ) | 11 | 12 | |||||||||||||||||
Developed technology | 146.2 | (66.7 | ) | — | (2.4 | ) | 77.1 | 12-May | |||||||||||||||||
Trademarks | 14 | (6.1 | ) | — | (1.1 | ) | 6.8 | 15 | |||||||||||||||||
Total intangibles | $ | 498.1 | $ | (206.7 | ) | $ | (27.4 | ) | $ | (40.6 | ) | $ | 223.4 | ||||||||||||
Summary of Amortization Expense | ' | ||||||||||||||||||||||||
Amortization expense for intangible assets, with the exception of the $7.5 million of IPRD assets that will be amortized once the corresponding projects have been completed, is expected to be as follows over the next five years and thereafter (in millions): | |||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2014 | $ | 24 | |||||||||||||||||||||||
2015 | 44.3 | ||||||||||||||||||||||||
2016 | 34.6 | ||||||||||||||||||||||||
2017 | 30.3 | ||||||||||||||||||||||||
2018 | 25.8 | ||||||||||||||||||||||||
Thereafter | 79 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 238 | |||||||||||||||||||||||
Restructuring_Asset_Impairment1
Restructuring, Asset Impairments And Other, Net (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
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 six months ended June 27, 2014 is as follows (in millions): | |||||||||||||||||
Restructuring | Impairment | Other | Total | ||||||||||||||
Quarter ended June 27, 2014 | |||||||||||||||||
System Solutions Group Voluntary Retirement Program | $ | 2.3 | $ | — | $ | (1.7 | ) | $ | 0.6 | ||||||||
KSS facility closure | 3.1 | — | (1.4 | ) | 1.7 | ||||||||||||
Other | 0.5 | 1.3 | — | 1.8 | |||||||||||||
Total | $ | 5.9 | $ | 1.3 | $ | (3.1 | ) | $ | 4.1 | ||||||||
Six months ended June 27, 2014 | |||||||||||||||||
System Solutions Group Voluntary Retirement Program | $ | 7.3 | $ | — | $ | (4.5 | ) | $ | 2.8 | ||||||||
KSS facility closure | 6.7 | — | (1.4 | ) | 5.3 | ||||||||||||
Other | 0.5 | 1.3 | — | 1.8 | |||||||||||||
Total | $ | 14.5 | $ | 1.3 | $ | (5.9 | ) | $ | 9.9 | ||||||||
Rollforward Of Accrued Restructuring Charges | ' | ||||||||||||||||
The following is a rollforward of the accrued restructuring charges from December 31, 2013 to June 27, 2014 (in millions): | |||||||||||||||||
Balance as of December 31, 2013 | Charges | Usage | Balance as of June 27, 2014 | ||||||||||||||
Estimated employee separation charges | $ | 25.2 | $ | 13.6 | $ | (21.2 | ) | $ | 17.6 | ||||||||
Estimated costs to exit | 1 | 0.9 | (1.0 | ) | 0.9 | ||||||||||||
Total | $ | 26.2 | $ | 14.5 | $ | (22.2 | ) | $ | 18.5 | ||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||
Supplemental Balance Sheet Information | ' | |||||||||||||||
Certain significant amounts included in the Company's balance sheet as of June 27, 2014 and December 31, 2013 consist of the following (dollars in millions): | ||||||||||||||||
June 27, 2014 | December 31, 2013 | |||||||||||||||
Receivables, net: | ||||||||||||||||
Accounts receivable | $ | 438.4 | $ | 384.4 | ||||||||||||
Less: Allowance for doubtful accounts | (1.1 | ) | (1.0 | ) | ||||||||||||
$ | 437.3 | $ | 383.4 | |||||||||||||
Inventories: | ||||||||||||||||
Raw materials | $ | 96.4 | $ | 89.2 | ||||||||||||
Work in process | 337.4 | 319.6 | ||||||||||||||
Finished goods | 198.8 | 203 | ||||||||||||||
$ | 632.6 | $ | 611.8 | |||||||||||||
Other current assets: | ||||||||||||||||
Prepaid expenses | $ | 25.8 | $ | 24.8 | ||||||||||||
Value added and other income tax receivables | 29.7 | 31.7 | ||||||||||||||
Other | 35 | 32.8 | ||||||||||||||
$ | 90.5 | $ | 89.3 | |||||||||||||
Property, plant and equipment, net (1): | ||||||||||||||||
Land | $ | 53.2 | $ | 52.3 | ||||||||||||
Buildings | 493 | 467.7 | ||||||||||||||
Machinery and equipment | 2,025.70 | 1,918.40 | ||||||||||||||
Total property, plant and equipment | 2,571.90 | 2,438.40 | ||||||||||||||
Less: Accumulated depreciation | (1,430.2 | ) | (1,364.2 | ) | ||||||||||||
$ | 1,141.70 | $ | 1,074.20 | |||||||||||||
Accrued expenses: | ||||||||||||||||
Accrued payroll | $ | 107.4 | $ | 91.3 | ||||||||||||
Sales related reserves | 55.9 | 54.2 | ||||||||||||||
Restructuring reserves | 18.5 | 26.2 | ||||||||||||||
Accrued pension liability | 8.6 | 10.4 | ||||||||||||||
Accrued interest | 2.7 | 1.9 | ||||||||||||||
Other | 38.8 | 36.3 | ||||||||||||||
$ | 231.9 | $ | 220.3 | |||||||||||||
(1) Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. | ||||||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||
The activity related to the Company's warranty reserves for the six months ended June 27, 2014 and June 28, 2013, respectively, is as follows (in millions): | ||||||||||||||||
Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
Beginning Balance | $ | 6 | $ | 10.2 | ||||||||||||
Provision | 1.1 | 2 | ||||||||||||||
Usage | (1.3 | ) | (5.1 | ) | ||||||||||||
Ending Balance | $ | 5.8 | $ | 7.1 | ||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
The components of the Company's net periodic pension expense for the quarters ended June 27, 2014 and June 28, 2013 are as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | |||||||||||||
Service cost | $ | 2.4 | $ | 2.9 | $ | 4.9 | $ | 6.6 | ||||||||
Interest cost | 1.5 | 1.6 | 3 | 3.6 | ||||||||||||
Expected return on plan assets | (0.9 | ) | (1.1 | ) | (1.8 | ) | (2.2 | ) | ||||||||
Curtailment gain | (3.1 | ) | (2.9 | ) | (5.9 | ) | (11.9 | ) | ||||||||
Actuarial loss | — | — | — | 13.6 | ||||||||||||
Total net periodic pension cost | $ | (0.1 | ) | $ | 0.5 | $ | 0.2 | $ | 9.7 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
The Company's long-term debt consists of the following (dollars in millions): | ||||||||
June 27, 2014 | December 31, 2013 | |||||||
Senior Revolving Credit Facility due 2018, interest payable quarterly at 1.75% and 2.00% respectively | $ | 120 | $ | 120 | ||||
Loan with Japanese bank due 2014 through 2018, interest payable quarterly at 1.98% and 2.00%, respectively (1) | 254.8 | 273.7 | ||||||
2.625% Notes, Series B (net of discount of $18.3 million and $21.7 million, respectively) (2) | 338.6 | 335.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.90% and 1.91%, respectively | 25 | 40 | ||||||
Loans with Philippine bank due 2014 through 2015, interest payable monthly and quarterly at an average rate of 2.15% and 2.16%, respectively | 36.7 | 39.2 | ||||||
Loan with Chinese bank due 2014, interest payable quarterly at 3.33% and 3.34%, respectively | 7 | 7 | ||||||
Loan with Singapore bank, interest payable weekly at 1.40% and 1.94%, respectively | 30 | 15 | ||||||
Loan with British finance company, interest payable monthly at 0.0% and 1.57%, respectively | — | 0.2 | ||||||
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | 27.2 | 28.1 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% | 7.1 | 9.5 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% | 5.1 | 5.9 | ||||||
Canada revolving line of credit, interest payable quarterly at 1.83% and 1.84%, respectively | 15 | 15 | ||||||
Capital lease obligations | 38.4 | 53.4 | ||||||
Long-term debt, including current maturities | 904.9 | 942.2 | ||||||
Less: Current maturities | (169.4 | ) | (181.6 | ) | ||||
Long-term debt | $ | 735.5 | $ | 760.6 | ||||
_______________________ | ||||||||
-1 | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. | |||||||
-2 | Interest is payable on June 15 and December 15 of each year at 2.625% annually. 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 June 27, 2014 are as follows (in millions): | ||||||||
Period | Expected Maturities | |||||||
Remainder of 2014 | $ | 81.5 | ||||||
2015 | 130.9 | |||||||
2016 | 426.8 | |||||||
2017 | 39.6 | |||||||
2018 | 243.5 | |||||||
Thereafter | 0.9 | |||||||
Total | $ | 923.2 | ||||||
Earnings_per_Share_and_Equity_
Earnings per Share and Equity (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
Earnings Per Share [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 | Six Months Ended | ||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | ||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88 | $ | 47.7 | $ | 146.4 | $ | 70.3 | |||||||||
Basic weighted average common shares outstanding | 441.1 | 450.7 | 440.7 | 450.1 | |||||||||||||
Add: Incremental shares for: | |||||||||||||||||
Dilutive effect of share-based awards | 3.4 | 2.6 | 3.8 | 2.8 | |||||||||||||
Diluted weighted average common shares outstanding | 444.5 | 453.3 | 444.5 | 452.9 | |||||||||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||||||||||
Basic | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Diluted | $ | 0.2 | $ | 0.11 | $ | 0.33 | $ | 0.16 | |||||||||
Schedule of Share Repurchase Program | ' | ||||||||||||||||
Information relating to the Company's share repurchase program is as follows (in millions, except per share data): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | 27-Jun-14 | 28-Jun-13 | ||||||||||||||
Number of repurchased shares (1) | 1.1 | 1.5 | 3.3 | 1.5 | |||||||||||||
Beginning accrued share repurchases (2) | 1.3 | — | 0.6 | — | |||||||||||||
Aggregate purchase price | $ | 10.1 | $ | 12.1 | $ | 30.2 | $ | 12.1 | |||||||||
Less: ending accrued share repurchases (3) | $ | — | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | |||||||
Total cash used for share repurchases | $ | 11.4 | $ | 9.4 | $ | 30.8 | $ | 9.4 | |||||||||
Weighted-average purchase price per share (4) | $ | 9.57 | $ | 7.87 | $ | 9.27 | $ | 7.87 | |||||||||
Available for future purchases at period end | $ | 113.2 | $ | 232.6 | $ | 113.2 | $ | 232.6 | |||||||||
(1) None of these shares had been reissued or retired as of June 27, 2014, but may be reissued or retired by | |||||||||||||||||
the Company at a later date. | |||||||||||||||||
(2) Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance | |||||||||||||||||
Sheet as of the beginning of the period. | |||||||||||||||||
(3) Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance | |||||||||||||||||
Sheet as of the end of the period. | |||||||||||||||||
(4) Exclusive of fees, commissions and other expenses. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||
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 and ESPP for the quarters ended June 27, 2014 and June 28, 2013 was comprised as follows (in millions): | ||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||
June 27, 2014 | June 28, 2013 | June 27, 2014 | June 28, 2013 | |||||||||||||||||||
Cost of revenues | $ | 1.7 | $ | 1.4 | $ | 3.1 | $ | 2.5 | ||||||||||||||
Research and development | 2.2 | 1.7 | 4 | 3.1 | ||||||||||||||||||
Selling and marketing | 2.2 | 1.6 | 3.7 | 2.7 | ||||||||||||||||||
General and administrative | 7.3 | 5.9 | 11.1 | 8.1 | ||||||||||||||||||
Share-based compensation expense before income taxes | $ | 13.4 | $ | 10.6 | $ | 21.9 | $ | 16.4 | ||||||||||||||
Related income tax benefits (1) | — | — | — | — | ||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 13.4 | $ | 10.6 | $ | 21.9 | $ | 16.4 | ||||||||||||||
____________________ | ||||||||||||||||||||||
(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. | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
A summary of stock option transactions follows (in millions except per share and term data): | ||||||||||||||||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2013 | 14 | $ | 7.89 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | (2.4 | ) | 6.56 | |||||||||||||||||||
Canceled | (0.3 | ) | 10.19 | |||||||||||||||||||
Outstanding at July 27, 2014 | 11.3 | $ | 8.1 | 3.2 | $ | 16 | ||||||||||||||||
Exercisable at July 27, 2014 | 9.2 | $ | 8.28 | 2.8 | $ | 12.1 | ||||||||||||||||
Additional Information On Stock Options Outstanding | ' | |||||||||||||||||||||
Additional information about stock options outstanding at June 27, 2014 with exercise prices less than or above $9.09 per share, the effective closing price of the Company's common stock at June 27, 2014, 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 $9.09 | 4.8 | $ | 6.59 | 2 | $ | 7.13 | 6.8 | $ | 6.75 | |||||||||||||
Above $9.09 | 4.4 | $ | 10.16 | 0.1 | $ | 9.7 | 4.5 | $ | 10.15 | |||||||||||||
Total outstanding | 9.2 | $ | 8.28 | 2.1 | $ | 7.25 | 11.3 | $ | 8.1 | |||||||||||||
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 June 27, 2014, and changes during the six months ended June 27, 2014 (number of shares in millions): | ||||||||||||||||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2013 | 10.8 | $ | 8.52 | |||||||||||||||||||
Granted | 3.5 | 9.32 | ||||||||||||||||||||
Released | (1.9 | ) | 8.37 | |||||||||||||||||||
Forfeited | (3.1 | ) | 10.14 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at June 27, 2014 | 9.3 | $ | 8.32 | |||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 6 Months Ended | |||
Jun. 27, 2014 | ||||
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 June 27, 2014 (in millions): | ||||
Remainder of 2014 | $ | 17 | ||
2015 | 14.5 | |||
2016 | 10.8 | |||
2017 | 8.3 | |||
2018 | 6.3 | |||
Thereafter | 31.1 | |||
Total | $ | 88 | ||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity 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 June 27, 2014 and December 31, 2013 (in millions): | ||||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||
27-Jun-14 | Active Markets (Level 1) | December 31, 2013 | Active Markets (Level 1) | |||||||||||||
Description | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Demand and time deposits | $ | 442.9 | $ | 442.9 | $ | 447.5 | $ | 447.5 | ||||||||
Money market funds | 156 | 156 | 62 | 62 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign currency exchange contracts | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
Held-to-maturity Securities | ' | |||||||||||||||
Short-term investments classified as held-to-maturity as of June 27, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||
Balance at June 27, 2014 | Balance at December 31, 2013 | |||||||||||||||
Carried at Amortized Cost | Fair Value | Carried at Amortized Cost | Fair Value | |||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||
Commercial paper | $ | — | $ | — | $ | 15.5 | $ | 15.5 | ||||||||
Corporate bonds | 2.3 | 2.3 | 93.7 | 93.7 | ||||||||||||
Government agencies | — | — | 7 | 7 | ||||||||||||
$ | 2.3 | $ | 2.3 | $ | 116.2 | $ | 116.2 | |||||||||
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) as of June 27, 2014 and December 31, 2013 are as follows (in millions): | ||||||||||||||||
June 27, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Long-term debt, including current portion | ||||||||||||||||
2.625% Notes, Series B | $ | 338.6 | $ | 418 | $ | 335.2 | $ | 392.6 | ||||||||
Long-term debt | $ | 488.5 | $ | 490.2 | $ | 510.2 | $ | 511.4 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
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 June 27, 2014 and December 31, 2013 (in millions): | |||||||||||||||||
27-Jun-14 | 31-Dec-13 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (31.7 | ) | $ | 31.7 | $ | (30.5 | ) | $ | 30.5 | |||||||
Japanese Yen | (23.3 | ) | 23.3 | (6.7 | ) | 6.7 | |||||||||||
Malaysian Ringgit | 42.6 | 42.6 | 35.8 | 35.8 | |||||||||||||
Philippine Peso | 16.9 | 16.9 | 11.7 | 11.7 | |||||||||||||
Other Currencies | 12.7 | 18 | 10.6 | 17 | |||||||||||||
$ | 17.2 | $ | 132.5 | $ | 20.9 | $ | 101.7 | ||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 27, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Amounts comprising the Company's accumulated other comprehensive loss and reclassifications for the six months ended June 27, 2014 are as follows (net of tax of $0, in millions): | |||||||||||||||||
Foreign Currency Translation Adjustments | Effects of Cash Flow Hedges | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||||||
Balance as of December 31, 2013 | $ | (46.0 | ) | $ | (1.8 | ) | $ | 0.4 | $ | (47.4 | ) | ||||||
Other comprehensive income (loss) prior to reclassifications | (0.6 | ) | 4.1 | — | 3.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1.4 | ) | — | (1.4 | ) | |||||||||||
Net current period other comprehensive gain | (0.6 | ) | 2.7 | — | 2.1 | ||||||||||||
Balance as of June 27, 2014 | $ | (46.6 | ) | $ | 0.9 | $ | 0.4 | $ | (45.3 | ) | |||||||
Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the quarter and six months ended June 27, 2014 were as follows (net of tax of $0, in millions): | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Quarter Ended June 27, 2014 | Six Months Ended June 27, 2014 | Affected Line Item Where Net Income is Presented | |||||||||||||||
Effects of cash flow hedges | $ | (0.1 | ) | $ | (1.4 | ) | Cost of revenues |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 6 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
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 Six Months Ended | |||||||||
June 27, 2014 | June 28, 2013 | ||||||||
Non-cash financing activities: | |||||||||
Capital expenditures in accounts payable | $ | 80.1 | $ | 56.9 | |||||
Equipment acquired or refinanced through capital leases | $ | 6.1 | $ | 2.1 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (0.4 | ) | $ | (0.7 | ) | |||
Interest expense | $ | 11.2 | $ | 11.3 | |||||
Income taxes | $ | 8.6 | $ | 7.4 | |||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 27, 2014 | ||||||||||||||||
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 six months ended June 27, 2014 and June 28, 2013, respectively, are as follows (in millions): | ||||||||||||||||
Application Products Group | Standard | System Solutions Group | Total | |||||||||||||
Products | ||||||||||||||||
Group | ||||||||||||||||
For the quarter ended June 27, 2014: | ||||||||||||||||
Revenues from external customers | $ | 301.2 | $ | 303.7 | $ | 152.7 | $ | 757.6 | ||||||||
Segment gross profit | $ | 136.9 | $ | 110.2 | $ | 31 | $ | 278.1 | ||||||||
Segment operating income (loss) | $ | 36.5 | $ | 60.7 | $ | (0.1 | ) | $ | 97.1 | |||||||
For the quarter ended June 28, 2013: | ||||||||||||||||
Revenues from external customers | $ | 251.5 | $ | 276.4 | $ | 160.4 | $ | 688.3 | ||||||||
Segment gross profit | $ | 110.4 | $ | 106 | $ | 20.5 | $ | 236.9 | ||||||||
Segment operating income (loss) | $ | 22.2 | $ | 65.3 | $ | (23.0 | ) | $ | 64.5 | |||||||
Application Products Group | Standard | System Solutions Group | Total | |||||||||||||
Products | ||||||||||||||||
Group | ||||||||||||||||
For the six months ended June 27, 2014: | ||||||||||||||||
Revenues from external customers | $ | 580.7 | $ | 596.6 | $ | 286.8 | $ | 1,464.10 | ||||||||
Segment gross profit | $ | 263 | $ | 216.4 | $ | 56 | $ | 535.4 | ||||||||
Segment operating income (loss) | $ | 74.3 | $ | 120.9 | $ | (8.8 | ) | $ | 186.4 | |||||||
For the six months ended June 28, 2013: | ||||||||||||||||
Revenues from external customers | $ | 496.5 | $ | 541.6 | $ | 311.2 | $ | 1,349.30 | ||||||||
Segment gross profit | $ | 217.3 | $ | 200.5 | $ | 29.1 | $ | 446.9 | ||||||||
Segment operating income (loss) | $ | 49.7 | $ | 122.9 | $ | (68.7 | ) | $ | 103.9 | |||||||
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 | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
Gross profit for reportable segments | $ | 278.1 | $ | 236.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (5.1 | ) | (5.1 | ) | ||||||||||||
Gross profit | $ | 273 | $ | 231.8 | ||||||||||||
Operating income for reportable segments | $ | 97.1 | 64.5 | |||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (4.1 | ) | (6.1 | ) | ||||||||||||
Other unallocated manufacturing costs | (5.1 | ) | (5.1 | ) | ||||||||||||
Other unallocated operating expenses | (6.2 | ) | (2.4 | ) | ||||||||||||
Operating income | $ | 81.7 | $ | 50.9 | ||||||||||||
Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | |||||||||||||||
Gross profit for reportable segments | $ | 535.4 | $ | 446.9 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Other unallocated manufacturing costs | (11.6 | ) | (10.6 | ) | ||||||||||||
Gross profit | $ | 523.8 | $ | 436.3 | ||||||||||||
Operating income for reportable segments | 186.4 | 103.9 | ||||||||||||||
Unallocated amounts: | ||||||||||||||||
Restructuring and other charges | (9.9 | ) | (0.1 | ) | ||||||||||||
Other unallocated manufacturing costs | (11.6 | ) | (10.6 | ) | ||||||||||||
Other unallocated operating expenses | (9.9 | ) | (4.6 | ) | ||||||||||||
Operating income | $ | 155 | $ | 88.6 | ||||||||||||
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 | ||||||||||||||||
June 27, 2014 | June 28, 2013 | |||||||||||||||
United States | $ | 126.1 | $ | 98.5 | ||||||||||||
Japan | 66.8 | 75.7 | ||||||||||||||
China | 220.9 | 198.5 | ||||||||||||||
Singapore | 189.7 | 180.9 | ||||||||||||||
United Kingdom | 118.3 | 102.6 | ||||||||||||||
Other | 35.8 | 32.1 | ||||||||||||||
$ | 757.6 | $ | 688.3 | |||||||||||||
Six Months Ended | ||||||||||||||||
27-Jun-14 | 28-Jun-13 | |||||||||||||||
United States | $ | 238.1 | $ | 197.4 | ||||||||||||
Japan | 132.1 | 147.3 | ||||||||||||||
China | 423.6 | 397.9 | ||||||||||||||
Singapore | 370.1 | 347.3 | ||||||||||||||
United Kingdom | 235.5 | 200.3 | ||||||||||||||
Other | 64.7 | 59.1 | ||||||||||||||
$ | 1,464.10 | $ | 1,349.30 | |||||||||||||
Summary Of Property, Plant And Equipment By Geographic Location | ' | |||||||||||||||
Property, plant and equipment, net by geographic location, is summarized as follows (in millions): | ||||||||||||||||
June 27, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 284.2 | $ | 255.3 | ||||||||||||
Czech Republic | 114.5 | 111.1 | ||||||||||||||
Malaysia | 225.3 | 213.9 | ||||||||||||||
Philippines | 188.4 | 173.8 | ||||||||||||||
Other | 329.3 | 320.1 | ||||||||||||||
$ | 1,141.70 | $ | 1,074.20 | |||||||||||||
Recovered_Sheet1
Guarantor and Non-Guarantor Statements (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 27, 2014 | ||||||||||||||||||||||||
Guarantor And Non-Guarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Balance Sheet | ' | |||||||||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
Accumulated other comprehensive loss | (47.4 | ) | (49.2 | ) | — | (38.6 | ) | 87.8 | (47.4 | ) | ||||||||||||||
Accumulated deficit | (1,142.1 | ) | (365.2 | ) | (130.9 | ) | 686.6 | (190.5 | ) | (1,142.1 | ) | |||||||||||||
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 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 302.8 | $ | — | $ | 296.1 | $ | — | $ | 598.9 | ||||||||||||
Short-term investments | — | 2.3 | — | — | — | 2.3 | ||||||||||||||||||
Receivables, net | — | 59.2 | — | 378.1 | — | 437.3 | ||||||||||||||||||
Inventories | — | 47.5 | — | 582.3 | 2.8 | 632.6 | ||||||||||||||||||
Short-term intercompany receivables | — | — | 4.7 | 67.6 | (72.3 | ) | — | |||||||||||||||||
Other current assets | — | 24 | — | 66.5 | — | 90.5 | ||||||||||||||||||
Total current assets | — | 435.8 | 4.7 | 1,390.60 | (69.5 | ) | 1,761.60 | |||||||||||||||||
Property, plant and equipment, net | — | 255.9 | 3.1 | 884.3 | (1.6 | ) | 1,141.70 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 62.7 | — | 211.6 | ||||||||||||||||||
Intangible assets, net | — | 105.5 | — | 159.7 | (19.7 | ) | 245.5 | |||||||||||||||||
Long-term intercompany receivables | — | — | — | 1.8 | (1.8 | ) | — | |||||||||||||||||
Other assets | 1,945.60 | 1,921.00 | 136.3 | 831.6 | (4,776.5 | ) | 58 | |||||||||||||||||
Total assets | $ | 1,945.60 | $ | 2,829.80 | $ | 181.4 | $ | 3,330.70 | $ | (4,869.1 | ) | $ | 3,418.40 | |||||||||||
Accounts payable | $ | — | $ | 37.2 | $ | 0.1 | $ | 268.1 | $ | — | $ | 305.4 | ||||||||||||
Accrued expenses | 0.3 | 61.5 | 0.5 | 169.6 | — | 231.9 | ||||||||||||||||||
Deferred income on sales to distributors | — | 38.6 | — | 124 | — | 162.6 | ||||||||||||||||||
Current portion of long-term debt | — | 67.8 | — | 101.6 | — | 169.4 | ||||||||||||||||||
Short-term intercompany payables | — | 72.3 | — | — | (72.3 | ) | — | |||||||||||||||||
Total current liabilities | 0.3 | 277.4 | 0.6 | 663.3 | (72.3 | ) | 869.3 | |||||||||||||||||
Long-term debt | 338.6 | 372.3 | — | 24.6 | — | 735.5 | ||||||||||||||||||
Other long-term liabilities | — | 20.5 | 0.1 | 153.5 | — | 174.1 | ||||||||||||||||||
Long-term intercompany payables | — | 1.8 | — | — | (1.8 | ) | — | |||||||||||||||||
Total liabilities | 338.9 | 672 | 0.7 | 841.4 | (74.1 | ) | 1,778.90 | |||||||||||||||||
Common stock | 5.2 | 24.6 | 50.9 | 173.9 | (249.4 | ) | 5.2 | |||||||||||||||||
Additional paid-in capital | 3,250.60 | 2,370.60 | 260.1 | 1,497.70 | (4,128.4 | ) | 3,250.60 | |||||||||||||||||
Accumulated other comprehensive loss | (45.3 | ) | (46.9 | ) | — | (39.2 | ) | 86.1 | (45.3 | ) | ||||||||||||||
Accumulated deficit | (995.7 | ) | (190.5 | ) | (130.3 | ) | 856.9 | (536.1 | ) | (995.7 | ) | |||||||||||||
Less: treasury stock, at cost | (608.1 | ) | — | — | — | — | (608.1 | ) | ||||||||||||||||
Total ON Semiconductor Corporation stockholders’ equity | 1,606.70 | 2,157.80 | 180.7 | 2,489.30 | (4,827.8 | ) | 1,606.70 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 32.8 | 32.8 | ||||||||||||||||||
Total equity | 1,606.70 | 2,157.80 | 180.7 | 2,489.30 | (4,795.0 | ) | 1,639.50 | |||||||||||||||||
Total liabilities and equity | $ | 1,945.60 | $ | 2,829.80 | $ | 181.4 | $ | 3,330.70 | $ | (4,869.1 | ) | $ | 3,418.40 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement of Operations and Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 347.2 | $ | 7.9 | $ | 2,024.20 | $ | (915.2 | ) | $ | 1,464.10 | |||||||||||
Cost of revenues | — | 282.3 | 0.5 | 1,573.00 | (915.5 | ) | 940.3 | |||||||||||||||||
Gross profit | — | 64.9 | 7.4 | 451.2 | 0.3 | 523.8 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 25.4 | 5.9 | 131 | — | 162.3 | ||||||||||||||||||
Selling and marketing | — | 40.2 | 0.4 | 51.7 | — | 92.3 | ||||||||||||||||||
General and administrative | — | 30.5 | 0.6 | 54.6 | — | 85.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 7.5 | — | 13.1 | (2.0 | ) | 18.6 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 1.3 | — | 8.6 | — | 9.9 | ||||||||||||||||||
Total operating expenses | — | 104.9 | 6.9 | 259 | (2.0 | ) | 368.8 | |||||||||||||||||
Operating income (loss) | — | (40.0 | ) | 0.5 | 192.2 | 2.3 | 155 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (8.2 | ) | (6.6 | ) | — | (1.2 | ) | — | (16.0 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.3 | — | 0.4 | ||||||||||||||||||
Other | — | 0.9 | — | (2.7 | ) | — | (1.8 | ) | ||||||||||||||||
Equity in earnings | 154.6 | 195.7 | 2.9 | — | (353.2 | ) | — | |||||||||||||||||
Other income (expense), net | 146.4 | 190.1 | 2.9 | (3.6 | ) | (353.2 | ) | (17.4 | ) | |||||||||||||||
Income before income taxes | 146.4 | 150.1 | 3.4 | 188.6 | (350.9 | ) | 137.6 | |||||||||||||||||
Income tax benefit (provision) | — | 24.6 | (0.3 | ) | (14.3 | ) | — | 10 | ||||||||||||||||
Net income | 146.4 | 174.7 | 3.1 | 174.3 | (350.9 | ) | 147.6 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 146.4 | $ | 174.7 | $ | 3.1 | $ | 174.3 | $ | (352.1 | ) | $ | 146.4 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 148.5 | $ | 177.2 | $ | 3.1 | $ | 173.7 | $ | (354.0 | ) | $ | 148.5 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 177.2 | $ | 4 | $ | 1,050.10 | $ | (473.7 | ) | $ | 757.6 | |||||||||||
Cost of revenues | — | 142.9 | 0.3 | 816.3 | (474.9 | ) | 484.6 | |||||||||||||||||
Gross profit | — | 34.3 | 3.7 | 233.8 | 1.2 | 273 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 13.2 | 2.9 | 68.1 | — | 84.2 | ||||||||||||||||||
Selling and marketing | — | 20.9 | 0.2 | 26.8 | — | 47.9 | ||||||||||||||||||
General and administrative | — | 17.3 | 0.3 | 27.1 | — | 44.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.8 | — | 7.6 | (1.0 | ) | 10.4 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 0.9 | — | 3.2 | — | 4.1 | ||||||||||||||||||
Total operating expenses | — | 56.1 | 3.4 | 132.8 | (1.0 | ) | 191.3 | |||||||||||||||||
Operating income (loss) | — | (21.8 | ) | 0.3 | 101 | 2.2 | 81.7 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.2 | ) | (3.1 | ) | — | (0.6 | ) | — | (7.9 | ) | ||||||||||||||
Interest income | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Other | — | 1.5 | — | (2.7 | ) | — | (1.2 | ) | ||||||||||||||||
Equity in earnings | 92.2 | 97.1 | 2.3 | — | (191.6 | ) | — | |||||||||||||||||
Other income (expense), net | 88 | 95.5 | 2.3 | (3.1 | ) | (191.6 | ) | (8.9 | ) | |||||||||||||||
Income before income taxes | 88 | 73.7 | 2.6 | 97.9 | (189.4 | ) | 72.8 | |||||||||||||||||
Income tax benefit (provision) | — | 18.9 | (0.3 | ) | (2.4 | ) | — | 16.2 | ||||||||||||||||
Net income | 88 | 92.6 | 2.3 | 95.5 | (189.4 | ) | 89 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 88 | $ | 92.6 | $ | 2.3 | $ | 95.5 | $ | (190.4 | ) | $ | 88 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 89.1 | $ | 93.9 | $ | 2.3 | $ | 95.3 | $ | (191.5 | ) | $ | 89.1 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Operations, Comprehensive Income And Cash Flow | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 27, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 14.1 | $ | 0.7 | $ | 215.2 | $ | (3.5 | ) | $ | 226.5 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (29.0 | ) | (0.7 | ) | (66.8 | ) | — | (96.5 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.3 | — | 1.3 | ||||||||||||||||||
Purchase of businesses, net of cash acquired | — | — | — | (90.9 | ) | — | (90.9 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 116.2 | — | — | — | 116.2 | ||||||||||||||||||
Purchases of held-to-maturity securities | — | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 18.3 | — | — | — | (18.3 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 18.3 | 84.9 | (0.7 | ) | (156.2 | ) | (18.3 | ) | (72.0 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (65.3 | ) | — | 65.3 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 65.5 | — | (65.5 | ) | — | — | |||||||||||||||||
Payments to parent | — | (23.0 | ) | — | — | 23 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 2.5 | — | — | — | — | 2.5 | ||||||||||||||||||
Proceeds from exercise of stock options | 15.4 | — | — | — | — | 15.4 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (5.4 | ) | — | — | — | — | (5.4 | ) | ||||||||||||||||
Repurchase of common stock | (30.8 | ) | — | — | — | — | (30.8 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 15 | — | 15 | ||||||||||||||||||
Payment of capital leases obligations | — | (19.2 | ) | — | (1.8 | ) | — | (21.0 | ) | |||||||||||||||
Repayment of long-term debt | — | (22.1 | ) | — | (18.6 | ) | — | (40.7 | ) | |||||||||||||||
Dividend to non-controlling shareholder of consolidated subsidiary | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||
Net cash used in financing activities | (18.3 | ) | (64.1 | ) | — | (5.6 | ) | 21.8 | (66.2 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | 34.9 | — | 54.5 | — | 89.4 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 267.9 | — | 241.6 | — | 509.5 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 302.8 | $ | — | $ | 296.1 | $ | — | $ | 598.9 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 28, 2013 | ||||||||||||||||||||||||
(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 | $ | — | $ | (5.5 | ) | $ | — | $ | 151.5 | $ | (5.6 | ) | $ | 140.4 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (16.3 | ) | — | (68.4 | ) | — | (84.7 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.1 | — | 8.3 | — | 8.4 | ||||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Proceeds from held-to maturity securities | — | 124.2 | — | — | — | 124.2 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (162.3 | ) | — | — | — | (162.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 80.4 | — | — | — | (80.4 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 80.4 | (54.3 | ) | — | (61.6 | ) | (80.4 | ) | (115.9 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (403.7 | ) | — | 403.7 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 539.6 | — | (539.6 | ) | — | — | |||||||||||||||||
Payments to parent | — | (86.0 | ) | — | — | 86 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 2.1 | — | — | — | — | 2.1 | ||||||||||||||||||
Proceeds from exercise of stock options | 6.6 | — | — | — | — | 6.6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (2.2 | ) | — | — | — | — | (2.2 | ) | ||||||||||||||||
Repurchase of common stock | (9.4 | ) | — | — | — | — | (9.4 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 26.2 | — | 26.2 | ||||||||||||||||||
Payment of capital leases obligations | — | (19.7 | ) | — | (2.1 | ) | — | (21.8 | ) | |||||||||||||||
Repayment of long-term debt | (77.5 | ) | (3.0 | ) | — | (27.1 | ) | — | (107.6 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (80.4 | ) | 27.2 | — | (138.9 | ) | 86 | (106.1 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (9.2 | ) | — | (9.2 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (32.6 | ) | — | (58.2 | ) | — | (90.8 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 212.1 | — | 274.8 | — | 486.9 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 179.5 | $ | — | $ | 216.6 | $ | — | $ | 396.1 | ||||||||||||
Recovered_Sheet2
Background and Basis of Presentation (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Fiscal Quarter, Number of Days | '91 days | '91 days | '178 days | '179 days |
Acquisitions_Details
Acquisitions (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Apr. 30, 2014 | Jun. 09, 2014 | Jun. 27, 2014 | Apr. 30, 2014 | Jun. 27, 2014 | Apr. 30, 2014 |
In Millions, unless otherwise specified | Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | Aptina, Inc. [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Developed Technology [Member] | Developed Technology [Member] | ||
Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | Truesense Imaging, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | $3.70 | $4 | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Purchase price | ' | ' | 95.1 | ' | ' | ' | 400 | ' | ' | ' | ' |
Assets acquired, In-process research and development | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 21.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 33.1 | ' | ' | 20.4 | ' | 12.7 |
Weighted average useful life | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '12 years | ' |
Goodwill | $211.60 | $184.60 | ' | ' | ' | $27 | ' | ' | ' | ' | ' |
Acquisitions_Schedule_of_Purch
Acquisitions Schedule of Purchase Price Allocation (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Apr. 30, 2014 |
In Millions, unless otherwise specified | Truesense Imaging, Inc. [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Cash and cash equivalents | ' | ' | $4.20 |
Receivables, net | ' | ' | 8.8 |
Inventories | ' | ' | 18.8 |
Other current assets | ' | ' | 2.6 |
Property, plant and equipment | ' | ' | 25.6 |
Goodwill | 211.6 | 184.6 | 27 |
Intangible assets | ' | ' | 33.1 |
In-process research and development | ' | ' | 7.5 |
Total assets acquired | ' | ' | 127.6 |
Accounts payable | ' | ' | 3.8 |
Other current liabilities | ' | ' | 5.6 |
Other non-current liabilities | ' | ' | 23.1 |
Total liabilities assumed | ' | ' | 32.5 |
Net assets acquired | ' | ' | $95.10 |
Acquisitions_Schedule_of_Pro_F
Acquisitions Schedule of Pro Forma Information (Details) (Truesense Imaging, Inc. [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Truesense Imaging, Inc. [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenues | $765.30 | $708.20 | $1,490.40 | $1,385.10 |
Gross profit | 276.2 | 240.6 | 534.1 | 452.1 |
Net income attributable to ON Semiconductor Corporation | $88.50 | $49.20 | $147.30 | $71.10 |
Net income per common share attributable to ON Semiconductor Corporation, Basic | $0.20 | $0.11 | $0.33 | $0.16 |
Net income per common share attributable to ON Semiconductor Corporation, Diluted | $0.20 | $0.11 | $0.33 | $0.16 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Summary Of Goodwill by Operating Segment) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $650.40 | $623.40 |
Accumulated Impairment Losses | -438.8 | -438.8 |
Carrying Value | 211.6 | 184.6 |
Application Products Group | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 574.4 | 547.4 |
Accumulated Impairment Losses | -410.2 | -410.2 |
Carrying Value | 164.2 | 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 $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 27, 2014 | Dec. 31, 2013 |
Original Cost | $538.70 | $498.10 |
Accumulated Amortization | -225.3 | -206.7 |
Foreign Currency Translation Adjustment | -27.3 | -27.4 |
Accumulated Impairment | -40.6 | -40.6 |
Carrying Value | 245.5 | 223.4 |
Intellectual Property [Member] | ' | ' |
Original Cost | 13.9 | 13.9 |
Accumulated Amortization | -9.7 | -9.4 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -0.4 | -0.4 |
Carrying Value | 3.8 | 4.1 |
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 | 300.7 | 280.3 |
Accumulated Amortization | -114 | -105.5 |
Foreign Currency Translation Adjustment | -27.3 | -27.4 |
Accumulated Impairment | -23 | -23 |
Carrying Value | 136.4 | 124.4 |
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 | -20.1 | -19 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -13.7 | -13.7 |
Carrying Value | 9.9 | 11 |
Useful Life (in Years) | '12 years | '12 years |
Developed Technology [Member] | ' | ' |
Original Cost | 158.9 | 146.2 |
Accumulated Amortization | -75 | -66.7 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -2.4 | -2.4 |
Carrying Value | 81.5 | 77.1 |
Developed Technology [Member] | Minimum [Member] | ' | ' |
Useful Life (in Years) | '5 years | '5 years |
Developed Technology [Member] | Maximum [Member] | ' | ' |
Useful Life (in Years) | '13 years | '12 years |
Trademarks [Member] | ' | ' |
Original Cost | 14 | 14 |
Accumulated Amortization | -6.5 | -6.1 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -1.1 | -1.1 |
Carrying Value | 6.4 | 6.8 |
Useful Life (in Years) | '15 years | '15 years |
In Process Research and Development [Member] | ' | ' |
Original Cost | 7.5 | ' |
Accumulated Amortization | 0 | ' |
Foreign Currency Translation Adjustment | 0 | ' |
Accumulated Impairment | 0 | ' |
Carrying Value | $7.50 | ' |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization of acquisition-related intangible assets | $10.40 | $8.20 | $18.60 | $16.60 | ' |
Finite-Lived Intangible Assets, Gross | 538.7 | ' | 538.7 | ' | 498.1 |
In Process Research and Development [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $7.50 | ' | $7.50 | ' | ' |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) (USD $) | Jun. 27, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2014 | $24 |
2015 | 44.3 |
2016 | 34.6 |
2017 | 30.3 |
2018 | 25.8 |
Thereafter | 79 |
Total estimated amortization expense | $238 |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | ' | ' | $14.50 | ' |
Asset Impairment Charges | ' | ' | 1.8 | 0 |
Restructuring Costs and Asset Impairment Charges | 4.1 | 6.1 | 9.9 | 0.1 |
Special Termination Benefits [Member] | System Solutions Group [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | 2.3 | ' | 7.3 | ' |
Asset Impairment Charges | 0 | ' | 0 | ' |
Other | -1.7 | ' | -4.5 | ' |
Restructuring Costs and Asset Impairment Charges | 0.6 | ' | 2.8 | ' |
Facility Closing [Member] | KSS Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | 3.1 | ' | 6.7 | ' |
Asset Impairment Charges | 0 | ' | 0 | ' |
Other | -1.4 | ' | -1.4 | ' |
Restructuring Costs and Asset Impairment Charges | 1.7 | ' | 5.3 | ' |
Other Restructuring [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | 0.5 | ' | 0.5 | ' |
Asset Impairment Charges | 1.3 | ' | 1.3 | ' |
Other | 0 | ' | 0 | ' |
Restructuring Costs and Asset Impairment Charges | 1.8 | ' | 1.8 | ' |
Restructuring Charges, Net [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | 5.9 | ' | 14.5 | ' |
Asset Impairment Charges | 1.3 | ' | 1.3 | ' |
Other | -3.1 | ' | -5.9 | ' |
Restructuring Costs and Asset Impairment Charges | $4.10 | ' | $9.90 | ' |
Restructuring_Asset_Impairment3
Restructuring, Asset Impairments And Other, Net (Rollforward Of Accrued Restructuring Charges) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 27, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Balance at Beginning of Period | $26.20 |
Restructuring Costs | 14.5 |
Usage | -22.2 |
Balance at End of Period | 18.5 |
Estimated employee separation charges | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance at Beginning of Period | 25.2 |
Restructuring Costs | 13.6 |
Usage | -21.2 |
Balance at End of Period | 17.6 |
Estimated costs to exit | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance at Beginning of Period | 1 |
Restructuring Costs | 0.9 |
Usage | -1 |
Balance at End of Period | $0.90 |
Restructuring_Asset_Impairment4
Restructuring, Asset Impairments And Other, Net (Narrative) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Oct. 06, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Oct. 06, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 28, 2014 |
Estimated costs to exit | Estimated costs to exit | System Solutions Group Voluntary Retirement Programs [Member] | System Solutions Group Voluntary Retirement Programs [Member] | System Solutions Group Voluntary Retirement Programs [Member] | Total Employees Notified [Member] | Q4 2013 Voluntary Retirement Program [Member] | Q4 2013 Voluntary Retirement Program, Expected Costs in FY of 2014 [Member] | Q4 2014 Voluntary Retirement Program [Member] | Q4 2014 Voluntary Retirement Program [Member] | Q4 2014 Voluntary Retirement Program [Member] | KSS Plan [Member] | KSS Plan [Member] | KSS Plan [Member] | KSS Plan [Member] | KSS Plan [Member] | KSS Plan [Member] | Contract Employee [Member] | Contract Employee [Member] | Contract Employee [Member] | KSS Facility [Member] | KSS Facility [Member] | KSS Facility [Member] | |||
Accrued Employee Separation Costs [Member] | System Solutions Group Voluntary Retirement Programs [Member] | Voluntary Retirement [Member] | Voluntary Retirement [Member] | Voluntary Retirement [Member] | Minimum [Member] | Maximum [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Minimum [Member] | Maximum [Member] | Q4 2013 Voluntary Retirement Program [Member] | Q4 2014 Voluntary Retirement Program [Member] | KSS Plan [Member] | Facility Closing [Member] | Facility Closing [Member] | System Solutions Group Voluntary Retirement Programs [Member] | |||||||
employees | employees | employees | Voluntary Retirement [Member] | Voluntary Retirement [Member] | employees | Facility Closing [Member] | Facility Closing [Member] | Voluntary Retirement [Member] | employees | Facility Closing [Member] | |||||||||||||||
employees | employees | employees | employees | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected reduction in employment levels | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | 20 | 60 | 70 | 170 | ' | ' | ' | ' | ' | 70 | 20 | 40 | ' | ' | ' |
Number of employees terminated | ' | ' | ' | ' | ' | ' | ' | ' | 340 | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | $7,300,000 | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional employee separation charges expected to incur | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Expected Net Gain (Loss) Due to Curtailments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Restructuring Costs | ' | ' | ' | ' | 1,700,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,400,000 | -1,400,000 | 1,400,000 |
Accrued liabilities | 18,500,000 | 26,200,000 | 900,000 | 1,000,000 | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | $3,000,000 | $4,000,000 | ' | ' | ' | ' | ' | ' |
Balance_Sheet_Information_Sche
Balance Sheet Information (Schedule of Balance Sheet Information) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Receivables, net: | ' | ' | |
Accounts receivable | $438.40 | $384.40 | |
Less: Allowance for doubtful accounts | -1.1 | -1 | |
Accounts receivable, net | 437.3 | 383.4 | |
Inventories: | ' | ' | |
Raw materials | 96.4 | 89.2 | |
Work in process | 337.4 | 319.6 | |
Finished goods | 198.8 | 203 | |
Inventories, net | 632.6 | 611.8 | |
Other current assets: | ' | ' | |
Prepaid expenses | 25.8 | 24.8 | |
Value added and other income tax receivables | 29.7 | 31.7 | |
Other | 35 | 32.8 | |
Other current assets | 90.5 | 89.3 | |
Property, plant and equipment, net (1): | ' | ' | |
Land | 53.2 | [1] | 52.3 |
Buildings | 493 | [1] | 467.7 |
Machinery and equipment | 2,025.70 | [1] | 1,918.40 |
Total property, plant and equipment | 2,571.90 | [1] | 2,438.40 |
Less: Accumulated depreciation | -1,430.20 | [1] | -1,364.20 |
Property, plant and equipment, net | 1,141.70 | [1] | 1,074.20 |
Fixed assets held for sale | 9.1 | ' | |
Accrued expenses: | ' | ' | |
Accrued payroll | 107.4 | 91.3 | |
Sales related reserves | 55.9 | 54.2 | |
Restructuring reserves | 18.5 | 26.2 | |
Accrued pension liability | 8.6 | 10.4 | |
Accrued interest | 2.7 | 1.9 | |
Other | 38.8 | 36.3 | |
Accrued Liabilities, Current, Total | $231.90 | $220.30 | |
[1] | Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. |
Balance_Sheet_Information_Warr
Balance Sheet Information (Warranty Reserves) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Warranty Reserves [Roll Forward] | ' | ' |
Beginning Balance | $6 | $10.20 |
Provision | 1.1 | 2 |
Usage | -1.3 | -5.1 |
Ending Balance | $5.80 | $7.10 |
Balance_Sheet_Information_Narr
Balance Sheet Information (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 31, 2013 |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $8.60 | ' | $8.60 | ' | $10.40 |
Defined benefit pension plan, liabilities | 110.1 | ' | 110.1 | ' | 128.9 |
Actuarial net losses | 0 | 0 | 0 | -13.6 | ' |
Recognized net gain due to curtailments | $3.10 | $2.90 | $5.90 | $11.90 | ' |
Balance_Sheet_Information_Peri
Balance Sheet Information (Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' |
Service cost | $2.40 | $2.90 | $4.90 | $6.60 |
Interest cost | 1.5 | 1.6 | 3 | 3.6 |
Expected return on plan assets | -0.9 | -1.1 | -1.8 | -2.2 |
Curtailment gain | -3.1 | -2.9 | -5.9 | -11.9 |
Actuarial loss | 0 | 0 | 0 | 13.6 |
Total net periodic pension cost | ($0.10) | $0.50 | $0.20 | $9.70 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt (Long-Term Debt) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | $904.90 | $942.20 | ||
Less: Current maturities | -169.4 | -181.6 | ||
Long-term debt | 735.5 | 760.6 | ||
Senior Revolving Credit Facility due 2018, interest payable quarterly at 1.75% and 2.00% respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 120 | 120 | ||
Debt instrument, interest rate | 1.75% | 2.00% | ||
Loan with Japanese bank due 2014 through 2018, interest payable quarterly at 1.98% and 2.00%, respectively (1) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 254.8 | [1] | 273.7 | [1] |
Debt instrument, interest rate | 1.98% | 2.00% | ||
2.625% Notes, Series B (net of discount of $18.3 million and $21.7 million, respectively) (2) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 338.6 | [2] | 335.2 | [2] |
Debt instrument, interest rate | 2.63% | 2.63% | ||
Debt instrument, discount | 18.3 | 21.7 | ||
Loan with Hong Kong bank, interest payable weekly at 1.90% and 1.91%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 25 | 40 | ||
Debt instrument, interest rate | 1.90% | 1.91% | ||
Loans with Philippine bank due 2014 through 2015, interest payable monthly and quarterly at an average rate of 2.15% and 2.16%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 36.7 | 39.2 | ||
Debt instrument, interest rate | 2.15% | 2.16% | ||
Loan with Chinese bank due 2014, interest payable quarterly at 3.33% and 3.34%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 7 | 7 | ||
Debt instrument, interest rate | 3.33% | 3.34% | ||
Loan with Singapore bank, interest payable weekly at 1.40% and 1.94%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 30 | 15 | ||
Debt instrument, interest rate | 1.40% | 1.94% | ||
Loan with British finance company, interest payable monthly at 0.0% and 1.57%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 0 | 0.2 | ||
Debt instrument, interest rate | 0.00% | 1.57% | ||
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.86% | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 27.2 | 28.1 | ||
Debt instrument, interest rate | 4.86% | 4.86% | ||
U.S. equipment financing payable monthly through 2016 at 2.94% | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 7.1 | 9.5 | ||
Debt instrument, interest rate | 2.94% | 2.94% | ||
Canada equipment financing payable monthly through 2017 at 3.81% | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 5.1 | 5.9 | ||
Debt instrument, interest rate | 3.81% | 3.81% | ||
Canada revolving line of credit, interest payable quarterly at 1.83% and 1.84%, respectively | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | 15 | 15 | ||
Debt instrument, interest rate | 1.83% | 1.84% | ||
Capital lease obligations | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, including current maturities | $38.40 | $53.40 | ||
[1] | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. | |||
[2] | 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. |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt (Annual Maturities Relating To Long-Term Debt) (Details) (USD $) | Jun. 27, 2014 |
In Millions, unless otherwise specified | |
Long-term Debt, Unclassified [Abstract] | ' |
Remainder of 2014 | $81.50 |
2015 | 130.9 |
2016 | 426.8 |
2017 | 39.6 |
2018 | 243.5 |
Thereafter | 0.9 |
Total | $923.20 |
LongTerm_Debt_LongTerm_Debt_De1
Long-Term Debt Long-Term Debt (Debt Guarantees) (Details) (2.625% Notes, Series B) | Jun. 27, 2014 | Dec. 31, 2013 |
2.625% Notes, Series B | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, interest rate | 2.63% | 2.63% |
Earnings_per_Share_and_Equity_1
Earnings per Share and Equity (Income per Share Calculations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to ON Semiconductor Corporation | $88 | $47.70 | $146.40 | $70.30 |
Basic weighted average common shares outstanding | 441.1 | 450.7 | 440.7 | 450.1 |
Dilutive effect of share-based awards | 3.4 | 2.6 | 3.8 | 2.8 |
Diluted weighted average common shares outstanding | 444.5 | 453.3 | 444.5 | 452.9 |
Basic (in dollars per share) | $0.20 | $0.11 | $0.33 | $0.16 |
Diluted (in dollars per share) | $0.20 | $0.11 | $0.33 | $0.16 |
Earnings_per_Share_and_Equity_2
Earnings per Share and Equity (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Anti-dilutive shares | 7,100,000 | 13,200,000 | 7,400,000 | 12,900,000 | ' | ' |
Payments of tax withholding for restricted shares | $0.90 | ' | $5.40 | $2.20 | ' | ' |
Common stock withheld underlying restricted stock units | 100,000 | ' | 600,000 | ' | ' | ' |
Treasury stock, shares, reissued or retired during period | ' | ' | 0 | ' | ' | ' |
Non-controlling interest in consolidated subsidiary | 32.8 | 31.3 | 32.8 | 31.3 | 32.8 | 29.6 |
Net Income (Loss) attributable to non-controlling interests | 1 | 1 | 1.2 | 1.7 | ' | ' |
Dividends to Non-controlling Shareholder [Member] | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | $1.20 | ' | ' | ' |
Earnings_per_Share_and_Equity_3
Earnings per Share and Equity Summary of Share Repurchase Program (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Number of repurchased shares | 1.1 | [1] | 1.5 | [1] | 3.3 | [1] | 1.5 | [1] |
Beginning accrued share repurchases | $1.30 | [2] | $0 | [2] | $0.60 | [2] | $0 | [2] |
Aggregate purchase price | 10.1 | 12.1 | 30.2 | 12.1 | ||||
Less: ending accrued share repurchases | 0 | [3] | -2.7 | [3] | 0 | [3] | -2.7 | [3] |
Total cash used for share repurchases | 11.4 | 9.4 | 30.8 | 9.4 | ||||
Weighted-average purchase price per share (4) | $9.57 | $7.87 | $9.27 | $7.87 | ||||
Available for future purchases at period end | $113.20 | $232.60 | $113.20 | $232.60 | ||||
[1] | of these shares had been reissued or retired as of June 27, 2014, but may be reissued or retired by the Company at a later date. | |||||||
[2] | Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance Sheet as of the beginning of the period. | |||||||
[3] | Represents unpaid amounts recorded in accrued expenses on the Company's Consolidated Balance Sheet as of the end of the period. |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | $13.40 | $10.60 | $21.90 | $16.40 | |||
Related income tax benefits | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Share-based compensation expense, net of taxes | 13.4 | 10.6 | 21.9 | 16.4 | |||
Cost Of Revenues [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 1.7 | 1.4 | 3.1 | 2.5 | |||
Research And Development [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 2.2 | 1.7 | 4 | 3.1 | |||
Selling And Marketing [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | 2.2 | 1.6 | 3.7 | 2.7 | |||
General And Administrative [Member] | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expenses | $7.30 | $5.90 | $11.10 | $8.10 | |||
[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 $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 27, 2014 |
Employee Stock Options [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [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] | Director [Member] | |||
Rate | Rate | Rate | Rate | Maximum [Member] | Minimum [Member] | Stock Grant Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense on non-vested stock options | ' | ' | $4.10 | ' | $4.10 | $57.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Intrinsic value of stock options exercised | ' | ' | 3.1 | ' | 6.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | $15.40 | $6.60 | $5.80 | ' | $15.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Pre-Vesting Forfeitures Estimated | ' | ' | 11.00% | 11.00% | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Aggregate of common stock available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.9 | 4.3 | 36.7 | 37.4 | ' |
Share price | $9.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.66 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Stock Option Plans) (Details) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Shares, Outstanding Beginning | 14 |
Number of Shares, Granted | 0 |
Number of Shares, Exercised | -2.4 |
Number of Shares, Canceled | -0.3 |
Number of Shares, Outstanding Ending | 11.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted-Average Exercise Price, Outstanding Beginning | $7.89 |
Weighted-Average Exercise Price. Granted | $0 |
Weighted-Average Exercise Price, Exercised | $6.56 |
Weighted-Average Exercise Price, Cancelled | $10.19 |
Weighted-Average Exercise Price, Outstanding Ending | $8.10 |
Weighted Average Remaining Contractual Term (in years), Outstanding | '3 years 2 months 0 days |
Aggregate Intrinsic Value (In-The-Money), Outstanding | $16 |
Number of Shares, Exercisable | 9.2 |
Weighted-Average Exercise Price, Exercisable | $8.28 |
Weighted-Average Remaining Contractual Term (in years), Exercisable | '2 years 9 months 18 days |
Aggregate Intrinsic Value (In-The-Money), Exercisable | $12.10 |
ShareBased_Compensation_Additi
Share-Based Compensation (Additional Information On Stock Options Outstanding) (Details) (USD $) | Jun. 27, 2014 |
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 | $9.09 |
Number of Shares, Exercisable | 4.8 |
Weighted Average Exercise Price, Exercisable | $6.59 |
Number of Shares, Unexercisable | 2 |
Weighted Average Exercise Price, Unexercisable | $7.13 |
Number of Shares, Total | 6.8 |
Weighted Average Exercise Price, Total | $6.75 |
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 | $9.09 |
Number of Shares, Exercisable | 4.4 |
Weighted Average Exercise Price, Exercisable | $10.16 |
Number of Shares, Unexercisable | 0.1 |
Weighted Average Exercise Price, Unexercisable | $9.70 |
Number of Shares, Total | 4.5 |
Weighted Average Exercise Price, Total | $10.15 |
Total Outstanding [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Shares, Exercisable | 9.2 |
Weighted Average Exercise Price, Exercisable | $8.28 |
Number of Shares, Unexercisable | 2.1 |
Weighted Average Exercise Price, Unexercisable | $7.25 |
Number of Shares, Total | 11.3 |
Weighted Average Exercise Price, Total | $8.10 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Restricted Stock Units Transactions) (Details) (Restricted Stock Units [Member], USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 27, 2014 |
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 | 10.8 |
Number of Shares, Granted | 3.5 |
Number of Shares, Released | -1.9 |
Number of Shares, Forfeited | -3.1 |
Nonvested shares of restricted stock units, ending | 9.3 |
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 | $8.52 |
Weighted Average Grant Date Fair Value, Granted | $9.32 |
Weighted Average Grant Date Fair Value, Released | $8.37 |
Weighted Average Grant Date Fair Value, Forfeited | $10.14 |
Weighted Average Grant Date Fair Value, Nonvested shares of restricted stock units, ending | $8.32 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Operating Leases Future Minimum Payments Receivable) (Details) (USD $) | Jun. 27, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Remainder of 2014 | $17 |
2015 | 14.5 |
2016 | 10.8 |
2017 | 8.3 |
2018 | 6.3 |
Thereafter | 31.1 |
Total | $88 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Narrative) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | ||
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 | 5.2 | ' | ||
Guarantees related to capital lease obligations | 62.9 | ' | ||
Long-term Debt | 904.9 | 942.2 | ||
Unsecured Loan with SMBC [Member] | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ||
Long-term Debt | $254.80 | [1] | $273.70 | [1] |
[1] | This loan represents SCI LLC's unsecured loan with SMBC, which is guaranteed by the Company. |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Dec. 31, 2013 |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Short-term investments | $2.30 | $116.20 |
Unrealized Loss on Securities | $0 | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Exchange Contract [Member] | ' | ' |
Foreign currency exchange contracts | $0.10 | $0.10 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Demand and Time Deposits [Member] | ' | ' |
Cash and cash equivalents | 442.9 | 447.5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Cash and cash equivalents | 156 | 62 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Demand and Time Deposits [Member] | ' | ' |
Cash and cash equivalents | 442.9 | 447.5 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Cash and cash equivalents | 156 | 62 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | ' | ' |
Foreign currency exchange contracts | $0.10 | $0.10 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments Fair Value of Short-Term Investments (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | $2.30 | $116.20 |
Fair Value | 2.3 | 116.2 |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 0 | 15.5 |
Fair Value | 0 | 15.5 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 2.3 | 93.7 |
Fair Value | 2.3 | 93.7 |
Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carried at Amortized Cost | 0 | 7 |
Fair Value | $0 | $7 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Carrying Amounts And Fair Values Of Long-Term Borrowings) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Convertible Notes Payable [Member] | ' | ' |
Carrying Amount | $338.60 | $335.20 |
Fair Value | 418 | 392.6 |
Long-term Debt [Member] | ' | ' |
Carrying Amount | 488.5 | 510.2 |
Fair Value | $490.20 | $511.40 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Net Foreign Exchange Positions) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | $17.20 | $20.90 |
Derivative, Notional Amount | 132.5 | 101.7 |
Euro [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | -31.7 | -30.5 |
Derivative, Notional Amount | 31.7 | 30.5 |
Japanese Yen [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | -23.3 | -6.7 |
Derivative, Notional Amount | 23.3 | 6.7 |
Malaysian Ringgit [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 42.6 | 35.8 |
Derivative, Notional Amount | 42.6 | 35.8 |
Philippines, Pesos [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 16.9 | 11.7 |
Derivative, Notional Amount | 16.9 | 11.7 |
Other Currencies [Member] | ' | ' |
Financial Instruments [Line Items] | ' | ' |
Buy (Sell) | 12.7 | 10.6 |
Derivative, Notional Amount | $18 | $17 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $132,500,000 | ' | $132,500,000 | ' | $101,700,000 |
Foreign currency transaction gain (loss), realized | -1,100,000 | 4,300,000 | -1,800,000 | 4,800,000 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 1,300,000 | -3,400,000 | 2,700,000 | -4,300,000 | ' |
Other liabilities | 869,300,000 | ' | 869,300,000 | ' | 819,200,000 |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' | 1,800,000 |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 42,500,000 | ' | 42,500,000 | ' | ' |
Effects of Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cost of Revenues [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -100,000 | ' | -1,400,000 | ' | ' |
Other Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Other liabilities | $800,000 | ' | $800,000 | ' | $0 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss Components of Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | ($47.40) | ' |
Other comprehensive income (loss) prior to reclassifications | ' | ' | 3.5 | ' |
Other comprehensive income (loss) | 1.1 | -0.7 | 2.1 | -10 |
Balance, ending | -45.3 | ' | -45.3 | ' |
Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | -46 | ' |
Other comprehensive income (loss) prior to reclassifications | ' | ' | -0.6 | ' |
Other comprehensive income (loss) | ' | ' | -0.6 | ' |
Balance, ending | -46.6 | ' | -46.6 | ' |
Effects of Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | -1.8 | ' |
Other comprehensive income (loss) prior to reclassifications | ' | ' | 4.1 | ' |
Amounts reclassified from accumulated other comprehensive loss | -0.1 | ' | -1.4 | ' |
Other comprehensive income (loss) | ' | ' | 2.7 | ' |
Balance, ending | 0.9 | ' | 0.9 | ' |
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 | ' |
Other comprehensive income (loss) | ' | ' | 0 | ' |
Balance, ending | 0.4 | ' | 0.4 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -1.4 | ' |
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 | ' | ' | 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 | ' |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Loss Reclassifications (Details) (Effects of Cash Flow Hedges, USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 27, 2014 |
Effects of Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ($0.10) | ($1.40) |
Changes_in_Accumulated_Other_C4
Changes in Accumulated Other Comprehensive Loss Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($16,200,000) | ($2,600,000) | ($10,000,000) | ($200,000) | ' |
Accumulated other comprehensive loss | -45,300,000 | ' | -45,300,000 | ' | -47,400,000 |
Effects of Cash Flow Hedges | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Reclassification from accumulated other comprehensive income, current period, tax | ' | ' | 0 | ' | ' |
Accumulated other comprehensive loss | 900,000 | ' | 900,000 | ' | -1,800,000 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -46,600,000 | ' | -46,600,000 | ' | -46,000,000 |
Subsidiaries [Member] | Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 9,400,000 | ' | 9,400,000 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | $0 | ' | ' |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Non-Cash Financing Activities And Cash Payments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 28, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Capital expenditures in accounts payable | ' | $80.10 | $56.90 |
Capital Lease Obligations Incurred | ' | 6.1 | 2.1 |
Interest income | ' | -0.4 | -0.7 |
Interest expense | ' | 11.2 | 11.3 |
Income taxes | ' | 8.6 | 7.4 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Reversal of valuation allowance | 21.5 | 21.5 | 0 |
Decrease resulting from settlements with taxing authorities | 3.2 | 3.6 | ' |
Increase resulting from current period tax positions | 6.6 | 12.9 | ' |
Effective income tax rate | -22.30% | -7.30% | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Increase resulting from current period tax positions | $1.90 | $2.20 | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | Jun. 27, 2014 |
Segment Reporting, Measurement Disclosures [Abstract] | ' |
Number Of Segments | 3 |
Segment_Information_Segment_In
Segment Information (Segment Information Of Revenues, Gross Profit And Operating Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Revenues | $757.60 | $688.30 | $1,464.10 | $1,349.30 |
Segment gross profit | 278.1 | 236.9 | 535.4 | 446.9 |
Segment operating income (loss) | 97.1 | 64.5 | 186.4 | 103.9 |
Applications Products Group [Member] | ' | ' | ' | ' |
Revenues | 301.2 | 251.5 | 580.7 | 496.5 |
Segment gross profit | 136.9 | 110.4 | 263 | 217.3 |
Segment operating income (loss) | 36.5 | 22.2 | 74.3 | 49.7 |
Standard Products Group [Member] | ' | ' | ' | ' |
Revenues | 303.7 | 276.4 | 596.6 | 541.6 |
Segment gross profit | 110.2 | 106 | 216.4 | 200.5 |
Segment operating income (loss) | 60.7 | 65.3 | 120.9 | 122.9 |
System Solutions Group [Member] | ' | ' | ' | ' |
Revenues | 152.7 | 160.4 | 286.8 | 311.2 |
Segment gross profit | 31 | 20.5 | 56 | 29.1 |
Segment operating income (loss) | ($0.10) | ($23) | ($8.80) | ($68.70) |
Segment_Information_Reconcilia
Segment Information (Reconciliations Of Segment Gross Profit And Segment Operating Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Gross Profit | $278.10 | $236.90 | $535.40 | $446.90 |
Gross profit for reportable segments | 273 | 231.8 | 523.8 | 436.3 |
Segment Reporting Information, Operating (Loss) Income | 97.1 | 64.5 | 186.4 | 103.9 |
Other unallocated operating expenses | -191.3 | -180.9 | -368.8 | -347.7 |
Operating income (loss) | 81.7 | 50.9 | 155 | 88.6 |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Other unallocated manufacturing costs | -5.1 | -5.1 | -11.6 | -10.6 |
Restructuring and other charges | -4.1 | -6.1 | -9.9 | -0.1 |
Other unallocated operating expenses | ($6.20) | ($2.40) | ($9.90) | ($4.60) |
Segment_Information_Revenues_B
Segment Information (Revenues By Geographic Location Including Local Sales And Exports) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Revenues | $757.60 | $688.30 | $1,464.10 | $1,349.30 |
United States [Member] | ' | ' | ' | ' |
Revenues | 126.1 | 98.5 | 238.1 | 197.4 |
Japan [Member] | ' | ' | ' | ' |
Revenues | 66.8 | 75.7 | 132.1 | 147.3 |
China [Member] | ' | ' | ' | ' |
Revenues | 220.9 | 198.5 | 423.6 | 397.9 |
Singapore [Member] | ' | ' | ' | ' |
Revenues | 189.7 | 180.9 | 370.1 | 347.3 |
United Kingdom [Member] | ' | ' | ' | ' |
Revenues | 118.3 | 102.6 | 235.5 | 200.3 |
Other [Member] | ' | ' | ' | ' |
Revenues | $35.80 | $32.10 | $64.70 | $59.10 |
Segment_Information_Segment_In1
Segment Information Segment Information (Summary of Property, Plant and Equipment by Geographic Location) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | $1,141.70 | [1] | $1,074.20 |
United States | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | 284.2 | 255.3 | |
Czech Republic | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | 114.5 | 111.1 | |
Malaysia | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | 225.3 | 213.9 | |
Philippines | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | 188.4 | 173.8 | |
Other | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | |
Property, plant and equipment, net | $329.30 | $320.10 | |
[1] | Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. |
Guarantor_And_NonGuarantor_Sta1
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Balance Sheet) (Details) (USD $) | Jun. 27, 2014 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Percentage of ownership on domestic subsidiaries | 100.00% | ' | ' | ' | |
Cash and cash equivalents | $598,900,000 | $509,500,000 | $396,100,000 | $486,900,000 | |
Short-term investments | 2,300,000 | 116,200,000 | ' | ' | |
Receivables, net | 437,300,000 | 383,400,000 | ' | ' | |
Inventories | 632,600,000 | 611,800,000 | ' | ' | |
Short-term intercompany receivables | 0 | 0 | ' | ' | |
Other current assets | 90,500,000 | 89,300,000 | ' | ' | |
Total current assets | 1,761,600,000 | 1,710,200,000 | ' | ' | |
Property, plant and equipment, net | 1,141,700,000 | [1] | 1,074,200,000 | ' | ' |
Goodwill | 211,600,000 | 184,600,000 | ' | ' | |
Intangible assets, net | 245,500,000 | 223,400,000 | ' | ' | |
Long-term intercompany receivables | 0 | 0 | ' | ' | |
Other assets | 58,000,000 | 64,600,000 | ' | ' | |
Total assets | 3,418,400,000 | 3,257,000,000 | ' | ' | |
Accounts payable | 305,400,000 | 276,800,000 | ' | ' | |
Accrued expenses | 231,900,000 | 220,300,000 | ' | ' | |
Deferred income on sales to distributors | 162,600,000 | 140,500,000 | ' | ' | |
Current portion of long-term debt | 169,400,000 | 181,600,000 | ' | ' | |
Short-term intercompany payables | 0 | 0 | ' | ' | |
Total current liabilities | 869,300,000 | 819,200,000 | ' | ' | |
Long-term debt | 735,500,000 | 760,600,000 | ' | ' | |
Other long-term liabilities | 174,100,000 | 190,400,000 | ' | ' | |
Long-term intercompany payables | 0 | 0 | ' | ' | |
Total liabilities | 1,778,900,000 | 1,770,200,000 | ' | ' | |
Common stock | 5,200,000 | 5,200,000 | ' | ' | |
Additional paid-in capital | 3,250,600,000 | 3,210,800,000 | ' | ' | |
Accumulated other comprehensive loss | -45,300,000 | -47,400,000 | ' | ' | |
Accumulated deficit | -995,700,000 | -1,142,100,000 | ' | ' | |
Less: treasury stock, at cost | -608,100,000 | -572,500,000 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | 1,606,700,000 | 1,454,000,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 32,800,000 | 32,800,000 | 31,300,000 | 29,600,000 | |
Total stockholders' equity | 1,639,500,000 | 1,486,800,000 | ' | ' | |
Total liabilities and equity | 3,418,400,000 | 3,257,000,000 | ' | ' | |
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 | ' | ' | |
Total current assets | 0 | 0 | ' | ' | |
Property, plant and equipment, net | 0 | 0 | ' | ' | |
Goodwill | 0 | 0 | ' | ' | |
Intangible assets, net | 0 | 0 | ' | ' | |
Long-term intercompany receivables | 0 | 0 | ' | ' | |
Other assets | 1,945,600,000 | 1,790,200,000 | ' | ' | |
Total assets | 1,945,600,000 | 1,790,200,000 | ' | ' | |
Accounts payable | 0 | 0 | ' | ' | |
Accrued expenses | 300,000 | 1,000,000 | ' | ' | |
Deferred income on sales to distributors | 0 | 0 | ' | ' | |
Current portion of long-term debt | 0 | 0 | ' | ' | |
Short-term intercompany payables | 0 | 0 | ' | ' | |
Total current liabilities | 300,000 | 1,000,000 | ' | ' | |
Long-term debt | 338,600,000 | 335,200,000 | ' | ' | |
Other long-term liabilities | 0 | 0 | ' | ' | |
Long-term intercompany payables | 0 | 0 | ' | ' | |
Total liabilities | 338,900,000 | 336,200,000 | ' | ' | |
Common stock | 5,200,000 | 5,200,000 | ' | ' | |
Additional paid-in capital | 3,250,600,000 | 3,210,800,000 | ' | ' | |
Accumulated other comprehensive loss | -45,300,000 | -47,400,000 | ' | ' | |
Accumulated deficit | -995,700,000 | -1,142,100,000 | ' | ' | |
Less: treasury stock, at cost | -608,100,000 | -572,500,000 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | 1,606,700,000 | 1,454,000,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' | |
Total stockholders' equity | 1,606,700,000 | 1,454,000,000 | ' | ' | |
Total liabilities and equity | 1,945,600,000 | 1,790,200,000 | ' | ' | |
SCI LLC [Member] | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Cash and cash equivalents | 302,800,000 | 267,900,000 | 179,500,000 | 212,100,000 | |
Short-term investments | 2,300,000 | 116,200,000 | ' | ' | |
Receivables, net | 59,200,000 | 49,800,000 | ' | ' | |
Inventories | 47,500,000 | 46,700,000 | ' | ' | |
Short-term intercompany receivables | 0 | 0 | ' | ' | |
Other current assets | 24,000,000 | 17,800,000 | ' | ' | |
Total current assets | 435,800,000 | 498,400,000 | ' | ' | |
Property, plant and equipment, net | 255,900,000 | 252,300,000 | ' | ' | |
Goodwill | 111,600,000 | 111,500,000 | ' | ' | |
Intangible assets, net | 105,500,000 | 113,000,000 | ' | ' | |
Long-term intercompany receivables | 0 | 0 | ' | ' | |
Other assets | 1,921,000,000 | 1,600,600,000 | ' | ' | |
Total assets | 2,829,800,000 | 2,575,800,000 | ' | ' | |
Accounts payable | 37,200,000 | 39,100,000 | ' | ' | |
Accrued expenses | 61,500,000 | 50,800,000 | ' | ' | |
Deferred income on sales to distributors | 38,600,000 | 32,300,000 | ' | ' | |
Current portion of long-term debt | 67,800,000 | 79,300,000 | ' | ' | |
Short-term intercompany payables | 72,300,000 | 11,700,000 | ' | ' | |
Total current liabilities | 277,400,000 | 213,200,000 | ' | ' | |
Long-term debt | 372,300,000 | 396,100,000 | ' | ' | |
Other long-term liabilities | 20,500,000 | 42,200,000 | ' | ' | |
Long-term intercompany payables | 1,800,000 | 3,300,000 | ' | ' | |
Total liabilities | 672,000,000 | 654,800,000 | ' | ' | |
Common stock | 24,600,000 | 300,000 | ' | ' | |
Additional paid-in capital | 2,370,600,000 | 2,335,100,000 | ' | ' | |
Accumulated other comprehensive loss | -46,900,000 | -49,200,000 | ' | ' | |
Accumulated deficit | -190,500,000 | -365,200,000 | ' | ' | |
Less: treasury stock, at cost | 0 | 0 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | 2,157,800,000 | 1,921,000,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' | |
Total stockholders' equity | 2,157,800,000 | 1,921,000,000 | ' | ' | |
Total liabilities and equity | 2,829,800,000 | 2,575,800,000 | ' | ' | |
Other Subsidiaries [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 | 4,700,000 | 4,100,000 | ' | ' | |
Other current assets | 0 | 0 | ' | ' | |
Total current assets | 4,700,000 | 4,100,000 | ' | ' | |
Property, plant and equipment, net | 3,100,000 | 3,100,000 | ' | ' | |
Goodwill | 37,300,000 | 37,300,000 | ' | ' | |
Intangible assets, net | 0 | 0 | ' | ' | |
Long-term intercompany receivables | 0 | 0 | ' | ' | |
Other assets | 136,300,000 | 136,100,000 | ' | ' | |
Total assets | 181,400,000 | 180,600,000 | ' | ' | |
Accounts payable | 100,000 | 500,000 | ' | ' | |
Accrued expenses | 500,000 | 200,000 | ' | ' | |
Deferred income on sales to distributors | 0 | 0 | ' | ' | |
Current portion of long-term debt | 0 | 0 | ' | ' | |
Short-term intercompany payables | 0 | 0 | ' | ' | |
Total current liabilities | 600,000 | 700,000 | ' | ' | |
Long-term debt | 0 | 0 | ' | ' | |
Other long-term liabilities | 100,000 | 100,000 | ' | ' | |
Long-term intercompany payables | 0 | 0 | ' | ' | |
Total liabilities | 700,000 | 800,000 | ' | ' | |
Common stock | 50,900,000 | 50,900,000 | ' | ' | |
Additional paid-in capital | 260,100,000 | 259,800,000 | ' | ' | |
Accumulated other comprehensive loss | 0 | 0 | ' | ' | |
Accumulated deficit | -130,300,000 | -130,900,000 | ' | ' | |
Less: treasury stock, at cost | 0 | 0 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | 180,700,000 | 179,800,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' | |
Total stockholders' equity | 180,700,000 | 179,800,000 | ' | ' | |
Total liabilities and equity | 181,400,000 | 180,600,000 | ' | ' | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Cash and cash equivalents | 296,100,000 | 241,600,000 | 216,600,000 | 274,800,000 | |
Short-term investments | 0 | 0 | ' | ' | |
Receivables, net | 378,100,000 | 333,600,000 | ' | ' | |
Inventories | 582,300,000 | 562,100,000 | ' | ' | |
Short-term intercompany receivables | 67,600,000 | 7,600,000 | ' | ' | |
Other current assets | 66,500,000 | 71,500,000 | ' | ' | |
Total current assets | 1,390,600,000 | 1,216,400,000 | ' | ' | |
Property, plant and equipment, net | 884,300,000 | 820,600,000 | ' | ' | |
Goodwill | 62,700,000 | 35,800,000 | ' | ' | |
Intangible assets, net | 159,700,000 | 132,200,000 | ' | ' | |
Long-term intercompany receivables | 1,800,000 | 3,300,000 | ' | ' | |
Other assets | 831,600,000 | 837,300,000 | ' | ' | |
Total assets | 3,330,700,000 | 3,045,600,000 | ' | ' | |
Accounts payable | 268,100,000 | 237,200,000 | ' | ' | |
Accrued expenses | 169,600,000 | 168,300,000 | ' | ' | |
Deferred income on sales to distributors | 124,000,000 | 108,200,000 | ' | ' | |
Current portion of long-term debt | 101,600,000 | 102,300,000 | ' | ' | |
Short-term intercompany payables | 0 | 0 | ' | ' | |
Total current liabilities | 663,300,000 | 616,000,000 | ' | ' | |
Long-term debt | 24,600,000 | 29,300,000 | ' | ' | |
Other long-term liabilities | 153,500,000 | 148,100,000 | ' | ' | |
Long-term intercompany payables | 0 | 0 | ' | ' | |
Total liabilities | 841,400,000 | 793,400,000 | ' | ' | |
Common stock | 173,900,000 | 201,600,000 | ' | ' | |
Additional paid-in capital | 1,497,700,000 | 1,402,600,000 | ' | ' | |
Accumulated other comprehensive loss | -39,200,000 | -38,600,000 | ' | ' | |
Accumulated deficit | 856,900,000 | 686,600,000 | ' | ' | |
Less: treasury stock, at cost | 0 | 0 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | 2,489,300,000 | 2,252,200,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 0 | 0 | ' | ' | |
Total stockholders' equity | 2,489,300,000 | 2,252,200,000 | ' | ' | |
Total liabilities and equity | 3,330,700,000 | 3,045,600,000 | ' | ' | |
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 | 2,800,000 | 3,000,000 | ' | ' | |
Short-term intercompany receivables | -72,300,000 | -11,700,000 | ' | ' | |
Other current assets | 0 | 0 | ' | ' | |
Total current assets | -69,500,000 | -8,700,000 | ' | ' | |
Property, plant and equipment, net | -1,600,000 | -1,800,000 | ' | ' | |
Goodwill | 0 | 0 | ' | ' | |
Intangible assets, net | -19,700,000 | -21,800,000 | ' | ' | |
Long-term intercompany receivables | -1,800,000 | -3,300,000 | ' | ' | |
Other assets | -4,776,500,000 | -4,299,600,000 | ' | ' | |
Total assets | -4,869,100,000 | -4,335,200,000 | ' | ' | |
Accounts payable | 0 | 0 | ' | ' | |
Accrued expenses | 0 | 0 | ' | ' | |
Deferred income on sales to distributors | 0 | 0 | ' | ' | |
Current portion of long-term debt | 0 | 0 | ' | ' | |
Short-term intercompany payables | -72,300,000 | -11,700,000 | ' | ' | |
Total current liabilities | -72,300,000 | -11,700,000 | ' | ' | |
Long-term debt | 0 | 0 | ' | ' | |
Other long-term liabilities | 0 | 0 | ' | ' | |
Long-term intercompany payables | -1,800,000 | -3,300,000 | ' | ' | |
Total liabilities | -74,100,000 | -15,000,000 | ' | ' | |
Common stock | -249,400,000 | -252,800,000 | ' | ' | |
Additional paid-in capital | -4,128,400,000 | -3,997,500,000 | ' | ' | |
Accumulated other comprehensive loss | 86,100,000 | 87,800,000 | ' | ' | |
Accumulated deficit | -536,100,000 | -190,500,000 | ' | ' | |
Less: treasury stock, at cost | 0 | 0 | ' | ' | |
Total ON Semiconductor Corporation stockholders’ equity | -4,827,800,000 | -4,353,000,000 | ' | ' | |
Non-controlling interest in consolidated subsidiary | 32,800,000 | 32,800,000 | ' | ' | |
Total stockholders' equity | -4,795,000,000 | -4,320,200,000 | ' | ' | |
Total liabilities and equity | ($4,869,100,000) | ($4,335,200,000) | ' | ' | |
2.625% Notes, Series B | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 2.63% | 2.63% | ' | ' | |
[1] | Included in property, plant, and equipment are approximately $9.1 million of fixed assets which are held-for-sale as of June 27, 2014. |
Recovered_Sheet3
Guarantor and Non-Guarantor Statements (Notes To Consolidated Statement of Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $757.60 | $688.30 | $1,464.10 | $1,349.30 |
Cost of revenues | 484.6 | 456.5 | 940.3 | 913 |
Gross profit | 273 | 231.8 | 523.8 | 436.3 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 84.2 | 83.1 | 162.3 | 171.5 |
Selling and marketing | 47.9 | 43.3 | 92.3 | 83.1 |
General and administrative | 44.7 | 40.2 | 85.7 | 76.4 |
Amortization of acquisition-related intangible assets | 10.4 | 8.2 | 18.6 | 16.6 |
Restructuring, asset impairments and other, net | 4.1 | 6.1 | 9.9 | 0.1 |
Total operating expenses | 191.3 | 180.9 | 368.8 | 347.7 |
Operating income | 81.7 | 50.9 | 155 | 88.6 |
Interest expense | -7.9 | -9.3 | -16 | -19.4 |
Interest income | 0.2 | 0.4 | 0.4 | 0.7 |
Other | -1.2 | 4.1 | -1.8 | 5 |
Loss on debt exchange | 0 | 0 | 0 | -3.1 |
Equity in earnings | 0 | 0 | 0 | 0 |
Other income (expense), net | -8.9 | -4.8 | -17.4 | -16.8 |
Income before income taxes | 72.8 | 46.1 | 137.6 | 71.8 |
Income tax benefit (provision) | 16.2 | 2.6 | 10 | 0.2 |
Net income | 89 | 48.7 | 147.6 | 72 |
Net income attributable to non-controlling interest | -1 | -1 | -1.2 | -1.7 |
Net income attributable to ON Semiconductor Corporation | 88 | 47.7 | 146.4 | 70.3 |
Comprehensive income attributable to ON Semiconductor Corporation | 89.1 | 47 | 148.5 | 60.3 |
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 |
Interest expense | -4.2 | -5.6 | -8.2 | -11.7 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | ' | ' | -3.1 |
Equity in earnings | 92.2 | 53.3 | 154.6 | 85.1 |
Other income (expense), net | 88 | 47.7 | 146.4 | 70.3 |
Income before income taxes | 88 | 47.7 | 146.4 | 70.3 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income | 88 | 47.7 | 146.4 | 70.3 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 88 | 47.7 | 146.4 | 70.3 |
Comprehensive income attributable to ON Semiconductor Corporation | 89.1 | 47 | 148.5 | 60.3 |
SCI LLC [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 177.2 | 150.2 | 347.2 | 328.3 |
Cost of revenues | 142.9 | 121.2 | 282.3 | 233.5 |
Gross profit | 34.3 | 29 | 64.9 | 94.8 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 13.2 | 12.3 | 25.4 | 53.9 |
Selling and marketing | 20.9 | 18 | 40.2 | 34.7 |
General and administrative | 17.3 | 11 | 30.5 | 16.1 |
Amortization of acquisition-related intangible assets | 3.8 | 3.8 | 7.5 | 7.6 |
Restructuring, asset impairments and other, net | 0.9 | 0 | 1.3 | 1 |
Total operating expenses | 56.1 | 45.1 | 104.9 | 113.3 |
Operating income | -21.8 | -16.1 | -40 | -18.5 |
Interest expense | -3.1 | -2.5 | -6.6 | -4.9 |
Interest income | 0 | 0 | 0.1 | 0.2 |
Other | 1.5 | -13.3 | 0.9 | -5.5 |
Loss on debt exchange | ' | ' | ' | 0 |
Equity in earnings | 97.1 | 79.8 | 195.7 | 104.7 |
Other income (expense), net | 95.5 | 64 | 190.1 | 94.5 |
Income before income taxes | 73.7 | 47.9 | 150.1 | 76 |
Income tax benefit (provision) | 18.9 | -3.1 | 24.6 | -0.9 |
Net income | 92.6 | 44.8 | 174.7 | 75.1 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 92.6 | 44.8 | 174.7 | 75.1 |
Comprehensive income attributable to ON Semiconductor Corporation | 93.9 | 43.2 | 177.2 | 63 |
Other Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 4 | 3.2 | 7.9 | 6.4 |
Cost of revenues | 0.3 | 0 | 0.5 | 0.2 |
Gross profit | 3.7 | 3.2 | 7.4 | 6.2 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2.9 | 2.7 | 5.9 | 5.2 |
Selling and marketing | 0.2 | 0.2 | 0.4 | 0.3 |
General and administrative | 0.3 | 0.2 | 0.6 | 0.4 |
Amortization of acquisition-related intangible assets | 0 | 0 | 0 | 0 |
Restructuring, asset impairments and other, net | 0 | 0 | 0 | 0 |
Total operating expenses | 3.4 | 3.1 | 6.9 | 5.9 |
Operating income | 0.3 | 0.1 | 0.5 | 0.3 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | ' | ' | 0 |
Equity in earnings | 2.3 | 2.5 | 2.9 | 4.1 |
Other income (expense), net | 2.3 | 2.5 | 2.9 | 4.1 |
Income before income taxes | 2.6 | 2.6 | 3.4 | 4.4 |
Income tax benefit (provision) | -0.3 | 0 | -0.3 | 0 |
Net income | 2.3 | 2.6 | 3.1 | 4.4 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 2.3 | 2.6 | 3.1 | 4.4 |
Comprehensive income attributable to ON Semiconductor Corporation | 2.3 | 2.6 | 3.1 | 4.4 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 1,050.10 | 1,086.30 | 2,024.20 | 2,034.10 |
Cost of revenues | 816.3 | 891.8 | 1,573 | 1,711 |
Gross profit | 233.8 | 194.5 | 451.2 | 323.1 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 68.1 | 68.1 | 131 | 112.4 |
Selling and marketing | 26.8 | 25.1 | 51.7 | 48.1 |
General and administrative | 27.1 | 29 | 54.6 | 59.9 |
Amortization of acquisition-related intangible assets | 7.6 | 5.4 | 13.1 | 11 |
Restructuring, asset impairments and other, net | 3.2 | 6.1 | 8.6 | -0.9 |
Total operating expenses | 132.8 | 133.7 | 259 | 230.5 |
Operating income | 101 | 60.8 | 192.2 | 92.6 |
Interest expense | -0.6 | -1.2 | -1.2 | -2.8 |
Interest income | 0.2 | 0.4 | 0.3 | 0.5 |
Other | -2.7 | 17.4 | -2.7 | 10.5 |
Loss on debt exchange | ' | ' | ' | 0 |
Equity in earnings | 0 | 0.1 | 0 | 0 |
Other income (expense), net | -3.1 | 16.7 | -3.6 | 8.2 |
Income before income taxes | 97.9 | 77.5 | 188.6 | 100.8 |
Income tax benefit (provision) | -2.4 | 5.7 | -14.3 | 1.1 |
Net income | 95.5 | 83.2 | 174.3 | 101.9 |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 95.5 | 83.2 | 174.3 | 101.9 |
Comprehensive income attributable to ON Semiconductor Corporation | 95.3 | 85.7 | 173.7 | 95.8 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -473.7 | -551.4 | -915.2 | -1,019.50 |
Cost of revenues | -474.9 | -556.5 | -915.5 | -1,031.70 |
Gross profit | 1.2 | 5.1 | 0.3 | 12.2 |
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 | -2 | -2 |
Restructuring, asset impairments and other, net | 0 | 0 | 0 | 0 |
Total operating expenses | -1 | -1 | -2 | -2 |
Operating income | 2.2 | 6.1 | 2.3 | 14.2 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Loss on debt exchange | ' | ' | ' | 0 |
Equity in earnings | -191.6 | -135.7 | -353.2 | -193.9 |
Other income (expense), net | -191.6 | -135.7 | -353.2 | -193.9 |
Income before income taxes | -189.4 | -129.6 | -350.9 | -179.7 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income | -189.4 | -129.6 | -350.9 | -179.7 |
Net income attributable to non-controlling interest | -1 | -1 | -1.2 | -1.7 |
Net income attributable to ON Semiconductor Corporation | -190.4 | -130.6 | -352.1 | -181.4 |
Comprehensive income attributable to ON Semiconductor Corporation | ($191.50) | ($131.50) | ($354) | ($163.20) |
Guarantor_And_NonGuarantor_Sta2
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $226.50 | $140.40 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -96.5 | -84.7 |
Proceeds from sales of property, plant and equipment | 0.2 | 8.4 |
Deposits utilized (made) for purchases of property, plant and equipment | 1.3 | -1.5 |
Purchase of businesses, net of cash acquired | -90.9 | 0 |
Proceeds from held-to maturity securities | 116.2 | 124.2 |
Purchases of held-to-maturity securities | -2.3 | -162.3 |
Contribution from subsidiaries | 0 | 0 |
Net cash used in investing activities | -72 | -115.9 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments to guarantor | 0 | 0 |
Payments to parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 2.5 | 2.1 |
Proceeds from exercise of stock options | 15.4 | 6.6 |
Payments of tax withholding for restricted shares | -5.4 | -2.2 |
Repurchase of common stock | -30.8 | -9.4 |
Proceeds from debt issuance | 15 | 26.2 |
Payment of capital leases obligations | -21 | -21.8 |
Repayment of long-term debt | -40.7 | -107.6 |
Dividend to non-controlling shareholder of consolidated subsidiary | -1.2 | 0 |
Net cash used in financing activities | -66.2 | -106.1 |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | -9.2 |
Net increase (decrease) in cash and cash equivalents | 89.4 | -90.8 |
Cash and cash equivalents, beginning of period | 509.5 | 486.9 |
Cash and cash equivalents, end of period | 598.9 | 396.1 |
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 utilized (made) for purchases of property, plant and equipment | 0 | 0 |
Purchase of businesses, net of cash acquired | 0 | ' |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | 18.3 | 80.4 |
Net cash used in investing activities | 18.3 | 80.4 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments to guarantor | 0 | 0 |
Payments to parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 2.5 | 2.1 |
Proceeds from exercise of stock options | 15.4 | 6.6 |
Payments of tax withholding for restricted shares | -5.4 | -2.2 |
Repurchase of common stock | -30.8 | -9.4 |
Proceeds from debt issuance | 0 | 0 |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | -77.5 |
Dividend to non-controlling shareholder of consolidated subsidiary | 0 | ' |
Net cash used in financing activities | -18.3 | -80.4 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (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 | 14.1 | -5.5 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -29 | -16.3 |
Proceeds from sales of property, plant and equipment | 0 | 0.1 |
Deposits utilized (made) for purchases of property, plant and equipment | 0 | 0 |
Purchase of businesses, net of cash acquired | 0 | ' |
Proceeds from held-to maturity securities | 116.2 | 124.2 |
Purchases of held-to-maturity securities | -2.3 | -162.3 |
Contribution from subsidiaries | 0 | 0 |
Net cash used in investing activities | 84.9 | -54.3 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | -65.3 | -403.7 |
Intercompany loan repayments to guarantor | 65.5 | 539.6 |
Payments to parent | -23 | -86 |
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 | -19.2 | -19.7 |
Repayment of long-term debt | -22.1 | -3 |
Dividend to non-controlling shareholder of consolidated subsidiary | 0 | ' |
Net cash used in financing activities | -64.1 | 27.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 34.9 | -32.6 |
Cash and cash equivalents, beginning of period | 267.9 | 212.1 |
Cash and cash equivalents, end of period | 302.8 | 179.5 |
Other Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0.7 | 0 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -0.7 | 0 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits utilized (made) for purchases of property, plant and equipment | 0 | 0 |
Purchase of businesses, net of cash acquired | 0 | ' |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | 0 | 0 |
Net cash used in investing activities | -0.7 | 0 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments to guarantor | 0 | 0 |
Payments 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 |
Dividend to non-controlling shareholder of consolidated subsidiary | 0 | ' |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (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 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 215.2 | 151.5 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -66.8 | -68.4 |
Proceeds from sales of property, plant and equipment | 0.2 | 8.3 |
Deposits utilized (made) for purchases of property, plant and equipment | 1.3 | -1.5 |
Purchase of businesses, net of cash acquired | -90.9 | ' |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | 0 | 0 |
Net cash used in investing activities | -156.2 | -61.6 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 65.3 | 403.7 |
Intercompany loan repayments to guarantor | -65.5 | -539.6 |
Payments 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 | 15 | 26.2 |
Payment of capital leases obligations | -1.8 | -2.1 |
Repayment of long-term debt | -18.6 | -27.1 |
Dividend to non-controlling shareholder of consolidated subsidiary | 0 | ' |
Net cash used in financing activities | -5.6 | -138.9 |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | -9.2 |
Net increase (decrease) in cash and cash equivalents | 54.5 | -58.2 |
Cash and cash equivalents, beginning of period | 241.6 | 274.8 |
Cash and cash equivalents, end of period | 296.1 | 216.6 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -3.5 | -5.6 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | 0 | 0 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits utilized (made) for purchases of property, plant and equipment | 0 | 0 |
Purchase of businesses, net of cash acquired | 0 | ' |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | -18.3 | -80.4 |
Net cash used in investing activities | -18.3 | -80.4 |
Cash flows from financing activities: | ' | ' |
Intercompany loans | 0 | 0 |
Intercompany loan repayments to guarantor | 0 | 0 |
Payments to parent | 23 | 86 |
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 |
Dividend to non-controlling shareholder of consolidated subsidiary | -1.2 | ' |
Net cash used in financing activities | 21.8 | 86 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (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 |