Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 03, 2015 | Apr. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ON Semiconductor Corporation | |
Entity Central Index Key | 1097864 | |
Current Fiscal Year End | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 3-Apr-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 429,207,959 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $428.10 | $511.70 |
Short-term investments | 1.3 | 6.1 |
Receivables, net | 454.5 | 417.5 |
Inventories | 746.9 | 729.9 |
Other current assets | 128.1 | 140.6 |
Total current assets | 1,758.90 | 1,805.80 |
Property, plant and equipment, net | 1,208.40 | 1,203.90 |
Goodwill | 263.8 | 263.8 |
Intangible assets, net | 424.6 | 458.5 |
Other assets | 90.6 | 91 |
Total assets | 3,746.30 | 3,823 |
Liabilities, Non-Controlling Interest and Stockholders’ Equity | ||
Accounts payable | 362.5 | 378.2 |
Accrued expenses | 282.6 | 287.9 |
Deferred income on sales to distributors | 156 | 165.1 |
Current portion of long-term debt (see Note 7) | 212.6 | 209.6 |
Total current liabilities | 1,013.70 | 1,040.80 |
Long-term debt (see Note 7) | 950.2 | 983 |
Other long-term liabilities | 155.2 | 151.8 |
Total liabilities | 2,119.10 | 2,175.60 |
Commitments and contingencies (See Note 10) | ||
ON Semiconductor Corporation stockholders’ equity: | ||
Common stock ($0.01 par value, 750,000,000 shares authorized, 530,699,973 and 524,615,562 shares issued, 430,638,928 and 434,100,017 shares outstanding, respectively) | 5.3 | 5.2 |
Additional paid-in capital | 3,317.60 | 3,281.20 |
Accumulated other comprehensive loss | -45.8 | -41.5 |
Accumulated deficit | -860.5 | -915.6 |
Less: treasury stock, at cost: 100,061,045 and 90,515,545 shares, respectively | -811 | -702.8 |
Total ON Semiconductor Corporation stockholders’ equity | 1,605.60 | 1,626.50 |
Non-controlling interest in consolidated subsidiary | 21.6 | 20.9 |
Total stockholders' equity | 1,627.20 | 1,647.40 |
Total liabilities and equity | $3,746.30 | $3,823 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
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 | 530,699,973 | 524,615,562 |
Common stock, shares outstanding | 430,638,928 | 434,100,017 |
Treasury stock, shares | 100,061,045 | 90,515,545 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Income Statement [Abstract] | ||
Revenues | $870.80 | $706.50 |
Cost of revenues (exclusive of amortization shown below) | 570.4 | 458.3 |
Gross profit | 300.4 | 248.2 |
Operating expenses: | ||
Research and development | 100.4 | 78.1 |
Selling and marketing | 53.3 | 44.4 |
General and administrative | 46.7 | 41 |
Amortization of acquisition-related intangible assets | 33.9 | 8.2 |
Restructuring, asset impairments and other, net | -2.3 | 5.8 |
Total operating expenses | 232 | 177.5 |
Operating income | 68.4 | 70.7 |
Other income (expense), net: | ||
Interest expense | -9.2 | -8.1 |
Interest income | 0.3 | 0.2 |
Other | 3.7 | -0.7 |
Other income (expense), net | -5.2 | -8.6 |
Income before income taxes | 63.2 | 62.1 |
Income tax provision | -7.4 | -6.2 |
Net income | 55.8 | 55.9 |
Less: Net income attributable to non-controlling interest | -0.7 | -0.2 |
Net income attributable to ON Semiconductor Corporation | 55.1 | 55.7 |
Comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 0 | -0.4 |
Effects of cash flow hedges | -0.2 | 1.4 |
Reclassification of unrealized gain on available-for-sale securities | -4.1 | 0 |
Other comprehensive (loss) income, net of tax of $0.0 million | -4.3 | 1 |
Comprehensive income | 51.5 | 56.9 |
Comprehensive income attributable to non-controlling interest | -0.7 | -0.2 |
Comprehensive income attributable to ON Semiconductor Corporation | $50.80 | $56.70 |
Net income per common share attributable to ON Semiconductor Corporation: | ||
Basic (in dollars per share) | $0.13 | $0.13 |
Diluted (in dollars per share) | $0.13 | $0.13 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 431.4 | 440.4 |
Diluted (in shares) | 439.9 | 444.5 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Cash flows from operating activities: | ||
Net income | $55.80 | $55.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 90.2 | 52.4 |
Gain on sale or disposal of fixed assets | -4 | -0.3 |
Amortization of debt issuance costs | 0.3 | 0.3 |
Write-down of excess inventories | 17.7 | 6.8 |
Non-cash share-based compensation expense | 11.3 | 8.5 |
Non-cash interest | 1.8 | 1.6 |
Change in deferred taxes | -0.4 | 1.9 |
Other | -3 | 0 |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||
Receivables | -36.9 | -33 |
Inventories | -34.7 | -6.2 |
Other assets | 3.9 | -5.2 |
Accounts payable | -6.1 | 0.4 |
Accrued expenses | -5.4 | -6.1 |
Deferred income on sales to distributors | -9.1 | 11.2 |
Other long-term liabilities | 2.1 | -13.3 |
Net cash provided by operating activities | 83.5 | 74.9 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | -64.8 | -47.7 |
Proceeds from sales of property, plant and equipment | 9.4 | 0.2 |
Deposits utilized for purchases of property, plant and equipment | 0 | 1.2 |
Purchase of businesses, net of cash acquired | -2.9 | 0 |
Proceeds from available-for-sale securities | 3.4 | 0 |
Proceeds from held-to-maturity securities | 1.5 | 63.5 |
Purchases of held-to-maturity securities | -0.8 | -2.3 |
Net cash (used in) provided by investing activities | -54.2 | 14.9 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock under the employee stock purchase plan | 3.8 | 0 |
Proceeds from exercise of stock options | 21.4 | 9.6 |
Payments of tax withholding for restricted shares | -11.2 | -4.5 |
Repurchase of common stock | -95 | -19.4 |
Proceeds from debt issuance | 6.5 | 0 |
Payment of capital lease obligations | -8.2 | -11.1 |
Repayment of long-term debt | -30.5 | -12.9 |
Net cash used in financing activities | -113.2 | -38.3 |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | 1 |
Net (decrease) increase in cash and cash equivalents | -83.6 | 52.5 |
Cash and cash equivalents, beginning of period | 511.7 | 509.5 |
Cash and cash equivalents, end of period | $428.10 | $562 |
Background_And_Basis_Of_Presen
Background And Basis Of Presentation | 3 Months Ended | |||||||||||
Apr. 03, 2015 | ||||||||||||
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 the first three fiscal quarters of each year, with the first quarter of 2015 ending on April 3, 2015, and each fiscal year ending on December 31. The three months ended April 3, 2015 and March 28, 2014 contained 93 and 87 days, respectively. As of April 3, 2015, the Company was organized into four operating segments, which also represent its four reporting segments: Application Products Group, Standard Products Group, System Solutions Group, and Image Sensor Group. Additional details on our reportable segments are included in Note 15: “Segment Information.” | ||||||||||||
The accompanying unaudited financial statements as of, and for the three months ended, April 3, 2015 have been prepared in accordance with generally accepted accounting principles in the United States of America for unaudited interim financial information. Accordingly, the unaudited financial statements 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. The balance sheet as of December 31, 2014 was derived from the Company's audited financial statements but 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, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (“2014 Form 10-K”). Financial results for interim periods are not necessarily indicative of the results of operations that may be expected for a full fiscal year. The Company expanded certain prior year amounts in our unaudited consolidated financial statements to conform to the current year presentation. | ||||||||||||
Use of Estimates | ||||||||||||
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 and allowances, warranties, and restructuring activities; (iii) assumptions surrounding future pension obligations; (iv) fair values of share-based compensation and of financial instruments (including derivative financial instruments); (v) evaluations of uncertain tax positions; (vi) estimates and assumptions used in connection with business combinations; and (vii) future cash flows used to assess and test for impairment of goodwill and long-lived assets, if applicable. Actual results could differ from these estimates. | ||||||||||||
Retrospective Measurement Period Adjustments | ||||||||||||
During the quarter ended April 3, 2015, the Company finalized the purchase price allocation of Aptina, Inc. ("Aptina") and, as a result, retrospectively adjusted its Consolidated Balance Sheet and related information as of December 31, 2014 for an immaterial amount as follows (in millions, see Note 3: "Acquisitions" for additional information): | ||||||||||||
As of December 31, 2014 | ||||||||||||
As Reported | Revision | As Revised | ||||||||||
Goodwill | $ | 264.7 | $ | (0.9 | ) | $ | 263.8 | |||||
Intangible assets, net | $ | 457.6 | $ | 0.9 | $ | 458.5 | ||||||
Revision of Previously-Issued Financial Statements | ||||||||||||
As disclosed in the 2014 Form 10-K, the Company identified errors in its financial statements for first three quarters of the fiscal year ended December 31, 2014, as included in the Company's 2014 quarterly reports on Form 10-Q, and decided to revise its previously issued financial statements to record a deferred tax asset in a foreign subsidiary during a prior period and to make adjustments in each successive period related to the foreign currency exchange rate changes associated with that item. The interim period ended March 28, 2014 also includes revised amounts from a change in the application of an accounting convention related to manufacturing variances. | ||||||||||||
The Company assessed the effect of the above errors in the aggregate on prior periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletins No. 99 and 108 and, based on an analysis of quantitative and qualitative factors, determined that the errors were not material to any of the Company’s prior interim and annual financial statements. The financial statements for the three months ended March 28, 2014 included in this Form 10-Q are revised as described below for those adjustments and should be read in conjunction with Item 8, “Financial Statements and Supplementary Data” disclosed in the 2014 Form 10-K, filed with the SEC on February 27, 2015. | ||||||||||||
All financial information contained in the accompanying notes to these unaudited consolidated financial statements have been revised to reflect the correction of these errors. | ||||||||||||
The following tables present the effect of the aforementioned revisions on the Company’s consolidated statements of operations and comprehensive income for the quarter ended March 28, 2014 (in millions, except per share data): | ||||||||||||
Quarter ended March 28, 2014 | ||||||||||||
As Reported | Revision | As Revised | ||||||||||
Cost of revenues (exclusive of amortization shown below) | 455.7 | 2.6 | 458.3 | |||||||||
Gross profit | 250.8 | (2.6 | ) | 248.2 | ||||||||
Operating income | 73.3 | (2.6 | ) | 70.7 | ||||||||
Other | (0.6 | ) | (0.1 | ) | (0.7 | ) | ||||||
Other income (expenses), net | (8.5 | ) | (0.1 | ) | (8.6 | ) | ||||||
Income before income taxes | 64.8 | (2.7 | ) | 62.1 | ||||||||
Net income | 58.6 | (2.7 | ) | 55.9 | ||||||||
Net income attributable to ON Semiconductor Corporation | 58.4 | (2.7 | ) | 55.7 | ||||||||
Comprehensive income | 59.6 | (2.7 | ) | 56.9 | ||||||||
Comprehensive income attributable to ON Semiconductor Corporation | 59.4 | (2.7 | ) | 56.7 | ||||||||
The following tables present the effect of the aforementioned revisions on the Company’s consolidated statement of cash flows for the quarter ended March 28, 2014 (in millions). There was no impact to total cash flows from operating activities as a result of the errors or revisions: | ||||||||||||
Quarter ended March 28, 2014 | ||||||||||||
As Reported | Revision | As Revised | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 58.6 | $ | (2.7 | ) | $ | 55.9 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Change in deferred taxes | 1.8 | 0.1 | 1.9 | |||||||||
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||||||||||||
Inventories | (8.8 | ) | 2.6 | (6.2 | ) | |||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 03, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
ASU No. 2015-03 - "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03") | |
In April 2015, the FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new standard is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company has not elected early adoption and does not expect the adoption of ASU 2015-03 to have a material impact on its Consolidated Financial Statements. | |
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 new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. Subsequently, the FASB proposed a deferral that would require public entities to apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein, that would also permit entities to elect to adopt the amendments as of the original effective date. The Company is currently evaluating the impact that the adoption of ASU 2014-09 may have on its Consolidated Financial Statements. |
Acquisitions_Acquisitions
Acquisitions Acquisitions | 3 Months Ended | ||||||||||||
Apr. 03, 2015 | |||||||||||||
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." | |||||||||||||
Acquisition of Aptina | |||||||||||||
On August 15, 2014, the Company acquired 100% of Aptina for approximately $405.4 million in cash, of which, the approximately $2.9 million that remained unpaid as of December 31, 2014 was subsequently paid during the quarter ended April 3, 2015. As discussed below, approximately $40.0 million of the total consideration was held in escrow as of April 3, 2015. The allocation of the purchase price of Aptina was finalized during the quarter ended April 3, 2015. Aptina is incorporated into the Company's Image Sensor Group for reporting purposes. | |||||||||||||
The following table presents the initial allocation and subsequent adjustments applied on a retrospective basis to the purchase price of Aptina for the assets acquired and liabilities assumed on August 15, 2014 based on their fair values (in millions): | |||||||||||||
Initial Estimate | Adjustments | Final Allocation | |||||||||||
Cash and cash equivalents | $ | 30.3 | $ | — | $ | 30.3 | |||||||
Receivables | 53.2 | — | 53.2 | ||||||||||
Inventories | 85.3 | (0.5 | ) | 84.8 | |||||||||
Other current assets | 5.7 | — | 5.7 | ||||||||||
Property, plant and equipment | 35.9 | 0.4 | 36.3 | ||||||||||
Goodwill | 63.8 | 0.6 | 64.4 | ||||||||||
Intangible assets | 183.1 | 24.7 | 207.8 | ||||||||||
In-process research and development | 75.4 | (24.1 | ) | 51.3 | |||||||||
Other non-current assets | 2.3 | — | 2.3 | ||||||||||
Total assets acquired | 535 | 1.1 | 536.1 | ||||||||||
Accounts payable | 66.8 | (0.2 | ) | 66.6 | |||||||||
Other current liabilities | 51.2 | (1.5 | ) | 49.7 | |||||||||
Other non-current liabilities | 14.5 | (0.1 | ) | 14.4 | |||||||||
Total liabilities assumed | 132.5 | (1.8 | ) | 130.7 | |||||||||
Net assets acquired | $ | 402.5 | $ | 2.9 | $ | 405.4 | |||||||
Acquired intangible assets include $51.3 million of IPRD assets, which are to be amortized over their respective useful lives upon successful completion of the related projects. The value assigned to IPRD was determined by considering the importance of products under development to the overall development plan, reviewing costs incurred for the projects, 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. | |||||||||||||
Other acquired intangible assets of $207.8 million include: customer relationships of $126.5 million (two to six year useful life); developed technology of $79.0 million (six year useful life); and trademarks of $2.3 million (6 month useful life). | |||||||||||||
Goodwill of $64.4 million was assigned to the Image Sensor Group. Among the factors that contributed to goodwill arising from the acquisition were the potential synergies that are expected to be derived from combining Aptina with the Company’s existing image sensor business. Goodwill is not deductible for tax purposes. | |||||||||||||
Pursuant to the agreement and plan of merger between the Company and the sellers of Aptina (the "Merger Agreement"), $40.0 million of the total consideration was withheld by the Company and placed into an escrow account to secure against certain indemnifiable events described in the Merger Agreement. The $40.0 million consideration held in escrow was accounted for as restricted cash as of April 3, 2015 and is included in other current assets and accrued expenses on the Company’s Consolidated Balance Sheet. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following table summarizes goodwill by relevant reportable segment as of April 3, 2015 and December 31, 2014 (in millions): | |||||||||||||||||||||||||
Balance as of April 3, 2015 | Balance as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Reportable Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 539.9 | $ | (418.9 | ) | $ | 121 | $ | 539.9 | $ | (418.9 | ) | $ | 121 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
Image Sensor Group | 95.4 | — | 95.4 | 95.4 | — | 95.4 | |||||||||||||||||||
$ | 711.3 | $ | (447.5 | ) | $ | 263.8 | $ | 711.3 | $ | (447.5 | ) | $ | 263.8 | ||||||||||||
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 may result in future non-cash impairment charges. While management did not identify any triggering events during the quarter ended April 3, 2015 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 April 3, 2015 and December 31, 2014 (in millions): | |||||||||||||||||||||||||
April 3, 2015 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | |||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | ||||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (10.1 | ) | $ | — | $ | (0.4 | ) | $ | 3.4 | |||||||||||||
Customer relationships | 425.6 | (162.9 | ) | (27.8 | ) | (23.7 | ) | 211.2 | |||||||||||||||||
Patents | 43.7 | (21.9 | ) | — | (13.7 | ) | 8.1 | ||||||||||||||||||
Developed technology | 243.5 | (104.7 | ) | — | (2.6 | ) | 136.2 | ||||||||||||||||||
Trademarks | 16.3 | (9.4 | ) | — | (1.1 | ) | 5.8 | ||||||||||||||||||
In-process research and development | 59.9 | — | — | — | 59.9 | ||||||||||||||||||||
Total intangibles | $ | 802.9 | $ | (309.0 | ) | $ | (27.8 | ) | $ | (41.5 | ) | $ | 424.6 | ||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | |||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | ||||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (10.0 | ) | $ | — | $ | (0.4 | ) | $ | 3.5 | |||||||||||||
Customer relationships | 425.6 | (146.2 | ) | (27.8 | ) | (23.7 | ) | 227.9 | |||||||||||||||||
Patents | 43.7 | (21.3 | ) | — | (13.7 | ) | 8.7 | ||||||||||||||||||
Developed technology | 241.9 | (88.9 | ) | — | (2.6 | ) | 150.4 | ||||||||||||||||||
Trademarks | 16.3 | (8.7 | ) | — | (1.1 | ) | 6.5 | ||||||||||||||||||
In-process research and development | 61.5 | — | — | — | 61.5 | ||||||||||||||||||||
Total intangibles | $ | 802.9 | $ | (275.1 | ) | $ | (27.8 | ) | $ | (41.5 | ) | $ | 458.5 | ||||||||||||
Amortization expense for acquisition-related intangible assets amounted to $33.9 million and $8.2 million for the quarters ended April 3, 2015 and March 28, 2014, respectively. Amortization expense for intangible assets, with the exception of the $59.9 million of IPRD assets that will be amortized once the corresponding projects have been completed, is expected to be as follows for each of the next five years and thereafter (in millions): | |||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2015 | $ | 100.5 | |||||||||||||||||||||||
2016 | 88.6 | ||||||||||||||||||||||||
2017 | 56.3 | ||||||||||||||||||||||||
2018 | 34.8 | ||||||||||||||||||||||||
2019 | 29.5 | ||||||||||||||||||||||||
Thereafter | 55 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 364.7 | |||||||||||||||||||||||
Restructuring_Asset_Impairment
Restructuring, Asset Impairments And Other, Net | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Restructuring, Asset Impairments And Other, Net | Restructuring, Asset Impairments and Other, Net | ||||||||||||||||
Summarized 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 ended April 3, 2015 is as follows (in millions): | |||||||||||||||||
Restructuring | Other | Total | |||||||||||||||
Quarter ended April 3, 2015 | |||||||||||||||||
Business combination severance | 0.4 | — | 0.4 | ||||||||||||||
KSS facility closure | 0.3 | (3.4 | ) | (3.1 | ) | ||||||||||||
European marketing organization relocation | 0.8 | — | 0.8 | ||||||||||||||
Other (1) | — | (0.4 | ) | (0.4 | ) | ||||||||||||
Total | $ | 1.5 | $ | (3.8 | ) | $ | (2.3 | ) | |||||||||
(1) Includes amounts related to certain reductions in workforce, other facility closures, asset disposal activity and certain other activity which is not considered to be significant. | |||||||||||||||||
Changes in accrued restructuring charges from December 31, 2014 to April 3, 2015 are summarized as follows (in millions): | |||||||||||||||||
Balance as of December 31, 2014 | Charges | Usage | Balance as of April 3, 2015 | ||||||||||||||
Estimated employee separation charges | $ | 2.3 | $ | 1.5 | $ | (2.4 | ) | $ | 1.4 | ||||||||
Estimated costs to exit | 1.1 | — | (0.3 | ) | 0.8 | ||||||||||||
Total | $ | 3.4 | $ | 1.5 | $ | (2.7 | ) | $ | 2.2 | ||||||||
Activity related to the Company’s restructuring programs that were either initiated during 2015 or had not been completed as of April 3, 2015, is as follows: | |||||||||||||||||
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 Company manufacturing facilities. The KSS Plan includes the elimination of approximately 170 full time and 40 contract employees. For the quarter ended April 3, 2015, the Company recorded approximately $0.3 million related to separation charges offset by $3.4 million gain from the sale of assets and the change in foreign currency. All of the employees have exited under this program. | |||||||||||||||||
Business Combination Severance | |||||||||||||||||
Certain positions were eliminated following the acquisition of Aptina on August 15, 2014. During the quarter ended April 3, 2015, 44 positions were identified for elimination, and the Company recorded approximately $0.4 million of related employee separation charges. The total plan is estimated to cost $1.2 million. All impacted employees are expected to exit during the second half of 2015. | |||||||||||||||||
As of April 3, 2015, there was $0.4 million accrued liability associated with executive severance charges. | |||||||||||||||||
European Marketing Organization Relocation | |||||||||||||||||
In January 2015, it was announced that the Company's European customer marketing organization would relocate from France to Slovakia and Germany. As a result, six positions are expected to be eliminated and the Company recorded approximately $0.8 million of related employee separation charges during the quarter ended April 3, 2015. The total plan is estimated to incur approximately $3.3 million of expenses. The impacted employees are expected to exit during the second half of 2016. | |||||||||||||||||
As of April 3, 2015, there was $0.8 million accrued liability associated with employee separation charges for the European customer marketing organization move. |
Balance_Sheet_Information
Balance Sheet Information | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Balance Sheet Information | Balance Sheet Information | |||||||
Certain amounts included in the Company's balance sheet as of April 3, 2015 and December 31, 2014 consist of the following (dollars in millions): | ||||||||
April 3, 2015 | December 31, 2014 | |||||||
Receivables, net: | ||||||||
Accounts receivable | $ | 456.6 | $ | 419.1 | ||||
Less: Allowance for doubtful accounts | (2.1 | ) | (1.6 | ) | ||||
$ | 454.5 | $ | 417.5 | |||||
Inventories: | ||||||||
Raw materials | $ | 88.7 | $ | 119.7 | ||||
Work in process | 418 | 365.5 | ||||||
Finished goods | 240.2 | 244.7 | ||||||
$ | 746.9 | $ | 729.9 | |||||
Other current assets (1): | ||||||||
Prepaid expenses | $ | 28.6 | $ | 28.7 | ||||
Value added and other income tax receivables | 24.5 | 40.4 | ||||||
Other | 75 | 71.5 | ||||||
$ | 128.1 | $ | 140.6 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 46.3 | $ | 46.1 | ||||
Buildings | 493.2 | 484.3 | ||||||
Machinery and equipment | 2,206.70 | 2,165.00 | ||||||
Total property, plant and equipment | 2,746.20 | 2,695.40 | ||||||
Less: Accumulated depreciation | (1,537.8 | ) | (1,491.5 | ) | ||||
$ | 1,208.40 | $ | 1,203.90 | |||||
Accrued expenses: | ||||||||
Accrued payroll | $ | 102.2 | $ | 117 | ||||
Sales related reserves | 74.6 | 65.8 | ||||||
Restructuring reserves | 2.2 | 3.4 | ||||||
Accrued pension liability | 0.1 | 0.2 | ||||||
Accrued interest | 3.1 | 1.8 | ||||||
Other | 100.4 | 99.7 | ||||||
$ | 282.6 | $ | 287.9 | |||||
(1) Included in other current assets are approximately $0.8 million of fixed assets which are held-for-sale as of April 3, 2015. | ||||||||
Warranty Reserves | ||||||||
Activity related to the Company's warranty reserves for the quarter ended April 3, 2015 and March 28, 2014 is as follows (in millions): | ||||||||
Quarter Ended | ||||||||
April 3, 2015 | March 28, 2014 | |||||||
Beginning Balance | $ | 5.5 | $ | 6 | ||||
Provision | 0.1 | 0.4 | ||||||
Usage | (0.4 | ) | (0.2 | ) | ||||
Ending Balance | $ | 5.2 | $ | 6.2 | ||||
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 April 3, 2015, the total accrued pension liability for underfunded plans was approximately $94.6 million, of which the current portion of $0.1 million was classified as accrued expenses. As of December 31, 2014, the total accrued pension liability for underfunded plans was $96.1 million, of which the current portion of $0.2 million was classified as accrued expenses. | ||||||||
The components of the Company's net periodic pension expense for the quarters ended April 3, 2015 and March 28, 2014 are as follows (in millions): | ||||||||
Quarter Ended | ||||||||
April 3, 2015 | March 28, 2014 | |||||||
Service cost | $ | 2.2 | $ | 2.5 | ||||
Interest cost | 1 | 1.5 | ||||||
Expected return on plan assets | (0.9 | ) | (0.9 | ) | ||||
Curtailment gain | — | (2.8 | ) | |||||
Total net periodic pension cost | $ | 2.3 | $ | 0.3 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
The Company's long-term debt consists of the following (annualized rates, dollars in millions): | ||||||||
April 3, 2015 | December 31, 2014 | |||||||
Senior Revolving Credit Facility due 2018, interest payable monthly at 1.69% and quarterly at 1.69%, respectively | $ | 350 | $ | 350 | ||||
Loan with Japanese bank due 2015 through 2018, interest payable quarterly at 2.02% and 2.01%, respectively (1) | 217.1 | 235.9 | ||||||
2.625% Notes, Series B (net of discount of $12.9 million and $14.7 million, respectively) (2) | 344 | 342.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.43% and 1.92%, respectively (3) | 35 | 35 | ||||||
Loans with Philippine bank due 2015 through 2019, interest payable monthly and quarterly at an average rate of 2.39% and 2.37%, respectively (4) | 45.4 | 54.2 | ||||||
Loan with Singapore bank, interest payable weekly at 1.43% and 1.42%, respectively (3) | 20 | 20 | ||||||
U.S. real estate mortgages payable monthly through 2019 at an average rate of 3.35% (5) | 53.6 | 54.8 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% (6) | 3.6 | 4.8 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% (6) | 3.7 | 4.2 | ||||||
Canada revolving line of credit, interest payable quarterly at 1.86% and 1.84%, respectively (7) | 15 | 15 | ||||||
Malaysia revolving line of credit, interest payable quarterly at 1.72% and 1.71%, respectively (7) | 25 | 25 | ||||||
Vietnam revolving line of credit, interest payable quarterly and annually at an average rate of 1.76% and 1.87%, respectively (7) | 17.1 | 10.7 | ||||||
Capital lease obligations | 33.3 | 40.8 | ||||||
Long-term debt, including current maturities | 1,162.80 | 1,192.60 | ||||||
Less: Current maturities | (212.6 | ) | (209.6 | ) | ||||
Long-term debt | $ | 950.2 | $ | 983 | ||||
_______________________ | ||||||||
-1 | This loan represents SCI LLC's non-collateralized 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. | |||||||
-3 | Debt arrangement collateralized by accounts receivable. | |||||||
-4 | $7.5 million non-collateralized and $37.9 million collateralized by equipment and $15.0 million non-collateralized and $39.2 million collateralized by equipment, respectively. | |||||||
-5 | Debt arrangement collateralized by real estate, including certain of our facilities in Oregon and Idaho. | |||||||
-6 | Debt arrangement collateralized by equipment. | |||||||
-7 | Non-collateralized debt arrangement. | |||||||
Expected maturities relating to the Company’s long-term debt as of April 3, 2015 are as follows (in millions): | ||||||||
Period | Expected Maturities | |||||||
Remainder of 2015 | $ | 177.9 | ||||||
2016 | 426.6 | |||||||
2017 | 53.5 | |||||||
2018 | 482.9 | |||||||
2019 | 34.8 | |||||||
Thereafter | — | |||||||
Total | $ | 1,175.70 | ||||||
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 2014 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 | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
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 | |||||||||
April 3, 2015 | March 28, 2014 | ||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.1 | $ | 55.7 | |||||
Basic weighted average common shares outstanding | 431.4 | 440.4 | |||||||
Dilutive effect of share-based awards | 5.7 | 4.1 | |||||||
Dilutive effect of Convertible Notes | 2.8 | — | |||||||
Diluted weighted average common shares outstanding | 439.9 | 444.5 | |||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||
Basic | $ | 0.13 | $ | 0.13 | |||||
Diluted | $ | 0.13 | $ | 0.13 | |||||
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 1.0 million and 7.7 million for the quarters ended April 3, 2015 and March 28, 2014, 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. 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 2014 Form 10-K for a discussion of the conversion prices and other features of the 2.625% Notes, Series B. | |||||||||
Equity | |||||||||
Share Repurchase Program | |||||||||
Information relating to the Company's share repurchase program is as follows (in millions, except per share data): | |||||||||
Quarter Ended | |||||||||
3-Apr-15 | 28-Mar-14 | ||||||||
Number of repurchased shares (1) | 8.6 | 2.2 | |||||||
Beginning accrued share repurchases (2) | $ | — | $ | 0.6 | |||||
Aggregate purchase price | 97 | 20.1 | |||||||
Less: ending accrued share repurchases (3) | (2.0 | ) | (1.3 | ) | |||||
Total cash used for share repurchases | $ | 95 | $ | 19.4 | |||||
Weighted-average purchase price per share (4) | $ | 11.2 | $ | 9.12 | |||||
Available for future purchases at period end | $ | 879.2 | $ | 123.3 | |||||
(1) None of these shares had been reissued or retired as of April 3, 2015, 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 unaudited 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 ended April 3, 2015 was $11.2 million for which the Company withheld approximately 0.9 million shares of common stock that were underlying the restricted stock units that vested. None of these shares had been reissued or retired as of April 3, 2015, 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, 2014, the non-controlling interest balance was $20.9 million. This balance increased to $21.6 million as of April 3, 2015, resulting from the non-controlling interest's $0.7 million share of the earnings for the quarter ended April 3, 2015. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||
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 April 3, 2015 and March 28, 2014 was comprised as follows (in millions): | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||||
Cost of revenues | $ | 1.9 | $ | 1.4 | ||||||||||||||||||
Research and development | 2.3 | 1.8 | ||||||||||||||||||||
Selling and marketing | 2.2 | 1.5 | ||||||||||||||||||||
General and administrative | 4.9 | 3.8 | ||||||||||||||||||||
Share-based compensation expense before income taxes | $ | 11.3 | $ | 8.5 | ||||||||||||||||||
Related income tax benefits (1) | — | — | ||||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 11.3 | $ | 8.5 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||
(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. | |||||||||||||||||||||
As of April 3, 2015, total estimated unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested stock options granted prior to that date was $2.3 million, which is expected to be recognized over a weighted-average period of 1.3 years. As of April 3, 2015, 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 $76.5 million, which is expected to be recognized over a weighted-average period of 2.0 years. The total intrinsic value of stock options exercised during the quarter ended April 3, 2015 was $10.2 million. The Company recorded cash received from the exercise of stock options of $21.4 million during the quarter ended April 3, 2015. The Company recorded no related income tax benefits during the quarter ended April 3, 2015. | ||||||||||||||||||||||
Share-Based Compensation Information | ||||||||||||||||||||||
Share-based compensation expense recognized in the Consolidated Statements of Operations and Comprehensive Income is based on awards that are 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. The annualized pre-vesting forfeiture rate for stock options was estimated to be approximately 11% and 11% during the quarters ended April 3, 2015 and March 28, 2014, respectively. The annualized pre-vesting forfeiture rate for restricted stock units was estimated to be approximately 5% and 5% during the quarters ended April 3, 2015 and March 28, 2014, respectively. | ||||||||||||||||||||||
Shares Available | ||||||||||||||||||||||
As of December 31, 2014, there was an aggregate of 35.2 million shares of common stock available for grant under the Company's Amended and Restated SIP and 3.0 million shares available for issuance under the ESPP. As of April 3, 2015, there was an aggregate of 29.9 million shares of common stock available for grant under the Amended and Restated SIP and 2.5 million shares available for issuance under the ESPP. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
Summarized stock option information for the quarter ended April 3, 2015 is as follows (in millions except per share and term data): | ||||||||||||||||||||||
Quarter Ended April 3, 2015 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2014 | 8.8 | $ | 7.81 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | (2.7 | ) | 7.9 | |||||||||||||||||||
Canceled | — | — | ||||||||||||||||||||
Outstanding at April 3, 2015 | 6.1 | $ | 7.78 | 3.02 | $ | 22.8 | ||||||||||||||||
Exercisable at April 3, 2015 | 5 | $ | 7.93 | 2.74 | $ | 18 | ||||||||||||||||
Additional information with respect to stock options outstanding as of April 3, 2015, with exercise prices less than or above $11.70 per share, the effective closing price of the Company's common stock at April 3, 2015, is as 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 $11.70 | 5 | $ | 7.93 | 1.1 | $ | 7.1 | 6.1 | $ | 7.78 | |||||||||||||
Above $11.70 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Total outstanding | 5 | $ | 7.93 | 1.1 | $ | 7.1 | 6.1 | $ | 7.78 | |||||||||||||
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 summarized information with respect to the Company's restricted stock units as of April 3, 2015, and changes during the quarter ended April 3, 2015 (number of shares in millions): | ||||||||||||||||||||||
Quarter Ended April 3, 2015 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2014 | 8.7 | $ | 8.66 | |||||||||||||||||||
Granted | 2.8 | 13.06 | ||||||||||||||||||||
Achieved | 0.7 | 9.35 | ||||||||||||||||||||
Released | (2.9 | ) | 8.76 | |||||||||||||||||||
Forfeited | (0.2 | ) | 8.6 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at April 3, 2015 | 9.1 | $ | 10.04 | |||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |||
Apr. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments And Contingencies | Commitments and Contingencies | |||
Leases | ||||
The following represents future minimum lease obligations under non-cancelable operating leases as of April 3, 2015 (in millions): | ||||
Remainder of 2015 | $ | 17.5 | ||
2016 | 19.8 | |||
2017 | 15.3 | |||
2018 | 10.8 | |||
2019 | 8.2 | |||
Thereafter | 36.4 | |||
Total | $ | 108 | ||
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 received various manufacturing facilities, one of which is 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. | ||||
As a result of the acquisition of Truesense, the Company, by operation of law, became a party to an Agreement With Covenant Not to Sue entered into among the New York Department of Environmental Conservation (“NYDEC”) and several companies with respect to pre-existing contamination within the business park property where Truesense is located. This agreement provides that the NYDEC would not sue or take any other action against these companies or their affiliates, subsidiaries, related entities, officers and directors, for any pre-existing environmental liabilities which occurred prior to the effective date of the agreement. Also in connection with the acquisition of Truesense, the Company has indemnification protection from Eastman Kodak Company (“Kodak”) under the 2011 asset purchase agreement between Kodak and Truesense. In that agreement, Kodak agreed to indemnify Truesense, its successors and assigns, with respect to any environmental liabilities existing prior to the closing of the Truesense/Kodak transaction. 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 was notified by the Environmental Protection Agency (“EPA”) that it has been identified as a “potentially responsible party” (“PRP”) in the Chemetco Superfund matter. Chemetco is a defunct reclamation services supplier who operated in Illinois at what is now a Superfund site. The Company used Chemetco for reclamation services. The EPA is pursuing Chemetco customers for contribution to the site cleanup activities. The Company has joined a PRP group which is cooperating with the EPA in the evaluation and funding of the cleanup. 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. | ||||
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. As of April 3, 2015, the Company's senior revolving credit facility included $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 April 3, 2015. The Company also had outstanding guarantees and letters of credit outside of its senior revolving credit facility totaling $5.7 million as of April 3, 2015. | ||||
As part of obtaining financing in the normal course of business, the Company issued guarantees related to certain of its capital lease obligations, equipment financing, lines of credit and real estate mortgages, which totaled approximately $117.5 million as of April 3, 2015. The Company is also a guarantor of SCI LLC's non-collateralized loan with SMBC, which had a balance of $217.1 million as of April 3, 2015. See Note 7: "Long-Term Debt" for additional information. | ||||
Based on historical experience and information currently available, the Company believes that it will not be required to make payments under the standby letters of credit or guarantee arrangements for the foreseeable future. | ||||
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, the Company cannot guarantee the outcome of these actions. | ||||
On August 22, 2014, Collabo Innovations, Inc. filed a lawsuit in the U.S. District Court for the District of Delaware against the Company and three of its subsidiaries, all of which were acquired in the acquisition of Aptina. The complaint alleges infringement of U.S. Patent Nos. 6,166,405, 7,696,543, 5,976,907, 7,135,725 and 7,023,034 (the “Collabo Patents”) and seeks unspecified damages for past infringement. The Collabo Patents relate to CMOS image sensor products. Collabo served the complaint in December 2014, and the Company answered in April 2015. The Company disputes the claims and will defend the litigation vigorously. Based on the limited information currently available, the Company is not able to estimate what the possible loss or range of loss might be, if any. The Company will pursue its rights under the Aptina acquisition agreements to indemnification for losses that may arise out of or result from this matter. | ||||
Intellectual Property Matters | ||||
We face risk to exposure from claims of infringement of the IP rights of others. In the ordinary course of business, we receive letters asserting that our products or components breach another party’s rights, including the Collabo Patents above. These threats may seek that we make royalty payments, that we stop use of such rights, or other remedies. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | |||||||||||||||
Apr. 03, 2015 | ||||||||||||||||
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 | ||||||||||||||||
Summarized information with respect to the Company's financial assets and liabilities measured at fair value on a recurring basis as of April 3, 2015 and December 31, 2014 is as follows (in millions): | ||||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||
3-Apr-15 | Active Markets (Level 1) | December 31, 2014 | Active Markets (Level 1) | |||||||||||||
Description | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Demand and time deposits | $ | 50.3 | $ | 50.3 | $ | 20.3 | $ | 20.3 | ||||||||
Money market funds | 17 | 17 | 46.3 | 46.3 | ||||||||||||
Other Current Assets: | ||||||||||||||||
Foreign currency exchange contracts | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
Short-Term Investments | ||||||||||||||||
The Company's short-term investments are valued using market prices on active markets (Level 1). Short-term investments with an original maturity 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 ability to hold these securities until maturity. Investments that are designated as available-for-sale are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive loss. | ||||||||||||||||
Short-term investments classified as held-to-maturity as of April 3, 2015 and December 31, 2014 were as follows (in millions): | ||||||||||||||||
Balance at April 3, 2015 | Balance at December 31, 2014 | |||||||||||||||
Carried at Amortized Cost | Fair Value | Carried at Amortized Cost | Fair Value | |||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||
Corporate bonds | $ | 1.3 | $ | 1.3 | $ | 2 | $ | 2 | ||||||||
There were no unrealized gains or losses on held-to-maturity short-term investments as of April 3, 2015. | ||||||||||||||||
As of December 31, 2014, the Company held short-term investments classified as available-for-sale, measured at Level 1, with a fair value equal to its carrying value of approximately $4.1 million. See Note 13: “Changes in Accumulated Other Comprehensive Loss” for additional information on unrealized gains and losses on available-for-sale short-term investments. | ||||||||||||||||
Other | ||||||||||||||||
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 April 3, 2015 and December 31, 2014 are as follows (in millions): | ||||||||||||||||
April 3, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Long-term debt, including current portion | ||||||||||||||||
Convertible Notes | $ | 344 | $ | 450.2 | $ | 342.2 | $ | 424.8 | ||||||||
Long-term debt | $ | 724.6 | $ | 724.1 | $ | 745.8 | $ | 744.8 | ||||||||
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 April 3, 2015 and December 31, 2014. | ||||||||||||||||
Cost Method Investments | ||||||||||||||||
Investments in equity securities that do not qualify for fair value accounting are accounted for under the cost method. Accordingly, the Company accounts for investments in companies that it does not control, or have significant influence over, under the cost method, as applicable. If a decline in the fair value of a cost method investment is determined to be other than temporary, an impairment charge is recorded, and the fair value becomes the new cost basis of the investment. The Company evaluates all of its cost method investments for impairment; however, it is not required to determine the fair value of its investment unless impairment indicators are present. | ||||||||||||||||
As of April 3, 2015 and December 31, 2014, the Company’s cost method investments had a carrying value of approximately $12.3 million and $12.2 million, respectively. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
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, which are undesignated hedges for accounting purposes. | |||||||||||||||||
As of April 3, 2015 and December 31, 2014, the Company had net outstanding foreign exchange contracts with net notional amounts of $113.0 million and $145.7 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months from the time of purchase. 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 summarizes the Company’s net foreign exchange positions in U.S. dollars as of April 3, 2015 and December 31, 2014 (in millions): | |||||||||||||||||
3-Apr-15 | 31-Dec-14 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (21.8 | ) | $ | 21.8 | $ | (31.2 | ) | $ | 31.2 | |||||||
Japanese Yen | (18.5 | ) | 18.5 | (42.1 | ) | 42.1 | |||||||||||
Malaysian Ringgit | 32.8 | 32.8 | 39.2 | 39.2 | |||||||||||||
Philippine Peso | 16.7 | 16.7 | 16.7 | 16.7 | |||||||||||||
Other Currencies | 17.2 | 23.2 | 11.1 | 16.5 | |||||||||||||
$ | 26.4 | $ | 113 | $ | (6.3 | ) | $ | 145.7 | |||||||||
The Company is exposed to credit-related losses if counterparties to its foreign exchange contracts fail to perform their obligations. As of April 3, 2015, the counterparties to the Company’s foreign exchange contracts are held at financial institutions which the Company believes to be highly rated, and no credit-related losses are anticipated. Amounts receivable or payable under the contracts are included in other current assets or accrued expenses in the accompanying Consolidated Balance Sheet. For the quarters ended April 3, 2015 and March 28, 2014, realized and unrealized foreign currency transactions totaled a $0.1 million gain and a $0.9 million loss, respectively, which is included in other income and expenses in the Company's consolidated statements of operations and comprehensive income. | |||||||||||||||||
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 April 3, 2015 was approximately $64.0 million, which is primarily composed of cash flow hedges for Malaysian Ringgit/U.S. dollar and Philippine Peso/U.S. dollar currency pairs. | |||||||||||||||||
For the quarter ended April 3, 2015, the Company recorded a net loss of $1.8 million associated with cash flow hedges recognized as a component of cost of revenues. As of April 3, 2015, the Company had a $3.8 million liability balance for contracts designated as cash flow hedging instruments. As of December 31, 2014, the Company had a $3.5 million liability balance for contracts designated as cash flow hedging instruments that were classified as other liabilities. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
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 quarter ended April 3, 2015 are as follows (net of tax of $0, in millions): | |||||||||||||||||
Foreign Currency Translation Adjustments | Effects of Cash Flow Hedges | Gains and Losses on Available-for-Sale Securities | Total | ||||||||||||||
Balance as of December 31, 2014 | $ | (42.5 | ) | $ | (3.5 | ) | $ | 4.5 | $ | (41.5 | ) | ||||||
Other comprehensive income (loss) prior to reclassifications | — | 1.6 | (0.7 | ) | 0.9 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1.8 | ) | (3.4 | ) | (5.2 | ) | ||||||||||
Net current period other comprehensive loss | — | (0.2 | ) | (4.1 | ) | (4.3 | ) | ||||||||||
Balance as of April 3, 2015 | $ | (42.5 | ) | $ | (3.7 | ) | $ | 0.4 | $ | (45.8 | ) | ||||||
Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the quarters ended April 3, 2015 and March 28, 2014, respectively, were as follows (net of tax of $0, in millions): | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Quarter Ended April 3, 2015 | Quarter Ended March 28, 2014 | Affected Line Item Where Net Income is Presented | |||||||||||||||
Effects of cash flow hedges | $ | (1.8 | ) | $ | (1.3 | ) | Cost of revenues | ||||||||||
Gains and Losses on Available-for-Sale Securities | (3.4 | ) | — | Other income and expense | |||||||||||||
Total reclassifications | $ | (5.2 | ) | $ | (1.3 | ) | |||||||||||
Included in accumulated other comprehensive loss as of April 3, 2015 is approximately $13.3 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 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_Disclosures
Supplemental Disclosures | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Cash Flow, Supplemental Disclosures | Supplemental Disclosures | ||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||
Certain of the Company's non-cash activities along with cash payments for interest and income taxes are as follows (in millions): | |||||||||
Quarter Ended | |||||||||
April 3, 2015 | March 28, 2014 | ||||||||
Non-cash activities: | |||||||||
Capital expenditures in accounts payable | $ | 98.6 | $ | 54.8 | |||||
Equipment acquired or refinanced through capital leases | $ | 0.6 | $ | 0.4 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (0.3 | ) | $ | (0.2 | ) | |||
Interest expense | $ | 5.7 | $ | 2.8 | |||||
Income taxes | $ | 5.4 | $ | 5.3 | |||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||
As of April 3, 2015, the Company was organized into four reportable segments, consisting of the Application Products Group, Standard Products Group, System Solutions Group and Image Sensor Group. The Company's Image Sensor Group was established during the third quarter of 2014 following the Company's acquisitions of Truesense and Aptina. Previously reported information has been recast to reflect the current reportable segments. | ||||||||||||||||||||
Each of the Company's major product lines has been examined and each product line has been assigned to a reportable 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 and gross profit for the Company’s reportable segments for the quarters ended April 3, 2015 and March 28, 2014 are as follows (in millions): | ||||||||||||||||||||
Application Products Group | Standard | Image Sensor Group | System Solutions Group | Total | ||||||||||||||||
Products | ||||||||||||||||||||
Group | ||||||||||||||||||||
For the quarter ended April 3, 2015: | ||||||||||||||||||||
Revenues from external customers | $ | 264.3 | $ | 303.2 | $ | 170.5 | $ | 132.8 | $ | 870.8 | ||||||||||
Segment gross profit | $ | 118.8 | $ | 113.6 | $ | 50.1 | $ | 26.5 | $ | 309 | ||||||||||
For the quarter ended March 28, 2014: | ||||||||||||||||||||
Revenues from external customers | $ | 267.6 | $ | 292.9 | $ | 11.9 | $ | 134.1 | $ | 706.5 | ||||||||||
Segment gross profit | $ | 117.8 | $ | 106.2 | $ | 8.3 | $ | 25 | $ | 257.3 | ||||||||||
Gross profit shown above and below is exclusive of the amortization of acquisition-related intangible assets. Depreciation expense is included in segment gross profit. Reconciliations of segment gross profit to consolidated gross profit are as follows (in millions): | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||
Gross profit for reportable segments | $ | 309 | $ | 257.3 | ||||||||||||||||
Less: unallocated manufacturing costs | (8.6 | ) | (9.1 | ) | ||||||||||||||||
Consolidated Gross profit | $ | 300.4 | $ | 248.2 | ||||||||||||||||
The Company's consolidated assets are not specifically ascribed 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 gross 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 | ||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||
United States | $ | 131.8 | $ | 112 | ||||||||||||||||
Japan | 62.6 | 65.3 | ||||||||||||||||||
Hong Kong | 191.2 | 202.7 | ||||||||||||||||||
Singapore | 316.3 | 180.4 | ||||||||||||||||||
United Kingdom | 129.7 | 117.2 | ||||||||||||||||||
Other | 39.2 | 28.9 | ||||||||||||||||||
$ | 870.8 | $ | 706.5 | |||||||||||||||||
Property, plant and equipment, net by geographic location, is summarized as follows (in millions): | ||||||||||||||||||||
April 3, | December 31, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
United States | $ | 318.1 | $ | 308.1 | ||||||||||||||||
Czech Republic | 111 | 113.8 | ||||||||||||||||||
Malaysia | 229.9 | 232.2 | ||||||||||||||||||
Philippines | 201.8 | 197.4 | ||||||||||||||||||
China | 119.6 | 122.2 | ||||||||||||||||||
Other | 228 | 230.2 | ||||||||||||||||||
$ | 1,208.40 | $ | 1,203.90 | |||||||||||||||||
For the quarters ended April 3, 2015 and March 28, 2014, there were no individual customers, including distributors, which accounted for more than 10% of the Company's total consolidated revenues. |
Guarantor_And_NonGuarantor_Sta
Guarantor And Non-Guarantor Statements | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||
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, Truesense and Aptina (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 non-collateralized 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. | ||||||||||||||||||||||||
The condensed consolidating financial statements included in this footnote have been corrected consistent with the revisions described in Note 1: "Background and Basis of Presentation". | ||||||||||||||||||||||||
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 APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 139.7 | $ | — | $ | 288.4 | $ | — | $ | 428.1 | ||||||||||||
Short-term investments | — | 1.3 | — | — | — | 1.3 | ||||||||||||||||||
Receivables, net | — | 55.7 | — | 398.8 | — | 454.5 | ||||||||||||||||||
Inventories | — | 63 | — | 670 | 13.9 | 746.9 | ||||||||||||||||||
Short-term intercompany receivables | — | 1.9 | 5 | — | (6.9 | ) | — | |||||||||||||||||
Other current assets | — | 19.5 | — | 107.4 | 1.2 | 128.1 | ||||||||||||||||||
Total current assets | — | 281.1 | 5 | 1,464.60 | 8.2 | 1,758.90 | ||||||||||||||||||
Property, plant and equipment, net | — | 270 | 2.9 | 936.8 | (1.3 | ) | 1,208.40 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 114.9 | — | 263.8 | ||||||||||||||||||
Intangible assets, net | — | 94.6 | — | 346.6 | (16.6 | ) | 424.6 | |||||||||||||||||
Long-term intercompany receivables | — | 143.1 | — | — | (143.1 | ) | — | |||||||||||||||||
Other assets | 1,954.40 | 2,080.10 | 146.3 | 867.7 | (4,957.9 | ) | 90.6 | |||||||||||||||||
Total assets | $ | 1,954.40 | $ | 2,980.50 | $ | 191.5 | $ | 3,730.60 | $ | (5,110.7 | ) | $ | 3,746.30 | |||||||||||
Accounts payable | $ | — | $ | 35.6 | $ | 0.1 | $ | 326.8 | $ | — | $ | 362.5 | ||||||||||||
Accrued expenses | 4.8 | 76.1 | 0.2 | 201.5 | — | 282.6 | ||||||||||||||||||
Deferred income on sales to distributors | — | 35 | — | 121 | — | 156 | ||||||||||||||||||
Current portion of long-term debt | — | 63 | — | 149.6 | — | 212.6 | ||||||||||||||||||
Short-term intercompany payables | — | — | — | 6.9 | (6.9 | ) | — | |||||||||||||||||
Total current liabilities | 4.8 | 209.7 | 0.3 | 805.8 | (6.9 | ) | 1,013.70 | |||||||||||||||||
Long-term debt | 344 | 578.6 | — | 27.6 | — | 950.2 | ||||||||||||||||||
Other long-term liabilities | — | 30.5 | 0.1 | 124.6 | — | 155.2 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 143.1 | (143.1 | ) | — | |||||||||||||||||
Total liabilities | 348.8 | 818.8 | 0.4 | 1,101.10 | (150.0 | ) | 2,119.10 | |||||||||||||||||
Stockholders’ equity | 1,605.60 | 2,161.70 | 191.1 | 2,629.50 | (4,982.3 | ) | 1,605.60 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 21.6 | 21.6 | ||||||||||||||||||
Total equity | 1,605.60 | 2,161.70 | 191.1 | 2,629.50 | (4,960.7 | ) | 1,627.20 | |||||||||||||||||
Total liabilities and equity | $ | 1,954.40 | $ | 2,980.50 | $ | 191.5 | $ | 3,730.60 | $ | (5,110.7 | ) | $ | 3,746.30 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 199.9 | $ | — | $ | 311.8 | $ | — | $ | 511.7 | ||||||||||||
Short-term investments | — | 2 | — | 4.1 | — | 6.1 | ||||||||||||||||||
Receivables, net | — | 56.6 | — | 360.9 | — | 417.5 | ||||||||||||||||||
Inventories | — | 60.5 | — | 652.9 | 16.5 | 729.9 | ||||||||||||||||||
Short-term intercompany receivables | — | — | 4.9 | — | (4.9 | ) | — | |||||||||||||||||
Other current assets | — | 14 | — | 126.6 | — | 140.6 | ||||||||||||||||||
Total current assets | — | 333 | 4.9 | 1,456.30 | 11.6 | 1,805.80 | ||||||||||||||||||
Property, plant and equipment, net | — | 262.1 | 3.1 | 940.1 | (1.4 | ) | 1,203.90 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 114.9 | — | 263.8 | ||||||||||||||||||
Intangible assets, net | — | 98.2 | — | 377.9 | (17.6 | ) | 458.5 | |||||||||||||||||
Long-term intercompany receivables | — | 204.2 | — | — | (204.2 | ) | — | |||||||||||||||||
Other assets | 1,969.10 | 2,002.30 | 143.5 | 858.2 | (4,882.1 | ) | 91 | |||||||||||||||||
Total assets | $ | 1,969.10 | $ | 3,011.40 | $ | 188.8 | $ | 3,747.40 | $ | (5,093.7 | ) | $ | 3,823.00 | |||||||||||
Accounts payable | $ | — | $ | 37.8 | 0.1 | 340.3 | — | $ | 378.2 | |||||||||||||||
Accrued expenses | 0.4 | 71.6 | 0.5 | 215.4 | — | 287.9 | ||||||||||||||||||
Deferred income on sales to distributors | — | 36.4 | — | 128.7 | — | 165.1 | ||||||||||||||||||
Current portion of long-term debt | — | 57.6 | — | 152 | — | 209.6 | ||||||||||||||||||
Short-term intercompany payables | — | 2.3 | — | 2.6 | (4.9 | ) | — | |||||||||||||||||
Total current liabilities | 0.4 | 205.7 | 0.6 | 839 | (4.9 | ) | 1,040.80 | |||||||||||||||||
Long-term debt | 342.2 | 609.5 | — | 31.3 | — | 983 | ||||||||||||||||||
Other long-term liabilities | — | 21.1 | — | 130.7 | — | 151.8 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 204.2 | (204.2 | ) | — | |||||||||||||||||
Total liabilities | 342.6 | 836.3 | 0.6 | 1,205.20 | (209.1 | ) | 2,175.60 | |||||||||||||||||
Stockholders’ equity | 1,626.50 | 2,175.10 | 188.2 | 2,542.20 | (4,905.5 | ) | 1,626.50 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 20.9 | 20.9 | ||||||||||||||||||
Total equity | 1,626.50 | 2,175.10 | 188.2 | 2,542.20 | (4,884.6 | ) | 1,647.40 | |||||||||||||||||
Total liabilities and equity | $ | 1,969.10 | $ | 3,011.40 | $ | 188.8 | $ | 3,747.40 | $ | (5,093.7 | ) | $ | 3,823.00 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 202.2 | $ | 4.2 | $ | 1,128.90 | $ | (464.5 | ) | $ | 870.8 | |||||||||||
Cost of revenues (exclusive of amortization shown below) | — | 154.3 | 0.2 | 879.4 | (463.5 | ) | 570.4 | |||||||||||||||||
Gross profit | — | 47.9 | 4 | 249.5 | (1.0 | ) | 300.4 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 32.3 | 3.3 | 64.8 | — | 100.4 | ||||||||||||||||||
Selling and marketing | — | 26.4 | 0.2 | 26.7 | — | 53.3 | ||||||||||||||||||
General and administrative | — | 14.9 | 0.3 | 31.5 | — | 46.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.5 | — | 31.5 | (1.1 | ) | 33.9 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | (0.8 | ) | — | (1.5 | ) | — | (2.3 | ) | |||||||||||||||
Total operating expenses | — | 76.3 | 3.8 | 153 | (1.1 | ) | 232 | |||||||||||||||||
Operating income (loss) | — | (28.4 | ) | 0.2 | 96.5 | 0.1 | 68.4 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.4 | ) | (2.5 | ) | — | (2.3 | ) | — | (9.2 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.2 | — | 0.3 | ||||||||||||||||||
Other | — | (1.7 | ) | — | 5.4 | — | 3.7 | |||||||||||||||||
Equity in earnings | 59.5 | 93.9 | 2.7 | — | (156.1 | ) | — | |||||||||||||||||
Other income (expense), net | 55.1 | 89.8 | 2.7 | 3.3 | (156.1 | ) | (5.2 | ) | ||||||||||||||||
Income before income taxes | 55.1 | 61.4 | 2.9 | 99.8 | (156.0 | ) | 63.2 | |||||||||||||||||
Income tax benefit (provision) | — | (0.8 | ) | — | (7.9 | ) | 1.3 | (7.4 | ) | |||||||||||||||
Net income | 55.1 | 60.6 | 2.9 | 91.9 | (154.7 | ) | 55.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.7 | ) | (0.7 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.1 | $ | 60.6 | $ | 2.9 | $ | 91.9 | $ | (155.4 | ) | $ | 55.1 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 50.8 | $ | 56.3 | $ | 2.9 | $ | 87.8 | $ | (147.0 | ) | $ | 50.8 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED MARCH 28, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 170 | $ | 3.9 | $ | 974.1 | $ | (441.5 | ) | $ | 706.5 | |||||||||||
Cost of revenues (exclusive of amortization shown below) | — | 139.4 | 0.2 | 759.3 | (440.6 | ) | 458.3 | |||||||||||||||||
Gross profit | — | 30.6 | 3.7 | 214.8 | (0.9 | ) | 248.2 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 12.2 | 3 | 62.9 | — | 78.1 | ||||||||||||||||||
Selling and marketing | — | 19.3 | 0.2 | 24.9 | — | 44.4 | ||||||||||||||||||
General and administrative | — | 13.2 | 0.3 | 27.5 | — | 41 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.7 | — | 5.5 | (1.0 | ) | 8.2 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 0.4 | — | 5.4 | — | 5.8 | ||||||||||||||||||
Total operating expenses | — | 48.8 | 3.5 | 126.2 | (1.0 | ) | 177.5 | |||||||||||||||||
Operating income (loss) | — | (18.2 | ) | 0.2 | 88.6 | 0.1 | 70.7 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.0 | ) | (3.5 | ) | — | (0.6 | ) | — | (8.1 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.1 | — | 0.2 | ||||||||||||||||||
Other | — | (0.6 | ) | — | (0.1 | ) | — | (0.7 | ) | |||||||||||||||
Equity in earnings | 59.7 | 95.9 | 0.6 | — | (156.2 | ) | — | |||||||||||||||||
Other income (expense), net | 55.7 | 91.9 | 0.6 | (0.6 | ) | (156.2 | ) | (8.6 | ) | |||||||||||||||
Income before income taxes | 55.7 | 73.7 | 0.8 | 88 | (156.1 | ) | 62.1 | |||||||||||||||||
Income tax (provision) benefit | — | 5.7 | — | (11.9 | ) | — | (6.2 | ) | ||||||||||||||||
Net income | 55.7 | 79.4 | 0.8 | 76.1 | (156.1 | ) | 55.9 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.7 | $ | 79.4 | $ | 0.8 | $ | 76.1 | $ | (156.3 | ) | $ | 55.7 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 56.7 | $ | 80.6 | $ | 0.8 | $ | 75.7 | $ | (157.1 | ) | $ | 56.7 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE QUARTER ENDED APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 7.7 | $ | — | $ | 75.8 | $ | — | $ | 83.5 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (22.4 | ) | — | (42.4 | ) | — | (64.8 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 9.4 | — | 9.4 | ||||||||||||||||||
Purchase of businesses, net of cash acquired | — | — | — | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 3.4 | — | 3.4 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 1.5 | — | — | — | 1.5 | ||||||||||||||||||
Purchases of held-to-maturity securities | — | (0.8 | ) | — | — | — | (0.8 | ) | ||||||||||||||||
Contribution from subsidiaries | 81 | — | — | — | (81.0 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 81 | (21.7 | ) | — | (32.5 | ) | (81.0 | ) | (54.2 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (46.8 | ) | — | 46.8 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 107.8 | — | (107.8 | ) | — | — | |||||||||||||||||
Payments to parent | — | (81.0 | ) | — | — | 81 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 3.8 | — | — | — | — | 3.8 | ||||||||||||||||||
Proceeds from exercise of stock options | 21.4 | — | — | — | — | 21.4 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (11.2 | ) | — | — | — | — | (11.2 | ) | ||||||||||||||||
Repurchase of common stock | (95.0 | ) | — | — | — | — | (95.0 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 6.5 | — | 6.5 | ||||||||||||||||||
Payment of capital leases obligations | — | (4.9 | ) | — | (3.3 | ) | — | (8.2 | ) | |||||||||||||||
Repayment of long-term debt | — | (21.3 | ) | — | (9.2 | ) | — | (30.5 | ) | |||||||||||||||
Net cash used in financing activities | (81.0 | ) | (46.2 | ) | — | (67.0 | ) | 81 | (113.2 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | (60.2 | ) | — | (23.4 | ) | — | (83.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 199.9 | — | 311.8 | — | 511.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 139.7 | $ | — | $ | 288.4 | $ | — | $ | 428.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE QUARTER ENDED MARCH 28, 2014 | ||||||||||||||||||||||||
(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 | $ | — | $ | 27.3 | $ | 0.5 | $ | 47.1 | $ | — | $ | 74.9 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (14.9 | ) | (0.5 | ) | (32.3 | ) | — | (47.7 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.6 | — | (0.4 | ) | — | 0.2 | |||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.2 | — | 1.2 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 63.5 | — | — | — | 63.5 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 14.3 | — | — | — | (14.3 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 14.3 | 46.9 | (0.5 | ) | (31.5 | ) | (14.3 | ) | 14.9 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (147.9 | ) | — | 147.9 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 146.1 | — | (146.1 | ) | — | — | |||||||||||||||||
Payments to parent | — | (14.3 | ) | — | — | 14.3 | — | |||||||||||||||||
Proceeds from exercise of stock options | 9.6 | — | — | — | — | 9.6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (4.5 | ) | — | — | — | — | (4.5 | ) | ||||||||||||||||
Repurchase of common stock | (19.4 | ) | — | — | — | — | (19.4 | ) | ||||||||||||||||
Payment of capital leases obligations | — | (10.3 | ) | — | (0.8 | ) | — | (11.1 | ) | |||||||||||||||
Repayment of long-term debt | — | (1.6 | ) | — | (11.3 | ) | — | (12.9 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (14.3 | ) | (28.0 | ) | — | (10.3 | ) | 14.3 | (38.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 46.2 | — | 6.3 | — | 52.5 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 267.9 | — | 241.6 | — | 509.5 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 314.1 | $ | — | $ | 247.9 | $ | — | $ | 562 | ||||||||||||
Please refer to the chart below for the impact of the corrections to the Condensed Consolidating Statement of Operations for the quarter ended March 28, 2014 (in millions): | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Total change in gross profit | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in operating income | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in other income (expense), net | (2.7 | ) | (2.7 | ) | — | (0.1 | ) | 5.4 | (0.1 | ) | ||||||||||||||
Total change in net income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Total change in comprehensive income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On May 1, 2015 the Company and its wholly-owned subsidiary, Semiconductor Components Industries, LLC, entered into a $1.0 billion, five-year senior revolving credit facility which expands its existing $800 million revolving credit facility. The expanded revolving credit facility amends the Company’s credit agreement, dated as of October 10, 2013 and resets the five-year maturity date. The credit facility may be used for general corporate purposes. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 03, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
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 and allowances, warranties, and restructuring activities; (iii) assumptions surrounding future pension obligations; (iv) fair values of share-based compensation and of financial instruments (including derivative financial instruments); (v) evaluations of uncertain tax positions; (vi) estimates and assumptions used in connection with business combinations; and (vii) future cash flows used to assess and test for impairment of goodwill and long-lived assets, if applicable. Actual results could differ from these estimates. | |
Recent Accounting Pronouncements | ASU No. 2015-03 - "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03") |
In April 2015, the FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new standard is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company has not elected early adoption and does not expect the adoption of ASU 2015-03 to have a material impact on its Consolidated Financial Statements. | |
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 new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. Subsequently, the FASB proposed a deferral that would require public entities to apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein, that would also permit entities to elect to adopt the amendments as of the original effective date. The Company is currently evaluating the impact that the adoption of ASU 2014-09 may have on its Consolidated Financial Statements. |
Background_And_Basis_Of_Presen1
Background And Basis Of Presentation (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Retrospective Measurement Period Adjustments | The following tables present the effect of the aforementioned revisions on the Company’s consolidated statement of cash flows for the quarter ended March 28, 2014 (in millions). There was no impact to total cash flows from operating activities as a result of the errors or revisions: | |||||||||||||||||||||||
Quarter ended March 28, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 58.6 | $ | (2.7 | ) | $ | 55.9 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Change in deferred taxes | 1.8 | 0.1 | 1.9 | |||||||||||||||||||||
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||||||||||||||||||||||||
Inventories | (8.8 | ) | 2.6 | (6.2 | ) | |||||||||||||||||||
During the quarter ended April 3, 2015, the Company finalized the purchase price allocation of Aptina, Inc. ("Aptina") and, as a result, retrospectively adjusted its Consolidated Balance Sheet and related information as of December 31, 2014 for an immaterial amount as follows (in millions, see Note 3: "Acquisitions" for additional information): | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Goodwill | $ | 264.7 | $ | (0.9 | ) | $ | 263.8 | |||||||||||||||||
Intangible assets, net | $ | 457.6 | $ | 0.9 | $ | 458.5 | ||||||||||||||||||
The following tables present the effect of the aforementioned revisions on the Company’s consolidated statements of operations and comprehensive income for the quarter ended March 28, 2014 (in millions, except per share data): | ||||||||||||||||||||||||
Quarter ended March 28, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Cost of revenues (exclusive of amortization shown below) | 455.7 | 2.6 | 458.3 | |||||||||||||||||||||
Gross profit | 250.8 | (2.6 | ) | 248.2 | ||||||||||||||||||||
Operating income | 73.3 | (2.6 | ) | 70.7 | ||||||||||||||||||||
Other | (0.6 | ) | (0.1 | ) | (0.7 | ) | ||||||||||||||||||
Other income (expenses), net | (8.5 | ) | (0.1 | ) | (8.6 | ) | ||||||||||||||||||
Income before income taxes | 64.8 | (2.7 | ) | 62.1 | ||||||||||||||||||||
Net income | 58.6 | (2.7 | ) | 55.9 | ||||||||||||||||||||
Net income attributable to ON Semiconductor Corporation | 58.4 | (2.7 | ) | 55.7 | ||||||||||||||||||||
Comprehensive income | 59.6 | (2.7 | ) | 56.9 | ||||||||||||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | 59.4 | (2.7 | ) | 56.7 | ||||||||||||||||||||
Please refer to the chart below for the impact of the corrections to the Condensed Consolidating Statement of Operations for the quarter ended March 28, 2014 (in millions): | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Total change in gross profit | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in operating income | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in other income (expense), net | (2.7 | ) | (2.7 | ) | — | (0.1 | ) | 5.4 | (0.1 | ) | ||||||||||||||
Total change in net income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Total change in comprehensive income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||||||
Apr. 03, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Purchase Price Allocation | The following table presents the initial allocation and subsequent adjustments applied on a retrospective basis to the purchase price of Aptina for the assets acquired and liabilities assumed on August 15, 2014 based on their fair values (in millions): | ||||||||||||
Initial Estimate | Adjustments | Final Allocation | |||||||||||
Cash and cash equivalents | $ | 30.3 | $ | — | $ | 30.3 | |||||||
Receivables | 53.2 | — | 53.2 | ||||||||||
Inventories | 85.3 | (0.5 | ) | 84.8 | |||||||||
Other current assets | 5.7 | — | 5.7 | ||||||||||
Property, plant and equipment | 35.9 | 0.4 | 36.3 | ||||||||||
Goodwill | 63.8 | 0.6 | 64.4 | ||||||||||
Intangible assets | 183.1 | 24.7 | 207.8 | ||||||||||
In-process research and development | 75.4 | (24.1 | ) | 51.3 | |||||||||
Other non-current assets | 2.3 | — | 2.3 | ||||||||||
Total assets acquired | 535 | 1.1 | 536.1 | ||||||||||
Accounts payable | 66.8 | (0.2 | ) | 66.6 | |||||||||
Other current liabilities | 51.2 | (1.5 | ) | 49.7 | |||||||||
Other non-current liabilities | 14.5 | (0.1 | ) | 14.4 | |||||||||
Total liabilities assumed | 132.5 | (1.8 | ) | 130.7 | |||||||||
Net assets acquired | $ | 402.5 | $ | 2.9 | $ | 405.4 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||||||||||||||
Summary of Goodwill by Operating Segment | The following table summarizes goodwill by relevant reportable segment as of April 3, 2015 and December 31, 2014 (in millions): | ||||||||||||||||||||||||
Balance as of April 3, 2015 | Balance as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | Accumulated | Carrying | Goodwill | Accumulated | Carrying | ||||||||||||||||||||
Impairment | Value | Impairment | Value | ||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Reportable Segment: | |||||||||||||||||||||||||
Application Products Group | $ | 539.9 | $ | (418.9 | ) | $ | 121 | $ | 539.9 | $ | (418.9 | ) | $ | 121 | |||||||||||
Standard Products Group | 76 | (28.6 | ) | 47.4 | 76 | (28.6 | ) | 47.4 | |||||||||||||||||
Image Sensor Group | 95.4 | — | 95.4 | 95.4 | — | 95.4 | |||||||||||||||||||
$ | 711.3 | $ | (447.5 | ) | $ | 263.8 | $ | 711.3 | $ | (447.5 | ) | $ | 263.8 | ||||||||||||
Summary of Intangible Assets, Net | Intangible assets, net, were as follows as of April 3, 2015 and December 31, 2014 (in millions): | ||||||||||||||||||||||||
April 3, 2015 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment | Carrying | |||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | ||||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (10.1 | ) | $ | — | $ | (0.4 | ) | $ | 3.4 | |||||||||||||
Customer relationships | 425.6 | (162.9 | ) | (27.8 | ) | (23.7 | ) | 211.2 | |||||||||||||||||
Patents | 43.7 | (21.9 | ) | — | (13.7 | ) | 8.1 | ||||||||||||||||||
Developed technology | 243.5 | (104.7 | ) | — | (2.6 | ) | 136.2 | ||||||||||||||||||
Trademarks | 16.3 | (9.4 | ) | — | (1.1 | ) | 5.8 | ||||||||||||||||||
In-process research and development | 59.9 | — | — | — | 59.9 | ||||||||||||||||||||
Total intangibles | $ | 802.9 | $ | (309.0 | ) | $ | (27.8 | ) | $ | (41.5 | ) | $ | 424.6 | ||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Original | Accumulated | Foreign Currency | Accumulated Impairment Losses | Carrying | |||||||||||||||||||||
Cost | Amortization | Translation Adjustment | Value | ||||||||||||||||||||||
Intellectual property | $ | 13.9 | $ | (10.0 | ) | $ | — | $ | (0.4 | ) | $ | 3.5 | |||||||||||||
Customer relationships | 425.6 | (146.2 | ) | (27.8 | ) | (23.7 | ) | 227.9 | |||||||||||||||||
Patents | 43.7 | (21.3 | ) | — | (13.7 | ) | 8.7 | ||||||||||||||||||
Developed technology | 241.9 | (88.9 | ) | — | (2.6 | ) | 150.4 | ||||||||||||||||||
Trademarks | 16.3 | (8.7 | ) | — | (1.1 | ) | 6.5 | ||||||||||||||||||
In-process research and development | 61.5 | — | — | — | 61.5 | ||||||||||||||||||||
Total intangibles | $ | 802.9 | $ | (275.1 | ) | $ | (27.8 | ) | $ | (41.5 | ) | $ | 458.5 | ||||||||||||
Summary of Amortization Expense | Amortization expense for intangible assets, with the exception of the $59.9 million of IPRD assets that will be amortized once the corresponding projects have been completed, is expected to be as follows for each of the next five years and thereafter (in millions): | ||||||||||||||||||||||||
Period | Estimated Amortization Expense | ||||||||||||||||||||||||
Remainder of 2015 | $ | 100.5 | |||||||||||||||||||||||
2016 | 88.6 | ||||||||||||||||||||||||
2017 | 56.3 | ||||||||||||||||||||||||
2018 | 34.8 | ||||||||||||||||||||||||
2019 | 29.5 | ||||||||||||||||||||||||
Thereafter | 55 | ||||||||||||||||||||||||
Total estimated amortization expense | $ | 364.7 | |||||||||||||||||||||||
Restructuring_Asset_Impairment1
Restructuring, Asset Impairments And Other, Net (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Reconciliation Of "Restructuring, Asset Impairments And Other, Net" Caption On The Consolidated Statement Of Operations | Summarized 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 ended April 3, 2015 is as follows (in millions): | ||||||||||||||||
Restructuring | Other | Total | |||||||||||||||
Quarter ended April 3, 2015 | |||||||||||||||||
Business combination severance | 0.4 | — | 0.4 | ||||||||||||||
KSS facility closure | 0.3 | (3.4 | ) | (3.1 | ) | ||||||||||||
European marketing organization relocation | 0.8 | — | 0.8 | ||||||||||||||
Other (1) | — | (0.4 | ) | (0.4 | ) | ||||||||||||
Total | $ | 1.5 | $ | (3.8 | ) | $ | (2.3 | ) | |||||||||
(1) Includes amounts related to certain reductions in workforce, other facility closures, asset disposal activity and certain other activity which is not considered to be significant. | |||||||||||||||||
Rollforward Of Accrued Restructuring Charges | Changes in accrued restructuring charges from December 31, 2014 to April 3, 2015 are summarized as follows (in millions): | ||||||||||||||||
Balance as of December 31, 2014 | Charges | Usage | Balance as of April 3, 2015 | ||||||||||||||
Estimated employee separation charges | $ | 2.3 | $ | 1.5 | $ | (2.4 | ) | $ | 1.4 | ||||||||
Estimated costs to exit | 1.1 | — | (0.3 | ) | 0.8 | ||||||||||||
Total | $ | 3.4 | $ | 1.5 | $ | (2.7 | ) | $ | 2.2 | ||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Supplemental Balance Sheet Information | Certain amounts included in the Company's balance sheet as of April 3, 2015 and December 31, 2014 consist of the following (dollars in millions): | |||||||
April 3, 2015 | December 31, 2014 | |||||||
Receivables, net: | ||||||||
Accounts receivable | $ | 456.6 | $ | 419.1 | ||||
Less: Allowance for doubtful accounts | (2.1 | ) | (1.6 | ) | ||||
$ | 454.5 | $ | 417.5 | |||||
Inventories: | ||||||||
Raw materials | $ | 88.7 | $ | 119.7 | ||||
Work in process | 418 | 365.5 | ||||||
Finished goods | 240.2 | 244.7 | ||||||
$ | 746.9 | $ | 729.9 | |||||
Other current assets (1): | ||||||||
Prepaid expenses | $ | 28.6 | $ | 28.7 | ||||
Value added and other income tax receivables | 24.5 | 40.4 | ||||||
Other | 75 | 71.5 | ||||||
$ | 128.1 | $ | 140.6 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 46.3 | $ | 46.1 | ||||
Buildings | 493.2 | 484.3 | ||||||
Machinery and equipment | 2,206.70 | 2,165.00 | ||||||
Total property, plant and equipment | 2,746.20 | 2,695.40 | ||||||
Less: Accumulated depreciation | (1,537.8 | ) | (1,491.5 | ) | ||||
$ | 1,208.40 | $ | 1,203.90 | |||||
Accrued expenses: | ||||||||
Accrued payroll | $ | 102.2 | $ | 117 | ||||
Sales related reserves | 74.6 | 65.8 | ||||||
Restructuring reserves | 2.2 | 3.4 | ||||||
Accrued pension liability | 0.1 | 0.2 | ||||||
Accrued interest | 3.1 | 1.8 | ||||||
Other | 100.4 | 99.7 | ||||||
$ | 282.6 | $ | 287.9 | |||||
(1) Included in other current assets are approximately $0.8 million of fixed assets which are held-for-sale as of April 3, 2015. | ||||||||
Schedule of Product Warranty Liability | Activity related to the Company's warranty reserves for the quarter ended April 3, 2015 and March 28, 2014 is as follows (in millions): | |||||||
Quarter Ended | ||||||||
April 3, 2015 | March 28, 2014 | |||||||
Beginning Balance | $ | 5.5 | $ | 6 | ||||
Provision | 0.1 | 0.4 | ||||||
Usage | (0.4 | ) | (0.2 | ) | ||||
Ending Balance | $ | 5.2 | $ | 6.2 | ||||
Schedule of Net Benefit Costs | The components of the Company's net periodic pension expense for the quarters ended April 3, 2015 and March 28, 2014 are as follows (in millions): | |||||||
Quarter Ended | ||||||||
April 3, 2015 | March 28, 2014 | |||||||
Service cost | $ | 2.2 | $ | 2.5 | ||||
Interest cost | 1 | 1.5 | ||||||
Expected return on plan assets | (0.9 | ) | (0.9 | ) | ||||
Curtailment gain | — | (2.8 | ) | |||||
Total net periodic pension cost | $ | 2.3 | $ | 0.3 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-Term Debt | The Company's long-term debt consists of the following (annualized rates, dollars in millions): | |||||||
April 3, 2015 | December 31, 2014 | |||||||
Senior Revolving Credit Facility due 2018, interest payable monthly at 1.69% and quarterly at 1.69%, respectively | $ | 350 | $ | 350 | ||||
Loan with Japanese bank due 2015 through 2018, interest payable quarterly at 2.02% and 2.01%, respectively (1) | 217.1 | 235.9 | ||||||
2.625% Notes, Series B (net of discount of $12.9 million and $14.7 million, respectively) (2) | 344 | 342.2 | ||||||
Loan with Hong Kong bank, interest payable weekly at 1.43% and 1.92%, respectively (3) | 35 | 35 | ||||||
Loans with Philippine bank due 2015 through 2019, interest payable monthly and quarterly at an average rate of 2.39% and 2.37%, respectively (4) | 45.4 | 54.2 | ||||||
Loan with Singapore bank, interest payable weekly at 1.43% and 1.42%, respectively (3) | 20 | 20 | ||||||
U.S. real estate mortgages payable monthly through 2019 at an average rate of 3.35% (5) | 53.6 | 54.8 | ||||||
U.S. equipment financing payable monthly through 2016 at 2.94% (6) | 3.6 | 4.8 | ||||||
Canada equipment financing payable monthly through 2017 at 3.81% (6) | 3.7 | 4.2 | ||||||
Canada revolving line of credit, interest payable quarterly at 1.86% and 1.84%, respectively (7) | 15 | 15 | ||||||
Malaysia revolving line of credit, interest payable quarterly at 1.72% and 1.71%, respectively (7) | 25 | 25 | ||||||
Vietnam revolving line of credit, interest payable quarterly and annually at an average rate of 1.76% and 1.87%, respectively (7) | 17.1 | 10.7 | ||||||
Capital lease obligations | 33.3 | 40.8 | ||||||
Long-term debt, including current maturities | 1,162.80 | 1,192.60 | ||||||
Less: Current maturities | (212.6 | ) | (209.6 | ) | ||||
Long-term debt | $ | 950.2 | $ | 983 | ||||
_______________________ | ||||||||
-1 | This loan represents SCI LLC's non-collateralized 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. | |||||||
-3 | Debt arrangement collateralized by accounts receivable. | |||||||
-4 | $7.5 million non-collateralized and $37.9 million collateralized by equipment and $15.0 million non-collateralized and $39.2 million collateralized by equipment, respectively. | |||||||
-5 | Debt arrangement collateralized by real estate, including certain of our facilities in Oregon and Idaho. | |||||||
-6 | Debt arrangement collateralized by equipment. | |||||||
-7 | Non-collateralized debt arrangement. | |||||||
Annual Maturities Relating To Long-Term Debt | Expected maturities relating to the Company’s long-term debt as of April 3, 2015 are as follows (in millions): | |||||||
Period | Expected Maturities | |||||||
Remainder of 2015 | $ | 177.9 | ||||||
2016 | 426.6 | |||||||
2017 | 53.5 | |||||||
2018 | 482.9 | |||||||
2019 | 34.8 | |||||||
Thereafter | — | |||||||
Total | $ | 1,175.70 | ||||||
Earnings_per_Share_and_Equity_
Earnings per Share and Equity (Tables) | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
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 | |||||||||
April 3, 2015 | March 28, 2014 | ||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.1 | $ | 55.7 | |||||
Basic weighted average common shares outstanding | 431.4 | 440.4 | |||||||
Dilutive effect of share-based awards | 5.7 | 4.1 | |||||||
Dilutive effect of Convertible Notes | 2.8 | — | |||||||
Diluted weighted average common shares outstanding | 439.9 | 444.5 | |||||||
Net income per common share attributable to ON Semiconductor Corporation: | |||||||||
Basic | $ | 0.13 | $ | 0.13 | |||||
Diluted | $ | 0.13 | $ | 0.13 | |||||
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 | |||||||||
3-Apr-15 | 28-Mar-14 | ||||||||
Number of repurchased shares (1) | 8.6 | 2.2 | |||||||
Beginning accrued share repurchases (2) | $ | — | $ | 0.6 | |||||
Aggregate purchase price | 97 | 20.1 | |||||||
Less: ending accrued share repurchases (3) | (2.0 | ) | (1.3 | ) | |||||
Total cash used for share repurchases | $ | 95 | $ | 19.4 | |||||
Weighted-average purchase price per share (4) | $ | 11.2 | $ | 9.12 | |||||
Available for future purchases at period end | $ | 879.2 | $ | 123.3 | |||||
(1) None of these shares had been reissued or retired as of April 3, 2015, 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) | 3 Months Ended | |||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||
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 April 3, 2015 and March 28, 2014 was comprised as follows (in millions): | |||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||||
Cost of revenues | $ | 1.9 | $ | 1.4 | ||||||||||||||||||
Research and development | 2.3 | 1.8 | ||||||||||||||||||||
Selling and marketing | 2.2 | 1.5 | ||||||||||||||||||||
General and administrative | 4.9 | 3.8 | ||||||||||||||||||||
Share-based compensation expense before income taxes | $ | 11.3 | $ | 8.5 | ||||||||||||||||||
Related income tax benefits (1) | — | — | ||||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 11.3 | $ | 8.5 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||
(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 | Summarized stock option information for the quarter ended April 3, 2015 is as follows (in millions except per share and term data): | |||||||||||||||||||||
Quarter Ended April 3, 2015 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (In-The-Money) | |||||||||||||||||||
Outstanding at December 31, 2014 | 8.8 | $ | 7.81 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | (2.7 | ) | 7.9 | |||||||||||||||||||
Canceled | — | — | ||||||||||||||||||||
Outstanding at April 3, 2015 | 6.1 | $ | 7.78 | 3.02 | $ | 22.8 | ||||||||||||||||
Exercisable at April 3, 2015 | 5 | $ | 7.93 | 2.74 | $ | 18 | ||||||||||||||||
Additional Information On Stock Options Outstanding | Additional information with respect to stock options outstanding as of April 3, 2015, with exercise prices less than or above $11.70 per share, the effective closing price of the Company's common stock at April 3, 2015, is as 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 $11.70 | 5 | $ | 7.93 | 1.1 | $ | 7.1 | 6.1 | $ | 7.78 | |||||||||||||
Above $11.70 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Total outstanding | 5 | $ | 7.93 | 1.1 | $ | 7.1 | 6.1 | $ | 7.78 | |||||||||||||
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 summarized information with respect to the Company's restricted stock units as of April 3, 2015, and changes during the quarter ended April 3, 2015 (number of shares in millions): | |||||||||||||||||||||
Quarter Ended April 3, 2015 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||
Non-vested shares underlying restricted stock units at December 31, 2014 | 8.7 | $ | 8.66 | |||||||||||||||||||
Granted | 2.8 | 13.06 | ||||||||||||||||||||
Achieved | 0.7 | 9.35 | ||||||||||||||||||||
Released | (2.9 | ) | 8.76 | |||||||||||||||||||
Forfeited | (0.2 | ) | 8.6 | |||||||||||||||||||
Non-vested shares underlying restricted stock units at April 3, 2015 | 9.1 | $ | 10.04 | |||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 3 Months Ended | |||
Apr. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases Future Minimum Payments Receivable | The following represents future minimum lease obligations under non-cancelable operating leases as of April 3, 2015 (in millions): | |||
Remainder of 2015 | $ | 17.5 | ||
2016 | 19.8 | |||
2017 | 15.3 | |||
2018 | 10.8 | |||
2019 | 8.2 | |||
Thereafter | 36.4 | |||
Total | $ | 108 | ||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Apr. 03, 2015 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||||||
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Summarized information with respect to the Company's financial assets and liabilities measured at fair value on a recurring basis as of April 3, 2015 and December 31, 2014 is as follows (in millions): | |||||||||||||||
Balance as of | Quoted Prices in | Balance as of | Quoted Prices in | |||||||||||||
3-Apr-15 | Active Markets (Level 1) | December 31, 2014 | Active Markets (Level 1) | |||||||||||||
Description | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Demand and time deposits | $ | 50.3 | $ | 50.3 | $ | 20.3 | $ | 20.3 | ||||||||
Money market funds | 17 | 17 | 46.3 | 46.3 | ||||||||||||
Other Current Assets: | ||||||||||||||||
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 April 3, 2015 and December 31, 2014 were as follows (in millions): | |||||||||||||||
Balance at April 3, 2015 | Balance at December 31, 2014 | |||||||||||||||
Carried at Amortized Cost | Fair Value | Carried at Amortized Cost | Fair Value | |||||||||||||
Short-term investments held-to-maturity | ||||||||||||||||
Corporate bonds | $ | 1.3 | $ | 1.3 | $ | 2 | $ | 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 April 3, 2015 and December 31, 2014 are as follows (in millions): | |||||||||||||||
April 3, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Long-term debt, including current portion | ||||||||||||||||
Convertible Notes | $ | 344 | $ | 450.2 | $ | 342.2 | $ | 424.8 | ||||||||
Long-term debt | $ | 724.6 | $ | 724.1 | $ | 745.8 | $ | 744.8 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||
Schedule Of Net Foreign Exchange Positions | The following summarizes the Company’s net foreign exchange positions in U.S. dollars as of April 3, 2015 and December 31, 2014 (in millions): | ||||||||||||||||
3-Apr-15 | 31-Dec-14 | ||||||||||||||||
Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount | ||||||||||||||
Euro | $ | (21.8 | ) | $ | 21.8 | $ | (31.2 | ) | $ | 31.2 | |||||||
Japanese Yen | (18.5 | ) | 18.5 | (42.1 | ) | 42.1 | |||||||||||
Malaysian Ringgit | 32.8 | 32.8 | 39.2 | 39.2 | |||||||||||||
Philippine Peso | 16.7 | 16.7 | 16.7 | 16.7 | |||||||||||||
Other Currencies | 17.2 | 23.2 | 11.1 | 16.5 | |||||||||||||
$ | 26.4 | $ | 113 | $ | (6.3 | ) | $ | 145.7 | |||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 03, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Amounts comprising the Company's accumulated other comprehensive loss and reclassifications for the quarter ended April 3, 2015 are as follows (net of tax of $0, in millions): | ||||||||||||||||
Foreign Currency Translation Adjustments | Effects of Cash Flow Hedges | Gains and Losses on Available-for-Sale Securities | Total | ||||||||||||||
Balance as of December 31, 2014 | $ | (42.5 | ) | $ | (3.5 | ) | $ | 4.5 | $ | (41.5 | ) | ||||||
Other comprehensive income (loss) prior to reclassifications | — | 1.6 | (0.7 | ) | 0.9 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1.8 | ) | (3.4 | ) | (5.2 | ) | ||||||||||
Net current period other comprehensive loss | — | (0.2 | ) | (4.1 | ) | (4.3 | ) | ||||||||||
Balance as of April 3, 2015 | $ | (42.5 | ) | $ | (3.7 | ) | $ | 0.4 | $ | (45.8 | ) | ||||||
Amounts which were reclassified from accumulated other comprehensive loss to the Company's Consolidated Statements of Operations and Comprehensive Income during the quarters ended April 3, 2015 and March 28, 2014, respectively, were as follows (net of tax of $0, in millions): | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Quarter Ended April 3, 2015 | Quarter Ended March 28, 2014 | Affected Line Item Where Net Income is Presented | |||||||||||||||
Effects of cash flow hedges | $ | (1.8 | ) | $ | (1.3 | ) | Cost of revenues | ||||||||||
Gains and Losses on Available-for-Sale Securities | (3.4 | ) | — | Other income and expense | |||||||||||||
Total reclassifications | $ | (5.2 | ) | $ | (1.3 | ) | |||||||||||
Supplemental_Disclosures_Table
Supplemental Disclosures (Tables) | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | Certain of the Company's non-cash activities along with cash payments for interest and income taxes are as follows (in millions): | ||||||||
Quarter Ended | |||||||||
April 3, 2015 | March 28, 2014 | ||||||||
Non-cash activities: | |||||||||
Capital expenditures in accounts payable | $ | 98.6 | $ | 54.8 | |||||
Equipment acquired or refinanced through capital leases | $ | 0.6 | $ | 0.4 | |||||
Cash (received) paid for: | |||||||||
Interest income | $ | (0.3 | ) | $ | (0.2 | ) | |||
Interest expense | $ | 5.7 | $ | 2.8 | |||||
Income taxes | $ | 5.4 | $ | 5.3 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||
Segment Information Of Revenues, Gross Profit And Operating Income | Revenues and gross profit for the Company’s reportable segments for the quarters ended April 3, 2015 and March 28, 2014 are as follows (in millions): | |||||||||||||||||||
Application Products Group | Standard | Image Sensor Group | System Solutions Group | Total | ||||||||||||||||
Products | ||||||||||||||||||||
Group | ||||||||||||||||||||
For the quarter ended April 3, 2015: | ||||||||||||||||||||
Revenues from external customers | $ | 264.3 | $ | 303.2 | $ | 170.5 | $ | 132.8 | $ | 870.8 | ||||||||||
Segment gross profit | $ | 118.8 | $ | 113.6 | $ | 50.1 | $ | 26.5 | $ | 309 | ||||||||||
For the quarter ended March 28, 2014: | ||||||||||||||||||||
Revenues from external customers | $ | 267.6 | $ | 292.9 | $ | 11.9 | $ | 134.1 | $ | 706.5 | ||||||||||
Segment gross profit | $ | 117.8 | $ | 106.2 | $ | 8.3 | $ | 25 | $ | 257.3 | ||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Gross profit shown above and below is exclusive of the amortization of acquisition-related intangible assets. Depreciation expense is included in segment gross profit. Reconciliations of segment gross profit to consolidated gross profit are as follows (in millions): | |||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||
Gross profit for reportable segments | $ | 309 | $ | 257.3 | ||||||||||||||||
Less: unallocated manufacturing costs | (8.6 | ) | (9.1 | ) | ||||||||||||||||
Consolidated Gross profit | $ | 300.4 | $ | 248.2 | ||||||||||||||||
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 | ||||||||||||||||||||
April 3, 2015 | March 28, 2014 | |||||||||||||||||||
United States | $ | 131.8 | $ | 112 | ||||||||||||||||
Japan | 62.6 | 65.3 | ||||||||||||||||||
Hong Kong | 191.2 | 202.7 | ||||||||||||||||||
Singapore | 316.3 | 180.4 | ||||||||||||||||||
United Kingdom | 129.7 | 117.2 | ||||||||||||||||||
Other | 39.2 | 28.9 | ||||||||||||||||||
$ | 870.8 | $ | 706.5 | |||||||||||||||||
Summary Of Property, Plant And Equipment By Geographic Location | Property, plant and equipment, net by geographic location, is summarized as follows (in millions): | |||||||||||||||||||
April 3, | December 31, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
United States | $ | 318.1 | $ | 308.1 | ||||||||||||||||
Czech Republic | 111 | 113.8 | ||||||||||||||||||
Malaysia | 229.9 | 232.2 | ||||||||||||||||||
Philippines | 201.8 | 197.4 | ||||||||||||||||||
China | 119.6 | 122.2 | ||||||||||||||||||
Other | 228 | 230.2 | ||||||||||||||||||
$ | 1,208.40 | $ | 1,203.90 | |||||||||||||||||
For the quarters ended April 3, 2015 and March 28, 2014, there were no individual customers, including distributors, which accounted for more than 10% of the Company's total consolidated revenues. |
Recovered_Sheet1
Guarantor and Non-Guarantor Statements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||
Guarantor And Non-Guarantor Statements [Abstract] | ||||||||||||||||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||
AS OF APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 139.7 | $ | — | $ | 288.4 | $ | — | $ | 428.1 | ||||||||||||
Short-term investments | — | 1.3 | — | — | — | 1.3 | ||||||||||||||||||
Receivables, net | — | 55.7 | — | 398.8 | — | 454.5 | ||||||||||||||||||
Inventories | — | 63 | — | 670 | 13.9 | 746.9 | ||||||||||||||||||
Short-term intercompany receivables | — | 1.9 | 5 | — | (6.9 | ) | — | |||||||||||||||||
Other current assets | — | 19.5 | — | 107.4 | 1.2 | 128.1 | ||||||||||||||||||
Total current assets | — | 281.1 | 5 | 1,464.60 | 8.2 | 1,758.90 | ||||||||||||||||||
Property, plant and equipment, net | — | 270 | 2.9 | 936.8 | (1.3 | ) | 1,208.40 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 114.9 | — | 263.8 | ||||||||||||||||||
Intangible assets, net | — | 94.6 | — | 346.6 | (16.6 | ) | 424.6 | |||||||||||||||||
Long-term intercompany receivables | — | 143.1 | — | — | (143.1 | ) | — | |||||||||||||||||
Other assets | 1,954.40 | 2,080.10 | 146.3 | 867.7 | (4,957.9 | ) | 90.6 | |||||||||||||||||
Total assets | $ | 1,954.40 | $ | 2,980.50 | $ | 191.5 | $ | 3,730.60 | $ | (5,110.7 | ) | $ | 3,746.30 | |||||||||||
Accounts payable | $ | — | $ | 35.6 | $ | 0.1 | $ | 326.8 | $ | — | $ | 362.5 | ||||||||||||
Accrued expenses | 4.8 | 76.1 | 0.2 | 201.5 | — | 282.6 | ||||||||||||||||||
Deferred income on sales to distributors | — | 35 | — | 121 | — | 156 | ||||||||||||||||||
Current portion of long-term debt | — | 63 | — | 149.6 | — | 212.6 | ||||||||||||||||||
Short-term intercompany payables | — | — | — | 6.9 | (6.9 | ) | — | |||||||||||||||||
Total current liabilities | 4.8 | 209.7 | 0.3 | 805.8 | (6.9 | ) | 1,013.70 | |||||||||||||||||
Long-term debt | 344 | 578.6 | — | 27.6 | — | 950.2 | ||||||||||||||||||
Other long-term liabilities | — | 30.5 | 0.1 | 124.6 | — | 155.2 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 143.1 | (143.1 | ) | — | |||||||||||||||||
Total liabilities | 348.8 | 818.8 | 0.4 | 1,101.10 | (150.0 | ) | 2,119.10 | |||||||||||||||||
Stockholders’ equity | 1,605.60 | 2,161.70 | 191.1 | 2,629.50 | (4,982.3 | ) | 1,605.60 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 21.6 | 21.6 | ||||||||||||||||||
Total equity | 1,605.60 | 2,161.70 | 191.1 | 2,629.50 | (4,960.7 | ) | 1,627.20 | |||||||||||||||||
Total liabilities and equity | $ | 1,954.40 | $ | 2,980.50 | $ | 191.5 | $ | 3,730.60 | $ | (5,110.7 | ) | $ | 3,746.30 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 199.9 | $ | — | $ | 311.8 | $ | — | $ | 511.7 | ||||||||||||
Short-term investments | — | 2 | — | 4.1 | — | 6.1 | ||||||||||||||||||
Receivables, net | — | 56.6 | — | 360.9 | — | 417.5 | ||||||||||||||||||
Inventories | — | 60.5 | — | 652.9 | 16.5 | 729.9 | ||||||||||||||||||
Short-term intercompany receivables | — | — | 4.9 | — | (4.9 | ) | — | |||||||||||||||||
Other current assets | — | 14 | — | 126.6 | — | 140.6 | ||||||||||||||||||
Total current assets | — | 333 | 4.9 | 1,456.30 | 11.6 | 1,805.80 | ||||||||||||||||||
Property, plant and equipment, net | — | 262.1 | 3.1 | 940.1 | (1.4 | ) | 1,203.90 | |||||||||||||||||
Goodwill | — | 111.6 | 37.3 | 114.9 | — | 263.8 | ||||||||||||||||||
Intangible assets, net | — | 98.2 | — | 377.9 | (17.6 | ) | 458.5 | |||||||||||||||||
Long-term intercompany receivables | — | 204.2 | — | — | (204.2 | ) | — | |||||||||||||||||
Other assets | 1,969.10 | 2,002.30 | 143.5 | 858.2 | (4,882.1 | ) | 91 | |||||||||||||||||
Total assets | $ | 1,969.10 | $ | 3,011.40 | $ | 188.8 | $ | 3,747.40 | $ | (5,093.7 | ) | $ | 3,823.00 | |||||||||||
Accounts payable | $ | — | $ | 37.8 | 0.1 | 340.3 | — | $ | 378.2 | |||||||||||||||
Accrued expenses | 0.4 | 71.6 | 0.5 | 215.4 | — | 287.9 | ||||||||||||||||||
Deferred income on sales to distributors | — | 36.4 | — | 128.7 | — | 165.1 | ||||||||||||||||||
Current portion of long-term debt | — | 57.6 | — | 152 | — | 209.6 | ||||||||||||||||||
Short-term intercompany payables | — | 2.3 | — | 2.6 | (4.9 | ) | — | |||||||||||||||||
Total current liabilities | 0.4 | 205.7 | 0.6 | 839 | (4.9 | ) | 1,040.80 | |||||||||||||||||
Long-term debt | 342.2 | 609.5 | — | 31.3 | — | 983 | ||||||||||||||||||
Other long-term liabilities | — | 21.1 | — | 130.7 | — | 151.8 | ||||||||||||||||||
Long-term intercompany payables | — | — | — | 204.2 | (204.2 | ) | — | |||||||||||||||||
Total liabilities | 342.6 | 836.3 | 0.6 | 1,205.20 | (209.1 | ) | 2,175.60 | |||||||||||||||||
Stockholders’ equity | 1,626.50 | 2,175.10 | 188.2 | 2,542.20 | (4,905.5 | ) | 1,626.50 | |||||||||||||||||
Non-controlling interest in consolidated subsidiary | — | — | — | — | 20.9 | 20.9 | ||||||||||||||||||
Total equity | 1,626.50 | 2,175.10 | 188.2 | 2,542.20 | (4,884.6 | ) | 1,647.40 | |||||||||||||||||
Total liabilities and equity | $ | 1,969.10 | $ | 3,011.40 | $ | 188.8 | $ | 3,747.40 | $ | (5,093.7 | ) | $ | 3,823.00 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement of Operations and Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||
FOR THE QUARTER ENDED APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 202.2 | $ | 4.2 | $ | 1,128.90 | $ | (464.5 | ) | $ | 870.8 | |||||||||||
Cost of revenues (exclusive of amortization shown below) | — | 154.3 | 0.2 | 879.4 | (463.5 | ) | 570.4 | |||||||||||||||||
Gross profit | — | 47.9 | 4 | 249.5 | (1.0 | ) | 300.4 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 32.3 | 3.3 | 64.8 | — | 100.4 | ||||||||||||||||||
Selling and marketing | — | 26.4 | 0.2 | 26.7 | — | 53.3 | ||||||||||||||||||
General and administrative | — | 14.9 | 0.3 | 31.5 | — | 46.7 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.5 | — | 31.5 | (1.1 | ) | 33.9 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | (0.8 | ) | — | (1.5 | ) | — | (2.3 | ) | |||||||||||||||
Total operating expenses | — | 76.3 | 3.8 | 153 | (1.1 | ) | 232 | |||||||||||||||||
Operating income (loss) | — | (28.4 | ) | 0.2 | 96.5 | 0.1 | 68.4 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.4 | ) | (2.5 | ) | — | (2.3 | ) | — | (9.2 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.2 | — | 0.3 | ||||||||||||||||||
Other | — | (1.7 | ) | — | 5.4 | — | 3.7 | |||||||||||||||||
Equity in earnings | 59.5 | 93.9 | 2.7 | — | (156.1 | ) | — | |||||||||||||||||
Other income (expense), net | 55.1 | 89.8 | 2.7 | 3.3 | (156.1 | ) | (5.2 | ) | ||||||||||||||||
Income before income taxes | 55.1 | 61.4 | 2.9 | 99.8 | (156.0 | ) | 63.2 | |||||||||||||||||
Income tax benefit (provision) | — | (0.8 | ) | — | (7.9 | ) | 1.3 | (7.4 | ) | |||||||||||||||
Net income | 55.1 | 60.6 | 2.9 | 91.9 | (154.7 | ) | 55.8 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.7 | ) | (0.7 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.1 | $ | 60.6 | $ | 2.9 | $ | 91.9 | $ | (155.4 | ) | $ | 55.1 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 50.8 | $ | 56.3 | $ | 2.9 | $ | 87.8 | $ | (147.0 | ) | $ | 50.8 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE QUARTER ENDED MARCH 28, 2014 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 170 | $ | 3.9 | $ | 974.1 | $ | (441.5 | ) | $ | 706.5 | |||||||||||
Cost of revenues (exclusive of amortization shown below) | — | 139.4 | 0.2 | 759.3 | (440.6 | ) | 458.3 | |||||||||||||||||
Gross profit | — | 30.6 | 3.7 | 214.8 | (0.9 | ) | 248.2 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | — | 12.2 | 3 | 62.9 | — | 78.1 | ||||||||||||||||||
Selling and marketing | — | 19.3 | 0.2 | 24.9 | — | 44.4 | ||||||||||||||||||
General and administrative | — | 13.2 | 0.3 | 27.5 | — | 41 | ||||||||||||||||||
Amortization of acquisition related intangible assets | — | 3.7 | — | 5.5 | (1.0 | ) | 8.2 | |||||||||||||||||
Restructuring, asset impairments and other, net | — | 0.4 | — | 5.4 | — | 5.8 | ||||||||||||||||||
Total operating expenses | — | 48.8 | 3.5 | 126.2 | (1.0 | ) | 177.5 | |||||||||||||||||
Operating income (loss) | — | (18.2 | ) | 0.2 | 88.6 | 0.1 | 70.7 | |||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest expense | (4.0 | ) | (3.5 | ) | — | (0.6 | ) | — | (8.1 | ) | ||||||||||||||
Interest income | — | 0.1 | — | 0.1 | — | 0.2 | ||||||||||||||||||
Other | — | (0.6 | ) | — | (0.1 | ) | — | (0.7 | ) | |||||||||||||||
Equity in earnings | 59.7 | 95.9 | 0.6 | — | (156.2 | ) | — | |||||||||||||||||
Other income (expense), net | 55.7 | 91.9 | 0.6 | (0.6 | ) | (156.2 | ) | (8.6 | ) | |||||||||||||||
Income before income taxes | 55.7 | 73.7 | 0.8 | 88 | (156.1 | ) | 62.1 | |||||||||||||||||
Income tax (provision) benefit | — | 5.7 | — | (11.9 | ) | — | (6.2 | ) | ||||||||||||||||
Net income | 55.7 | 79.4 | 0.8 | 76.1 | (156.1 | ) | 55.9 | |||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Net income attributable to ON Semiconductor Corporation | $ | 55.7 | $ | 79.4 | $ | 0.8 | $ | 76.1 | $ | (156.3 | ) | $ | 55.7 | |||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | $ | 56.7 | $ | 80.6 | $ | 0.8 | $ | 75.7 | $ | (157.1 | ) | $ | 56.7 | |||||||||||
Guarantor and Non-Guarantor Consolidated Statement Of Operations, Comprehensive Income And Cash Flow | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
FOR THE QUARTER ENDED APRIL 3, 2015 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 7.7 | $ | — | $ | 75.8 | $ | — | $ | 83.5 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (22.4 | ) | — | (42.4 | ) | — | (64.8 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | — | 9.4 | — | 9.4 | ||||||||||||||||||
Purchase of businesses, net of cash acquired | — | — | — | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 3.4 | — | 3.4 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 1.5 | — | — | — | 1.5 | ||||||||||||||||||
Purchases of held-to-maturity securities | — | (0.8 | ) | — | — | — | (0.8 | ) | ||||||||||||||||
Contribution from subsidiaries | 81 | — | — | — | (81.0 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 81 | (21.7 | ) | — | (32.5 | ) | (81.0 | ) | (54.2 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (46.8 | ) | — | 46.8 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 107.8 | — | (107.8 | ) | — | — | |||||||||||||||||
Payments to parent | — | (81.0 | ) | — | — | 81 | — | |||||||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 3.8 | — | — | — | — | 3.8 | ||||||||||||||||||
Proceeds from exercise of stock options | 21.4 | — | — | — | — | 21.4 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (11.2 | ) | — | — | — | — | (11.2 | ) | ||||||||||||||||
Repurchase of common stock | (95.0 | ) | — | — | — | — | (95.0 | ) | ||||||||||||||||
Proceeds from debt issuance | — | — | — | 6.5 | — | 6.5 | ||||||||||||||||||
Payment of capital leases obligations | — | (4.9 | ) | — | (3.3 | ) | — | (8.2 | ) | |||||||||||||||
Repayment of long-term debt | — | (21.3 | ) | — | (9.2 | ) | — | (30.5 | ) | |||||||||||||||
Net cash used in financing activities | (81.0 | ) | (46.2 | ) | — | (67.0 | ) | 81 | (113.2 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | (60.2 | ) | — | (23.4 | ) | — | (83.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 199.9 | — | 311.8 | — | 511.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 139.7 | $ | — | $ | 288.4 | $ | — | $ | 428.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE QUARTER ENDED MARCH 28, 2014 | ||||||||||||||||||||||||
(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 | $ | — | $ | 27.3 | $ | 0.5 | $ | 47.1 | $ | — | $ | 74.9 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (14.9 | ) | (0.5 | ) | (32.3 | ) | — | (47.7 | ) | ||||||||||||||
Proceeds from sales of property, plant and equipment | — | 0.6 | — | (0.4 | ) | — | 0.2 | |||||||||||||||||
Deposits utilized for purchases of property, plant and equipment | — | — | — | 1.2 | — | 1.2 | ||||||||||||||||||
Proceeds from held-to maturity securities | — | 63.5 | — | — | — | 63.5 | ||||||||||||||||||
Purchase of held-to-maturity securities | — | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Contribution from subsidiaries | 14.3 | — | — | — | (14.3 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 14.3 | 46.9 | (0.5 | ) | (31.5 | ) | (14.3 | ) | 14.9 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Intercompany loans | — | (147.9 | ) | — | 147.9 | — | — | |||||||||||||||||
Intercompany loan repayments to guarantor | — | 146.1 | — | (146.1 | ) | — | — | |||||||||||||||||
Payments to parent | — | (14.3 | ) | — | — | 14.3 | — | |||||||||||||||||
Proceeds from exercise of stock options | 9.6 | — | — | — | — | 9.6 | ||||||||||||||||||
Payments of tax withholding for restricted shares | (4.5 | ) | — | — | — | — | (4.5 | ) | ||||||||||||||||
Repurchase of common stock | (19.4 | ) | — | — | — | — | (19.4 | ) | ||||||||||||||||
Payment of capital leases obligations | — | (10.3 | ) | — | (0.8 | ) | — | (11.1 | ) | |||||||||||||||
Repayment of long-term debt | — | (1.6 | ) | — | (11.3 | ) | — | (12.9 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (14.3 | ) | (28.0 | ) | — | (10.3 | ) | 14.3 | (38.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 46.2 | — | 6.3 | — | 52.5 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 267.9 | — | 241.6 | — | 509.5 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 314.1 | $ | — | $ | 247.9 | $ | — | $ | 562 | ||||||||||||
Retrospective Measurement Period Adjustments | The following tables present the effect of the aforementioned revisions on the Company’s consolidated statement of cash flows for the quarter ended March 28, 2014 (in millions). There was no impact to total cash flows from operating activities as a result of the errors or revisions: | |||||||||||||||||||||||
Quarter ended March 28, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 58.6 | $ | (2.7 | ) | $ | 55.9 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Change in deferred taxes | 1.8 | 0.1 | 1.9 | |||||||||||||||||||||
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||||||||||||||||||||||||
Inventories | (8.8 | ) | 2.6 | (6.2 | ) | |||||||||||||||||||
During the quarter ended April 3, 2015, the Company finalized the purchase price allocation of Aptina, Inc. ("Aptina") and, as a result, retrospectively adjusted its Consolidated Balance Sheet and related information as of December 31, 2014 for an immaterial amount as follows (in millions, see Note 3: "Acquisitions" for additional information): | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Goodwill | $ | 264.7 | $ | (0.9 | ) | $ | 263.8 | |||||||||||||||||
Intangible assets, net | $ | 457.6 | $ | 0.9 | $ | 458.5 | ||||||||||||||||||
The following tables present the effect of the aforementioned revisions on the Company’s consolidated statements of operations and comprehensive income for the quarter ended March 28, 2014 (in millions, except per share data): | ||||||||||||||||||||||||
Quarter ended March 28, 2014 | ||||||||||||||||||||||||
As Reported | Revision | As Revised | ||||||||||||||||||||||
Cost of revenues (exclusive of amortization shown below) | 455.7 | 2.6 | 458.3 | |||||||||||||||||||||
Gross profit | 250.8 | (2.6 | ) | 248.2 | ||||||||||||||||||||
Operating income | 73.3 | (2.6 | ) | 70.7 | ||||||||||||||||||||
Other | (0.6 | ) | (0.1 | ) | (0.7 | ) | ||||||||||||||||||
Other income (expenses), net | (8.5 | ) | (0.1 | ) | (8.6 | ) | ||||||||||||||||||
Income before income taxes | 64.8 | (2.7 | ) | 62.1 | ||||||||||||||||||||
Net income | 58.6 | (2.7 | ) | 55.9 | ||||||||||||||||||||
Net income attributable to ON Semiconductor Corporation | 58.4 | (2.7 | ) | 55.7 | ||||||||||||||||||||
Comprehensive income | 59.6 | (2.7 | ) | 56.9 | ||||||||||||||||||||
Comprehensive income attributable to ON Semiconductor Corporation | 59.4 | (2.7 | ) | 56.7 | ||||||||||||||||||||
Please refer to the chart below for the impact of the corrections to the Condensed Consolidating Statement of Operations for the quarter ended March 28, 2014 (in millions): | ||||||||||||||||||||||||
Issuer | Guarantor | |||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
ON Semiconductor | SCI LLC | Other | Non-Guarantor | Eliminations | Total | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
Total change in gross profit | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in operating income | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total change in other income (expense), net | (2.7 | ) | (2.7 | ) | — | (0.1 | ) | 5.4 | (0.1 | ) | ||||||||||||||
Total change in net income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Total change in comprehensive income attributable to ON Semiconductor Corporation | $ | (2.7 | ) | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | $ | 5.4 | $ | (2.7 | ) | ||||||||
Recovered_Sheet2
Background and Basis of Presentation (Narrative) (Details) | 3 Months Ended | |
Apr. 03, 2015 | Mar. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fiscal Quarter, Number of Days | 93 days | 87 days |
Background_And_Basis_Of_Presen2
Background And Basis Of Presentation Schedule of Retrospective Measurement Period Adjustments (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 | Aug. 15, 2014 |
In Millions, unless otherwise specified | |||
Goodwill | $263.80 | $263.80 | |
Aptima [Member] | Retrospective Measurement Period Adjustment [Member] | |||
Goodwill | 263.8 | 64.4 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 458.5 | 207.8 | |
Aptima [Member] | Retrospective Measurement Period Adjustment [Member] | Scenario, Previously Reported [Member] | |||
Goodwill | 264.7 | 63.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 457.6 | 183.1 | |
Aptima [Member] | Retrospective Measurement Period Adjustment [Member] | Restatement Adjustment [Member] | |||
Goodwill | -0.9 | 0.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $0.90 | $24.70 |
Background_And_Basis_Of_Presen3
Background And Basis Of Presentation Schedule of Retrospective Measurement Period Adjustments - Consolidated Statement of Operations and Comprehensive Income Impact (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Cost of Revenue | $570.40 | $458.30 |
Gross Profit | 300.4 | 248.2 |
Operating Income (Loss) | 68.4 | 70.7 |
Other Nonoperating Income (Expense) | 3.7 | -0.7 |
Nonoperating Income (Expense) | -5.2 | -8.6 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 63.2 | 62.1 |
Net income | 55.8 | 55.9 |
Net Income (Loss) Attributable to Parent | 55.1 | 55.7 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 51.5 | 56.9 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 50.8 | 56.7 |
Restatement Adjustment [Member] | ||
Gross Profit | -2.6 | |
Operating Income (Loss) | -2.6 | |
Nonoperating Income (Expense) | -0.1 | |
Net Income (Loss) Attributable to Parent | -2.7 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -2.7 | |
Retrospective Measurement Period Adjustment [Member] | Aptima [Member] | ||
Cost of Revenue | 458.3 | |
Gross Profit | 248.2 | |
Operating Income (Loss) | 70.7 | |
Other Nonoperating Income (Expense) | -0.7 | |
Nonoperating Income (Expense) | -8.6 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 62.1 | |
Net income | 55.9 | |
Net Income (Loss) Attributable to Parent | 55.7 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 56.9 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 56.7 | |
Retrospective Measurement Period Adjustment [Member] | Scenario, Previously Reported [Member] | Aptima [Member] | ||
Cost of Revenue | 455.7 | |
Gross Profit | 250.8 | |
Operating Income (Loss) | 73.3 | |
Other Nonoperating Income (Expense) | -0.6 | |
Nonoperating Income (Expense) | -8.5 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 64.8 | |
Net income | 58.6 | |
Net Income (Loss) Attributable to Parent | 58.4 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 59.6 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 59.4 | |
Retrospective Measurement Period Adjustment [Member] | Restatement Adjustment [Member] | Aptima [Member] | ||
Cost of Revenue | 2.6 | |
Gross Profit | -2.6 | |
Operating Income (Loss) | -2.6 | |
Other Nonoperating Income (Expense) | -0.1 | |
Nonoperating Income (Expense) | -0.1 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -2.7 | |
Net income | -2.7 | |
Net Income (Loss) Attributable to Parent | -2.7 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2.7 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($2.70) |
Background_And_Basis_Of_Presen4
Background And Basis Of Presentation Schedule of Retrospective Measurement Period Adjustments - Consolidated Statement of Cash Flows Impact (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Cash flows from operating activities: | ||
Net income | $55.80 | $55.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Adjustments to reconcile net income to net cash provided by operating activities: | 0.4 | -1.9 |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||
Inventories | 34.7 | 6.2 |
Retrospective Measurement Period Adjustment [Member] | Aptima [Member] | ||
Cash flows from operating activities: | ||
Net income | 55.9 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Adjustments to reconcile net income to net cash provided by operating activities: | 1.9 | |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||
Inventories | -6.2 | |
Retrospective Measurement Period Adjustment [Member] | Scenario, Previously Reported [Member] | Aptima [Member] | ||
Cash flows from operating activities: | ||
Net income | 58.6 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Adjustments to reconcile net income to net cash provided by operating activities: | 1.8 | |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||
Inventories | -8.8 | |
Retrospective Measurement Period Adjustment [Member] | Restatement Adjustment [Member] | Aptima [Member] | ||
Cash flows from operating activities: | ||
Net income | -2.7 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Adjustments to reconcile net income to net cash provided by operating activities: | 0.1 | |
Changes in assets and liabilities (exclusive of the impact of acquisitions): | ||
Inventories | $2.60 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Aug. 15, 2014 | Apr. 03, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $263.80 | $263.80 | |
Aptima [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | 405.4 | ||
Business Combination, Consideration Withheld and Placed in Escrow | 40 | 40 | |
Aptima [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 126.5 | ||
Aptima [Member] | Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 79 | ||
Weighted average useful life | 6 years | ||
Aptima [Member] | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 2.3 | ||
Weighted average useful life | 6 months | ||
Aptima [Member] | Retrospective Measurement Period Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Assets acquired, In-process research and development | 51.3 | ||
Intangible assets | 207.8 | 458.5 | |
Goodwill | 64.4 | 263.8 | |
Aptima [Member] | Retrospective Measurement Period Adjustment [Member] | Restatement Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Assets acquired, In-process research and development | -24.1 | ||
Intangible assets | 24.7 | 0.9 | |
Goodwill | 0.6 | -0.9 | |
Truesense Imaging, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $2.90 | ||
Minimum [Member] | Aptima [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 2 years | ||
Maximum [Member] | Aptima [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 6 years |
Acquisitions_Schedule_of_Purch
Acquisitions Schedule of Purchase Price Allocation (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 | Aug. 15, 2014 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $263.80 | $263.80 | |
Retrospective Measurement Period Adjustment [Member] | Aptima [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 30.3 | ||
Receivables | 53.2 | ||
Inventories | 84.8 | ||
Other current assets | 5.7 | ||
Property, plant and equipment | 36.3 | ||
Goodwill | 263.8 | 64.4 | |
Intangible assets | 458.5 | 207.8 | |
In-process research and development | 51.3 | ||
Other non-current assets | 2.3 | ||
Total assets acquired | 536.1 | ||
Accounts payable | 66.6 | ||
Other current liabilities | 49.7 | ||
Other non-current liabilities | 14.4 | ||
Total liabilities assumed | 130.7 | ||
Net assets acquired | 405.4 | ||
Retrospective Measurement Period Adjustment [Member] | Scenario, Previously Reported [Member] | Aptima [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 30.3 | ||
Receivables | 53.2 | ||
Inventories | 85.3 | ||
Other current assets | 5.7 | ||
Property, plant and equipment | 35.9 | ||
Goodwill | 264.7 | 63.8 | |
Intangible assets | 457.6 | 183.1 | |
In-process research and development | 75.4 | ||
Other non-current assets | 2.3 | ||
Total assets acquired | 535 | ||
Accounts payable | 66.8 | ||
Other current liabilities | 51.2 | ||
Other non-current liabilities | 14.5 | ||
Total liabilities assumed | 132.5 | ||
Net assets acquired | 402.5 | ||
Retrospective Measurement Period Adjustment [Member] | Restatement Adjustment [Member] | Aptima [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 0 | ||
Receivables | 0 | ||
Inventories | -0.5 | ||
Other current assets | 0 | ||
Property, plant and equipment | 0.4 | ||
Goodwill | -0.9 | 0.6 | |
Intangible assets | 0.9 | 24.7 | |
In-process research and development | -24.1 | ||
Other non-current assets | 0 | ||
Total assets acquired | 1.1 | ||
Accounts payable | -0.2 | ||
Other current liabilities | -1.5 | ||
Other non-current liabilities | -0.1 | ||
Total liabilities assumed | -1.8 | ||
Net assets acquired | $2.90 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquisition-related intangible assets | $33.90 | $8.20 | |
Finite-Lived Intangible Assets, Gross | 802.9 | 802.9 | |
In Process Research and Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $59.90 | $61.50 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Summary of Changes in Goodwill) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $711.30 | $711.30 |
Accumulated Impairment Losses | -447.5 | -447.5 |
Carrying Value | 263.8 | 263.8 |
Automotive Industrial Medical And Mil Aero [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 539.9 | 539.9 |
Accumulated Impairment Losses | -418.9 | -418.9 |
Carrying Value | 121 | 121 |
Standard Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 76 | 76 |
Accumulated Impairment Losses | -28.6 | -28.6 |
Carrying Value | 47.4 | 47.4 |
Computing And Consumer Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 95.4 | 95.4 |
Accumulated Impairment Losses | 0 | 0 |
Carrying Value | $95.40 | $95.40 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Summary Of Intangible Assets, Net) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2015 | Dec. 31, 2014 |
Original Cost | $802.90 | $802.90 |
Accumulated Amortization | -309 | -275.1 |
Foreign Currency Translation Adjustment | -27.8 | -27.8 |
Accumulated Impairment | -41.5 | -41.5 |
Carrying Value | 424.6 | 458.5 |
Intellectual Property [Member] | ||
Original Cost | 13.9 | 13.9 |
Accumulated Amortization | -10.1 | -10 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -0.4 | -0.4 |
Carrying Value | 3.4 | 3.5 |
Customer Relationships [Member] | ||
Original Cost | 425.6 | 425.6 |
Accumulated Amortization | -162.9 | -146.2 |
Foreign Currency Translation Adjustment | -27.8 | -27.8 |
Accumulated Impairment | -23.7 | -23.7 |
Carrying Value | 211.2 | 227.9 |
Patents [Member] | ||
Original Cost | 43.7 | 43.7 |
Accumulated Amortization | -21.9 | -21.3 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -13.7 | -13.7 |
Carrying Value | 8.1 | 8.7 |
Developed Technology [Member] | ||
Original Cost | 243.5 | 241.9 |
Accumulated Amortization | -104.7 | -88.9 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -2.6 | -2.6 |
Carrying Value | 136.2 | 150.4 |
Trademarks [Member] | ||
Original Cost | 16.3 | 16.3 |
Accumulated Amortization | -9.4 | -8.7 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | -1.1 | -1.1 |
Carrying Value | 5.8 | 6.5 |
In Process Research and Development [Member] | ||
Original Cost | 59.9 | 61.5 |
Accumulated Amortization | 0 | 0 |
Foreign Currency Translation Adjustment | 0 | 0 |
Accumulated Impairment | 0 | 0 |
Carrying Value | $59.90 | $61.50 |
Recovered_Sheet3
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) (USD $) | Apr. 03, 2015 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $100.50 |
2016 | 88.6 |
2017 | 56.3 |
2018 | 34.8 |
2019 | 29.5 |
Thereafter | 55 |
Total estimated amortization expense | $364.70 |
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 | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $1.50 | |
Restructuring Costs and Asset Impairment Charges | -2.3 | 5.8 |
Facility Closing [Member] | Aizu [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0.4 | |
Other | 0 | |
Restructuring Costs and Asset Impairment Charges | 0.4 | |
Facility Closing [Member] | KSS Facility [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0.3 | |
Other | -3.4 | |
Restructuring Costs and Asset Impairment Charges | -3.1 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0 | |
Other | -0.4 | |
Restructuring Costs and Asset Impairment Charges | -0.4 | |
Other Restructuring [Member] | On Semiconductor Corporation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0.8 | |
Other | 0 | |
Restructuring Costs and Asset Impairment Charges | 0.8 | |
Restructuring Charges, Net [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 1.5 | |
Other | -3.8 | |
Restructuring Costs and Asset Impairment Charges | ($2.30) |
Restructuring_Asset_Impairment3
Restructuring, Asset Impairments And Other, Net (Rollforward Of Accrued Restructuring Charges) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2015 |
Restructuring Reserve [Roll Forward] | |
Balance at Beginning of Period | $3.40 |
Restructuring Costs | 1.5 |
Usage | -2.7 |
Balance at End of Period | 2.2 |
Estimated employee separation charges | |
Restructuring Reserve [Roll Forward] | |
Balance at Beginning of Period | 2.3 |
Restructuring Costs | 1.5 |
Usage | -2.4 |
Balance at End of Period | 1.4 |
Estimated costs to exit | |
Restructuring Reserve [Roll Forward] | |
Balance at Beginning of Period | 1.1 |
Restructuring Costs | 0 |
Usage | -0.3 |
Balance at End of Period | $0.80 |
Restructuring_Asset_Impairment4
Restructuring, Asset Impairments And Other, Net (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Oct. 06, 2013 | Dec. 31, 2014 |
employees | employees | ||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities | $2.20 | $3.40 | |
Employee Severance [Member] | Aptima [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected reduction in employment levels | 44 | ||
Restructuring Charges | 0.4 | ||
Additional employee separation charges expected to incur | 1.2 | ||
Employee Severance [Member] | Executive Officer [Member] | Aptima [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities | 0.4 | ||
European Marketing Organization Relocation [Member] | Accrued Employee Separation Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.8 | ||
Additional employee separation charges expected to incur | 3.3 | ||
Accrued liabilities | 0.8 | ||
KSS Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Assets | 3.4 | ||
KSS Plan [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated at End of Period | 170 | ||
KSS Plan [Member] | Facility Closing [Member] | Contract Employee [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected reduction in employment levels | 40 | ||
KSS Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $0.30 |
Balance_Sheet_Information_Sche
Balance Sheet Information (Schedule of Balance Sheet Information) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Receivables, net: | ||
Accounts receivable | $456.60 | $419.10 |
Less: Allowance for doubtful accounts | -2.1 | -1.6 |
Accounts receivable, net | 454.5 | 417.5 |
Inventories: | ||
Raw materials | 88.7 | 119.7 |
Work in process | 418 | 365.5 |
Finished goods | 240.2 | 244.7 |
Inventories, net | 746.9 | 729.9 |
Other current assets (1): | ||
Prepaid expenses | 28.6 | 28.7 |
Value added and other income tax receivables | 24.5 | 40.4 |
Other | 75 | 71.5 |
Other current assets | 128.1 | 140.6 |
Property, plant and equipment, net: | ||
Land | 46.3 | 46.1 |
Buildings | 493.2 | 484.3 |
Machinery and equipment | 2,206.70 | 2,165 |
Total property, plant and equipment | 2,746.20 | 2,695.40 |
Less: Accumulated depreciation | -1,537.80 | -1,491.50 |
Property, plant and equipment, net | 1,208.40 | 1,203.90 |
Fixed assets held for sale | 0.8 | |
Accrued expenses: | ||
Accrued payroll | 102.2 | 117 |
Sales related reserves | 74.6 | 65.8 |
Restructuring reserves | 2.2 | 3.4 |
Accrued pension liability | 0.1 | 0.2 |
Accrued interest | 3.1 | 1.8 |
Other | 100.4 | 99.7 |
Accrued Liabilities, Current, Total | $282.60 | $287.90 |
Balance_Sheet_Information_Warr
Balance Sheet Information (Warranty Reserves) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Warranty Reserves [Roll Forward] | ||
Beginning Balance | $5.50 | $6 |
Provision | 0.1 | 0.4 |
Usage | -0.4 | -0.2 |
Ending Balance | $5.20 | $6.20 |
Balance_Sheet_Information_Narr
Balance Sheet Information (Narrative) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $0.10 | $0.20 |
Defined benefit pension plan, liabilities | $94.60 | $96.10 |
Balance_Sheet_Information_Peri
Balance Sheet Information (Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Service cost | $2.20 | $2.50 |
Interest cost | 1 | 1.5 |
Expected return on plan assets | -0.9 | -0.9 |
Curtailment gain | 0 | -2.8 |
Total net periodic pension cost | $2.30 | $0.30 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt (Long-Term Debt) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | $1,162.80 | $1,192.60 |
Less: Current maturities | -212.6 | -209.6 |
Long-term debt | 950.2 | 983 |
Senior Revolving Credit Facility due 2018, interest payable monthly at 1.69% and quarterly at 1.69%, respectively | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 350 | 350 |
Debt instrument, interest rate | 1.69% | 1.69% |
Loan with Japanese bank due 2015 through 2018, interest payable quarterly at 2.02% and 2.01%, respectively (1) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 217.1 | 235.9 |
Debt instrument, interest rate | 2.02% | 2.01% |
2.625% Notes, Series B (net of discount of $12.9 million and $14.7 million, respectively) (2) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 344 | 342.2 |
Debt instrument, interest rate | 2.63% | 2.63% |
Debt instrument, discount | 12.9 | 14.7 |
Loan with Hong Kong bank, interest payable weekly at 1.43% and 1.92%, respectively (3) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 35 | 35 |
Debt instrument, interest rate | 1.43% | 1.92% |
Loans with Philippine bank due 2015 through 2019, interest payable monthly and quarterly at an average rate of 2.39% and 2.37%, respectively (4) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 45.4 | 54.2 |
Debt instrument, interest rate | 2.39% | 2.37% |
Unsecured Debt | 7.5 | 15 |
Secured Debt | 37.9 | 39.2 |
Loan with Singapore bank, interest payable weekly at 1.43% and 1.42%, respectively (3) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 20 | 20 |
Debt instrument, interest rate | 1.43% | 1.42% |
U.S. real estate mortgages payable monthly through 2019 at an average rate of 3.35% (5) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 53.6 | 54.8 |
Debt instrument, interest rate | 3.35% | 3.35% |
U.S. equipment financing payable monthly through 2016 at 2.94% (6) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 3.6 | 4.8 |
Debt instrument, interest rate | 2.94% | 2.94% |
Canada equipment financing payable monthly through 2017 at 3.81% (6) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 3.7 | 4.2 |
Debt instrument, interest rate | 3.81% | 3.81% |
Canada revolving line of credit, interest payable quarterly at 1.86% and 1.84%, respectively (7) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 15 | 15 |
Debt instrument, interest rate | 1.86% | 1.84% |
Malaysia revolving line of credit, interest payable quarterly at 1.72% and 1.71%, respectively (7) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 25 | 25 |
Debt instrument, interest rate | 1.72% | 1.71% |
Vietnam revolving line of credit, interest payable quarterly and annually at an average rate of 1.76% and 1.87%, respectively (7) | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | 17.1 | 10.7 |
Debt instrument, interest rate | 1.76% | 1.87% |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current maturities | $33.30 | $40.80 |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt (Annual Maturities Relating To Long-Term Debt) (Details) (USD $) | Apr. 03, 2015 |
In Millions, unless otherwise specified | |
Long-term Debt, Unclassified [Abstract] | |
Remainder of 2015 | $177.90 |
2016 | 426.6 |
2017 | 53.5 |
2018 | 482.9 |
2019 | 34.8 |
Thereafter | 0 |
Total | $1,175.70 |
LongTerm_Debt_LongTerm_Debt_De1
Long-Term Debt Long-Term Debt (Debt Guarantees) (Details) (2.625% Notes, Series B) | Apr. 03, 2015 | Dec. 31, 2014 |
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 | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Earnings Per Share [Abstract] | ||
Net income attributable to ON Semiconductor Corporation | $55.10 | $55.70 |
Basic weighted average common shares outstanding | 431.4 | 440.4 |
Dilutive effect of share-based awards | 5.7 | 4.1 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 2.8 | 0 |
Diluted weighted average common shares outstanding | 439.9 | 444.5 |
Basic (in dollars per share) | $0.13 | $0.13 |
Diluted (in dollars per share) | $0.13 | $0.13 |
Earnings_per_Share_and_Equity_2
Earnings per Share and Equity (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 | Dec. 31, 2014 |
Dividends Payable [Line Items] | |||
Anti-dilutive shares | 1,000,000 | 7,700,000 | |
Payments of tax withholding for restricted shares | $11.20 | $4.50 | |
Common stock withheld underlying restricted stock units | 900,000 | ||
Treasury stock, shares, reissued or retired during period | 0 | ||
Non-controlling interest in consolidated subsidiary | 21.6 | 20.9 | |
Net Income (Loss) attributable to non-controlling interests | $0.70 | $0.20 | |
2.625% Notes, Series B | |||
Dividends Payable [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.63% | 2.63% |
Earnings_per_Share_and_Equity_3
Earnings per Share and Equity Summary of Share Repurchase Program (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Earnings Per Share [Abstract] | ||
Number of repurchased shares | 8.6 | 2.2 |
Beginning accrued share repurchases | $0 | $0.60 |
Aggregate purchase price | 97 | 20.1 |
Less: ending accrued share repurchases | -2 | -1.3 |
Total cash used for share repurchases | 95 | 19.4 |
Weighted-average purchase price per share | $11.20 | $9.12 |
Available for future purchases at period end | $879.20 | $123.30 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expenses | $11.30 | $8.50 |
Related income tax benefits | 0 | 0 |
Share-based compensation expense, net of taxes | 11.3 | 8.5 |
Cost Of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expenses | 1.9 | 1.4 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expenses | 2.3 | 1.8 |
Selling And Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expenses | 2.2 | 1.5 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expenses | $4.90 | $3.80 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from exercise of stock options | $21.40 | $9.60 | |
Share price | $11.70 | ||
Amended And Restated Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate of common stock available for grant | 29.9 | 35.2 | |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense on non-vested stock options | 2.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Total Intrinsic value of stock options exercised | 10.2 | ||
Cash received from exercise of stock options | 21.4 | ||
Options Pre-Vesting Forfeitures Estimated | 11.00% | 11.00% | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense on non-vested stock options | $76.50 | ||
Options Pre-Vesting Forfeitures Estimated | 5.00% | 5.00% | |
Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 1 year | ||
Time Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate of common stock available for grant | 2.5 | 3 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Stock Option Plans) (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares, Outstanding Beginning | 8.8 |
Number of Shares, Granted | 0 |
Number of Shares, Exercised | -2.7 |
Number of Shares, Canceled | 0 |
Number of Shares, Outstanding Ending | 6.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted-Average Exercise Price, Outstanding Beginning | $7.81 |
Weighted-Average Exercise Price. Granted | $0 |
Weighted-Average Exercise Price, Exercised | $7.90 |
Weighted-Average Exercise Price, Cancelled | $0 |
Weighted-Average Exercise Price, Outstanding Ending | $7.78 |
Weighted Average Remaining Contractual Term (in years), Outstanding | 3 years 7 days |
Aggregate Intrinsic Value (In-The-Money), Outstanding | $22.80 |
Number of Shares, Exercisable | 5 |
Weighted-Average Exercise Price, Exercisable | $7.93 |
Weighted-Average Remaining Contractual Term (in years), Exercisable | 2 years 8 months 26 days |
Aggregate Intrinsic Value (In-The-Money), Exercisable | $18 |
ShareBased_Compensation_Additi
Share-Based Compensation (Additional Information On Stock Options Outstanding) (Details) (USD $) | Apr. 03, 2015 |
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] | |
Number of Shares, Exercisable | 5 |
Weighted Average Exercise Price, Exercisable | $7.93 |
Number of Shares, Unexercisable | 1.1 |
Weighted Average Exercise Price, Unexercisable | $7.10 |
Number of Shares, Total | 6.1 |
Weighted Average Exercise Price, Total | $7.78 |
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] | |
Number of Shares, Exercisable | 0 |
Weighted Average Exercise Price, Exercisable | $0 |
Number of Shares, Unexercisable | 0 |
Weighted Average Exercise Price, Unexercisable | $0 |
Number of Shares, Total | 0 |
Weighted Average Exercise Price, Total | $0 |
Total Outstanding [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares, Exercisable | 5 |
Weighted Average Exercise Price, Exercisable | $7.93 |
Number of Shares, Unexercisable | 1.1 |
Weighted Average Exercise Price, Unexercisable | $7.10 |
Number of Shares, Total | 6.1 |
Weighted Average Exercise Price, Total | $7.78 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Restricted Stock Units Transactions) (Details) (Restricted Stock Units [Member], USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested shares of restricted stock units, beginning | 8.7 |
Number of Shares, Granted | 2.8 |
Number of Shares, Achieved | 0.7 |
Number of Shares, Released | -2.9 |
Number of Shares, Forfeited | -0.2 |
Nonvested shares of restricted stock units, ending | 9.1 |
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 | $8.66 |
Weighted Average Grant Date Fair Value, Granted | $13.06 |
Weighted Average Grant Date Fair Value, Achieved | $9.35 |
Weighted-Average Grant Date Fair Value, Released | $8.76 |
Weighted Average Grant Date Fair Value, Forfeited | $8.60 |
Weighted Average Grant Date Fair Value, Nonvested shares of restricted stock units, ending | $10.04 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Operating Leases Future Minimum Payments Receivable) (Details) (USD $) | Apr. 03, 2015 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2015 | $17.50 |
2016 | 19.8 |
2017 | 15.3 |
2018 | 10.8 |
2019 | 8.2 |
Thereafter | 36.4 |
Total | $108 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Narrative) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
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 | 5.7 | |
Guarantees related to capital lease obligations | 117.5 | |
Long-term Debt | 1,162.80 | 1,192.60 |
Unsecured Loan with SMBC [Member] | ||
Loss Contingencies [Line Items] | ||
Long-term Debt | $217.10 | $235.90 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
Apr. 03, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unrealized Loss on Securities | $0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,100,000 | |
Cost Method Investments, Fair Value Disclosure | $12,300,000 | $12,200,000 |
2.625% Notes, Series B | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.63% | 2.63% |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | Demand and Time Deposits [Member] | ||
Cash and cash equivalents | $50.30 | $20.30 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 17 | 46.3 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.1 | 0.1 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Demand and Time Deposits [Member] | ||
Cash and cash equivalents | 50.3 | 20.3 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 17 | 46.3 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Exchange Contract [Member] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $0.10 | $0.10 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments Fair Value of Short-Term Investments (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carried at Amortized Cost | $1.30 | $6.10 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carried at Amortized Cost | 1.3 | 2 |
Fair Value | $1.30 | $2 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Carrying Amounts And Fair Values Of Long-Term Borrowings) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Convertible Notes Payable [Member] | ||
Carrying Amount | $344 | $342.20 |
Fair Value | 450.2 | 424.8 |
Long-term Debt [Member] | ||
Carrying Amount | 724.6 | 745.8 |
Fair Value | $724.10 | $744.80 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Net Foreign Exchange Positions) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | $26.40 | ($6.30) |
Derivative, Notional Amount | 113 | 145.7 |
Euro [Member] | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | -21.8 | -31.2 |
Derivative, Notional Amount | 21.8 | 31.2 |
Japanese Yen [Member] | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | -18.5 | -42.1 |
Derivative, Notional Amount | 18.5 | 42.1 |
Malaysian Ringgit [Member] | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | 32.8 | 39.2 |
Derivative, Notional Amount | 32.8 | 39.2 |
Philippines, Pesos [Member] | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | 16.7 | 16.7 |
Derivative, Notional Amount | 16.7 | 16.7 |
Other Currencies [Member] | ||
Financial Instruments [Line Items] | ||
Buy (Sell) | 17.2 | 11.1 |
Derivative, Notional Amount | $23.20 | $16.50 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Apr. 03, 2015 | Mar. 28, 2014 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $113,000,000 | $145,700,000 | |
Foreign currency transaction gain (loss), realized | 100,000 | -900,000 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -200,000 | 1,400,000 | |
Other liabilities | 1,013,700,000 | 1,040,800,000 | |
Reclassification out of Accumulated Other Comprehensive Income | Cost of Revenues [Member] | Effects of Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -1,800,000 | ||
Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 64,000,000 | ||
Other liabilities | $3,800,000 | $3,500,000 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss Components of Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | ($41.50) | |
Other comprehensive income (loss) prior to reclassifications | 0.9 | |
Other comprehensive income (loss) | -4.3 | 1 |
Balance, ending | -45.8 | |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | -42.5 | |
Other comprehensive income (loss) prior to reclassifications | 0 | |
Other comprehensive income (loss) | 0 | |
Balance, ending | -42.5 | |
Effects of Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | -3.5 | |
Other comprehensive income (loss) prior to reclassifications | 1.6 | |
Other comprehensive income (loss) | -0.2 | |
Balance, ending | -3.7 | |
Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | 4.5 | |
Other comprehensive income (loss) prior to reclassifications | -0.7 | |
Other comprehensive income (loss) | -4.1 | |
Balance, ending | 0.4 | |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from accumulated other comprehensive loss | -5.2 | |
Reclassification out of Accumulated Other Comprehensive Income | 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 | Effects of Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from accumulated other comprehensive loss | -1.8 | |
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from accumulated other comprehensive loss | ($3.40) |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Loss Reclassifications (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other | $3.70 | ($0.70) |
Other income (expense), net | -5.2 | -8.6 |
Total reclassifications | 55.8 | 55.9 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total reclassifications | -5.2 | -1.3 |
Reclassification out of Accumulated Other Comprehensive Income | Effects of Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other | -1.8 | -1.3 |
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other income (expense), net | ($3.40) | $0 |
Changes_in_Accumulated_Other_C4
Changes in Accumulated Other Comprehensive Loss Narrative (Details) (USD $) | 3 Months Ended | ||
Apr. 03, 2015 | Mar. 28, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income Tax Expense (Benefit) | $7,400,000 | $6,200,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -45,800,000 | -41,500,000 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income Tax Expense (Benefit) | 0 | ||
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 Income (Loss), Net of Tax | -3,700,000 | -3,500,000 | |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -42,500,000 | -42,500,000 | |
Foreign Currency Translation Adjustments | Subsidiaries [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($13,300,000) |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information (Non-Cash Financing Activities And Cash Payments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||
Capital expenditures in accounts payable | $98.60 | $54.80 |
Capital Lease Obligations Incurred | 0.6 | 0.4 |
Interest income | -0.3 | -0.2 |
Interest expense | 5.7 | 2.8 |
Income taxes | $5.40 | $5.30 |
Segment_Information_Segment_In
Segment Information (Segment Information Of Revenues, Gross Profit And Operating Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Revenues | $870.80 | $706.50 |
Segment gross profit | 309 | 257.3 |
Applications Products Group [Member] | ||
Revenues | 264.3 | 267.6 |
Segment gross profit | 118.8 | 117.8 |
Standard Products Group [Member] | ||
Revenues | 303.2 | 292.9 |
Segment gross profit | 113.6 | 106.2 |
Image Sensor Group | ||
Revenues | 170.5 | 11.9 |
Segment gross profit | 50.1 | 8.3 |
System Solutions Group [Member] | ||
Revenues | 132.8 | 134.1 |
Segment gross profit | $26.50 | $25 |
Segment_Information_Reconcilia
Segment Information (Reconciliations Of Segment Gross Profit And Segment Operating Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment Reporting Information Gross Profit | $309 | $257.30 |
Gross profit for reportable segments | 300.4 | 248.2 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other unallocated manufacturing costs | ($8.60) | ($9.10) |
Segment_Information_Revenues_B
Segment Information (Revenues By Geographic Location Including Local Sales And Exports) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Revenues | $870.80 | $706.50 |
United States [Member] | ||
Revenues | 131.8 | 112 |
Japan [Member] | ||
Revenues | 62.6 | 65.3 |
Hong Kong [Member] | ||
Revenues | 191.2 | 202.7 |
Singapore [Member] | ||
Revenues | 316.3 | 180.4 |
United Kingdom [Member] | ||
Revenues | 129.7 | 117.2 |
Other [Member] | ||
Revenues | $39.20 | $28.90 |
Segment_Information_Segment_In1
Segment Information Segment Information (Summary of Property, Plant and Equipment by Geographic Location) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $1,208.40 | $1,203.90 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 318.1 | 308.1 |
Czech Republic | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 111 | 113.8 |
Malaysia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 229.9 | 232.2 |
Philippines | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 201.8 | 197.4 |
CHINA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 119.6 | 122.2 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $228 | $230.20 |
Guarantor_And_NonGuarantor_Sta1
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Balance Sheet) (Details) (USD $) | Apr. 03, 2015 | Dec. 31, 2014 | Mar. 28, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Percentage of ownership on domestic subsidiaries | 100.00% | |||
Cash and cash equivalents | $428,100,000 | $511,700,000 | $562,000,000 | $509,500,000 |
Short-term investments | 1,300,000 | 6,100,000 | ||
Receivables, net | 454,500,000 | 417,500,000 | ||
Inventories | 746,900,000 | 729,900,000 | ||
Short-term intercompany receivables | 0 | 0 | ||
Other current assets | 128,100,000 | 140,600,000 | ||
Total current assets | 1,758,900,000 | 1,805,800,000 | ||
Property, plant and equipment, net | 1,208,400,000 | 1,203,900,000 | ||
Goodwill | 263,800,000 | 263,800,000 | ||
Intangible assets, net | 424,600,000 | 458,500,000 | ||
Long-term intercompany receivables | 0 | 0 | ||
Other assets | 90,600,000 | 91,000,000 | ||
Total assets | 3,746,300,000 | 3,823,000,000 | ||
Accounts payable | 362,500,000 | 378,200,000 | ||
Accrued expenses | 282,600,000 | 287,900,000 | ||
Deferred income on sales to distributors | 156,000,000 | 165,100,000 | ||
Current portion of long-term debt | 212,600,000 | 209,600,000 | ||
Short-term intercompany payables | 0 | 0 | ||
Total current liabilities | 1,013,700,000 | 1,040,800,000 | ||
Long-term debt | 950,200,000 | 983,000,000 | ||
Other long-term liabilities | 155,200,000 | 151,800,000 | ||
Long-term intercompany payables | 0 | 0 | ||
Total liabilities | 2,119,100,000 | 2,175,600,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | 1,605,600,000 | 1,626,500,000 | ||
Non-controlling interest in consolidated subsidiary | 21,600,000 | 20,900,000 | ||
Total stockholders' equity | 1,627,200,000 | 1,647,400,000 | ||
Total liabilities and equity | 3,746,300,000 | 3,823,000,000 | ||
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 | 1,954,400,000 | 1,969,100,000 | ||
Total assets | 1,954,400,000 | 1,969,100,000 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses | 4,800,000 | 400,000 | ||
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 | 4,800,000 | 400,000 | ||
Long-term debt | 344,000,000 | 342,200,000 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term intercompany payables | 0 | 0 | ||
Total liabilities | 348,800,000 | 342,600,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | 1,605,600,000 | 1,626,500,000 | ||
Non-controlling interest in consolidated subsidiary | 0 | 0 | ||
Total stockholders' equity | 1,605,600,000 | 1,626,500,000 | ||
Total liabilities and equity | 1,954,400,000 | 1,969,100,000 | ||
SCI LLC [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 139,700,000 | 199,900,000 | 314,100,000 | 267,900,000 |
Short-term investments | 1,300,000 | 2,000,000 | ||
Receivables, net | 55,700,000 | 56,600,000 | ||
Inventories | 63,000,000 | 60,500,000 | ||
Short-term intercompany receivables | 1,900,000 | 0 | ||
Other current assets | 19,500,000 | 14,000,000 | ||
Total current assets | 281,100,000 | 333,000,000 | ||
Property, plant and equipment, net | 270,000,000 | 262,100,000 | ||
Goodwill | 111,600,000 | 111,600,000 | ||
Intangible assets, net | 94,600,000 | 98,200,000 | ||
Long-term intercompany receivables | 143,100,000 | 204,200,000 | ||
Other assets | 2,080,100,000 | 2,002,300,000 | ||
Total assets | 2,980,500,000 | 3,011,400,000 | ||
Accounts payable | 35,600,000 | 37,800,000 | ||
Accrued expenses | 76,100,000 | 71,600,000 | ||
Deferred income on sales to distributors | 35,000,000 | 36,400,000 | ||
Current portion of long-term debt | 63,000,000 | 57,600,000 | ||
Short-term intercompany payables | 0 | 2,300,000 | ||
Total current liabilities | 209,700,000 | 205,700,000 | ||
Long-term debt | 578,600,000 | 609,500,000 | ||
Other long-term liabilities | 30,500,000 | 21,100,000 | ||
Long-term intercompany payables | 0 | 0 | ||
Total liabilities | 818,800,000 | 836,300,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | 2,161,700,000 | 2,175,100,000 | ||
Non-controlling interest in consolidated subsidiary | 0 | 0 | ||
Total stockholders' equity | 2,161,700,000 | 2,175,100,000 | ||
Total liabilities and equity | 2,980,500,000 | 3,011,400,000 | ||
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 | 5,000,000 | 4,900,000 | ||
Other current assets | 0 | 0 | ||
Total current assets | 5,000,000 | 4,900,000 | ||
Property, plant and equipment, net | 2,900,000 | 3,100,000 | ||
Goodwill | 37,300,000 | 37,300,000 | ||
Intangible assets, net | 0 | 0 | ||
Long-term intercompany receivables | 0 | 0 | ||
Other assets | 146,300,000 | 143,500,000 | ||
Total assets | 191,500,000 | 188,800,000 | ||
Accounts payable | 100,000 | 100,000 | ||
Accrued expenses | 200,000 | 500,000 | ||
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 | 600,000 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 100,000 | 0 | ||
Long-term intercompany payables | 0 | 0 | ||
Total liabilities | 400,000 | 600,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | 191,100,000 | 188,200,000 | ||
Non-controlling interest in consolidated subsidiary | 0 | 0 | ||
Total stockholders' equity | 191,100,000 | 188,200,000 | ||
Total liabilities and equity | 191,500,000 | 188,800,000 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 288,400,000 | 311,800,000 | 247,900,000 | 241,600,000 |
Short-term investments | 0 | 4,100,000 | ||
Receivables, net | 398,800,000 | 360,900,000 | ||
Inventories | 670,000,000 | 652,900,000 | ||
Short-term intercompany receivables | 0 | 0 | ||
Other current assets | 107,400,000 | 126,600,000 | ||
Total current assets | 1,464,600,000 | 1,456,300,000 | ||
Property, plant and equipment, net | 936,800,000 | 940,100,000 | ||
Goodwill | 114,900,000 | 114,900,000 | ||
Intangible assets, net | 346,600,000 | 377,900,000 | ||
Long-term intercompany receivables | 0 | 0 | ||
Other assets | 867,700,000 | 858,200,000 | ||
Total assets | 3,730,600,000 | 3,747,400,000 | ||
Accounts payable | 326,800,000 | 340,300,000 | ||
Accrued expenses | 201,500,000 | 215,400,000 | ||
Deferred income on sales to distributors | 121,000,000 | 128,700,000 | ||
Current portion of long-term debt | 149,600,000 | 152,000,000 | ||
Short-term intercompany payables | 6,900,000 | 2,600,000 | ||
Total current liabilities | 805,800,000 | 839,000,000 | ||
Long-term debt | 27,600,000 | 31,300,000 | ||
Other long-term liabilities | 124,600,000 | 130,700,000 | ||
Long-term intercompany payables | 143,100,000 | 204,200,000 | ||
Total liabilities | 1,101,100,000 | 1,205,200,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | 2,629,500,000 | 2,542,200,000 | ||
Non-controlling interest in consolidated subsidiary | 0 | 0 | ||
Total stockholders' equity | 2,629,500,000 | 2,542,200,000 | ||
Total liabilities and equity | 3,730,600,000 | 3,747,400,000 | ||
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 | 13,900,000 | 16,500,000 | ||
Short-term intercompany receivables | -6,900,000 | -4,900,000 | ||
Other current assets | 1,200,000 | 0 | ||
Total current assets | 8,200,000 | 11,600,000 | ||
Property, plant and equipment, net | -1,300,000 | -1,400,000 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | -16,600,000 | -17,600,000 | ||
Long-term intercompany receivables | -143,100,000 | -204,200,000 | ||
Other assets | -4,957,900,000 | -4,882,100,000 | ||
Total assets | -5,110,700,000 | -5,093,700,000 | ||
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 | -6,900,000 | -4,900,000 | ||
Total current liabilities | -6,900,000 | -4,900,000 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term intercompany payables | -143,100,000 | -204,200,000 | ||
Total liabilities | -150,000,000 | -209,100,000 | ||
Total ON Semiconductor Corporation stockholders’ equity | -4,982,300,000 | -4,905,500,000 | ||
Non-controlling interest in consolidated subsidiary | 21,600,000 | 20,900,000 | ||
Total stockholders' equity | -4,960,700,000 | -4,884,600,000 | ||
Total liabilities and equity | ($5,110,700,000) | ($5,093,700,000) | ||
2.625% Notes, Series B | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.63% | 2.63% |
Recovered_Sheet4
Guarantor and Non-Guarantor Statements (Notes To Consolidated Statement of Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | $870.80 | $706.50 |
Cost of revenues | 570.4 | 458.3 |
Gross profit | 300.4 | 248.2 |
Operating expenses: | ||
Research and development | 100.4 | 78.1 |
Selling and marketing | 53.3 | 44.4 |
General and administrative | 46.7 | 41 |
Amortization of acquisition-related intangible assets | 33.9 | 8.2 |
Restructuring, asset impairments and other, net | -2.3 | 5.8 |
Total operating expenses | 232 | 177.5 |
Operating income | 68.4 | 70.7 |
Interest expense | -9.2 | -8.1 |
Interest income | 0.3 | 0.2 |
Other | 3.7 | -0.7 |
Equity in earnings | 0 | 0 |
Other income (expense), net | -5.2 | -8.6 |
Income before income taxes | 63.2 | 62.1 |
Income tax benefit (provision) | -7.4 | -6.2 |
Net income | 55.8 | 55.9 |
Net income attributable to non-controlling interest | -0.7 | -0.2 |
Net income attributable to ON Semiconductor Corporation | 55.1 | 55.7 |
Comprehensive income attributable to ON Semiconductor Corporation | 50.8 | 56.7 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses: | ||
Research and development | 0 | 0 |
Selling and marketing | 0 | 0 |
General and administrative | 0 | 0 |
Amortization of acquisition-related intangible assets | 0 | 0 |
Restructuring, asset impairments and other, net | 0 | 0 |
Total operating expenses | 0 | 0 |
Operating income | 0 | 0 |
Interest expense | -4.4 | -4 |
Interest income | 0 | 0 |
Other | 0 | 0 |
Equity in earnings | 59.5 | 59.7 |
Other income (expense), net | 55.1 | 55.7 |
Income before income taxes | 55.1 | 55.7 |
Income tax benefit (provision) | 0 | 0 |
Net income | 55.1 | 55.7 |
Net income attributable to non-controlling interest | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 55.1 | 55.7 |
Comprehensive income attributable to ON Semiconductor Corporation | 50.8 | 56.7 |
SCI LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 202.2 | 170 |
Cost of revenues | 154.3 | 139.4 |
Gross profit | 47.9 | 30.6 |
Operating expenses: | ||
Research and development | 32.3 | 12.2 |
Selling and marketing | 26.4 | 19.3 |
General and administrative | 14.9 | 13.2 |
Amortization of acquisition-related intangible assets | 3.5 | 3.7 |
Restructuring, asset impairments and other, net | -0.8 | 0.4 |
Total operating expenses | 76.3 | 48.8 |
Operating income | -28.4 | -18.2 |
Interest expense | -2.5 | -3.5 |
Interest income | 0.1 | 0.1 |
Other | -1.7 | -0.6 |
Equity in earnings | 93.9 | 95.9 |
Other income (expense), net | 89.8 | 91.9 |
Income before income taxes | 61.4 | 73.7 |
Income tax benefit (provision) | -0.8 | 5.7 |
Net income | 60.6 | 79.4 |
Net income attributable to non-controlling interest | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 60.6 | 79.4 |
Comprehensive income attributable to ON Semiconductor Corporation | 56.3 | 80.6 |
Other Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 4.2 | 3.9 |
Cost of revenues | 0.2 | 0.2 |
Gross profit | 4 | 3.7 |
Operating expenses: | ||
Research and development | 3.3 | 3 |
Selling and marketing | 0.2 | 0.2 |
General and administrative | 0.3 | 0.3 |
Amortization of acquisition-related intangible assets | 0 | 0 |
Restructuring, asset impairments and other, net | 0 | 0 |
Total operating expenses | 3.8 | 3.5 |
Operating income | 0.2 | 0.2 |
Interest expense | 0 | 0 |
Interest income | 0 | 0 |
Other | 0 | 0 |
Equity in earnings | 2.7 | 0.6 |
Other income (expense), net | 2.7 | 0.6 |
Income before income taxes | 2.9 | 0.8 |
Income tax benefit (provision) | 0 | 0 |
Net income | 2.9 | 0.8 |
Net income attributable to non-controlling interest | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 2.9 | 0.8 |
Comprehensive income attributable to ON Semiconductor Corporation | 2.9 | 0.8 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | 1,128.90 | 974.1 |
Cost of revenues | 879.4 | 759.3 |
Gross profit | 249.5 | 214.8 |
Operating expenses: | ||
Research and development | 64.8 | 62.9 |
Selling and marketing | 26.7 | 24.9 |
General and administrative | 31.5 | 27.5 |
Amortization of acquisition-related intangible assets | 31.5 | 5.5 |
Restructuring, asset impairments and other, net | -1.5 | 5.4 |
Total operating expenses | 153 | 126.2 |
Operating income | 96.5 | 88.6 |
Interest expense | -2.3 | -0.6 |
Interest income | 0.2 | 0.1 |
Other | 5.4 | -0.1 |
Equity in earnings | 0 | 0 |
Other income (expense), net | 3.3 | -0.6 |
Income before income taxes | 99.8 | 88 |
Income tax benefit (provision) | -7.9 | -11.9 |
Net income | 91.9 | 76.1 |
Net income attributable to non-controlling interest | 0 | 0 |
Net income attributable to ON Semiconductor Corporation | 91.9 | 76.1 |
Comprehensive income attributable to ON Semiconductor Corporation | 87.8 | 75.7 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenues | -464.5 | -441.5 |
Cost of revenues | -463.5 | -440.6 |
Gross profit | -1 | -0.9 |
Operating expenses: | ||
Research and development | 0 | 0 |
Selling and marketing | 0 | 0 |
General and administrative | 0 | 0 |
Amortization of acquisition-related intangible assets | -1.1 | -1 |
Restructuring, asset impairments and other, net | 0 | 0 |
Total operating expenses | -1.1 | -1 |
Operating income | 0.1 | 0.1 |
Interest expense | 0 | 0 |
Interest income | 0 | 0 |
Other | 0 | 0 |
Equity in earnings | -156.1 | -156.2 |
Other income (expense), net | -156.1 | -156.2 |
Income before income taxes | -156 | -156.1 |
Income tax benefit (provision) | 1.3 | 0 |
Net income | -154.7 | -156.1 |
Net income attributable to non-controlling interest | -0.7 | -0.2 |
Net income attributable to ON Semiconductor Corporation | -155.4 | -156.3 |
Comprehensive income attributable to ON Semiconductor Corporation | ($147) | ($157.10) |
Guarantor_And_NonGuarantor_Sta2
Guarantor And Non-Guarantor Statements (Notes To Consolidated Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $83.50 | $74.90 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | -64.8 | -47.7 |
Proceeds from sales of property, plant and equipment | 9.4 | 0.2 |
Deposits utilized for purchases of property, plant and equipment | 0 | 1.2 |
Purchase of businesses, net of cash acquired | -2.9 | 0 |
Proceeds from Sale of Available-for-sale Securities | 3.4 | 0 |
Proceeds from held-to maturity securities | 1.5 | 63.5 |
Purchases of held-to-maturity securities | -0.8 | -2.3 |
Contribution from subsidiaries | 0 | 0 |
Net cash (used in) provided by investing activities | -54.2 | 14.9 |
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 | 3.8 | 0 |
Proceeds from exercise of stock options | 21.4 | 9.6 |
Payments of tax withholding for restricted shares | -11.2 | -4.5 |
Repurchase of common stock | -95 | -19.4 |
Proceeds from debt issuance | 6.5 | 0 |
Payment of capital leases obligations | -8.2 | -11.1 |
Repayment of long-term debt | -30.5 | -12.9 |
Net cash used in financing activities | -113.2 | -38.3 |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | 1 |
Net (decrease) increase in cash and cash equivalents | -83.6 | 52.5 |
Cash and cash equivalents, beginning of period | 511.7 | 509.5 |
Cash and cash equivalents, end of period | 428.1 | 562 |
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 for purchases of property, plant and equipment | 0 | |
Purchase of businesses, net of cash acquired | 0 | |
Proceeds from Sale of Available-for-sale Securities | 0 | |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | 81 | 14.3 |
Net cash (used in) provided by investing activities | 81 | 14.3 |
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 | 3.8 | |
Proceeds from exercise of stock options | 21.4 | 9.6 |
Payments of tax withholding for restricted shares | -11.2 | -4.5 |
Repurchase of common stock | -95 | -19.4 |
Proceeds from debt issuance | 0 | |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Net cash used in financing activities | -81 | -14.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) increase 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 | 7.7 | 27.3 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | -22.4 | -14.9 |
Proceeds from sales of property, plant and equipment | 0 | 0.6 |
Deposits utilized for purchases of property, plant and equipment | 0 | |
Purchase of businesses, net of cash acquired | 0 | |
Proceeds from Sale of Available-for-sale Securities | 0 | |
Proceeds from held-to maturity securities | 1.5 | 63.5 |
Purchases of held-to-maturity securities | -0.8 | -2.3 |
Contribution from subsidiaries | 0 | 0 |
Net cash (used in) provided by investing activities | -21.7 | 46.9 |
Cash flows from financing activities: | ||
Intercompany loans | -46.8 | -147.9 |
Intercompany loan repayments to guarantor | 107.8 | 146.1 |
Payments to parent | -81 | -14.3 |
Proceeds from issuance of common stock under the employee stock purchase plan | 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 | -4.9 | -10.3 |
Repayment of long-term debt | -21.3 | -1.6 |
Net cash used in financing activities | -46.2 | -28 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -60.2 | 46.2 |
Cash and cash equivalents, beginning of period | 199.9 | 267.9 |
Cash and cash equivalents, end of period | 139.7 | 314.1 |
Other Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 0 | 0.5 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | 0 | -0.5 |
Proceeds from sales of property, plant and equipment | 0 | 0 |
Deposits utilized for purchases of property, plant and equipment | 0 | |
Purchase of businesses, net of cash acquired | 0 | |
Proceeds from Sale of Available-for-sale Securities | 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) provided by investing activities | 0 | -0.5 |
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 | |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 0 | |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) increase 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 | 75.8 | 47.1 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | -42.4 | -32.3 |
Proceeds from sales of property, plant and equipment | 9.4 | -0.4 |
Deposits utilized for purchases of property, plant and equipment | 1.2 | |
Purchase of businesses, net of cash acquired | -2.9 | |
Proceeds from Sale of Available-for-sale Securities | 3.4 | |
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) provided by investing activities | -32.5 | -31.5 |
Cash flows from financing activities: | ||
Intercompany loans | 46.8 | 147.9 |
Intercompany loan repayments to guarantor | -107.8 | -146.1 |
Payments to parent | 0 | 0 |
Proceeds from issuance of common stock under the employee stock purchase plan | 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 | 6.5 | |
Payment of capital leases obligations | -3.3 | -0.8 |
Repayment of long-term debt | -9.2 | -11.3 |
Net cash used in financing activities | -67 | -10.3 |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | 1 |
Net (decrease) increase in cash and cash equivalents | -23.4 | 6.3 |
Cash and cash equivalents, beginning of period | 311.8 | 241.6 |
Cash and cash equivalents, end of period | 288.4 | 247.9 |
Eliminations [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 for purchases of property, plant and equipment | 0 | |
Purchase of businesses, net of cash acquired | 0 | |
Proceeds from Sale of Available-for-sale Securities | 0 | |
Proceeds from held-to maturity securities | 0 | 0 |
Purchases of held-to-maturity securities | 0 | 0 |
Contribution from subsidiaries | -81 | -14.3 |
Net cash (used in) provided by investing activities | -81 | -14.3 |
Cash flows from financing activities: | ||
Intercompany loans | 0 | 0 |
Intercompany loan repayments to guarantor | 0 | 0 |
Payments to parent | 81 | 14.3 |
Proceeds from issuance of common stock under the employee stock purchase plan | 0 | |
Proceeds from exercise of stock options | 0 | 0 |
Payments of tax withholding for restricted shares | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Proceeds from debt issuance | 0 | |
Payment of capital leases obligations | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Net cash used in financing activities | 81 | 14.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) increase 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 |
Guarantor_And_NonGuarantor_Sta3
Guarantor And Non-Guarantor Statements Schedule of Retrospective Measurement Period Adjustments - Consolidated Statement of Operations and Comprehensive Income Impact (Details) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Mar. 28, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | $300.40 | $248.20 |
Total change in operating income | 68.4 | 70.7 |
Total change in other income (expense), net | -5.2 | -8.6 |
Total change in net income attributable to ON Semiconductor Corporation | 55.1 | 55.7 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 50.8 | 56.7 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 0 | 0 |
Total change in operating income | 0 | 0 |
Total change in other income (expense), net | 55.1 | 55.7 |
Total change in net income attributable to ON Semiconductor Corporation | 55.1 | 55.7 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 50.8 | 56.7 |
SCI LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 47.9 | 30.6 |
Total change in operating income | -28.4 | -18.2 |
Total change in other income (expense), net | 89.8 | 91.9 |
Total change in net income attributable to ON Semiconductor Corporation | 60.6 | 79.4 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 56.3 | 80.6 |
Other Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 4 | 3.7 |
Total change in operating income | 0.2 | 0.2 |
Total change in other income (expense), net | 2.7 | 0.6 |
Total change in net income attributable to ON Semiconductor Corporation | 2.9 | 0.8 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 2.9 | 0.8 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 249.5 | 214.8 |
Total change in operating income | 96.5 | 88.6 |
Total change in other income (expense), net | 3.3 | -0.6 |
Total change in net income attributable to ON Semiconductor Corporation | 91.9 | 76.1 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 87.8 | 75.7 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | -1 | -0.9 |
Total change in operating income | 0.1 | 0.1 |
Total change in other income (expense), net | -156.1 | -156.2 |
Total change in net income attributable to ON Semiconductor Corporation | -155.4 | -156.3 |
Total change in comprehensive income attributable to ON Semiconductor Corporation | -147 | -157.1 |
Restatement Adjustment [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | -2.6 | |
Total change in operating income | -2.6 | |
Total change in other income (expense), net | -0.1 | |
Total change in net income attributable to ON Semiconductor Corporation | -2.7 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | -2.7 | |
Restatement Adjustment [Member] | Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 0 | |
Total change in operating income | 0 | |
Total change in other income (expense), net | -2.7 | |
Total change in net income attributable to ON Semiconductor Corporation | -2.7 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | -2.7 | |
Restatement Adjustment [Member] | SCI LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 0 | |
Total change in operating income | 0 | |
Total change in other income (expense), net | -2.7 | |
Total change in net income attributable to ON Semiconductor Corporation | -2.7 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | -2.7 | |
Restatement Adjustment [Member] | Other Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 0 | |
Total change in operating income | 0 | |
Total change in other income (expense), net | 0 | |
Total change in net income attributable to ON Semiconductor Corporation | 0 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | 0 | |
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | -2.6 | |
Total change in operating income | -2.6 | |
Total change in other income (expense), net | -0.1 | |
Total change in net income attributable to ON Semiconductor Corporation | -2.7 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | -2.7 | |
Restatement Adjustment [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total change in gross profit | 0 | |
Total change in operating income | 0 | |
Total change in other income (expense), net | 5.4 | |
Total change in net income attributable to ON Semiconductor Corporation | 5.4 | |
Total change in comprehensive income attributable to ON Semiconductor Corporation | $5.40 |
Subsequent_Events_Details
Subsequent Events (Details) (Senior Revolving Credit Facility [Member], Semiconductor Components Industries, LLC [Member], USD $) | 0 Months Ended | |
1-May-15 | Oct. 10, 2013 | |
Subsequent Event [Line Items] | ||
Line of credit, maximum borrowing capacity | $800,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit, maximum borrowing capacity | 1,000,000,000 | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit term | 5 years |