ON Semiconductor (ON) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39317
Entity Registrant Name	ON SEMICONDUCTOR CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3840979
Entity Address, Address Line One	5701 N. Pima Road
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85250
City Area Code	602
Local Phone Number	244-6600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		431,872,829
Entity Central Index Key	0001097864
Current Fiscal Year End	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 2,702.4	$ 2,919
Receivables, net	880.9	842.3
Inventories	1,814.9	1,616.8
Other current assets	318.1	351.3
Total current assets	5,716.3	5,729.4
Property, plant and equipment, net	3,692.9	3,450.7
Goodwill	1,577.6	1,577.6
Intangible assets, net	339.8	359.7
Deferred tax assets	473.1	376.7
Right-of-use financing lease	45.2	45.8
Other assets	429.4	438.6
Total assets	12,274.3	11,978.5
Liabilities and Stockholders’ Equity
Accounts payable	976.2	852.1
Accrued expenses and other current liabilities	666	1,047.3
Current portion of financing lease liabilities	11.6	14.2
Current portion of long-term debt	926.2	147.8
Total current liabilities	2,580	2,061.4
Long-term debt	2,538	3,045.7
Deferred tax liabilities	36.6	34.1
Long-term financing lease liabilities	24	23
Other long-term liabilities	628.7	607.3
Total liabilities	5,807.3	5,771.5
Commitments and contingencies
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 610,278,043 and 608,367,713 issued, 431,851,090 and 431,936,415 outstanding, respectively)	6.1	6.1
Additional paid-in capital	4,633.6	4,670.9
Accumulated other comprehensive loss	(29.6)	(23.2)
Accumulated earnings	4,826.1	4,364.4
Less: Treasury stock, at cost: 178,426,953 and 176,431,298 shares, respectively	(2,988.2)	(2,829.7)
Total ON Semiconductor Corporation stockholders’ equity	6,448	6,188.5
Non-controlling interest	19	18.5
Total stockholders’ equity	6,467	6,207
Total liabilities and stockholders’ equity	$ 12,274.3	$ 11,978.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,250,000,000	1,250,000,000
Common stock, shares issued (in shares)	610,278,043	608,367,713
Common stock, shares outstanding (in shares)	431,851,090	431,936,415
Treasury stock, shares (in shares)	178,426,953	176,431,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Income Statement [Abstract]
Revenue	$ 1,959.7	$ 1,945
Cost of revenue	1,042.2	983.7
Gross profit	917.5	961.3
Operating expenses:
Research and development	138.4	156.8
Selling and marketing	71.8	71.1
General and administrative	75.9	77.9
Amortization of acquisition-related intangible assets	15	21.3
Restructuring, asset impairments and other charges, net	51.5	(13)
Total operating expenses	352.6	314.1
Operating income	564.9	647.2
Other income (expense), net:
Interest expense	(26.4)	(21.6)
Interest income	17.1	0.4
Loss on debt prepayment	(13.3)	0
Loss on divestiture of business	(1.1)	0
Other income	4.7	2.1
Other income (expense), net	(19)	(19.1)
Income before income taxes	545.9	628.1
Income tax provision	(83.7)	(97.1)
Net income	462.2	531
Less: Net income attributable to non-controlling interest	(0.5)	(0.8)
Net income attributable to ON Semiconductor Corporation	461.7	530.2
Net income for diluted earnings per share of common stock	$ 462.1	$ 530.7
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.07	$ 1.22
Diluted (in dollars per share)	$ 1.03	$ 1.18
Weighted-average shares of common stock outstanding:
Basic (in shares)	431.9	433.3
Diluted (in shares)	448.5	448.9
Comprehensive income (loss), net of tax:
Net income	$ 462.2	$ 531
Foreign currency translation adjustments	0.3	(2.4)
Effects of cash flow hedges and other adjustments	(6.7)	16.6
Other comprehensive income (loss), net of tax	(6.4)	14.2
Comprehensive income	455.8	545.2
Comprehensive income attributable to non-controlling interest	(0.5)	(0.8)
Comprehensive income attributable to ON Semiconductor Corporation	$ 455.3	$ 544.4

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Accumulated Earnings	Accumulated Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(170,571,261)
Beginning Balance (in shares) at Dec. 31, 2021			603,044,079
Treasury stock beginning balance (in shares) at Dec. 31, 2021									(170,571,261)
Balance, beginning at Dec. 31, 2021	$ 4,604.4	$ (102)	$ 6	$ 4,633.3	$ (129.1)	$ (40.6)	$ 2,435.1	$ 27.1	$ (2,448.4)	$ 19
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			126,388
Shares issued pursuant to the ESPP	6.7			6.7
RSUs and stock grant awards issued (in shares)			2,851,188
RSUs released and stock grant awards issued	0		$ 0.1	(0.1)
Payment of tax withholding for RSUs (in shares)									(955,641)
Payment of tax withholding for RSUs	(58.8)								$ (58.8)
Share-based compensation	22.5			22.5
Comprehensive income (loss)	545.2					14.2	530.2			0.8
Ending Balance (in shares) at Apr. 01, 2022			606,021,655
Balance, ending at Apr. 01, 2022	$ 5,018		$ 6.1	4,533.3		(26.4)	2,992.4		$ (2,507.2)	19.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(171,526,902)
Treasury stock ending balance (in shares)	176,431,298								(176,431,298)
Beginning Balance (in shares) at Dec. 31, 2022	431,936,415		608,367,713
Treasury stock beginning balance (in shares) at Dec. 31, 2022	176,431,298								(176,431,298)
Balance, beginning at Dec. 31, 2022	$ 6,207		$ 6.1	4,670.9		(23.2)	4,364.4		$ (2,829.7)	18.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			136,856
Shares issued pursuant to the ESPP	7.3			7.3
RSUs and stock grant awards issued (in shares)			1,680,376
RSUs released and stock grant awards issued	0		$ 0	0
Partial settlement - 1.625% Notes (in shares)			93,098
Partial settlement - 1.625% Notes	0		$ 0	0
Partial settlement of bond hedges - 1.625% Notes (in shares)									(93,098)
Partial settlement of bond hedges - 1.625% Notes	0			6.9					$ (6.9)
Warrants and bond hedges, net - 0% Notes	(171.5)			(171.5)
Tax impact of convertible notes, warrants and bond hedges, net	92.3			92.3
Payment of tax withholding for RSUs (in shares)									(578,406)
Payment of tax withholding for RSUs	(47.6)								$ (47.6)
Share-based compensation	27.7			27.7
Repurchase of common stock (in shares)									(1,324,151)
Repurchase of common stock	(104)								$ (104)
Comprehensive income (loss)	$ 455.8					(6.4)	461.7			0.5
Ending Balance (in shares) at Mar. 31, 2023	431,851,090		610,278,043
Balance, ending at Mar. 31, 2023	$ 6,467		$ 6.1	$ 4,633.6		$ (29.6)	$ 4,826.1		$ (2,988.2)	$ 19
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)	178,426,953								(178,426,953)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Convertible Debt	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
1.625% Notes
Debt instrument, interest rate	1.625%		1.625%
0.50% Notes
Debt instrument, interest rate	0.50%	0.50%	0.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Cash flows from operating activities:
Net income	$ 462.2	$ 531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	145	140.6
Loss (gain) on sale or disposal of fixed assets	1.2	(16.6)
Loss on divestiture of business	1.1	0
Loss on debt prepayment	13.3	0
Amortization of debt discount and issuance costs	2.9	3.2
Share-based compensation	27.7	22.5
Non-cash asset impairment charges	12.7	6.7
Change in deferred tax balances	(1.5)	38.3
Other	(7)	0.5
Changes in assets and liabilities (exclusive of divestitures):
Receivables	(37.7)	(107.2)
Inventories	(198.1)	(116.7)
Other assets	54.8	(0.8)
Accounts payable	53.5	35.7
Accrued expenses and other current liabilities	(154.6)	(83.2)
Other long-term liabilities	33.4	24.6
Net cash provided by operating activities	408.9	478.6
Cash flows from investing activities:
Purchase of property, plant and equipment	(321.5)	(173.8)
Proceeds from sale of property, plant and equipment	1.7	36.7
Deposits utilized (made) for purchase of property, plant and equipment	(16.7)	1.6
Divestiture of business, net of cash transferred and deposits received	0	12.9
Purchase of available-for-sale securities	0	(7.8)
Proceeds from sale or maturity of available-for-sale securities	10.8	3.4
Payments related to acquisition of business, net of cash acquired	(236.3)	(2.4)
Net cash used in investing activities	(562)	(129.4)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	7.3	7.8
Payment of tax withholding for RSUs	(47.6)	(58.8)
Repurchase of common stock	(104)	0
Issuance and borrowings under debt agreements	1,470	0
Reimbursement of debt issuance and other financing costs	4.5	0
Payment of debt issuance and other financing costs	(4.8)	0
Repayment of borrowings under debt agreements	(1,213.7)	(4.1)
Payment for purchase of bond hedges	(414)	0
Proceeds from issuance of warrants	242.5	0
Payment of financing lease obligations	(3.6)	0
Dividend to non-controlling shareholder	0	(2.2)
Net cash used in financing activities	(63.4)	(57.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.1	(0.7)
Net (decrease) increase in cash, cash equivalents and restricted cash	(216.4)	291.2
Cash, cash equivalents and restricted cash, beginning of period	2,933	1,377.7
Cash, cash equivalents and restricted cash, end of period	$ 2,716.6	$ 1,668.9

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Note 1: Background and Basis of Presentation ON Semiconductor Corporation (“onsemi,” “we,” “us,” “our,” or the “Company”), with its wholly and majority-owned subsidiaries, operates under the onsemi TM brand. The Company is organized into three operating and reportable segments: the Power Solutions Group ("PSG"), the Advanced Solutions Group ("ASG"), and the Intelligent Sensing Group ("ISG"). The Company's fiscal calendar year begins on January 1 and ends on December 31. The fiscal quarters contain a thirteen-week accounting period. Minor day adjustments are required in the first and fourth quarters to account for the Company's fiscal calendar year's starting and ending dates. The quarters ended March 31, 2023 and April 1, 2022 contained 90 days and 91 days, respectively. The accompanying unaudited financial statements as of and for the quarter ended March 31, 2023 have been prepared following generally accepted accounting principles in the United States of America ("GAAP") for interim financial reporting and the rules and regulations of the SEC for interim reporting. Accordingly, the unaudited financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. The balance sheet as of December 31, 2022 was derived from the Company's audited financial statements but does not include all disclosures required by GAAP for annual financial statements. In the opinion of the Company's management, the interim information contains all adjustments, which include normal recurring adjustments necessary for a fair statement of the results for the interim periods. The footnote disclosures related to the interim financial information contained 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, 2022, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 6, 2023 (the "2022 Form 10-K"). Use of Estimates The preparation of financial statements in accordance with GAAP 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 revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations, and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions and (iv) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.

Revenue and Segment Information

Revenue and Segment Information	3 Months Ended
	Apr. 01, 2022
Segment Reporting [Abstract]
Revenue and Segment Information	Note 2: Revenue and Segment Information The Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. These segments represent the Company's view of the business, and its gross profit is used to evaluate the performance of the Company's segments, the progress of major initiatives and the allocation of resources. A significant portion of the Company’s orders are firm commitments that are non-cancellable, including certain orders or contracts with a duration of less than one year. Certain of the Company's customer contracts are multi-year agreements that include committed amounts ("Long-term Supply Agreements" or "LTSA's"). The estimated remaining performance obligations as of March 31, 2023, are approximately $17.6 billion (excluding the remaining performance obligations for contracts having an original duration of one year or less). This amount is subject to contractual increases based on negotiated contract prices and volumes, defined product mix flexibility, and the timing of new part introductions, among other contractual provisions. The Company expects to recognize approximately 33% of the remaining purchase obligation as revenue during the next twelve months upon shipment of products under these contracts. Total revenue estimates could be influenced by risks and uncertainties including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, our actual revenue recognized for the remaining performance obligation in future periods may fluctuate from estimates. Certain of the Company’s LTSA’s include non-cancellable capacity payments from the customer, which are generally due within 30 days of the agreement. These payments reserve production availability or are prepayments to secure production availability and are not recognized as revenue until the performance obligations are satisfied. For the periods ending March 31, 2023, and April 1, 2022, the Company recognized revenue of $14.8 million and $4.5 million, respectively, for the portion of performance obligations fulfilled during those periods. As of March 31, 2023, and December 31, 2022, the remaining capacity payments were $225.5 million and $190.4 million, respectively, of which $69.0 million and $60.5 million were recorded as current liabilities, with the remainder recorded as other long-term liabilities. Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions): PSG ASG ISG Total For the quarter ended March 31, 2023: Revenue from external customers $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Gross profit $ 480.3 $ 260.1 $ 177.1 $ 917.5 For the quarter ended April 1, 2022: Revenue from external customers $ 986.7 $ 689.3 $ 269.0 $ 1,945.0 Gross profit $ 474.7 $ 366.7 $ 119.9 $ 961.3 The Company had one customer, a distributor, whose revenue accounted for approximately 10.1% a nd 12.4% of the Company's total revenue for the quarters ended March 31, 2023 and April 1, 2022, respectively. Revenue for the Company's operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels are as follows (in millions): Quarter Ended March 31, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 286.9 $ 139.7 $ 63.8 490.4 Singapore 276.4 116.1 58.2 450.7 United Kingdom 204.1 128.1 81.1 413.3 United States 166.3 121.3 101.5 389.1 Other 79.1 87.6 49.5 216.2 Total $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Sales Channel Distributors $ 629.3 $ 222.8 $ 187.1 $ 1,039.2 Direct Customers 383.5 370.0 167.0 920.5 Total $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Quarter Ended April 1, 2022 PSG ASG ISG Total Geographic Location Singapore $ 280.5 $ 233.8 $ 41.4 $ 555.7 Hong Kong 303.1 173.9 52.6 529.6 United Kingdom 186.9 106.6 52.0 345.5 United States 144.9 92.3 74.5 311.7 Other 71.3 82.7 48.5 202.5 Total $ 986.7 $ 689.3 $ 269.0 $ 1,945.0 Sales Channel Distributors $ 633.9 $ 356.9 $ 150.6 $ 1,141.4 Direct Customers 352.8 332.4 118.4 803.6 Total $ 986.7 $ 689.3 $ 269.0 $ 1,945.0 The Company operates in various geographic locations. Sales to external customers have little correlation with the location of the Company's manufacturing or the location of the end-customers. It is, therefore, not meaningful to present operating profit by geographical location. The Company does not discretely allocate assets to its operating segments, nor does management evaluate operating segments using discrete asset information. The Company’s consolidated assets are not specifically ascribed to its individual reportable segments. Instead, assets used in operations are generally shared across the Company’s operating and reportable segments. Property, plant and equipment, net by geographic location, is summarized as follows (in millions): As of March 31, 2023 December 31, 2022 United States $ 1,360.8 $ 1,329.2 South Korea 990.9 871.0 Czech Republic 335.3 279.3 Philippines 287.1 296.8 China 227.4 215.3 Malaysia 199.0 190.2 Japan 128.1 133.2 Other 164.3 135.7 Total $ 3,692.9 $ 3,450.7

Acquisition and Divestitures

Acquisition and Divestitures	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition and Divestitures	Note 3: Acquisition and Divestitures Acquisition: During the year ended December 31, 2022, the Company closed the acquisition of EFK. The preliminary allocation of the purchase price of EFK to the assets acquired and liabilities assumed based on their relative fair values is as follows (in millions): Purchase Price Allocation Inventory $ 3.3 Other current assets 4.4 Property, plant and equipment 396.5 Other non-current assets 11.4 Total assets acquired 415.6 Current liabilities 3.0 Other long-term liabilities 6.3 Total liabilities assumed 9.3 Net assets acquired/purchase price $ 406.3 The preliminary allocation, assumptions and disclosures are materially consistent with the amounts included in the 2022 Form 10-K. The Company paid the remaining acquisition consideration of $236.3 million on January 3, 2023, which is disclosed under investing activities in the Consolidated statement of cash flows.

Restructuring, Asset Impairment

Restructuring, Asset Impairments and Other, Net	3 Months Ended
	Mar. 31, 2023
Restructuring Charges [Abstract]
Restructuring, Asset Impairments and Other, Net	Note 4: Restructuring, Asset Impairments and Other, Net Details of restructuring, asset impairments and other charges, net are as follows (in millions): Restructuring Asset Impairments Other Total Quarter ended March 31, 2023 2023 Business Realignment $ 36.1 $ 2.5 (1) $ 2.8 $ 41.4 QCS wind down — — (2.3) (2.3) Other — 10.2 (2) 2.2 12.4 Total $ 36.1 $ 12.7 $ 2.7 $ 51.5 (1) Includes $1.7 million property, plant and equipment asset impairments charges and $0.8 million of ROU asset impairment charges associated with the 2023 Business Realignment efforts. (2) Includes $10.2 million of property, plant and equipment and ROU lease asset impairment charges associated with site consolidation efforts in the United States. A summary of changes in accrued restructuring balance is as follows (in millions): As of As of December 31, 2022 Charges Usage March 31, 2023 Employee separation charges $ 4.4 $ 36.1 $ (4.9) $ 35.6 Total $ 4.4 $ 36.1 $ (4.9) $ 35.6 2023 Business Realignment During the first quarter of 2023, the Company announced the elimination of approximately 400 jobs in an effort to realign its operating models, drive organizational effectiveness and efficiencies, and increase collaboration primarily within its ASG business unit and IT support organizations. As a result, ASG ceased its design and test operations in certain Asia and U.S.-based locations and initiated a plan to exit its Toulouse, France design center location. The announcement also included changes in the Company's IT operating model by transferring selected IT functions to strategic service providers. In connection with these actions, the Company recognized severance costs, related benefit expenses and other ancillary charges of $36.1 million and expects to record an additional $1.5 million during the remainder of 2023. The Company paid approximately $2.5 million of the aggregate expense and had $33.6 million accrued as of March 31, 2023, which is expected to be paid during the remainder of 2023. As of March 31, 2023, 137 employees have been terminated. The Company continues to evaluate employee positions and locations for potential operating improvements and efficiencies, and may incur additional severance and related charges in the future. QCS wind down On September 16, 2022, the Company's Board of Directors approved an exit plan to wind down QCS as part of its ongoing efforts to focus on growth drivers and key markets and to streamline its operations. As part of the exit plan, during the third quarter of 2022, the Company notified approximately 330 employees of their employment termination and incurred severance costs and other benefits of approximately $12.7 million.

Balance Sheet Information and O

Balance Sheet Information and Other Supplemental Disclosures	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Information and Other Supplemental Disclosures	Note 5: Balance Sheet Information and Other Supplemental Disclosures Goodwill There was no change in the balance of goodwill from December 31, 2022 to March 31, 2023. Goodwill is tested for impairment annually on the first day of the fourth quarter or more frequently if events or changes in circumstances (each, a "triggering event") would more likely-than-not reduce the fair value of a reporting unit below its carrying value. Management did not identify any triggering events during the quarter ended March 31, 2023 that would require an interim impairment analysis. Inventory Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions): As of March 31, 2023 December 31, 2022 Inventories: Raw materials $ 271.3 $ 236.8 Work in process 1,053.5 951.0 Finished goods 490.1 429.0 $ 1,814.9 $ 1,616.8 Defined Benefit Plans The Company recognizes the aggregate amount of all over-funded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of March 31, 2023, the net assets for the over-funded plans totaled $13.5 million. The total accrued pension liability for underfunded plans was $69.1 million, of which the current portion of $1.5 million was classified as accrued expenses and other current liabilities. As of December 31, 2022, the net funded status for all the plans was a liability of $53.8 million, of which the current portion of $0.4 million was classified as accrued expenses and other current liabilities. The components of the net periodic pension expense were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Service cost $ 1.2 $ 2.2 Interest cost 1.6 1.1 Expected return on plan assets (1.2) (1.2) Total net periodic pension cost $ 1.6 $ 2.1 Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The components of lease expense were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Operating lease $ 12.4 $ 11.2 Variable lease 1.8 1.6 Short-term lease 0.5 0.4 Total lease expense $ 14.7 $ 13.2 The ROU assets and lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions): As of March 31, 2023 December 31, 2022 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 33.5 $ 35.2 Other long-term liabilities 244.8 246.5 Total $ 278.3 $ 281.7 Operating ROU assets included in: Other assets $ 251.9 $ 262.1 Current portion of financing lease liabilities $ 11.6 $ 14.2 Long-term financing lease liabilities 24.0 23.0 Total $ 35.6 $ 37.2 Right-of-use financing lease $ 45.2 $ 45.8 As of March 31, 2023, the weighted-average remaining lease-terms were 10.8 years and 18.8 years, and the weighted-average discount rates were 4.8% and 6.0%, for operating and financing leases, respectively. Supplemental Disclosure of Cash Flow Information Certain of the Company's cash and non-cash activities were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 388.8 $ 225.4 Operating ROU assets obtained in exchange of lease liabilities 4.6 10.7 Cash paid for: Interest expense $ 29.1 $ 24.0 Income taxes 35.2 15.7 Operating lease payments in operating cash flows 11.2 11.0 Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 31, 2023 December 31, 2022 April 1, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,702.4 $ 2,919.0 $ 1,645.1 $ 1,352.6 Restricted cash (included in other current assets) 14.2 14.0 18.8 20.1 Restricted cash (included in other non-current assets) — — 5.0 5.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,716.6 $ 2,933.0 $ 1,668.9 $ 1,377.7

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 6: Long-Term Debt The Company's long-term debt consists of the following (annualized interest rates, dollars in millions): As of March 31, 2023 December 31, 2022 Amended Credit Agreement: Revolving Credit Facility due 2024, interest payable monthly at 6.16% and 5.67%, respectively $ 375.0 $ 500.0 Term Loan "B" Facility due 2026, interest payable monthly at 6.91% and 6.42%, respectively — 1,086.0 0.50% Notes due 2029 (1) 1,500.0 — 0% Notes due 2027 805.0 805.0 3.875% Notes due 2028 (2) 700.0 700.0 1.625% Notes due 2023 (3) 134.6 137.3 Gross long-term debt, including current maturities $ 3,514.6 $ 3,228.3 Less: Debt discount (4) (4.7) (9.2) Less: Debt issuance costs (5) (45.7) (25.6) Net long-term debt, including current maturities $ 3,464.2 $ 3,193.5 Less: Current maturities (926.2) (147.8) Net long-term debt $ 2,538.0 $ 3,045.7 (1) Interest is payable on March 1 and September 1 of each year at 0.50% annually. (2) Interest is payable on March 1 and September 1 of each year at 3.875% annually. (3) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (4) Debt discount of $0.0 million and $4.2 million for the Term Loan "B" Facility and $4.7 million and $5.0 million for the 3.875% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively. (5) Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $30.7 million and $0.0 million for the 0.50% Notes, $13.1 million and $13.9 million for the 0% Notes, $1.7 million and $1.7 million for the 3.875% Notes and $0.2 million and $0.3 million for the 1.625% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively. Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% and 0% Notes below) as of March 31, 2023 were as follows (in millions): Period Expected Maturities Remainder of 2023 $ 939.6 2024 375.0 2025 — 2026 — 2027 — Thereafter 2,200.0 Total $ 3,514.6 The Company was in compliance with its covenants under all debt agreements as of March 31, 2023. 0.50% Convertible Senior Notes due 2029 On February 28, 2023, the Company completed a private unregistered offering of $1.5 billion aggregate principal amount of its 0.50% Convertible Senior Notes due 2029 (the "0.50% Notes"). The Company received net proceeds of approximately $1,470 million after deducting the initial purchasers' discount. The Company used the net proceeds to repay $1,086.0 million of the existing outstanding indebtedness under the Company’s Term Loan “B” Facility, the related transaction fees and expenses, to pay approximately $171.5 million net cost of the related convertible note hedges after such costs were offset by the proceeds from the sale of warrants, and for general corporate purposes. The 0.50% Notes were issued under an indenture (the "0.50% Indenture"), dated as of February 28, 2023, by and among the Company, the guarantors (as defined therein) and Computershare Trust Company, National Association, as trustee, which provides, among other things, that the 0.50% Notes will mature on March 1, 2029, unless earlier repurchased or redeemed by the Company or converted pursuant to their terms. On or after December 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 0.50% Notes may convert all or a portion of their 0.50% Notes at any time. The 0.50% Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed, on a joint and several basis, by each of the Company’s subsidiaries that is a borrower or guarantor under the Company’s Amended Credit Agreement. The Company may satisfy any conversion elections by paying cash up to the aggregate principal amount of the 0.50% Notes to be converted, and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 0.50% Notes to be converted. The initial conversion rate of the 0.50% Notes is 9.6277 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $103.87 per share of common stock. The Company may redeem for cash all or any portion of the 0.50% Notes, at the Company’s option, on or after March 6, 2026, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the related notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to December 1, 2028, the holders may convert their 0.50% Notes at their option only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter endin g on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the 0.50% Indenture. The maximum number of shares of common stock issuable in connection with the conversion of the 0.50% Notes is approximately 19.1 million. In addition to the initial purchasers' discount of $30.0 million, the Company also incurred issuance costs of approximately $1.3 million, all of which was capitalized as debt issuance costs. The effective interest rate, including the impact of the debt discount and debt issuance costs is approximately 0.85% over the contractual term of the 0.50% Notes. In addition, the Company entered into convertible note hedge transactions with respect to the common stock with the initial purchasers or their affiliates and certain other financial institutions. The Company will exercise the note hedges simultaneously when the 0.50% Notes are settled. The convertible note hedges cover, subject to customary anti-dilution adjustments, the number of shares of common stock that initially underlie the 0.50% Notes, and are expected to reduce the potential dilution to the common stock and/or offset potential cash payments in excess of the principal amount upon conversion of the 0.50% Notes. The Company paid approximately $414.0 million in cash for the convertible note hedges, which was recorded to stockholders’ equity. The Company also entered into warrant transactions with certain other financial institutions, whereby the Company sold warrants to acquire 14.4 million shares of the Company's common stock, which is the same number of shares of the Company’s common stock covered by the convertible note hedges at an initial strike price of $156.78 per share, which represents a 100% premium over the closing price of the Company's common stock of $78.39 per share on February 23, 2023, subject to antidilution adjustments. The warrants expire on June 1, 2029. The maximum number of shares of common stock issuable in connection with the warrants is approximately 28.9 million. The Company received $242.5 million in cash for the sale of warrants, which was recorded to stockholders’ equity. The Company recorded $92.3 million deferred tax asset related to the tax treatment of entering into the 0.50% Notes and the convertible note hedge. Loss on debt prepayment As mentioned above, with a portion of the proceeds of 0.50% Convertible Senior Notes due 2029, the Company repaid the remaining principal balance of $1.1 billion associated with its Term Loan "B" Facility. As a result of the prepayment, $13.3 million of unamortized debt discount and issuance costs were expensed and recorded as loss on debt prepayment. Repayments under the Revolving Credit Facility During the quarter ended March 31, 2023 , the Company repaid $125.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2023 , the Company had approximately $1.6 billion available under the Revolving Credit Facility for future borrowings, except for amounts utilized for the letters of credit. 1.625% Notes due 2023 Pursuant to the indenture governing the 1.625% Notes, as of March 31, 2023, the $134.4 million remaining outstanding principal amount of the 1.625% Notes, net of unamortized issuance costs, continued to be classified as a current portion of long-term debt since the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on March 31, 2023 was greater than or equal to $26.94 (130% of the conversion price) on each applicable trading day. This condition gives holders the right to surrender any portion of their 1.625% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending June 30, 2023, and only during such calendar quarter. 0% Notes due 2027 Pursuant to the indenture governing the 0% Notes, as of March 31, 2023, the $791.9 million outstanding principal amount of the 0% Notes, net of unamortized issuance costs, was classified as a current portion of long-term debt since the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on March 31, 2023 was greater than or equal to $68.86 (130% of the conversion price) on each applicable trading day. This condition gives holders the right to surrender any portion of their 0% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending June 30, 2023, and only during such calendar quarter.

Earnings Per Share and Equity

Earnings Per Share and Equity	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Note 7: Earnings Per Share and Equity Earnings Per Share Net income per share of common stock for calculating basic and diluted earnings per share is calculated as follows (in millions, except per share data): Quarters Ended March 31, 2023 April 1, 2022 Net income for basic earnings per share of common stock $ 461.7 $ 530.2 Add: Interest on 1.625% Notes 0.4 0.5 Net income for diluted earnings per share of common stock $ 462.1 $ 530.7 Basic weighted-average shares of common stock outstanding 431.9 433.3 Dilutive effect of share-based awards 1.4 2.4 Dilutive effect of convertible notes and warrants 15.2 13.2 Diluted weighted-average shares of common stock outstanding 448.5 448.9 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.07 $ 1.22 Diluted $ 1.03 $ 1.18 Basic income per share of common stock is computed by dividing net income for basic earnings by the weighted-average number of shares of common stock outstanding during the period. To calculate the diluted weighted-average shares of common stock outstanding, the treasury stock method has been applied to calculate the number of incremental shares from the assumed issuance of shares relating to RSUs. The excluded number of anti-dilutive share-based awards was 0.2 million and 0.2 million for the quarters ended March 31, 2023 and April 1, 2022, respectively. The dilutive impacts related to the 0.50% Notes, 0% Notes and 1.625% Notes have been calculated using the if-converted method. The 0.50% Notes and the 0% Notes are repayable in cash up to the par value and in cash or shares of common stock for the excess over par value, while the 1.625% Notes are repayable in cash, shares of common stock, or any combination of cash and shares of common stock at the election of the Company for their entire value. Prior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 0.50% Notes, 0% Notes, and 1.625% Notes when the stock price is above $103.87, $52.97 and $20.72 per share, respectively. The dilutive impact of the warrants issued concurrently with the issuance of the 0.50% Notes, 0% Notes and 1.625% Notes with exercise prices of $156.78, $74.34 and $30.70, respectively, has been included in the calculation of diluted weighted-average common shares outstanding, if applicable. Equity Share Repurchase Program Under the Company's share repurchase program announced on February 6, 2023 (the "Share Repurchase Program"), the Company may repurchase up to $3.0 billion (exclusive of fees, commissions and other expenses) of the Company's common stock through December 31, 2025. The Company repurchased approximately 1.3 million shares of common stock for an aggregate purchase price of $104.0 million during the quarter ended March 31, 2023. As of March 31, 2023, the authorized amount remaining under the Share Repurchase Program was approximately $2.9 billion. Shares for Restricted Stock Units Tax Withholding The amounts remitted for employee withholding taxes during the quarters ended March 31, 2023 and April 1, 2022 were $47.6 million and $58.8 million, respectively, for which the Company withheld approximately 0.6 million and 1.0 million shares of common stock, respectively, that were underlying the RSUs that vested. This tax withholding activity is separate from our Share Repurchase Program. Non-Controlling Interest in Leshan-Phoenix Semiconductor Company Limited (“Leshan”) The results of Leshan have been consolidated in the Company's financial statements. As of December 31, 2022, the non-controlling interest, which represents 20% of the Leshan balance, amounted to $18.5 million. This amount increased to $19.0 million as of March 31, 2023, after including the $0.5 million share of earnings for the quarter ending March 31, 2023.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 8: Share-Based Compensation Total share-based compensation expense related to the Company's RSUs, stock grant awards and the ESPP was recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Cost of revenue $ 3.7 $ 2.6 Research and development 4.5 4.4 Selling and marketing 4.1 3.8 General and administrative 15.4 11.7 Share-based compensation expense $ 27.7 $ 22.5 Income tax benefit (5.8) (4.7) Share-based compensation expense, net of taxes $ 21.9 $ 17.8 As of March 31, 2023, total unrecognized expected share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $149.4 million, which is expected to be recognized over a weighted-average period of 1.7 years. Upon vesting of RSUs, stock grant awards or completion of a purchase under the ESPP, the Company issues new shares of common stock. The annualized pre-vesting forfeiture rate for RSUs was estimated to be 8% for the quarter ended March 31, 2023 and 6% for the quarter ended April 1, 2022. Shares Available As of March 31, 2023 and December 31, 2022, there was an aggregate o f 38.3 million and 40.1 million s hares of common stock, respectively, available for grant under the Amended and Restated SIP. Restricted Stock Units RSUs generally vest ratably over three years for awards with service conditions and over two Number of Shares Weighted-Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2022 3.8 $ 46.56 Granted 0.9 77.85 Achieved 0.3 54.16 Released (1.7) 42.12 Forfeited (0.1) 48.33 Non-vested RSUs at March 31, 2023 3.2 58.00

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies Environmental Contingencies The Company has encountered and dealt with a number of environmental issues over time relating to the various locations that comprise its operations, and has incurred certain costs related to clean-up activities and environmental remediation efforts. In certain instances, the Company has been indemnified for such costs, often times from third parties who were the prior owners of such facilities. Any costs to the Company in connection with such environmental matters have generally not been, and, based on the information available, are not expected to be material. Financing Contingencies In the ordinary 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, including, but not limited to, material purchase commitments, agreements to mitigate collection risk, leases, utilities or customs guarantees. As of March 31, 2023, the Company's Revolving Credit Facility included $15.0 million available for the issuance of letters of credit. There were $0.9 million in letters of credit outstanding under the Revolving Credit Facility as of March 31, 2023, which reduced the Company's borrowing capacity. As of March 31, 2023, the Company also had outstanding guarantees and letters of credit outside of its Revolving Credit Facility totaling $16.5 million. As part of obtaining financing in the ordinary course of business, the Company issued guarantees related to certain of its subsidiaries, which totaled $0.9 million as of March 31, 2023. 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, including acquisition agreements, 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. In the case of certain acquisition agreements, these agreements may require us to maintain such indemnification provisions for the acquiree’s directors, officers and other employees and agents, in certain cases for a number of years following the acquisition. 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 ordinary course of business. Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity. The litigation process is inherently uncertain, and the Company cannot guarantee that the outcome of any litigation matter will be favorable to the Company. Intellectual Property Matters The Company faces risk of exposure from claims of infringement of the IP rights of others. In the ordinary course of business, the Company receives letters asserting that the Company’s products or components breach another party’s rights. Such letters may request royalty payments from the Company, that the Company cease and desist using certain IP, and/or request other remedies.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10: Fair Value Measurements Fair Value of Financial Instruments During the year ended December 31, 2022, the Company began investing portions of its excess cash in different marketable securities, which are classified as available-for-sale. The Company uses the following fair value tier level hierarchy to determine fair values of its financial instruments: • Level 1: based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets • Level 2: based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. • Level 3: based on the use of unobservable inputs for the assets and liabilities and other types of analyses. The carrying value of cash and cash equivalents which includes time deposits, money market funds, corporate bonds and commercial paper approximates fair value because of the short-term maturity of these instruments. Demand and time deposits and money market funds are classified as Level 1 within the fair value hierarchy, while corporate bonds and commercial paper are classified as Level 2. The carrying amount of other current assets and liabilities, such as accounts receivable and accounts payable approximates fair value due to the short-term maturity of the amounts and are considered Level 2 in the fair value hierarchy. The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions): As of March 31, 2023 Fair Value Level Description Amortized Cost Unrealized gains Unrealized losses Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Demand and time deposits $ 371.4 $ — $ — $ 371.4 $ 371.4 $ — $ — Money market funds 28.4 — — 28.4 28.4 — — Other current assets: Corporate bonds $ 15.2 $ — $ — $ 15.2 $ — $ 15.2 $ — Certificate of deposit 2.7 — — 2.7 — 2.7 — Commercial paper 2.2 — — 2.2 0.2 2.0 — US Treasury bonds 1.7 — — 1.7 — 1.7 — Other assets: Corporate bonds $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 $ — The investments included in other assets have maturity dates ranging between one As of December 31, 2022 Fair Value Level Description Amortized Cost Unrealized gains Unrealized losses Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Demand and time deposits $ 233.1 $ — $ — $ 233.1 $ 233.1 $ — $ — Money market funds 17.0 — — 17.0 17.0 — — Other current assets: Corporate bonds $ 23.8 $ — $ — $ 23.8 $ — $ 23.8 $ — Certificate of deposit 3.1 — — 3.1 — 3.1 — Commercial paper 3.2 — — 3.2 1.2 2.0 — US Treasury bonds 2.1 — — 2.1 — 2.1 — Other assets: Corporate bonds $ 0.8 $ — $ — $ 0.8 $ — $ 0.8 $ — 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 were as follows (in millions): As of March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 791.9 $ 1,306.2 $ 791.1 $ 1,057.8 0.50% Notes 1,469.3 1,572.8 — — 1.625% Notes 134.4 517.6 137.0 417.8 3.875% Notes 693.6 641.1 693.3 618.3 Other long-term debt 375.0 377.0 1,572.1 1,549.2 (1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs. The fair values of the 3.875% Notes, 1.625% Notes, 0.50% Notes and 0% Notes were estimated based on market prices in active markets (Level 1). The fair value of the Term Loan "B" Facility was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Financial Instruments	Note 11: Financial Instruments Foreign Currencies As a multinational business, the Company engages in transactions that 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 and 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. The Company is exposed to credit-related losses if counterparties to hedge contracts fail to perform their obligations. As of March 31, 2023, the counterparties to the Company’s hedge contracts were held at financial institutions that the Company believes to be highly-rated, and no credit-related losses are anticipated. As of March 31, 2023 and December 31, 2022, the Company had net outstanding foreign exchange contracts with notional amounts of $279.2 million and $272.0 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one The following summarizes the Company’s net foreign exchange positions in U.S. Dollars (in millions): As of March 31, 2023 December 31, 2022 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen 69.5 69.5 27.0 27.0 Philippine Peso 49.4 49.4 63.9 63.9 Czech Koruna 40.4 40.4 41.7 41.7 Euro 39.5 39.5 26.0 26.0 Korean Won 20.0 20.0 35.7 35.7 Other Currencies - Buy 46.5 46.5 66.5 66.5 Other Currencies - Sell (13.9) 13.9 (11.2) 11.2 $ 251.4 $ 279.2 $ 249.6 $ 272.0 Amounts receivable or payable under the contracts were not material as of March 31, 2023 or December 31, 2022. During the quarters ended March 31, 2023 and April 1, 2022, net of the impact of the hedge positions, the realized and unrealized foreign currency transactions totaled a loss of $1.9 million and a gain of $1.9 million, respectively. The realized and unrealized foreign currency transactions are included in other income (expense) in the Company's Consolidated Statements of Operations and Comprehensive Income. Cash Flow Hedges All derivatives are recognized on the Company’s Consolidated Balance Sheets at their fair value and classified based on the applicable instrument's maturity date. Interest Rate Risk The Company uses interest rate swap contracts to mitigate its exposure to variable interest rate fluctuations. As of March 31, 2023, the Company did not have any outstanding derivatives related to cash flow hedges as the Company terminated its interest rate swap agreements with a notional value of $500 million for fiscal years 2023 and 2024, respectively and received cash proceeds of $27.7 million (net of termination fees). The Company recognized $6.9 million of other income related to the termination of these agreements. As of March 31, 2023, approximately $20.7 million was recorded in Accumulated Other Comprehensive Income and will be amortized to income over a period of twenty-one months, which represents the remaining original period of the swap agreements. If the Company prepays the Revolving Credit Facility balance, the Company will release the corresponding amounts from Accumulated Other Comprehensive Income concurrently. As of December 31, 2022, the Company had interest rate swap agreements for notional amounts of $750 million, $500 million and $500 million for fiscal years 2022, 2023 and 2024, respectively. The fair value of these swaps totaled $36.0 million as of December 31, 2022. The Company did not identify any ineffectiveness with respect to the notional amounts of the interest rate swap contracts effective as of December 31, 2022. These derivatives are recognized on the balance sheet at their fair value and classified based on each instrument’s maturity dates. See Note 13: ''Changes in Accumulated Other Comprehensive Loss'' for the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and the Consolidated Statements of Operations and Comprehensive Income for the quarter ended March 31, 2023. Convertible Note Hedges The Company entered into convertible note hedges in connection with the issuance of the 0% Notes, 0.50% Notes and 1.625% Notes. See Note 6: ''Long-Term Debt'' for additional information. Other As of March 31, 2023, the Company had no outstanding commodity derivatives, currency swaps, options, or equity investments held at subsidiaries or affiliated companies. The Company does not hedge the value of its equity investments in its subsidiaries or affiliated companies. The Company is exposed to credit-related losses if its hedge counterparties fail to perform their obligations. As of March 31, 2023, the counterparties to the Company's hedge contracts are held at financial institutions which the Company believes to be highly rated, and no credit related losses are anticipated.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 12: Income Taxes The Company recognizes interest and penalties related to uncertain tax positions in tax expense on the Company's Consolidated Statements of Operations and Comprehensive Income. The Company had approximately $4.3 million and $2.7 million of net interest and penalties accrued as of March 31, 2023 and December 31, 2022, respectively. It is reasonably possible that $68.2 million of its uncertain tax positions will be reduced in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company maintains a partial valuation allowance on its U.S. state deferred tax assets and a valuation allowance on foreign net operating losses and tax credits in certain foreign jurisdictions, a substantial portion of which relate to Japan and Hong Kong net operating losses, which are projected to expire prior to utilization. The Company is currently under IRS examination for the 2017 and 2018 tax years. Tax years prior to 2017 are generally not subject to examination by the IRS. For state tax returns, the Company is generally not subject to income tax examinations for tax years prior to 2018. The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company is generally not subject to examination for tax years prior to 2012. The Company believes that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with the Company's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Note 13: Changes in Accumulated Other Comprehensive Loss Amounts comprising the Company's accumulated other comprehensive loss and reclassifications are as follows (in millions): Currency Translation Adjustments Effects of Cash Flow Hedges and Other Adjustments Total Balance as of December 31, 2022 $ (50.4) $ 27.2 $ (23.2) Other comprehensive income (loss) prior to reclassifications 0.3 5.2 5.5 Amounts reclassified from accumulated other comprehensive loss — (11.9) (11.9) Net current period other comprehensive income (loss) 0.3 (6.7) (6.4) Balance as of March 31, 2023 $ (50.1) $ 20.5 $ (29.6) Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows: Quarters Ended March 31, 2023 April 1, 2022 To caption Interest rate swaps $ (5.0) $ 0.7 Interest expense Interest rate swaps terminations (6.9) — Other Income Total reclassifications $ (11.9) $ 0.7

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP 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 revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations, and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions and (iv) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.

Revenue and Segment Informati_2

Revenue and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Revenues and Gross Profit From Reportable Segments	Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions): PSG ASG ISG Total For the quarter ended March 31, 2023: Revenue from external customers $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Gross profit $ 480.3 $ 260.1 $ 177.1 $ 917.5 For the quarter ended April 1, 2022: Revenue from external customers $ 986.7 $ 689.3 $ 269.0 $ 1,945.0 Gross profit $ 474.7 $ 366.7 $ 119.9 $ 961.3
Summary of Disaggregation of Revenue	Revenue for the Company's operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels are as follows (in millions): Quarter Ended March 31, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 286.9 $ 139.7 $ 63.8 490.4 Singapore 276.4 116.1 58.2 450.7 United Kingdom 204.1 128.1 81.1 413.3 United States 166.3 121.3 101.5 389.1 Other 79.1 87.6 49.5 216.2 Total $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Sales Channel Distributors $ 629.3 $ 222.8 $ 187.1 $ 1,039.2 Direct Customers 383.5 370.0 167.0 920.5 Total $ 1,012.8 $ 592.8 $ 354.1 $ 1,959.7 Quarter Ended April 1, 2022 PSG ASG ISG Total Geographic Location Singapore $ 280.5 $ 233.8 $ 41.4 $ 555.7 Hong Kong 303.1 173.9 52.6 529.6 United Kingdom 186.9 106.6 52.0 345.5 United States 144.9 92.3 74.5 311.7 Other 71.3 82.7 48.5 202.5 Total $ 986.7 $ 689.3 $ 269.0 $ 1,945.0 Sales Channel Distributors $ 633.9 $ 356.9 $ 150.6 $ 1,141.4 Direct Customers 352.8 332.4 118.4 803.6 Total $ 986.7 $ 689.3 $ 269.0 $ 1,945.0
Summary of Property, Plant and Equipment by Geographic Location	Property, plant and equipment, net by geographic location, is summarized as follows (in millions): As of March 31, 2023 December 31, 2022 United States $ 1,360.8 $ 1,329.2 South Korea 990.9 871.0 Czech Republic 335.3 279.3 Philippines 287.1 296.8 China 227.4 215.3 Malaysia 199.0 190.2 Japan 128.1 133.2 Other 164.3 135.7 Total $ 3,692.9 $ 3,450.7

Acquisition and Divestitures -

Acquisition and Divestitures - (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase price of EFK to the assets acquired and liabilities assumed based on their relative fair values is as follows (in millions): Purchase Price Allocation Inventory $ 3.3 Other current assets 4.4 Property, plant and equipment 396.5 Other non-current assets 11.4 Total assets acquired 415.6 Current liabilities 3.0 Other long-term liabilities 6.3 Total liabilities assumed 9.3 Net assets acquired/purchase price $ 406.3

Restructuring, Asset Impairme_2

Restructuring, Asset Impairments and Other, Net - (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring Charges [Abstract]
Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net	Details of restructuring, asset impairments and other charges, net are as follows (in millions): Restructuring Asset Impairments Other Total Quarter ended March 31, 2023 2023 Business Realignment $ 36.1 $ 2.5 (1) $ 2.8 $ 41.4 QCS wind down — — (2.3) (2.3) Other — 10.2 (2) 2.2 12.4 Total $ 36.1 $ 12.7 $ 2.7 $ 51.5 (1) Includes $1.7 million property, plant and equipment asset impairments charges and $0.8 million of ROU asset impairment charges associated with the 2023 Business Realignment efforts. (2) Includes $10.2 million of property, plant and equipment and ROU lease asset impairment charges associated with site consolidation efforts in the United States.
Schedule of Changes in Accrued Restructuring Reserve	A summary of changes in accrued restructuring balance is as follows (in millions): As of As of December 31, 2022 Charges Usage March 31, 2023 Employee separation charges $ 4.4 $ 36.1 $ (4.9) $ 35.6 Total $ 4.4 $ 36.1 $ (4.9) $ 35.6

Balance Sheet Information and_2

Balance Sheet Information and Other Supplemental Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions): As of March 31, 2023 December 31, 2022 Inventories: Raw materials $ 271.3 $ 236.8 Work in process 1,053.5 951.0 Finished goods 490.1 429.0 $ 1,814.9 $ 1,616.8
Schedule of Net Periodic Pension Expense	The components of the net periodic pension expense were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Service cost $ 1.2 $ 2.2 Interest cost 1.6 1.1 Expected return on plan assets (1.2) (1.2) Total net periodic pension cost $ 1.6 $ 2.1
Schedule of Components of Lease Expense	The components of lease expense were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Operating lease $ 12.4 $ 11.2 Variable lease 1.8 1.6 Short-term lease 0.5 0.4 Total lease expense $ 14.7 $ 13.2 The ROU assets and lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions): As of March 31, 2023 December 31, 2022 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 33.5 $ 35.2 Other long-term liabilities 244.8 246.5 Total $ 278.3 $ 281.7 Operating ROU assets included in: Other assets $ 251.9 $ 262.1 Current portion of financing lease liabilities $ 11.6 $ 14.2 Long-term financing lease liabilities 24.0 23.0 Total $ 35.6 $ 37.2 Right-of-use financing lease $ 45.2 $ 45.8
Schedule of Cash and Non-cash Activities	Certain of the Company's cash and non-cash activities were as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 388.8 $ 225.4 Operating ROU assets obtained in exchange of lease liabilities 4.6 10.7 Cash paid for: Interest expense $ 29.1 $ 24.0 Income taxes 35.2 15.7 Operating lease payments in operating cash flows 11.2 11.0
Schedule of Cash and Cash Equivalents	Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 31, 2023 December 31, 2022 April 1, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,702.4 $ 2,919.0 $ 1,645.1 $ 1,352.6 Restricted cash (included in other current assets) 14.2 14.0 18.8 20.1 Restricted cash (included in other non-current assets) — — 5.0 5.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,716.6 $ 2,933.0 $ 1,668.9 $ 1,377.7
Schedule of Restrictions on Cash and Cash Equivalents	Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 31, 2023 December 31, 2022 April 1, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,702.4 $ 2,919.0 $ 1,645.1 $ 1,352.6 Restricted cash (included in other current assets) 14.2 14.0 18.8 20.1 Restricted cash (included in other non-current assets) — — 5.0 5.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,716.6 $ 2,933.0 $ 1,668.9 $ 1,377.7

Long-Term Debt - (Tables)

Long-Term Debt - (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company's long-term debt consists of the following (annualized interest rates, dollars in millions): As of March 31, 2023 December 31, 2022 Amended Credit Agreement: Revolving Credit Facility due 2024, interest payable monthly at 6.16% and 5.67%, respectively $ 375.0 $ 500.0 Term Loan "B" Facility due 2026, interest payable monthly at 6.91% and 6.42%, respectively — 1,086.0 0.50% Notes due 2029 (1) 1,500.0 — 0% Notes due 2027 805.0 805.0 3.875% Notes due 2028 (2) 700.0 700.0 1.625% Notes due 2023 (3) 134.6 137.3 Gross long-term debt, including current maturities $ 3,514.6 $ 3,228.3 Less: Debt discount (4) (4.7) (9.2) Less: Debt issuance costs (5) (45.7) (25.6) Net long-term debt, including current maturities $ 3,464.2 $ 3,193.5 Less: Current maturities (926.2) (147.8) Net long-term debt $ 2,538.0 $ 3,045.7 (1) Interest is payable on March 1 and September 1 of each year at 0.50% annually. (2) Interest is payable on March 1 and September 1 of each year at 3.875% annually. (3) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (4) Debt discount of $0.0 million and $4.2 million for the Term Loan "B" Facility and $4.7 million and $5.0 million for the 3.875% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively. (5) Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $30.7 million and $0.0 million for the 0.50% Notes, $13.1 million and $13.9 million for the 0% Notes, $1.7 million and $1.7 million for the 3.875% Notes and $0.2 million and $0.3 million for the 1.625% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Annual Maturities Relating To Long-Term Debt	Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% and 0% Notes below) as of March 31, 2023 were as follows (in millions): Period Expected Maturities Remainder of 2023 $ 939.6 2024 375.0 2025 — 2026 — 2027 — Thereafter 2,200.0 Total $ 3,514.6

Earnings Per Share and Equity -

Earnings Per Share and Equity - (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Earnings Per Share	Net income per share of common stock for calculating basic and diluted earnings per share is calculated as follows (in millions, except per share data): Quarters Ended March 31, 2023 April 1, 2022 Net income for basic earnings per share of common stock $ 461.7 $ 530.2 Add: Interest on 1.625% Notes 0.4 0.5 Net income for diluted earnings per share of common stock $ 462.1 $ 530.7 Basic weighted-average shares of common stock outstanding 431.9 433.3 Dilutive effect of share-based awards 1.4 2.4 Dilutive effect of convertible notes and warrants 15.2 13.2 Diluted weighted-average shares of common stock outstanding 448.5 448.9 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.07 $ 1.22 Diluted $ 1.03 $ 1.18

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary Of Share-Based Compensation Expense	Total share-based compensation expense related to the Company's RSUs, stock grant awards and the ESPP was recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions): Quarters Ended March 31, 2023 April 1, 2022 Cost of revenue $ 3.7 $ 2.6 Research and development 4.5 4.4 Selling and marketing 4.1 3.8 General and administrative 15.4 11.7 Share-based compensation expense $ 27.7 $ 22.5 Income tax benefit (5.8) (4.7) Share-based compensation expense, net of taxes $ 21.9 $ 17.8
Summary Of Restricted Stock Units Transactions	A summary of the RSU transactions for the quarter ended March 31, 2023 is as follows (in millions, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2022 3.8 $ 46.56 Granted 0.9 77.85 Achieved 0.3 54.16 Released (1.7) 42.12 Forfeited (0.1) 48.33 Non-vested RSUs at March 31, 2023 3.2 58.00

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value Available-for-sale Securities	The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions): As of March 31, 2023 Fair Value Level Description Amortized Cost Unrealized gains Unrealized losses Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Demand and time deposits $ 371.4 $ — $ — $ 371.4 $ 371.4 $ — $ — Money market funds 28.4 — — 28.4 28.4 — — Other current assets: Corporate bonds $ 15.2 $ — $ — $ 15.2 $ — $ 15.2 $ — Certificate of deposit 2.7 — — 2.7 — 2.7 — Commercial paper 2.2 — — 2.2 0.2 2.0 — US Treasury bonds 1.7 — — 1.7 — 1.7 — Other assets: Corporate bonds $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 $ — The investments included in other assets have maturity dates ranging between one As of December 31, 2022 Fair Value Level Description Amortized Cost Unrealized gains Unrealized losses Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Demand and time deposits $ 233.1 $ — $ — $ 233.1 $ 233.1 $ — $ — Money market funds 17.0 — — 17.0 17.0 — — Other current assets: Corporate bonds $ 23.8 $ — $ — $ 23.8 $ — $ 23.8 $ — Certificate of deposit 3.1 — — 3.1 — 3.1 — Commercial paper 3.2 — — 3.2 1.2 2.0 — US Treasury bonds 2.1 — — 2.1 — 2.1 — Other assets: Corporate bonds $ 0.8 $ — $ — $ 0.8 $ — $ 0.8 $ —
Summary of Fair Value, by Balance Sheet Grouping	The carrying amounts and fair values of the Company’s long-term borrowings were as follows (in millions): As of March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 791.9 $ 1,306.2 $ 791.1 $ 1,057.8 0.50% Notes 1,469.3 1,572.8 — — 1.625% Notes 134.4 517.6 137.0 417.8 3.875% Notes 693.6 641.1 693.3 618.3 Other long-term debt 375.0 377.0 1,572.1 1,549.2 (1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs.

Financial Instruments - (Tables

Financial Instruments - (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in millions): As of March 31, 2023 December 31, 2022 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen 69.5 69.5 27.0 27.0 Philippine Peso 49.4 49.4 63.9 63.9 Czech Koruna 40.4 40.4 41.7 41.7 Euro 39.5 39.5 26.0 26.0 Korean Won 20.0 20.0 35.7 35.7 Other Currencies - Buy 46.5 46.5 66.5 66.5 Other Currencies - Sell (13.9) 13.9 (11.2) 11.2 $ 251.4 $ 279.2 $ 249.6 $ 272.0

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss - (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Amounts comprising the Company's accumulated other comprehensive loss and reclassifications are as follows (in millions): Currency Translation Adjustments Effects of Cash Flow Hedges and Other Adjustments Total Balance as of December 31, 2022 $ (50.4) $ 27.2 $ (23.2) Other comprehensive income (loss) prior to reclassifications 0.3 5.2 5.5 Amounts reclassified from accumulated other comprehensive loss — (11.9) (11.9) Net current period other comprehensive income (loss) 0.3 (6.7) (6.4) Balance as of March 31, 2023 $ (50.1) $ 20.5 $ (29.6)
Schedule of Reclassifications from Accumulated Other Comprehensive Loss	Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows: Quarters Ended March 31, 2023 April 1, 2022 To caption Interest rate swaps $ (5.0) $ 0.7 Interest expense Interest rate swaps terminations (6.9) — Other Income Total reclassifications $ (11.9) $ 0.7

Background and Basis of Prese_3

Background and Basis of Presentation (Details) - segment	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3
Fiscal period duration	90 days	91 days

Revenue and Segment Informati_3

Revenue and Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Apr. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Number of reportable segments | segment	3
Revenue, remaining performance obligation, amount (one year of less)	$ 17,600
Revenue, remaining performance obligation, expected timing of satisfaction, current period (or less)	1 year
Revenue remaining performance obligation, percentage (one year or less)	33%
LTSA, non-cancellable capacity payments, maturity term	30 days
Revenue recognized from contract liabilities	$ 14.8	$ 4.5
Contract liability	225.5		$ 190.4
Current contract liability	$ 69		$ 60.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
One Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	10.10%	12.40%

Revenue and Segment Informati_4

Revenue and Segment Information - Segment Information of Revenues, Gross Profit and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Revenue from external customers	$ 1,959.7	$ 1,945
Gross profit	917.5	961.3
PSG
Segment Reporting Information [Line Items]
Revenue from external customers	1,012.8	986.7
Gross profit	480.3	474.7
ASG
Segment Reporting Information [Line Items]
Revenue from external customers	592.8	689.3
Gross profit	260.1	366.7
ISG
Segment Reporting Information [Line Items]
Revenue from external customers	354.1	269
Gross profit	$ 177.1	$ 119.9

Revenue and Segment Informati_5

Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,959.7	$ 1,945
Distributors
Segment Reporting Information [Line Items]
Revenue	1,039.2	1,141.4
Direct Customers
Segment Reporting Information [Line Items]
Revenue	920.5	803.6
Hong Kong
Segment Reporting Information [Line Items]
Revenue	490.4	529.6
Singapore
Segment Reporting Information [Line Items]
Revenue	450.7	555.7
United Kingdom
Segment Reporting Information [Line Items]
Revenue	413.3	345.5
United States
Segment Reporting Information [Line Items]
Revenue	389.1	311.7
Other
Segment Reporting Information [Line Items]
Revenue	216.2	202.5
PSG
Segment Reporting Information [Line Items]
Revenue	1,012.8	986.7
PSG | Distributors
Segment Reporting Information [Line Items]
Revenue	629.3	633.9
PSG | Direct Customers
Segment Reporting Information [Line Items]
Revenue	383.5	352.8
PSG | Hong Kong
Segment Reporting Information [Line Items]
Revenue	286.9	303.1
PSG | Singapore
Segment Reporting Information [Line Items]
Revenue	276.4	280.5
PSG | United Kingdom
Segment Reporting Information [Line Items]
Revenue	204.1	186.9
PSG | United States
Segment Reporting Information [Line Items]
Revenue	166.3	144.9
PSG | Other
Segment Reporting Information [Line Items]
Revenue	79.1	71.3
ASG
Segment Reporting Information [Line Items]
Revenue	592.8	689.3
ASG | Distributors
Segment Reporting Information [Line Items]
Revenue	222.8	356.9
ASG | Direct Customers
Segment Reporting Information [Line Items]
Revenue	370	332.4
ASG | Hong Kong
Segment Reporting Information [Line Items]
Revenue	139.7	173.9
ASG | Singapore
Segment Reporting Information [Line Items]
Revenue	116.1	233.8
ASG | United Kingdom
Segment Reporting Information [Line Items]
Revenue	128.1	106.6
ASG | United States
Segment Reporting Information [Line Items]
Revenue	121.3	92.3
ASG | Other
Segment Reporting Information [Line Items]
Revenue	87.6	82.7
ISG
Segment Reporting Information [Line Items]
Revenue	354.1	269
ISG | Distributors
Segment Reporting Information [Line Items]
Revenue	187.1	150.6
ISG | Direct Customers
Segment Reporting Information [Line Items]
Revenue	167	118.4
ISG | Hong Kong
Segment Reporting Information [Line Items]
Revenue	63.8	52.6
ISG | Singapore
Segment Reporting Information [Line Items]
Revenue	58.2	41.4
ISG | United Kingdom
Segment Reporting Information [Line Items]
Revenue	81.1	52
ISG | United States
Segment Reporting Information [Line Items]
Revenue	101.5	74.5
ISG | Other
Segment Reporting Information [Line Items]
Revenue	$ 49.5	$ 48.5

Revenue and Segment Informati_6

Revenue and Segment Information - Summary of Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 3,692.9	$ 3,450.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	1,360.8	1,329.2
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	990.9	871
Czech Republic
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	335.3	279.3
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	287.1	296.8
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	227.4	215.3
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	199	190.2
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	128.1	133.2
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 164.3	$ 135.7

Acquisitions and Divestitures -

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 03, 2023	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Payments for remaining acquisition consideration		$ 236.3	$ 2.4
EFK
Business Acquisition [Line Items]
Inventory				$ 3.3
Other current assets				4.4
Property, plant and equipment				396.5
Other non-current assets				11.4
Total assets acquired				415.6
Current liabilities				3
Other long-term liabilities				6.3
Total liabilities assumed				9.3
Net assets acquired/purchase price				$ 406.3
Payments for remaining acquisition consideration	$ 236.3

Restructuring, Asset Impairme_3

Restructuring, Asset Impairments and Other, Net - Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 36.1
Asset Impairments	12.7
Other	2.7
Total	51.5	$ (13)
Impairment of property, plant and equipment and ROU lease assets	12.7	$ 6.7
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring	36.1
Asset Impairments	2.5
Other	2.8
Total	41.4
Impairment of property, plant and equipment and ROU lease assets	1.7
Impairment charges for ROU assets	0.8
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring	0
Asset Impairments	0
Other	(2.3)
Total	(2.3)
Other
Restructuring Cost and Reserve [Line Items]
Restructuring	0
Asset Impairments	10.2
Other	2.2
Total	12.4
Impairment of property, plant and equipment and ROU lease assets	$ 10.2

Restructuring, Asset Impairme_4

Restructuring, Asset Impairments and Other, Net - Summary of Changes in Accrued Restructuring Charges (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 4.4
Charges	36.1
Usage	(4.9)
Balance at end of period	35.6
Employee separation charges
Restructuring Reserve [Roll Forward]
Balance at beginning of period	4.4
Charges	36.1
Usage	(4.9)
Balance at end of period	$ 35.6

Restructuring, Asset Impairme_5

Restructuring, Asset Impairments and Other, Net - Narrative (Details) $ in Millions		3 Months Ended
	Sep. 16, 2022 USD ($) employee	Mar. 31, 2023 USD ($) segment employee	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 36.1
Payments for restructuring		4.9
Restructuring reserve		$ 35.6	$ 4.4
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | segment		400
Payments for restructuring		$ 2.5
Restructuring reserve		$ 33.6
Number of positions eliminated | employee		137
2023 Business Realignment | Employee severance
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 36.1
Additional restructuring cost		1.5
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring		0
QCS wind down | Workforce reduction | Legacy Quantenna Business
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		$ 1.5
Number of positions eliminated | employee	330
Severance costs	$ 12.7

Balance Sheet Information and_3

Balance Sheet Information and Other Supplemental Disclosures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net assets for overfunded plans	$ 13.5
Accrued pension liability	69.1	$ 53.8
Current portion accrued pension liability	$ 1.5	$ 0.4
Operating lease weighted average remaining lease term	10 years 9 months 18 days
Finance lease weighted average remaining lease term	18 years 9 months 18 days
Operating lease weighted average discount rate percent	4.80%
Finance lease weighted average discount rate percent	6%
GT Advanced Technologies Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 5.8

Balance Sheet Information and_4

Balance Sheet Information and Other Supplemental Disclosures - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories:
Raw materials	$ 271.3	$ 236.8
Work in process	1,053.5	951
Finished goods	490.1	429
Inventories	$ 1,814.9	$ 1,616.8

Balance Sheet Information and_5

Balance Sheet Information and Other Supplemental Disclosures - Pension Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Balance Sheet Related Disclosures [Abstract]
Service cost	$ 1.2	$ 2.2
Interest cost	1.6	1.1
Expected return on plan assets	(1.2)	(1.2)
Total net periodic pension cost	$ 1.6	$ 2.1

Balance Sheet Information and_6

Balance Sheet Information and Other Supplemental Disclosures - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Operating lease	$ 12.4	$ 11.2
Variable lease	1.8	1.6
Short-term lease	0.5	0.4
Total lease expense	14.7	$ 13.2
Operating lease liabilities included in:
Accrued expenses and other current liabilities	33.5		$ 35.2
Other long-term liabilities	244.8		246.5
Total	278.3		281.7
Operating ROU assets included in:
Other assets	251.9		262.1
Finance Lease, Liability [Abstract]
Current portion of financing lease liabilities	11.6		14.2
Long-term financing lease liabilities	24		23
Total	35.6		37.2
Right-of-use financing lease	$ 45.2		$ 45.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities		Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets

Balance Sheet Information and_7

Balance Sheet Information and Other Supplemental Disclosures - Cash and Non-cash Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$ 388.8	$ 225.4
Operating ROU assets obtained in exchange of lease liabilities	4.6	10.7
Cash paid for:
Interest expense	29.1	24
Income taxes	35.2	15.7
Operating lease payments in operating cash flows	$ 11.2	$ 11

Balance Sheet Information and_8

Balance Sheet Information and Other Supplemental Disclosures - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 2,702.4	$ 2,919	$ 1,645.1	$ 1,352.6
Restricted cash (included in other current assets)	14.2	14	18.8	20.1
Restricted cash (included in other non-current assets)	0	0	5	5
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$ 2,716.6	$ 2,933	$ 1,668.9	$ 1,377.7

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 3,514.6		$ 3,228.3
Less: Debt discount	(4.7)		(9.2)
Less: Debt issuance costs	(45.7)		(25.6)
Net long-term debt, including current maturities	3,464.2		3,193.5
Less: Current maturities	(926.2)		(147.8)
Net long-term debt	2,538		3,045.7
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 375		$ 500
Debt instrument, interest rate	6.16%		5.67%
Term Loan B Facility
Debt Instrument [Line Items]
Long-term debt	$ 0		$ 1,086
Less: Debt discount	0		(4.2)
Less: Debt issuance costs	$ 0		$ (9.7)
Debt instrument, interest rate	6.91%		6.42%
Convertible Debt | 0.50% Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,500		$ 0
Less: Debt issuance costs	$ (30.7)		$ 0
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt | 0% Notes
Debt Instrument [Line Items]
Long-term debt	$ 805		$ 805
Less: Debt issuance costs	(13.1)		$ (13.9)
Less: Current maturities	$ (791.9)
Debt instrument, interest rate	0%		0%
Convertible Debt | 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
Convertible Debt | 1.625% Notes
Debt Instrument [Line Items]
Long-term debt	$ 134.6		$ 137.3
Less: Debt issuance costs	(0.2)		$ (0.3)
Less: Current maturities	$ (134.4)
Debt instrument, interest rate	1.625%		1.625%
Notes Payable | 3.875% Notes
Debt Instrument [Line Items]
Long-term debt	$ 700		$ 700
Less: Debt discount	(4.7)		(5)
Less: Debt issuance costs	$ (1.7)		$ (1.7)
Debt instrument, interest rate	3.875%		3.875%

Long-Term Debt - Annual Maturit

Long-Term Debt - Annual Maturities Relating To Long-Term Debt (Details) $ in Millions	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 939.6
2024	375
2025	0
2026	0
2027	0
Thereafter	2,200
Total	$ 3,514.6

Long-Term Debt - 0.50% Converti

Long-Term Debt - 0.50% Convertible Senior Notes due 2029 (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Feb. 28, 2023 USD ($) day $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Apr. 01, 2022 USD ($)	Feb. 23, 2023 $ / shares shares	Dec. 31, 2022	Feb. 28, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of borrowings under term loan		$ 1,213.7	$ 4.1
Payment for purchase of bond hedges		414	0
Share price | $ / shares				$ 78.39
Proceeds from issuance of warrants		$ 242.5	$ 0
0% Notes Warrants
Debt Instrument [Line Items]
Number of warrants (in shares) | shares	28.9
Price per unit (in dollars per share) | $ / shares				$ 156.78
Premium over closing share price				100%
Proceeds from issuance of warrants	$ 242.5
Convertible Debt | 0% Notes Warrants
Debt Instrument [Line Items]
Number of warrants (in shares) | shares				14.4
0.50% Notes
Debt Instrument [Line Items]
Price per unit (in dollars per share) | $ / shares		$ 156.78
0.50% Notes | Term Loan B Facility
Debt Instrument [Line Items]
Repayments of borrowings under term loan	$ 1,086
0.50% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%			0.50%
Aggregate principal amount						$ 1,500
Proceeds from convertible debt	$ 1,470
Payments for fees and expenses	$ 171.5
Conversion rate	0.0962770
Conversion price per share (in dollars per share) | $ / shares	$ 103.87	$ 103.87
Threshold percentage of stock price trigger (greater than or equal to)	130%
Threshold consecutive trading days | day	30
Threshold trading days | day	20
Percentage of Principal Amount Redeemed	100%
Maximum shares issuable (in shares) | shares	19.1
Discount on Initial purchase of shares	$ 30
Debt issuance costs	$ 1.3
Effective interest rate	0.85%
Deferred tax asset		$ 92.3
Expense of unamortized debt discount and issuance costs		$ 13.3
0.50% Notes | Convertible Debt | Embedded Derivative Financial Instruments
Debt Instrument [Line Items]
Payment for purchase of bond hedges	$ 414
0.50% Notes | Convertible Debt | Debt Conversion One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger (greater than or equal to)	130%
Threshold consecutive trading days | day	30
Threshold trading days | day	20
0.50% Notes | Convertible Debt | Debt Conversion Two
Debt Instrument [Line Items]
Threshold consecutive trading days | day	5
Period immediately following consecutive trading days (in business days)	5 days
Ratio of trading price per 1000 principal amount (as a percent) (less than)	0.98

Long-Term Debt - Repayments und

Long-Term Debt - Repayments under the Revolving Credit Facility (Details) - Revolving Credit Facility - Line of Credit $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Repayments of debt	$ 125
Remaining borrowing capacity	$ 1,600

Long-Term Debt - 1.625% Notes d

Long-Term Debt - 1.625% Notes due 2023 (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Current portion of long-term debt | $	$ 926.2	$ 147.8
1.625% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%	1.625%
Current portion of long-term debt | $	$ 134.4
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Stock price trigger (in dollars per share) | $ / shares	$ 26.94
Threshold percentage of stock price trigger (greater than or equal to)	130%

Long-Term Debt - 0% Notes (Deta

Long-Term Debt - 0% Notes (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Current portion of long-term debt | $	$ 926.2	$ 147.8
0% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0%	0%
Current portion of long-term debt | $	$ 791.9
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Stock price trigger (in dollars per share) | $ / shares	$ 68.86
Threshold percentage of stock price trigger (greater than or equal to)	130%

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Earnings Per Share [Abstract]
Net income for basic earnings per share of common stock	$ 461.7	$ 530.2
Add: Interest on 1.625% Notes	0.4	0.5
Net income for diluted earnings per share of common stock	$ 462.1	$ 530.7
Basic weighted average shares of common stock outstanding (in shares)	431.9	433.3
Dilutive effect of share-based awards (in shares)	1.4	2.4
Dilutive effect of convertible notes and warrants (in shares)	15.2	13.2
Diluted weighted-average shares of common stock outstanding (in shares)	448.5	448.9
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.07	$ 1.22
Diluted (in dollars per share)	$ 1.03	$ 1.18

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Feb. 28, 2023	Feb. 06, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Anti-dilutive shares	0.2	0.2
Aggregate purchase price	$ 104	$ 0
Payments of tax withholding for restricted shares	$ 47.6	$ 58.8
Common stock withheld underlying restricted stock units (in shares)	0.6	1
Non-controlling interest	$ 19				$ 18.5
Non-controlling interest share of earnings	$ 0.5
Leshan
Dividends Payable [Line Items]
Non-controlling interest					$ 18.5
Leshan | Leshan-Phoenix Semiconductor Company Limited
Dividends Payable [Line Items]
Noncontrolling interest, percentage					20%
Share Repurchase Program
Dividends Payable [Line Items]
Stock repurchase program, authorized amount				$ 3,000
Number of repurchased shares (in shares)	1.3
Aggregate purchase price	$ 104
Remaining authorized amount available for repurchase	$ 2,900
0.50% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 156.78
0% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	74.34
1.625% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 30.70
Convertible Debt | 0.50% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	0.50%		0.50%		0.50%
Conversion price per share (in dollars per share)	$ 103.87		$ 103.87
Convertible Debt | 0% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	0%				0%
Conversion price per share (in dollars per share)	$ 52.97
Convertible Debt | 1.625% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	1.625%				1.625%
Conversion price per share (in dollars per share)	$ 20.72

Share-Based Compensation - Summ

Share-Based Compensation - Summary Of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 27.7	$ 22.5
Income tax benefit	(5.8)	(4.7)
Share-based compensation expense, net of taxes	21.9	17.8
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	3.7	2.6
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.5	4.4
Selling and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.1	3.8
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 15.4	$ 11.7

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Amended And Restated Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate of common stock available for grant (in shares)	38.3		40.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense on non-vested stock options	$ 149.4
Period for recognition (in years)	1 year 8 months 12 days
Options pre-vesting forfeitures rate	8%	6%
Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)	3 years
Performance or Market Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)	2 years
Performance or Market Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)	3 years

Share-Based Compensation - Su_2

Share-Based Compensation - Summary Of Restricted Stock Units Transactions (Details) - Restricted Stock Units shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	3.8
Granted (in shares) | shares	0.9
Restricted stock units achieved (in shares) | shares	0.3
Released (in shares) | shares	(1.7)
Forfeited (in shares) | shares	(0.1)
Ending balance (in shares) | shares	3.2
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 46.56
Granted (in dollars per share) | $ / shares	77.85
Achieved (in dollars per share) | $ / shares	54.16
Released (in dollars per share) | $ / shares	42.12
Forfeited (in dollars per share) | $ / shares	48.33
Ending balance (in dollars per share) | $ / shares	$ 58

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding guarantees and letters of credit	$ 16.5
Guarantees	0.9
Letter of Credit | Senior Revolving Credit Facility
Loss Contingencies [Line Items]
Revolving credit facility, letters of credit	15
Credit commitment outstanding	$ 0.9

Fair Value Measurements - Avail

Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other assets | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	1 year
Other assets | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	5 years
Demand and time deposits | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 371.4	$ 233.1
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	371.4	233.1
Demand and time deposits | Cash and cash equivalents | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	371.4	233.1
Demand and time deposits | Cash and cash equivalents | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Demand and time deposits | Cash and cash equivalents | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Money market funds | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	28.4	17
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	28.4	17
Money market funds | Cash and cash equivalents | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	28.4	17
Money market funds | Cash and cash equivalents | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Money market funds | Cash and cash equivalents | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Corporate bonds | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15.2	23.8
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	15.2	23.8
Corporate bonds | Other current assets | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Corporate bonds | Other current assets | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	15.2	23.8
Corporate bonds | Other current assets | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Corporate bonds | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.5	0.8
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	0.5	0.8
Corporate bonds | Other assets | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Corporate bonds | Other assets | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.5	0.8
Corporate bonds | Other assets | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Certificate of deposit | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.7	3.1
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	2.7	3.1
Certificate of deposit | Other current assets | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Certificate of deposit | Other current assets | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2.7	3.1
Certificate of deposit | Other current assets | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Commercial paper | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.2	3.2
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	2.2	3.2
Commercial paper | Other current assets | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.2	1.2
Commercial paper | Other current assets | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2	2
Commercial paper | Other current assets | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
US Treasury bonds | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1.7	2.1
Unrealized gains	0	0
Unrealized losses	0	0
Fair value	1.7	2.1
US Treasury bonds | Other current assets | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
US Treasury bonds | Other current assets | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1.7	2.1
US Treasury bonds | Other current assets | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 3,514.6
Convertible Debt | 0% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	0%		0%
Carrying Amount	$ 791.9		$ 791.1
Fair Value	$ 1,306.2		$ 1,057.8
Convertible Debt | 0.50% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
Carrying Amount	$ 1,469.3		$ 0
Fair Value	$ 1,572.8		$ 0
Convertible Debt | 1.625% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	1.625%		1.625%
Carrying Amount	$ 134.4		$ 137
Fair Value	$ 517.6		$ 417.8
Convertible Debt | 3.875% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%
Notes Payable | 3.875% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%		3.875%
Carrying Amount	$ 693.6		$ 693.3
Fair Value	641.1		618.3
Other long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	375		1,572.1
Fair Value	$ 377		$ 1,549.2

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Notes Payable | 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%		3.875%
Convertible Debt | 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
Convertible Debt | 1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%		1.625%
Convertible Debt | 0.50% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt | 0% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0%		0%

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Feb. 28, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Foreign currency transaction (loss) gain realized	$ (1.9)	$ 1.9
Accumulated Other Comprehensive Income	$ (29.6)			$ (23.2)
0% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0%			0%
0.50% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0.50%		0.50%	0.50%
1.625% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	1.625%			1.625%
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 279.2			$ 272
Foreign currency exchange contracts | Minimum
Derivatives, Fair Value [Line Items]
Derivative, term of contract (in months)	1 month
Foreign currency exchange contracts | Maximum
Derivatives, Fair Value [Line Items]
Derivative, term of contract (in months)	3 months
Interest rate swap
Derivatives, Fair Value [Line Items]
Interest rate swaps, fair value				36
Interest rate swap agreement 2022
Derivatives, Fair Value [Line Items]
Notional Amount				750
Interest rate swap agreements, 2023 and 2024
Derivatives, Fair Value [Line Items]
Proceeds from termination of derivatives	$ 27.7
Other income	6.9
Accumulated Other Comprehensive Income	$ 20.7
Accumulated Other Comprehensive Income amortized to income, term	21 months
Interest rate swap agreement 2023
Derivatives, Fair Value [Line Items]
Notional Amount	$ 500			500
Interest rate swap agreement 2024
Derivatives, Fair Value [Line Items]
Notional Amount	$ 500			$ 500

Financial Instruments - Schedul

Financial Instruments - Schedule of Net Foreign Exchange Positions (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Buy (Sell)	$ 251.4	$ 249.6
Notional Amount	279.2	272
Other Currencies - Buy
Derivatives, Fair Value [Line Items]
Buy (Sell)	46.5	66.5
Notional Amount	46.5	66.5
Other Currencies - Sell
Derivatives, Fair Value [Line Items]
Buy (Sell)	(13.9)	(11.2)
Notional Amount	13.9	11.2
Japanese Yen
Derivatives, Fair Value [Line Items]
Buy (Sell)	69.5	27
Notional Amount	69.5	27
Philippine Peso
Derivatives, Fair Value [Line Items]
Buy (Sell)	49.4	63.9
Notional Amount	49.4	63.9
Czech Koruna
Derivatives, Fair Value [Line Items]
Buy (Sell)	40.4	41.7
Notional Amount	40.4	41.7
Euro
Derivatives, Fair Value [Line Items]
Buy (Sell)	39.5	26
Notional Amount	39.5	26
Korean Won
Derivatives, Fair Value [Line Items]
Buy (Sell)	20	35.7
Notional Amount	$ 20	$ 35.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 4.3	$ 2.7
Possible reduction in unrecognized tax benefits in next twelve months	$ 68.2

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	$ 6,207	$ 4,604.4
Other comprehensive income (loss) prior to reclassifications	5.5
Amounts reclassified from accumulated other comprehensive loss	(11.9)
Other comprehensive income (loss), net of tax	(6.4)	14.2
Balance, ending	6,467	$ 5,018
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(50.4)
Other comprehensive income (loss) prior to reclassifications	0.3
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income (loss), net of tax	0.3
Balance, ending	(50.1)
Effects of Cash Flow Hedges and Other Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	27.2
Other comprehensive income (loss) prior to reclassifications	5.2
Amounts reclassified from accumulated other comprehensive loss	(11.9)
Other comprehensive income (loss), net of tax	(6.7)
Balance, ending	20.5
Total
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(23.2)
Balance, ending	$ (29.6)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps terminations	$ 4.7	$ 2.1
Net income	462.2	531
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	(11.9)	0.7
Effects of Cash Flow Hedges and Other Adjustments | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	(5)	0.7
Interest rate swaps terminations	$ (6.9)	$ 0

Uncategorized Items - on-202303

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]