ON Semiconductor (ON) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 29, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 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		430,697,587
Entity Central Index Key	0001097864
Current Fiscal Year End	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 2,679.2	$ 2,919
Receivables, net	958.2	842.3
Inventories	2,084.8	1,616.8
Other current assets	363.2	351.3
Total current assets	6,085.4	5,729.4
Property, plant and equipment, net	4,314.5	3,450.7
Goodwill	1,577.6	1,577.6
Intangible assets, net	312.8	359.7
Deferred tax assets	579.3	376.7
ROU financing lease assets	43	45.8
Other assets	368.7	438.6
Total assets	13,281.3	11,978.5
Liabilities and Stockholders’ Equity
Accounts payable	911.3	852.1
Accrued expenses and other current liabilities	665.4	1,047.3
Current portion of financing lease liabilities	5.2	14.2
Current portion of long-term debt	912.9	147.8
Total current liabilities	2,494.8	2,061.4
Long-term debt	2,541.1	3,045.7
Deferred tax liabilities	35.1	34.1
Long-term financing lease liabilities	21.6	23
Other long-term liabilities	684.7	607.3
Total liabilities	5,777.3	5,771.5
Commitments and contingencies
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 611,473,768 and 608,367,713 issued, 430,594,632 and 431,936,415 outstanding, respectively)	6.1	6.1
Additional paid-in capital	4,745.8	4,670.9
Accumulated other comprehensive loss	(44.9)	(23.2)
Accumulated earnings	5,985.4	4,364.4
Less: Treasury stock, at cost: 180,879,136 and 176,431,298 shares, respectively	(3,208.1)	(2,829.7)
Total ON Semiconductor Corporation stockholders’ equity	7,484.3	6,188.5
Non-controlling interest	19.7	18.5
Total stockholders’ equity	7,504	6,207
Total liabilities and stockholders’ equity	$ 13,281.3	$ 11,978.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 29, 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)	611,473,768	608,367,713
Common stock, shares outstanding (in shares)	430,594,632	431,936,415
Treasury stock, shares (in shares)	180,879,136	176,431,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 2,180.8	$ 2,192.6	$ 6,234.9	$ 6,222.6
Cost of revenue	1,150.1	1,134.3	3,293.3	3,165.9
Gross profit	1,030.7	1,058.3	2,941.6	3,056.7
Operating expenses:
Research and development	143.4	145.4	427.1	463.8
Selling and marketing	68.2	69.5	211.6	213.7
General and administrative	110.7	84.9	273.8	246
Amortization of acquisition-related intangible assets	12	21.9	39	65.1
Restructuring, asset impairments and other charges, net	9.4	40.3	63.5	25.6
Goodwill and intangible asset impairment charges	0	271.8	0	386.8
Total operating expenses	343.7	633.8	1,015	1,401
Operating income	687	424.5	1,926.6	1,655.7
Other income (expense), net:
Interest expense	(16.2)	(23.7)	(59)	(67.4)
Interest income	25.7	4.9	66.8	6.4
Loss on debt prepayment	0	0	(13.3)	(7.3)
Gain (loss) on divestiture of business	(0.1)	0.2	(0.7)	2.1
Other income	1.1	0.9	4.5	9.4
Other income (expense), net	10.5	(17.7)	(1.7)	(56.8)
Income before income taxes	697.5	406.8	1,924.9	1,598.9
Income tax provision	(114.6)	(94.9)	(302.7)	(299.4)
Net income	582.9	311.9	1,622.2	1,299.5
Less: Net income attributable to non-controlling interest	(0.2)	0	(1.2)	(1.6)
Net income attributable to ON Semiconductor Corporation	582.7	311.9	1,621	1,297.9
Net income for diluted earnings per share of common stock	$ 583.1	$ 312.4	$ 1,622.2	$ 1,299.4
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.35	$ 0.72	$ 3.76	$ 2.99
Diluted (in dollars per share)	$ 1.29	$ 0.70	$ 3.61	$ 2.90
Weighted-average shares of common stock outstanding:
Basic (in shares)	431.2	432.9	431.6	433.5
Diluted (in shares)	450.7	448.7	449.3	448.3
Comprehensive income (loss), net of tax:
Net income	$ 582.9	$ 311.9	$ 1,622.2	$ 1,299.5
Foreign currency translation adjustments	(1.3)	(1.8)	(4)	(8.4)
Effects of cash flow hedges and other adjustments	(6.2)	7.7	(17.7)	25.6
Other comprehensive income (loss), net of tax	(7.5)	5.9	(21.7)	17.2
Comprehensive income	575.4	317.8	1,600.5	1,316.7
Comprehensive income attributable to non-controlling interest	(0.2)	0	(1.2)	(1.6)
Comprehensive income attributable to ON Semiconductor Corporation	$ 575.2	$ 317.8	$ 1,599.3	$ 1,315.1

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	0% Notes	0% Notes Convertible Debt	1.625% Notes	1.625% Notes Convertible Debt	0.50% Notes	0.50% Notes Convertible Debt	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common Stock 0% Notes	Common Stock 1.625% Notes	Additional Paid-in Capital	Additional Paid-in Capital 0% Notes	Additional Paid-in Capital 1.625% Notes	Additional Paid-in Capital 0.50% Notes	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	Treasury Stock 0% Notes	Treasury Stock 1.625% Notes	Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt instrument, interest rate					1.625%
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)									403,518
Shares issued pursuant to the ESPP	18.2											18.2
RSUs and stock grant awards issued (in shares)									3,318,351
RSUs released and stock grant awards issued	0								$ 0.1			(0.1)
Partial settlement (in shares)											330
Partial settlement of bond hedges (in shares)																						(322)
Partial settlement of bond hedges				$ 0
Payment of tax withholding for RSUs (in shares)																				(1,091,890)
Payment of tax withholding for RSUs	(67.4)																			$ (67.4)
Share-based compensation	$ 76.5											76.5
Repurchase of common stock (in shares)	(2,700,000)																			(2,696,000)
Repurchase of common stock	$ (169.8)																			$ (169.8)
Comprehensive income (loss)	1,316.7																17.2	1,297.9					1.6
Ending Balance (in shares) at Sep. 30, 2022									606,766,278
Treasury stock ending balance (in shares) at Sep. 30, 2022																				(174,359,473)
Balance, ending at Sep. 30, 2022	5,676.6								$ 6.1			4,598.8					(23.4)	3,760.1		$ (2,685.6)			20.6
Beginning Balance (in shares) at Jul. 01, 2022									606,427,684
Treasury stock beginning balance (in shares) at Jul. 01, 2022																				(173,104,824)
Balance, beginning at Jul. 01, 2022	5,410.1								$ 6.1			4,565.9					(29.3)	3,448.2		$ (2,601.4)			20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)									149,300
Shares issued pursuant to the ESPP	6											6
RSUs and stock grant awards issued (in shares)									189,202
Partial settlement (in shares)											92
Partial settlement of bond hedges (in shares)																						(90)
Partial settlement of bond hedges				0
Payment of tax withholding for RSUs (in shares)																				(58,559)
Payment of tax withholding for RSUs	(4.1)																			$ (4.1)
Share-based compensation	$ 26.9											26.9
Repurchase of common stock (in shares)	(1,200,000)																			(1,196,000)
Repurchase of common stock	$ (80.1)																			$ (80.1)
Comprehensive income (loss)	317.8																5.9	311.9
Ending Balance (in shares) at Sep. 30, 2022									606,766,278
Treasury stock ending balance (in shares) at Sep. 30, 2022																				(174,359,473)
Balance, ending at Sep. 30, 2022	$ 5,676.6								$ 6.1			4,598.8					(23.4)	3,760.1		$ (2,685.6)			20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt instrument, interest rate			0%		1.625%
Debt instrument, interest rate			0%		1.625%
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)									220,714
Shares issued pursuant to the ESPP	13.2											13.2
RSUs and stock grant awards issued (in shares)									2,262,751
Warrants and bond hedges, net - 0.50% Notes						$ (171.5)									$ (171.5)
Tax impact of convertible notes, warrants and bond hedges, net	92.3											92.3
Partial settlement (in shares)										585	621,714
Partial settlement of bond hedges (in shares)																					(580)	(621,740)
Partial settlement of bond hedges		$ (0.1)		0									$ 0	$ 50.5							$ (0.1)	$ (50.5)
Partial settlement of warrants (in shares)										132	159
Payment of tax withholding for RSUs (in shares)																				(749,058)
Payment of tax withholding for RSUs	(62.6)																			$ (62.6)
Share-based compensation	$ 90.4											90.4
Repurchase of common stock (in shares)	(3,100,000)																			(3,076,460)
Repurchase of common stock	$ (265.2)																			$ (265.2)
Comprehensive income (loss)	$ 1,600.5																(21.7)	1,621					1.2
Ending Balance (in shares) at Sep. 29, 2023	430,594,632								611,473,768
Treasury stock ending balance (in shares) at Sep. 29, 2023	180,879,136																			(180,879,136)
Balance, ending at Sep. 29, 2023	$ 7,504								$ 6.1			4,745.8					(44.9)	5,985.4		$ (3,208.1)			19.7
Beginning Balance (in shares) at Jun. 30, 2023									611,286,417
Treasury stock beginning balance (in shares) at Jun. 30, 2023																				(179,765,811)
Balance, beginning at Jun. 30, 2023	7,003.6								$ 6.1			4,714.6					(37.4)	5,402.7		$ (3,101.9)			19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and stock grant awards issued (in shares)									186,072
Partial settlement (in shares)										572	416
Partial settlement of bond hedges (in shares)																					(570)	(447)
Partial settlement of bond hedges		$ (0.1)		$ 0										$ 0.1							$ (0.1)	$ (0.1)
Partial settlement of warrants (in shares)										132	159
Payment of tax withholding for RSUs (in shares)																				(53,735)
Payment of tax withholding for RSUs	(5.2)																			$ (5.2)
Share-based compensation	$ 31.1											31.1
Repurchase of common stock (in shares)	(1,100,000)																			(1,058,573)
Repurchase of common stock	$ (100.8)																			$ (100.8)
Comprehensive income (loss)	$ 575.4																(7.5)	582.7					0.2
Ending Balance (in shares) at Sep. 29, 2023	430,594,632								611,473,768
Treasury stock ending balance (in shares) at Sep. 29, 2023	180,879,136																			(180,879,136)
Balance, ending at Sep. 29, 2023	$ 7,504								$ 6.1			$ 4,745.8					$ (44.9)	$ 5,985.4		$ (3,208.1)			$ 19.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt instrument, interest rate			0%		1.625%		0.50%

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2022
Cumulative Effect, Period of Adoption, Adjustment
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
0% Notes | Convertible Debt
Debt instrument, interest rate	0%
1.625% Notes | Convertible Debt
Debt instrument, interest rate	1.625%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 1,622.2	$ 1,299.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	449.2	418.6
Loss (gain) on sale or disposal of fixed assets	7.3	(33.1)
Loss (gain) on divestiture of business	0.7	(2.1)
Loss on debt prepayment	13.3	7.3
Amortization of debt discount and issuance costs	8.7	8.6
Share-based compensation	90.4	76.5
Non-cash asset impairment charges	12.7	18.6
Goodwill and intangible asset impairment charges	0	386.8
Change in deferred tax balances	(109)	(64.6)
Other	1.5	0.6
Changes in assets and liabilities (exclusive of divestitures):
Receivables	(137.4)	(67.2)
Inventories	(468.3)	(196.9)
Other assets	13.6	(48.6)
Accounts payable	(27.6)	68.8
Accrued expenses and other current liabilities	(183.2)	4.8
Other long-term liabilities	72.2	24.2
Net cash provided by operating activities	1,366.3	1,901.8
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,185.1)	(663)
Proceeds from sale of property, plant and equipment	2.8	59
Deposits utilized (made) for purchase of property, plant and equipment	32.4	(53.7)
Divestiture of business, net of cash transferred	0	90.5
Purchase of available-for-sale securities	0	(18)
Proceeds from sale or maturity of available-for-sale securities	33.5	24
Payments related to acquisition of business	(236.3)	(2.4)
Net cash used in investing activities	(1,352.7)	(563.6)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	19.9	18.2
Payment of tax withholding for RSUs	(62.4)	(67.4)
Repurchase of common stock	(264)	(166.9)
Issuance and borrowings under debt agreements	1,845	500
Reimbursement of debt issuance and other financing costs	4.5	0
Payment of debt issuance and other financing costs	(11.7)	0
Repayment of borrowings under debt agreements	(1,603.8)	(509.5)
Payment for purchase of bond hedges	(414)	0
Proceeds from issuance of warrants	242.5	0
Payment of financing lease obligations	(10.3)	(12.5)
Dividend to non-controlling shareholder	0	(2.2)
Net cash used in financing activities	(254.3)	(240.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.5)	(3.2)
Net increase (decrease) in cash, cash equivalents and restricted cash	(242.2)	1,094.7
Cash, cash equivalents and restricted cash, beginning of period	2,933	1,377.7
Cash, cash equivalents and restricted cash, end of period	$ 2,690.8	$ 2,472.4

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 29, 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, with each fiscal quarter containing a thirteen-week accounting period. The quarters ended September 29, 2023 and September 30, 2022 contained 91 days each. The nine months ended September 29, 2023 and September 30, 2022 contained 272 days and 273 days, respectively. The accompanying unaudited financial statements as of and for the quarter and nine months ended September 29, 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 management's opinion, 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) calculation of 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) cash flow projections 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 in assumptions used in 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	9 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Revenue and Segment Information	Note 2: Revenue and Segment Information A significant portion of the Company’s revenue orders are firm commitments that are non-cancellable, including certain orders or contracts with a duration of one year or less. Certain customer contracts are multi-year agreements that include committed amounts ("Long-term Supply Agreements" or "LTSAs"). The estimated remaining performance obligations as of September 29, 2023 are approximately $18.4 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 31% of the remaining purchase obligation as revenue during the next 12 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, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates. Certain LTSAs 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 for the same purpose and are not recognized as revenue until the performance obligations are satisfied. The Company fulfilled certain performance obligations and recognized revenue of $30.1 million and $61.7 million for the quarter and nine months ended September 29, 2023, respectively, and $4.7 million and $13.8 million for the quarter and nine months ended September 30, 2022, respectively. As of September 29, 2023 and December 31, 2022, the remaining capacity payments were $293.6 million and $190.4 million, respectively, of which $83.7 million and $60.5 million were recorded as other current liabilities, with the remainder recorded as other long-term liabilities. The Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. These segments represent management's view of the business, and gross profit is used to evaluate its performance, the progress of major initiatives and the allocation of resources. During the quarter ended June 30, 2023, management reorganized and consolidated the existing divisions within ASG from the divisions of Automotive (AUT), Mobile, Computing and Cloud (MCC), and Industrial Solutions (ISD) to the divisions of Power Management (PMD) and Sensor Interface (SID). Management performed a goodwill impairment analysis on AUT, MCC and ISD (which were the reporting units) prior to the reorganization and no impairments were identified. Goodwill assigned to AUT, MCC and ISD was reallocated to PMD and SID based on the relative fair value of the businesses transferred. There were no changes to the presentation of operating and reportable segments due to this reorganization. Revenue and gross profit for the operating and reportable segments are as follows (in millions): PSG ASG ISG Total For the quarter ended September 29, 2023: Revenue from external customers $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Gross profit $ 591.0 $ 283.6 $ 156.1 $ 1,030.7 For the quarter ended September 30, 2022: Revenue from external customers $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Gross profit $ 508.5 $ 381.7 $ 168.1 $ 1,058.3 For the nine months ended September 29, 2023: Revenue from external customers $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Gross profit $ 1,608.0 $ 845.2 $ 488.4 $ 2,941.6 For the nine months ended September 30, 2022: Revenue from external customers $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 Gross profit $ 1,494.4 $ 1,128.7 $ 433.6 $ 3,056.7 The Company had one customer, a distributor, whose revenue accounted for approximately 11% a nd 12% of the total revenue for the quarters ended September 29, 2023 and September 30, 2022, respectively, and 10% and 12% of the total revenue for the nine months ended September 29, 2023 and September 30, 2022, respectively. Revenue for the operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels is as follows (in millions): Quarter Ended September 29, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 364.9 $ 144.7 $ 72.3 $ 581.9 Singapore 330.3 127.3 49.2 506.8 United Kingdom 247.2 121.7 95.3 464.2 United States 211.5 149.6 63.4 424.5 Other 76.7 78.3 48.4 203.4 Total $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Sales Channel Distributors $ 719.0 $ 280.9 $ 138.0 $ 1,137.9 Direct customers 511.6 340.7 190.6 1,042.9 Total $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Nine Months Ended September 29, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 977.5 $ 429.0 $ 196.0 $ 1,602.5 Singapore 937.9 381.8 157.1 1,476.8 United Kingdom 678.2 380.5 268.1 1,326.8 United States 537.5 415.7 241.3 1,194.5 Other 232.1 256.9 145.3 634.3 Total $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Sales Channel Distributors $ 2,030.8 $ 796.2 $ 477.8 $ 3,304.8 Direct customers 1,332.4 1,067.7 530.0 2,930.1 Total $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Quarter Ended September 30, 2022 PSG ASG ISG Total Geographic Location Hong Kong $ 351.2 $ 192.7 $ 74.0 $ 617.9 Singapore 284.2 203.2 56.6 544.0 United Kingdom 192.3 113.7 66.5 372.5 United States 208.1 117.3 90.0 415.4 Other 80.3 107.4 55.1 242.8 Total $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Sales Channel Distributors $ 726.0 $ 368.1 $ 187.4 $ 1,281.5 Direct customers 390.1 366.2 154.8 911.1 Total $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Nine Months Ended September 30, 2022 PSG ASG ISG Total Geographic Location Hong Kong $ 980.7 $ 548.4 $ 202.8 $ 1,731.9 Singapore 857.0 658.0 140.5 1,655.5 United Kingdom 561.9 329.6 186.2 1,077.7 United States 533.1 316.5 238.7 1,088.3 Other 227.1 287.8 154.3 669.2 Total $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 Sales Channel Distributors $ 2,056.3 $ 1,097.8 $ 502.4 $ 3,656.5 Direct customers 1,103.5 1,042.5 420.1 2,566.1 Total $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 The Company operates in various geographic locations. Sales to external customers have little correlation to where products are manufactured or the location of the end-customers. It is, therefore, not meaningful to present operating profit by geographical location. The Company's revenue disaggregated into end-markets and product technologies is as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 End-Markets Automotive $ 1,157.8 $ 873.6 $ 3,205.6 $ 2,372.1 Industrial 615.8 613.2 1,781.3 1,738.2 Other* 407.2 705.8 1,248.0 2,112.3 Total $ 2,180.8 $ 2,192.6 $ 6,234.9 $ 6,222.6 * - Other includes the end-markets of computing, consumer, networking, communications, etc. Product Technologies Intelligent Power $ 1,154.8 $ 1,067.6 $ 3,146.3 $ 2,983.8 Intelligent Sensing 406.3 414.6 1,234.8 1,128.3 Other 619.7 710.4 1,853.8 2,110.5 Total $ 2,180.8 $ 2,192.6 $ 6,234.9 $ 6,222.6 The Company does not discretely allocate assets to its operating segments, nor does management evaluate operating segments using discrete asset information. The consolidated assets used in manufacturing are generally shared across and are not specifically ascribed to operating and reportable segments. Property, plant and equipment, net by geographic location, is summarized below (in millions): As of September 29, 2023 December 31, 2022 United States $ 1,446.7 $ 1,329.2 South Korea 1,320.2 871.0 Czech Republic 524.0 279.3 Philippines 261.4 296.8 China 245.6 215.3 Malaysia 205.3 190.2 Vietnam 150.7 86.8 Other 160.6 182.1 Total $ 4,314.5 $ 3,450.7

Acquisition and Divestitures

Acquisition and Divestitures	9 Months Ended
	Sep. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition and Divestitures	Note 3: Acquisition and Divestitures Acquisition: During the quarter ended June 30, 2023, the Company finalized its determination relating to the fair value of assets acquired and liabilities assumed from the EFK acquisition, which was completed on December 31, 2022. The final allocation of the purchase price, which is materially consistent with the preliminary allocation disclosed in the 2022 Form 10-K, 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 All other 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 Statements of Cash Flows.

Restructuring, Asset Impairment

Restructuring, Asset Impairments and Other Charges, Net	9 Months Ended
	Sep. 29, 2023
Restructuring Charges [Abstract]
Restructuring, Asset Impairments and Other Charges, Net	Note 4: Restructuring, Asset Impairments and Other Charges, Net Details of restructuring, asset impairments and other charges, net are as follows (in millions): Restructuring Asset Impairments Other Charges Total Quarter ended September 29, 2023 2023 Business Realignment $ 10.0 $ — $ — $ 10.0 QCS wind down (0.6) — — (0.6) Total $ 9.4 $ — $ — $ 9.4 Restructuring Asset Impairments Other Charges Total Nine months ended September 29, 2023 2023 Business Realignment $ 49.2 $ 2.5 $ 2.8 $ 54.5 QCS wind down (0.6) — (2.4) (3.0) Other — 10.2 (1) 1.8 12.0 Total $ 48.6 $ 12.7 $ 2.2 $ 63.5 (1) Relates to property, plant and equipment and ROU asset impairment charges associated with site consolidation efforts in the U.S. A summary of changes in accrued restructuring balance is as follows (in millions): As of As of December 31, 2022 Charges Usage September 29, 2023 Employee separation charges $ 4.4 $ 48.6 $ (25.9) $ 27.1 Total $ 4.4 $ 48.6 $ (25.9) $ 27.1 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 operating segment 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 IT operating model by transferring selected IT functions to strategic service providers. During the second quarter of 2023, an additional 60 employees were notified of their employment termination for similar reasons. In connection with these actions, severance costs, related benefit expenses and other ancillary charges of $39.2 million were recognized with an insignificant amount expected to be recorded during the remainder of 2023. During the third quarter of 2023, the Company announced the elimination of approximately 900 positions worldwide, primarily in several manufacturing locations, in an effort to right-size its workforce for consolidating resources into fewer, common sites across the world. Severance costs, related benefit expenses and other ancillary charges amounting to $15.2 million were recorded during the quarter ended September 29, 2023, and were partially offset by $5.2 million of charges reversed relating to the Company's action during the first quarter. Of the aggregate expense relating to the actions announced during 2023, the Company paid $22.7 million for the approximately 840 terminated employees and had $26.5 million accrued as of September 29, 2023. The remaining employees subject to this realignment are expected to be terminated and paid any applicable severance and related benefit payments over the next nine months.

Balance Sheet Information and O

Balance Sheet Information and Other Supplemental Disclosures	9 Months Ended
	Sep. 29, 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 September 29, 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 September 29, 2023 that would require an interim impairment analysis. Inventory Details of Inventory included in the Consolidated Balance Sheets are as follows (in millions): As of September 29, 2023 December 31, 2022 Inventories: Raw materials $ 451.7 $ 236.8 Work in process 1,224.5 951.0 Finished goods 408.6 429.0 Total $ 2,084.8 $ 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 September 29, 2023, the net assets for the over-funded plans totaled $12.8 million. The total accrued pension liability for underfunded plans was $67.6 million, of which the current portion of $1.3 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Service cost $ 1.2 $ 2.2 $ 3.6 $ 6.6 Interest cost 1.6 1.0 4.8 3.1 Expected return on plan assets (1.2) (1.1) (3.6) (3.4) Total net periodic pension cost $ 1.6 $ 2.1 $ 4.8 $ 6.3 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Operating lease $ 11.9 $ 12.4 $ 36.2 $ 35.3 Variable lease 1.2 1.8 4.0 7.5 Short-term lease 0.3 0.9 1.5 2.1 Total lease expense $ 13.4 $ 15.1 $ 41.7 $ 44.9 The ROU assets and lease liabilities for operating leases recognized in the Consolidated Balance Sheets are as follows (in millions): As of September 29, 2023 December 31, 2022 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 33.0 $ 35.2 Other long-term liabilities 227.0 246.5 Total $ 260.0 $ 281.7 Operating ROU assets included in: Other assets $ 246.0 $ 262.1 As of September 29, 2023, the weighted-average remaining lease-terms were 11.0 years and 18.4 years, and the weighted-average discount rates were 4.8% and 6.2%, for operating leases and financing leases, respectively. Supplemental Disclosure of Cash Flow Information Certain of the cash and non-cash activities were as follows (in millions): Nine Months Ended September 29, 2023 September 30, 2022 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 426.3 $ 253.5 Operating ROU assets obtained in exchange of lease liabilities 15.8 90.6 Cash paid for: Interest expense $ 65.2 $ 62.8 Income taxes 327.4 329.5 Operating lease payments in operating cash flows 34.1 31.8 Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of September 29, 2023 December 31, 2022 September 30, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,679.2 $ 2,919.0 $ 2,450.2 $ 1,352.6 Restricted cash (included in other current assets) 11.6 14.0 17.2 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 $ 2,690.8 $ 2,933.0 $ 2,472.4 $ 1,377.7

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 29, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 6: Long-Term Debt Long-term debt consists of the following (in millions, with annualized interest rates): As of September 29, 2023 December 31, 2022 New Credit Agreement: Revolving Credit Facility due 2028, interest payable monthly at 6.67% $ 375.0 $ — Existing Credit Agreement: Revolver due 2024, interest payable monthly at 5.67% — 500.0 Term Loan "B" Facility due 2026, interest payable monthly at 6.42% — 1,086.0 0.50% Notes due 2029 (1) 1,500.0 — 0% Notes due 2027 804.9 805.0 3.875% Notes due 2028 (2) 700.0 700.0 1.625% Notes due 2023 (3) 119.6 137.3 Gross long-term debt, including current maturities $ 3,499.5 $ 3,228.3 Less: Debt discount (4) (4.3) (9.2) Less: Debt issuance costs (5) (41.2) (25.6) Net long-term debt, including current maturities $ 3,454.0 $ 3,193.5 Less: Current maturities (912.9) (147.8) Net long-term debt $ 2,541.1 $ 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 $4.3 million and $5.0 million for the 3.875% Notes, in each case as of September 29, 2023 and December 31, 2022, respectively. (5) Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $28.1 million and $0.0 million for the 0.50% Notes, $11.6 million and $13.9 million for the 0% Notes, $1.5 million and $1.7 million for the 3.875% Notes and $0.0 million and $0.3 million for the 1.625% Notes, in each case as of September 29, 2023 and December 31, 2022, respectively. Expected maturities of gross long-term debt (including current portion - see sections regarding the 1.625% Notes and 0% Notes) as of September 29, 2023 were as follows (in millions): Period Expected Maturities Remainder of 2023 $ 924.5 2024 — 2025 — 2026 — 2027 — Thereafter 2,575.0 Total $ 3,499.5 The Company was in compliance with its covenants under all debt agreements as of September 29, 2023, and expects to remain in compliance with all covenants over at least the next 12 months . New Credit Agreement On June 22, 2023, the Company entered into the New Credit Agreement by and among the Company, JP Morgan Chase Bank, N.A., as Administrative Agent, and the other financial institutions party thereto as Lenders (collectively, the “Lenders” and individually each a “Lender”), consisting of the $1.5 billion Revolving Credit Facility, to be used for general corporate purposes, including working capital, capital expenditures, and acquisitions, including $25.0 million available for the issuance of letters of credit and a foreign currency sub-limit of $75.0 million. The Company drew down $375.0 million under this facility and repaid the entire outstanding balance under the Revolver due 2024 during the second quarter. The maturity date for the borrowings under the New Credit Agreement is June 22, 2028. Interest is payable based on either Secured Overnight Financing Rate (“SOFR”) or base rate options, as established at the commencement of each borrowing period, plus an applicable rate that varies based on the total leverage ratio. Lenders are owed certain fees, including a commitment fee that varies based on the total leverage ratio. The Company may prepay loans at any time, in whole or in part, upon payment of accrued interest and break funding payments, if applicable. The obligations are guaranteed by certain of the Company’s domestic subsidiaries and SCI LLC and are collateralized by, among other things, a pledge of the equity interests in certain of the Company’s and SCI LLC’s domestic subsidiaries and material first tier foreign subsidiaries. The affirmative and negative covenants are customary for credit agreements of this nature. The New Credit Agreement contains customary events of default, the occurrence of which could result in the acceleration of the associated obligations. The financial covenant relates to a maximum total net leverage ratio of 4.00 to 1.00 calculated using the consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization and other adjustments for the trailing four consecutive quarters. Debt issuance costs of $6.8 million were incurred for the Revolving Credit Facility and recorded as other assets, which along with the existing debt issuance costs, will be amortized through June 22, 2028. A s of September 29, 2023, the Company had approximately $1,125.0 million available under the Revolving Credit Facility for future borrowings, except for amounts utilized for the letters of credit. 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") and 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 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 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 Existing 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 thereof, 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 ending 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 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 anti-dilution 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. Deferred tax assets of $92.3 million were recorded to reflect the tax impact of the issuance of the 0.50% Notes and the convertible note hedge transactions. Debt prepayments During the first quarter of 2023, the Company used a portion of the proceeds of the 0.50% Notes to repay the remaining outstanding balance of $1,086.0 million under the Term Loan "B" Facility and expensed $13.3 million of unamortized debt discount and issuance costs as loss on debt prepayment. The Company also repaid $125.0 million of the outstanding balance under the Revolver due 2024 during the first quarter. 1.625% Notes due 2023 Pursuant to the indenture governing the 1.625% Notes, the $119.6 million remaining outstanding principal amount of the 1.625% Notes was recorded as a current portion of long-term debt as of September 29, 2023, considering the maturity date of October 15, 2023. On October 16, 2023, the Company repaid the $119.6 million remaining outstanding principal amount of the 1.625% Notes in cash and settled the excess over the principal amount by issuing approximately 4.5 million shares of the Company's common stock. According to the terms of the hedge transactions entered at the time of issuance of the 1.625% Notes, on October 16, 2023, the Company repurchased an equivalent amount of shares of its common stock for no additional consideration, to effectively offset the issuance of shares. 0% Notes due 2027 Pursuant to the indenture governing the 0% Notes, as of September 29, 2023, the $793.3 million remaining 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 September 29, 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 December 31, 2023, and only during such calendar quarter.

Earnings Per Share and Equity

Earnings Per Share and Equity	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Net income for basic earnings per share of common stock $ 582.7 $ 311.9 $ 1,621.0 $ 1,297.9 Add: Interest on 1.625% Notes 0.4 0.5 1.2 1.5 Net income for diluted earnings per share of common stock $ 583.1 $ 312.4 $ 1,622.2 $ 1,299.4 Basic weighted-average shares of common stock outstanding 431.2 432.9 431.6 433.5 Dilutive effect of share-based awards 1.3 1.6 1.2 1.8 Dilutive effect of convertible notes and warrants 18.2 14.2 16.5 13.0 Diluted weighted-average shares of common stock outstanding 450.7 448.7 449.3 448.3 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.35 $ 0.72 $ 3.76 $ 2.99 Diluted $ 1.29 $ 0.70 $ 3.61 $ 2.90 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 zero for the quarters ended September 29, 2023 and September 30, 2022, respectively, and 0.1 million and 0.4 million for the nine months ended September 29, 2023 and September 30, 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 for the quarters and nine months ended September 29, 2023 and September 30, 2022. 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. 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 its 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 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. Activity under the Share Repurchase Program and the Company's prior share repurchase program (which expired on December 31, 2022), during the quarters and nine months ended September 29, 2023 and September 30, 2022, respectively, was as follows (in millions, except per share data): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Number of repurchased shares (1) 1.1 1.2 3.1 2.7 Aggregate purchase price $ 100.0 $ 80.1 $ 264.0 $ 169.8 Fees, commissions and excise tax 0.8 — 1.2 — Total $ 100.8 $ 80.1 $ 265.2 $ 169.8 Weighted-average purchase price per share (2) $ 94.48 $ 67.00 $ 85.84 $ 59.76 (1) None of these shares had been reissued or retired as of September 29, 2023 but may be reissued later. (2) Exclusive of fees, commissions or other expenses. As of September 29, 2023, the authorized amount remaining under the Share Repurchase Program was approximately $2.7 billion. Shares for Restricted Stock Units Tax Withholding The amounts remitted for employee withholding taxes during the quarter and nine months ended September 29, 2023 was $5.2 million and $62.6 million, respectively, for which the Company withheld approximately 0.1 million and 0.8 million shares of common stock, respectively, that were underlying the RSUs that vested. The amounts remitted for employee withholding taxes during the quarter and nine months ended September 30, 2022 was $4.1 million and $67.4 million, respectively, for which the Company withheld approximately 0.1 million and 1.1 million shares of common stock, respectively, that were underlying the RSUs that vested. This tax withholding activity is separate from the 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 $19.7 million as of September 29, 2023, after including the $1.2 million of earnings for the nine months ending September 29, 2023.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 8: Share-Based Compensation Total share-based compensation expense related to the RSUs, stock grant awards and the ESPP was recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of revenue $ 4.8 $ 3.2 $ 13.4 $ 8.9 Research and development 5.3 4.9 15.0 14.5 Selling and marketing 4.7 4.1 13.8 12.2 General and administrative 16.3 14.7 48.2 40.9 Share-based compensation expense $ 31.1 $ 26.9 $ 90.4 $ 76.5 Income tax benefit (6.5) (5.6) (19.0) (16.1) Share-based compensation expense, net of taxes $ 24.6 $ 21.3 $ 71.4 $ 60.4 As of September 29, 2023, total unrecognized expected share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $149.8 million, which is expected to be recognized over a weighted-average period of 1.6 years. Upon vesting of RSUs, stock grant awards or completion of a purchase under the ESPP, new shares of common stock are issued. The annualized pre-vesting forfeiture rate for RSUs was estimated to be 8% for each of the quarters and nine months ended September 29, 2023 and September 30, 2022. Shares Available As of September 29, 2023 and December 31, 2022, there was an aggregate o f 37.1 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 1.8 80.16 Achieved 0.3 54.16 Released (2.3) 41.15 Forfeited (0.2) 60.48 Non-vested RSUs at September 29, 2023 3.4 67.82

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 29, 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 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 arrangements and/or customs guarantees. The Revolving Credit Facility includes $25.0 million available for the issuance of letters of credit, of which $0.9 million was outstanding as of September 29, 2023, which reduced the borrowing capacity under such facility. As of September 29, 2023, the Company also had outstanding guarantees and letters of credit outside of its Revolving Credit Facility totaling $12.8 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 September 29, 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. However, 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	9 Months Ended
	Sep. 29, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10: Fair Value Measurements Fair Value of Financial Instruments The Company invests portions of its excess cash in different marketable securities, which are classified as available-for-sale. The following tier level hierarchy is used to determine fair values of the 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 money market funds and demand and time deposits approximates fair value because of the short-term maturity of these instruments. Demand deposits and money market funds are classified as Level 1 within the fair value hierarchy, while corporate bonds and portions of 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 such current assets and liabilities are considered Level 2 in the fair value hierarchy. The Company held an insignificant amount of investments in money market funds as of September 29, 2023. There were no demand and time deposits or investments in other assets as of September 29, 2023. The following table summarizes financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis as of December 31, 2022 (in millions): 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 — U.S. Treasury bonds 2.1 — — 2.1 — 2.1 — Other assets: Corporate bonds $ 0.8 $ — $ — $ 0.8 $ — $ 0.8 $ — All investments included in other current assets have maturity dates of one year or less. 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 long-term borrowings were as follows (in millions): As of September 29, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 793.3 $ 1,461.4 $ 791.1 $ 1,057.8 0.50% Notes 1,471.9 1,655.5 — — 1.625% Notes 119.6 517.9 137.0 417.8 3.875% Notes 694.2 617.5 693.3 618.3 Other long-term debt 375.0 371.7 1,572.1 1,549.2 (1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs. Fair values of the 0% Notes, 0.50% Notes, 1.625% Notes and 3.875% Notes were estimated based on market prices in active markets (Level 1). Other long-term debt, which includes the fair value of the Term Loan "B" Facility as of December 31, 2022, was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 29, 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 September 29, 2023 and December 31, 2022, the Company had net outstanding foreign exchange contracts with notional amounts of $312.3 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 September 29, 2023 December 31, 2022 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen 65.0 65.0 27.0 27.0 Philippine Peso 50.1 50.1 63.9 63.9 Czech Koruna 29.9 29.9 41.7 41.7 Euro 63.6 63.6 26.0 26.0 Korean Won 33.0 33.0 35.7 35.7 Other Currencies - Buy 57.1 57.1 66.5 66.5 Other Currencies - Sell (13.6) 13.6 (11.2) 11.2 $ 285.1 $ 312.3 $ 249.6 $ 272.0 Amounts receivable or payable under the contracts were not material as of September 29, 2023 or December 31, 2022. During the quarters ended September 29, 2023 and September 30, 2022, net of the impact of the hedge positions, the realized and unrealized foreign currency transactions totaled a gain of $1.5 million and a gain of $0.7 million, respectively. During the nine months ended September 29, 2023 and September 30, 2022, net of the impact of the hedge positions, the realized and unrealized foreign currency transactions totaled a loss of $1.2 million and a gain of $9.0 million, respectively. The realized and unrealized foreign currency transactions are included in other income (expense) in the Consolidated Statements of Operations and Comprehensive Income. Cash Flow Hedges Foreign currency risk During the second quarter of 2023, the Company entered into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate risk related to future forecasted transactions denominated in certain currencies other than the U.S. Dollar. These contracts generally mature within 12 months and are designated as cash flow hedges for accounting purposes. As of September 29, 2023, the notional value of outstanding foreign currency forward contracts designated as cash flow hedges was $112.4 million, with a fair value of $3.8 million recorded as accrued expenses and other current liabilities. A loss of $0.8 million was recognized as a component of cost of revenues for the nine months ended September 29, 2023. The Company did not identify any ineffectiveness with respect to the notional amounts of the foreign currency forward contracts effective as of September 29, 2023. Interest Rate Risk During the first quarter of 2023, 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, and recognized $6.9 million of other income related to the termination. Approximately $20.7 million was recorded in Accumulated Other Comprehensive Income, which will be recognized to other income through December 2024. 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, and was 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 nine months ended September 29, 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. Other As of September 29, 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 September 29, 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	9 Months Ended
	Sep. 29, 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 in the Consolidated Statements of Operations and Comprehensive Income. The Company had approximately $6.7 million and $2.7 million of net interest and penalties accrued as of September 29, 2023 and December 31, 2022, respectively. It is reasonably possible that $70.2 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 2013. 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 tax audits are resolved in a manner not consistent with 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	9 Months Ended
	Sep. 29, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Note 13: Changes in Accumulated Other Comprehensive Loss Amounts comprising 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 (4.0) 0.9 (3.1) Amounts reclassified from accumulated other comprehensive loss — (18.6) (18.6) Net current period other comprehensive income (loss) (1) (4.0) (17.7) (21.7) Balance as of September 29, 2023 $ (54.4) $ 9.5 $ (44.9) (1) Effects of cash flow hedges are net of tax impact of $0.9 million for the nine months ended September 29, 2023. Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows: Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 To caption Cash Flow Hedges $ — $ — $ (0.8) $ — COGS Interest rate swaps (2.9) (3.2) (10.9) (3.0) Interest expense Interest rate swaps terminations — — (6.9) — Other Income Total reclassifications $ (2.9) $ (3.2) $ (18.6) $ (3.0)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to ON Semiconductor Corporation	$ 582.7	$ 311.9	$ 1,621	$ 1,297.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 29, 2023 shares	Sep. 29, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christine Y. Yan [Member]
Trading Arrangements, by Individual
Arrangement Duration	369 days
Bernard R. Colpitts, Jr. [Member]
Trading Arrangements, by Individual
Arrangement Duration	202 days
Alan Campbell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Alan Campbell, a director of the Company, adopted a Rule 10b5-1 Plan on August 4, 2023. Under this plan, a total of 36,269 shares of the Company’s common stock may be sold before the plan expires on December 31, 2024.
Name	Alan Campbell
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 4, 2023
Arrangement Duration	515 days
Aggregate Available	36,269	36,269
Thad Trent [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Thad Trent, Executive Vice President, Chief Financial Officer and Treasurer of the Company, adopted a Rule 10b5-1 Plan on September 14, 2023. Under this plan, a total of 50,000 shares of the Company’s common stock may be sold before the plan expires on December 31, 2024.
Name	Thad Trent
Title	Executive Vice President, Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2023
Arrangement Duration	474 days
Aggregate Available	50,000	50,000

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 29, 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) calculation of 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) cash flow projections 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 in assumptions used in 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)	9 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Schedule of Revenues and Gross Profit From Reportable Segments	Revenue and gross profit for the operating and reportable segments are as follows (in millions): PSG ASG ISG Total For the quarter ended September 29, 2023: Revenue from external customers $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Gross profit $ 591.0 $ 283.6 $ 156.1 $ 1,030.7 For the quarter ended September 30, 2022: Revenue from external customers $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Gross profit $ 508.5 $ 381.7 $ 168.1 $ 1,058.3 For the nine months ended September 29, 2023: Revenue from external customers $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Gross profit $ 1,608.0 $ 845.2 $ 488.4 $ 2,941.6 For the nine months ended September 30, 2022: Revenue from external customers $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 Gross profit $ 1,494.4 $ 1,128.7 $ 433.6 $ 3,056.7
Schedule of Disaggregation of Revenue	Revenue for the operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels is as follows (in millions): Quarter Ended September 29, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 364.9 $ 144.7 $ 72.3 $ 581.9 Singapore 330.3 127.3 49.2 506.8 United Kingdom 247.2 121.7 95.3 464.2 United States 211.5 149.6 63.4 424.5 Other 76.7 78.3 48.4 203.4 Total $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Sales Channel Distributors $ 719.0 $ 280.9 $ 138.0 $ 1,137.9 Direct customers 511.6 340.7 190.6 1,042.9 Total $ 1,230.6 $ 621.6 $ 328.6 $ 2,180.8 Nine Months Ended September 29, 2023 PSG ASG ISG Total Geographic Location Hong Kong $ 977.5 $ 429.0 $ 196.0 $ 1,602.5 Singapore 937.9 381.8 157.1 1,476.8 United Kingdom 678.2 380.5 268.1 1,326.8 United States 537.5 415.7 241.3 1,194.5 Other 232.1 256.9 145.3 634.3 Total $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Sales Channel Distributors $ 2,030.8 $ 796.2 $ 477.8 $ 3,304.8 Direct customers 1,332.4 1,067.7 530.0 2,930.1 Total $ 3,363.2 $ 1,863.9 $ 1,007.8 $ 6,234.9 Quarter Ended September 30, 2022 PSG ASG ISG Total Geographic Location Hong Kong $ 351.2 $ 192.7 $ 74.0 $ 617.9 Singapore 284.2 203.2 56.6 544.0 United Kingdom 192.3 113.7 66.5 372.5 United States 208.1 117.3 90.0 415.4 Other 80.3 107.4 55.1 242.8 Total $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Sales Channel Distributors $ 726.0 $ 368.1 $ 187.4 $ 1,281.5 Direct customers 390.1 366.2 154.8 911.1 Total $ 1,116.1 $ 734.3 $ 342.2 $ 2,192.6 Nine Months Ended September 30, 2022 PSG ASG ISG Total Geographic Location Hong Kong $ 980.7 $ 548.4 $ 202.8 $ 1,731.9 Singapore 857.0 658.0 140.5 1,655.5 United Kingdom 561.9 329.6 186.2 1,077.7 United States 533.1 316.5 238.7 1,088.3 Other 227.1 287.8 154.3 669.2 Total $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 Sales Channel Distributors $ 2,056.3 $ 1,097.8 $ 502.4 $ 3,656.5 Direct customers 1,103.5 1,042.5 420.1 2,566.1 Total $ 3,159.8 $ 2,140.3 $ 922.5 $ 6,222.6 The Company operates in various geographic locations. Sales to external customers have little correlation to where products are manufactured or the location of the end-customers. It is, therefore, not meaningful to present operating profit by geographical location. The Company's revenue disaggregated into end-markets and product technologies is as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 End-Markets Automotive $ 1,157.8 $ 873.6 $ 3,205.6 $ 2,372.1 Industrial 615.8 613.2 1,781.3 1,738.2 Other* 407.2 705.8 1,248.0 2,112.3 Total $ 2,180.8 $ 2,192.6 $ 6,234.9 $ 6,222.6 * - Other includes the end-markets of computing, consumer, networking, communications, etc. Product Technologies Intelligent Power $ 1,154.8 $ 1,067.6 $ 3,146.3 $ 2,983.8 Intelligent Sensing 406.3 414.6 1,234.8 1,128.3 Other 619.7 710.4 1,853.8 2,110.5 Total $ 2,180.8 $ 2,192.6 $ 6,234.9 $ 6,222.6
Schedule of Property, Plant and Equipment by Geographic Location	Property, plant and equipment, net by geographic location, is summarized below (in millions): As of September 29, 2023 December 31, 2022 United States $ 1,446.7 $ 1,329.2 South Korea 1,320.2 871.0 Czech Republic 524.0 279.3 Philippines 261.4 296.8 China 245.6 215.3 Malaysia 205.3 190.2 Vietnam 150.7 86.8 Other 160.6 182.1 Total $ 4,314.5 $ 3,450.7

Acquisition and Divestitures (T

Acquisition and Divestitures (Tables)	9 Months Ended
	Sep. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The final allocation of the purchase price, which is materially consistent with the preliminary allocation disclosed in the 2022 Form 10-K, 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 Charges, Net (Tables)	9 Months Ended
	Sep. 29, 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 Charges Total Quarter ended September 29, 2023 2023 Business Realignment $ 10.0 $ — $ — $ 10.0 QCS wind down (0.6) — — (0.6) Total $ 9.4 $ — $ — $ 9.4 Restructuring Asset Impairments Other Charges Total Nine months ended September 29, 2023 2023 Business Realignment $ 49.2 $ 2.5 $ 2.8 $ 54.5 QCS wind down (0.6) — (2.4) (3.0) Other — 10.2 (1) 1.8 12.0 Total $ 48.6 $ 12.7 $ 2.2 $ 63.5 (1) Relates to property, plant and equipment and ROU asset impairment charges associated with site consolidation efforts in the U.S.
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 September 29, 2023 Employee separation charges $ 4.4 $ 48.6 $ (25.9) $ 27.1 Total $ 4.4 $ 48.6 $ (25.9) $ 27.1

Balance Sheet Information and_2

Balance Sheet Information and Other Supplemental Disclosures (Tables)	9 Months Ended
	Sep. 29, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Details of Inventory included in the Consolidated Balance Sheets are as follows (in millions): As of September 29, 2023 December 31, 2022 Inventories: Raw materials $ 451.7 $ 236.8 Work in process 1,224.5 951.0 Finished goods 408.6 429.0 Total $ 2,084.8 $ 1,616.8
Schedule of Net Periodic Pension Expense	The components of the net periodic pension expense were as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Service cost $ 1.2 $ 2.2 $ 3.6 $ 6.6 Interest cost 1.6 1.0 4.8 3.1 Expected return on plan assets (1.2) (1.1) (3.6) (3.4) Total net periodic pension cost $ 1.6 $ 2.1 $ 4.8 $ 6.3
Schedule of Components of Lease Expense	The components of lease expense were as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Operating lease $ 11.9 $ 12.4 $ 36.2 $ 35.3 Variable lease 1.2 1.8 4.0 7.5 Short-term lease 0.3 0.9 1.5 2.1 Total lease expense $ 13.4 $ 15.1 $ 41.7 $ 44.9 The ROU assets and lease liabilities for operating leases recognized in the Consolidated Balance Sheets are as follows (in millions): As of September 29, 2023 December 31, 2022 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 33.0 $ 35.2 Other long-term liabilities 227.0 246.5 Total $ 260.0 $ 281.7 Operating ROU assets included in: Other assets $ 246.0 $ 262.1
Schedule of Cash and Non-Cash Activities	Certain of the cash and non-cash activities were as follows (in millions): Nine Months Ended September 29, 2023 September 30, 2022 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 426.3 $ 253.5 Operating ROU assets obtained in exchange of lease liabilities 15.8 90.6 Cash paid for: Interest expense $ 65.2 $ 62.8 Income taxes 327.4 329.5 Operating lease payments in operating cash flows 34.1 31.8
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 September 29, 2023 December 31, 2022 September 30, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,679.2 $ 2,919.0 $ 2,450.2 $ 1,352.6 Restricted cash (included in other current assets) 11.6 14.0 17.2 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 $ 2,690.8 $ 2,933.0 $ 2,472.4 $ 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 September 29, 2023 December 31, 2022 September 30, 2022 December 31, 2021 Consolidated Balance Sheets: Cash and cash equivalents $ 2,679.2 $ 2,919.0 $ 2,450.2 $ 1,352.6 Restricted cash (included in other current assets) 11.6 14.0 17.2 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 $ 2,690.8 $ 2,933.0 $ 2,472.4 $ 1,377.7

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 29, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following (in millions, with annualized interest rates): As of September 29, 2023 December 31, 2022 New Credit Agreement: Revolving Credit Facility due 2028, interest payable monthly at 6.67% $ 375.0 $ — Existing Credit Agreement: Revolver due 2024, interest payable monthly at 5.67% — 500.0 Term Loan "B" Facility due 2026, interest payable monthly at 6.42% — 1,086.0 0.50% Notes due 2029 (1) 1,500.0 — 0% Notes due 2027 804.9 805.0 3.875% Notes due 2028 (2) 700.0 700.0 1.625% Notes due 2023 (3) 119.6 137.3 Gross long-term debt, including current maturities $ 3,499.5 $ 3,228.3 Less: Debt discount (4) (4.3) (9.2) Less: Debt issuance costs (5) (41.2) (25.6) Net long-term debt, including current maturities $ 3,454.0 $ 3,193.5 Less: Current maturities (912.9) (147.8) Net long-term debt $ 2,541.1 $ 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 $4.3 million and $5.0 million for the 3.875% Notes, in each case as of September 29, 2023 and December 31, 2022, respectively. (5) Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $28.1 million and $0.0 million for the 0.50% Notes, $11.6 million and $13.9 million for the 0% Notes, $1.5 million and $1.7 million for the 3.875% Notes and $0.0 million and $0.3 million for the 1.625% Notes, in each case as of September 29, 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 sections regarding the 1.625% Notes and 0% Notes) as of September 29, 2023 were as follows (in millions): Period Expected Maturities Remainder of 2023 $ 924.5 2024 — 2025 — 2026 — 2027 — Thereafter 2,575.0 Total $ 3,499.5

Earnings Per Share and Equity -

Earnings Per Share and Equity - (Tables)	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Net income for basic earnings per share of common stock $ 582.7 $ 311.9 $ 1,621.0 $ 1,297.9 Add: Interest on 1.625% Notes 0.4 0.5 1.2 1.5 Net income for diluted earnings per share of common stock $ 583.1 $ 312.4 $ 1,622.2 $ 1,299.4 Basic weighted-average shares of common stock outstanding 431.2 432.9 431.6 433.5 Dilutive effect of share-based awards 1.3 1.6 1.2 1.8 Dilutive effect of convertible notes and warrants 18.2 14.2 16.5 13.0 Diluted weighted-average shares of common stock outstanding 450.7 448.7 449.3 448.3 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.35 $ 0.72 $ 3.76 $ 2.99 Diluted $ 1.29 $ 0.70 $ 3.61 $ 2.90
Schedule of Share Repurchase Program	Activity under the Share Repurchase Program and the Company's prior share repurchase program (which expired on December 31, 2022), during the quarters and nine months ended September 29, 2023 and September 30, 2022, respectively, was as follows (in millions, except per share data): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Number of repurchased shares (1) 1.1 1.2 3.1 2.7 Aggregate purchase price $ 100.0 $ 80.1 $ 264.0 $ 169.8 Fees, commissions and excise tax 0.8 — 1.2 — Total $ 100.8 $ 80.1 $ 265.2 $ 169.8 Weighted-average purchase price per share (2) $ 94.48 $ 67.00 $ 85.84 $ 59.76 (1) None of these shares had been reissued or retired as of September 29, 2023 but may be reissued later. (2) Exclusive of fees, commissions or other expenses.

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	9 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement [Abstract]
Summary Of Share-Based Compensation Expense	Total share-based compensation expense related to the RSUs, stock grant awards and the ESPP was recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions): Quarters Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of revenue $ 4.8 $ 3.2 $ 13.4 $ 8.9 Research and development 5.3 4.9 15.0 14.5 Selling and marketing 4.7 4.1 13.8 12.2 General and administrative 16.3 14.7 48.2 40.9 Share-based compensation expense $ 31.1 $ 26.9 $ 90.4 $ 76.5 Income tax benefit (6.5) (5.6) (19.0) (16.1) Share-based compensation expense, net of taxes $ 24.6 $ 21.3 $ 71.4 $ 60.4
Summary Of Restricted Stock Units Transactions	A summary of the RSU transactions for the nine months ended September 29, 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 1.8 80.16 Achieved 0.3 54.16 Released (2.3) 41.15 Forfeited (0.2) 60.48 Non-vested RSUs at September 29, 2023 3.4 67.82

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	9 Months Ended
	Sep. 29, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value Available-for-sale Securities	The following table summarizes financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis as of December 31, 2022 (in millions): 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 — U.S. 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 long-term borrowings were as follows (in millions): As of September 29, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 793.3 $ 1,461.4 $ 791.1 $ 1,057.8 0.50% Notes 1,471.9 1,655.5 — — 1.625% Notes 119.6 517.9 137.0 417.8 3.875% Notes 694.2 617.5 693.3 618.3 Other long-term debt 375.0 371.7 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)	9 Months Ended
	Sep. 29, 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 September 29, 2023 December 31, 2022 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen 65.0 65.0 27.0 27.0 Philippine Peso 50.1 50.1 63.9 63.9 Czech Koruna 29.9 29.9 41.7 41.7 Euro 63.6 63.6 26.0 26.0 Korean Won 33.0 33.0 35.7 35.7 Other Currencies - Buy 57.1 57.1 66.5 66.5 Other Currencies - Sell (13.6) 13.6 (11.2) 11.2 $ 285.1 $ 312.3 $ 249.6 $ 272.0

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss - (Tables)	9 Months Ended
	Sep. 29, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Amounts comprising 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 (4.0) 0.9 (3.1) Amounts reclassified from accumulated other comprehensive loss — (18.6) (18.6) Net current period other comprehensive income (loss) (1) (4.0) (17.7) (21.7) Balance as of September 29, 2023 $ (54.4) $ 9.5 $ (44.9) (1) Effects of cash flow hedges are net of tax impact of $0.9 million for the nine months ended September 29, 2023.
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 To caption Cash Flow Hedges $ — $ — $ (0.8) $ — COGS Interest rate swaps (2.9) (3.2) (10.9) (3.0) Interest expense Interest rate swaps terminations — — (6.9) — Other Income Total reclassifications $ (2.9) $ (3.2) $ (18.6) $ (3.0)

Background and Basis of Prese_3

Background and Basis of Presentation (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments			3
Number of reportable segments			3
Fiscal period duration	91 days	91 days	272 days	273 days

Revenue and Segment Informati_3

Revenue and Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, current period (or less)			1 year
Revenue, remaining performance obligation, amount (one year of less)	$ 18,400		$ 18,400
Revenue remaining performance obligation, percentage (one year or less)	31%		31%
LTSA, non-cancellable capacity payments, maturity term			30 days
Revenue recognized from contract liabilities	$ 30.1	$ 4.7	$ 61.7	$ 13.8
Remaining capacity payments	293.6		293.6		$ 190.4
Current contract liability	$ 83.7		$ 83.7		$ 60.5
Number of operating segments | segment			3
Number of reportable segments | segment			3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-30
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
One Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	11%	12%	10%	12%

Revenue and Segment Informati_4

Revenue and Segment Information - Schedule of Revenues and Gross Profit From Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue from external customers	$ 2,180.8	$ 2,192.6	$ 6,234.9	$ 6,222.6
Gross profit	1,030.7	1,058.3	2,941.6	3,056.7
PSG
Segment Reporting Information [Line Items]
Revenue from external customers	1,230.6	1,116.1	3,363.2	3,159.8
Gross profit	591	508.5	1,608	1,494.4
ASG
Segment Reporting Information [Line Items]
Revenue from external customers	621.6	734.3	1,863.9	2,140.3
Gross profit	283.6	381.7	845.2	1,128.7
ISG
Segment Reporting Information [Line Items]
Revenue from external customers	328.6	342.2	1,007.8	922.5
Gross profit	$ 156.1	$ 168.1	$ 488.4	$ 433.6

Revenue and Segment Informati_5

Revenue and Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 2,180.8	$ 2,192.6	$ 6,234.9	$ 6,222.6
Distributors
Segment Reporting Information [Line Items]
Revenue	1,137.9	1,281.5	3,304.8	3,656.5
Direct customers
Segment Reporting Information [Line Items]
Revenue	1,042.9	911.1	2,930.1	2,566.1
PSG
Segment Reporting Information [Line Items]
Revenue	1,230.6	1,116.1	3,363.2	3,159.8
PSG | Distributors
Segment Reporting Information [Line Items]
Revenue	719	726	2,030.8	2,056.3
PSG | Direct customers
Segment Reporting Information [Line Items]
Revenue	511.6	390.1	1,332.4	1,103.5
ASG
Segment Reporting Information [Line Items]
Revenue	621.6	734.3	1,863.9	2,140.3
ASG | Distributors
Segment Reporting Information [Line Items]
Revenue	280.9	368.1	796.2	1,097.8
ASG | Direct customers
Segment Reporting Information [Line Items]
Revenue	340.7	366.2	1,067.7	1,042.5
ISG
Segment Reporting Information [Line Items]
Revenue	328.6	342.2	1,007.8	922.5
ISG | Distributors
Segment Reporting Information [Line Items]
Revenue	138	187.4	477.8	502.4
ISG | Direct customers
Segment Reporting Information [Line Items]
Revenue	190.6	154.8	530	420.1
Hong Kong
Segment Reporting Information [Line Items]
Revenue	581.9	617.9	1,602.5	1,731.9
Hong Kong | PSG
Segment Reporting Information [Line Items]
Revenue	364.9	351.2	977.5	980.7
Hong Kong | ASG
Segment Reporting Information [Line Items]
Revenue	144.7	192.7	429	548.4
Hong Kong | ISG
Segment Reporting Information [Line Items]
Revenue	72.3	74	196	202.8
Singapore
Segment Reporting Information [Line Items]
Revenue	506.8	544	1,476.8	1,655.5
Singapore | PSG
Segment Reporting Information [Line Items]
Revenue	330.3	284.2	937.9	857
Singapore | ASG
Segment Reporting Information [Line Items]
Revenue	127.3	203.2	381.8	658
Singapore | ISG
Segment Reporting Information [Line Items]
Revenue	49.2	56.6	157.1	140.5
United Kingdom
Segment Reporting Information [Line Items]
Revenue	464.2	372.5	1,326.8	1,077.7
United Kingdom | PSG
Segment Reporting Information [Line Items]
Revenue	247.2	192.3	678.2	561.9
United Kingdom | ASG
Segment Reporting Information [Line Items]
Revenue	121.7	113.7	380.5	329.6
United Kingdom | ISG
Segment Reporting Information [Line Items]
Revenue	95.3	66.5	268.1	186.2
United States
Segment Reporting Information [Line Items]
Revenue	424.5	415.4	1,194.5	1,088.3
United States | PSG
Segment Reporting Information [Line Items]
Revenue	211.5	208.1	537.5	533.1
United States | ASG
Segment Reporting Information [Line Items]
Revenue	149.6	117.3	415.7	316.5
United States | ISG
Segment Reporting Information [Line Items]
Revenue	63.4	90	241.3	238.7
Other
Segment Reporting Information [Line Items]
Revenue	203.4	242.8	634.3	669.2
Other | PSG
Segment Reporting Information [Line Items]
Revenue	76.7	80.3	232.1	227.1
Other | ASG
Segment Reporting Information [Line Items]
Revenue	78.3	107.4	256.9	287.8
Other | ISG
Segment Reporting Information [Line Items]
Revenue	$ 48.4	$ 55.1	$ 145.3	$ 154.3

Revenue and Segment Informati_6

Revenue and Segment Information - Schedule of Revenue Disaggregated into End-Markets And Product Technologies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 2,180.8	$ 2,192.6	$ 6,234.9	$ 6,222.6
Automotive
Segment Reporting Information [Line Items]
Revenue	1,157.8	873.6	3,205.6	2,372.1
Industrial
Segment Reporting Information [Line Items]
Revenue	615.8	613.2	1,781.3	1,738.2
Other
Segment Reporting Information [Line Items]
Revenue	407.2	705.8	1,248	2,112.3
Intelligent Power
Segment Reporting Information [Line Items]
Revenue	1,154.8	1,067.6	3,146.3	2,983.8
Intelligent Sensing
Segment Reporting Information [Line Items]
Revenue	406.3	414.6	1,234.8	1,128.3
Other
Segment Reporting Information [Line Items]
Revenue	$ 619.7	$ 710.4	$ 1,853.8	$ 2,110.5

Revenue and Segment Informati_7

Revenue and Segment Information - Schedule of Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 4,314.5	$ 3,450.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	1,446.7	1,329.2
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	1,320.2	871
Czech Republic
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	524	279.3
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	261.4	296.8
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	245.6	215.3
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	205.3	190.2
Vietnam
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	150.7	86.8
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 160.6	$ 182.1

Acquisitions and Divestitures -

Acquisitions and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		9 Months Ended
	Jan. 03, 2023	Sep. 29, 2023	Sep. 30, 2022	Jun. 30, 2023
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 Charges, Net - Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 9.4		$ 48.6
Asset Impairments	0		12.7
Other Charges	0		2.2
Total	9.4	$ 40.3	63.5	$ 25.6
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring	10		49.2
Asset Impairments	0		2.5
Other Charges	0		2.8
Total	10		54.5
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring	(0.6)		(0.6)
Asset Impairments	0		0
Other Charges	0		(2.4)
Total	$ (0.6)		(3)
Other
Restructuring Cost and Reserve [Line Items]
Restructuring			0
Asset Impairments			10.2
Other Charges			1.8
Total			$ 12

Restructuring, Asset Impairme_4

Restructuring, Asset Impairments and Other Charges, Net - Schedule of Changes in Accrued Restructuring Reserve (Details) $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 4.4
Charges	48.6
Usage	(25.9)
Balance at end of period	27.1
Employee separation charges
Restructuring Reserve [Roll Forward]
Balance at beginning of period	4.4
Charges	48.6
Usage	(25.9)
Balance at end of period	$ 27.1

Restructuring, Asset Impairme_5

Restructuring, Asset Impairments and Other Charges, Net - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 29, 2023 USD ($) job	Jun. 30, 2023 employee	Mar. 31, 2023 USD ($) job	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($) employee	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 9.4				$ 48.6
Payments for restructuring					25.9
Restructuring reserve	$ 27.1				27.1	$ 4.4
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Number of eliminated positions announced	900	60	400
Restructuring	$ 15.2			$ 39.2
Reversal of restructuring charges			$ 5.2
Payments for restructuring					$ 22.7
Number of positions eliminated | employee					840
Restructuring reserve	$ 26.5				$ 26.5

Balance Sheet Information and_3

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Inventories:
Raw materials	$ 451.7	$ 236.8
Work in process	1,224.5	951
Finished goods	408.6	429
Inventories	$ 2,084.8	$ 1,616.8

Balance Sheet Information and_4

Balance Sheet Information and Other Supplemental Disclosures - Narrative (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net assets for overfunded plans	$ 12.8
Accrued pension liability	67.6	$ 53.8
Current portion accrued pension liability	$ 1.3	$ 0.4
Operating lease weighted average remaining lease term	11 years
Finance lease weighted average remaining lease term	18 years 4 months 24 days
Operating lease weighted average discount rate percent	4.80%
Finance lease weighted average discount rate percent	6.20%
GT Advanced Technologies Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 5.8

Balance Sheet Information and_5

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Net Periodic Pension Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Service cost	$ 1.2	$ 2.2	$ 3.6	$ 6.6
Interest cost	1.6	1	4.8	3.1
Expected return on plan assets	(1.2)	(1.1)	(3.6)	(3.4)
Total net periodic pension cost	$ 1.6	$ 2.1	$ 4.8	$ 6.3

Balance Sheet Information and_6

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Operating lease	$ 11.9	$ 12.4	$ 36.2	$ 35.3
Variable lease	1.2	1.8	4	7.5
Short-term lease	0.3	0.9	1.5	2.1
Total lease expense	13.4	$ 15.1	41.7	$ 44.9
Operating lease liabilities included in:
Accrued expenses and other current liabilities	33		33		$ 35.2
Other long-term liabilities	227		227		246.5
Total	260		260		281.7
Operating ROU assets included in:
Other assets	$ 246		$ 246		$ 262.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current		Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities		Other long-term liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets

Balance Sheet Information and_7

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Cash and Non-Cash Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$ 426.3	$ 253.5
Operating ROU assets obtained in exchange of lease liabilities	15.8	90.6
Cash paid for:
Interest expense	65.2	62.8
Income taxes	327.4	329.5
Operating lease payments in operating cash flows	$ 34.1	$ 31.8

Balance Sheet Information and_8

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Restrictions on Cash and Cash Equivalents and Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 2,679.2	$ 2,919	$ 2,450.2	$ 1,352.6
Restricted cash (included in other current assets)	11.6	14	17.2	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	$ 2,690.8	$ 2,933	$ 2,472.4	$ 1,377.7

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 3,499.5			$ 3,228.3
Less: debt discount	(4.3)			(9.2)
Less: Debt issuance costs	(41.2)			(25.6)
Net long-term debt, including current maturities	3,454			3,193.5
Less: Current maturities	(912.9)			(147.8)
Net long-term debt	2,541.1			3,045.7
New Credit Agreement
Debt Instrument [Line Items]
Long-term debt	$ 375			0
Debt instrument, interest rate	6.67%
Existing Credit Agreement
Debt Instrument [Line Items]
Long-term debt	$ 0			$ 500
Debt instrument, interest rate				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				6.42%
Convertible Debt | 0.50% Notes
Debt Instrument [Line Items]
Long-term debt	1,500			$ 0
Less: Debt issuance costs	$ (28.1)			0
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt | 0% Notes
Debt Instrument [Line Items]
Long-term debt	$ 804.9			805
Less: Debt issuance costs	(11.6)			$ (13.9)
Less: Current maturities	$ (793.3)
Debt instrument, interest rate	0%			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	$ 119.6			$ 137.3
Less: Debt issuance costs	0			$ (0.3)
Less: Current maturities	$ (119.6)
Debt instrument, interest rate	1.625%			1.625%	1.625%	1.625%
Notes Payable | 3.875% Notes
Debt Instrument [Line Items]
Long-term debt	$ 700			$ 700
Less: debt discount	(4.3)			(5)
Less: Debt issuance costs	$ (1.5)			$ (1.7)
Debt instrument, interest rate	3.875%			3.875%

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Maturities Relating To Long-Term Debt (Details) $ in Millions	Sep. 29, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 924.5
2024	0
2025	0
2026	0
2027	0
Thereafter	2,575
Total	$ 3,499.5

Long-Term Debt - New Credit Agr

Long-Term Debt - New Credit Agreement (Details) - Line of Credit - New Credit Agreement $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($)	Jun. 22, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum total net leverage ratio	4
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,500
Borrowing under revolving credit facility	$ 375
Debt issuance costs capitalized		6.8
Available under revolving credit facility	$ 1,125
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		25
Foreign Currency Sublimit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 75

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	9 Months Ended
	Feb. 28, 2023 USD ($) day $ / shares shares	Mar. 31, 2023 USD ($)	Sep. 29, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Feb. 23, 2023 $ / shares	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of borrowings under term loan			$ 1,603.8	$ 509.5
Payment for purchase of bond hedges			414	0
Proceeds from issuance of warrants			$ 242.5	$ 0
0.50% Notes Warrants
Debt Instrument [Line Items]
Share price | $ / shares					$ 78.39
Existing Credit Agreement
Debt Instrument [Line Items]
Debt instrument, interest rate						5.67%
0.50% Notes
Debt Instrument [Line Items]
Warrant strike 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	$ 1,086
0.50% Notes | 0.50% Notes Warrants
Debt Instrument [Line Items]
Warrant strike price per unit (in dollars per share) | $ / shares	$ 156.78
Premium over closing share price	100%
Maximum number of shares to be issued in connection with warrants (in shares) | shares	28.9
Proceeds from issuance of warrants	$ 242.5
0.50% Notes | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,500
Debt instrument, interest rate	0.50%	0.50%	0.50%
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 trading days | day	20
Threshold consecutive trading days | day	30
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
0.50% Notes | Convertible Debt | 0.50% Notes Warrants
Debt Instrument [Line Items]
Number of warrants (in shares) | shares	14.4
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 trading days | day	20
Threshold consecutive trading days | day	30
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) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Sep. 29, 2023	Sep. 30, 2022
Line of Credit Facility [Line Items]
Repayments of borrowings under term loan			$ 1,603.8	$ 509.5
Convertible Debt | 0.50% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
Expense of unamortized debt discount and issuance costs		$ 13.3
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Repayments of debt		125
Term Loan B Facility | 0.50% Notes
Line of Credit Facility [Line Items]
Repayments of borrowings under term loan	$ 1,086	$ 1,086

Long-Term Debt - 1.625% Notes d

Long-Term Debt - 1.625% Notes due 2023 (Details) - USD ($) shares in Millions, $ in Millions		9 Months Ended
	Oct. 16, 2023	Sep. 29, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 912.9		$ 147.8
Repayments of borrowings under term loan		$ 1,603.8	$ 509.5
1.625% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate		1.625%	1.625%	1.625%	1.625%
Current portion of long-term debt		$ 119.6
1.625% Notes | Convertible Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of borrowings under term loan	$ 119.6
Shares issued excess over the principal	4.5

Long-Term Debt - 0% Notes (Deta

Long-Term Debt - 0% Notes (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2022
Debt Instrument [Line Items]
Current portion of long-term debt | $	$ 912.9	$ 147.8
0% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0%	0%	0%
Current portion of long-term debt | $	$ 793.3
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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income for basic earnings per share of common stock	$ 582.7	$ 311.9	$ 1,621	$ 1,297.9
Add: Interest on 1.625% Notes	0.4	0.5	1.2	1.5
Net income for diluted earnings per share of common stock	$ 583.1	$ 312.4	$ 1,622.2	$ 1,299.4
Basic weighted average shares of common stock outstanding (in shares)	431.2	432.9	431.6	433.5
Dilutive effect of share-based awards (in shares)	1.3	1.6	1.2	1.8
Dilutive effect of convertible notes and warrants (in shares)	18.2	14.2	16.5	13
Diluted weighted-average shares of common stock outstanding (in shares)	450.7	448.7	449.3	448.3
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.35	$ 0.72	$ 3.76	$ 2.99
Diluted (in dollars per share)	$ 1.29	$ 0.70	$ 3.61	$ 2.90

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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Mar. 31, 2023	Feb. 28, 2023	Feb. 06, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Anti-dilutive shares	0	0	0.1	0.4
Payments of tax withholding for restricted shares, before adjustments	$ 5.2	$ 4.1	$ 62.6	$ 67.4
Common stock withheld underlying restricted stock units (in shares)	0.1	0.1	0.8	1.1
Non-controlling interest	$ 19.7		$ 19.7					$ 18.5
Non-controlling interest share of earnings			1.2
Leshan
Dividends Payable [Line Items]
Non-controlling interest								$ 18.5
Leshan-Phoenix Semiconductor Company Limited | Leshan
Dividends Payable [Line Items]
Noncontrolling interest, percentage								20%
Share Repurchase Program
Dividends Payable [Line Items]
Stock repurchase program, authorized amount							$ 3,000
Remaining authorized amount available for repurchase	$ 2,700		$ 2,700
0.50% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 156.78		$ 156.78
0.50% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate	0.50%		0.50%		0.50%	0.50%
Conversion price per share (in dollars per share)	$ 103.87		$ 103.87			$ 103.87
0% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 74.34		$ 74.34
0% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate	0%	0%	0%	0%				0%
Conversion price per share (in dollars per share)	$ 52.97		$ 52.97
1.625% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 30.70		$ 30.70
1.625% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate	1.625%	1.625%	1.625%	1.625%				1.625%	1.625%
Conversion price per share (in dollars per share)	$ 20.72		$ 20.72

Earnings Per Share and Equity_4

Earnings Per Share and Equity - Schedule of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Number of repurchased shares (in shares)	1,100,000	1,200,000		3,100,000	2,700,000
Aggregate purchase price	$ 100	$ 80.1		$ 264	$ 169.8
Fees, commissions and excise tax	0.8	0		1.2	0
Total	$ 100.8	$ 80.1		$ 265.2	$ 169.8
Weighted-average purchase price per share (in dollars per share )	$ 94.48	$ 67		$ 85.84	$ 59.76
Number of repurchased shares subsequently retired (in shares)			0

Share-Based Compensation - Summ

Share-Based Compensation - Summary Of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 31.1	$ 26.9	$ 90.4	$ 76.5
Income tax benefit	(6.5)	(5.6)	(19)	(16.1)
Share-based compensation expense, net of taxes	24.6	21.3	71.4	60.4
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.8	3.2	13.4	8.9
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	5.3	4.9	15	14.5
Selling and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.7	4.1	13.8	12.2
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 16.3	$ 14.7	$ 48.2	$ 40.9

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 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)	37.1		37.1		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	$ 149.8		$ 149.8
Period for recognition (in years)			1 year 7 months 6 days
Options pre-vesting forfeitures rate	8%	8%	8%	8%
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	9 Months Ended
	Sep. 29, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	3.8
Granted (in shares) | shares	1.8
Restricted stock units achieved (in shares) | shares	0.3
Released (in shares) | shares	(2.3)
Forfeited (in shares) | shares	(0.2)
Ending balance (in shares) | shares	3.4
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 46.56
Granted (in dollars per share) | $ / shares	80.16
Achieved (in dollars per share) | $ / shares	54.16
Released (in dollars per share) | $ / shares	41.15
Forfeited (in dollars per share) | $ / shares	60.48
Ending balance (in dollars per share) | $ / shares	$ 67.82

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 29, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding guarantees and letters of credit	$ 12.8
Guarantees	0.9
Letter of Credit | Existing Credit Agreement
Loss Contingencies [Line Items]
Revolving credit facility, letters of credit	25
Credit commitment outstanding	$ 0.9

Fair Value Measurements - Avail

Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Cash and cash equivalents | Demand and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 0	$ 233.1
Unrealized gains		0
Unrealized losses		0
Fair value		233.1
Cash and cash equivalents | Demand and time deposits | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		233.1
Cash and cash equivalents | Demand and time deposits | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Cash and cash equivalents | Demand and time deposits | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Cash and cash equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		17
Unrealized gains		0
Unrealized losses		0
Fair value		17
Cash and cash equivalents | Money market funds | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		17
Cash and cash equivalents | Money market funds | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Cash and cash equivalents | Money market funds | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		23.8
Unrealized gains		0
Unrealized losses		0
Fair value		23.8
Other current assets | Corporate bonds | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | Corporate bonds | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		23.8
Other current assets | Corporate bonds | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		3.1
Unrealized gains		0
Unrealized losses		0
Fair value		3.1
Other current assets | Certificate of deposit | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | Certificate of deposit | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		3.1
Other current assets | Certificate of deposit | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		3.2
Unrealized gains		0
Unrealized losses		0
Fair value		3.2
Other current assets | Commercial paper | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		1.2
Other current assets | Commercial paper | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		2
Other current assets | Commercial paper | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | U.S. Treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		2.1
Unrealized gains		0
Unrealized losses		0
Fair value		2.1
Other current assets | U.S. Treasury bonds | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other current assets | U.S. Treasury bonds | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		2.1
Other current assets | U.S. Treasury bonds | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		$ 0
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 0
Investment maturity		1 year
Other assets | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		$ 0.8
Unrealized gains		0
Unrealized losses		0
Fair value		0.8
Other assets | Corporate bonds | Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0
Other assets | Corporate bonds | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0.8
Other assets | Corporate bonds | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 3,499.5
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	$ 371.7			$ 1,549.2
0% Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	0%			0%	0%
Carrying Amount	$ 793.3			$ 791.1
Fair Value	$ 1,461.4			1,057.8
0.50% Notes | Convertible Debt
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	$ 1,471.9			0
Fair Value	$ 1,655.5			$ 0
1.625% Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	1.625%			1.625%	1.625%	1.625%
Carrying Amount	$ 119.6			$ 137
Fair Value	$ 517.9			$ 417.8
3.875% Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%
3.875% Notes | Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%			3.875%
Carrying Amount	$ 694.2			$ 693.3
Fair Value	$ 617.5			$ 618.3

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and cash equivalents | Demand and time deposits
Debt Instrument [Line Items]
Amortized Cost	$ 0			$ 233.1
Other assets
Debt Instrument [Line Items]
Amortized Cost	$ 0
0% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0%			0%	0%
0.50% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
1.625% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%			1.625%	1.625%	1.625%
3.875% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
3.875% Notes | Notes Payable
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%			3.875%

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Foreign currency transaction (loss) gain realized	$ 1.5		$ 0.7	$ (1.2)	$ 9
Accumulated other comprehensive income	$ (44.9)			$ (44.9)			$ (23.2)
0% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0%		0%	0%	0%		0%
0.50% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0.50%	0.50%		0.50%		0.50%
1.625% Notes | Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	1.625%		1.625%	1.625%	1.625%		1.625%	1.625%
Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Gain (loss) on cash flow hedges				$ (0.8)
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 312.3			312.3			$ 272
Foreign currency exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	112.4			112.4
Derivative assets (liabilities), fair value	$ (3.8)			$ (3.8)
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 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
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
Interest rate swap
Derivatives, Fair Value [Line Items]
Interest rate swaps, fair value							$ 36

Financial Instruments - Schedul

Financial Instruments - Schedule of Net Foreign Exchange Positions (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Buy (Sell)	$ 285.1	$ 249.6
Notional Amount	312.3	272
Other Currencies - Buy
Derivatives, Fair Value [Line Items]
Buy (Sell)	57.1	66.5
Notional Amount	57.1	66.5
Other Currencies - Sell
Derivatives, Fair Value [Line Items]
Buy (Sell)	(13.6)	(11.2)
Notional Amount	13.6	11.2
Japanese Yen
Derivatives, Fair Value [Line Items]
Buy (Sell)	65	27
Notional Amount	65	27
Philippine Peso
Derivatives, Fair Value [Line Items]
Buy (Sell)	50.1	63.9
Notional Amount	50.1	63.9
Czech Koruna
Derivatives, Fair Value [Line Items]
Buy (Sell)	29.9	41.7
Notional Amount	29.9	41.7
Euro
Derivatives, Fair Value [Line Items]
Buy (Sell)	63.6	26
Notional Amount	63.6	26
Korean Won
Derivatives, Fair Value [Line Items]
Buy (Sell)	33	35.7
Notional Amount	$ 33	$ 35.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 6.7	$ 2.7
Possible reduction in uncertain tax positions in next twelve months	$ 70.2

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	$ 7,003.6	$ 5,410.1	$ 6,207	$ 4,604.4
Other comprehensive income (loss) prior to reclassifications			(3.1)
Amounts reclassified from accumulated other comprehensive loss			(18.6)
Other comprehensive income (loss), net of tax	(7.5)	5.9	(21.7)	17.2
Balance, ending	7,504	$ 5,676.6	7,504	$ 5,676.6
Cash flow hedge, tax			0.9
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning			(50.4)
Other comprehensive income (loss) prior to reclassifications			(4)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive income (loss), net of tax			(4)
Balance, ending	(54.4)		(54.4)
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			0.9
Amounts reclassified from accumulated other comprehensive loss			(18.6)
Other comprehensive income (loss), net of tax			(17.7)
Balance, ending	9.5		9.5
Total
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning			(23.2)
Balance, ending	$ (44.9)		$ (44.9)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps terminations	$ 1.1	$ 0.9	$ 4.5	$ 9.4
Net income	582.9	311.9	1,622.2	1,299.5
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	(2.9)	(3.2)	(18.6)	(3)
Interest rate swaps | Effects of Cash Flow Hedges and Other Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cash Flow Hedges	0	0	(0.8)	0
Interest rate swaps	(2.9)	(3.2)	(10.9)	(3)
Interest rate swaps terminations	$ 0	$ 0	$ (6.9)	$ 0