ON Semiconductor (ON) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 29, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2024
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		430,231,889
Entity Central Index Key	0001097864
Current Fiscal Year End	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 2,614.4	$ 2,483
Receivables, net	873.3	935.4
Inventories	2,147.1	2,111.8
Other current assets	514.1	382.1
Total current assets	6,148.9	5,912.3
Property, plant and equipment, net	4,384.3	4,401.5
Goodwill	1,577.6	1,577.6
Intangible assets, net	289.4	299.3
Deferred tax assets	648.4	600.8
ROU financing lease assets	41.8	42.4
Other assets	392.5	381.3
Total assets	13,482.9	13,215.2
Liabilities and Stockholders’ Equity
Accounts payable	665.8	725.6
Accrued expenses and other current liabilities	678.1	663.2
Current portion of financing lease liabilities	0.3	0.8
Current portion of long-term debt	794.8	794
Total current liabilities	2,139	2,183.6
Long-term debt	2,544.1	2,542.6
Deferred tax liabilities	37.3	38.7
Long-term financing lease liabilities	21.3	22.4
Other long-term liabilities	598.6	627.3
Total liabilities	5,340.3	5,414.6
Commitments and contingencies
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 621,590,872 and 616,281,996 issued, 429,934,333 and 426,386,426 outstanding, respectively)	6.2	6.2
Additional paid-in capital	5,243.9	5,210.9
Accumulated other comprehensive loss	(52.2)	(45.2)
Accumulated earnings	7,001.1	6,548.1
Less: Treasury stock, at cost: 191,656,539 and 189,895,570 shares, respectively	(4,075.1)	(3,937.4)
Total ON Semiconductor Corporation stockholders’ equity	8,123.9	7,782.6
Non-controlling interest	18.7	18
Total stockholders’ equity	8,142.6	7,800.6
Total liabilities and stockholders’ equity	$ 13,482.9	$ 13,215.2

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 29, 2024	Dec. 31, 2023
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)	621,590,872	616,281,996
Common stock, shares outstanding (in shares)	429,934,333	426,386,426
Treasury stock, shares (in shares)	191,656,539	189,895,570

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 1,862.7	$ 1,959.7
Cost of revenue	1,009.1	1,042.2
Gross profit	853.6	917.5
Operating expenses:
Research and development	150	138.4
Selling and marketing	69.1	71.8
General and administrative	95.3	75.9
Amortization of acquisition-related intangible assets	12.6	15
Restructuring, asset impairments and other charges, net	1.4	51.5
Total operating expenses	328.4	352.6
Operating income	525.2	564.9
Other income (expense), net:
Interest expense	(15.6)	(26.4)
Interest income	27.6	17.1
Loss on debt prepayment	0	(13.3)
Loss on divestiture of business	0	(1.1)
Other income	1	4.7
Other income (expense), net	13	(19)
Income before income taxes	538.2	545.9
Income tax provision	(84.5)	(83.7)
Net income	453.7	462.2
Less: Net income attributable to non-controlling interest	(0.7)	(0.5)
Net income attributable to ON Semiconductor Corporation	453	461.7
Net income for diluted earnings per share of common stock	$ 453	$ 462.1
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.06	$ 1.07
Diluted (in dollars per share)	$ 1.04	$ 1.03
Weighted-average shares of common stock outstanding:
Basic (in shares)	428.1	431.9
Diluted (in shares)	436.5	448.5
Comprehensive income (loss), net of tax:
Net income	$ 453.7	$ 462.2
Foreign currency translation adjustments	(2.3)	0.3
Effects of cash flow hedges and other adjustments	(4.7)	(6.7)
Other comprehensive income (loss), net of tax	(7)	(6.4)
Comprehensive income	446.7	455.8
Comprehensive income attributable to non-controlling interest	(0.7)	(0.5)
Comprehensive income attributable to ON Semiconductor Corporation	$ 446	$ 455.3

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	0% Notes	1.625% Notes	0.50% Notes	Common Stock	Common Stock 0% Notes	Common Stock 1.625% Notes	Additional Paid-in Capital	Additional Paid-in Capital 1.625% Notes	Additional Paid-in Capital 0.50% Notes	Accumulated Other Comprehensive Loss	Accumulated Earnings	Treasury Stock	Treasury Stock 0% Notes	Treasury Stock 1.625% Notes	Non-Controlling Interest
Beginning Balance (in shares) at Dec. 31, 2022					608,367,713
Treasury stock beginning balance (in shares) at Dec. 31, 2022													176,431,298
Balance, beginning at Dec. 31, 2022	$ 6,207				$ 6.1			$ 4,670.9			$ (23.2)	$ 4,364.4	$ (2,829.7)			$ 18.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)					136,856
Shares issued pursuant to the ESPP	7.3							7.3
RSUs and stock grant awards issued (in shares)					1,680,376
Partial settlement (in shares)							93,098
Partial settlement of bond hedges (in shares)															(93,098)
Partial settlement of bond hedges			$ 0						$ 6.9						$ (6.9)
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
Payment of tax withholding for RSUs (in shares)													(578,406)
Payment of tax withholding for RSUs	(47.6)												$ (47.6)
Share-based compensation	$ 27.7							27.7
Repurchase of common stock (in shares)	(1,300,000)												(1,324,151)
Repurchase of common stock	$ (104)												$ (104)
Comprehensive income (loss)	455.8										(6.4)	461.7				0.5
Ending Balance (in shares) at Mar. 31, 2023					610,278,043
Treasury stock ending balance (in shares) at Mar. 31, 2023													178,426,953
Balance, ending at Mar. 31, 2023	$ 6,467				$ 6.1			4,633.6			(29.6)	4,826.1	$ (2,988.2)			19
Beginning Balance (in shares) at Dec. 31, 2023	426,386,426				616,281,996
Treasury stock beginning balance (in shares) at Dec. 31, 2023	189,895,570												189,895,570
Balance, beginning at Dec. 31, 2023	$ 7,800.6				$ 6.2			5,210.9			(45.2)	6,548.1	$ (3,937.4)			18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and stock grant awards issued (in shares)					1,280,614
Partial settlement (in shares)						36
Partial settlement of bond hedges (in shares)														(35)
Partial settlement of bond hedges		$ 0												$ 0
Partial settlement of warrants (in shares)						10	4,028,216
Payment of tax withholding for RSUs (in shares)													(488,261)
Payment of tax withholding for RSUs	(37.7)												$ (37.7)
Share-based compensation	$ 33							33
Repurchase of common stock (in shares)	(1,300,000)												(1,272,673)
Repurchase of common stock	$ (100)												$ (100)
Comprehensive income (loss)	$ 446.7										(7)	453				0.7
Ending Balance (in shares) at Mar. 29, 2024	429,934,333				621,590,872
Treasury stock ending balance (in shares) at Mar. 29, 2024	191,656,539												191,656,539
Balance, ending at Mar. 29, 2024	$ 8,142.6				$ 6.2			$ 5,243.9			$ (52.2)	$ 7,001.1	$ (4,075.1)			$ 18.7

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Convertible Debt	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023
0% Notes
Debt instrument, interest rate	0%	0%	0%
1.625% Notes
Debt instrument, interest rate	1.625%		1.625%
0.50% Notes
Debt instrument, interest rate	0.50%	0.50%	0.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 453.7	$ 462.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154.9	145
Loss on sale or disposal of fixed assets	0.1	1.2
Loss on divestiture of business	0	1.1
Loss on debt prepayment	0	13.3
Amortization of debt discount and issuance costs	2.7	2.9
Share-based compensation	33	27.7
Non-cash asset impairment charges	0	12.7
Change in deferred tax balances	(48.6)	(1.5)
Other	1.8	(7)
Changes in assets and liabilities:
Receivables	55	(37.7)
Inventories	(35.7)	(198.1)
Other assets	(88.2)	54.8
Accounts payable	3	53.5
Accrued expenses and other current liabilities	(5.9)	(154.6)
Other long-term liabilities	(27.1)	33.4
Net cash provided by operating activities	498.7	408.9
Cash flows from investing activities:
Purchase of property, plant and equipment	(222.4)	(321.5)
Proceeds from sale of property, plant and equipment	0.1	1.7
Deposits made for purchase of property, plant and equipment	(11.5)	(16.7)
Proceeds from sale or maturity of available-for-sale securities	0	10.8
Payments related to acquisition of business	0	(236.3)
Other	(1.5)	0
Net cash used in investing activities	(235.3)	(562)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	7.6	7.3
Payment of tax withholding for RSUs	(37.5)	(47.6)
Repurchase of common stock	(100)	(104)
Issuance and borrowings under debt agreements	0	1,470
Reimbursement of debt issuance and other financing costs	0	4.5
Payment of debt issuance and other financing costs	0	(4.8)
Repayment of borrowings under debt agreements	0	(1,213.7)
Payment for purchase of bond hedges	0	(414)
Proceeds from issuance of warrants	0	242.5
Payment of financing lease obligations	(0.9)	(3.6)
Net cash used in financing activities	(130.8)	(63.4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.9)	0.1
Net increase (decrease) in cash, cash equivalents and restricted cash	131.7	(216.4)
Cash, cash equivalents and restricted cash, beginning of period	2,485	2,933
Cash, cash equivalents and restricted cash, end of period	$ 2,616.7	$ 2,716.6

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 29, 2024
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 Analog & Mixed-Signal Group ("AMG"), and the Intelligent Sensing Group ("ISG"). During the quarter ended March 29, 2024, onsemi reorganized the existing divisions within certain of its operating and reportable segments and renamed the Advanced Solutions Group ("ASG") reportable segment to AMG. See Note 2: ''Revenue and Segment Information'' for additional information regarding the segment reorganization. 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 March 29, 2024 and March 31, 2023 contained 89 and 90 days, respectively. The accompanying unaudited financial statements as of and for the quarter ended March 29, 2024 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, 2023 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, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 5, 2024 (the "2023 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) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the 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	3 Months Ended
	Mar. 29, 2024
Segment Reporting [Abstract]
Revenue and Segment Information	Note 2: Revenue and Segment Information Revenue disaggregated by product sales, manufacturing services and product development agreements was as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Revenue: Product sales $ 1,804.3 $ 1,895.1 Manufacturing services 54.0 62.1 Product development agreements 4.4 2.5 Total $ 1,862.7 $ 1,959.7 A significant portion of the Company’s orders are firm commitments that are non-cancellable, including certain orders or contracts with a duration of less than one year. Certain of the Company's customer contracts are multi-year agreements that include firmly committed amounts ("Long-term Supply Agreements" or "LTSAs") for which the remaining performance obligations as of March 29, 2024 are approximately $15.6 billion (excluding the remaining performance obligations for contracts having a duration of one year or less). The Company expects to recognize approximately 30% of this amount as revenue during the next twelve months upon shipment of products under these contracts. Total revenue estimates are based on negotiated contract prices and demand quantities, and 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 $12.1 million and $14.8 million for the quarters ended March 29, 2024 and March 31, 2023, respectively. As of March 29, 2024 and December 31, 2023, the remaining capacity payments were $288.5 million and $304.2 million, respectively, of which $95.4 million and $87.6 million, respectively, were recorded as other current liabilities and $193.1 million and $216.6 million, respectively, were recorded as other long-term liabilities. Contract assets were $225.3 million and $95.1 million as of March 29, 2024 and December 31, 2023, respectively, of which $217.3 million and $83.1 million, respectively, were recorded as other current assets and $8.0 million and $12.0 million, respectively, were recorded as other assets. The Company is organized into three operating and reportable segments consisting of PSG, AMG 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. PSG reportable segment included the divisions of Advanced Power Division, and Integrated Circuits, Protection and Signal Division ("IPS"). During the quarter ended March 29, 2024, management reorganized them to the divisions of Automotive Power Division, Industrial Power Division and Multi-Market Power Division (“MPD”). Further, the IPS division was split with portions remaining in MPD, and portions moving to the new Integrated Circuits Division ("ICD") within the AMG reportable segment. Management performed a goodwill impairment analysis on the divisions (which were the reporting units) prior to and after the reorganization and did not identify an impairment. Revenue and gross profit for the operating and reportable segments were as follows (in millions): PSG (1) AMG (1) ISG Total For the quarter ended March 29, 2024: Revenue from external customers $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Gross profit $ 365.4 $ 338.8 $ 149.4 $ 853.6 For the quarter ended March 31, 2023: Revenue from external customers $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 Gross profit $ 396.4 $ 344.0 $ 177.1 $ 917.5 (1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation. The Company had one customer, a distributor, whose revenue accounted for approximately 10% of the total revenue for the quarters ended March 29, 2024 and March 31, 2023, respectively. Revenue for the operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channel was as follows (in millions): Quarter Ended March 29, 2024 PSG AMG ISG Total Geographic Location: Hong Kong $ 203.4 $ 149.7 $ 52.3 $ 405.4 Singapore 206.7 186.1 40.4 433.2 United Kingdom 202.5 133.8 107.7 444.0 United States 205.3 159.5 54.2 419.0 Other 56.3 67.9 36.9 161.1 Total $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Sales Channel: Distributors $ 450.4 $ 343.6 $ 112.0 $ 906.0 Direct customers 423.8 353.4 179.5 956.7 Total $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Quarter Ended March 31, 2023 PSG (1) AMG (1) ISG Total Geographic Location: Hong Kong $ 241.9 $ 184.7 $ 63.8 $ 490.4 Singapore 244.1 148.4 58.2 450.7 United Kingdom 168.8 163.4 81.1 413.3 United States 135.9 151.7 101.5 389.1 Other 70.2 96.5 49.5 216.2 Total $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 Sales Channel: Distributors $ 521.3 $ 312.4 $ 187.1 $ 1,020.8 Direct customers 339.6 432.3 167.0 938.9 Total $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 (1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation. 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 was as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 End-Markets: Automotive $ 1,017.2 $ 986.0 Industrial 476.1 556.2 Other* 369.4 417.5 Total $ 1,862.7 $ 1,959.7 * - Other primarily includes the end-markets of computing, consumer, networking and communications. Product Technologies: Intelligent Power $ 953.4 $ 927.3 Intelligent Sensing 362.9 428.2 Other 546.4 604.2 Total $ 1,862.7 $ 1,959.7 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 and are not specifically ascribed to operating and reportable segments. In situations where the carrying amounts assigned to an asset group need to be evaluated for recoverability, judgment is used to determine the carrying amounts of the asset group based on the facts and circumstances. Property, plant and equipment, net by geographic location, is summarized below (in millions): As of March 29, 2024 December 31, 2023 United States $ 1,458.1 $ 1,456.5 South Korea 1,349.9 1,360.8 Czech Republic 569.5 559.7 Philippines 242.1 252.9 China 251.9 252.2 Malaysia 199.8 199.3 Vietnam 160.0 164.3 Other 153.0 155.8 Total $ 4,384.3 $ 4,401.5

Recent Accounting Pronouncement

Recent Accounting Pronouncements and Other Developments	3 Months Ended
	Mar. 29, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Other Developments	Note 3: Recent Accounting Pronouncements and Other Developments Pending Adoption Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07") In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment disclosure requirements for entities with a single reportable segment. For public business entities, the provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance will be applied retrospectively to all periods presented in the financial statements. ASU 2023-07 will be applicable for the Company's financial statements for the year ended December 31, 2024. Management is currently evaluating and understanding the requirements under this new standard. Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") In December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the requirements under this new standard. SEC Climate Disclosure In March 2024, the SEC issued final rules requiring registrants to include comprehensive climate-related disclosures in annual reports and registration statements. As adopted, the final rules require large accelerated filers to make their first climate-related disclosures for fiscal years beginning in 2025. However, in April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. Management is currently evaluating these rules as adopted as well as monitoring the status of the related litigation and the SEC’s stay.

Balance Sheet Information and O

Balance Sheet Information and Other Supplemental Disclosures	3 Months Ended
	Mar. 29, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Information and Other Supplemental Disclosures	Note 4: Balance Sheet Information and Other Supplemental Disclosures Goodwill 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. As a result of the segment reorganization discussed in Note 2: ''Revenue and Segment Information,'', management performed a goodwill impairment analysis on the divisions (which were the reporting units) prior to and after the reorganization and did not identify an impairment. In connection with the reorganization, the Company changed its reporting units structure, which resulted in the reallocation of $25.9 million of goodwill, presented on a prospective basis, from PSG to AMG based on the relative fair values of the businesses transferred. There was no change in the overall balance of goodwill from December 31, 2023 to March 29, 2024. The following table summarizes goodwill by operating and reportable segments (in millions): As of March 29, 2024 December 31, 2023 Goodwill Accumulated Impairment Losses Reallocation Carrying Value Goodwill Accumulated Impairment Losses Carrying Value Operating and Reportable Segments: PSG $ 708.0 $ (31.9) $ (25.9) $ 650.2 $ 708.0 $ (31.9) $ 676.1 AMG 1,536.4 (748.9) 25.9 813.4 1,536.4 (748.9) 787.5 ISG 114.0 — — 114.0 114.0 — 114.0 Total $ 2,358.4 $ (780.8) $ — $ 1,577.6 $ 2,358.4 $ (780.8) $ 1,577.6 Inventories Details of inventories included in the Consolidated Balance Sheets were as follows (in millions): As of March 29, 2024 December 31, 2023 Inventories: Raw materials $ 452.5 $ 469.3 Work in process 1,306.6 1,221.1 Finished goods 388.0 421.4 Total $ 2,147.1 $ 2,111.8 Defined Benefit Plans The Company recognizes the aggregate amount of all over-funded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of March 29, 2024, the net assets for the over-funded plans totaled $16.4 million. The total accrued pension liability for underfunded plans was $67.0 million, of which the current portion of $1.4 million was classified as accrued expenses and other current liabilities. As of December 31, 2023, the net funded status for all the plans was a liability of $50.8 million, of which the current portion of $1.4 million was classified as accrued expenses and other current liabilities. The components of the net periodic pension expense were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Service cost $ 1.3 $ 1.2 Interest cost 1.4 1.6 Expected return on plan assets (1.2) (1.2) Total $ 1.5 $ 1.6 Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The components of lease expense were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Operating lease $ 12.6 $ 12.4 Variable lease 1.3 1.8 Short-term lease 0.4 0.5 Total $ 14.3 $ 14.7 The ROU assets and lease liabilities for operating leases recognized in the Consolidated Balance Sheets were as follows (in millions): As of March 29, 2024 December 31, 2023 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 34.8 $ 33.0 Other long-term liabilities 233.7 231.0 Total $ 268.5 $ 264.0 Operating ROU assets included in: Other assets $ 253.4 $ 247.3 As of March 29, 2024, the weighted-average remaining lease-terms were 10.5 years and 17.8 years, and the weighted-average discount rates were 5.1% 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): Quarters Ended March 29, 2024 March 31, 2023 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 232.2 $ 388.8 Operating ROU assets obtained in exchange for lease liabilities 15.5 4.6 Cash paid for: Interest expense $ 24.3 $ 29.1 Income taxes 23.6 35.2 Operating lease payments in operating cash flows 11.4 11.2 Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 29, 2024 December 31, 2023 March 31, 2023 December 31, 2022 Consolidated Balance Sheets: Cash and cash equivalents $ 2,614.4 $ 2,483.0 $ 2,702.4 $ 2,919.0 Restricted cash (included in other current assets) 2.3 2.0 14.2 14.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,616.7 $ 2,485.0 $ 2,716.6 $ 2,933.0

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 29, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 5: Long-Term Debt Long-term debt consisted of the following (in millions, with annualized interest rates): As of March 29, 2024 December 31, 2023 New Credit Agreement: Revolving Credit Facility due 2028, interest payable monthly at 6.68% and 6.71% $ 375.0 $ 375.0 0.50% Notes due 2029 (1) 1,500.0 1,500.0 0% Notes due 2027 804.9 804.9 3.875% Notes due 2028 (2) 700.0 700.0 Gross long-term debt, including current maturities 3,379.9 3,379.9 Less: Debt discount (3) (3.9) (4.2) Less: Debt issuance costs (4) (37.1) (39.1) Net long-term debt, including current maturities 3,338.9 3,336.6 Less: Current maturities (794.8) (794.0) Net long-term debt $ 2,544.1 $ 2,542.6 (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) Debt discount of $3.9 million and $4.2 million for the 3.875% Notes, in each case as of March 29, 2024 and December 31, 2023, respectively. (4) Debt issuance costs of $25.6 million and $26.8 million for the 0.50% Notes, $10.1 million and $10.9 million for the 0% Notes and $1.4 million and $1.4 million for the 3.875% Notes, in each case as of March 29, 2024 and December 31, 2023, respectively. Expected maturities of gross long-term debt (including current portion - see section below on 0% Notes due 2027) as of March 29, 2024 were as follows (in millions): Period Expected Maturities Remainder of 2024 $ 804.9 2025 — 2026 — 2027 — 2028 1,075.0 Thereafter 1,500.0 Total $ 3,379.9 The Company was in compliance with its covenants under all debt agreements as of March 29, 2024, and expects to remain in compliance with all covenants over at least the next 12 months . 0% Notes due 2027 Pursuant to the indenture governing the 0% Notes, as of March 29, 2024, the $794.8 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 March 29, 2024 was greater than or equal to $68.86 (130% of the conversion price) on each applicable trading day. This condition gives holders the right to surrender any portion of their 0% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending June 30, 2024, and only during such calendar quarter.

Earnings Per Share and Equity

Earnings Per Share and Equity	3 Months Ended
	Mar. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Note 6: Earnings Per Share and Equity Earnings Per Share Net income per share of common stock for calculating basic and diluted earnings per share was calculated as follows (in millions, except per share data): Quarters Ended March 29, 2024 March 31, 2023 Net income for basic earnings per share of common stock $ 453.0 $ 461.7 Add: Interest on 1.625% Notes — 0.4 Net income for diluted earnings per share of common stock $ 453.0 $ 462.1 Basic weighted-average shares of common stock outstanding 428.1 431.9 Dilutive effect of share-based awards 0.8 1.4 Dilutive effect of convertible notes and warrants 7.6 15.2 Diluted weighted-average shares of common stock outstanding 436.5 448.5 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.06 $ 1.07 Diluted $ 1.04 $ 1.03 Basic income per share of common stock is computed by dividing net income for basic earnings by the weighted-average number of shares of common stock outstanding during the period. To calculate the diluted weighted-average shares of common stock outstanding, the treasury stock method has been applied to calculate the number of incremental shares from the assumed issuance of shares relating to RSUs. The excluded number of anti-dilutive share-based awards was 0.3 million and 0.2 million for the quarters ended March 29, 2024 and March 31, 2023, respectively. The dilutive impacts related to the 0.50% Notes and 0% Notes have been calculated using the if-converted method for the quarters ended March 29, 2024 and March 31, 2023. 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. 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 and 0% Notes when the stock price is above $103.87 and $52.97 per share, respectively. The dilutive impact of the warrants issued concurrently with the issuance of the 0.50% Notes and 0% Notes with exercise prices of $156.78 and $74.34, respectively, has been included in the calculation of diluted weighted-average common shares outstanding, if applicable. Warrants Settlement At the time of issuance of the 1.625% Notes, the Company sold warrants to bank counterparties whereby the holders of the warrants had the option to purchase the equivalent number of shares of the Company’s common stock at a price of $30.70 per share from the Company beginning in January 16, 2024. The bank counterparties exercised 6.7 million warrants during the quarter ended March 29, 2024, and the Company settled them by issuing 4.0 million shares of common stock on a net-share basis based on the average stock price on the day of exercise, for which no cash was exchanged. All outstanding warrants related to the 1.625% Notes were settled entirely during the quarter ended March 29, 2024. 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 during the quarters ended March 29, 2024 and March 31, 2023, respectively, was as follows (in millions, except per share data): Quarters Ended March 29, 2024 March 31, 2023 Number of repurchased shares (1) 1.3 1.3 Aggregate purchase price $ 100.0 $ 104.0 Fees, commissions and excise tax — — Total $ 100.0 $ 104.0 Weighted-average purchase price per share (2) $ 78.57 $ 78.57 (1) None of these shares had been reissued or retired as of March 29, 2024, but may be reissued later. (2) Exclusive of fees, commissions or other expenses. As of March 29, 2024, the authorized amount remaining under the Share Repurchase Program was approximately $2.3 billion. Shares for Restricted Stock Units Tax Withholding The amounts remitted for employee withholding taxes during the quarters ended March 29, 2024 and March 31, 2023 was $37.7 million and $47.6 million, respectively, for which the Company withheld approximately 0.5 million and 0.6 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”)

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 29, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 7: 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 March 29, 2024 March 31, 2023 Cost of revenue $ 5.4 $ 3.7 Research and development 5.7 4.5 Selling and marketing 5.2 4.1 General and administrative 16.7 15.4 Share-based compensation expense 33.0 27.7 Income tax benefit (6.9) (5.8) Share-based compensation expense, net of taxes $ 26.1 $ 21.9 As of March 29, 2024, total unrecognized expected share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $240.7 million , which is expected to be recognized over a weighted-average period of 2.1 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 ended March 29, 2024 and March 31, 2023. Shares Available As of March 29, 2024 and December 31, 2023, there was an aggregate o f 33.7 million and 37.1 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, 2023 3.2 $ 69.39 Granted 2.0 78.28 Achieved 0.3 61.15 Released (1.3) 59.81 Forfeited (0.1) 71.53 Non-vested RSUs at March 29, 2024 4.1 75.92

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8: Commitments and Contingencies Environmental Contingencies The Company has encountered and dealt with a number of environmental issues over time relating to the various locations where it conducts 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 March 29, 2024, which reduced the borrowing capacity under such facility. As of March 29, 2024, the Company also had outstanding guarantees and letters of credit outside of its Revolving Credit Facility totaling $5.8 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 March 29, 2024. 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. Securities Class Action And Derivative Litigation Concerning the Company's SiC Business On December 13, 2023, a putative class action captioned Hubacek v. On Semiconductor Corp., et al., Case No. 1:23-cv-01429 (D. Del.), was filed by an alleged stockholder of the Company in the U.S. District Court for the District of Delaware against the Company and certain of its officers. This action was transferred to the U.S. District Court for the District of Arizona in March of 2024. The complaint asserts claims for alleged violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that the defendants made misleading statements regarding the Company's SiC business. The plaintiff seeks a ruling that this case may proceed as a class action, and seeks damages, attorneys’ fees and costs. The case is in its early stages. The Company believes that it has strong legal defenses to the claims asserted, and will vigorously defend it. On January 3, 2024, a purported stockholder derivative action captioned Silva v. El-Khoury, et al., Case No. 1:24-cv-00007 (D. Del.), was filed by a purported stockholder of the Company in the U.S. District Court for the District of Delaware. On February 12, 2024, a purported stockholder derivative action captioned Smalley et al. v. El-Khoury et al. Case No. 1:24-cv-00183 (D. Del.), was filed by a purported stockholder of the Company in the U.S. District Court for the District of Delaware. Both aforementioned derivative actions, Silva and Smalley, were voluntarily dismissed without prejudice on April 15, 2024. On February 28, 2024, a purported stockholder derivative action captioned Mumme et al. v. El-Khoury et al. Case No. CV2024-003974 (D. AZ.), was filed by a purported stockholder of the Company in the Superior Court of the State of Arizona in and for the County of Maricopa and on March 15, 2024, a purported stockholder derivative action captioned Chan et al. v. Abe et al. Case No. 2:24-cv-00552 (D. AZ.), was filed by a purported stockholder of the Company in the U.S. District Court for the District of Arizona. The allegations in these derivative complaints are substantially similar to the allegations in the securities class action complaint discussed above. The derivative suits purports to assert claims on behalf of the Company against certain of its officers for contribution under the federal securities laws, and asserts claims against all of the defendants for breach of fiduciary duty, aiding and abetting, unjust enrichment, abuse of control, gross mismanagement, and waste. The plaintiffs seek an award of damages, pre-judgment interest, punitive damages, attorneys’ fees, and other costs and expenses related to the litigation. The Company believes that the plaintiffs lack standing to assert claims on the Company’s behalf. These two pending derivative actions, Mumme and Chan, are in their early stages. Intellectual Property Matters The Company faces risk of exposure from claims of infringement of the IP rights of others. In the ordinary course of business, the Company receives letters asserting that the Company’s products or components breach another party’s rights. Such letters may request royalty payments from the Company, that the Company cease and desist using certain IP, and/or request other remedies.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9: 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 March 29, 2024 and December 31, 2023. There were no demand and time deposits or investments in other assets as of March 29, 2024 and December 31, 2023. 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 March 29, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 794.8 $ 1,187.1 $ 794.0 $ 1,334.4 0.50% Notes 1,474.4 1,481.9 1,473.1 1,596.6 3.875% Notes 694.7 643.7 694.4 652.0 Revolving Credit Facility 375.0 387.3 375.0 390.6 (1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs. Fair values of the 0% Notes, 0.50% Notes and 3.875% Notes were estimated based on market prices in active markets (Level 1), and the Revolving Credit Facility was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 29, 2024
Investments, All Other Investments [Abstract]
Financial Instruments	Note 10: Financial Instruments Foreign Currencies As a multinational business, the Company engages in transactions that are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company’s policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure. The Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes. The Company is exposed to credit-related losses if counterparties to hedge contracts fail to perform their obligations. As of March 29, 2024 and December 31, 2023, the Company had net outstanding foreign exchange contracts with notional amounts of $234.0 million and $262.2 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one The following summarizes the Company’s net foreign exchange positions in U.S. Dollars (in millions): As of March 29, 2024 December 31, 2023 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen $ 37.4 $ 37.4 $ 55.2 $ 55.2 Philippine Peso 41.3 41.3 47.3 47.3 Czech Koruna 31.7 31.7 16.8 16.8 Euro 52.9 52.9 64.6 64.6 Korean Won (23.2) 23.2 (14.3) 14.3 Other Currencies - Buy 37.9 37.9 54.4 54.4 Other Currencies - Sell (9.6) 9.6 (9.6) 9.6 $ 168.4 $ 234.0 $ 214.4 $ 262.2 Amounts receivable or payable under the contracts were not material as of March 29, 2024 or December 31, 2023. During the quarters ended March 29, 2024 and March 31, 2023, net of the impact of the hedge positions, the realized and unrealized foreign currency transactions totaled a gain of $1.4 million and a loss of $1.9 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 The Company's foreign currency forward contracts generally mature within 12 months and are designated as cash flow hedges for accounting purposes. As of March 29, 2024, the notional value of outstanding foreign currency forward contracts designated as cash flow hedges was $88.6 million, with a fair value of $2.3 million recorded as accrued expenses and other current liabilities. A loss of $1.0 million was recognized as a component of cost of revenue for the quarter ended March 29, 2024. The Company did not identify any ineffectiveness with respect to the notional amounts of the foreign currency forward contracts effective as of March 29, 2024. See Note 12: ''Changes in Accumulated Other Comprehensive Loss'' for the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and the Consolidated Statements of Operations and Comprehensive Income for the quarter ended March 29, 2024. Other As of March 29, 2024, the Company had no outstanding commodity derivatives, currency swaps, options or equity investments held at subsidiaries or affiliated companies. The Company does not hedge the value of its equity investments in its subsidiaries or affiliated companies. The Company is exposed to credit-related losses if its hedge counterparties fail to perform their obligations. As of March 29, 2024, the counterparties to the Company's hedge contracts are held at financial institutions which the Company believes to be highly rated, and no credit-related losses are anticipated.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes The Company recognizes interest and penalties accrued related to uncertain tax positions in tax expense in the Consolidated Statements of Operations and Comprehensive Income. The Company recognized approximately $2.6 million and $2.0 million of net interest and penalties accrued as of March 29, 2024 and December 31, 2023, respectively. It is reasonably possible that its unrecognized tax benefits will be reduced by $3.9 million in the next 12 months due to 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 that primarily expire in 2025. Tax years prior to 2020 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 2019. With respect to jurisdictions outside the United States, the Company is generally not subject to examination for the tax years prior to 2013.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 29, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Note 12: Changes in Accumulated Other Comprehensive Loss Amounts comprising accumulated other comprehensive loss and reclassifications were as follows (in millions): Currency Translation Adjustments Effects of Cash Flow Hedges Total Balance as of December 31, 2023 $ (52.5) $ 7.3 $ (45.2) Other comprehensive income (loss) prior to reclassifications (2.3) 0.1 (2.2) Amounts reclassified from accumulated other comprehensive loss — (4.8) (4.8) Net current period other comprehensive loss (1) (2.3) (4.7) (7.0) Balance as of March 29, 2024 $ (54.8) $ 2.6 $ (52.2) (1) Effects of cash flow hedges were net of tax impact of $0.7 million for the quarter ended March 29, 2024. Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 To caption Cash flow hedges $ (1.8) $ — Cost of revenue Interest rate swaps (3.0) (5.0) Interest expense Interest rate swaps terminations — (6.9) Other income Total reclassifications $ (4.8) $ (11.9)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to ON Semiconductor Corporation	$ 453	$ 461.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 29, 2024 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
Paul A. Mascarenas [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Paul A. Mascarenas, a director, adopted a Rule 10b5-1 trading arrangement on February 7, 2024. Under this arrangement, a total of 911 shares of our common stock may be sold, subject to certain conditions, before the plan expires on May 30, 2024.
Name	Paul A. Mascarenas
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 7, 2024
Arrangement Duration	113 days
Simon Keeton [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Simon Keeton, our Group President, PSG, adopted a Rule 10b5-1 trading arrangement on February 15, 2024. Under this arrangement, a total of 52,819 shares of our common stock may be sold, subject to certain conditions, before the plan expires on February 15, 2025.
Name	Simon Keeton
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 15, 2024
Arrangement Duration	366 days
Mr Paul A. Mascarenas Trading Arrangement, Common Stock [Member] | Paul A. Mascarenas [Member]
Trading Arrangements, by Individual
Aggregate Available	911
Mr Simon Keeton Trading Arrangement, Common Stock [Member] | Simon Keeton [Member]
Trading Arrangements, by Individual
Aggregate Available	52,819

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 29, 2024
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) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the assumptions used in business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.
Recent Accounting Pronouncements	Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07") In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment disclosure requirements for entities with a single reportable segment. For public business entities, the provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance will be applied retrospectively to all periods presented in the financial statements. ASU 2023-07 will be applicable for the Company's financial statements for the year ended December 31, 2024. Management is currently evaluating and understanding the requirements under this new standard. Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") In December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the requirements under this new standard. SEC Climate Disclosure In March 2024, the SEC issued final rules requiring registrants to include comprehensive climate-related disclosures in annual reports and registration statements. As adopted, the final rules require large accelerated filers to make their first climate-related disclosures for fiscal years beginning in 2025. However, in April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. Management is currently evaluating these rules as adopted as well as monitoring the status of the related litigation and the SEC’s stay.

Revenue and Segment Informati_2

Revenue and Segment Information (Tables)	3 Months Ended
	Mar. 29, 2024
Segment Reporting [Abstract]
Schedule of Disaggregation of Revenue	Revenue disaggregated by product sales, manufacturing services and product development agreements was as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Revenue: Product sales $ 1,804.3 $ 1,895.1 Manufacturing services 54.0 62.1 Product development agreements 4.4 2.5 Total $ 1,862.7 $ 1,959.7 Revenue for the operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channel was as follows (in millions): Quarter Ended March 29, 2024 PSG AMG ISG Total Geographic Location: Hong Kong $ 203.4 $ 149.7 $ 52.3 $ 405.4 Singapore 206.7 186.1 40.4 433.2 United Kingdom 202.5 133.8 107.7 444.0 United States 205.3 159.5 54.2 419.0 Other 56.3 67.9 36.9 161.1 Total $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Sales Channel: Distributors $ 450.4 $ 343.6 $ 112.0 $ 906.0 Direct customers 423.8 353.4 179.5 956.7 Total $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Quarter Ended March 31, 2023 PSG (1) AMG (1) ISG Total Geographic Location: Hong Kong $ 241.9 $ 184.7 $ 63.8 $ 490.4 Singapore 244.1 148.4 58.2 450.7 United Kingdom 168.8 163.4 81.1 413.3 United States 135.9 151.7 101.5 389.1 Other 70.2 96.5 49.5 216.2 Total $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 Sales Channel: Distributors $ 521.3 $ 312.4 $ 187.1 $ 1,020.8 Direct customers 339.6 432.3 167.0 938.9 Total $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 (1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation. 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 was as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 End-Markets: Automotive $ 1,017.2 $ 986.0 Industrial 476.1 556.2 Other* 369.4 417.5 Total $ 1,862.7 $ 1,959.7 * - Other primarily includes the end-markets of computing, consumer, networking and communications. Product Technologies: Intelligent Power $ 953.4 $ 927.3 Intelligent Sensing 362.9 428.2 Other 546.4 604.2 Total $ 1,862.7 $ 1,959.7
Schedule of Revenues and Gross Profit From Reportable Segments	Revenue and gross profit for the operating and reportable segments were as follows (in millions): PSG (1) AMG (1) ISG Total For the quarter ended March 29, 2024: Revenue from external customers $ 874.2 $ 697.0 $ 291.5 $ 1,862.7 Gross profit $ 365.4 $ 338.8 $ 149.4 $ 853.6 For the quarter ended March 31, 2023: Revenue from external customers $ 860.9 $ 744.7 $ 354.1 $ 1,959.7 Gross profit $ 396.4 $ 344.0 $ 177.1 $ 917.5 (1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation.
Schedule of Property, Plant and Equipment by Geographic Location	Property, plant and equipment, net by geographic location, is summarized below (in millions): As of March 29, 2024 December 31, 2023 United States $ 1,458.1 $ 1,456.5 South Korea 1,349.9 1,360.8 Czech Republic 569.5 559.7 Philippines 242.1 252.9 China 251.9 252.2 Malaysia 199.8 199.3 Vietnam 160.0 164.3 Other 153.0 155.8 Total $ 4,384.3 $ 4,401.5

Balance Sheet Information and_2

Balance Sheet Information and Other Supplemental Disclosures (Tables)	3 Months Ended
	Mar. 29, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Goodwill	The following table summarizes goodwill by operating and reportable segments (in millions): As of March 29, 2024 December 31, 2023 Goodwill Accumulated Impairment Losses Reallocation Carrying Value Goodwill Accumulated Impairment Losses Carrying Value Operating and Reportable Segments: PSG $ 708.0 $ (31.9) $ (25.9) $ 650.2 $ 708.0 $ (31.9) $ 676.1 AMG 1,536.4 (748.9) 25.9 813.4 1,536.4 (748.9) 787.5 ISG 114.0 — — 114.0 114.0 — 114.0 Total $ 2,358.4 $ (780.8) $ — $ 1,577.6 $ 2,358.4 $ (780.8) $ 1,577.6
Schedule of Inventories	Details of inventories included in the Consolidated Balance Sheets were as follows (in millions): As of March 29, 2024 December 31, 2023 Inventories: Raw materials $ 452.5 $ 469.3 Work in process 1,306.6 1,221.1 Finished goods 388.0 421.4 Total $ 2,147.1 $ 2,111.8
Schedule of Net Periodic Pension Expense	The components of the net periodic pension expense were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Service cost $ 1.3 $ 1.2 Interest cost 1.4 1.6 Expected return on plan assets (1.2) (1.2) Total $ 1.5 $ 1.6
Schedule of Components of Lease Expense	The components of lease expense were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Operating lease $ 12.6 $ 12.4 Variable lease 1.3 1.8 Short-term lease 0.4 0.5 Total $ 14.3 $ 14.7 The ROU assets and lease liabilities for operating leases recognized in the Consolidated Balance Sheets were as follows (in millions): As of March 29, 2024 December 31, 2023 Operating lease liabilities included in: Accrued expenses and other current liabilities $ 34.8 $ 33.0 Other long-term liabilities 233.7 231.0 Total $ 268.5 $ 264.0 Operating ROU assets included in: Other assets $ 253.4 $ 247.3
Schedule of Cash and Non-Cash Activities	Certain of the cash and non-cash activities were as follows (in millions): Quarters Ended March 29, 2024 March 31, 2023 Non-cash investing activities: Capital expenditures in accounts payable and other long-term liabilities $ 232.2 $ 388.8 Operating ROU assets obtained in exchange for lease liabilities 15.5 4.6 Cash paid for: Interest expense $ 24.3 $ 29.1 Income taxes 23.6 35.2 Operating lease payments in operating cash flows 11.4 11.2
Schedule of Cash and Cash Equivalents	Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 29, 2024 December 31, 2023 March 31, 2023 December 31, 2022 Consolidated Balance Sheets: Cash and cash equivalents $ 2,614.4 $ 2,483.0 $ 2,702.4 $ 2,919.0 Restricted cash (included in other current assets) 2.3 2.0 14.2 14.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,616.7 $ 2,485.0 $ 2,716.6 $ 2,933.0
Schedule of Restrictions on Cash and Cash Equivalents	Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions): As of March 29, 2024 December 31, 2023 March 31, 2023 December 31, 2022 Consolidated Balance Sheets: Cash and cash equivalents $ 2,614.4 $ 2,483.0 $ 2,702.4 $ 2,919.0 Restricted cash (included in other current assets) 2.3 2.0 14.2 14.0 Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows $ 2,616.7 $ 2,485.0 $ 2,716.6 $ 2,933.0

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 29, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following (in millions, with annualized interest rates): As of March 29, 2024 December 31, 2023 New Credit Agreement: Revolving Credit Facility due 2028, interest payable monthly at 6.68% and 6.71% $ 375.0 $ 375.0 0.50% Notes due 2029 (1) 1,500.0 1,500.0 0% Notes due 2027 804.9 804.9 3.875% Notes due 2028 (2) 700.0 700.0 Gross long-term debt, including current maturities 3,379.9 3,379.9 Less: Debt discount (3) (3.9) (4.2) Less: Debt issuance costs (4) (37.1) (39.1) Net long-term debt, including current maturities 3,338.9 3,336.6 Less: Current maturities (794.8) (794.0) Net long-term debt $ 2,544.1 $ 2,542.6 (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) Debt discount of $3.9 million and $4.2 million for the 3.875% Notes, in each case as of March 29, 2024 and December 31, 2023, respectively. (4) Debt issuance costs of $25.6 million and $26.8 million for the 0.50% Notes, $10.1 million and $10.9 million for the 0% Notes and $1.4 million and $1.4 million for the 3.875% Notes, in each case as of March 29, 2024 and December 31, 2023, respectively.
Schedule of Annual Maturities Relating To Long-Term Debt	Expected maturities of gross long-term debt (including current portion - see section below on 0% Notes due 2027) as of March 29, 2024 were as follows (in millions): Period Expected Maturities Remainder of 2024 $ 804.9 2025 — 2026 — 2027 — 2028 1,075.0 Thereafter 1,500.0 Total $ 3,379.9

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	3 Months Ended
	Mar. 29, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Net income per share of common stock for calculating basic and diluted earnings per share was calculated as follows (in millions, except per share data): Quarters Ended March 29, 2024 March 31, 2023 Net income for basic earnings per share of common stock $ 453.0 $ 461.7 Add: Interest on 1.625% Notes — 0.4 Net income for diluted earnings per share of common stock $ 453.0 $ 462.1 Basic weighted-average shares of common stock outstanding 428.1 431.9 Dilutive effect of share-based awards 0.8 1.4 Dilutive effect of convertible notes and warrants 7.6 15.2 Diluted weighted-average shares of common stock outstanding 436.5 448.5 Net income per share of common stock attributable to ON Semiconductor Corporation: Basic $ 1.06 $ 1.07 Diluted $ 1.04 $ 1.03
Schedule of Share Repurchase Program	Activity under the Share Repurchase Program during the quarters ended March 29, 2024 and March 31, 2023, respectively, was as follows (in millions, except per share data): Quarters Ended March 29, 2024 March 31, 2023 Number of repurchased shares (1) 1.3 1.3 Aggregate purchase price $ 100.0 $ 104.0 Fees, commissions and excise tax — — Total $ 100.0 $ 104.0 Weighted-average purchase price per share (2) $ 78.57 $ 78.57 (1) None of these shares had been reissued or retired as of March 29, 2024, but may be reissued later. (2) Exclusive of fees, commissions or other expenses.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule 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 March 29, 2024 March 31, 2023 Cost of revenue $ 5.4 $ 3.7 Research and development 5.7 4.5 Selling and marketing 5.2 4.1 General and administrative 16.7 15.4 Share-based compensation expense 33.0 27.7 Income tax benefit (6.9) (5.8) Share-based compensation expense, net of taxes $ 26.1 $ 21.9
Schedule Of Restricted Stock Units Transactions	A summary of the RSU transactions for the quarter ended March 29, 2024 was 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, 2023 3.2 $ 69.39 Granted 2.0 78.28 Achieved 0.3 61.15 Released (1.3) 59.81 Forfeited (0.1) 71.53 Non-vested RSUs at March 29, 2024 4.1 75.92

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 29, 2024
Fair Value Disclosures [Abstract]
Schedule 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 March 29, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1) 0% Notes $ 794.8 $ 1,187.1 $ 794.0 $ 1,334.4 0.50% Notes 1,474.4 1,481.9 1,473.1 1,596.6 3.875% Notes 694.7 643.7 694.4 652.0 Revolving Credit Facility 375.0 387.3 375.0 390.6 (1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 29, 2024
Investments, All Other Investments [Abstract]
Schedule of Net Foreign Exchange Positions	The following summarizes the Company’s net foreign exchange positions in U.S. Dollars (in millions): As of March 29, 2024 December 31, 2023 Buy (Sell) Notional Amount Buy (Sell) Notional Amount Japanese Yen $ 37.4 $ 37.4 $ 55.2 $ 55.2 Philippine Peso 41.3 41.3 47.3 47.3 Czech Koruna 31.7 31.7 16.8 16.8 Euro 52.9 52.9 64.6 64.6 Korean Won (23.2) 23.2 (14.3) 14.3 Other Currencies - Buy 37.9 37.9 54.4 54.4 Other Currencies - Sell (9.6) 9.6 (9.6) 9.6 $ 168.4 $ 234.0 $ 214.4 $ 262.2

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Amounts comprising accumulated other comprehensive loss and reclassifications were as follows (in millions): Currency Translation Adjustments Effects of Cash Flow Hedges Total Balance as of December 31, 2023 $ (52.5) $ 7.3 $ (45.2) Other comprehensive income (loss) prior to reclassifications (2.3) 0.1 (2.2) Amounts reclassified from accumulated other comprehensive loss — (4.8) (4.8) Net current period other comprehensive loss (1) (2.3) (4.7) (7.0) Balance as of March 29, 2024 $ (54.8) $ 2.6 $ (52.2) (1) Effects of cash flow hedges were net of tax impact of $0.7 million for the quarter ended March 29, 2024.
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 (in millions): Quarters Ended March 29, 2024 March 31, 2023 To caption Cash flow hedges $ (1.8) $ — Cost of revenue Interest rate swaps (3.0) (5.0) Interest expense Interest rate swaps terminations — (6.9) Other income Total reclassifications $ (4.8) $ (11.9)

Background and Basis of Prese_3

Background and Basis of Presentation (Details) - segment	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3
Fiscal period duration	89 days	90 days

Revenue and Segment Informati_3

Revenue and Segment Information - Schedule of Revenue Disaggregated by Product Sales, Manufacturing Services and Product Development Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,862.7	$ 1,959.7
Product sales
Segment Reporting Information [Line Items]
Revenue	1,804.3	1,895.1
Manufacturing services
Segment Reporting Information [Line Items]
Revenue	54	62.1
Product development agreements
Segment Reporting Information [Line Items]
Revenue	$ 4.4	$ 2.5

Revenue and Segment Informati_4

Revenue and Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount (one year of less)	$ 15,600
Revenue, remaining performance obligation, expected timing of satisfaction, current period (or less)	1 year
Revenue remaining performance obligation, percentage (one year or less)	30%
LTSA, non-cancellable capacity payments, maturity term	30 days
Revenue recognized from contract liabilities	$ 12.1	$ 14.8
Number of operating segments | segment	3
Number of reportable segments | segment	3
Long Term Supply Arrangement
Segment Reporting Information [Line Items]
Remaining capacity payments	$ 288.5		$ 304.2
Current contract liability	95.4		87.6
Noncurrent contract liability	193.1		216.6
Contract asset	225.3		95.1
Contract other current asset	217.3		83.1
Contract other asset	$ 8		$ 12
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-30
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
One Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	10%	10%

Revenue and Segment Informati_5

Revenue and Segment Information - Schedule of Revenues and Gross Profit From Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue from external customers	$ 1,862.7	$ 1,959.7
Gross profit	853.6	917.5
PSG
Segment Reporting Information [Line Items]
Revenue from external customers	874.2	860.9
Gross profit	365.4	396.4
AMG
Segment Reporting Information [Line Items]
Revenue from external customers	697	744.7
Gross profit	338.8	344
ISG
Segment Reporting Information [Line Items]
Revenue from external customers	291.5	354.1
Gross profit	$ 149.4	$ 177.1

Revenue and Segment Informati_6

Revenue and Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,862.7	$ 1,959.7
Distributors
Segment Reporting Information [Line Items]
Revenue	906	1,020.8
Direct customers
Segment Reporting Information [Line Items]
Revenue	956.7	938.9
PSG
Segment Reporting Information [Line Items]
Revenue	874.2	860.9
PSG | Distributors
Segment Reporting Information [Line Items]
Revenue	450.4	521.3
PSG | Direct customers
Segment Reporting Information [Line Items]
Revenue	423.8	339.6
AMG
Segment Reporting Information [Line Items]
Revenue	697	744.7
AMG | Distributors
Segment Reporting Information [Line Items]
Revenue	343.6	312.4
AMG | Direct customers
Segment Reporting Information [Line Items]
Revenue	353.4	432.3
ISG
Segment Reporting Information [Line Items]
Revenue	291.5	354.1
ISG | Distributors
Segment Reporting Information [Line Items]
Revenue	112	187.1
ISG | Direct customers
Segment Reporting Information [Line Items]
Revenue	179.5	167
Hong Kong
Segment Reporting Information [Line Items]
Revenue	405.4	490.4
Hong Kong | PSG
Segment Reporting Information [Line Items]
Revenue	203.4	241.9
Hong Kong | AMG
Segment Reporting Information [Line Items]
Revenue	149.7	184.7
Hong Kong | ISG
Segment Reporting Information [Line Items]
Revenue	52.3	63.8
Singapore
Segment Reporting Information [Line Items]
Revenue	433.2	450.7
Singapore | PSG
Segment Reporting Information [Line Items]
Revenue	206.7	244.1
Singapore | AMG
Segment Reporting Information [Line Items]
Revenue	186.1	148.4
Singapore | ISG
Segment Reporting Information [Line Items]
Revenue	40.4	58.2
United Kingdom
Segment Reporting Information [Line Items]
Revenue	444	413.3
United Kingdom | PSG
Segment Reporting Information [Line Items]
Revenue	202.5	168.8
United Kingdom | AMG
Segment Reporting Information [Line Items]
Revenue	133.8	163.4
United Kingdom | ISG
Segment Reporting Information [Line Items]
Revenue	107.7	81.1
United States
Segment Reporting Information [Line Items]
Revenue	419	389.1
United States | PSG
Segment Reporting Information [Line Items]
Revenue	205.3	135.9
United States | AMG
Segment Reporting Information [Line Items]
Revenue	159.5	151.7
United States | ISG
Segment Reporting Information [Line Items]
Revenue	54.2	101.5
Other
Segment Reporting Information [Line Items]
Revenue	161.1	216.2
Other | PSG
Segment Reporting Information [Line Items]
Revenue	56.3	70.2
Other | AMG
Segment Reporting Information [Line Items]
Revenue	67.9	96.5
Other | ISG
Segment Reporting Information [Line Items]
Revenue	$ 36.9	$ 49.5

Revenue and Segment Informati_7

Revenue and Segment Information - Schedule of Revenue Disaggregated into End-Markets And Product Technologies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,862.7	$ 1,959.7
Automotive
Segment Reporting Information [Line Items]
Revenue	1,017.2	986
Industrial
Segment Reporting Information [Line Items]
Revenue	476.1	556.2
Other
Segment Reporting Information [Line Items]
Revenue	369.4	417.5
Intelligent Power
Segment Reporting Information [Line Items]
Revenue	953.4	927.3
Intelligent Sensing
Segment Reporting Information [Line Items]
Revenue	362.9	428.2
Other
Segment Reporting Information [Line Items]
Revenue	$ 546.4	$ 604.2

Revenue and Segment Informati_8

Revenue and Segment Information - Schedule of Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 4,384.3	$ 4,401.5
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	1,458.1	1,456.5
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	1,349.9	1,360.8
Czech Republic
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	569.5	559.7
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	242.1	252.9
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	251.9	252.2
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	199.8	199.3
Vietnam
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	160	164.3
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 153	$ 155.8

Balance Sheet Information and_3

Balance Sheet Information and Other Supplemental Disclosures - Narrative (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Net assets for overfunded plans	$ 16.4
Accrued pension liability	67	$ 50.8
Current portion accrued pension liability	$ 1.4	$ 1.4
Operating lease weighted average remaining lease term	10 years 6 months
Finance lease weighted average remaining lease term	17 years 9 months 18 days
Operating lease weighted average discount rate percent	5.10%
Finance lease weighted average discount rate percent	6.20%
Goodwill [Line Items]
Goodwill, amount reallocated among segments	$ 0
AMG
Goodwill [Line Items]
Goodwill, amount reallocated among segments	$ 25.9

Balance Sheet Information and_4

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Goodwill (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 2,358.4	$ 2,358.4
Accumulated Impairment Losses	(780.8)	(780.8)
Reallocation	0
Carrying Value	1,577.6	1,577.6
PSG
Goodwill [Line Items]
Goodwill	708	708
Accumulated Impairment Losses	(31.9)	(31.9)
Reallocation	(25.9)
Carrying Value	650.2	676.1
AMG
Goodwill [Line Items]
Goodwill	1,536.4	1,536.4
Accumulated Impairment Losses	(748.9)	(748.9)
Reallocation	25.9
Carrying Value	813.4	787.5
ISG
Goodwill [Line Items]
Goodwill	114	114
Accumulated Impairment Losses	0	0
Reallocation	0
Carrying Value	$ 114	$ 114

Balance Sheet Information and_5

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Inventories:
Raw materials	$ 452.5	$ 469.3
Work in process	1,306.6	1,221.1
Finished goods	388	421.4
Total	$ 2,147.1	$ 2,111.8

Balance Sheet Information and_6

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Net Periodic Pension Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Service cost	$ 1.3	$ 1.2
Interest cost	1.4	1.6
Expected return on plan assets	(1.2)	(1.2)
Total	$ 1.5	$ 1.6

Balance Sheet Information and_7

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Operating lease	$ 12.6	$ 12.4
Variable lease	1.3	1.8
Short-term lease	0.4	0.5
Total	14.3	$ 14.7
Operating lease liabilities included in:
Accrued expenses and other current liabilities	$ 34.8		$ 33
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current		Accrued Liabilities, Current
Other long-term liabilities	$ 233.7		$ 231
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities
Total	$ 268.5		$ 264
Operating ROU assets included in:
Other assets	$ 253.4		$ 247.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets

Balance Sheet Information and_8

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Cash and Non-Cash Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$ 232.2	$ 388.8
Operating ROU assets obtained in exchange for lease liabilities	15.5	4.6
Cash paid for:
Interest expense	24.3	29.1
Income taxes	23.6	35.2
Operating lease payments in operating cash flows	$ 11.4	$ 11.2

Balance Sheet Information and_9

Balance Sheet Information and Other Supplemental Disclosures - Schedule of Restrictions on Cash and Cash Equivalents and Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 2,614.4	$ 2,483	$ 2,702.4	$ 2,919
Restricted cash (included in other current assets)	2.3	2	14.2	14
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$ 2,616.7	$ 2,485	$ 2,716.6	$ 2,933

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Gross long-term debt, including current maturities	$ 3,379.9	$ 3,379.9
Less: debt discount	(3.9)	(4.2)
Less: Debt issuance costs	(37.1)	(39.1)
Net long-term debt, including current maturities	3,338.9	3,336.6
Less: Current maturities	(794.8)	(794)
Net long-term debt	2,544.1	2,542.6
New Credit Agreement
Debt Instrument [Line Items]
Gross long-term debt, including current maturities	$ 375	$ 375
Debt instrument, interest rate	6.68%	6.71%
Convertible Debt | 0.50% Notes
Debt Instrument [Line Items]
Gross long-term debt, including current maturities	$ 1,500	$ 1,500
Less: Debt issuance costs	$ (25.6)	$ (26.8)
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt | 0% Notes
Debt Instrument [Line Items]
Gross long-term debt, including current maturities	$ 804.9	$ 804.9
Less: Debt issuance costs	(10.1)	$ (10.9)
Less: Current maturities	$ (794.8)
Debt instrument, interest rate	0%	0%	0%
Notes Payable | 3.875% Notes
Debt Instrument [Line Items]
Gross long-term debt, including current maturities	$ 700	$ 700
Less: debt discount	(3.9)	(4.2)
Less: Debt issuance costs	$ (1.4)	$ (1.4)
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	Mar. 29, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 804.9
2025	0
2026	0
2027	0
2028	1,075
Thereafter	1,500
Total	$ 3,379.9

Long-Term Debt - 0% Notes due 2

Long-Term Debt - 0% Notes due 2027 (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($) day $ / shares	Dec. 31, 2023 USD ($)	Mar. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt | $	$ 794.8	$ 794
0% Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0%	0%	0%
Current portion of long-term debt | $	$ 794.8
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 -

Earnings Per Share and Equity - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income for basic earnings per share of common stock	$ 453	$ 461.7
Add: Interest on 1.625% Notes	0	0.4
Net income for diluted earnings per share of common stock	$ 453	$ 462.1
Basic weighted-average shares of common stock outstanding (in shares)	428.1	431.9
Dilutive effect of share-based awards (in shares)	0.8	1.4
Dilutive effect of convertible notes and warrants (in shares)	7.6	15.2
Diluted weighted-average shares of common stock outstanding (in shares)	436.5	448.5
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.06	$ 1.07
Diluted (in dollars per share)	$ 1.04	$ 1.03
1.625% Notes | Convertible Debt
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Debt instrument, interest rate	1.625%	1.625%

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 06, 2023
Dividends Payable [Line Items]
Anti-dilutive shares (in shares)	0.3	0.2
Payments of tax withholding for restricted shares, before adjustments	$ 37.7	$ 47.6
Common stock withheld underlying restricted stock units (in shares)	0.5	0.6
Non-controlling interest	$ 18.7		$ 18
Non-controlling interest share of earnings	$ 0.7
Note Warrant
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 30.70
Warrants exercised (in shares)	6.7
Number of warrants (in shares)	4
Share Repurchase Program
Dividends Payable [Line Items]
Stock repurchase program, authorized amount				$ 3,000
Remaining authorized amount available for repurchase	$ 2,300
0.50% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 156.78
0.50% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	0.50%	0.50%	0.50%
Conversion price per share (in dollars per share)	$ 103.87
0% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 74.34
0% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	0%	0%	0%
Conversion price per share (in dollars per share)	$ 52.97
1.625% Notes | Convertible Debt
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%
1.625% Notes | Convertible Debt | Note Warrant
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Schedule of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of repurchased shares (in shares)	1,300,000	1,300,000
Aggregate purchase price	$ 100	$ 104
Fees, commissions and excise tax	0	0
Total	$ 100	$ 104
Weighted-average purchase price per share (in dollars per share )	$ 78.57	$ 78.57
Number of repurchased shares subsequently retired (in shares)	0

Share-Based Compensation - Sche

Share-Based Compensation - Schedule Of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 33	$ 27.7
Income tax benefit	(6.9)	(5.8)
Share-based compensation expense, net of taxes	26.1	21.9
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	5.4	3.7
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	5.7	4.5
Selling and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	5.2	4.1
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 16.7	$ 15.4

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 31, 2023
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)	33.7		37.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense on non-vested stock options	$ 240.7
Period for recognition (in years)	2 years 1 month 6 days
Options pre-vesting forfeitures rate	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)	5 years

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule Of Restricted Stock Units Transactions (Details) - Restricted Stock Units shares in Millions	3 Months Ended
	Mar. 29, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	3.2
Granted (in shares) | shares	2
Restricted stock units achieved (in shares) | shares	0.3
Released (in shares) | shares	(1.3)
Forfeited (in shares) | shares	(0.1)
Ending balance (in shares) | shares	4.1
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 69.39
Granted (in dollars per share) | $ / shares	78.28
Achieved (in dollars per share) | $ / shares	61.15
Released (in dollars per share) | $ / shares	59.81
Forfeited (in dollars per share) | $ / shares	71.53
Ending balance (in dollars per share) | $ / shares	$ 75.92

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 29, 2024 USD ($) action
Loss Contingencies [Line Items]
Outstanding guarantees and letters of credit	$ 5.8
Guarantees	$ 0.9
Number of pending derivative actions | action	2
Existing Credit Agreement | Letter of Credit
Loss Contingencies [Line Items]
Revolving credit facility, letters of credit	$ 25
Credit commitment outstanding	$ 0.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 3,379.9
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	375	$ 375
Fair Value	$ 387.3	$ 390.6
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	$ 794.8	$ 794
Fair Value	$ 1,187.1	$ 1,334.4
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	$ 1,474.4	$ 1,473.1
Fair Value	$ 1,481.9	$ 1,596.6
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	$ 694.7	$ 694.4
Fair Value	$ 643.7	$ 652

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash and cash equivalents | Demand and time deposits
Debt Instrument [Line Items]
Amortized Cost	$ 0	$ 0
Other assets
Debt Instrument [Line Items]
Amortized Cost	$ 0	$ 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%
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
	Mar. 29, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Foreign currency transaction gain (loss) realized	$ 1.4	$ (1.9)
Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Loss on cash flow hedges	(1)
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	234		$ 262.2
Foreign currency exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	88.6
Derivative liabilities, fair value	$ (2.3)
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

Financial Instruments - Schedul

Financial Instruments - Schedule of Net Foreign Exchange Positions (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Buy (Sell)	$ 168.4	$ 214.4
Notional Amount	234	262.2
Other Currencies - Buy
Derivatives, Fair Value [Line Items]
Buy (Sell)	37.9	54.4
Notional Amount	37.9	54.4
Other Currencies - Sell
Derivatives, Fair Value [Line Items]
Buy (Sell)	(9.6)	(9.6)
Notional Amount	9.6	9.6
Japanese Yen
Derivatives, Fair Value [Line Items]
Buy (Sell)	37.4	55.2
Notional Amount	37.4	55.2
Philippine Peso
Derivatives, Fair Value [Line Items]
Buy (Sell)	41.3	47.3
Notional Amount	41.3	47.3
Czech Koruna
Derivatives, Fair Value [Line Items]
Buy (Sell)	31.7	16.8
Notional Amount	31.7	16.8
Euro
Derivatives, Fair Value [Line Items]
Buy (Sell)	52.9	64.6
Notional Amount	52.9	64.6
Korean Won
Derivatives, Fair Value [Line Items]
Buy (Sell)	(23.2)	(14.3)
Notional Amount	$ 23.2	$ 14.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 2.6	$ 2
Possible reduction in uncertain tax positions in next twelve months	$ 3.9

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	$ 7,800.6	$ 6,207
Other comprehensive income (loss) prior to reclassifications	(2.2)
Amounts reclassified from accumulated other comprehensive loss	(4.8)
Other comprehensive income (loss), net of tax	(7)	(6.4)
Balance, ending	8,142.6	$ 6,467
Cash flow hedge, tax	0.7
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(52.5)
Other comprehensive income (loss) prior to reclassifications	(2.3)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income (loss), net of tax	(2.3)
Balance, ending	(54.8)
Effects of Cash Flow Hedges
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	7.3
Other comprehensive income (loss) prior to reclassifications	0.1
Amounts reclassified from accumulated other comprehensive loss	(4.8)
Other comprehensive income (loss), net of tax	(4.7)
Balance, ending	2.6
Total
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(45.2)
Balance, ending	$ (52.2)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss - Schedule of Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps terminations	$ 1	$ 4.7
Net income	453.7	462.2
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	(4.8)	(11.9)
Effects of Cash Flow Hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cash flow hedges	(1.8)	0
Interest rate swaps	(3)	(5)
Interest rate swaps terminations	$ 0	$ (6.9)