0001628280-22-027363 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	5005 E. McDowell Road
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
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 (in shares)		432,423,573
Entity Central Index Key	0001097864
Current Fiscal Year End	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 2,450.2	$ 1,352.6
Receivables, net	857.3	809.4
Inventories	1,575.4	1,379.5
Assets held-for-sale	135.0	0.0
Other current assets	291.5	240.1
Total current assets	5,309.4	3,781.6
Property, plant and equipment, net	2,762.1	2,524.3
Goodwill	1,600.4	1,937.5
Intangible assets, net	373.8	495.7
Deferred tax assets	409.9	366.3
Other assets	645.1	520.6
Total assets	11,100.7	9,626.0
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable	791.7	635.1
Accrued expenses and other current liabilities	766.7	747.6
Liabilities held-for-sale	37.3	0.0
Current portion of long-term debt	165.3	160.7
Total current liabilities	1,761.0	1,543.4
Long-term debt	3,046.5	2,913.9
Deferred tax liabilities	30.5	43.2
Other long-term liabilities	586.1	521.1
Total liabilities	5,424.1	5,021.6
Commitments and contingencies
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 606,766,278 and 603,044,079 issued, 432,406,805 and 432,472,818 outstanding, respectively)	6.1	6.0
Additional paid-in capital	4,598.8	4,633.3
Accumulated other comprehensive loss	(23.4)	(40.6)
Accumulated earnings	3,760.1	2,435.1
Less: Treasury stock, at cost: 174,359,473 and 170,571,261 shares, respectively	(2,685.6)	(2,448.4)
Total ON Semiconductor Corporation stockholders’ equity	5,656.0	4,585.4
Non-controlling interest	20.6	19.0
Total stockholders' equity	5,676.6	4,604.4
Total liabilities and stockholders' equity	$ 11,100.7	$ 9,626.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	606,766,278	603,044,079
Common stock, shares outstanding (in shares)	432,406,805	432,472,818
Treasury stock, shares (in shares)	174,359,473	170,571,261

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Income Statement [Abstract]
Revenue	$ 2,192.6	$ 1,742.1	$ 6,222.6	$ 4,893.7
Cost of revenue (exclusive of amortization shown below)	1,134.3	1,021.3	3,165.9	3,011.6
Gross profit	1,058.3	720.8	3,056.7	1,882.1
Operating expenses:
Research and development	145.4	154.5	463.8	494.4
Selling and marketing	69.5	68.4	213.7	223.4
General and administrative	84.9	75.7	246.0	221.3
Amortization of acquisition-related intangible assets	21.9	24.7	65.1	74.5
Restructuring, asset impairments and other, net	40.3	(1.7)	25.6	58.3
Goodwill and intangible asset impairment	271.8	0.0	386.8	2.9
Total operating expenses	633.8	321.6	1,401.0	1,074.8
Operating income	424.5	399.2	1,655.7	807.3
Other income (expense), net:
Interest expense	(23.7)	(31.9)	(67.4)	(98.4)
Interest income	4.9	0.5	6.4	1.1
Loss on debt refinancing and prepayment	0.0	0.0	(7.3)	(26.2)
Gain on divestiture of business	0.2	10.2	2.1	10.2
Other income (expense)	0.9	(5.8)	9.4	(2.4)
Other income (expense), net	(17.7)	(27.0)	(56.8)	(115.7)
Income before income taxes	406.8	372.2	1,598.9	691.6
Income tax provision	(94.9)	(61.8)	(299.4)	(106.8)
Net income	311.9	310.4	1,299.5	584.8
Less: Net income attributable to non-controlling interest	0.0	(0.7)	(1.6)	(1.1)
Net income attributable to ON Semiconductor Corporation	311.9	309.7	1,297.9	583.7
Net income for diluted earnings per share of common stock	$ 312.4	$ 309.7	$ 1,299.4	$ 583.7
Net income per share of common stock:
Basic (in dollars per share)	$ 0.72	$ 0.72	$ 2.99	$ 1.38
Diluted (in dollars per share)	$ 0.70	$ 0.70	$ 2.90	$ 1.32
Weighted-average shares of common stock outstanding:
Basic (in shares)	432.9	430.6	433.5	423.8
Diluted (in shares)	448.7	440.7	448.3	443.1
Comprehensive income, net of tax:
Net income	$ 311.9	$ 310.4	$ 1,299.5	$ 584.8
Foreign currency translation adjustments	(1.8)	(0.3)	(8.4)	(2.8)
Effects of cash flow hedges and other adjustments	7.7	3.9	25.6	11.8
Other comprehensive income, net of tax	5.9	3.6	17.2	9.0
Comprehensive income	317.8	314.0	1,316.7	593.8
Comprehensive income attributable to non-controlling interest	0.0	(0.7)	(1.6)	(1.1)
Comprehensive income attributable to ON Semiconductor Corporation	$ 317.8	$ 313.3	$ 1,315.1	$ 592.7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Accumulated Earnings	Accumulated Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(158,923,810)
Beginning Balance (in shares) at Dec. 31, 2020			570,766,439
Treasury stock beginning balance (in shares) at Dec. 31, 2020									(158,923,810)
Balance, beginning at Dec. 31, 2020	$ 3,558.1		$ 5.7	$ 4,133.1		$ (57.6)	$ 1,425.5		$ (1,968.2)	$ 19.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			570,732
Shares issued pursuant to the ESPP	17.6			17.6
Stock option exercises (in shares)			4,000
Stock option exercises	0.0
RSUs and stock grant awards issued (in shares)			2,782,381
RSUs and stock grant awards issued	0.0
Shares issued for warrants exercise - 1.00% Notes (in shares)			13,424,951
Shares issued for warrants exercise -1.00% Notes	0.0		$ 0.1	(0.1)
Partial settlement - 1.625% Notes (in shares)			5,425,239
Partial settlement - 1.625% Notes	(141.6)		$ 0.1	(141.7)
Partial settlement of warrants - 1.625% Notes (in shares)			6,764,734
Partial settlement of warrants - 1.625% Notes	0.0		$ 0.1	(0.1)
Partial settlement of bond hedges - 1.625% Notes (in shares)									(9,120,930)
Partial settlement of bond hedges - 1.625% Notes	0.0			339.0					$ (339.0)
Equity component - 0% Notes	136.6			136.6
Warrants and bond hedges, net - 0% Notes	(66.5)			(66.5)
Tax impact of convertible notes, warrants and bond hedges, net	6.5			6.5
Payment of tax withholding for RSUs (in shares)									(869,732)
Payment of tax withholding for RSUs	(34.2)								$ (34.2)
Share-based compensation	74.1			74.1
Comprehensive income	593.8					9.0	583.7			1.1
Ending Balance (in shares) at Oct. 01, 2021			599,738,476
Balance, ending at Oct. 01, 2021	4,144.4		$ 6.0	4,498.5		(48.6)	2,009.2		$ (2,341.4)	20.7
Beginning Balance (in shares) at Dec. 31, 2020			570,766,439
Treasury stock beginning balance (in shares) at Dec. 31, 2020									(158,923,810)
Balance, beginning at Dec. 31, 2020	$ 3,558.1		$ 5.7	4,133.1		(57.6)	1,425.5		$ (1,968.2)	19.6
Ending Balance (in shares) at Dec. 31, 2021	432,472,818		603,044,079
Balance, ending at Dec. 31, 2021	$ 4,604.4	$ (102.0)	$ 6.0	4,633.3	$ (129.1)	(40.6)	2,435.1	$ 27.1	$ (2,448.4)	19.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Treasury stock ending balance (in shares)									(168,864,960)
Beginning Balance (in shares) at Jul. 02, 2021			599,397,171
Treasury stock beginning balance (in shares) at Jul. 02, 2021									(168,864,960)
Balance, beginning at Jul. 02, 2021	$ 3,804.4		$ 6.0	4,470.3		(52.2)	1,699.5		$ (2,339.2)	20.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			171,146
Shares issued pursuant to the ESPP	5.5			5.5
RSUs and stock grant awards issued (in shares)			170,159
RSUs and stock grant awards issued	0.0
Payment of tax withholding for RSUs (in shares)									(49,512)
Payment of tax withholding for RSUs	(2.2)								$ (2.2)
Share-based compensation	22.7			22.7
Comprehensive income	314.0					3.6	309.7			0.7
Ending Balance (in shares) at Oct. 01, 2021			599,738,476
Balance, ending at Oct. 01, 2021	$ 4,144.4		$ 6.0	4,498.5		(48.6)	2,009.2		$ (2,341.4)	20.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(168,914,472)
Treasury stock ending balance (in shares)	170,571,261								(170,571,261)
Beginning Balance (in shares) at Dec. 31, 2021	432,472,818		603,044,079
Treasury stock beginning balance (in shares) at Dec. 31, 2021	170,571,261								(170,571,261)
Balance, beginning at Dec. 31, 2021	$ 4,604.4	$ (102.0)	$ 6.0	4,633.3	$ (129.1)	(40.6)	2,435.1	$ 27.1	$ (2,448.4)	19.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			403,518
Shares issued pursuant to the ESPP	18.2			18.2
RSUs and stock grant awards issued (in shares)			3,318,351
RSUs and stock grant awards issued	0.0		$ 0.1	(0.1)
Partial settlement - 1.625% Notes (in shares)			330
Partial settlement - 1.625% Notes	0.0		$ 0.0	0.0
Partial settlement of bond hedges - 1.625% Notes (in shares)									(322)
Partial settlement of bond hedges - 1.625% Notes	0.0			0.0					$ 0.0
Payment of tax withholding for RSUs (in shares)									(1,091,890)
Payment of tax withholding for RSUs	(67.4)								$ (67.4)
Share-based compensation	76.5			76.5
Repurchase of common stock (in shares)									(2,696,000)
Repurchase of common stock	(169.8)								$ (169.8)
Comprehensive income	$ 1,316.7					17.2	1,297.9			1.6
Ending Balance (in shares) at Sep. 30, 2022	432,406,805		606,766,278
Balance, ending at Sep. 30, 2022	$ 5,676.6		$ 6.1	4,598.8		(23.4)	3,760.1		$ (2,685.6)	20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(173,104,824)
Beginning Balance (in shares) at Jul. 01, 2022			606,427,684
Treasury stock beginning balance (in shares) at Jul. 01, 2022									(173,104,824)
Balance, beginning at Jul. 01, 2022	5,410.1		$ 6.1	4,565.9		(29.3)	3,448.2		$ (2,601.4)	20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			149,300
Shares issued pursuant to the ESPP	6.0			6.0
RSUs and stock grant awards issued (in shares)			189,202
RSUs and stock grant awards issued	0.0		$ 0.0	0.0
Partial settlement - 1.625% Notes (in shares)			92
Partial settlement - 1.625% Notes	0.0		$ 0.0	0.0
Partial settlement of bond hedges - 1.625% Notes (in shares)									(90)
Partial settlement of bond hedges - 1.625% Notes	0.0			0.0					$ 0.0
Payment of tax withholding for RSUs (in shares)									(58,559)
Payment of tax withholding for RSUs	(4.1)								$ (4.1)
Share-based compensation	26.9			26.9
Repurchase of common stock (in shares)									(1,196,000)
Repurchase of common stock	(80.1)								$ (80.1)
Comprehensive income	$ 317.8					5.9	311.9			0.0
Ending Balance (in shares) at Sep. 30, 2022	432,406,805		606,766,278
Balance, ending at Sep. 30, 2022	$ 5,676.6		$ 6.1	$ 4,598.8		$ (23.4)	$ 3,760.1		$ (2,685.6)	$ 20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)	174,359,473								(174,359,473)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Convertible Debt	Oct. 01, 2021
1.00% Notes
Debt instrument, interest rate (as a percent)	1.00%
1.625% Notes
Debt instrument, interest rate (as a percent)	1.625%
0% Notes
Debt instrument, interest rate (as a percent)	0.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021
Cash flows from operating activities:
Net income	$ 1,299.5	$ 584.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	418.6	456.4
(Gain) loss on sale or disposal of fixed assets	(33.1)	2.3
Gain on divestiture of business	(2.1)	(10.2)
Loss on debt refinancing and prepayment	7.3	26.2
Amortization of debt discount and issuance costs	8.6	8.0
Share-based compensation	76.5	74.1
Non-cash interest on convertible notes	0.0	17.6
Non-cash asset impairment charges	18.6	10.8
Goodwill and intangible asset impairment charges	386.8	0.0
Change in deferred tax balances	(64.6)	39.5
Other	0.6	0.2
Changes in assets and liabilities (exclusive of divestitures):
Receivables	(67.2)	(38.1)
Inventories	(196.9)	(71.5)
Other assets	(48.6)	(32.0)
Accounts payable	68.8	25.6
Accrued expenses and other current liabilities	4.8	55.6
Other long-term liabilities	24.2	6.1
Net cash provided by operating activities	1,901.8	1,155.4
Cash flows from investing activities:
Purchase of property, plant and equipment	(663.0)	(275.0)
Proceeds from sale of property, plant and equipment	59.0	6.6
Deposits made for purchase of property, plant and equipment	(53.7)	(21.5)
Divestiture of business, net of cash transferred	90.5	3.4
Purchase of available-for-sale securities	(18.0)	(43.8)
Proceeds from sale or maturity of available-for-sale securities	24.0	2.8
Payments related to prior acquisition	(2.4)	0.0
Net cash used in investing activities	(563.6)	(327.5)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	18.2	18.5
Payment of tax withholding for RSUs	(67.4)	(34.2)
Repurchase of common stock	(166.9)	0.0
Issuance and borrowings under debt agreements	500.0	787.3
Reimbursement of debt issuance costs	0.0	2.7
Payment of debt issuance and other financing costs	0.0	(3.8)
Repayment of borrowings under debt agreements	(509.5)	(1,218.8)
Payment for purchase of bond hedges	0.0	(160.3)
Proceeds from issuance of warrants	0.0	93.8
Payments related to prior acquisition	0.0	(3.0)
Financing lease payment	(12.5)	0.0
Dividend to non-controlling shareholder	(2.2)	0.0
Net cash used in financing activities	(240.3)	(517.8)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3.2)	(1.0)
Net increase in cash, cash equivalents and restricted cash	1,094.7	309.1
Cash, cash equivalents and restricted cash, beginning of period	1,377.7	1,081.5
Cash, cash equivalents and restricted cash, end of period	$ 2,472.4	$ 1,390.6

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2022
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 onsemiTM brand. The Company is organized into the following three operating and reportable segments: •The Power Solutions Group ("PSG"); •The Advanced Solutions Group ("ASG"); and •The Intelligent Sensing Group ("ISG"). The Company's fiscal calendar year begins on January 1 and ends on December 31. The fiscal quarters contain a thirteen-week accounting period. Minor day adjustments are required in the first and fourth quarters to account for the Company's fiscal calendar year's starting and ending dates. The quarters ended September 30, 2022 and October 1, 2021 contained 91 days each. The nine months ended September 30, 2022 and October 1, 2021 contained 273 and 274 days, respectively. The accompanying unaudited financial statements as of and for the quarter and nine months ended September 30, 2022 have been prepared following generally accepted accounting principles in the United States of America ("GAAP"). 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, 2021 was derived from the Company's audited financial statements but does not include all disclosures required by GAAP for audited financial statements. In the opinion of the Company's management, the interim information contains all adjustments, which include normal recurring adjustments necessary for a fair statement of the results for the interim periods. The footnote disclosures related to the interim financial information contained herein are also unaudited. Such financial information should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2021, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 14, 2022 (the "2021 Form 10-K"). Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations, and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions and (iv) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used to assess and test for impairment of long-lived assets and goodwill and in assumptions used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.

Revenue and Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Revenue and Segment Information

Note 2: Revenue and Segment Information

The Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. These segments represent the Company's view of the business, and its gross profit is used to evaluate the performance of the Company's segments, the progress of major initiatives and the allocation of resources. Gross profit is exclusive of the amortization of acquisition-related intangible assets.

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 "LTSA's") for which the remaining performance obligations as of September 30, 2022 were approximately $14.1 billion (excluding the remaining performance obligations for contracts having a duration of one year or less). The Company expects to recognize approximately 31% of this amount as revenue during the next twelve months upon shipment of products under these contracts. Total sales estimates are based on negotiated contract prices and demand quantities, and could be influenced by manufacturing issues, supply chain constraints, and modifications to customer agreements, among other things. Accordingly, the amount represented by remaining performance obligations may not be indicative of the actual revenue recognized for future periods.

A portion of our LTSA’s include non-cancellable capacity payments which secure production availability for our customers' orders or represent deposits, which prepay a portion of a given customer’s product obligation. During the quarter and nine months ended September 30, 2022, the Company recorded capacity payments of $67.8 million and $104.1 million, respectively, which were recorded within contract liabilities. As of September 30, 2022, $22.3 million of the capacity payments were recorded in accounts receivable. Capacity payments totaled $143.8 million as of September 30, 2022, of which $40.3 million and $103.5 million were recorded as current liabilities and other long-term liabilities, respectively. Contract assets were $13.1 million as of September 30, 2022. During the quarter and nine months ended September 30, 2022, $4.7 million and $13.8 million, respectively, was recognized as revenue for satisfying the associated performance obligations.

Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions):


	PSG		ASG		ISG		Total
For the quarter ended September 30, 2022:
Revenue from external customers	$	1,116.1	$	734.3	$	342.2	$	2,192.6
Gross profit	$	508.5	$	381.7	$	168.1	$	1,058.3
For the quarter ended October 1, 2021:
Revenue from external customers	$	892.1	$	613.5	$	236.5	$	1,742.1
Gross profit	$	346.0	$	280.1	$	94.7	$	720.8
For the nine months ended September 30, 2022:
Revenue from external customers	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6
Gross profit	$	1,494.4	$	1,128.7	$	433.6	$	3,056.7
For the nine months ended October 1, 2021:
Revenue from external customers	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7
Gross profit	$	906.8	$	739.2	$	236.1	$	1,882.1

The Company had one customer, a distributor, whose revenue accounted for approximately 12% and 14% of the Company's total revenue for the quarters ended September 30, 2022 and October 1, 2021, respectively, and 12% and 13% of the Company's total revenue for the nine months ended September 30, 2022, and October 1, 2021.

Revenue for the Company's operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels are as follows (in millions):


	Quarter Ended September 30, 2022
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	351.2	$	192.7	$	74.0	$	617.9
Singapore	284.2		203.2		56.6		544.0
United Kingdom	192.3		113.7		66.5		372.5
United States	208.1		117.3		90.0		415.4
Other	80.3		107.4		55.1		242.8
Total	$	1,116.1	$	734.3	$	342.2	$	2,192.6

Sales Channel
Distributors	$	726.0	$	368.1	$	187.4	$	1,281.5
Direct Customers	390.1		366.2		154.8		911.1

Total	$	1,116.1	$	734.3	$	342.2	$	2,192.6

	Nine Months Ended September 30, 2022
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	980.7	$	548.4	$	202.8	$	1,731.9
Singapore	857.0		658.0		140.5		1,655.5
United Kingdom	561.9		329.6		186.2		1,077.7
United States	533.1		316.5		238.7		1,088.3
Other	227.1		287.8		154.3		669.2
Total	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6

Sales Channel
Distributors	$	2,056.3	$	1,097.8	$	502.4	$	3,656.5
Direct Customers	1,103.5		1,042.5		420.1		2,566.1

Total	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6


	Quarter Ended October 1, 2021
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	285.4	$	219.3	$	39.3	$	544.0
Hong Kong	281.8		152.2		53.0		487.0
United Kingdom	145.0		86.8		41.4		273.2
United States	115.8		74.3		48.6		238.7
Other	64.1		80.9		54.2		199.2
Total	$	892.1	$	613.5	$	236.5	$	1,742.1

Sales Channel
Distributors	$	644.2	$	355.6	$	149.0	$	1,148.8
Direct Customers	247.9		257.9		87.5		593.3

Total	$	892.1	$	613.5	$	236.5	$	1,742.1

	Nine Months Ended October 1, 2021
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	833.0	$	647.8	$	105.2	$	1,586.0
Hong Kong	738.9		397.0		142.6		1,278.5
United Kingdom	435.1		254.3		129.2		818.6
United States	299.2		220.9		128.5		648.6
Other	179.5		232.6		149.9		562.0
Total	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7

Sales Channel
Distributors	$	1,779.2	$	988.8	$	410.7	$	3,178.7
Direct Customers	706.5		763.8		244.7		1,715.0

Total	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7

The Company operates in various geographic locations. Sales to external customers have little correlation with the location of end-customers. It is, therefore, not meaningful to present operating profit by geographical location. The Company does not discretely allocate assets to its operating segments, nor does management evaluate operating segments using discrete asset information. The Company’s consolidated assets are not specifically ascribed to its individual reportable segments. Instead, assets used in operations are generally shared across the Company’s operating and reportable segments.

Property, plant and equipment, net by geographic location, is summarized as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
United States	$	822.8	$	767.1
South Korea	737.6		492.8
Philippines	307.4		342.4
Czech Republic	248.3		214.2
China	204.5		216.8
Japan	135.6		198.6
Malaysia	181.0		175.3
Other	124.9		117.1
Total	$	2,762.1	$	2,524.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Recent Accounting Pronouncements and Other Developments	9 Months Ended
Recent Accounting Pronouncements and Other Developments	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Other Developments	Note 3: Recent Accounting Pronouncements and Other Developments Adopted: ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. Also, ASU 2020-06 requires the application of the if-converted method for the purpose of calculating diluted earnings per share, and the treasury stock method will be no longer available for instruments that fall under this category. The Company adopted ASU 2020-06 as of January 1, 2022 using the modified retrospective method, and recorded adjustments to reduce additional paid-in capital by $129.1 million and increase opening retained earnings by $27.1 million to reflect the cumulative effect of the adoption. See Note 8: ''Long-Term Debt'' for further information. Pending adoption: ASU 2021-10 - Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance ("ASU 2021-10") In November 2021, the FASB issued ASU 2021-10, which requires business entities to make annual disclosures about the nature of certain government assistance received, the related accounting policies used to account for the transactions, the effect of the transactions on company financial statements and the significant terms and conditions of the transactions. The Company is planning to complete the required ASU 2021-10 disclosures with the filing of its Annual Report on Form 10-K for the year ending on December 31, 2022. Recent Legislation CHIPS Act On August 9, 2022, the CHIPS and Science Act of 2022, H.R. 4346 (the “CHIPS Act”) was signed into law. The CHIPS Act provides for a 25% refundable tax credits on certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022. The CHIPS Act also provides for certain other financial incentives to further investments in domestic semiconductor manufacturing. The Company is evaluating the provisions of the new law and its potential impact to the Company. Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act of 2022, H.R. 5376 (the “IRA”), was signed into law. The IRA introduces a 15% CAMT for corporations whose average annual adjusted financial statement income for any consecutive three-tax-year period preceding the applicable tax year exceeds $1 billion and a 1% excise tax on certain stock repurchases The CAMT and the excise tax are effective in taxable years beginning after December 31, 2022. The Company is evaluating the provisions of the new law and its potential impact to the Company.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Acquisition and Divestitures

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition and Divestitures

Note 4: Acquisition and Divestitures

Acquisition:

The Company finalized its determination relating to the fair value of assets acquired and liabilities assumed from GTAT during the quarter ended April 1, 2022. The final allocation of the purchase price, which did not change from the preliminary allocation disclosed in the 2021 Form 10-K is as follows (in millions):


	Purchase Price Allocation
Cash and cash equivalents	$	8.2
Inventory and other current assets	10.0
Property, plant and equipment	31.9
Goodwill	274.8
Intangible assets - Developed Technology	130.0
Deferred tax assets	13.4
Other non-current assets	7.4
Total assets acquired	475.7
Current liabilities	5.8
Other long-term liabilities	35.0
Total liabilities assumed	40.8
Net assets acquired/purchase price	$	434.9

All assumptions and disclosures remained unchanged from the amounts included in the 2021 Form 10-K.

Divestitures:

During the first quarter of 2022, the Company divested its six-inch front-end wafer manufacturing facility in Oudenaarde, Belgium, to BelGaN Group BV for an aggregate consideration of approximately $19.9 million.

During the second quarter of 2022, the Company completed the divestiture of its eight-inch front-end wafer manufacturing facility in South Portland, Maine to Diodes Incorporated for an aggregate consideration of approximately $80.0 million. Additionally, during the second quarter of 2022, the Company divested its non-strategic GTAT Sapphire business in Salem, Massachusetts to Crystal Systems, LLC for nominal consideration. These divestiture transactions resulted in a gain on divestiture of approximately $1.9 million.

The Company has signed wafer supply agreements with the buyers of the Belgium and South Portland, Maine manufacturing facilities.

During the third quarter of 2022, the Company entered into an Asset Purchase Agreement with LA Semiconductor to divest its wafer manufacturing facility in Pocatello, Idaho for an aggregate consideration of approximately $80.0 million. The transaction closed on October 14, 2022.

During the third quarter of 2022, the Company entered into a Stock Purchase Agreement with JS Foundry K.K., a Japanese based foundry company, to divest its wafer manufacturing facility in Niigata, Japan. The transaction is expected to close as soon as regulatory approvals are received and closing conditions are met.

As of September 30, 2022, approximately $49.5 million and $81.9 million of assets were reclassified as Assets held-for-sale, related to the divestiture of the wafer manufacturing facilities in Pocatello, Idaho and Niigata, Japan, respectively. Approximately $37.3 million of liabilities were reclassified as Liabilities held-for-sale related to the divestiture of the Niigata, Japan facility.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5: Goodwill and Intangible Assets

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 carrying value of goodwill below its fair value.

During the third quarter of 2022, the Company approved an exit plan to wind down its QCS division within ASG that is generally associated with the Company’s legacy Quantenna division, representing less than 3.0% of the Company's consolidated revenue for 2021. This exit plan constituted a change in circumstances (a “triggering event”). The Company determined that it was appropriate to evaluate the long-lived assets and assigned goodwill for impairment. The division, which is also a reporting unit for purposes of evaluating the recoverability of goodwill, had an assigned goodwill balance of approximately $215.0 million and an unamortized intangible assets balance of approximately $58.0 million as of the exit plan approval date.

The Company determined that the discounted cash flow method under the income approach was the most appropriate method to evaluate the recoverability of the carrying value of the reporting unit's net assets. During the quarter ended September 30, 2022, management performed an event-triggered impairment analysis and determined that the remaining balance of goodwill and unamortized intangible assets totaling $215.0 million and $56.8 million, respectively, was impaired.

Previously, during the second quarter of 2022, management performed an event-triggered impairment analysis, which resulted in a partial impairment of the QCS division's goodwill amounting to $115.0 million. For this impairment, the Company determined that a market approach was the most appropriate method to evaluate the recoverability of the carrying value of the net assets of the reporting unit, as the Company was attempting to sell this reporting unit to an interested party due to the Company's focus on its long-term product mix into its strategic markets.

During the nine months ended September 30, 2022, approximately $386.8 million of impairment charges was recorded under the caption ‘Goodwill and intangible asset impairment’ within the Consolidated Statements of Operations and Comprehensive Income.

The following table summarizes goodwill by operating and reportable segments (in millions):


	As of
	September 30, 2022				December 31, 2021
	Goodwill		Accumulated Impairment Losses		Carrying Value		Goodwill		Accumulated Impairment Losses		Carrying Value
Operating and Reportable Segments:
PSG	$	708.0	$	(31.9)	$	676.1	$	708.0	$	(31.9)	$	676.1
ASG	1,559.2		(748.9)		810.3		1,566.3		(418.9)		1,147.4
ISG	114.0		—		114.0		114.0		—		114.0
	$	2,381.2	$	(780.8)	$	1,600.4	$	2,388.3	$	(450.8)	$	1,937.5

Changes in the goodwill balance from December 31, 2021 to September 30, 2022 related to the ASG reporting unit impairment and the divestiture of the Belgium and South Portland, Maine manufacturing facilities, and were as follows (in millions):


Net balance as of December 31, 2021	$	1,937.5

Goodwill impairment	(330.0)
Goodwill disposed	(7.1)
Net balance as of September 30, 2022	$	1,600.4

Intangible Assets

Intangible assets, net, were as follows (in millions):


	As of September 30, 2022
	Original Cost		Accumulated Amortization		Accumulated Impairment Losses		Carrying Value
Customer relationships	$	581.5	$	(454.7)	$	(36.3)	$	90.5
Developed technology	939.6		(645.1)		(40.7)		253.8

Licenses	30.0		(1.3)		—		28.7
Other intangibles	79.1		(63.1)		(15.2)		0.8
Total intangible assets	$	1,630.2	$	(1,164.2)	$	(92.2)	$	373.8


	As of December 31, 2021
	Original Cost		Accumulated Amortization		Accumulated Impairment Losses		Carrying Value
Customer relationships	$	581.5	$	(436.3)	$	(17.6)	$	127.6
Developed technology	928.1		(600.5)		(2.6)		325.0

Licenses	30.0		(0.3)		—		29.7
Other intangibles	79.1		(62.1)		(15.2)		1.8
Total intangible assets	$	1,618.7	$	(1,099.2)	$	(35.4)	$	484.1

Not included in the above table are the value of IPRD projects amounting to $11.6 million as of December 31, 2021. During the nine months ended September 30, 2022, the Company completed its remaining IPRD projects resulting in the reclassification of $11.6 million from IPRD to developed technology.

Amortization expense for intangible assets is expected to be as follows for the remainder of 2022, each of the next four years and thereafter (in millions):


Period	Amortization Expense
Remainder of 2022	$	17.7
2023	56.8
2024	58.1
2025	47.9
2026	41.6
Thereafter	151.7
Total	$	373.8

Restructuring, Asset Impairments and Other, Net

9 Months Ended

Sep. 30, 2022

Restructuring Charges [Abstract]

Restructuring, Asset Impairments and Other, Net

Note 6: Restructuring, Asset Impairments and Other, Net

Details of restructuring, asset impairments and other charges, net are as follows (in millions):


	Restructuring		Asset Impairments		Other			Total
Quarter ended September 30, 2022
QCS wind down	$	12.7	$	18.6	$	25.9	(3)	$	57.2

Other (1)	$	(0.1)	$	—	$	(16.8)		$	(16.9)
Total	$	12.6	$	18.6	$	9.1		$	40.3

	Restructuring		Asset Impairments		Other			Total
Nine months ended September 30, 2022
QCS wind down	$	12.7	$	18.6	$	25.9	(3)	$	57.2


Other (2)	$	(1.3)	$	4.0	$	(34.3)		$	(31.6)
Total	$	11.4	$	22.6	$	(8.4)		$	25.6

(1)Primarily includes a gain of approximately $17.3 million from the sale of the Company headquarters location in Phoenix, Arizona (the "Corporate Headquarters") completed during the third quarter of 2022 offset by approximately $0.5 million related to litigation charges.

(2)Primarily includes a gain of approximately $34.8 million related to the sale of two office buildings and the sale of the Corporate Headquarters, and a $1.3 million reduction in workforce restructuring expense offset by a $4.0 million asset impairment of the GTAT Sapphire business, and approximately $0.5 million related to litigation charges.

(3)Primarily relates to contract cancellation charges of approximately $15.4 million and legal charges of $10.5 million.

A summary of changes in accrued restructuring balance is as follows (in millions):


	As of						As of
	December 31, 2021		Charges		Usage		September 30, 2022
Employee separation charges	$	10.8	$	11.4	$	(10.6)	$	11.6

Total	$	10.8	$	11.4	$	(10.6)	$	11.6

QCS wind down

On September 16, 2022, the Company's Board of Directors approved an exit plan to wind down the QCS division as part of its ongoing efforts to focus on growth drivers and key markets, and to streamline its operations. As part of the exit plan, during the third quarter of 2022, the Company notified approximately 330 employees of their employment termination and incurred severance costs and other benefits of approximately $12.7 million. Substantially all the employees will leave the Company during the fourth quarter of 2022.

As of September 30, 2022, $10.4 million of severance costs and other benefits remained accrued and, based on the exit dates of the notified employees, is expected to be paid during the fourth quarter of 2022.

In connection with the exit plan, the Company recorded $25.9 million of exit costs, which primarily relates to litigation and contract cancellation charges. The Company impaired $8.0 million of Property, Plant and Equipment as well as $10.6 million of other miscellaneous assets. The Company recorded inventory reserves associated with the QCS wind down of $28.0 million.

Other

The additional activity during the quarter and nine months ended September 30, 2022 represented payments to employees whose employment was terminated during 2021. The Company expects to pay the remaining accrued expense during the fourth quarter of 2022.

The Company continues to evaluate employee positions and locations for potential efficiencies and may incur additional charges in the future.

Balance Sheet Information and Other

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Information and Other

Note 7: Balance Sheet Information and Other

Inventory

Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
Inventories:
Raw materials	$	203.1	$	174.2
Work in process	962.2		888.9
Finished goods	410.1		316.4
	$	1,575.4	$	1,379.5

Defined Benefit Plans

The Company recognizes the aggregate amount of all over-funded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of September 30, 2022, the net assets for the over-funded plans totaled $12.8 million of which, approximately $3.7 million was reclassified to Assets held-for-sale related to the divestiture of the wafer manufacturing facility in Niigata, Japan. The total accrued pension liability for underfunded plans was $100.4 million, of which the current portion of $0.3 million was classified as accrued expenses and other current liabilities and approximately $20.8 million was reclassified to Liabilities held-for-sale related to the divestiture of the wafer manufacturing facility in Niigata, Japan. As of December 31, 2021, the net funded status for all the plans was a liability of $103.9 million, of which the current portion of $0.2 million was classified as accrued expenses and other current liabilities.

The components of the net periodic pension expense were as follows (in millions):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Service cost	$	2.2	$	2.8	$	6.6	$	8.9
Interest cost	1.0		1.1		3.1		3.3
Expected return on plan assets	(1.1)		(1.6)		(3.4)		(4.9)

Curtailment gain	—		(2.3)		—		(0.4)

Total net periodic pension cost	$	2.1	$	—	$	6.3	$	6.9

Leases

Operating lease arrangements are comprised primarily of real estate and equipment agreements. The components of lease expense were as follows (in millions):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Operating lease	$	12.4	$	9.8	$	35.3	$	29.6
Variable lease	1.8		0.9		7.5		2.9
Short-term lease	0.9		0.4		2.1		1.6
Total lease expense	$	15.1	$	11.1	$	44.9	$	34.1

The ROU assets and lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
Operating lease liabilities included in:
Accrued expenses and other current liabilities	$	33.1	$	32.5
Other long-term liabilities	203.0		142.4
Total	$	236.1	$	174.9

Operating ROU assets included in:
Other assets	$	222.3	$	170.1

Financing lease liabilities included in:
Accrued expenses and other current liabilities	$	11.6	$	12.7
Other long-term liabilities	20.6		10.2
Total	$	32.2	$	22.9
Financing ROU assets included in:
Other assets	$	46.4	$	22.3

As of September 30, 2022, the weighted-average remaining lease-terms were 10.6 years and 19.3 years, and the weighted-average discount rates were 4.7% and 6.0% for operating and financing leases, respectively.

New Leases

During the second quarter of 2022, the Company entered into leases and related agreements to lease space for a new corporate headquarters in Arizona and new office space in California. The Company recorded cumulative ROU assets and liabilities of $70.7 million.

Supplemental Disclosure of Cash Flow Information

Certain of the Company's cash and non-cash activities were as follows (in millions):


	Nine Months Ended
	September 30, 2022		October 1, 2021
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$	253.5	$	153.3
Divestiture/Sale of property in exchange of receivable	—		9.1
Operating ROU assets obtained in exchange of lease liabilities	90.6		14.2






Cash paid for:

Interest expense	$	62.8	$	80.7
Income taxes	329.5		65.1
Operating lease payments in operating cash flows	31.8		30.6

Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):


	As of
	September 30, 2022		December 31, 2021		October 1, 2021		December 31, 2020
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,450.2	$	1,352.6	$	1,389.2	$	1,080.7
Restricted cash (included in other current assets)	17.2		20.1		1.4		0.8
Restricted cash (included in other non-current assets)	5.0		5.0		—		—
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,472.4	$	1,377.7	$	1,390.6	$	1,081.5

As of September 30, 2022, $15.0 million of the restricted cash balance was held in escrow relating to the acquisition of GTAT and will be released to the former stockholders of GTAT upon satisfaction of certain outstanding items contained in the acquisition agreement.

Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Note 8: Long-Term Debt

The Company's long-term debt consists of the following (annualized interest rates, dollars in millions):


	As of
	September 30, 2022		December 31, 2021
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 4.37% and —%, respectively	$	500.0	$	—
Term Loan "B" Facility due 2026, interest payable monthly at 5.12% and 2.10%, respectively	1,088.7		1,598.2
0% Notes due 2027	805.0		805.0
3.875% Notes due 2028 (1)	700.0		700.0

1.625% Notes due 2023 (2)	155.1		155.1
Gross long-term debt, including current maturities	$	3,248.8	$	3,258.3
Less: Debt discount (3)	(9.5)		(149.0)
Less: Debt issuance costs (4)	(27.5)		(34.7)
Net long-term debt, including current maturities	$	3,211.8	$	3,074.6
Less: Current maturities	(165.3)		(160.7)
Net long-term debt	$	3,046.5	$	2,913.9

(1)Interest is payable on March 1 and September 1 of each year at 3.875% annually.

(2)Interest is payable on April 15 and October 15 of each year at 1.625% annually.

(3)Debt discount of $4.4 million and $7.5 million for the Term Loan "B" Facility and $5.1 million and $5.8 million for the 3.875% Notes, in each case as of September 30, 2022 and December 31, 2021, respectively. Debt discount of $126.1 million for the 0% Notes and $9.6 million for the 1.625% Notes, in each case as of December 31, 2021. No debt discount as of September 30, 2022 for the 0% Notes and the 1.625% Notes due to the adoption of ASU 2020-06.

(4)Debt issuance costs of $10.3 million and $17.7 million for the Term Loan "B" Facility, $14.7 million and $14.1 million for the 0% Notes, $1.8 million and $2.0 million for the 3.875% Notes and $0.6 million and $0.9 million for the 1.625% Notes, in each case as of September 30, 2022 and December 31, 2021, respectively.

Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% Notes below) as of September 30, 2022 were as follows (in millions):


Period	Expected Maturities
Remainder of 2022	$	157.9
2023	10.9
2024	511.0
2025	10.9
2026	1,053.1
Thereafter	1,505.0
Total	$	3,248.8

The Company was in compliance with its covenants under all debt agreements as of September 30, 2022.

Borrowings and Repayments under the Amended Credit Agreement

During the second quarter of 2022, the Company borrowed $500.0 million under the Revolving Credit Facility. These proceeds were used to prepay $500.0 million of borrowings under the Term Loan “B” Facility. The Company expensed $7.3 million of unamortized debt discount and issuance costs attributed to the partial pay-down as loss on debt refinancing and prepayment. As of September 30, 2022, the Company had approximately $1.5 billion available under the Revolving Credit Facility for future borrowings.

Adoption of ASU 2020-06

As described in Note 3: ''Recent Accounting Pronouncements and Other Developments,'' the Company adopted ASU 2020-06 using a modified retrospective method and increased long-term debt by eliminating debt discount of $135.7 million, reduced additional paid-in capital by $129.1 million and increased opening retained earnings by $27.1 million to reflect the cumulative effect of adoption as of January 1, 2022. The application of the if-converted method to determine the net income for diluted earnings and diluted weighted-average shares of common stock outstanding did not have a meaningful impact on the diluted net income per share of common stock under the treasury stock method previously applied.

1.625% Notes due 2023

The remaining outstanding principal amount of the 1.625% Notes, amounting to $155.1 million, net of unamortized issuance costs, continued to be classified as a current portion of long-term debt as of September 30, 2022. Pursuant to the indenture governing the 1.625% Notes, because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on September 30, 2022 was greater than or equal to $26.94 (130% of the conversion price) on each applicable trading day, the holders have the right to surrender any portion of their 1.625% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending December 31, 2022, and only during such calendar quarter.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Earnings Per Share and Equity

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share and Equity

Note 9: Earnings Per Share and Equity

Earnings Per Share

Net income per share of common stock for calculating basic and diluted earnings per share is calculated as follows (in millions, except per share data):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Net income for basic earnings per share of common stock	$	311.9	$	309.7	$	1,297.9	$	583.7
Add: Interest on 1.625% Notes	0.5		—		1.5		—
Net income for diluted earnings per share of common stock	$	312.4	$	309.7	$	1,299.4	$	583.7

Basic weighted-average shares of common stock outstanding	432.9		430.6		433.5		423.8
Dilutive effect of share-based awards	1.6		2.3		1.8		2.3
Dilutive effect of convertible notes and warrants	14.2		7.8		13.0		17.0
Diluted weighted-average shares of common stock outstanding	448.7		440.7		448.3		443.1

Net income per share of common stock:
Basic	$	0.72	$	0.72	$	2.99	$	1.38
Diluted	$	0.70	$	0.70	$	2.90	$	1.32

Basic income per share of common stock is computed by dividing net income for basic earnings by the weighted-average number of shares of common stock outstanding during the period. To calculate the diluted weighted-average shares of common stock outstanding, the treasury stock method has been applied to calculate the number of incremental shares from the assumed issuance of shares relating to RSUs. The excluded number of anti-dilutive share-based awards was zero and 0.2 million for the quarters ended September 30, 2022 and October 1, 2021, respectively, and 0.4 million for the nine months ended September 30, 2022 and October 1, 2021, respectively.

The dilutive impacts related to the 0% Notes and 1.625% Notes have been calculated using the if-converted method for the quarter and nine months ended September 30, 2022 and using the treasury stock method for the quarter and nine months ended October 1, 2021. While the 0% Notes are repayable in cash up to the par value and in cash or shares of common stock for the excess over par value, the 1.625% Notes are repayable in cash or shares of common stock for their entire value. Prior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 0% Notes and 1.625% Notes when the stock price is above $52.97 and $20.72 per share, respectively.

The dilutive impact of the warrants issued concurrently with the issuance of the 0% Notes and 1.625% Notes with exercise prices of $74.34 and $30.70, respectively, has been included in the calculation of diluted weighted-average common shares outstanding, if applicable.

Equity

Share Repurchase Program

Under the Company's share repurchase program announced on November 15, 2018 (the "Share Repurchase Program"), the Company may repurchase up to $1.5 billion (exclusive of fees, commissions and other expenses) of the Company's common stock from December 1, 2018 through December 31, 2022.

The Company repurchased approximately 1.2 million and 2.7 million shares of common stock for an aggregate purchase price of $80.1 million and $169.8 million, respectively, during the quarter and nine months ended September 30, 2022. There were no repurchases during the quarter and nine months ended October 1, 2021 under the Share Repurchase Program. As of September 30, 2022, the authorized amount remaining under the Share Repurchase Program was $1,126.1 million.

Shares for Restricted Stock Units Tax Withholding

The amounts remitted for employee withholding taxes during the quarter and nine months ended September 30, 2022 were $4.1 million and $67.4 million, respectively, for which the Company withheld approximately 0.1 million and 1.1 million shares of common stock, respectively, that were underlying the RSUs that vested. The amounts remitted during the quarter and nine months ended October 1, 2021 were $2.2 million and $34.2 million, respectively, for which the Company withheld approximately 0.1 million and 0.9 million shares of common stock, respectively, that were underlying the RSUs that vested. None of these shares had been reissued or retired as of September 30, 2022 but may be reissued or retired in the future. These deemed repurchases in connection with tax withholding upon vesting were not made under the Share Repurchase Program, and the amounts spent in connection with such deemed repurchases did not reduce the authorized amount remaining under the Share Repurchase Program.

Non-Controlling Interest in Leshan-Phoenix Semiconductor Company Limited (“Leshan”)

The results of Leshan have been consolidated in the Company's financial statements. As of December 31, 2021, the non-controlling interest balance was $19.0 million and, along with the $1.6 million share of the earnings for the nine months ended September 30, 2022, increased to $20.6 million as of September 30, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 10: Share-Based Compensation

Total share-based compensation expense related to the Company's RSUs, stock grant awards and the ESPP was recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Cost of revenue	$	3.2	$	3.6	$	8.9	$	11.8
Research and development	4.9		5.4		14.5		18.4
Selling and marketing	4.1		3.7		12.2		12.5
General and administrative	14.7		10.0		40.9		31.4
Share-based compensation expense	$	26.9	$	22.7	$	76.5	$	74.1
Income tax benefit	(5.6)		(4.8)		(16.1)		(15.6)
Share-based compensation expense, net of taxes	$	21.3	$	17.9	$	60.4	$	58.5

As of September 30, 2022, total unrecognized expected share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $122.7 million, which is expected to be recognized over a weighted-average period of 1.4 years. Upon vesting of RSUs, stock grant awards or completion of a purchase under the ESPP, the Company issues new shares of common stock. The annualized pre-vesting forfeiture rate for RSUs was estimated to be 8% for the quarter and nine months ended September 30, 2022 and 6% for the quarter and nine months ended October 1, 2021.

Shares Available

As of September 30, 2022 and December 31, 2021, there was an aggregate of 39.9 million and 42.2 million shares 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 or three years for awards with performance or market conditions, or a combination thereof, and are settled in shares of the Company's common stock upon vesting. A summary of the RSU transactions for the nine months ended September 30, 2022 is as follows (in millions, except per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Non-vested RSUs at December 31, 2021	6.2	$	28.60
Granted	1.8	60.41
Achieved	0.2	41.35
Released	(3.4)	25.27
Forfeited	(0.5)	38.57
Non-vested RSUs at September 30, 2022	4.3	43.87

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11: Commitments and Contingencies Environmental Contingencies There are no new material environmental contingencies subsequent to the filing of the 2021 Form 10-K. Financing Contingencies In the ordinary course of business, the Company provides standby letters of credit or other guarantee instruments to certain parties initiated by either the Company or its subsidiaries, as required for transactions, including, but not limited to, material purchase commitments, agreements to mitigate collection risk, leases, utilities or customs guarantees. As of September 30, 2022, the Company's Revolving Credit Facility included $15.0 million available for the issuance of letters of credit. There were $0.9 million in letters of credit outstanding under the Revolving Credit Facility as of September 30, 2022, which reduced the Company's borrowing capacity. As of September 30, 2022, the Company also had outstanding guarantees and letters of credit outside of its Revolving Credit Facility totaling $17.0 million. As part of obtaining financing in the ordinary course of business, the Company issued guarantees related to certain of its subsidiaries, which totaled $0.9 million as of September 30, 2022. 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 There are no new material indemnification contingencies subsequent to the filing of the 2021 Form 10-K. Legal Matters The Company is currently involved in a variety of legal matters that arise in the ordinary course of business. Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity. The litigation process is inherently uncertain, and the Company cannot guarantee that the outcome of any litigation matter will be favorable to the Company. Intellectual Property Matters The Company faces risk of exposure from claims of infringement of the IP rights of others. In the ordinary course of business, the Company receives letters asserting that the Company’s products or components breach another party’s rights. Such letters may request royalty payments from the Company, that the Company cease and desist using certain IP, and/or request other remedies.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 12: 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 table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions):


As of September 30, 2022									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	168.4	$	—	$	—	$	168.4	$	168.4	$	—	$	—
Money market funds	4.0		—		—		4.0		4.0		—		—



Other current assets:
Corporate bonds	$	23.2	$	—	$	—	$	23.2	$	—	$	23.2	$	—
Certificate of deposit	3.4		—		—		3.4		—		3.4		—
Commercial paper	5.4		—		—		5.4		1.5		3.9		—
US Treasury bonds	2.1		—		—		2.1		—		2.1		—

Other assets:
Corporate bonds	$	3.6	$	—	$	—	$	3.6	$	—	$	3.6	$	—

US Treasury bonds	—		—		—		—		—		—		—

The investments included in other assets have maturity dates ranging between one and five years.


As of December 31, 2021									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	19.5	$	—	$	—	$	19.5	$	19.5	$	—	$	—
Money market funds	0.7		—		—		0.7		0.7		—		—
Corporate bonds	1.6		—		—		1.6		—		1.6		—
Commercial paper	2.0		—		—		2.0		—		2.0		—

Other current assets:
Corporate bonds	$	16.0	$	—	$	—	$	16.0	$	—	$	16.0	$	—
Certificate of deposit	1.9		—		—		1.9		—		1.9		—
Commercial paper	5.0		—		—		5.0		3.0		2.0		—
US Treasury bonds	0.4		—		—		0.4		—		0.4		—

Other assets:
Corporate bonds	$	19.7	$	—	$	—	$	19.7	$	—	$	19.7	$	—

US Treasury bonds	1.6		—		—		1.6		—		1.6		—

Other

The carrying amounts of other current assets and liabilities, such as accounts receivable and accounts payable, approximate fair value based on the short-term nature of these instruments.

Fair Value of Long-Term Debt, including Current Portion

The carrying amounts and fair values of the Company’s long-term borrowings were as follows (in millions):


	As of
	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
0% Notes	$	790.3	$	1,099.8	$	664.8	$	1,183.1
1.625% Notes	154.5		466.1		144.6		513.6
Other long-term debt	2,267.0		2,082.9		2,265.2		2,245.5

(1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs.

The fair values of the 3.875% Notes, 1.625% Notes and 0% Notes were estimated based on market prices in active markets (Level 1). The fair value of the Term Loan "B" Facility was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Instruments

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

Financial Instruments

Note 13: Financial Instruments

Foreign Currencies

As a multinational business, the Company engages in transactions that are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company’s policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure. The Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes. The Company is exposed to credit-related losses if counterparties to hedge contracts fail to perform their obligations. As of September 30, 2022, the counterparties to the Company’s hedge contracts were held at financial institutions that the Company believes to be highly-rated, and no credit-related losses are anticipated.

As of September 30, 2022 and December 31, 2021, the Company had net outstanding foreign exchange contracts with notional amounts of $326.2 million and $288.3 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months from the time of purchase. Management believes that these financial instruments should not subject the Company to increased risks from foreign exchange movements because gains and losses on these contracts should offset losses and gains on the underlying assets, liabilities and transactions to which they are related.

The following summarizes the Company’s net foreign exchange positions in U.S. Dollars (in millions):


	As of
	September 30, 2022				December 31, 2021
	Buy (Sell)		Notional Amount		Buy (Sell)		Notional Amount
Japanese Yen	66.6		66.6		33.2		33.2
Philippine Peso	59.1		59.1		67.1		67.1
Euro	41.1		41.1		65.9		65.9
Czech Koruna	39.1		39.1		15.0		15.0
Korean Won	35.1		35.1		44.1		44.1




Other Currencies - Buy	74.7		74.7		58.7		58.7
Other Currencies - Sell	(10.5)		10.5		(4.3)		4.3
	$	305.2	$	326.2	$	279.7	$	288.3

Amounts receivable or payable under the contracts were not material as of September 30, 2022 or December 31, 2021. During the quarters ended September 30, 2022 and October 1, 2021, realized and unrealized foreign currency transactions totaled a gain of $0.7 million and a loss of $0.8 million, respectively. During the nine months ended September 30, 2022 and October 1, 2021, realized and unrealized foreign currency transactions totaled a gain of $9.0 million and $1.5 million, respectively. The realized and unrealized foreign currency transactions are included in other income (expense) in the Company's Consolidated Statements of Operations and Comprehensive Income.

Cash Flow Hedges

All derivatives are recognized on the Company’s Consolidated Balance Sheets at their fair value and classified based on the applicable instrument's maturity date.

Foreign Currency Risk

The purpose of the foreign currency hedging activities is to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies will be affected by changes in exchange rates. The Company enters into forward contracts that are designated as a foreign currency cash flow hedge of a forecasted payment denominated in a currency other than U.S. Dollars. For the quarters ended September 30, 2022 and October 1, 2021, the Company did not have outstanding derivatives for its foreign currency exposure designated as cash flow hedges.

Interest Rate Risk

The Company uses interest rate swap contracts to mitigate its exposure to interest rate fluctuations. As of September 30, 2022, the Company had interest rate swap agreements for notional amounts of $750.0 million, $500 million and $500 million for fiscal years 2022, 2023 and 2024, respectively. The fair value of the interest rate swaps totaled $39.1 million as of September 30, 2022, of which approximately $20.2 million was included in other current assets and approximately $18.9 million was included in other non-current assets. The fair value of interest rate swaps totaled $5.7 million as of December 31, 2021, which was included in other non-current assets. The Company did not identify any ineffectiveness with respect to the notional amounts of the interest rate swap contracts effective as of September 30, 2022 and December 31, 2021.

Other

As of September 30, 2022, the Company had no outstanding commodity derivatives, currency swaps, options, or equity investments held at subsidiaries or affiliated companies.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 14: Income Taxes The Company recognizes interest and penalties related to uncertain tax positions in tax expense on the Company's Consolidated Statements of Operations and Comprehensive Income. The Company had approximately $1.9 million and $1.3 million of net interest and penalties accrued as of September 30, 2022 and December 31, 2021, respectively. It is reasonably possible that $62.5 million of its uncertain tax positions will be reduced in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company maintains a partial valuation allowance on its U.S. state deferred tax assets and a valuation allowance on foreign net operating losses and tax credits in certain foreign jurisdictions, a substantial portion of which relate to Japan and Hong Kong net operating losses, which are projected to expire prior to utilization. The Company is currently under IRS examination for the 2017 and 2018 tax years. Tax years prior to 2017 are generally not subject to examination by the IRS. For state tax returns, the Company is generally not subject to income tax examinations for tax years prior to 2017. The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company is generally not subject to examination for tax years prior to 2012. The Company believes that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with the Company's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Changes in Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

Note 15: Changes in Accumulated Other Comprehensive Loss

Amounts comprising the Company's accumulated other comprehensive loss and reclassifications are as follows (in millions):


	Currency Translation Adjustments		Effects of Cash Flow Hedges and Other Adjustments		Total
Balance as of December 31, 2021	$	(44.4)	$	3.8	$	(40.6)
Other comprehensive income (loss) prior to reclassifications	(8.4)		22.6		14.2
Amounts reclassified from accumulated other comprehensive loss	—		3.0		3.0
Net current period other comprehensive income (loss) (1)	(8.4)		25.6		17.2
Balance as of September 30, 2022	$	(52.8)	$	29.4	$	(23.4)

(1) Effects of cash flow hedges are net of tax expense of $7.8 million for the nine months ended September 30, 2022.

Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows:



	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021		To caption


Interest rate swaps	$	(3.2)	$	4.9	$	(3.0)	$	14.3	Interest expense
Total reclassifications	$	(3.2)	$	4.9	$	(3.0)	$	14.3

Background and Basis of Presentation (Policies)	9 Months Ended
Background and Basis of Presentation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations, and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions and (iv) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used to assess and test for impairment of long-lived assets and goodwill and in assumptions used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.
Recent Accounting Pronouncements	Note 3: Recent Accounting Pronouncements and Other Developments Adopted: ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. Also, ASU 2020-06 requires the application of the if-converted method for the purpose of calculating diluted earnings per share, and the treasury stock method will be no longer available for instruments that fall under this category. The Company adopted ASU 2020-06 as of January 1, 2022 using the modified retrospective method, and recorded adjustments to reduce additional paid-in capital by $129.1 million and increase opening retained earnings by $27.1 million to reflect the cumulative effect of the adoption. See Note 8: ''Long-Term Debt'' for further information. Pending adoption: ASU 2021-10 - Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance ("ASU 2021-10") In November 2021, the FASB issued ASU 2021-10, which requires business entities to make annual disclosures about the nature of certain government assistance received, the related accounting policies used to account for the transactions, the effect of the transactions on company financial statements and the significant terms and conditions of the transactions. The Company is planning to complete the required ASU 2021-10 disclosures with the filing of its Annual Report on Form 10-K for the year ending on December 31, 2022. Recent Legislation CHIPS Act On August 9, 2022, the CHIPS and Science Act of 2022, H.R. 4346 (the “CHIPS Act”) was signed into law. The CHIPS Act provides for a 25% refundable tax credits on certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022. The CHIPS Act also provides for certain other financial incentives to further investments in domestic semiconductor manufacturing. The Company is evaluating the provisions of the new law and its potential impact to the Company. Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act of 2022, H.R. 5376 (the “IRA”), was signed into law. The IRA introduces a 15% CAMT for corporations whose average annual adjusted financial statement income for any consecutive three-tax-year period preceding the applicable tax year exceeds $1 billion and a 1% excise tax on certain stock repurchases The CAMT and the excise tax are effective in taxable years beginning after December 31, 2022. The Company is evaluating the provisions of the new law and its potential impact to the Company.

Revenue and Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Revenues and Gross Profit From Reportable Segments

Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions):


	PSG		ASG		ISG		Total
For the quarter ended September 30, 2022:
Revenue from external customers	$	1,116.1	$	734.3	$	342.2	$	2,192.6
Gross profit	$	508.5	$	381.7	$	168.1	$	1,058.3
For the quarter ended October 1, 2021:
Revenue from external customers	$	892.1	$	613.5	$	236.5	$	1,742.1
Gross profit	$	346.0	$	280.1	$	94.7	$	720.8
For the nine months ended September 30, 2022:
Revenue from external customers	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6
Gross profit	$	1,494.4	$	1,128.7	$	433.6	$	3,056.7
For the nine months ended October 1, 2021:
Revenue from external customers	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7
Gross profit	$	906.8	$	739.2	$	236.1	$	1,882.1

Summary of Disaggregation of Revenue

Revenue for the Company's operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels are as follows (in millions):


	Quarter Ended September 30, 2022
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	351.2	$	192.7	$	74.0	$	617.9
Singapore	284.2		203.2		56.6		544.0
United Kingdom	192.3		113.7		66.5		372.5
United States	208.1		117.3		90.0		415.4
Other	80.3		107.4		55.1		242.8
Total	$	1,116.1	$	734.3	$	342.2	$	2,192.6

Sales Channel
Distributors	$	726.0	$	368.1	$	187.4	$	1,281.5
Direct Customers	390.1		366.2		154.8		911.1

Total	$	1,116.1	$	734.3	$	342.2	$	2,192.6

	Nine Months Ended September 30, 2022
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	980.7	$	548.4	$	202.8	$	1,731.9
Singapore	857.0		658.0		140.5		1,655.5
United Kingdom	561.9		329.6		186.2		1,077.7
United States	533.1		316.5		238.7		1,088.3
Other	227.1		287.8		154.3		669.2
Total	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6

Sales Channel
Distributors	$	2,056.3	$	1,097.8	$	502.4	$	3,656.5
Direct Customers	1,103.5		1,042.5		420.1		2,566.1

Total	$	3,159.8	$	2,140.3	$	922.5	$	6,222.6


	Quarter Ended October 1, 2021
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	285.4	$	219.3	$	39.3	$	544.0
Hong Kong	281.8		152.2		53.0		487.0
United Kingdom	145.0		86.8		41.4		273.2
United States	115.8		74.3		48.6		238.7
Other	64.1		80.9		54.2		199.2
Total	$	892.1	$	613.5	$	236.5	$	1,742.1

Sales Channel
Distributors	$	644.2	$	355.6	$	149.0	$	1,148.8
Direct Customers	247.9		257.9		87.5		593.3

Total	$	892.1	$	613.5	$	236.5	$	1,742.1

	Nine Months Ended October 1, 2021
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	833.0	$	647.8	$	105.2	$	1,586.0
Hong Kong	738.9		397.0		142.6		1,278.5
United Kingdom	435.1		254.3		129.2		818.6
United States	299.2		220.9		128.5		648.6
Other	179.5		232.6		149.9		562.0
Total	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7

Sales Channel
Distributors	$	1,779.2	$	988.8	$	410.7	$	3,178.7
Direct Customers	706.5		763.8		244.7		1,715.0

Total	$	2,485.7	$	1,752.6	$	655.4	$	4,893.7

Summary of Property, Plant and Equipment by Geographic Location

Property, plant and equipment, net by geographic location, is summarized as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
United States	$	822.8	$	767.1
South Korea	737.6		492.8
Philippines	307.4		342.4
Czech Republic	248.3		214.2
China	204.5		216.8
Japan	135.6		198.6
Malaysia	181.0		175.3
Other	124.9		117.1
Total	$	2,762.1	$	2,524.3

Acquisition and Divestitures - (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The final allocation of the purchase price, which did not change from the preliminary allocation disclosed in the 2021 Form 10-K is as follows (in millions):


	Purchase Price Allocation
Cash and cash equivalents	$	8.2
Inventory and other current assets	10.0
Property, plant and equipment	31.9
Goodwill	274.8
Intangible assets - Developed Technology	130.0
Deferred tax assets	13.4
Other non-current assets	7.4
Total assets acquired	475.7
Current liabilities	5.8
Other long-term liabilities	35.0
Total liabilities assumed	40.8
Net assets acquired/purchase price	$	434.9

Goodwill and Intangible Assets - (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes goodwill by operating and reportable segments (in millions):


	As of
	September 30, 2022				December 31, 2021
	Goodwill		Accumulated Impairment Losses		Carrying Value		Goodwill		Accumulated Impairment Losses		Carrying Value
Operating and Reportable Segments:
PSG	$	708.0	$	(31.9)	$	676.1	$	708.0	$	(31.9)	$	676.1
ASG	1,559.2		(748.9)		810.3		1,566.3		(418.9)		1,147.4
ISG	114.0		—		114.0		114.0		—		114.0
	$	2,381.2	$	(780.8)	$	1,600.4	$	2,388.3	$	(450.8)	$	1,937.5


Net balance as of December 31, 2021	$	1,937.5

Goodwill impairment	(330.0)
Goodwill disposed	(7.1)
Net balance as of September 30, 2022	$	1,600.4

Summary of Intangible Assets, Net

Intangible assets, net, were as follows (in millions):


	As of September 30, 2022
	Original Cost		Accumulated Amortization		Accumulated Impairment Losses		Carrying Value
Customer relationships	$	581.5	$	(454.7)	$	(36.3)	$	90.5
Developed technology	939.6		(645.1)		(40.7)		253.8

Licenses	30.0		(1.3)		—		28.7
Other intangibles	79.1		(63.1)		(15.2)		0.8
Total intangible assets	$	1,630.2	$	(1,164.2)	$	(92.2)	$	373.8


	As of December 31, 2021
	Original Cost		Accumulated Amortization		Accumulated Impairment Losses		Carrying Value
Customer relationships	$	581.5	$	(436.3)	$	(17.6)	$	127.6
Developed technology	928.1		(600.5)		(2.6)		325.0

Licenses	30.0		(0.3)		—		29.7
Other intangibles	79.1		(62.1)		(15.2)		1.8
Total intangible assets	$	1,618.7	$	(1,099.2)	$	(35.4)	$	484.1

Summary of Amortization Expense

Amortization expense for intangible assets is expected to be as follows for the remainder of 2022, each of the next four years and thereafter (in millions):


Period	Amortization Expense
Remainder of 2022	$	17.7
2023	56.8
2024	58.1
2025	47.9
2026	41.6
Thereafter	151.7
Total	$	373.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Restructuring, Asset Impairments and Other, Net - (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring Charges [Abstract]

Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net

Details of restructuring, asset impairments and other charges, net are as follows (in millions):


	Restructuring		Asset Impairments		Other			Total
Quarter ended September 30, 2022
QCS wind down	$	12.7	$	18.6	$	25.9	(3)	$	57.2

Other (1)	$	(0.1)	$	—	$	(16.8)		$	(16.9)
Total	$	12.6	$	18.6	$	9.1		$	40.3

	Restructuring		Asset Impairments		Other			Total
Nine months ended September 30, 2022
QCS wind down	$	12.7	$	18.6	$	25.9	(3)	$	57.2


Other (2)	$	(1.3)	$	4.0	$	(34.3)		$	(31.6)
Total	$	11.4	$	22.6	$	(8.4)		$	25.6

(3)Primarily relates to contract cancellation charges of approximately $15.4 million and legal charges of $10.5 million.

Schedule of Changes in Accrued Restructuring Reserve

A summary of changes in accrued restructuring balance is as follows (in millions):


	As of						As of
	December 31, 2021		Charges		Usage		September 30, 2022
Employee separation charges	$	10.8	$	11.4	$	(10.6)	$	11.6

Total	$	10.8	$	11.4	$	(10.6)	$	11.6

Balance Sheet Information and Other - (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
Inventories:
Raw materials	$	203.1	$	174.2
Work in process	962.2		888.9
Finished goods	410.1		316.4
	$	1,575.4	$	1,379.5

Schedule of Net Periodic Pension Expense

The components of the net periodic pension expense were as follows (in millions):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Service cost	$	2.2	$	2.8	$	6.6	$	8.9
Interest cost	1.0		1.1		3.1		3.3
Expected return on plan assets	(1.1)		(1.6)		(3.4)		(4.9)

Curtailment gain	—		(2.3)		—		(0.4)

Total net periodic pension cost	$	2.1	$	—	$	6.3	$	6.9

Schedule of Components of Lease Expense

The components of lease expense were as follows (in millions):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Operating lease	$	12.4	$	9.8	$	35.3	$	29.6
Variable lease	1.8		0.9		7.5		2.9
Short-term lease	0.9		0.4		2.1		1.6
Total lease expense	$	15.1	$	11.1	$	44.9	$	34.1

The ROU assets and lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions):


	As of
	September 30, 2022		December 31, 2021
Operating lease liabilities included in:
Accrued expenses and other current liabilities	$	33.1	$	32.5
Other long-term liabilities	203.0		142.4
Total	$	236.1	$	174.9

Operating ROU assets included in:
Other assets	$	222.3	$	170.1

Financing lease liabilities included in:
Accrued expenses and other current liabilities	$	11.6	$	12.7
Other long-term liabilities	20.6		10.2
Total	$	32.2	$	22.9
Financing ROU assets included in:
Other assets	$	46.4	$	22.3

Schedule of Cash and Non-cash Activities

Certain of the Company's cash and non-cash activities were as follows (in millions):


	Nine Months Ended
	September 30, 2022		October 1, 2021
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$	253.5	$	153.3
Divestiture/Sale of property in exchange of receivable	—		9.1
Operating ROU assets obtained in exchange of lease liabilities	90.6		14.2






Cash paid for:

Interest expense	$	62.8	$	80.7
Income taxes	329.5		65.1
Operating lease payments in operating cash flows	31.8		30.6

Schedule of Cash and Cash Equivalents

Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):


	As of
	September 30, 2022		December 31, 2021		October 1, 2021		December 31, 2020
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,450.2	$	1,352.6	$	1,389.2	$	1,080.7
Restricted cash (included in other current assets)	17.2		20.1		1.4		0.8
Restricted cash (included in other non-current assets)	5.0		5.0		—		—
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,472.4	$	1,377.7	$	1,390.6	$	1,081.5

Schedule of Restrictions on Cash and Cash Equivalents

Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):


	As of
	September 30, 2022		December 31, 2021		October 1, 2021		December 31, 2020
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,450.2	$	1,352.6	$	1,389.2	$	1,080.7
Restricted cash (included in other current assets)	17.2		20.1		1.4		0.8
Restricted cash (included in other non-current assets)	5.0		5.0		—		—
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,472.4	$	1,377.7	$	1,390.6	$	1,081.5

Long-Term Debt - (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's long-term debt consists of the following (annualized interest rates, dollars in millions):


	As of
	September 30, 2022		December 31, 2021
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 4.37% and —%, respectively	$	500.0	$	—
Term Loan "B" Facility due 2026, interest payable monthly at 5.12% and 2.10%, respectively	1,088.7		1,598.2
0% Notes due 2027	805.0		805.0
3.875% Notes due 2028 (1)	700.0		700.0

1.625% Notes due 2023 (2)	155.1		155.1
Gross long-term debt, including current maturities	$	3,248.8	$	3,258.3
Less: Debt discount (3)	(9.5)		(149.0)
Less: Debt issuance costs (4)	(27.5)		(34.7)
Net long-term debt, including current maturities	$	3,211.8	$	3,074.6
Less: Current maturities	(165.3)		(160.7)
Net long-term debt	$	3,046.5	$	2,913.9

(1)Interest is payable on March 1 and September 1 of each year at 3.875% annually.

(2)Interest is payable on April 15 and October 15 of each year at 1.625% annually.

Schedule of Annual Maturities Relating To Long-Term Debt

Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% Notes below) as of September 30, 2022 were as follows (in millions):


Period	Expected Maturities
Remainder of 2022	$	157.9
2023	10.9
2024	511.0
2025	10.9
2026	1,053.1
Thereafter	1,505.0
Total	$	3,248.8

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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+ Details

Earnings Per Share and Equity - (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Earnings Per Share

Net income per share of common stock for calculating basic and diluted earnings per share is calculated as follows (in millions, except per share data):


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Net income for basic earnings per share of common stock	$	311.9	$	309.7	$	1,297.9	$	583.7
Add: Interest on 1.625% Notes	0.5		—		1.5		—
Net income for diluted earnings per share of common stock	$	312.4	$	309.7	$	1,299.4	$	583.7

Basic weighted-average shares of common stock outstanding	432.9		430.6		433.5		423.8
Dilutive effect of share-based awards	1.6		2.3		1.8		2.3
Dilutive effect of convertible notes and warrants	14.2		7.8		13.0		17.0
Diluted weighted-average shares of common stock outstanding	448.7		440.7		448.3		443.1

Net income per share of common stock:
Basic	$	0.72	$	0.72	$	2.99	$	1.38
Diluted	$	0.70	$	0.70	$	2.90	$	1.32

Share-Based Compensation - (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary Of Share-Based Compensation Expense


	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Cost of revenue	$	3.2	$	3.6	$	8.9	$	11.8
Research and development	4.9		5.4		14.5		18.4
Selling and marketing	4.1		3.7		12.2		12.5
General and administrative	14.7		10.0		40.9		31.4
Share-based compensation expense	$	26.9	$	22.7	$	76.5	$	74.1
Income tax benefit	(5.6)		(4.8)		(16.1)		(15.6)
Share-based compensation expense, net of taxes	$	21.3	$	17.9	$	60.4	$	58.5

Summary Of Restricted Stock Units Transactions

A summary of the RSU transactions for the nine months ended September 30, 2022 is as follows (in millions, except per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Non-vested RSUs at December 31, 2021	6.2	$	28.60
Granted	1.8	60.41
Achieved	0.2	41.35
Released	(3.4)	25.27
Forfeited	(0.5)	38.57
Non-vested RSUs at September 30, 2022	4.3	43.87

Fair Value Measurements - (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Available-for-sale Securities

The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions):


As of September 30, 2022									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	168.4	$	—	$	—	$	168.4	$	168.4	$	—	$	—
Money market funds	4.0		—		—		4.0		4.0		—		—



Other current assets:
Corporate bonds	$	23.2	$	—	$	—	$	23.2	$	—	$	23.2	$	—
Certificate of deposit	3.4		—		—		3.4		—		3.4		—
Commercial paper	5.4		—		—		5.4		1.5		3.9		—
US Treasury bonds	2.1		—		—		2.1		—		2.1		—

Other assets:
Corporate bonds	$	3.6	$	—	$	—	$	3.6	$	—	$	3.6	$	—

US Treasury bonds	—		—		—		—		—		—		—

The investments included in other assets have maturity dates ranging between one and five years.


As of December 31, 2021									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	19.5	$	—	$	—	$	19.5	$	19.5	$	—	$	—
Money market funds	0.7		—		—		0.7		0.7		—		—
Corporate bonds	1.6		—		—		1.6		—		1.6		—
Commercial paper	2.0		—		—		2.0		—		2.0		—

Other current assets:
Corporate bonds	$	16.0	$	—	$	—	$	16.0	$	—	$	16.0	$	—
Certificate of deposit	1.9		—		—		1.9		—		1.9		—
Commercial paper	5.0		—		—		5.0		3.0		2.0		—
US Treasury bonds	0.4		—		—		0.4		—		0.4		—

Other assets:
Corporate bonds	$	19.7	$	—	$	—	$	19.7	$	—	$	19.7	$	—

US Treasury bonds	1.6		—		—		1.6		—		1.6		—

Summary of Fair Value, by Balance Sheet Grouping

The carrying amounts and fair values of the Company’s long-term borrowings were as follows (in millions):


	As of
	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
0% Notes	$	790.3	$	1,099.8	$	664.8	$	1,183.1
1.625% Notes	154.5		466.1		144.6		513.6
Other long-term debt	2,267.0		2,082.9		2,265.2		2,245.5

(1) Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs.

Financial Instruments - (Tables)

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

Schedule of Net Foreign Exchange Positions

The following summarizes the Company’s net foreign exchange positions in U.S. Dollars (in millions):


	As of
	September 30, 2022				December 31, 2021
	Buy (Sell)		Notional Amount		Buy (Sell)		Notional Amount
Japanese Yen	66.6		66.6		33.2		33.2
Philippine Peso	59.1		59.1		67.1		67.1
Euro	41.1		41.1		65.9		65.9
Czech Koruna	39.1		39.1		15.0		15.0
Korean Won	35.1		35.1		44.1		44.1




Other Currencies - Buy	74.7		74.7		58.7		58.7
Other Currencies - Sell	(10.5)		10.5		(4.3)		4.3
	$	305.2	$	326.2	$	279.7	$	288.3

Changes in Accumulated Other Comprehensive Loss - (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Amounts comprising the Company's accumulated other comprehensive loss and reclassifications are as follows (in millions):


	Currency Translation Adjustments		Effects of Cash Flow Hedges and Other Adjustments		Total
Balance as of December 31, 2021	$	(44.4)	$	3.8	$	(40.6)
Other comprehensive income (loss) prior to reclassifications	(8.4)		22.6		14.2
Amounts reclassified from accumulated other comprehensive loss	—		3.0		3.0
Net current period other comprehensive income (loss) (1)	(8.4)		25.6		17.2
Balance as of September 30, 2022	$	(52.8)	$	29.4	$	(23.4)

(1) Effects of cash flow hedges are net of tax expense of $7.8 million for the nine months ended September 30, 2022.

Amounts reclassified from accumulated other comprehensive loss to the specific caption within Consolidated Statements of Operations and Comprehensive Income were as follows:



	Quarters Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021		To caption


Interest rate swaps	$	(3.2)	$	4.9	$	(3.0)	$	14.3	Interest expense
Total reclassifications	$	(3.2)	$	4.9	$	(3.0)	$	14.3

Background and Basis of Presentation (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments			3
Number of reportable segments			3
Fiscal period duration	91 days	91 days	273 days	274 days

Revenue and Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Oct. 01, 2021	Sep. 30, 2022 USD ($) segment	Oct. 01, 2021
Segment Reporting Information [Line Items]
Number of operating segments \| segment			3
Number of reportable segments \| segment			3
Revenue, remaining performance obligation, amount	$ 14,100.0		$ 14,100.0
Contract assets	$ 13.1		$ 13.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
One Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	12.00%	14.00%	12.00%	13.00%
Long Term Supply Arrangement
Segment Reporting Information [Line Items]
Capacity payments and deposits received	$ 67.8		$ 104.1
Contract receivable	22.3		22.3
Contract liability	143.8		143.8
Current contract liability	40.3		40.3
Noncurrent contract liability	103.5		103.5
Revenue recognized from contract liabilities	$ 4.7		$ 13.8
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Segment Reporting Information [Line Items]
Revenue remaining performance obligation, percentage	31.00%		31.00%

Revenue and Segment Information - Segment Information Of Revenues, Gross Profit And Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Segment Reporting Information [Line Items]
Revenue from external customers	$ 2,192.6	$ 1,742.1	$ 6,222.6	$ 4,893.7
Gross profit	1,058.3	720.8	3,056.7	1,882.1
PSG
Segment Reporting Information [Line Items]
Revenue from external customers	1,116.1	892.1	3,159.8	2,485.7
Gross profit	508.5	346.0	1,494.4	906.8
ASG
Segment Reporting Information [Line Items]
Revenue from external customers	734.3	613.5	2,140.3	1,752.6
Gross profit	381.7	280.1	1,128.7	739.2
ISG
Segment Reporting Information [Line Items]
Revenue from external customers	342.2	236.5	922.5	655.4
Gross profit	$ 168.1	$ 94.7	$ 433.6	$ 236.1

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Segment Reporting Information [Line Items]
Revenue	$ 2,192.6	$ 1,742.1	$ 6,222.6	$ 4,893.7
Distributors
Segment Reporting Information [Line Items]
Revenue	1,281.5	1,148.8	3,656.5	3,178.7
Direct Customers
Segment Reporting Information [Line Items]
Revenue	911.1	593.3	2,566.1	1,715.0
Hong Kong
Segment Reporting Information [Line Items]
Revenue	617.9	487.0	1,731.9	1,278.5
Singapore
Segment Reporting Information [Line Items]
Revenue	544.0	544.0	1,655.5	1,586.0
United Kingdom
Segment Reporting Information [Line Items]
Revenue	372.5	273.2	1,077.7	818.6
United States
Segment Reporting Information [Line Items]
Revenue	415.4	238.7	1,088.3	648.6
Other
Segment Reporting Information [Line Items]
Revenue	242.8	199.2	669.2	562.0
PSG
Segment Reporting Information [Line Items]
Revenue	1,116.1	892.1	3,159.8	2,485.7
PSG \| Distributors
Segment Reporting Information [Line Items]
Revenue	726.0	644.2	2,056.3	1,779.2
PSG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	390.1	247.9	1,103.5	706.5
PSG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	351.2	281.8	980.7	738.9
PSG \| Singapore
Segment Reporting Information [Line Items]
Revenue	284.2	285.4	857.0	833.0
PSG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	192.3	145.0	561.9	435.1
PSG \| United States
Segment Reporting Information [Line Items]
Revenue	208.1	115.8	533.1	299.2
PSG \| Other
Segment Reporting Information [Line Items]
Revenue	80.3	64.1	227.1	179.5
ASG
Segment Reporting Information [Line Items]
Revenue	734.3	613.5	2,140.3	1,752.6
ASG \| Distributors
Segment Reporting Information [Line Items]
Revenue	368.1	355.6	1,097.8	988.8
ASG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	366.2	257.9	1,042.5	763.8
ASG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	192.7	152.2	548.4	397.0
ASG \| Singapore
Segment Reporting Information [Line Items]
Revenue	203.2	219.3	658.0	647.8
ASG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	113.7	86.8	329.6	254.3
ASG \| United States
Segment Reporting Information [Line Items]
Revenue	117.3	74.3	316.5	220.9
ASG \| Other
Segment Reporting Information [Line Items]
Revenue	107.4	80.9	287.8	232.6
ISG
Segment Reporting Information [Line Items]
Revenue	342.2	236.5	922.5	655.4
ISG \| Distributors
Segment Reporting Information [Line Items]
Revenue	187.4	149.0	502.4	410.7
ISG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	154.8	87.5	420.1	244.7
ISG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	74.0	53.0	202.8	142.6
ISG \| Singapore
Segment Reporting Information [Line Items]
Revenue	56.6	39.3	140.5	105.2
ISG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	66.5	41.4	186.2	129.2
ISG \| United States
Segment Reporting Information [Line Items]
Revenue	90.0	48.6	238.7	128.5
ISG \| Other
Segment Reporting Information [Line Items]
Revenue	$ 55.1	$ 54.2	$ 154.3	$ 149.9

Revenue and Segment Information - Summary of Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 2,762.1	$ 2,524.3
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	822.8	767.1
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	737.6	492.8
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	307.4	342.4
Czech Republic
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	248.3	214.2
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	204.5	216.8
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	135.6	198.6
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	181.0	175.3
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 124.9	$ 117.1

Recent Accounting Pronouncements and Other Developments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Decrease in additional paid-in capital	$ 4,598.8		$ 4,633.3
Increase in retained earnings	$ 3,760.1		$ 2,435.1
Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Increase in retained earnings		$ 27.1
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Decrease in additional paid-in capital		129.1
Increase in retained earnings		$ 27.1

Acquisitions and Divestitures - GTAT Purchase Price Allocation (Details) - USD ($) $ in Millions	Sep. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,600.4		$ 1,937.5
GT Advanced Technologies Inc
Business Acquisition [Line Items]
Cash and cash equivalents		$ 8.2
Inventory and other current assets		10.0
Property, plant and equipment		31.9
Goodwill		274.8
Intangible assets - Developed Technology		130.0
Deferred tax assets		13.4
Other non-current assets		7.4
Total assets acquired		475.7
Current liabilities		5.8
Other long-term liabilities		35.0
Total liabilities assumed		40.8
Net assets acquired/purchase price		$ 434.9

Acquisition and Divestitures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Apr. 01, 2022
Disposed of by sale
Business Acquisition [Line Items]
Gain on disposal	$ 1.9
Disposed of by sale \| Belgium Fab
Business Acquisition [Line Items]
Divestiture consideration			$ 19.9
Disposed of by sale \| South Portland
Business Acquisition [Line Items]
Divestiture consideration	$ 80.0
Disposed of by sale \| Pocatello, Idaho
Business Acquisition [Line Items]
Divestiture consideration		$ 80.0
Disposal Group \| Pocatello, Idaho
Business Acquisition [Line Items]
Assets held for sale		49.5
Disposal Group \| Niigata, Japan
Business Acquisition [Line Items]
Assets held for sale		81.9
Liabilities held for sale		$ 37.3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jul. 01, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 215.0	$ 115.0		$ 330.0
Impairment of intangible assets (excluding goodwill)	56.8
Goodwill and intangible asset impairment	271.8		$ 0.0	386.8	$ 2.9
Intangible assets, net	373.8			373.8		$ 495.7
Legacy Quantenna Business
Finite-Lived Intangible Assets [Line Items]
Goodwill assigned to division under exit plan	215.0			215.0
Unamortized intangible assets assigned to division under exit plan	$ 58.0			58.0
Consolidated Revenue \| ASG \| Revenue \| Reporting unit \| Legacy Quantenna Business
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	3.00%
IPRD
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net						$ 11.6
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 11.6			$ 11.6

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jul. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Goodwill
Goodwill	$ 2,381.2		$ 2,381.2	$ 2,388.3
Accumulated Impairment Losses	(780.8)		(780.8)	(450.8)
Carrying Value	1,600.4		1,600.4	1,937.5
Goodwill [Roll Forward]
Beginning balance			1,937.5
Goodwill impairment	(215.0)	$ (115.0)	(330.0)
Goodwill disposed			(7.1)
Ending balance	1,600.4		1,600.4
PSG
Goodwill
Goodwill	708.0		708.0	708.0
Accumulated Impairment Losses	(31.9)		(31.9)	(31.9)
Carrying Value	676.1		676.1	676.1
Goodwill [Roll Forward]
Beginning balance			676.1
Ending balance	676.1		676.1
ASG
Goodwill
Goodwill	1,559.2		1,559.2	1,566.3
Accumulated Impairment Losses	(748.9)		(748.9)	(418.9)
Carrying Value	810.3		810.3	1,147.4
Goodwill [Roll Forward]
Beginning balance			1,147.4
Ending balance	810.3		810.3
ISG
Goodwill
Goodwill	114.0		114.0	114.0
Accumulated Impairment Losses	0.0		0.0	0.0
Carrying Value	114.0		114.0	$ 114.0
Goodwill [Roll Forward]
Beginning balance			114.0
Ending balance	$ 114.0		$ 114.0

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets, Net
Carrying Value	$ 373.8	$ 495.7
Customer relationships
Intangible Assets, Net
Original Cost	581.5	581.5
Accumulated Amortization	(454.7)	(436.3)
Accumulated Impairment Losses	(36.3)	(17.6)
Carrying Value	90.5	127.6
Developed technology
Intangible Assets, Net
Original Cost	939.6	928.1
Accumulated Amortization	(645.1)	(600.5)
Accumulated Impairment Losses	(40.7)	(2.6)
Carrying Value	253.8	325.0
Licenses
Intangible Assets, Net
Original Cost	30.0	30.0
Accumulated Amortization	(1.3)	(0.3)
Accumulated Impairment Losses	0.0	0.0
Carrying Value	28.7	29.7
Other intangibles
Intangible Assets, Net
Original Cost	79.1	79.1
Accumulated Amortization	(63.1)	(62.1)
Accumulated Impairment Losses	(15.2)	(15.2)
Carrying Value	0.8	1.8
Total intangible assets, excluding IPRD
Intangible Assets, Net
Original Cost	1,630.2	1,618.7
Accumulated Amortization	(1,164.2)	(1,099.2)
Accumulated Impairment Losses	(92.2)	(35.4)
Carrying Value	$ 373.8	$ 484.1

Goodwill and Intangible Assets - Summary of Amortization Expense (Details) $ in Millions	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule
Remainder of 2022	$ 17.7
2023	56.8
2024	58.1
2025	47.9
2026	41.6
Thereafter	151.7
Total	$ 373.8

Restructuring, Asset Impairments and Other, Net - Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2022 USD ($) building	Oct. 01, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 12.6		$ 11.4
Asset Impairments	18.6		22.6
Other	9.1		(8.4)
Total	40.3	$ (1.7)	25.6	$ 58.3
Gain (loss) on sale of office buildings			33.1	$ (2.3)
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring	12.7		12.7
Asset Impairments	18.6		18.6
Other	25.9		25.9
Total	57.2		57.2
QCS wind down \| Contract Cancellation Charges
Restructuring Cost and Reserve [Line Items]
Other	15.4		15.4
QCS wind down \| Litigation charges
Restructuring Cost and Reserve [Line Items]
Other	10.5		10.5
Other
Restructuring Cost and Reserve [Line Items]
Restructuring	(0.1)		(1.3)
Asset Impairments	0.0		4.0
Other	(16.8)		(34.3)
Total	(16.9)		(31.6)
Other \| GT Advanced Technologies Inc
Restructuring Cost and Reserve [Line Items]
Asset Impairments			4.0
Other \| Office Building
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of office buildings	17.3		$ 34.8
Gain from litigation matters	$ 0.5
Number of buildings sold \| building			2
Other \| Litigation charges
Restructuring Cost and Reserve [Line Items]
Gain from litigation matters			$ 0.5

Restructuring, Asset Impairments and Other, Net - Summary of Changes in Accrued Restructuring Charges (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 10.8
Charges	11.4
Usage	(10.6)
Balance at end of period	11.6
Employee separation charges
Restructuring Reserve [Roll Forward]
Balance at beginning of period	10.8
Charges	11.4
Usage	(10.6)
Balance at end of period	$ 11.6

Restructuring, Asset Impairments and Other, Net - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended
	Sep. 16, 2022 USD ($) employee	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve accrued		$ 11.6	$ 11.6		$ 10.8
Exit costs			11.4
Property, plant and equipment impairment		8.0	18.6	$ 10.8
Other miscellaneous assets impairment		10.6
QCS wind down \| Legacy Quantenna Business
Restructuring Cost and Reserve [Line Items]
Exit costs		25.9
Inventory write-off		28.0
QCS wind down \| Workforce reduction \| Legacy Quantenna Business
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	330
Severance costs	$ 12.7
Restructuring reserve accrued		$ 10.4	$ 10.4

Balance Sheet Information and Other - Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventories:
Raw materials	$ 203.1	$ 174.2
Work in process	962.2	888.9
Finished goods	410.1	316.4
Inventories	$ 1,575.4	$ 1,379.5

Balance Sheet Information and Other - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jul. 01, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net assets for overfunded plans	$ 12.8
Assets held-for-sale	135.0		$ 0.0
Accrued pension liability	100.4		103.9
Current portion accrued pension liability	0.3		0.2
Liabilities held-for-sale	$ 37.3		0.0
Operating lease weighted average remaining lease term	10 years 7 months 6 days
Finance lease weighted average remaining lease term	19 years 3 months 18 days
Operating lease weighted average discount rate percent	4.70%
Finance lease weighted average discount rate percent	6.00%
Operating lease, ROU asset	$ 222.3		170.1
Operating lease liability	236.1		$ 174.9
Disposal Group \| Niigata, Japan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Assets held-for-sale	3.7
Liabilities held-for-sale	20.8
GT Advanced Technologies Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 15.0
Arizona
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, ROU asset		$ 70.7
Operating lease liability		$ 70.7

Balance Sheet Information and Other - Pension Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Balance Sheet Related Disclosures [Abstract]
Service cost	$ 2.2	$ 2.8	$ 6.6	$ 8.9
Interest cost	1.0	1.1	3.1	3.3
Expected return on plan assets	(1.1)	(1.6)	(3.4)	(4.9)
Curtailment gain	0.0	(2.3)	0.0	(0.4)
Total net periodic pension cost	$ 2.1	$ 0.0	$ 6.3	$ 6.9

Balance Sheet Information and Other - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Operating lease	$ 12.4	$ 9.8	$ 35.3	$ 29.6
Variable lease	1.8	0.9	7.5	2.9
Short-term lease	0.9	0.4	2.1	1.6
Total lease expense	15.1	$ 11.1	44.9	$ 34.1
Operating lease liabilities included in:
Accrued expenses and other current liabilities	33.1		33.1		$ 32.5
Other long-term liabilities	203.0		203.0		142.4
Total	236.1		236.1		174.9
Other assets	222.3		222.3		170.1
Financing lease liabilities included in:
Accrued expenses and other current liabilities	11.6		11.6		12.7
Other long-term liabilities	20.6		20.6		10.2
Total	32.2		32.2		22.9
Other assets	$ 46.4		$ 46.4		$ 22.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current		Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities		Other long-term liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current		Accrued Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities		Other long-term liabilities		Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets

Balance Sheet Information and Other - Cash and Non-cash Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$ 253.5	$ 153.3
Divestiture/Sale of property in exchange of receivable	0.0	9.1
Operating ROU assets obtained in exchange of lease liabilities	90.6	14.2
Cash paid for:
Interest expense	62.8	80.7
Income taxes	329.5	65.1
Operating lease payments in operating cash flows	$ 31.8	$ 30.6

Balance Sheet Information and Other - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 2,450.2	$ 1,352.6	$ 1,389.2	$ 1,080.7
Restricted cash (included in other current assets)	17.2	20.1	1.4	0.8
Restricted cash (included in other non-current assets)	5.0	5.0	0.0	0.0
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$ 2,472.4	$ 1,377.7	$ 1,390.6	$ 1,081.5

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021
Debt Instrument [Line Items]
Long-term debt	$ 3,248.8	$ 3,258.3
Less: Debt discount	(9.5)	(149.0)
Less: Debt issuance costs	(27.5)	(34.7)
Net long-term debt, including current maturities	3,211.8	3,074.6
Less: Current maturities	(165.3)	(160.7)
Net long-term debt	3,046.5	2,913.9
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 500.0	$ 0.0
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	4.37%	0.00%
Term Loan B Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,088.7	$ 1,598.2
Less: Debt discount	(4.4)	(7.5)
Less: Debt issuance costs	$ (10.3)	$ (17.7)
Debt instrument, interest rate (as a percent)	5.12%	2.10%
Convertible Debt \| 0% Notes
Debt Instrument [Line Items]
Long-term debt	$ 805.0	$ 805.0
Less: Debt discount	0.0	(126.1)
Less: Debt issuance costs	$ (14.7)	$ (14.1)
Debt instrument, interest rate (as a percent)	0.00%	0.00%	0.00%
Convertible Debt \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	3.875%
Convertible Debt \| 1.625% Notes
Debt Instrument [Line Items]
Long-term debt	$ 155.1	$ 155.1
Less: Debt discount	0.0	(9.6)
Less: Debt issuance costs	(0.6)	$ (0.9)
Less: Current maturities	$ (155.1)
Debt instrument, interest rate (as a percent)	1.625%	1.625%	1.625%
Notes Payable \| 3.875% Notes
Debt Instrument [Line Items]
Long-term debt	$ 700.0	$ 700.0
Less: Debt discount	(5.1)	(5.8)
Less: Debt issuance costs	$ (1.8)	$ (2.0)
Debt instrument, interest rate (as a percent)	3.875%	3.875%

Long-Term Debt - Annual Maturities Relating To Long-Term Debt (Details) $ in Millions	Sep. 30, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 157.9
2023	10.9
2024	511.0
2025	10.9
2026	1,053.1
Thereafter	1,505.0
Total	$ 3,248.8

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-Term Debt - Borrowings and Repayments under the Amended Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Oct. 01, 2021
Debt Instrument [Line Items]
Repayments of borrowings under term loan		$ 509.5	$ 1,218.8
Term Loan B Facility
Debt Instrument [Line Items]
Repayments of borrowings under term loan	$ 500.0
Expense of unamortized debt discount and issuance costs	7.3
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing under revolving credit facility	$ 500.0
Remaining borrowing capacity		$ 1,500.0

Long-Term Debt - Adoption of ASU 2020-06 (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt discount eliminated	$ 3,046.5		$ 2,913.9
Decrease in additional paid-in capital	4,598.8		4,633.3
Increase in retained earnings	$ 3,760.1		$ 2,435.1
Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Increase in retained earnings		$ 27.1
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Debt discount eliminated		135.7
Decrease in additional paid-in capital		129.1
Increase in retained earnings		$ 27.1

Long-Term Debt - 1.625% Notes due 2023 (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) day $ / shares	Dec. 31, 2021 USD ($)	Oct. 01, 2021
Debt Instrument [Line Items]
Current portion of long-term debt \| $	$ 165.3	$ 160.7
1.625% Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%	1.625%
Current portion of long-term debt \| $	$ 155.1
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Stock price trigger (in dollars per share) \| $ / shares	$ 26.94
Threshold percentage of stock price trigger (greater than or equal to)	130.00%

Earnings Per Share and Equity - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Earnings Per Share [Abstract]
Net income for basic earnings per share of common stock	$ 311.9	$ 309.7	$ 1,297.9	$ 583.7
Add: Interest on 1.625% Notes	0.5	0.0	1.5	0.0
Net income for diluted earnings per share of common stock	$ 312.4	$ 309.7	$ 1,299.4	$ 583.7
Basic weighted average shares of common stock outstanding (in shares)	432.9	430.6	433.5	423.8
Dilutive effect of share-based awards (in shares)	1.6	2.3	1.8	2.3
Dilutive effect of convertible notes and warrants (in shares)	14.2	7.8	13.0	17.0
Diluted weighted-average shares of common stock outstanding (in shares)	448.7	440.7	448.3	443.1
Net income per share of common stock:
Basic (in dollars per share)	$ 0.72	$ 0.72	$ 2.99	$ 1.38
Diluted (in dollars per share)	$ 0.70	$ 0.70	$ 2.90	$ 1.32

Earnings Per Share and Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021	Nov. 15, 2018
Dividends Payable [Line Items]
Anti-dilutive shares	0	200,000	400,000	400,000
Aggregate purchase price			$ 166.9	$ 0.0
Payments of tax withholding for restricted shares	$ 4.1	$ 2.2	$ 67.4	$ 34.2
Common stock withheld underlying restricted stock units (in shares)	100,000	100,000	1,100,000	900,000
Treasury shares reissued or retired during period (in shares)			0
Non-controlling interest	$ 20.6		$ 20.6		$ 19.0
Non-controlling interest share of earnings	$ 0.0	$ 0.7	$ 1.6	$ 1.1
Share Repurchase Program
Dividends Payable [Line Items]
Stock repurchase program, authorized amount						$ 1,500.0
Number of repurchased shares (in shares)	1,200,000	0	2,700,000	0
Aggregate purchase price	$ 80.1		$ 169.8
Remaining authorized amount available for repurchase	$ 1,126.1		$ 1,126.1
0% Notes Warrants
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 74.34		$ 74.34
1.625% Notes Warrants
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 30.70		$ 30.70
Convertible Debt \| 0% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	0.00%	0.00%	0.00%	0.00%	0.00%
Conversion price per share (in dollars per share)	$ 52.97		$ 52.97
Convertible Debt \| 1.625% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%	1.625%	1.625%	1.625%
Conversion price per share (in dollars per share)	$ 20.72		$ 20.72

Share-Based Compensation - Summary Of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 26.9	$ 22.7	$ 76.5	$ 74.1
Income tax benefit	(5.6)	(4.8)	(16.1)	(15.6)
Share-based compensation expense, net of taxes	21.3	17.9	60.4	58.5
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	3.2	3.6	8.9	11.8
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.9	5.4	14.5	18.4
Selling and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4.1	3.7	12.2	12.5
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 14.7	$ 10.0	$ 40.9	$ 31.4

Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
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)	39.9		39.9		42.2
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense on non-vested stock options	$ 122.7		$ 122.7
Period for recognition (in years)			1 year 4 months 24 days
Options pre-vesting forfeitures rate	8.00%	6.00%	8.00%	6.00%
Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)			3 years
Performance or Market Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)			2 years
Performance or Market Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period (in years)			3 years

Share-Based Compensation - Summary Of Restricted Stock Units Transactions (Details) - Restricted Stock Units shares in Millions	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	6.2
Granted (in shares) \| shares	1.8
Restricted stock units achieved (in shares) \| shares	0.2
Released (in shares) \| shares	(3.4)
Forfeited (in shares) \| shares	(0.5)
Ending balance (in shares) \| shares	4.3
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 28.60
Granted (in dollars per share) \| $ / shares	60.41
Achieved (in dollars per share) \| $ / shares	41.35
Released (in dollars per share) \| $ / shares	25.27
Forfeited (in dollars per share) \| $ / shares	38.57
Ending balance (in dollars per share) \| $ / shares	$ 43.87

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Outstanding guarantees and letters of credit	$ 17.0
Guarantees	0.9
Revolving Credit Facility \| Senior Revolving Credit Facility
Loss Contingencies [Line Items]
Revolving credit facility, letters of credit	15.0
Letter of Credit \| Senior Revolving Credit Facility
Loss Contingencies [Line Items]
Credit commitment outstanding	$ 0.9

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 3,248.8
Convertible Debt \| 0% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (as a percent)	0.00%	0.00%	0.00%
Carrying Amount	$ 790.3	$ 664.8
Fair Value	$ 1,099.8	$ 1,183.1
Convertible Debt \| 1.625% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%	1.625%
Carrying Amount	$ 154.5	$ 144.6
Fair Value	466.1	513.6
Other long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	2,267.0	2,265.2
Fair Value	$ 2,082.9	$ 2,245.5

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements - Narrative (Details)	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021
Notes Payable \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	3.875%	3.875%
Convertible Debt \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	3.875%
Convertible Debt \| 1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	1.625%	1.625%	1.625%
Convertible Debt \| 0% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	0.00%	0.00%	0.00%

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Sep. 27, 2024	Sep. 29, 2023	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Foreign currency transaction gain (loss) realized	$ 0.7	$ (0.8)	$ 9.0	$ 1.5
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	326.2		$ 326.2				$ 288.3
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
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Notional Amount	750.0		$ 750.0
Interest rate swaps, fair value	39.1		39.1				$ 5.7
Interest Rate Swap \| Forecast
Derivatives, Fair Value [Line Items]
Notional Amount					$ 500.0	$ 500.0
Interest Rate Swap \| Other current assets
Derivatives, Fair Value [Line Items]
Interest rate swaps, fair value	20.2		20.2
Interest Rate Swap \| Other noncurrent assets
Derivatives, Fair Value [Line Items]
Interest rate swaps, fair value	$ 18.9		$ 18.9

Financial Instruments - Schedule of Net Foreign Exchange Positions (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Buy (Sell)	$ 305.2	$ 279.7
Notional Amount	326.2	288.3
Other Currencies - Buy
Derivatives, Fair Value [Line Items]
Buy (Sell)	74.7	58.7
Notional Amount	74.7	58.7
Other Currencies - Sell
Derivatives, Fair Value [Line Items]
Buy (Sell)	(10.5)	(4.3)
Notional Amount	10.5	4.3
Japanese Yen
Derivatives, Fair Value [Line Items]
Buy (Sell)	66.6	33.2
Notional Amount	66.6	33.2
Philippine Peso
Derivatives, Fair Value [Line Items]
Buy (Sell)	59.1	67.1
Notional Amount	59.1	67.1
Euro
Derivatives, Fair Value [Line Items]
Buy (Sell)	41.1	65.9
Notional Amount	41.1	65.9
Czech Koruna
Derivatives, Fair Value [Line Items]
Buy (Sell)	39.1	15.0
Notional Amount	39.1	15.0
Korean Won
Derivatives, Fair Value [Line Items]
Buy (Sell)	35.1	44.1
Notional Amount	$ 35.1	$ 44.1

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 1.9	$ 1.3
Possible reduction in unrecognized tax benefits in next twelve months	$ 62.5

Changes in Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	$ 5,410.1	$ 3,804.4	$ 4,604.4	$ 3,558.1
Other comprehensive income (loss) prior to reclassifications			14.2
Amounts reclassified from accumulated other comprehensive loss			3.0
Other comprehensive income, net of tax	5.9	3.6	17.2	9.0
Balance, ending	5,676.6	4,144.4	5,676.6	4,144.4
Cash flow hedge, tax			7.8
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning			(44.4)
Other comprehensive income (loss) prior to reclassifications			(8.4)
Amounts reclassified from accumulated other comprehensive loss			0.0
Other comprehensive income, net of tax			(8.4)
Balance, ending	(52.8)		(52.8)
Effects of Cash Flow Hedges and Other Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning			3.8
Other comprehensive income (loss) prior to reclassifications			22.6
Amounts reclassified from accumulated other comprehensive loss			3.0
Other comprehensive income, net of tax			25.6
Balance, ending	29.4		29.4
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(29.3)	(52.2)	(40.6)	(57.6)
Balance, ending	$ (23.4)	$ (48.6)	$ (23.4)	$ (48.6)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Changes in Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	$ 0.9	$ (5.8)	$ 9.4	$ (2.4)
Total reclassifications	311.9	310.4	1,299.5	584.8
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications	(3.2)	4.9	(3.0)	14.3
Effects of Cash Flow Hedges and Other Adjustments \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	$ (3.2)	$ 4.9	$ (3.0)	$ 14.3

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other assets: \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	1 year
Other assets: \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	5 years
Demand and time deposits \| Cash and cash equivalents:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 168.4	$ 19.5
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	168.4	19.5
Demand and time deposits \| Cash and cash equivalents: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	168.4	19.5
Demand and time deposits \| Cash and cash equivalents: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Demand and time deposits \| Cash and cash equivalents: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Money market funds \| Cash and cash equivalents:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	4.0	0.7
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	4.0	0.7
Money market funds \| Cash and cash equivalents: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	4.0	0.7
Money market funds \| Cash and cash equivalents: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Money market funds \| Cash and cash equivalents: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Cash and cash equivalents:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		1.6
Unrealized gains		0.0
Unrealized losses		0.0
Fair value		1.6
Corporate bonds \| Cash and cash equivalents: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0.0
Corporate bonds \| Cash and cash equivalents: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		1.6
Corporate bonds \| Cash and cash equivalents: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0.0
Corporate bonds \| Other current assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	23.2	16.0
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	23.2	16.0
Corporate bonds \| Other current assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other current assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	23.2	16.0
Corporate bonds \| Other current assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	3.6	19.7
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	3.6	19.7
Corporate bonds \| Other assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	3.6	19.7
Corporate bonds \| Other assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Certificate of deposit \| Other current assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	3.4	1.9
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	3.4	1.9
Certificate of deposit \| Other current assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Certificate of deposit \| Other current assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	3.4	1.9
Certificate of deposit \| Other current assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Commercial paper \| Cash and cash equivalents:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		2.0
Unrealized gains		0.0
Unrealized losses		0.0
Fair value		2.0
Commercial paper \| Cash and cash equivalents: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0.0
Commercial paper \| Cash and cash equivalents: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		2.0
Commercial paper \| Cash and cash equivalents: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		0.0
Commercial paper \| Other current assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	5.4	5.0
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	5.4	5.0
Commercial paper \| Other current assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1.5	3.0
Commercial paper \| Other current assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	3.9	2.0
Commercial paper \| Other current assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
US Treasury bonds \| Other current assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.1	0.4
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	2.1	0.4
US Treasury bonds \| Other current assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
US Treasury bonds \| Other current assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2.1	0.4
US Treasury bonds \| Other current assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
US Treasury bonds \| Other assets:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.0	1.6
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	0.0	1.6
US Treasury bonds \| Other assets: \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
US Treasury bonds \| Other assets: \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	1.6
US Treasury bonds \| Other assets: \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0.0	$ 0.0