0001628280-23-014387 | 10-Q | XBRL Viewer

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 2,702.4	$ 2,919.0
Receivables, net	880.9	842.3
Inventories	1,814.9	1,616.8
Other current assets	318.1	351.3
Total current assets	5,716.3	5,729.4
Property, plant and equipment, net	3,692.9	3,450.7
Goodwill	1,577.6	1,577.6
Intangible assets, net	339.8	359.7
Deferred tax assets	473.1	376.7
Right-of-use financing lease	45.2	45.8
Other assets	429.4	438.6
Total assets	12,274.3	11,978.5
Liabilities and Stockholders’ Equity
Accounts payable	976.2	852.1
Accrued expenses and other current liabilities	666.0	1,047.3
Current portion of financing lease liabilities	11.6	14.2
Current portion of long-term debt	926.2	147.8
Total current liabilities	2,580.0	2,061.4
Long-term debt	2,538.0	3,045.7
Deferred tax liabilities	36.6	34.1
Long-term financing lease liabilities	24.0	23.0
Other long-term liabilities	628.7	607.3
Total liabilities	5,807.3	5,771.5
Commitments and contingencies
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 610,278,043 and 608,367,713 issued, 431,851,090 and 431,936,415 outstanding, respectively)	6.1	6.1
Additional paid-in capital	4,633.6	4,670.9
Accumulated other comprehensive loss	(29.6)	(23.2)
Accumulated earnings	4,826.1	4,364.4
Less: Treasury stock, at cost: 178,426,953 and 176,431,298 shares, respectively	(2,988.2)	(2,829.7)
Total ON Semiconductor Corporation stockholders’ equity	6,448.0	6,188.5
Non-controlling interest	19.0	18.5
Total stockholders’ equity	6,467.0	6,207.0
Total liabilities and stockholders’ equity	$ 12,274.3	$ 11,978.5

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

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Income Statement [Abstract]
Revenue	$ 1,959.7	$ 1,945.0
Cost of revenue	1,042.2	983.7
Gross profit	917.5	961.3
Operating expenses:
Research and development	138.4	156.8
Selling and marketing	71.8	71.1
General and administrative	75.9	77.9
Amortization of acquisition-related intangible assets	15.0	21.3
Restructuring, asset impairments and other charges, net	51.5	(13.0)
Total operating expenses	352.6	314.1
Operating income	564.9	647.2
Other income (expense), net:
Interest expense	(26.4)	(21.6)
Interest income	17.1	0.4
Loss on debt prepayment	(13.3)	0.0
Loss on divestiture of business	(1.1)	0.0
Other income	4.7	2.1
Other income (expense), net	(19.0)	(19.1)
Income before income taxes	545.9	628.1
Income tax provision	(83.7)	(97.1)
Net income	462.2	531.0
Less: Net income attributable to non-controlling interest	(0.5)	(0.8)
Net income attributable to ON Semiconductor Corporation	461.7	530.2
Net income for diluted earnings per share of common stock	$ 462.1	$ 530.7
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 1.07	$ 1.22
Diluted (in dollars per share)	$ 1.03	$ 1.18
Weighted-average shares of common stock outstanding:
Basic (in shares)	431.9	433.3
Diluted (in shares)	448.5	448.9
Comprehensive income (loss), net of tax:
Net income	$ 462.2	$ 531.0
Foreign currency translation adjustments	0.3	(2.4)
Effects of cash flow hedges and other adjustments	(6.7)	16.6
Other comprehensive income (loss), net of tax	(6.4)	14.2
Comprehensive income	455.8	545.2
Comprehensive income attributable to non-controlling interest	(0.5)	(0.8)
Comprehensive income attributable to ON Semiconductor Corporation	$ 455.3	$ 544.4

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Accumulated Earnings	Accumulated Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(170,571,261)
Beginning Balance (in shares) at Dec. 31, 2021			603,044,079
Treasury stock beginning balance (in shares) at Dec. 31, 2021									(170,571,261)
Balance, beginning at Dec. 31, 2021	$ 4,604.4	$ (102.0)	$ 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)			126,388
Shares issued pursuant to the ESPP	6.7			6.7
RSUs and stock grant awards issued (in shares)			2,851,188
RSUs released and stock grant awards issued	0.0		$ 0.1	(0.1)
Payment of tax withholding for RSUs (in shares)									(955,641)
Payment of tax withholding for RSUs	(58.8)								$ (58.8)
Share-based compensation	22.5			22.5
Comprehensive income (loss)	545.2					14.2	530.2			0.8
Ending Balance (in shares) at Apr. 01, 2022			606,021,655
Balance, ending at Apr. 01, 2022	$ 5,018.0		$ 6.1	4,533.3		(26.4)	2,992.4		$ (2,507.2)	19.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)									(171,526,902)
Treasury stock ending balance (in shares)	176,431,298								(176,431,298)
Beginning Balance (in shares) at Dec. 31, 2022	431,936,415		608,367,713
Treasury stock beginning balance (in shares) at Dec. 31, 2022	176,431,298								(176,431,298)
Balance, beginning at Dec. 31, 2022	$ 6,207.0		$ 6.1	4,670.9		(23.2)	4,364.4		$ (2,829.7)	18.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued pursuant to the ESPP (in shares)			136,856
Shares issued pursuant to the ESPP	7.3			7.3
RSUs and stock grant awards issued (in shares)			1,680,376
RSUs released and stock grant awards issued	0.0		$ 0.0	0.0
Partial settlement - 1.625% Notes (in shares)			93,098
Partial settlement - 1.625% Notes	0.0		$ 0.0	0.0
Partial settlement of bond hedges - 1.625% Notes (in shares)									(93,098)
Partial settlement of bond hedges - 1.625% Notes	0.0			6.9					$ (6.9)
Warrants and bond hedges, net - 0% Notes	(171.5)			(171.5)
Tax impact of convertible notes, warrants and bond hedges, net	92.3			92.3
Payment of tax withholding for RSUs (in shares)									(578,406)
Payment of tax withholding for RSUs	(47.6)								$ (47.6)
Share-based compensation	27.7			27.7
Repurchase of common stock (in shares)									(1,324,151)
Repurchase of common stock	(104.0)								$ (104.0)
Comprehensive income (loss)	$ 455.8					(6.4)	461.7			0.5
Ending Balance (in shares) at Mar. 31, 2023	431,851,090		610,278,043
Balance, ending at Mar. 31, 2023	$ 6,467.0		$ 6.1	$ 4,633.6		$ (29.6)	$ 4,826.1		$ (2,988.2)	$ 19.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock ending balance (in shares)	178,426,953								(178,426,953)

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Cash flows from operating activities:
Net income	$ 462.2	$ 531.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	145.0	140.6
Loss (gain) on sale or disposal of fixed assets	1.2	(16.6)
Loss on divestiture of business	1.1	0.0
Loss on debt prepayment	13.3	0.0
Amortization of debt discount and issuance costs	2.9	3.2
Share-based compensation	27.7	22.5
Non-cash asset impairment charges	12.7	6.7
Change in deferred tax balances	(1.5)	38.3
Other	(7.0)	0.5
Changes in assets and liabilities (exclusive of divestitures):
Receivables	(37.7)	(107.2)
Inventories	(198.1)	(116.7)
Other assets	54.8	(0.8)
Accounts payable	53.5	35.7
Accrued expenses and other current liabilities	(154.6)	(83.2)
Other long-term liabilities	33.4	24.6
Net cash provided by operating activities	408.9	478.6
Cash flows from investing activities:
Purchase of property, plant and equipment	(321.5)	(173.8)
Proceeds from sale of property, plant and equipment	1.7	36.7
Deposits utilized (made) for purchase of property, plant and equipment	(16.7)	1.6
Divestiture of business, net of cash transferred and deposits received	0.0	12.9
Purchase of available-for-sale securities	0.0	(7.8)
Proceeds from sale or maturity of available-for-sale securities	10.8	3.4
Payments related to acquisition of business, net of cash acquired	(236.3)	(2.4)
Net cash used in investing activities	(562.0)	(129.4)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	7.3	7.8
Payment of tax withholding for RSUs	(47.6)	(58.8)
Repurchase of common stock	(104.0)	0.0
Issuance and borrowings under debt agreements	1,470.0	0.0
Reimbursement of debt issuance and other financing costs	4.5	0.0
Payment of debt issuance and other financing costs	(4.8)	0.0
Repayment of borrowings under debt agreements	(1,213.7)	(4.1)
Payment for purchase of bond hedges	(414.0)	0.0
Proceeds from issuance of warrants	242.5	0.0
Payment of financing lease obligations	(3.6)	0.0
Dividend to non-controlling shareholder	0.0	(2.2)
Net cash used in financing activities	(63.4)	(57.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.1	(0.7)
Net (decrease) increase in cash, cash equivalents and restricted cash	(216.4)	291.2
Cash, cash equivalents and restricted cash, beginning of period	2,933.0	1,377.7
Cash, cash equivalents and restricted cash, end of period	$ 2,716.6	$ 1,668.9

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

Revenue and Segment Information

3 Months Ended

Apr. 01, 2022

Segment Reporting [Abstract]

Revenue and Segment Information

Note 2: Revenue and Segment Information

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

A significant portion of the Company’s orders are firm commitments that are non-cancellable, including certain orders or contracts with a duration of less than one year. Certain of the Company's customer contracts are multi-year agreements that include committed amounts ("Long-term Supply Agreements" or "LTSA's").

The estimated remaining performance obligations as of March 31, 2023, are approximately $17.6 billion (excluding the remaining performance obligations for contracts having an original duration of one year or less). This amount is subject to contractual increases based on negotiated contract prices and volumes, defined product mix flexibility, and the timing of new part introductions, among other contractual provisions. The Company expects to recognize approximately 33% of the remaining purchase obligation as revenue during the next twelve months upon shipment of products under these contracts. Total revenue estimates could be influenced by risks and uncertainties including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, our actual revenue recognized for the remaining performance obligation in future periods may fluctuate from estimates.

Certain of the Company’s LTSA’s include non-cancellable capacity payments from the customer, which are generally due within 30 days of the agreement. These payments reserve production availability or are prepayments to secure production availability and are not recognized as revenue until the performance obligations are satisfied. For the periods ending March 31, 2023, and April 1, 2022, the Company recognized revenue of $14.8 million and $4.5 million, respectively, for the portion of performance obligations fulfilled during those periods.

As of March 31, 2023, and December 31, 2022, the remaining capacity payments were $225.5 million and $190.4 million, respectively, of which $69.0 million and $60.5 million were recorded as current liabilities, with the remainder recorded as other long-term liabilities.

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


	PSG		ASG		ISG		Total
For the quarter ended March 31, 2023:
Revenue from external customers	$	1,012.8	$	592.8	$	354.1	$	1,959.7
Gross profit	$	480.3	$	260.1	$	177.1	$	917.5
For the quarter ended April 1, 2022:
Revenue from external customers	$	986.7	$	689.3	$	269.0	$	1,945.0
Gross profit	$	474.7	$	366.7	$	119.9	$	961.3

The Company had one customer, a distributor, whose revenue accounted for approximately 10.1% and 12.4% of the Company's total revenue for the quarters ended March 31, 2023 and April 1, 2022, respectively.

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


	Quarter Ended March 31, 2023
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	286.9	$	139.7	$	63.8	490.4
Singapore	276.4		116.1		58.2		450.7
United Kingdom	204.1		128.1		81.1		413.3
United States	166.3		121.3		101.5		389.1
Other	79.1		87.6		49.5		216.2
Total	$	1,012.8	$	592.8	$	354.1	$	1,959.7

Sales Channel
Distributors	$	629.3	$	222.8	$	187.1	$	1,039.2
Direct Customers	383.5		370.0		167.0		920.5

Total	$	1,012.8	$	592.8	$	354.1	$	1,959.7


	Quarter Ended April 1, 2022
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	280.5	$	233.8	$	41.4	$	555.7
Hong Kong	303.1		173.9		52.6		529.6
United Kingdom	186.9		106.6		52.0		345.5
United States	144.9		92.3		74.5		311.7
Other	71.3		82.7		48.5		202.5
Total	$	986.7	$	689.3	$	269.0	$	1,945.0

Sales Channel
Distributors	$	633.9	$	356.9	$	150.6	$	1,141.4
Direct Customers	352.8		332.4		118.4		803.6

Total	$	986.7	$	689.3	$	269.0	$	1,945.0

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

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


	As of
	March 31, 2023		December 31, 2022
United States	$	1,360.8	$	1,329.2
South Korea	990.9		871.0
Czech Republic	335.3		279.3
Philippines	287.1		296.8
China	227.4		215.3
Malaysia	199.0		190.2
Japan	128.1		133.2
Other	164.3		135.7
Total	$	3,692.9	$	3,450.7

- 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.

+ References

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+ Details

Acquisition and Divestitures

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition and Divestitures

Note 3: Acquisition and Divestitures

Acquisition:

During the year ended December 31, 2022, the Company closed the acquisition of EFK. The preliminary allocation of the purchase price of EFK to the assets acquired and liabilities assumed based on their relative fair values is as follows (in millions):


	Purchase Price Allocation
Inventory	$	3.3
Other current assets	4.4
Property, plant and equipment	396.5
Other non-current assets	11.4



Total assets acquired	415.6
Current liabilities	3.0
Other long-term liabilities	6.3
Total liabilities assumed	9.3
Net assets acquired/purchase price	$	406.3

The preliminary allocation, assumptions and disclosures are materially consistent with the amounts included in the 2022 Form 10-K.

The Company paid the remaining acquisition consideration of $236.3 million on January 3, 2023, which is disclosed under investing activities in the Consolidated statement of cash flows.

Restructuring, Asset Impairments and Other, Net

3 Months Ended

Mar. 31, 2023

Restructuring Charges [Abstract]

Restructuring, Asset Impairments and Other, Net

Note 4: Restructuring, Asset Impairments and Other, Net

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


	Restructuring		Asset Impairments			Other		Total
Quarter ended March 31, 2023
2023 Business Realignment	$	36.1	$	2.5	(1)	$	2.8	$	41.4
QCS wind down	—		—			(2.3)		(2.3)
Other	—		10.2		(2)	2.2		12.4
Total	$	36.1	$	12.7		$	2.7	$	51.5

(1)Includes $1.7 million property, plant and equipment asset impairments charges and $0.8 million of ROU asset impairment charges associated with the 2023 Business Realignment efforts.

(2)Includes $10.2 million of property, plant and equipment and ROU lease asset impairment charges associated with site consolidation efforts in the United States.

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


	As of						As of
	December 31, 2022		Charges		Usage		March 31, 2023
Employee separation charges	$	4.4	$	36.1	$	(4.9)	$	35.6

Total	$	4.4	$	36.1	$	(4.9)	$	35.6

2023 Business Realignment

During the first quarter of 2023, the Company announced the elimination of approximately 400 jobs in an effort to realign its operating models, drive organizational effectiveness and efficiencies, and increase collaboration primarily within its ASG business unit and IT support organizations. As a result, ASG ceased its design and test operations in certain Asia and U.S.-based locations and initiated a plan to exit its Toulouse, France design center location. The announcement also included changes in the Company's IT operating model by transferring selected IT functions to strategic service providers.

In connection with these actions, the Company recognized severance costs, related benefit expenses and other ancillary charges of $36.1 million and expects to record an additional $1.5 million during the remainder of 2023. The Company paid approximately $2.5 million of the aggregate expense and had $33.6 million accrued as of March 31, 2023, which is expected to be paid during the remainder of 2023. As of March 31, 2023, 137 employees have been terminated.

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

QCS wind down

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

As of March 31, 2023, $1.5 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 2023.

Balance Sheet Information and Other Supplemental Disclosures

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Information and Other Supplemental Disclosures

Note 5: Balance Sheet Information and Other Supplemental Disclosures

Goodwill

There was no change in the balance of goodwill from December 31, 2022 to March 31, 2023. Goodwill is tested for impairment annually on the first day of the fourth quarter or more frequently if events or changes in circumstances (each, a "triggering event") would more likely-than-not reduce the fair value of a reporting unit below its carrying value. Management did not identify any triggering events during the quarter ended March 31, 2023 that would require an interim impairment analysis.

Inventory

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


	As of
	March 31, 2023		December 31, 2022
Inventories:
Raw materials	$	271.3	$	236.8
Work in process	1,053.5		951.0
Finished goods	490.1		429.0
	$	1,814.9	$	1,616.8

Defined Benefit Plans

The Company recognizes the aggregate amount of all over-funded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of March 31, 2023, the net assets for the over-funded plans totaled $13.5 million. The total accrued pension liability for underfunded plans was $69.1 million, of which the current portion of $1.5 million was classified as accrued expenses and other current liabilities. As of December 31, 2022, the net funded status for all the plans was a liability of $53.8 million, of which the current portion of $0.4 million was classified as accrued expenses and other current liabilities.

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Service cost	$	1.2	$	2.2
Interest cost	1.6		1.1
Expected return on plan assets	(1.2)		(1.2)



Total net periodic pension cost	$	1.6	$	2.1

Leases

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Operating lease	$	12.4	$	11.2
Variable lease	1.8		1.6
Short-term lease	0.5		0.4
Total lease expense	$	14.7	$	13.2

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


	As of
	March 31, 2023		December 31, 2022
Operating lease liabilities included in:
Accrued expenses and other current liabilities	$	33.5	$	35.2
Other long-term liabilities	244.8		246.5
Total	$	278.3	$	281.7

Operating ROU assets included in:
Other assets	$	251.9	$	262.1


Current portion of financing lease liabilities	$	11.6	$	14.2
Long-term financing lease liabilities	24.0		23.0
Total	$	35.6	$	37.2

Right-of-use financing lease	$	45.2	$	45.8

As of March 31, 2023, the weighted-average remaining lease-terms were 10.8 years and 18.8 years, and the weighted-average discount rates were 4.8% and 6.0%, for operating and financing leases, respectively.

Supplemental Disclosure of Cash Flow Information

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$	388.8	$	225.4

Operating ROU assets obtained in exchange of lease liabilities	4.6		10.7







Cash paid for:

Interest expense	$	29.1	$	24.0
Income taxes	35.2		15.7
Operating lease payments in operating cash flows	11.2		11.0

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


	As of
	March 31, 2023		December 31, 2022		April 1, 2022		December 31, 2021
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,702.4	$	2,919.0	$	1,645.1	$	1,352.6
Restricted cash (included in other current assets)	14.2		14.0		18.8		20.1
Restricted cash (included in other non-current assets)	—		—		5.0		5.0
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,716.6	$	2,933.0	$	1,668.9	$	1,377.7

As of March 31, 2023, $5.8 million of the restricted cash balance relating to the acquisition of GTAT was held in escrow and will be released during the fourth quarter of 2023 upon satisfaction of certain outstanding items contained in the Agreement and Plan of Merger relating to such acquisition.

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Note 6: Long-Term Debt

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


	As of
	March 31, 2023		December 31, 2022
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 6.16% and 5.67%, respectively	$	375.0	$	500.0
Term Loan "B" Facility due 2026, interest payable monthly at 6.91% and 6.42%, respectively	—		1,086.0
0.50% Notes due 2029 (1)	1,500.0		—
0% Notes due 2027	805.0		805.0
3.875% Notes due 2028 (2)	700.0		700.0

1.625% Notes due 2023 (3)	134.6		137.3
Gross long-term debt, including current maturities	$	3,514.6	$	3,228.3
Less: Debt discount (4)	(4.7)		(9.2)
Less: Debt issuance costs (5)	(45.7)		(25.6)
Net long-term debt, including current maturities	$	3,464.2	$	3,193.5
Less: Current maturities	(926.2)		(147.8)
Net long-term debt	$	2,538.0	$	3,045.7

(1)Interest is payable on March 1 and September 1 of each year at 0.50% annually.

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

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

(4)Debt discount of $0.0 million and $4.2 million for the Term Loan "B" Facility and $4.7 million and $5.0 million for the 3.875% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively.

(5)Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $30.7 million and $0.0 million for the 0.50% Notes, $13.1 million and $13.9 million for the 0% Notes, $1.7 million and $1.7 million for the 3.875% Notes and $0.2 million and $0.3 million for the 1.625% Notes, in each case as of March 31, 2023 and December 31, 2022, respectively.

Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% and 0% Notes below) as of March 31, 2023 were as follows (in millions):


Period	Expected Maturities
Remainder of 2023	$	939.6
2024	375.0
2025	—
2026	—
2027	—
Thereafter	2,200.0
Total	$	3,514.6

The Company was in compliance with its covenants under all debt agreements as of March 31, 2023.

0.50% Convertible Senior Notes due 2029

On February 28, 2023, the Company completed a private unregistered offering of $1.5 billion aggregate principal amount of its 0.50% Convertible Senior Notes due 2029 (the "0.50% Notes"). The Company received net proceeds of approximately $1,470 million after deducting the initial purchasers' discount. The Company used the net proceeds to repay $1,086.0 million of the existing outstanding indebtedness under the Company’s Term Loan “B” Facility, the related transaction fees and expenses, to pay approximately $171.5 million net cost of the related convertible note hedges after such costs were offset by the proceeds from the sale of warrants, and for general corporate purposes. The 0.50% Notes were issued under an indenture (the "0.50% Indenture"), dated as of February 28, 2023, by and among the Company, the guarantors (as defined therein) and Computershare Trust Company, National Association, as trustee, which provides, among other things, that the 0.50% Notes will mature on March 1, 2029, unless earlier repurchased or redeemed by the Company or converted pursuant to their terms. On or after December 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 0.50% Notes may convert all or a portion of their 0.50% Notes at any time. The 0.50% Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed, on a joint and several basis, by each of the Company’s subsidiaries that is a borrower or guarantor under the Company’s Amended Credit Agreement. The Company may satisfy any conversion elections by paying cash up to the aggregate principal amount of the 0.50% Notes to be converted, and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 0.50% Notes to be converted.

The initial conversion rate of the 0.50% Notes is 9.6277 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $103.87 per share of common stock. The Company may redeem for cash all or any portion of the 0.50% Notes, at the Company’s option, on or after March 6, 2026, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the related notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to December 1, 2028, the holders may convert their 0.50% Notes at their option only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five consecutive business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of the 0.50% Notes for each trading day of such period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (iii) if the Company calls any or all of the 0.50% Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate transactions described in the 0.50% Indenture.

The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the 0.50% Indenture. The maximum number of shares of common stock issuable in connection with the conversion of the 0.50% Notes is approximately 19.1 million. In addition to the initial purchasers' discount of $30.0 million, the Company also incurred issuance

costs of approximately $1.3 million, all of which was capitalized as debt issuance costs. The effective interest rate, including the impact of the debt discount and debt issuance costs is approximately 0.85% over the contractual term of the 0.50% Notes.

In addition, the Company entered into convertible note hedge transactions with respect to the common stock with the initial purchasers or their affiliates and certain other financial institutions. The Company will exercise the note hedges simultaneously when the 0.50% Notes are settled. The convertible note hedges cover, subject to customary anti-dilution adjustments, the number of shares of common stock that initially underlie the 0.50% Notes, and are expected to reduce the potential dilution to the common stock and/or offset potential cash payments in excess of the principal amount upon conversion of the 0.50% Notes. The Company paid approximately $414.0 million in cash for the convertible note hedges, which was recorded to stockholders’ equity.

The Company also entered into warrant transactions with certain other financial institutions, whereby the Company sold warrants to acquire 14.4 million shares of the Company's common stock, which is the same number of shares of the Company’s common stock covered by the convertible note hedges at an initial strike price of $156.78 per share, which represents a 100% premium over the closing price of the Company's common stock of $78.39 per share on February 23, 2023, subject to antidilution adjustments. The warrants expire on June 1, 2029. The maximum number of shares of common stock issuable in connection with the warrants is approximately 28.9 million. The Company received $242.5 million in cash for the sale of warrants, which was recorded to stockholders’ equity.

The Company recorded $92.3 million deferred tax asset related to the tax treatment of entering into the 0.50% Notes and the convertible note hedge.

Loss on debt prepayment

As mentioned above, with a portion of the proceeds of 0.50% Convertible Senior Notes due 2029, the Company repaid the remaining principal balance of $1.1 billion associated with its Term Loan "B" Facility. As a result of the prepayment, $13.3 million of unamortized debt discount and issuance costs were expensed and recorded as loss on debt prepayment.

Repayments under the Revolving Credit Facility

During the quarter ended March 31, 2023, the Company repaid $125.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2023, the Company had approximately $1.6 billion available under the Revolving Credit Facility for future borrowings, except for amounts utilized for the letters of credit.

1.625% Notes due 2023

Pursuant to the indenture governing the 1.625% Notes, as of March 31, 2023, the $134.4 million remaining outstanding principal amount of the 1.625% Notes, net of unamortized issuance costs, continued to be classified as a current portion of long-term debt since the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on March 31, 2023 was greater than or equal to $26.94 (130% of the conversion price) on each applicable trading day. This condition gives holders the right to surrender any portion of their 1.625% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending June 30, 2023, and only during such calendar quarter.

0% Notes due 2027

Pursuant to the indenture governing the 0% Notes, as of March 31, 2023, the $791.9 million outstanding principal amount of the 0% Notes, net of unamortized issuance costs, was classified as a current portion of long-term debt since the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on March 31, 2023 was greater than or equal to $68.86 (130% of the conversion price) on each applicable trading day. This condition gives holders the right to surrender any portion of their 0% Notes (in minimum denominations of $1,000 in principal amount or an integral multiple thereof) for conversion during the calendar quarter ending June 30, 2023, and only during such calendar quarter.

- 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.

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+ Details

Earnings Per Share and Equity

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share and Equity

Note 7: Earnings Per Share and Equity

Earnings Per Share

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Net income for basic earnings per share of common stock	$	461.7	$	530.2
Add: Interest on 1.625% Notes	0.4		0.5
Net income for diluted earnings per share of common stock	$	462.1	$	530.7

Basic weighted-average shares of common stock outstanding	431.9		433.3
Dilutive effect of share-based awards	1.4		2.4
Dilutive effect of convertible notes and warrants	15.2		13.2
Diluted weighted-average shares of common stock outstanding	448.5		448.9

Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic	$	1.07	$	1.22
Diluted	$	1.03	$	1.18

Basic income per share of common stock is computed by dividing net income for basic earnings by the weighted-average number of shares of common stock outstanding during the period. To calculate the diluted weighted-average shares of common stock outstanding, the treasury stock method has been applied to calculate the number of incremental shares from the assumed issuance of shares relating to RSUs. The excluded number of anti-dilutive share-based awards was 0.2 million and 0.2 million for the quarters ended March 31, 2023 and April 1, 2022, respectively.

The dilutive impacts related to the 0.50% Notes, 0% Notes and 1.625% Notes have been calculated using the if-converted method. The 0.50% Notes and the 0% Notes are repayable in cash up to the par value and in cash or shares of common stock for the excess over par value, while the 1.625% Notes are repayable in cash, shares of common stock, or any combination of cash and shares of common stock at the election of the Company for their entire value. Prior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 0.50% Notes, 0% Notes, and 1.625% Notes when the stock price is above $103.87, $52.97 and $20.72 per share, respectively.

The dilutive impact of the warrants issued concurrently with the issuance of the 0.50% Notes, 0% Notes and 1.625% Notes with exercise prices of $156.78, $74.34 and $30.70, respectively, has been included in the calculation of diluted weighted-average common shares outstanding, if applicable.

Equity

Share Repurchase Program

Under the Company's share repurchase program announced on February 6, 2023 (the "Share Repurchase Program"), the Company may repurchase up to $3.0 billion (exclusive of fees, commissions and other expenses) of the Company's common stock through December 31, 2025.

The Company repurchased approximately 1.3 million shares of common stock for an aggregate purchase price of $104.0 million during the quarter ended March 31, 2023. As of March 31, 2023, the authorized amount remaining under the Share Repurchase Program was approximately $2.9 billion.

Shares for Restricted Stock Units Tax Withholding

The amounts remitted for employee withholding taxes during the quarters ended March 31, 2023 and April 1, 2022 were $47.6 million and $58.8 million, respectively, for which the Company withheld approximately 0.6 million and 1.0 million shares of common stock, respectively, that were underlying the RSUs that vested. This tax withholding activity is separate from our Share Repurchase Program.

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

The results of Leshan have been consolidated in the Company's financial statements. As of December 31, 2022, the non-controlling interest, which represents 20% of the Leshan balance, amounted to $18.5 million. This amount increased to $19.0 million as of March 31, 2023, after including the $0.5 million share of earnings for the quarter ending March 31, 2023.

- 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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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 16
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 8: Share-Based Compensation

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Cost of revenue	$	3.7	$	2.6
Research and development	4.5		4.4
Selling and marketing	4.1		3.8
General and administrative	15.4		11.7
Share-based compensation expense	$	27.7	$	22.5
Income tax benefit	(5.8)		(4.7)
Share-based compensation expense, net of taxes	$	21.9	$	17.8

As of March 31, 2023, total unrecognized expected share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $149.4 million, which is expected to be recognized over a weighted-average period of 1.7 years. Upon vesting of RSUs, stock grant awards or completion of a purchase under the ESPP, the Company issues new shares of common stock. The annualized pre-vesting forfeiture rate for RSUs was estimated to be 8% for the quarter ended March 31, 2023 and 6% for the quarter ended April 1, 2022.

Shares Available

As of March 31, 2023 and December 31, 2022, there was an aggregate of 38.3 million and 40.1 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 quarter ended March 31, 2023 is as follows (in millions, except per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Non-vested RSUs at December 31, 2022	3.8	$	46.56
Granted	0.9	77.85
Achieved	0.3	54.16
Released	(1.7)	42.12
Forfeited	(0.1)	48.33
Non-vested RSUs at March 31, 2023	3.2	58.00

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies Environmental Contingencies The Company has encountered and dealt with a number of environmental issues over time relating to the various locations that comprise its operations, and has incurred certain costs related to clean-up activities and environmental remediation efforts. In certain instances, the Company has been indemnified for such costs, often times from third parties who were the prior owners of such facilities. Any costs to the Company in connection with such environmental matters have generally not been, and, based on the information available, are not expected to be material. Financing Contingencies In the ordinary course of business, the Company provides standby letters of credit or other guarantee instruments to certain parties initiated by either the Company or its subsidiaries, as required for transactions, including, but not limited to, material purchase commitments, agreements to mitigate collection risk, leases, utilities or customs guarantees. As of March 31, 2023, the Company's Revolving Credit Facility included $15.0 million available for the issuance of letters of credit. There were $0.9 million in letters of credit outstanding under the Revolving Credit Facility as of March 31, 2023, which reduced the Company's borrowing capacity. As of March 31, 2023, the Company also had outstanding guarantees and letters of credit outside of its Revolving Credit Facility totaling $16.5 million. As part of obtaining financing in the ordinary course of business, the Company issued guarantees related to certain of its subsidiaries, which totaled $0.9 million as of March 31, 2023. Based on historical experience and information currently available, the Company believes that it will not be required to make payments under the standby letters of credit or guarantee arrangements for the foreseeable future. Indemnification Contingencies The Company is a party to a variety of agreements entered into in the ordinary course of business, including acquisition agreements, pursuant to which it may be obligated to indemnify the other parties for certain liabilities that arise out of or relate to the subject matter of the agreements. Some of the agreements entered into by the Company require it to indemnify the other party against losses due to IP infringement, property damage (including environmental contamination), personal injury, failure to comply with applicable laws, the Company’s negligence or willful misconduct or breach of representations and warranties and covenants related to such matters as title to sold assets. In the case of certain acquisition agreements, these agreements may require us to maintain such indemnification provisions for the acquiree’s directors, officers and other employees and agents, in certain cases for a number of years following the acquisition. While the Company’s future obligations under certain agreements may contain limitations on liability for indemnification, other agreements do not contain such limitations and under such agreements it is not possible to predict the maximum potential amount of future payments due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under any of these indemnities have not had a material effect on the Company’s business, financial condition, results of operations or cash flows. Additionally, the Company does not believe that any amounts that it may be required to pay under these indemnities in the future will be material to the Company’s business, financial position, results of operations, or cash flows. Legal Matters The Company is currently involved in a variety of legal matters that arise in the ordinary course of business. Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity. The litigation process is inherently uncertain, and the Company cannot guarantee that the outcome of any litigation matter will be favorable to the Company. Intellectual Property Matters The Company faces risk of exposure from claims of infringement of the IP rights of others. In the ordinary course of business, the Company receives letters asserting that the Company’s products or components breach another party’s rights. Such letters may request royalty payments from the Company, that the Company cease and desist using certain IP, and/or request other remedies.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10: Fair Value Measurements

Fair Value of Financial Instruments

During the year ended December 31, 2022, the Company began investing portions of its excess cash in different marketable

securities, which are classified as available-for-sale.

The Company uses the following fair value tier level hierarchy to determine fair values of its financial instruments:

• Level 1: based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets

• Level 2: based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability either

directly or indirectly.

• Level 3: based on the use of unobservable inputs for the assets and liabilities and other types of analyses.

The carrying value of cash and cash equivalents which includes time deposits, money market funds, corporate bonds and commercial paper approximates fair value because of the short-term maturity of these instruments. Demand and time deposits and money market funds are classified as Level 1 within the fair value hierarchy, while corporate bonds and commercial paper are classified as Level 2. The carrying amount of other current assets and liabilities, such as accounts receivable and accounts payable approximates fair value due to the short-term maturity of the amounts and are considered Level 2 in the fair value hierarchy.

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


As of March 31, 2023									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	371.4	$	—	$	—	$	371.4	$	371.4	$	—	$	—
Money market funds	28.4		—		—		28.4		28.4		—		—



Other current assets:
Corporate bonds	$	15.2	$	—	$	—	$	15.2	$	—	$	15.2	$	—
Certificate of deposit	2.7		—		—		2.7		—		2.7		—
Commercial paper	2.2		—		—		2.2		0.2		2.0		—
US Treasury bonds	1.7		—		—		1.7		—		1.7		—

Other assets:
Corporate bonds	$	0.5	$	—	$	—	$	0.5	$	—	$	0.5	$	—

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


As of December 31, 2022									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	233.1	$	—	$	—	$	233.1	$	233.1	$	—	$	—
Money market funds	17.0		—		—		17.0		17.0		—		—



Other current assets:
Corporate bonds	$	23.8	$	—	$	—	$	23.8	$	—	$	23.8	$	—
Certificate of deposit	3.1		—		—		3.1		—		3.1		—
Commercial paper	3.2		—		—		3.2		1.2		2.0		—
US Treasury bonds	2.1		—		—		2.1		—		2.1		—

Other assets:
Corporate bonds	$	0.8	$	—	$	—	$	0.8	$	—	$	0.8	$	—

Other

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

Fair Value of Long-Term Debt, including Current Portion

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


	As of
	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
0% Notes	$	791.9	$	1,306.2	$	791.1	$	1,057.8
0.50% Notes	1,469.3		1,572.8		—		—
1.625% Notes	134.4		517.6		137.0		417.8
3.875% Notes	693.6		641.1		693.3		618.3
Other long-term debt	375.0		377.0		1,572.1		1,549.2

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

The fair values of the 3.875% Notes, 1.625% Notes, 0.50% Notes and 0% Notes were estimated based on market prices in active markets (Level 1). The fair value of the Term Loan "B" Facility was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

- 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

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Financial Instruments

Note 11: Financial Instruments

Foreign Currencies

As a multinational business, the Company engages in transactions that are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company’s policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure. The Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes. The Company is exposed to credit-related losses if counterparties to hedge contracts fail to perform their obligations. As of March 31, 2023, the counterparties to the Company’s hedge contracts were held at financial institutions that the Company believes to be highly-rated, and no credit-related losses are anticipated.

As of March 31, 2023 and December 31, 2022, the Company had net outstanding foreign exchange contracts with notional amounts of $279.2 million and $272.0 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one 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
	March 31, 2023				December 31, 2022
	Buy (Sell)		Notional Amount		Buy (Sell)		Notional Amount
Japanese Yen	69.5		69.5		27.0		27.0
Philippine Peso	49.4		49.4		63.9		63.9
Czech Koruna	40.4		40.4		41.7		41.7
Euro	39.5		39.5		26.0		26.0
Korean Won	20.0		20.0		35.7		35.7




Other Currencies - Buy	46.5		46.5		66.5		66.5
Other Currencies - Sell	(13.9)		13.9		(11.2)		11.2
	$	251.4	$	279.2	$	249.6	$	272.0

Amounts receivable or payable under the contracts were not material as of March 31, 2023 or December 31, 2022. During the quarters ended March 31, 2023 and April 1, 2022, net of the impact of the hedge positions, the realized and unrealized foreign currency transactions totaled a loss of $1.9 million and a gain of $1.9 million, respectively. The realized and unrealized foreign currency transactions are included in other income (expense) in the Company's Consolidated Statements of Operations and Comprehensive Income.

Cash Flow Hedges

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

Interest Rate Risk

The Company uses interest rate swap contracts to mitigate its exposure to variable interest rate fluctuations.

As of March 31, 2023, the Company did not have any outstanding derivatives related to cash flow hedges as the Company terminated its interest rate swap agreements with a notional value of $500 million for fiscal years 2023 and 2024, respectively and received cash proceeds of $27.7 million (net of termination fees). The Company recognized $6.9 million of other income related to the termination of these agreements. As of March 31, 2023, approximately $20.7 million was recorded in Accumulated Other Comprehensive Income and will be amortized to income over a period of twenty-one months, which represents the remaining original period of the swap agreements. If the Company prepays the Revolving Credit Facility balance, the Company will release the corresponding amounts from Accumulated Other Comprehensive Income concurrently.

As of December 31, 2022, the Company had interest rate swap agreements for notional amounts of $750 million, $500 million and $500 million for fiscal years 2022, 2023 and 2024, respectively. The fair value of these swaps totaled $36.0 million as of December 31, 2022. The Company did not identify any ineffectiveness with respect to the notional amounts of the interest rate swap contracts effective as of December 31, 2022. These derivatives are recognized on the balance sheet at their fair value and classified based on each instrument’s maturity dates.

See Note 13: ''Changes in Accumulated Other Comprehensive Loss'' for the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and the Consolidated Statements of Operations

and Comprehensive Income for the quarter ended March 31, 2023.

Convertible Note Hedges

The Company entered into convertible note hedges in connection with the issuance of the 0% Notes, 0.50% Notes and 1.625% Notes. See Note 6: ''Long-Term Debt'' for additional information.

Other

As of March 31, 2023, the Company had no outstanding commodity derivatives, currency swaps, options, or equity investments held at subsidiaries or affiliated companies. The Company does not hedge the value of its equity investments in its subsidiaries or affiliated companies.

The Company is exposed to credit-related losses if its hedge counterparties fail to perform their obligations. As of March 31, 2023, the counterparties to the Company's hedge contracts are held at financial institutions which the Company believes to be highly rated, and no credit related losses are anticipated.

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

- 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)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

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

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

Note 13: Changes in Accumulated Other Comprehensive Loss

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


	Currency Translation Adjustments		Effects of Cash Flow Hedges and Other Adjustments		Total
Balance as of December 31, 2022	$	(50.4)	$	27.2	$	(23.2)
Other comprehensive income (loss) prior to reclassifications	0.3		5.2		5.5
Amounts reclassified from accumulated other comprehensive loss	—		(11.9)		(11.9)
Net current period other comprehensive income (loss)	0.3		(6.7)		(6.4)
Balance as of March 31, 2023	$	(50.1)	$	20.5	$	(29.6)

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



	Quarters Ended
	March 31, 2023		April 1, 2022		To caption


Interest rate swaps	$	(5.0)	$	0.7	Interest expense
Interest rate swaps terminations	(6.9)		—		Other Income
Total reclassifications	$	(11.9)	$	0.7

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

Revenue and Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenues and Gross Profit From Reportable Segments

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


	PSG		ASG		ISG		Total
For the quarter ended March 31, 2023:
Revenue from external customers	$	1,012.8	$	592.8	$	354.1	$	1,959.7
Gross profit	$	480.3	$	260.1	$	177.1	$	917.5
For the quarter ended April 1, 2022:
Revenue from external customers	$	986.7	$	689.3	$	269.0	$	1,945.0
Gross profit	$	474.7	$	366.7	$	119.9	$	961.3

Summary of Disaggregation of Revenue

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


	Quarter Ended March 31, 2023
	PSG		ASG		ISG		Total
Geographic Location
Hong Kong	$	286.9	$	139.7	$	63.8	490.4
Singapore	276.4		116.1		58.2		450.7
United Kingdom	204.1		128.1		81.1		413.3
United States	166.3		121.3		101.5		389.1
Other	79.1		87.6		49.5		216.2
Total	$	1,012.8	$	592.8	$	354.1	$	1,959.7

Sales Channel
Distributors	$	629.3	$	222.8	$	187.1	$	1,039.2
Direct Customers	383.5		370.0		167.0		920.5

Total	$	1,012.8	$	592.8	$	354.1	$	1,959.7


	Quarter Ended April 1, 2022
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	280.5	$	233.8	$	41.4	$	555.7
Hong Kong	303.1		173.9		52.6		529.6
United Kingdom	186.9		106.6		52.0		345.5
United States	144.9		92.3		74.5		311.7
Other	71.3		82.7		48.5		202.5
Total	$	986.7	$	689.3	$	269.0	$	1,945.0

Sales Channel
Distributors	$	633.9	$	356.9	$	150.6	$	1,141.4
Direct Customers	352.8		332.4		118.4		803.6

Total	$	986.7	$	689.3	$	269.0	$	1,945.0

Summary of Property, Plant and Equipment by Geographic Location

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


	As of
	March 31, 2023		December 31, 2022
United States	$	1,360.8	$	1,329.2
South Korea	990.9		871.0
Czech Republic	335.3		279.3
Philippines	287.1		296.8
China	227.4		215.3
Malaysia	199.0		190.2
Japan	128.1		133.2
Other	164.3		135.7
Total	$	3,692.9	$	3,450.7

Acquisition and Divestitures - (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The preliminary allocation of the purchase price of EFK to the assets acquired and liabilities assumed based on their relative fair values is as follows (in millions):


	Purchase Price Allocation
Inventory	$	3.3
Other current assets	4.4
Property, plant and equipment	396.5
Other non-current assets	11.4



Total assets acquired	415.6
Current liabilities	3.0
Other long-term liabilities	6.3
Total liabilities assumed	9.3
Net assets acquired/purchase price	$	406.3

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

3 Months Ended

Mar. 31, 2023

Restructuring Charges [Abstract]

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

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


	Restructuring		Asset Impairments			Other		Total
Quarter ended March 31, 2023
2023 Business Realignment	$	36.1	$	2.5	(1)	$	2.8	$	41.4
QCS wind down	—		—			(2.3)		(2.3)
Other	—		10.2		(2)	2.2		12.4
Total	$	36.1	$	12.7		$	2.7	$	51.5

(1)Includes $1.7 million property, plant and equipment asset impairments charges and $0.8 million of ROU asset impairment charges associated with the 2023 Business Realignment efforts.

(2)Includes $10.2 million of property, plant and equipment and ROU lease asset impairment charges associated with site consolidation efforts in the United States.

Schedule of Changes in Accrued Restructuring Reserve

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


	As of						As of
	December 31, 2022		Charges		Usage		March 31, 2023
Employee separation charges	$	4.4	$	36.1	$	(4.9)	$	35.6

Total	$	4.4	$	36.1	$	(4.9)	$	35.6

Balance Sheet Information and Other Supplemental Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

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


	As of
	March 31, 2023		December 31, 2022
Inventories:
Raw materials	$	271.3	$	236.8
Work in process	1,053.5		951.0
Finished goods	490.1		429.0
	$	1,814.9	$	1,616.8

Schedule of Net Periodic Pension Expense

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Service cost	$	1.2	$	2.2
Interest cost	1.6		1.1
Expected return on plan assets	(1.2)		(1.2)



Total net periodic pension cost	$	1.6	$	2.1

Schedule of Components of Lease Expense

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Operating lease	$	12.4	$	11.2
Variable lease	1.8		1.6
Short-term lease	0.5		0.4
Total lease expense	$	14.7	$	13.2

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


	As of
	March 31, 2023		December 31, 2022
Operating lease liabilities included in:
Accrued expenses and other current liabilities	$	33.5	$	35.2
Other long-term liabilities	244.8		246.5
Total	$	278.3	$	281.7

Operating ROU assets included in:
Other assets	$	251.9	$	262.1


Current portion of financing lease liabilities	$	11.6	$	14.2
Long-term financing lease liabilities	24.0		23.0
Total	$	35.6	$	37.2

Right-of-use financing lease	$	45.2	$	45.8

Schedule of Cash and Non-cash Activities

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$	388.8	$	225.4

Operating ROU assets obtained in exchange of lease liabilities	4.6		10.7







Cash paid for:

Interest expense	$	29.1	$	24.0
Income taxes	35.2		15.7
Operating lease payments in operating cash flows	11.2		11.0

Schedule of Cash and Cash Equivalents

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


	As of
	March 31, 2023		December 31, 2022		April 1, 2022		December 31, 2021
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,702.4	$	2,919.0	$	1,645.1	$	1,352.6
Restricted cash (included in other current assets)	14.2		14.0		18.8		20.1
Restricted cash (included in other non-current assets)	—		—		5.0		5.0
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,716.6	$	2,933.0	$	1,668.9	$	1,377.7

Schedule of Restrictions on Cash and Cash Equivalents

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


	As of
	March 31, 2023		December 31, 2022		April 1, 2022		December 31, 2021
Consolidated Balance Sheets:
Cash and cash equivalents	$	2,702.4	$	2,919.0	$	1,645.1	$	1,352.6
Restricted cash (included in other current assets)	14.2		14.0		18.8		20.1
Restricted cash (included in other non-current assets)	—		—		5.0		5.0
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$	2,716.6	$	2,933.0	$	1,668.9	$	1,377.7

Long-Term Debt - (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


	As of
	March 31, 2023		December 31, 2022
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 6.16% and 5.67%, respectively	$	375.0	$	500.0
Term Loan "B" Facility due 2026, interest payable monthly at 6.91% and 6.42%, respectively	—		1,086.0
0.50% Notes due 2029 (1)	1,500.0		—
0% Notes due 2027	805.0		805.0
3.875% Notes due 2028 (2)	700.0		700.0

1.625% Notes due 2023 (3)	134.6		137.3
Gross long-term debt, including current maturities	$	3,514.6	$	3,228.3
Less: Debt discount (4)	(4.7)		(9.2)
Less: Debt issuance costs (5)	(45.7)		(25.6)
Net long-term debt, including current maturities	$	3,464.2	$	3,193.5
Less: Current maturities	(926.2)		(147.8)
Net long-term debt	$	2,538.0	$	3,045.7

(1)Interest is payable on March 1 and September 1 of each year at 0.50% annually.

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

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

Schedule of Annual Maturities Relating To Long-Term Debt

Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% and 0% Notes below) as of March 31, 2023 were as follows (in millions):


Period	Expected Maturities
Remainder of 2023	$	939.6
2024	375.0
2025	—
2026	—
2027	—
Thereafter	2,200.0
Total	$	3,514.6

- 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

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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+ Details

Earnings Per Share and Equity - (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Earnings Per Share

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


	Quarters Ended
	March 31, 2023		April 1, 2022
Net income for basic earnings per share of common stock	$	461.7	$	530.2
Add: Interest on 1.625% Notes	0.4		0.5
Net income for diluted earnings per share of common stock	$	462.1	$	530.7

Basic weighted-average shares of common stock outstanding	431.9		433.3
Dilutive effect of share-based awards	1.4		2.4
Dilutive effect of convertible notes and warrants	15.2		13.2
Diluted weighted-average shares of common stock outstanding	448.5		448.9

Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic	$	1.07	$	1.22
Diluted	$	1.03	$	1.18

Share-Based Compensation - (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary Of Share-Based Compensation Expense


	Quarters Ended
	March 31, 2023		April 1, 2022
Cost of revenue	$	3.7	$	2.6
Research and development	4.5		4.4
Selling and marketing	4.1		3.8
General and administrative	15.4		11.7
Share-based compensation expense	$	27.7	$	22.5
Income tax benefit	(5.8)		(4.7)
Share-based compensation expense, net of taxes	$	21.9	$	17.8

Summary Of Restricted Stock Units Transactions

A summary of the RSU transactions for the quarter ended March 31, 2023 is as follows (in millions, except per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Non-vested RSUs at December 31, 2022	3.8	$	46.56
Granted	0.9	77.85
Achieved	0.3	54.16
Released	(1.7)	42.12
Forfeited	(0.1)	48.33
Non-vested RSUs at March 31, 2023	3.2	58.00

Fair Value Measurements - (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Available-for-sale Securities

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


As of March 31, 2023									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	371.4	$	—	$	—	$	371.4	$	371.4	$	—	$	—
Money market funds	28.4		—		—		28.4		28.4		—		—



Other current assets:
Corporate bonds	$	15.2	$	—	$	—	$	15.2	$	—	$	15.2	$	—
Certificate of deposit	2.7		—		—		2.7		—		2.7		—
Commercial paper	2.2		—		—		2.2		0.2		2.0		—
US Treasury bonds	1.7		—		—		1.7		—		1.7		—

Other assets:
Corporate bonds	$	0.5	$	—	$	—	$	0.5	$	—	$	0.5	$	—

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


As of December 31, 2022									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	233.1	$	—	$	—	$	233.1	$	233.1	$	—	$	—
Money market funds	17.0		—		—		17.0		17.0		—		—



Other current assets:
Corporate bonds	$	23.8	$	—	$	—	$	23.8	$	—	$	23.8	$	—
Certificate of deposit	3.1		—		—		3.1		—		3.1		—
Commercial paper	3.2		—		—		3.2		1.2		2.0		—
US Treasury bonds	2.1		—		—		2.1		—		2.1		—

Other assets:
Corporate bonds	$	0.8	$	—	$	—	$	0.8	$	—	$	0.8	$	—

Summary of Fair Value, by Balance Sheet Grouping

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


	As of
	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
0% Notes	$	791.9	$	1,306.2	$	791.1	$	1,057.8
0.50% Notes	1,469.3		1,572.8		—		—
1.625% Notes	134.4		517.6		137.0		417.8
3.875% Notes	693.6		641.1		693.3		618.3
Other long-term debt	375.0		377.0		1,572.1		1,549.2

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

Financial Instruments - (Tables)

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Schedule of Net Foreign Exchange Positions

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


	As of
	March 31, 2023				December 31, 2022
	Buy (Sell)		Notional Amount		Buy (Sell)		Notional Amount
Japanese Yen	69.5		69.5		27.0		27.0
Philippine Peso	49.4		49.4		63.9		63.9
Czech Koruna	40.4		40.4		41.7		41.7
Euro	39.5		39.5		26.0		26.0
Korean Won	20.0		20.0		35.7		35.7




Other Currencies - Buy	46.5		46.5		66.5		66.5
Other Currencies - Sell	(13.9)		13.9		(11.2)		11.2
	$	251.4	$	279.2	$	249.6	$	272.0

Changes in Accumulated Other Comprehensive Loss - (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

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


	Currency Translation Adjustments		Effects of Cash Flow Hedges and Other Adjustments		Total
Balance as of December 31, 2022	$	(50.4)	$	27.2	$	(23.2)
Other comprehensive income (loss) prior to reclassifications	0.3		5.2		5.5
Amounts reclassified from accumulated other comprehensive loss	—		(11.9)		(11.9)
Net current period other comprehensive income (loss)	0.3		(6.7)		(6.4)
Balance as of March 31, 2023	$	(50.1)	$	20.5	$	(29.6)

Schedule of Reclassifications from Accumulated Other Comprehensive Loss

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



	Quarters Ended
	March 31, 2023		April 1, 2022		To caption


Interest rate swaps	$	(5.0)	$	0.7	Interest expense
Interest rate swaps terminations	(6.9)		—		Other Income
Total reclassifications	$	(11.9)	$	0.7

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

Revenue and Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Apr. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	3
Number of reportable segments \| segment	3
Revenue, remaining performance obligation, amount (one year of less)	$ 17,600.0
Revenue, remaining performance obligation, expected timing of satisfaction, current period (or less)	1 year
Revenue remaining performance obligation, percentage (one year or less)	33.00%
LTSA, non-cancellable capacity payments, maturity term	30 days
Revenue recognized from contract liabilities	$ 14.8	$ 4.5
Contract liability	225.5		$ 190.4
Current contract liability	$ 69.0		$ 60.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
One Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	10.10%	12.40%

Revenue and Segment Information - Segment Information of Revenues, Gross Profit and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Revenue from external customers	$ 1,959.7	$ 1,945.0
Gross profit	917.5	961.3
PSG
Segment Reporting Information [Line Items]
Revenue from external customers	1,012.8	986.7
Gross profit	480.3	474.7
ASG
Segment Reporting Information [Line Items]
Revenue from external customers	592.8	689.3
Gross profit	260.1	366.7
ISG
Segment Reporting Information [Line Items]
Revenue from external customers	354.1	269.0
Gross profit	$ 177.1	$ 119.9

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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-Name Accounting Standards Codification
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+ Details

- 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
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-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 5
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-Publisher FASB
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-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
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,959.7	$ 1,945.0
Distributors
Segment Reporting Information [Line Items]
Revenue	1,039.2	1,141.4
Direct Customers
Segment Reporting Information [Line Items]
Revenue	920.5	803.6
Hong Kong
Segment Reporting Information [Line Items]
Revenue	490.4	529.6
Singapore
Segment Reporting Information [Line Items]
Revenue	450.7	555.7
United Kingdom
Segment Reporting Information [Line Items]
Revenue	413.3	345.5
United States
Segment Reporting Information [Line Items]
Revenue	389.1	311.7
Other
Segment Reporting Information [Line Items]
Revenue	216.2	202.5
PSG
Segment Reporting Information [Line Items]
Revenue	1,012.8	986.7
PSG \| Distributors
Segment Reporting Information [Line Items]
Revenue	629.3	633.9
PSG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	383.5	352.8
PSG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	286.9	303.1
PSG \| Singapore
Segment Reporting Information [Line Items]
Revenue	276.4	280.5
PSG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	204.1	186.9
PSG \| United States
Segment Reporting Information [Line Items]
Revenue	166.3	144.9
PSG \| Other
Segment Reporting Information [Line Items]
Revenue	79.1	71.3
ASG
Segment Reporting Information [Line Items]
Revenue	592.8	689.3
ASG \| Distributors
Segment Reporting Information [Line Items]
Revenue	222.8	356.9
ASG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	370.0	332.4
ASG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	139.7	173.9
ASG \| Singapore
Segment Reporting Information [Line Items]
Revenue	116.1	233.8
ASG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	128.1	106.6
ASG \| United States
Segment Reporting Information [Line Items]
Revenue	121.3	92.3
ASG \| Other
Segment Reporting Information [Line Items]
Revenue	87.6	82.7
ISG
Segment Reporting Information [Line Items]
Revenue	354.1	269.0
ISG \| Distributors
Segment Reporting Information [Line Items]
Revenue	187.1	150.6
ISG \| Direct Customers
Segment Reporting Information [Line Items]
Revenue	167.0	118.4
ISG \| Hong Kong
Segment Reporting Information [Line Items]
Revenue	63.8	52.6
ISG \| Singapore
Segment Reporting Information [Line Items]
Revenue	58.2	41.4
ISG \| United Kingdom
Segment Reporting Information [Line Items]
Revenue	81.1	52.0
ISG \| United States
Segment Reporting Information [Line Items]
Revenue	101.5	74.5
ISG \| Other
Segment Reporting Information [Line Items]
Revenue	$ 49.5	$ 48.5

Revenue and Segment Information - Summary of Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 3,692.9	$ 3,450.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	1,360.8	1,329.2
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	990.9	871.0
Czech Republic
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	335.3	279.3
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	287.1	296.8
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	227.4	215.3
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	199.0	190.2
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	128.1	133.2
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 164.3	$ 135.7

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 03, 2023	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Payments for remaining acquisition consideration		$ 236.3	$ 2.4
EFK
Business Acquisition [Line Items]
Inventory				$ 3.3
Other current assets				4.4
Property, plant and equipment				396.5
Other non-current assets				11.4
Total assets acquired				415.6
Current liabilities				3.0
Other long-term liabilities				6.3
Total liabilities assumed				9.3
Net assets acquired/purchase price				$ 406.3
Payments for remaining acquisition consideration	$ 236.3

Restructuring, Asset Impairments and Other, Net - Schedule of Activity Included in Restructuring, Asset Impairments, and Other, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 36.1
Asset Impairments	12.7
Other	2.7
Total	51.5	$ (13.0)
Impairment of property, plant and equipment and ROU lease assets	12.7	$ 6.7
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring	36.1
Asset Impairments	2.5
Other	2.8
Total	41.4
Impairment of property, plant and equipment and ROU lease assets	1.7
Impairment charges for ROU assets	0.8
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring	0.0
Asset Impairments	0.0
Other	(2.3)
Total	(2.3)
Other
Restructuring Cost and Reserve [Line Items]
Restructuring	0.0
Asset Impairments	10.2
Other	2.2
Total	12.4
Impairment of property, plant and equipment and ROU lease assets	$ 10.2

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

Restructuring, Asset Impairments and Other, Net - Narrative (Details) $ in Millions		3 Months Ended
	Sep. 16, 2022 USD ($) employee	Mar. 31, 2023 USD ($) segment employee	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 36.1
Payments for restructuring		4.9
Restructuring reserve		$ 35.6	$ 4.4
2023 Business Realignment
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated \| segment		400
Payments for restructuring		$ 2.5
Restructuring reserve		$ 33.6
Number of positions eliminated \| employee		137
2023 Business Realignment \| Employee severance
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 36.1
Additional restructuring cost		1.5
QCS wind down
Restructuring Cost and Reserve [Line Items]
Restructuring		0.0
QCS wind down \| Workforce reduction \| Legacy Quantenna Business
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		$ 1.5
Number of positions eliminated \| employee	330
Severance costs	$ 12.7

Balance Sheet Information and Other Supplemental Disclosures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net assets for overfunded plans	$ 13.5
Accrued pension liability	69.1	$ 53.8
Current portion accrued pension liability	$ 1.5	$ 0.4
Operating lease weighted average remaining lease term	10 years 9 months 18 days
Finance lease weighted average remaining lease term	18 years 9 months 18 days
Operating lease weighted average discount rate percent	4.80%
Finance lease weighted average discount rate percent	6.00%
GT Advanced Technologies Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 5.8

Balance Sheet Information and Other Supplemental Disclosures - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories:
Raw materials	$ 271.3	$ 236.8
Work in process	1,053.5	951.0
Finished goods	490.1	429.0
Inventories	$ 1,814.9	$ 1,616.8

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

Balance Sheet Information and Other Supplemental Disclosures - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Operating lease	$ 12.4	$ 11.2
Variable lease	1.8	1.6
Short-term lease	0.5	0.4
Total lease expense	14.7	$ 13.2
Operating lease liabilities included in:
Accrued expenses and other current liabilities	33.5		$ 35.2
Other long-term liabilities	244.8		246.5
Total	278.3		281.7
Operating ROU assets included in:
Other assets	251.9		262.1
Finance Lease, Liability [Abstract]
Current portion of financing lease liabilities	11.6		14.2
Long-term financing lease liabilities	24.0		23.0
Total	35.6		37.2
Right-of-use financing lease	$ 45.2		$ 45.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities		Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets

Balance Sheet Information and Other Supplemental Disclosures - Cash and Non-cash Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities	$ 388.8	$ 225.4
Operating ROU assets obtained in exchange of lease liabilities	4.6	10.7
Cash paid for:
Interest expense	29.1	24.0
Income taxes	35.2	15.7
Operating lease payments in operating cash flows	$ 11.2	$ 11.0

Balance Sheet Information and Other Supplemental Disclosures - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 2,702.4	$ 2,919.0	$ 1,645.1	$ 1,352.6
Restricted cash (included in other current assets)	14.2	14.0	18.8	20.1
Restricted cash (included in other non-current assets)	0.0	0.0	5.0	5.0
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows	$ 2,716.6	$ 2,933.0	$ 1,668.9	$ 1,377.7

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 3,514.6		$ 3,228.3
Less: Debt discount	(4.7)		(9.2)
Less: Debt issuance costs	(45.7)		(25.6)
Net long-term debt, including current maturities	3,464.2		3,193.5
Less: Current maturities	(926.2)		(147.8)
Net long-term debt	2,538.0		3,045.7
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 375.0		$ 500.0
Debt instrument, interest rate	6.16%		5.67%
Term Loan B Facility
Debt Instrument [Line Items]
Long-term debt	$ 0.0		$ 1,086.0
Less: Debt discount	0.0		(4.2)
Less: Debt issuance costs	$ 0.0		$ (9.7)
Debt instrument, interest rate	6.91%		6.42%
Convertible Debt \| 0.50% Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,500.0		$ 0.0
Less: Debt issuance costs	$ (30.7)		$ 0.0
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt \| 0% Notes
Debt Instrument [Line Items]
Long-term debt	$ 805.0		$ 805.0
Less: Debt issuance costs	(13.1)		$ (13.9)
Less: Current maturities	$ (791.9)
Debt instrument, interest rate	0.00%		0.00%
Convertible Debt \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
Convertible Debt \| 1.625% Notes
Debt Instrument [Line Items]
Long-term debt	$ 134.6		$ 137.3
Less: Debt issuance costs	(0.2)		$ (0.3)
Less: Current maturities	$ (134.4)
Debt instrument, interest rate	1.625%		1.625%
Notes Payable \| 3.875% Notes
Debt Instrument [Line Items]
Long-term debt	$ 700.0		$ 700.0
Less: Debt discount	(4.7)		(5.0)
Less: Debt issuance costs	$ (1.7)		$ (1.7)
Debt instrument, interest rate	3.875%		3.875%

Long-Term Debt - Annual Maturities Relating To Long-Term Debt (Details) $ in Millions	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 939.6
2024	375.0
2025	0.0
2026	0.0
2027	0.0
Thereafter	2,200.0
Total	$ 3,514.6

- Definition

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

+ References + Details

Long-Term Debt - 0.50% Convertible Senior Notes due 2029 (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Feb. 28, 2023 USD ($) day $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Apr. 01, 2022 USD ($)	Feb. 23, 2023 $ / shares shares	Dec. 31, 2022	Feb. 28, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of borrowings under term loan		$ 1,213.7	$ 4.1
Payment for purchase of bond hedges		414.0	0.0
Share price \| $ / shares				$ 78.39
Proceeds from issuance of warrants		$ 242.5	$ 0.0
0% Notes Warrants
Debt Instrument [Line Items]
Number of warrants (in shares) \| shares	28.9
Price per unit (in dollars per share) \| $ / shares				$ 156.78
Premium over closing share price				100.00%
Proceeds from issuance of warrants	$ 242.5
Convertible Debt \| 0% Notes Warrants
Debt Instrument [Line Items]
Number of warrants (in shares) \| shares				14.4
0.50% Notes
Debt Instrument [Line Items]
Price per unit (in dollars per share) \| $ / shares		$ 156.78
0.50% Notes \| Term Loan B Facility
Debt Instrument [Line Items]
Repayments of borrowings under term loan	$ 1,086.0
0.50% Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%			0.50%
Aggregate principal amount						$ 1,500.0
Proceeds from convertible debt	$ 1,470.0
Payments for fees and expenses	$ 171.5
Conversion rate	0.0962770
Conversion price per share (in dollars per share) \| $ / shares	$ 103.87	$ 103.87
Threshold percentage of stock price trigger (greater than or equal to)	130.00%
Threshold consecutive trading days \| day	30
Threshold trading days \| day	20
Percentage of Principal Amount Redeemed	100.00%
Maximum shares issuable (in shares) \| shares	19.1
Discount on Initial purchase of shares	$ 30.0
Debt issuance costs	$ 1.3
Effective interest rate	0.85%
Deferred tax asset		$ 92.3
Expense of unamortized debt discount and issuance costs		$ 13.3
0.50% Notes \| Convertible Debt \| Embedded Derivative Financial Instruments
Debt Instrument [Line Items]
Payment for purchase of bond hedges	$ 414.0
0.50% Notes \| Convertible Debt \| Debt Conversion One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger (greater than or equal to)	130.00%
Threshold consecutive trading days \| day	30
Threshold trading days \| day	20
0.50% Notes \| Convertible Debt \| Debt Conversion Two
Debt Instrument [Line Items]
Threshold consecutive trading days \| day	5
Period immediately following consecutive trading days (in business days)	5 days
Ratio of trading price per 1000 principal amount (as a percent) (less than)	0.98

Long-Term Debt - Repayments under the Revolving Credit Facility (Details) - Revolving Credit Facility - Line of Credit $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Repayments of debt	$ 125.0
Remaining borrowing capacity	$ 1,600.0

Long-Term Debt - 1.625% Notes due 2023 (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Current portion of long-term debt \| $	$ 926.2	$ 147.8
1.625% Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%	1.625%
Current portion of long-term debt \| $	$ 134.4
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Stock price trigger (in dollars per share) \| $ / shares	$ 26.94
Threshold percentage of stock price trigger (greater than or equal to)	130.00%

Long-Term Debt - 0% Notes (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Current portion of long-term debt \| $	$ 926.2	$ 147.8
0% Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate	0.00%	0.00%
Current portion of long-term debt \| $	$ 791.9
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Stock price trigger (in dollars per share) \| $ / shares	$ 68.86
Threshold percentage of stock price trigger (greater than or equal to)	130.00%

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

Earnings Per Share and Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Feb. 28, 2023	Feb. 06, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Anti-dilutive shares	0.2	0.2
Aggregate purchase price	$ 104.0	$ 0.0
Payments of tax withholding for restricted shares	$ 47.6	$ 58.8
Common stock withheld underlying restricted stock units (in shares)	0.6	1.0
Non-controlling interest	$ 19.0				$ 18.5
Non-controlling interest share of earnings	$ 0.5
Leshan
Dividends Payable [Line Items]
Non-controlling interest					$ 18.5
Leshan \| Leshan-Phoenix Semiconductor Company Limited
Dividends Payable [Line Items]
Noncontrolling interest, percentage					20.00%
Share Repurchase Program
Dividends Payable [Line Items]
Stock repurchase program, authorized amount				$ 3,000.0
Number of repurchased shares (in shares)	1.3
Aggregate purchase price	$ 104.0
Remaining authorized amount available for repurchase	$ 2,900.0
0.50% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 156.78
0% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	74.34
1.625% Notes
Dividends Payable [Line Items]
Exercise price (in dollars per share)	$ 30.70
Convertible Debt \| 0.50% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	0.50%		0.50%		0.50%
Conversion price per share (in dollars per share)	$ 103.87		$ 103.87
Convertible Debt \| 0% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	0.00%				0.00%
Conversion price per share (in dollars per share)	$ 52.97
Convertible Debt \| 1.625% Notes
Dividends Payable [Line Items]
Debt instrument, interest rate	1.625%				1.625%
Conversion price per share (in dollars per share)	$ 20.72

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

Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Amended And Restated Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate of common stock available for grant (in shares)	38.3		40.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense on non-vested stock options	$ 149.4
Period for recognition (in years)	1 year 8 months 12 days
Options pre-vesting forfeitures rate	8.00%	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	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	3.8
Granted (in shares) \| shares	0.9
Restricted stock units achieved (in shares) \| shares	0.3
Released (in shares) \| shares	(1.7)
Forfeited (in shares) \| shares	(0.1)
Ending balance (in shares) \| shares	3.2
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 46.56
Granted (in dollars per share) \| $ / shares	77.85
Achieved (in dollars per share) \| $ / shares	54.16
Released (in dollars per share) \| $ / shares	42.12
Forfeited (in dollars per share) \| $ / shares	48.33
Ending balance (in dollars per share) \| $ / shares	$ 58.00

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding guarantees and letters of credit	$ 16.5
Guarantees	0.9
Letter of Credit \| Senior Revolving Credit Facility
Loss Contingencies [Line Items]
Revolving credit facility, letters of credit	15.0
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 - Available-for-sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other assets \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	1 year
Other assets \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	5 years
Demand and time deposits \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 371.4	$ 233.1
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	371.4	233.1
Demand and time deposits \| Cash and cash equivalents \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	371.4	233.1
Demand and time deposits \| Cash and cash equivalents \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	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	28.4	17.0
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	28.4	17.0
Money market funds \| Cash and cash equivalents \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	28.4	17.0
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 \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15.2	23.8
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	15.2	23.8
Corporate bonds \| Other current assets \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other current assets \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	15.2	23.8
Corporate bonds \| Other current assets \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.5	0.8
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	0.5	0.8
Corporate bonds \| Other assets \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Corporate bonds \| Other assets \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.5	0.8
Corporate bonds \| Other assets \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Certificate of deposit \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.7	3.1
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	2.7	3.1
Certificate of deposit \| Other current assets \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Certificate of deposit \| Other current assets \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2.7	3.1
Certificate of deposit \| Other current assets \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
Commercial paper \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.2	3.2
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	2.2	3.2
Commercial paper \| Other current assets \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.2	1.2
Commercial paper \| Other current assets \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2.0	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	1.7	2.1
Unrealized gains	0.0	0.0
Unrealized losses	0.0	0.0
Fair value	1.7	2.1
US Treasury bonds \| Other current assets \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0.0	0.0
US Treasury bonds \| Other current assets \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1.7	2.1
US Treasury bonds \| Other current assets \| Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0.0	$ 0.0

Fair Value Measurements - Summary of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 3,514.6
Convertible Debt \| 0% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	0.00%		0.00%
Carrying Amount	$ 791.9		$ 791.1
Fair Value	$ 1,306.2		$ 1,057.8
Convertible Debt \| 0.50% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
Carrying Amount	$ 1,469.3		$ 0.0
Fair Value	$ 1,572.8		$ 0.0
Convertible Debt \| 1.625% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	1.625%		1.625%
Carrying Amount	$ 134.4		$ 137.0
Fair Value	$ 517.6		$ 417.8
Convertible Debt \| 3.875% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%
Notes Payable \| 3.875% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	3.875%		3.875%
Carrying Amount	$ 693.6		$ 693.3
Fair Value	641.1		618.3
Other long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	375.0		1,572.1
Fair Value	$ 377.0		$ 1,549.2

Fair Value Measurements - Narrative (Details)	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Notes Payable \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%		3.875%
Convertible Debt \| 3.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
Convertible Debt \| 1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%		1.625%
Convertible Debt \| 0.50% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%	0.50%
Convertible Debt \| 0% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.00%		0.00%

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Feb. 28, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Foreign currency transaction (loss) gain realized	$ (1.9)	$ 1.9
Accumulated Other Comprehensive Income	$ (29.6)			$ (23.2)
0% Notes \| Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0.00%			0.00%
0.50% Notes \| Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	0.50%		0.50%	0.50%
1.625% Notes \| Convertible Debt
Derivatives, Fair Value [Line Items]
Debt instrument, interest rate	1.625%			1.625%
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 279.2			$ 272.0
Foreign currency exchange contracts \| Minimum
Derivatives, Fair Value [Line Items]
Derivative, term of contract (in months)	1 month
Foreign currency exchange contracts \| Maximum
Derivatives, Fair Value [Line Items]
Derivative, term of contract (in months)	3 months
Interest rate swap
Derivatives, Fair Value [Line Items]
Interest rate swaps, fair value				36.0
Interest rate swap agreement 2022
Derivatives, Fair Value [Line Items]
Notional Amount				750.0
Interest rate swap agreements, 2023 and 2024
Derivatives, Fair Value [Line Items]
Proceeds from termination of derivatives	$ 27.7
Other income	6.9
Accumulated Other Comprehensive Income	$ 20.7
Accumulated Other Comprehensive Income amortized to income, term	21 months
Interest rate swap agreement 2023
Derivatives, Fair Value [Line Items]
Notional Amount	$ 500.0			500.0
Interest rate swap agreement 2024
Derivatives, Fair Value [Line Items]
Notional Amount	$ 500.0			$ 500.0

Financial Instruments - Schedule of Net Foreign Exchange Positions (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Buy (Sell)	$ 251.4	$ 249.6
Notional Amount	279.2	272.0
Other Currencies - Buy
Derivatives, Fair Value [Line Items]
Buy (Sell)	46.5	66.5
Notional Amount	46.5	66.5
Other Currencies - Sell
Derivatives, Fair Value [Line Items]
Buy (Sell)	(13.9)	(11.2)
Notional Amount	13.9	11.2
Japanese Yen
Derivatives, Fair Value [Line Items]
Buy (Sell)	69.5	27.0
Notional Amount	69.5	27.0
Philippine Peso
Derivatives, Fair Value [Line Items]
Buy (Sell)	49.4	63.9
Notional Amount	49.4	63.9
Czech Koruna
Derivatives, Fair Value [Line Items]
Buy (Sell)	40.4	41.7
Notional Amount	40.4	41.7
Euro
Derivatives, Fair Value [Line Items]
Buy (Sell)	39.5	26.0
Notional Amount	39.5	26.0
Korean Won
Derivatives, Fair Value [Line Items]
Buy (Sell)	20.0	35.7
Notional Amount	$ 20.0	$ 35.7

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

Changes in Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	$ 6,207.0	$ 4,604.4
Other comprehensive income (loss) prior to reclassifications	5.5
Amounts reclassified from accumulated other comprehensive loss	(11.9)
Other comprehensive income (loss), net of tax	(6.4)	14.2
Balance, ending	6,467.0	$ 5,018.0
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(50.4)
Other comprehensive income (loss) prior to reclassifications	0.3
Amounts reclassified from accumulated other comprehensive loss	0.0
Other comprehensive income (loss), net of tax	0.3
Balance, ending	(50.1)
Effects of Cash Flow Hedges and Other Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	27.2
Other comprehensive income (loss) prior to reclassifications	5.2
Amounts reclassified from accumulated other comprehensive loss	(11.9)
Other comprehensive income (loss), net of tax	(6.7)
Balance, ending	20.5
Total
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning	(23.2)
Balance, ending	$ (29.6)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Changes in Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps terminations	$ 4.7	$ 2.1
Net income	462.2	531.0
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	(11.9)	0.7
Effects of Cash Flow Hedges and Other Adjustments \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	(5.0)	0.7
Interest rate swaps terminations	$ (6.9)	$ 0.0

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

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