ON Semiconductor Reports Fourth Quarter and 2017 Annual Results

     

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

 
Quarter Ended Year Ended

December
31, 2017

   

September
29, 2017

   

December
31, 2016

December
31, 2017

   

December
31, 2016

Revenues $ 1,377.5 $ 1,390.9 $ 1,261.0 $ 5,543.1 $ 3,906.9
Cost of revenues (exclusive of amortization shown below) 863.3   866.7   876.5   3,509.3   2,610.0  
Gross profit 514.2 524.2 384.5 2,033.8 1,296.9
Gross margin 37.3 % 37.7 % 30.5 % 36.7 % 33.2 %
Operating expenses:
Research and development 158.0 150.9 139.8 594.4 452.3
Selling and marketing 80.3 78.6 79.4 315.9 238.0
General and administrative 71.0 68.9 72.2 284.9 230.3
Amortization of acquisition-related intangible assets 28.8 37.3 32.9 123.8 104.8
Restructuring, asset impairments and other, net 4.7 9.7 4.5 20.8 33.2
Intangible asset impairment 5.4   1.5     13.1   2.2  
Total operating expenses 348.2   346.9   328.8   1,352.9   1,060.8  
Operating income 166.0   177.3   55.7   680.9   236.1  
Other income (expense), net:
Interest expense (33.2 ) (34.9 ) (40.9 ) (141.2 ) (145.3 )
Interest income 1.2 0.7 0.7 3.0 4.5
Gain on divestiture of business 12.5 12.5 92.2
Licensing income 2.2 21.5 47.6
Loss on debt refinancing and prepayment (14.3 ) (6.7 ) (47.2 ) (6.3 )
Other income (expense) (0.9 ) (2.1 ) 2.7   (8.1 ) (0.6 )
Other expense, net (45.0 ) (9.0 ) (37.5 ) (133.4 ) (55.5 )
Income before income taxes 121.0 168.3 18.2 547.5 180.6
Income tax benefit (provision) 410.0   (59.4 ) 93.5   265.5   3.9  
Net income 531.0 108.9 111.7 813.0 184.5
Less: Net income attributable to non-controlling interest (1.1 ) (0.2 ) (0.8 ) (2.3 ) (2.4 )
Net income attributable to ON Semiconductor Corporation $ 529.9   $ 108.7   $ 110.9   $ 810.7   $ 182.1  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 1.25   $ 0.26   $ 0.27   $ 1.92   $ 0.44  
Diluted $ 1.22   $ 0.25   $ 0.26   $ 1.89   $ 0.43  
Weighted average common shares outstanding:
Basic 424.3   422.2   417.3   421.9   415.2  
Diluted 433.3   427.5   426.9   428.3   420.0  
         

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions)

 

December 31,
2017

September 29,
2017

December 31,
2016

Assets
Cash and cash equivalents $ 949.2 $ 901.2 $ 1,028.1
Receivables, net 701.5 695.6 629.8
Inventories 1,089.5 1,029.0 1,030.2
Other current assets 193.0   189.6   181.0  
Total current assets 2,933.2 2,815.4 2,869.1
Property, plant and equipment, net 2,279.1 2,238.2 2,159.1
Goodwill 916.9 916.9 924.7
Intangible assets, net 628.3 662.5 762.1
Deferred tax assets 339.1 148.8 138.9
Other assets 98.5   79.5   70.5  
Total assets $ 7,195.1   $ 6,861.3   $ 6,924.4  
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 548.0 $ 590.3 $ 434.0
Accrued expenses 612.8 580.5 405.0
Deferred income on sales to distributors 109.8
Current portion of long-term debt 248.1   258.5   553.8  
Total current liabilities 1,408.9 1,429.3 1,502.6
Long-term debt 2,703.7 2,684.4 3,068.5
Deferred tax liabilities 55.1 309.1 288.9
Other long-term liabilities 226.4   203.1   186.5  
Total liabilities 4,394.1   4,625.9   5,046.5  
 
2.625% Notes, Series B - Redeemable conversion feature 32.9
 
ON Semiconductor Corporation stockholders’ equity:
Common stock 5.5 5.5 5.4
Additional paid-in capital 3,593.5 3,557.1 3,473.3
Accumulated other comprehensive loss (40.6 ) (43.8 ) (50.2 )
Accumulated earnings (deficit) 351.5 (178.4 ) (527.3 )
Less: Treasury stock, at cost (1,131.1 ) (1,128.0 ) (1,078.0 )
Total ON Semiconductor Corporation stockholders’ equity 2,778.8 2,212.4 1,823.2
Non-controlling interest in consolidated subsidiary 22.2   23.0   21.8  
Total stockholders' equity 2,801.0   2,235.4   1,845.0  
Total liabilities and equity $ 7,195.1   $ 6,861.3   $ 6,924.4  
 
     

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND

NET CASH PROVIDED BY OPERATING ACTIVITIES

(in millions)

 
Quarter Ended Year Ended

December
31, 2017

   

September
29, 2017

   

December
31, 2016

December
31, 2017

   

December
31, 2016

Net income $ 531.0 $ 108.9 $ 111.7 $ 813.0   $ 184.5
Adjusted for:
Licensing income (2.2 ) (21.5 ) (47.6 )
R&D costs related to licensing income 3.7 2.2 10.0
Restructuring, asset impairments and other, net 4.7 9.7 4.5 20.8 33.2
Intangible asset impairment 5.4 1.5 13.1 2.2
Interest expense 33.2 34.9 40.9 141.2 145.3
Interest income (1.2 ) (0.7 ) (0.7 ) (3.0 ) (4.5 )
Loss on debt refinancing and prepayment 14.3 6.7 47.2 6.3
Income tax (benefit) provision (410.0 ) 59.4 (93.5 ) (265.5 ) (3.9 )
Net income attributable to non-controlling interest (1.1 ) (0.2 ) (0.8 ) (2.3 ) (2.4 )
Depreciation and amortization 123.4 127.7 120.0 481.9 364.1
Amortization of fair market value step-up of inventory 2.5 55.6 13.6 67.5
Sell-through to sell-in adjustment (59.0 )
Gain on divestiture of business (12.5 ) (12.5 ) (92.2 )
Adjustment to contingent consideration (0.2 ) (0.3 ) 0.8 1.8 (0.5 )
Actuarial losses on pension plans and other pension benefits 1.9 10.0 1.9 10.0
Third party acquisition and divestiture related costs 1.0   0.5   3.5   3.2   25.8  
Adjusted EBITDA 303.9 318.8 252.0 1,157.8 735.4

Increase (decrease):

Licensing income 2.2 21.5 47.6
R&D costs related to licensing income (3.7 ) (2.2 ) (10.0 )
Restructuring, asset impairments and other, net (4.7 ) (9.7 ) (4.5 ) (20.8 ) (33.2 )
Interest expense (33.2 ) (34.9 ) (40.9 ) (141.2 ) (145.3 )
Interest income 1.2 0.7 0.7 3.0 4.5
Income tax benefit (provision) 410.0 (59.4 ) 93.5 265.5 3.9
Net income attributable to non-controlling interest 1.1 0.2 0.8 2.3 2.4
Amortization of fair market value step-up of inventory (2.5 ) (55.6 ) (13.6 ) (67.5 )
Sell-through to sell-in adjustment 59.0
Adjustment to contingent consideration 0.2 0.3 (0.8 ) (1.8 ) 0.5
                 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND

NET CASH PROVIDED BY OPERATING ACTIVITIES (Continued)

(in millions)

 

Quarter Ended

Quarter Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

 

Increase (decrease) (continued):

Actuarial losses on pension plans and other pension benefits (1.9 ) (10.0 ) (1.9 ) (10.0 )
Third party acquisition and divestiture related costs (1.0 ) (0.5 ) (3.5 ) (3.2 ) (25.8 )
Loss on sale or disposal of fixed assets 1.1 1.0 0.9 3.9 1.5
Amortization of debt discount and issuance costs 3.8 3.8 4.6 16.0 12.0
Payments for term debt modification (1.4 ) (3.8 ) (26.4 )
Write-down of excess inventories 10.2 21.2 26.1 67.0 66.2
Non-cash share-based compensation expense 17.1 16.8 14.2 69.8 56.1
Non-cash interest on convertible notes 8.9 8.6 6.4 30.8 26.0
Non-cash asset impairment charges 0.6 6.4 0.5 7.9 0.5
Change in deferred taxes (444.4 ) 38.9 (103.6 ) (348.3 ) (38.1 )
Other (0.4 ) 0.6 (1.9 ) 2.2 (4.6 )
Changes in operating assets and liabilities (45.3 ) (1.4 ) 50.5   (94.0 ) 23.1  
Net cash provided by operating activities $ 224.3   $ 328.2   $ 229.4   1,094.2   581.2  
Cash flows from investing activities:
Purchases of property, plant and equipment $ (175.7 ) $ (90.1 ) $ (49.9 ) $ (387.5 ) $ (210.7 )
Proceeds from sales of property, plant and equipment 12.2 0.3 14.3 0.4
Deposits utilized for purchases of property, plant and equipment (6.1 ) (3.2 ) (3.1 ) (8.2 ) (2.2 )
Purchase of business, net of cash acquired (6.8 ) (0.8 ) (2,284.0 )
Proceeds from divestiture of business, net of cash transferred 20.0 20.0 104.0
Cash placed in escrow (67.7 )
Cash received from escrow 23.8
Purchases of held-to-maturity securities (1.6 )
Other (1.0 )     (0.7 ) 1.8  
Net cash used in investing activities $ (170.6 ) $ (73.0 ) $ (59.8 ) $ (364.5 ) $ (2,434.6 )
Cash flows from financing activities:
Proceeds from issuance of common stock under the employee stock purchase plan $ 12.2 $ 0.1 $ 4.1 $ 23.6 $ 15.0
Proceeds from exercise of stock options 7.1 1.7 9.8 18.0 14.9
Payments of tax withholding for restricted shares (3.1 ) (11.4 ) (1.9 ) (28.1 ) (12.3 )
Repurchase of common stock (25.0 )
Proceeds from debt issuance 405.0 5.3 5.0 1,106.2 2,586.9
Payments of debt issuance and other financing costs (0.3 ) (6.8 )
Repayment of long-term debt (419.8 ) (220.3 ) (26.2 ) (1,831.4 ) (313.8 )
Purchases of convertible note hedges (144.7 )
 
                 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND

NET CASH PROVIDED BY OPERATING ACTIVITIES (Continued)

(in millions)

 

Quarter Ended

Quarter Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

 

Cash flows from financing activities (continued):

Proceeds from issuance of warrants 85.2
Payment of capital lease obligations (1.2 ) (1.2 ) (2.7 ) (8.9 ) (14.9 )
Payment of contingent consideration (3.9 ) (3.9 )
Dividend to non-controlling shareholder of consolidated subsidiary (1.9 )   (2.4 ) (1.9 ) (4.3 )
Net cash provided by (used in) financing activities $ (5.6 ) $ (225.8 ) $ (14.6 ) $ (810.9 ) $ 2,264.7  
Effect of exchange rate changes on cash and cash equivalents $ (0.1 ) $ 0.2   $ (7.4 ) $ 2.3   $ (0.8 )
Net increase (decrease) in cash and cash equivalents $ 48.0 $ 29.6 $ 147.6 $ (78.9 ) $ 410.5
Cash and cash equivalents, beginning of period $ 901.2   $ 871.6   $ 880.5   $ 1,028.1   $ 617.6  
Cash and cash equivalents, end of period $ 949.2   $ 901.2   $ 1,028.1   $ 949.2   $ 1,028.1  
 
         

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES

(in millions, except per share and percentage data)

 
Quarter Ended Year Ended

December
31, 2017

   

September
29, 2017

   

December
31, 2016

December
31, 2017

   

December
31, 2016

Reconciliation of GAAP revenue to non-GAAP revenue:
GAAP revenue $ 1,377.5 $ 1,390.9 $ 1,261.0 $ 5,543.1 $ 3,906.9
Special items:
a) Sell-through to sell-in adjustment       (155.1 )  
Total special items       (155.1 )  
Non-GAAP revenue $ 1,377.5   $ 1,390.9   $ 1,261.0   $ 5,388.0   $ 3,906.9  
Reconciliation of GAAP gross profit to non-GAAP gross profit:
GAAP gross profit $ 514.2   $ 524.2   $ 384.5   $ 2,033.8   $ 1,296.9  
Special items:
a) Sell-through to sell-in adjustment (59.0 )
b) Actuarial losses on pension plans and other pension benefits 2.6 3.2 2.6 3.2

c)

 

Expensing of appraised inventory at fair market value step up   2.5   55.6   13.6   67.5  
Total special items 2.6   2.5   58.8   (42.8 ) 70.7  
Non-GAAP gross profit $ 516.8   $ 526.7   $ 443.3   $ 1,991.0   $ 1,367.6  
Reconciliation of GAAP gross margin to non-GAAP gross margin:
GAAP gross margin 37.3 % 37.7 % 30.5 % 36.7 % 33.2 %
Special items:
a) Sell-through to sell-in adjustment % % % 0.1 % %
b) Actuarial losses on pension plans and other pension benefits 0.2 % % 0.3 % % 0.1 %

c)

 

Expensing of appraised inventory at fair market value step up % 0.2 % 4.4 % 0.2 % 1.7 %
Total special items 0.2 % 0.2 % 4.7 % 0.3 % 1.8 %
Non-GAAP gross margin 37.5 % 37.9 % 35.2 % 37.0 % 35.0 %
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP operating expenses $ 348.2   $ 346.9   $ 328.8   $ 1,352.9   $ 1,060.8  
                 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 

Quarter Ended

Year Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

Special items:
a)   Actuarial gains (losses) on pension plans and other pension benefits 0.7 (6.8 ) 0.7 (6.8 )

b)

Amortization of acquisition related intangible assets (28.8 ) (37.3 ) (32.9 ) (123.8 ) (104.8 )

c)

 

Restructuring, asset impairments and other, net (4.7 ) (9.7 ) (4.5 ) (20.8 ) (33.2 )
d) Intangible asset impairments (5.4 ) (1.5 ) (13.1 ) (2.2 )
e) Third party acquisition and divestiture related costs (1.0 ) (0.5 ) (3.5 ) (3.2 ) (25.8 )
f) R&D Costs related to licensing income (3.7 ) (2.2 )   (10.0 )  
Total special items (42.9 ) (51.2 ) (47.7 ) (170.2 ) (172.8 )
Non-GAAP operating expenses $ 305.3   $ 295.7   $ 281.1   $ 1,182.7   $ 888.0  
Reconciliation of GAAP operating income to non-GAAP operating income:
GAAP operating income $ 166.0   $ 177.3   $ 55.7   $ 680.9   $ 236.1  
Special items:
a) Sell-through to sell-in adjustment (59.0 )
b) Actuarial (gains) losses on pension plans and other pension benefits (cost of revenues) 2.6 3.2 2.6 3.2

c)

 

Expensing of appraised inventory at fair market value step up 2.5 55.6 13.6 67.5
d) Amortization of acquisition related intangible assets 28.8 37.3 32.9 123.8 104.8
e) Actuarial (gains) losses on pension plans and other pension benefits (operating expenses) (0.7 ) 6.8 (0.7 ) 6.8
f) Restructuring, asset impairments and other, net 4.7 9.7 4.5 20.8 33.2
g) Intangible asset impairments 5.4 1.5 13.1 2.2
h) Third party acquisition and divestiture related costs 1.0 0.5 3.5 3.2 25.8
i) R&D Costs related to licensing income 3.7   2.2     10.0    

 

Total special items 45.5   53.7   106.5   127.4   243.5  
Non-GAAP operating income $ 211.5   $ 231.0   $ 162.2   $ 808.3   $ 479.6  

 

                 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 

Quarter Ended

Year Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

Reconciliation of GAAP operating margin to non-GAAP operating margin (operating income / revenues) :

GAAP operating margin 12.1 % 12.7 % 4.4 % 12.3 % 6.0 %
  Special items:
a)   Sell-through to sell-in adjustment % % % (0.7 )% %
b) Actuarial losses on pension plans and other pension benefits (cost of revenues) 0.2 % % 0.3 % % 0.1 %

c)

 

Expensing of appraised inventory at fair market value step up % 0.2 % 4.4 % 0.2 % 1.7 %
d) Amortization of acquisition related intangible assets 2.1 % 2.7 % 2.6 % 2.2 % 2.7 %
e) Actuarial (gains) losses on pension plans and other pension benefits (operating expenses) (0.1 )% % 0.5 % % 0.2 %
f) Restructuring, asset impairments and other, net 0.3 % 0.7 % 0.4 % 0.4 % 0.8 %
g) Intangible asset impairments 0.4 % 0.1 % % 0.2 % 0.1 %
h) Third party acquisition and divestiture related costs 0.1 % % 0.3 % 0.1 % 0.7 %
i) R&D Costs related to licensing income 0.3 % 0.2 % % 0.2 % %
Total special items 3.3 % 3.9 % 8.5 % 2.7 % 6.3 %
Non-GAAP operating margin 15.4 % 16.6 % 12.9 % 15.0 % 12.3 %
Reconciliation of GAAP income before income taxes to non-GAAP income before income taxes:
GAAP income before income taxes $ 121.0   $ 168.3   $ 18.2   $ 547.5   $ 180.6  
Special items:
a) Sell-through to sell-in adjustment (59.0 )
b) Actuarial losses on pension plans and other pension benefits (cost of revenues) 2.6 3.2 2.6 3.2

c)

 

Expensing of appraised inventory at fair market value step up 2.5 55.6 13.6 67.5
d) Amortization of acquisition related intangible assets 28.8 37.3 32.9 123.8 104.8
e) Actuarial losses (gains) on pension plans and other pension benefits (operating expenses) (0.7 ) 6.8 (0.7 ) 6.8
f) Restructuring, asset impairments and other, net 4.7 9.7 4.5 20.8 33.2
g) Intangible asset impairments 5.4 1.5 13.1 2.2
h) Third party acquisition and divestiture related costs 1.0 0.5 3.5 3.2 25.8
i) R&D Costs related to licensing income 3.7 2.2 10.0
j) Loss on debt refinancing and prepayment 14.3 6.7 47.2 6.3
k) Non-cash interest on convertible notes 8.9 8.6 6.5 30.8 26.0
l) Pre-acquisition interest expense, net 48.3
                     

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 

Quarter Ended

Year Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

Special items (continued):

m)

 

Adjustment to contingent consideration (0.2 ) (0.3 ) 0.8 1.8 (0.5 )
n) Licensing income (2.2 ) (21.5 ) (47.6 )
o) Gain on divestiture of business   (12.5 )   (12.5 ) (92.2 )
Total special items 66.3   34.7   113.8   147.1   231.4  
Non-GAAP income before income taxes $ 187.3   $ 203.0   $ 132.0   $ 694.6   $ 412.0  
Reconciliation of GAAP net income to non-GAAP net income:

GAAP net income attributable to ON Semiconductor Corporation

$ 529.9   $ 108.7   $ 110.9   $ 810.7   $ 182.1  
Special items:
a) Sell-through to sell-in adjustment (59.0 )
b) Actuarial losses on pension plans and other pension benefits (cost of revenues) 2.6 3.2 2.6 3.2

c)

 

Expensing of appraised inventory at fair market value step up 2.5 55.6 13.6 67.5
d) Amortization of acquisition related intangible assets 28.8 37.3 32.9 123.8 104.8
e) Actuarial losses (gains) on pension plans and other pension benefits (operating expenses) (0.7 ) 6.8 (0.7 ) 6.8
f) Restructuring, asset impairments and other, net 4.7 9.7 4.5 20.8 33.2
g) Intangible asset impairments 5.4 1.5 13.1 2.2
h) Third party acquisition and divestiture related costs 1.0 0.5 3.5 3.2 25.8
i) R&D Costs related to licensing income 3.7 2.2 10.0
j) Loss on debt refinancing and prepayment 14.3 6.7 47.2 6.3
k) Non-cash interest on convertible notes 8.9 8.6 6.5 30.8 26.0
l) Pre-acquisition interest expense, net 48.3

m)

 

Adjustment to contingent consideration (0.2 ) (0.3 ) 0.8 1.8 (0.5 )
n) Licensing income (2.2 ) (21.5 ) (47.6 )
o) Gain on divestiture of business (12.5 ) (12.5 ) (92.2 )

p)

 

Adjustment of income taxes (428.9 ) 46.0   (101.7 ) (333.3 ) (31.2 )
Total special items (362.6 ) 80.7   12.1   (186.2 ) 200.2  
Non-GAAP net income attributable to ON Semiconductor Corporation $ 167.3   $ 189.4   $ 123.0   $ 624.5   $ 382.3  
Adjustment of income taxes:
Tax adjustment for Special Items (1) $ (23.2 ) $ (12.1 ) $ (39.8 ) $ (51.5 ) $ (81.0 )
Other non-GAAP tax adjustment (2) 44.2 58.1 (61.9 ) 168.1 49.8
Non-cash impact of U.S. tax reform (3) (449.9 )     (449.9 )  
$ (428.9 ) $ 46.0   $ (101.7 ) $ (333.3 ) $ (31.2 )
   

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 
(1 ) Tax impact of non-GAAP Special Items (a)-(o), calculated using the federal statutory rate of 35%
(2 ) The income tax adjustment primarily represents the use of the net operating loss, non-cash impact of not asserting indefinite reinvestment on earnings of our foreign subsidiaries, deferred tax expense not affecting taxes payable, and non-cash expense (benefit) related to uncertain tax positions.
(3 ) Non-cash tax impacts of U.S. tax reform legislation, H.R.1, commonly referred to as the Tax Cuts and Jobs Act.
                 

Quarter Ended

Year Ended

December
31, 2017

September
29, 2017

December
31, 2016

December
31, 2017

December
31, 2016

Reconciliation of GAAP diluted share count to non-GAAP diluted share count:
GAAP diluted share count 433.3 427.5 426.9 428.3 420.0
Special items:
a) Dilutive share count attributable to convertible notes (3.4 )     (0.9 )  
Total Special items (3.4 )     (0.9 )  
Non-GAAP diluted share count 429.9   427.5   426.9   427.4   420.0  
Non-GAAP diluted earnings per share:

Non-GAAP net income attributable to ON Semiconductor Corporation

$ 167.3 $ 189.4 $ 123.0 $ 624.5 $ 382.3
Non-GAAP diluted share count 429.9   427.5   426.9   427.4   420.0  
Non-GAAP diluted earnings per share $ 0.39   $ 0.44   $ 0.29   $ 1.46   $ 0.91  
Reconciliation of Net cash provided by operating activities to free cash flow:
Net cash provided by operating activities $ 224.3 $ 328.2 $ 229.4 $ 1,094.2 $ 581.2
Special items:
a) Purchases of property, plant and equipment (175.7 ) (90.1 ) (49.9 ) (387.5 ) (210.7 )
Total special items (175.7 ) (90.1 ) (49.9 ) (387.5 ) (210.7 )
Free cash flow $ 48.6   $ 238.1   $ 179.5   $ 706.7   $ 370.5  
 

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