(in millions)
|
Quarters Ended |
|
Nine Months Ended |
|||||||||||||||||
|
September 27,
|
|
June 28, 2024 |
|
September 29,
|
|
September 27,
|
|
September 29,
|
|||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||||||||||
Net income |
$ |
402.7 |
|
|
$ |
338.4 |
|
|
$ |
582.9 |
|
|
$ |
1,194.8 |
|
|
$ |
1,622.2 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and amortization |
|
161.8 |
|
|
|
159.6 |
|
|
|
155.4 |
|
|
|
476.3 |
|
|
|
449.2 |
|
|
Loss on sale and disposal of fixed assets |
|
4.1 |
|
|
|
0.9 |
|
|
|
2.5 |
|
|
|
5.1 |
|
|
|
7.3 |
|
|
| Loss on divestiture of businesses |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.7 |
|
|
| Loss on debt prepayment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.3 |
|
|
| Amortization of debt discount and issuance costs |
|
3.6 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
9.2 |
|
|
|
8.7 |
|
|
| Share-based compensation |
|
32.7 |
|
|
|
32.3 |
|
|
|
31.1 |
|
|
|
98.0 |
|
|
|
90.4 |
|
|
| Non-cash asset impairment charges |
|
— |
|
|
|
15.7 |
|
|
|
— |
|
|
|
15.7 |
|
|
|
12.7 |
|
|
| Change in deferred tax balances |
|
(45.6 |
) |
|
|
(27.9 |
) |
|
|
(79.4 |
) |
|
|
(122.1 |
) |
|
|
(109.0 |
) |
|
| Other |
|
1.7 |
|
|
|
3.5 |
|
|
|
10.8 |
|
|
|
7.0 |
|
|
|
1.5 |
|
|
| Changes in assets and liabilities |
|
(95.2 |
) |
|
|
(163.2 |
) |
|
|
(139.7 |
) |
|
|
(357.3 |
) |
|
|
(730.7 |
) |
|
| Net cash provided by operating activities |
|
465.8 |
|
|
|
362.2 |
|
|
|
566.6 |
|
|
|
1,326.7 |
|
|
|
1,366.3 |
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Purchase of Property, Plant and Equipment (“PP&E”) |
|
(172.2 |
) |
|
|
(154.5 |
) |
|
|
(433.0 |
) |
|
|
(549.1 |
) |
|
|
(1,185.1 |
) |
|
| Deposits and proceeds from sale of PP&E |
|
0.3 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
|
2.8 |
|
|
| Deposits utilized for purchase of PP&E |
|
10.5 |
|
|
|
13.4 |
|
|
|
12.9 |
|
|
|
12.4 |
|
|
|
32.4 |
|
|
| Purchase of short-term investments |
|
(300.0 |
) |
|
|
(450.0 |
) |
|
|
— |
|
|
|
(750.0 |
) |
|
|
— |
|
|
| Proceeds from sale or maturity of short-term investments and available-for-sale securities |
|
450.0 |
|
|
|
— |
|
|
|
12.7 |
|
|
|
450.0 |
|
|
|
33.5 |
|
|
| Purchase of a business, net of cash acquired |
|
(20.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(20.5 |
) |
|
|
— |
|
|
| Payments related to acquisition of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(236.3 |
) |
|
| Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
— |
|
|
| Net cash used in investing activities |
|
(31.9 |
) |
|
|
(590.9 |
) |
|
|
(407.2 |
) |
|
|
(858.1 |
) |
|
|
(1,352.7 |
) |
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Proceeds for the issuance of common stock under the ESPP |
|
6.5 |
|
|
|
5.5 |
|
|
|
6.7 |
|
|
|
19.6 |
|
|
|
19.9 |
|
|
| Payment of tax withholding for RSUs |
|
(3.1 |
) |
|
|
(7.7 |
) |
|
|
(5.9 |
) |
|
|
(48.3 |
) |
|
|
(62.4 |
) |
|
| Repurchase of common stock |
|
(200.0 |
) |
|
|
(150.0 |
) |
|
|
(100.0 |
) |
|
|
(450.0 |
) |
|
|
(264.0 |
) |
|
| Issuance and borrowings under debt agreements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,845.0 |
|
|
| Reimbursement of debt issuance costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
| Payment of debt issuance and other financing costs |
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
(11.7 |
) |
|
| Repayment of borrowings under debt agreements |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(1,603.8 |
) |
|
| Payment for purchase of bond hedges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(414.0 |
) |
|
| Proceeds from issuance of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
242.5 |
|
|
| Payment of finance lease obligations |
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(1.7 |
) |
|
|
(1.8 |
) |
|
|
(10.3 |
) |
|
| Net cash used in financing activities |
|
(197.0 |
) |
|
|
(152.7 |
) |
|
|
(101.3 |
) |
|
|
(480.5 |
) |
|
|
(254.3 |
) |
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
2.4 |
|
|
|
(2.2 |
) |
|
|
(0.5 |
) |
|
|
(0.7 |
) |
|
|
(1.5 |
) |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
239.3 |
|
|
|
(383.6 |
) |
|
|
57.6 |
|
|
|
(12.6 |
) |
|
|
(242.2 |
) |
|
| Beginning cash, cash equivalents and restricted cash |
|
2,233.1 |
|
|
|
2,616.7 |
|
|
|
2,633.2 |
|
|
|
2,485.0 |
|
|
|
2,933.0 |
|
|
| Ending cash, cash equivalents and restricted cash |
$ |
2,472.4 |
|
|
$ |
2,233.1 |
|
|
$ |
2,690.8 |
|
|
$ |
2,472.4 |
|
|
$ |
2,690.8 |
|
|
ON SEMICONDUCTOR CORPORATION
