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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Income Statement [Abstract]        
Revenue $ 2,085.0 $ 1,669.9 $ 4,030.0 $ 3,151.6
Cost of revenue (exclusive of amortization shown below) 1,047.9 1,029.8 2,031.6 1,990.3
Gross profit 1,037.1 640.1 1,998.4 1,161.3
Operating expenses:        
Research and development 161.6 166.3 318.4 339.9
Selling and marketing 73.1 76.1 144.2 155.0
General and administrative 83.2 73.2 161.1 145.6
Amortization of acquisition-related intangible assets 21.9 24.8 43.2 49.8
Restructuring, asset impairments and other, net (1.7) 17.5 (14.7) 60.0
Goodwill and intangible asset impairment 115.0 0.0 115.0 2.9
Total operating expenses 453.1 357.9 767.2 753.2
Operating income 584.0 282.2 1,231.2 408.1
Other income (expense), net:        
Interest expense (22.1) (33.1) (43.7) (66.5)
Interest income 1.1 0.2 1.5 0.6
Loss on debt refinancing and prepayment (7.3) (26.2) (7.3) (26.2)
Gain on divestiture of business 1.9 0.0 1.9 0.0
Other income (expense) 6.4 (1.1) 8.5 3.4
Other income (expense), net (20.0) (60.2) (39.1) (88.7)
Income before income taxes 564.0 222.0 1,192.1 319.4
Income tax provision (107.4) (37.9) (204.5) (45.0)
Net income 456.6 184.1 987.6 274.4
Less: Net income attributable to non-controlling interest (0.8) 0.0 (1.6) (0.4)
Net income attributable to ON Semiconductor Corporation 455.8 184.1 986.0 274.0
Net income for diluted earnings per share of common stock $ 456.3 $ 184.1 $ 987.0 $ 274.0
Net income per share of common stock:        
Basic (in dollars per share) $ 1.05 $ 0.43 $ 2.27 $ 0.65
Diluted (in dollars per share) $ 1.02 $ 0.42 $ 2.20 $ 0.62
Weighted-average shares of common stock outstanding:        
Basic (in shares) 434.2 427.7 433.8 420.5
Diluted (in shares) 447.0 443.6 448.1 444.5
Comprehensive income, net of tax:        
Net income $ 456.6 $ 184.1 $ 987.6 $ 274.4
Foreign currency translation adjustments (4.2) (0.2) (6.6) (2.5)
Effects of cash flow hedges and other adjustments 1.3 3.9 17.9 7.9
Other comprehensive income (loss), net of tax (2.9) 3.7 11.3 5.4
Comprehensive income 453.7 187.8 998.9 279.8
Comprehensive income attributable to non-controlling interest (0.8) 0.0 (1.6) (0.4)
Comprehensive income attributable to ON Semiconductor Corporation $ 452.9 $ 187.8 $ 997.3 $ 279.4