Earnings Per Share and Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Net Income Per Share

Net income per share of common stock attributable to ON Semiconductor Corporation is shown below (in millions, except per share data):

	Year ended December 31,
	2024		2023		2022
Net income for basic earnings per share of common stock	$	1,572.8	$	2,183.7	$	1,902.2
Add: Interest on 1.625% Notes	—		1.3		2.0
Net income for diluted earnings per share of common stock	$	1,572.8	$	2,185.0	$	1,904.2
Basic weighted-average shares of common stock outstanding	427.4		430.7		433.2
Dilutive effect of share-based awards	0.6		1.2		1.8
Dilutive effect of convertible notes and warrants	4.7		14.9		13.2
Diluted weighted average shares of common stock outstanding	432.7		446.8		448.2
Net income per share of common stock:
Basic	$	3.68	$	5.07	$	4.39
Diluted	$	3.63	$	4.89	$	4.25

Schedule of Share Repurchase Program

Activity under both the Share Repurchase Program and the previous program was as follows (in millions, except per share data):

	Year ended December 31,
	2024		2023		2022
Number of repurchased shares (1)	9.1		7.6		4.0
Aggregate purchase price	$	650.0	$	564.0	$	259.8
Fees, commissions and excise tax	2.3		4.1		—
Total	$	652.3	$	568.1	$	259.8
Weighted-average purchase price per share (2)	$	71.21	$	74.54	$	65.13
Available amounts	$	1,786.0	$	2,436.0	$	1,036.0

(1)None of these shares had been reissued or retired as of December 31, 2024 but may be reissued or retired later.

(2)    Exclusive of fees, commission or other expenses.