Name: ON Semiconductor Corp. (NASDAQ:ON) | Analysis of Debt
Creator: Stock Analysis on Net

Total Debt (Carrying Amount)
Total Debt (Fair Value)
Weighted-average Interest Rate on Debt

ON Semiconductor Corp., balance sheet: debt

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of financing lease liabilities	800)	14,200)	12,700)	—)	—)
Current portion of long-term debt	794,000)	147,800)	160,700)	531,600)	736,000)
Long-term debt, excluding current portion	2,542,600)	3,045,700)	2,913,900)	2,959,700)	2,876,500)
Long-term financing lease liabilities	22,400)	23,000)	10,200)	—)	—)
Total long-term debt and financing lease liabilities, including current portion (carrying amount)	3,359,800)	3,230,700)	3,097,500)	3,491,300)	3,612,500)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Total debt obligations exhibited a fluctuating trend between 2019 and 2023. The total carrying amount of long-term debt and financing lease liabilities began at 3.61 billion US dollars in 2019, reached a minimum of 3.10 billion US dollars in 2021, and subsequently increased to 3.36 billion US dollars by December 31, 2023.

Debt Maturity Profile: A significant shift in the debt maturity structure is observed in 2023. The current portion of long-term debt, which had declined steadily from 736 million US dollars in 2019 to 147.8 million US dollars in 2022, surged to 794 million US dollars in 2023. This indicates a substantial increase in short-term repayment obligations.
Long-Term Debt Stability and Reclassification: Long-term debt, excluding the current portion, remained relatively stable between 2019 and 2022, oscillating between 2.88 billion and 3.05 billion US dollars. However, this figure dropped to 2.54 billion US dollars in 2023, coinciding with the spike in the current portion, suggesting a reclassification of maturing debt from long-term to current liabilities.
Financing Lease Liabilities: Financing lease liabilities were absent from the reporting in 2019 and 2020. These liabilities emerged in 2021 with a combined current and long-term value of 22.9 million US dollars, peaked in 2022 at 37.2 million US dollars, and moderated to 23.2 million US dollars by the end of 2023. These obligations represent a marginal fraction of the total debt profile.

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	Dec 31, 2023
Selected Financial Data (US$ in thousands)
0% Notes	1,334,400)
0.50% Notes	1,596,600)
1.625% Notes	—)
3.875% Notes	652,000)
Other convertible notes	—)
Long-term debt	390,600)
Financing lease liabilities	23,200)
Total long-term debt and financing lease liabilities, including current portion (fair value)	3,996,800)
Financial Ratio
Debt, fair value to carrying amount ratio	1.19

Based on: 10-K (reporting date: 2023-12-31).

Weighted-average interest rate on debt and financing lease liabilities: 2.71%

Interest rate	Debt amount¹	Interest rate × Debt amount
6.71%	375,000)	25,162)
0.85%	1,500,000)	12,750)
3.20%	804,900)	25,757)
3.88%	700,000)	27,125)
6.20%	23,200)	1,438)
Total	3,403,100)	92,233)
2.71%

Based on: 10-K (reporting date: 2023-12-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 92,233 ÷ 3,403,100 = 2.71%

ON Semiconductor Corp. (NASDAQ:ON)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt