Stock Analysis on Net

ON Semiconductor Corp. (NASDAQ:ON)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Analysis of Debt

Microsoft Excel

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Total Debt (Carrying Amount)

ON Semiconductor Corp., balance sheet: debt

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current portion of financing lease liabilities
Current portion of long-term debt
Long-term debt, excluding current portion
Long-term financing lease liabilities
Total long-term debt and financing lease liabilities, including current portion (carrying amount)

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).


The analysis of the annual debt data reveals several notable trends and fluctuations over the five-year period considered.

Current Portion of Financing Lease Liabilities
This liability is absent in 2019 and 2020 data but shows a presence starting from 2021. It increased from $12,700 thousand in 2021 to $14,200 thousand in 2022, before sharply declining to $800 thousand in 2023. This suggests a substantial reduction in short-term lease obligations by the end of 2023.
Current Portion of Long-Term Debt
There is a consistent decline over the first four years, dropping from $736,000 thousand in 2019 to $147,800 thousand in 2022. However, in 2023, this figure dramatically rises to $794,000 thousand, indicating either a significant new short-term borrowing or a reclassification of long-term debt into current liabilities.
Long-Term Debt, Excluding Current Portion
This category fluctuates around a relatively stable range initially increasing slightly from $2,876,500 thousand in 2019 to $3,045,700 thousand in 2022 before declining to $2,542,600 thousand in 2023. The drop in 2023 may reflect repayments, refinancing, or a shift in debt structure.
Long-Term Financing Lease Liabilities
No data is recorded for 2019 and 2020, but liabilities grow from $10,200 thousand in 2021 to a peak of $23,000 thousand in 2022, followed by a slight reduction to $22,400 thousand in 2023, suggesting increased use or recognition of long-term lease obligations with some stabilization toward the end of the period.
Total Long-Term Debt and Financing Lease Liabilities, Including Current Portion
This aggregate measure exhibits a general decline from $3,612,500 thousand in 2019 to $3,097,500 thousand in 2021, then increases to $3,230,700 thousand in 2022 and further to $3,359,800 thousand in 2023. Despite fluctuations in individual components, the overall debt level shows a modest increase in the last two years, potentially reflecting new financing activities or adjustments in debt classification.

Overall, the data indicate a dynamic debt profile with notable shifts in both short-term and long-term obligations. The sharp rise in the current portion of long-term debt in 2023 combined with the reduction in long-term debt excluding current portion suggests a significant reclassification or repayment activity. Additionally, the management of financing lease liabilities appears to have become more prominent starting in 2021, aligning with possible changes in lease accounting or business strategy. The total carrying amount of debt shows resilience with a slight upward trend in recent years, highlighting a consistent reliance on external financing.


Total Debt (Fair Value)

Microsoft Excel
Dec 31, 2023
Selected Financial Data (US$ in thousands)
0% Notes
0.50% Notes
1.625% Notes
3.875% Notes
Other convertible notes
Long-term debt
Financing lease liabilities
Total long-term debt and financing lease liabilities, including current portion (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

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


Weighted-average Interest Rate on Debt

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

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
Total

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

1 US$ in thousands

2 Weighted-average interest rate = 100 × ÷ =