ON Semiconductor Corp. (NASDAQ:ON)

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ON Semiconductor Corp., adjusted total liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	5,414,600)	5,771,500)	5,021,600)	5,109,900)	5,101,400)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	38,700)	34,100)	43,200)	57,300)	60,200)
Less: Accrued restructuring charges	17,900)	4,400)	10,800)	6,200)	200)
After Adjustment
Adjusted total liabilities	5,358,000)	5,733,000)	4,967,600)	5,046,400)	5,041,000)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

The total liability profile exhibits a period of relative stability between 2019 and 2021, followed by a notable escalation in 2022 and a subsequent partial reduction in 2023. The movement of adjusted total liabilities mirrors this trajectory closely, indicating that the adjustments applied to the reported liabilities are consistent in direction and proportional in scale.

Liability Trend Analysis: From 2019 to 2021, total liabilities fluctuated within a narrow range, starting at US$ 5,101.4 million and ending the period at US$ 5,021.6 million. A significant peak occurred on December 31, 2022, where liabilities rose to US$ 5,771.5 million, representing an increase of approximately 14.9% from the previous year. By December 31, 2023, this figure retreated to US$ 5,414.6 million.
Adjustment Variance: A consistent downward adjustment is observed between total and adjusted liabilities throughout the five-year period. The variance between the two metrics remained relatively stable, ranging from a high of US$ 63.5 million in 2020 to a low of US$ 38.5 million in 2022. These adjustments represent a small fraction of the total liability structure, suggesting that the reported figures closely align with the adjusted values.
Comparative Correlation: The correlation between reported and adjusted liabilities remains extremely high across all reporting periods. The peak observed in 2022 and the subsequent correction in 2023 are reflected symmetrically across both metrics, indicating that the underlying drivers of the liability fluctuations were not primarily influenced by the specific items being adjusted.

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ON Semiconductor Corp., adjusted total ON Semiconductor Corporation stockholders’ equity

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total ON Semiconductor Corporation stockholders’ equity	7,782,600)	6,188,500)	4,585,400)	3,538,500)	3,301,700)
Adjustments
Less: Net deferred tax asset (liability)¹	562,100)	342,600)	323,100)	371,600)	247,600)
Add: Accrued restructuring charges	17,900)	4,400)	10,800)	6,200)	200)
Add: Non-controlling interest	18,000)	18,500)	19,000)	19,600)	22,400)
After Adjustment
Adjusted total stockholders’ equity	7,256,400)	5,868,800)	4,292,100)	3,192,700)	3,076,700)

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).

¹ Net deferred tax asset (liability). See details »

A consistent and significant upward trend in both total and adjusted stockholders' equity is observed between 2019 and 2023. Total stockholders' equity increased from 3,301,700 thousand US dollars in 2019 to 7,782,600 thousand US dollars by the end of 2023, indicating a substantial expansion of the net asset base over the five-year period.

Equity Growth Acceleration: The growth trajectory shows a marked acceleration beginning in 2021. Total stockholders' equity rose from 3,538,500 thousand US dollars in 2020 to 4,585,400 thousand US dollars in 2021, followed by a sharper increase to 6,188,500 thousand US dollars in 2022, and continuing upward to 7,782,600 thousand US dollars in 2023.
Adjusted Equity Correlation: Adjusted total stockholders' equity closely tracks the movement of total stockholders' equity, rising from 3,076,700 thousand US dollars in 2019 to 7,256,400 thousand US dollars in 2023. The parallel growth patterns suggest that the adjustments applied to the equity balance are consistent in nature and do not offset the primary drivers of equity growth.
Analysis of Equity Adjustments: The absolute difference between total and adjusted equity has expanded over the analyzed period. The gap stood at 225,000 thousand US dollars in 2019 and widened to 526,200 thousand US dollars by 2023. While the adjusted equity continues to grow, the increasing variance suggests a rise in the specific components or liabilities being adjusted out of the total stockholders' equity balance.

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ON Semiconductor Corp., adjusted capitalization table

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
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 reported debt	3,359,800)	3,230,700)	3,097,500)	3,491,300)	3,612,500)
Total ON Semiconductor Corporation stockholders’ equity	7,782,600)	6,188,500)	4,585,400)	3,538,500)	3,301,700)
Total reported capital	11,142,400)	9,419,200)	7,682,900)	7,029,800)	6,914,200)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Operating lease liabilities (included in Accrued expenses and other current liabilities)²	33,000)	35,200)	32,500)	32,200)	26,100)
Add: Operating lease liabilities (included in Other long-term liabilities)³	231,000)	246,500)	142,400)	115,700)	87,900)
Adjusted total debt	3,623,800)	3,512,400)	3,272,400)	3,639,200)	3,726,500)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	562,100)	342,600)	323,100)	371,600)	247,600)
Add: Accrued restructuring charges	17,900)	4,400)	10,800)	6,200)	200)
Add: Non-controlling interest	18,000)	18,500)	19,000)	19,600)	22,400)
Adjusted total stockholders’ equity	7,256,400)	5,868,800)	4,292,100)	3,192,700)	3,076,700)
After Adjustment
Adjusted total capital	10,880,200)	9,381,200)	7,564,500)	6,831,900)	6,803,200)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities (included in Accrued expenses and other current liabilities). See details »

³ Operating lease liabilities (included in Other long-term liabilities). See details »

⁴ Net deferred tax asset (liability). See details »

The capitalization structure exhibits a significant expansion over the five-year period from 2019 to 2023, characterized primarily by a substantial increase in stockholders' equity and relatively stable debt levels. Total reported capital grew from 6.91 billion US dollars in 2019 to 11.14 billion US dollars by the end of 2023, reflecting a strengthened financial position.

Debt Trends and Stability: Total reported debt remained relatively stable, experiencing a slight decline from 3.61 billion US dollars in 2019 to a low of 3.09 billion US dollars in 2021, before incrementally rising to 3.35 billion US dollars in 2023. Adjusted total debt followed a similar trajectory but remained consistently higher than reported figures, ranging from 3.72 billion US dollars in 2019 to 3.62 billion US dollars in 2023. This suggests the inclusion of additional liabilities in the adjusted calculations that are not captured in the reported debt figures.
Equity Growth Analysis: A strong upward trend is observed in stockholders' equity. Total reported equity increased from 3.30 billion US dollars in 2019 to 7.78 billion US dollars in 2023, with the most rapid acceleration occurring between 2021 and 2023. Adjusted stockholders' equity mirrored this growth, rising from 3.07 billion US dollars to 7.25 billion US dollars over the same period. The consistent gap between reported and adjusted equity indicates systematic adjustments that reduce the recognized equity base.
Capitalization Adjustments: The adjustments to the capitalization table result in a slightly lower total capital figure compared to reported values across all years. Adjusted total capital increased from 6.80 billion US dollars in 2019 to 10.88 billion US dollars in 2023. The disparity between reported and adjusted capital is driven by the simultaneous upward adjustment of debt and downward adjustment of equity, which serves to provide a more conservative valuation of the company's total capital structure.
Capital Composition Shift: The composition of total capital has shifted heavily toward equity. In 2019, reported debt and reported equity were nearly equal. By 2023, reported equity reached 7.78 billion US dollars, significantly outweighing reported debt of 3.35 billion US dollars. This indicates a reduced reliance on leverage and a substantial increase in the internal funding base over the analyzed period.

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ON Semiconductor Corp., adjusted net income attributable to ON Semiconductor Corporation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income attributable to ON Semiconductor Corporation	2,183,700)	1,902,200)	1,009,600)	234,200)	211,700)
Adjustments
Add: Deferred income tax expense (benefit)¹	(121,000)	20,900)	90,500)	(114,500)	13,000)
Add: Increase (decrease) in accrued restructuring charges	13,500)	(6,400)	4,600)	6,000)	(300)
Add: Other comprehensive income (loss), net of tax	(22,000)	17,400)	17,000)	(3,300)	(16,400)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	1,900)	1,600)	1,600)	2,200)	2,200)
After Adjustment
Adjusted net income	2,056,100)	1,935,700)	1,123,300)	124,600)	210,200)

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).

¹ Deferred income tax expense (benefit). See details »

A significant upward trajectory in profitability is evident from 2019 through 2023. Both net income attributable to the corporation and adjusted net income experienced substantial growth, with a marked acceleration in earnings starting in 2021.

Reported Net Income Trends: Net income attributable to the corporation rose from 211.7 million USD in 2019 to 2.18 billion USD in 2023. The most aggressive growth occurred between 2020 and 2022, during which reported income increased from 234.2 million USD to 1.90 billion USD, representing a nearly eight-fold increase over a two-year period.
Adjusted Net Income Trends: Adjusted net income exhibited a contraction in 2020, falling to 124.6 million USD from 210.2 million USD in 2019. This was followed by a sharp recovery in 2021, reaching 1.12 billion USD. The metric peaked in 2022 at 1.94 billion USD before seeing a slight moderation to 2.06 billion USD in 2023.
Comparative Analysis of Reported vs. Adjusted Figures: The variance between reported and adjusted income indicates shifting financial adjustments over the five-year period. In 2020, reported net income significantly exceeded adjusted net income, suggesting the impact of non-recurring gains. In contrast, during 2021 and 2022, adjusted net income was higher than reported net income, implying that the company excluded non-recurring expenses or losses to arrive at the adjusted figure. By 2023, the trend reversed again, with reported net income exceeding adjusted net income by approximately 127.6 million USD.

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