Name: ON Semiconductor Corp. (NASDAQ:ON) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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ON Semiconductor Corp., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	2,483,000)	2,919,000)	1,352,600)	1,080,700)	894,200)
Receivables, net	935,400)	842,300)	809,400)	676,000)	705,000)
Inventories	2,111,800)	1,616,800)	1,379,500)	1,251,400)	1,232,400)
Other current assets	382,100)	351,300)	240,100)	176,000)	188,400)
Current assets	5,912,300)	5,729,400)	3,781,600)	3,184,100)	3,020,000)
Property, plant and equipment, net	4,401,500)	3,450,700)	2,524,300)	2,512,300)	2,591,600)
ROU financing lease assets	42,400)	45,800)	22,300)	—)	—)
Property, plant and equipment and ROU financing lease assets, net	4,443,900)	3,496,500)	2,546,600)	2,512,300)	2,591,600)
Goodwill	1,577,600)	1,577,600)	1,937,500)	1,663,400)	1,659,200)
Intangible assets, net	299,300)	359,700)	495,700)	469,000)	590,500)
Deferred tax assets	600,800)	376,700)	366,300)	429,000)	307,800)
Other assets	381,300)	438,600)	498,300)	410,200)	256,400)
Non-current assets	7,302,900)	6,249,100)	5,844,400)	5,483,900)	5,405,500)
Total assets	13,215,200)	11,978,500)	9,626,000)	8,668,000)	8,425,500)

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 assets have exhibited a consistent upward trajectory from 2019 to 2023, growing from 8.43 billion USD to 13.22 billion USD. This overall expansion is characterized by a simultaneous increase in both liquidity and long-term productive capacity, with the most significant growth occurring between 2021 and 2023.

Liquidity and Working Capital Trends: Current assets nearly doubled over the five-year period, rising from 3.02 billion USD to 5.91 billion USD. Cash and cash equivalents saw a sharp increase, peaking at 2.92 billion USD in 2022 before moderating to 2.48 billion USD in 2023. A notable upward trend is observed in inventories, which grew from 1.23 billion USD in 2019 to 2.11 billion USD in 2023, suggesting increased production scales or strategic stock accumulation. Net receivables also increased steadily from 705 million USD to 935 million USD.
Capital Expenditure and Fixed Assets: There is a significant expansion in non-current assets, primarily driven by Property, Plant, and Equipment (PP&E). Net PP&E grew from 2.59 billion USD in 2019 to 4.40 billion USD in 2023. The acceleration of this growth is particularly evident after 2021, indicating a period of aggressive investment in manufacturing infrastructure and capacity expansion.
Intangible Assets and Deferred Tax Positions: A downward trend is observed in intangible assets, which decreased from 590.5 million USD in 2019 to 299.3 million USD in 2023. Goodwill remained relatively stable, although it declined from a 2021 peak of 1.94 billion USD to 1.58 billion USD by the end of 2023. Conversely, deferred tax assets showed a marked increase in 2023, rising to 600.8 million USD from 376.7 million USD in the prior year.

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