Name: ON Semiconductor Corp. (NASDAQ:ON) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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ON Semiconductor Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Accounts payable	725,600)	852,100)	635,100)	572,900)	543,600)
Accrued payroll and related benefits	183,800)	284,800)	285,400)	166,800)	153,400)
Amount due to EFK seller	—)	236,300)	—)	—)	—)
Sales related reserves	108,300)	209,900)	229,900)	233,300)	247,300)
Income taxes payable	37,400)	34,800)	23,600)	25,500)	22,500)
Other	333,700)	281,500)	196,000)	144,400)	115,600)
Accrued expenses and other current liabilities	663,200)	1,047,300)	734,900)	570,000)	538,800)
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)
Current liabilities	2,183,600)	2,061,400)	1,543,400)	1,674,500)	1,818,400)
Long-term debt, excluding current portion	2,542,600)	3,045,700)	2,913,900)	2,959,700)	2,876,500)
Deferred tax liabilities	38,700)	34,100)	43,200)	57,300)	60,200)
Long-term financing lease liabilities	22,400)	23,000)	10,200)	—)	—)
Other long-term liabilities	627,300)	607,300)	510,900)	418,400)	346,300)
Long-term liabilities	3,231,000)	3,710,100)	3,478,200)	3,435,400)	3,283,000)
Total liabilities	5,414,600)	5,771,500)	5,021,600)	5,109,900)	5,101,400)
Common stock, $0.01 par value	6,200)	6,100)	6,000)	5,700)	5,700)
Additional paid-in capital	5,210,900)	4,670,900)	4,633,300)	4,133,100)	3,809,500)
Accumulated other comprehensive loss	(45,200)	(23,200)	(40,600)	(57,600)	(54,300)
Accumulated earnings	6,548,100)	4,364,400)	2,435,100)	1,425,500)	1,191,300)
Treasury stock, at cost	(3,937,400)	(2,829,700)	(2,448,400)	(1,968,200)	(1,650,500)
Total ON Semiconductor Corporation stockholders’ equity	7,782,600)	6,188,500)	4,585,400)	3,538,500)	3,301,700)
Non-controlling interest	18,000)	18,500)	19,000)	19,600)	22,400)
Total stockholders’ equity	7,800,600)	6,207,000)	4,604,400)	3,558,100)	3,324,100)
Total liabilities and stockholders’ equity	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).

The financial position of the organization reflects a significant strengthening of the balance sheet between 2019 and 2023, characterized by a substantial increase in stockholders' equity and a relatively stable liability profile.

Liability Structure and Trends: Total liabilities exhibited a period of stability from 2019 to 2021, followed by a peak of 5.77 billion USD in 2022 and a subsequent reduction to 5.41 billion USD by the end of 2023. Current liabilities showed an overall upward trajectory, increasing from 1.82 billion USD in 2019 to 2.18 billion USD in 2023. This increase was partially driven by fluctuations in accounts payable and a significant spike in the current portion of long-term debt, which rose to 794 million USD in 2023 after reaching a low of 147.8 million USD in 2022, indicating imminent debt maturity obligations.; Long-term debt, excluding the current portion, decreased from 2.88 billion USD in 2019 to 2.54 billion USD in 2023. Other long-term liabilities grew steadily throughout the period, rising from 346.3 million USD in 2019 to 627.3 million USD in 2023.
Equity and Capital Accumulation: Total stockholders' equity experienced aggressive growth, increasing from 3.32 billion USD in 2019 to 7.80 billion USD in 2023. This growth is primarily attributed to a substantial rise in accumulated earnings, which surged from 1.19 billion USD to 6.55 billion USD over the five-year period, signaling strong internal profit retention.; Additional paid-in capital also trended upward, reaching 5.21 billion USD by 2023. Conversely, treasury stock increased significantly from 1.65 billion USD to 3.94 billion USD (at cost), reflecting a consistent and aggressive share repurchase strategy.
Solvency and Capital Structure Observations: The relationship between total liabilities and total equity shifted markedly. In 2019, liabilities exceeded equity, but by 2023, equity became the dominant component of the capital structure. This shift indicates a reduction in financial leverage and an enhanced solvency position.; The volatility in current liabilities, specifically the movement in accrued expenses and the current portion of long-term debt, suggests a dynamic approach to short-term liquidity management and debt refinancing cycles.

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