Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2011

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

Long-term debt consists of the following (in millions):

	September 30, 2011			December 31, 2010
U.S. real estate mortgages payable monthly through 2016 at an average rate of 4.857%	$	32.0		$	33.0
U.S. equipment financing payable monthly through 2015 at an average rate of 3.23%	11.5			—
Loan with a Japanese company due 2011 through 2017, interest payable quarterly at 1.99575%	349.2			—
Zero Coupon Convertible Senior Subordinated Notes due 2024 (1)	92.4			87.5
1.875% Convertible Senior Subordinated Notes due 2025 (2)	86.8			82.2
2.625% Convertible Senior Subordinated Notes due 2026 (3)	380.2			410.1
Loan with British finance company, interest payable monthly at 2.5643% and 2.18%, respectively	16.8			13.8
Loan with Hong Kong bank, interest payable weekly at 1.9874% and 2.0325%, respectively	35.0			40.0
Loan with Singapore bank, interest payable weekly at 1.96%	25.0			—
Loans with Philippine banks due 2011 through 2015, interest payable monthly and quarterly at an average rate of 1.84005% and 1.80446%, respectively	70.9			68.8
Loans with Chinese banks due 2011 through 2013, interest payable quarterly at an average rate of 4.16346% and 4.23375%, respectively	20.0			34.0
Loans with Japanese banks due 2011 through 2013, interest payable monthly & semi-annually at an average rate of 1.46906% and 1.44545%, respectively	6.3			3.9
Capital lease obligations	110.9			115.5
	1,237.0			888.8
Less: Current maturities	(288.2		)	(136.0		)
	$	948.8		$	752.8

Schedule of Maturities of Long-term Debt

Annual maturities relating to the Company’s long-term debt as of September 30, 2011 are as follows (in millions):

	Actual Maturities
Remainder 2011	49.3
2012	356.7
2013	476.6
2014	74.7
2015	62.8
Thereafter	216.9
Total	$	1,237.0

Notes To Consolidated Statement Of Balance Sheet

	Issuer			Guarantor
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
As of September 30, 2011
Cash and cash equivalents	$	—		407.1			—			$	252.2		—			$	659.3
Short-term investments	—			178.4			—			—			—			178.4
Receivables, net	—			57.3			—			481.7			—			539.0
Inventories,	—			44.8			—			656.6			5.2			706.6
Other current assets	—			8.7			—			81.6			—			90.3
Deferred income taxes, net of allowances	—			3.0			—			11.6			—			14.6
Total current assets	—			699.3			—			1,483.7			5.2			2,188.2
Restricted cash	—			—			—			—			—			—
Property, plant and equipment, net	—			268.0			2.3			863.7			(3.2		)	1,130.8
Deferred income taxes, net of allowances	—			(6.1		)	—			78.3			—			72.2
Goodwill	—			125.7			37.2			36.3			—			199.2
Intangible assets, net	—			156.8			—			222.6			(31.1		)	348.3
Investments and other assets	2,065.5			1,376.9			55.8			845.3			(4,270.3		)	73.2
Total assets	$	2,065.5		$	2,620.6		$	95.3		$	3,529.9		$	(4,299.4	)	$	4,011.9
Accounts payable	$	—		$	36.0		0.1			436.5			—			$	472.6
Accrued expenses	—			64.1			0.8			152.0			1.7			218.6
Income taxes payable	—			9.6			—			4.2			—			13.8
Accrued interest	3.9			—			—			0.1			—			4.0
Deferred income on sales to distributors	—			46.2			—			142.2			—			188.4
Deferred income taxes, net of allowances	—			0.9			—			68.8			—			69.7
Current portion of long-term debt	92.4			78.6			—			117.2			—			288.2
Total current liabilities	96.3			235.4			0.9			921.0			1.7			1,255.3
Long-term debt	467.1			411.3			—			70.4			—			948.8
Other long-term liabilities	—			25.2			0.4			235.4			—			261.0
Deferred income tax	—			—			—			21.1			—			21.1
Intercompany	0.3			(265.9		)	(54.2		)	114.3			205.5			—
Total liabilities	563.7			406.0			(52.9		)	1,362.2			207.2			2,486.2
Common stock	5.0			0.3			50.9			146.9			(198.1		)	5.0
Additional paid-in capital	3,102.5			2,727.6			238.3			1,377.5			(4,343.4		)	3,102.5
Accumulated other comprehensive loss	(48.5		)	(48.5		)	—			(40.8		)	89.3			(48.5		)
Accumulated deficit	(1,159.8		)	(464.8		)	(141.0		)	684.1			(78.3		)	(1,159.8		)
Less: treasury stock, at cost	(397.4		)	—			—			—			—			(397.4		)
Total ON Semiconductor Corporation stockholders’ equity (deficit)	1,501.8			2,214.6			148.2			2,167.7			(4,530.5		)	1,501.8
Minority interests in consolidated subsidiaries	—			—			—			—			23.9			23.9
Total equity	1,501.8			2,214.6			148.2			2,167.7			(4,506.6		)	1,525.7
Total liabilities and equity	$	2,065.5		$	2,620.6		$	95.3		$	3,529.9		$	(4,299.4	)	$	4,011.9

	Issuer			Guarantor
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
As of December 31, 2010
Cash and cash equivalents	$	—		$	392.3		$	—		$	231.0		$	—		$	623.3
Receivables, net	—			47.4			—			247.2			—			294.6
Inventories, net	—			48.0			—			299.9			12.9			360.8
Other current assets	—			14.9			—			48.7			—			63.6
Deferred income taxes, net of allowances	—			5.6			—			10.1			—			15.7
Total current assets	—			508.2			—			836.9			12.9			1,358.0
Restricted Cash	—			142.1			—			—			—			142.1
Property, plant and equipment, net	—			221.0			2.6			644.1			(3.4		)	864.3
Deferred income taxes, net of allowances	—			—			—			—			—			—
Goodwill	—			125.7			37.2			28.3			—			191.2
Intangible assets, net	—			165.4			—			172.0			(34.4		)	303.0
Investments and other assets	1,946.6			1,131.2			51.4			830.0			(3,898.6		)	60.6
Total assets	$	1,946.6		$	2,293.6		$	91.2		$	2,511.3		$	(3,923.5	)	$	2,919.2
Accounts payable	$	—		$	43.4		$	0.1		$	213.4		$	—		$	256.9
Accrued expenses	—			82.1			0.8			78.0			1.7			162.6
Income taxes payable	—			0.9			—			4.2			—			5.1
Accrued interest	0.6			—			—			0.2			—			0.8
Deferred income on sales to distributors	—			33.7			—			115.8			—			149.5
Deferred income taxes, net of allowances	—			—			—			—			—			—
Current portion of long-term debt	—			33.0			—			103.0			—			136.0
Total current liabilities	0.6			193.1			0.9			514.6			1.7			710.9
Long-term debt	579.7			103.0			—			70.1			—			752.8
Other long-term liabilities	—			21.1			0.4			27.8			—			49.3
Deferred income taxes, net of allowances	—			5.6			—			12.6			—			18.2
Intercompany	0.3			(123.8		)	(53.4		)	(28.6		)	205.5			—
Total liabilities	580.6			199.0			(52.1		)	596.5			207.2			1,531.2
Common stock	4.9			0.3			50.9			146.9			(198.1		)	4.9
Additional paid-in capital	3,016.1			2,502.2			178.5			1,110.7			(3,791.4		)	3,016.1
Accumulated other comprehensive loss	(59.1		)	(59.1		)	—			(52.3		)	111.4			(59.1		)
Accumulated deficit	(1,213.9		)	(348.8		)	(86.1		)	709.5			(274.6		)	(1,213.9		)
Less: treasury stock, at cost	(382.0		)	—			—			—			—			(382.0		)
Total ON Semiconductor Corporation stockholders’ equity (deficit)	1,366.0			2,094.6			143.3			1,914.8			(4,152.7		)	1,366.0
Minority interests in consolidated subsidiaries	—			—			—			—			22.0			22.0
Total equity	1,366.0			2,094.6			143.3			1,914.8			(4,130.7		)	1,388.0
Total liabilities and equity	$	1,946.6		$	2,293.6		$	91.2		$	2,511.3		$	(3,923.5	)	$	2,919.2

Notes To Consolidated Statement Of Operations And Comprehensive Income

	Issuer			Guarantor
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
For the Quarter ended September 30, 2011
Revenues	$	—		$	208.8		$	3.4	$	1,028.9		$	(343.1	)	$	898.0
Cost of revenues	—			133.7			0.2		843.4			(340.4		)	636.9
Gross profit	—			75.1			3.2		185.5			(2.7		)	261.1
Research and development	—			57.4			2.7		31.4			—			91.5
Selling and marketing	—			17.3			0.3		30.8			—			48.4
General and administrative	—			9.0			0.1		42.8			—			51.9
Amortization of acquisition related intangible assets	—			4.4			—		7.2			(1.0		)	10.6
Restructuring, asset impairments and other, net	—			1.7			—		63.7			—			65.4
Total operating expenses	—			89.8			3.1		175.9			(1.0		)	267.8
Operating income (loss)	—			(14.7		)	0.1		9.6			(1.7		)	(6.7		)
Interest expense	(12.7		)	(2.4		)	—		(1.8		)	—			(16.9		)
Interest income	—			0.1			—		0.2			—			0.3
Other	—			(0.3		)	—		(2.8		)	—			(3.1		)
Gain (loss) on debt prepayment	(5.3		)	—			—		—			—			(5.3		)
Gain (loss) on acquisition	—			—			—		—			—			—
Equity in earnings	(31.4		)	(1.6		)	0.9		—			32.1			—
Income (loss) before income taxes	(49.4		)	(18.9		)	1.0		5.2			30.4			(31.7		)
Income tax provision	—			(16.6		)	—		(0.7		)	—			(17.3		)
Net income (loss)	(49.4		)	(35.5		)	1.0		4.5			30.4			(49.0		)
Net income (loss) attributable to minority interest	—			—			—		—			(0.4		)	(0.4		)
Net income (loss) attributable to ON Semiconductor	$	(49.4	)	$	(35.5	)	$	1.0	$	4.5		$	30.0		$	(49.4	)

	Issuer			Guarantor
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
For the Quarter ended October 1, 2010
Revenues	$	—		$	160.3		$	—		$	719.8		$	(279.4	)	$	600.7
Cost of revenues	—			144.2			0.2			494.0			(284.2		)	354.2
Gross profit	—			16.1			(0.2		)	225.8			4.8			246.5
Research and development	—			(18.8		)	2.6			79.5			—			63.3
Selling and marketing	—			19.2			0.3			16.0			—			35.5
General and administrative	—			3.2			0.2			27.8			—			31.2
Amortization of acquisition related intangible assets	—			4.7			—			4.3			(1.1		)	7.9
Restructuring, asset impairments and other, net	—			0.3			—			0.6			—			0.9
Total operating expenses	—			8.6			3.1			128.2			(1.1		)	138.8
Operating income (loss)	—			7.5			(3.3		)	97.6			5.9			107.7
Interest expense	(12.7		)	0.4			—			(1.8		)	—			(14.1		)
Interest income	0.2			—			—			—			—			0.2
Other	—			2.9			—			(3.7		)	—			(0.8		)
Loss on debt repurchase	—			—			—			—			—			—
Gain on SANYO acquisition	—			—			—			—			—			—
Equity in earnings	100.3			505.6			1.2			—			(607.1		)	—
Income (loss) before income taxes	87.8			516.4			(2.1		)	92.1			(601.2		)	93.0
Income tax provision	—			12.4			—			(17.0		)	—			(4.6		)
Net income (loss)	87.8			528.8			(2.1		)	75.1			(601.2		)	88.4
Less: Net income (loss) attributable to minority interest	—			—			—			(0.2		)	(0.4		)	(0.6		)
Net income (loss) attributable to ON Semiconductor	$	87.8		$	528.8		$	(2.1	)	$	74.9		$	(601.6	)	$	87.8

Notes To Consolidated Statement Of Operations And Cash Flow

	Issuers			Guarantor Subsidiaries
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
For the nine months ended September 30, 2011
Revenues	$	—		$	607.5		$	10.9	$	3,098.2		$	(1,042.2	)	$	2,674.4
Cost of revenues	—			405.5			0.7		2,533.1			(1,034.5		)	1,904.8
Gross profit	—			202.0			10.2		565.1			(7.7		)	769.6
Research and development	—			151.2			8.3		112.3			—			271.8
Selling and marketing	—			54.2			0.8		94.0			—			149.0
General and administrative	—			58.4			0.5		92.4			—			151.3
Amortization of acquisition related intangible assets	—			13.5			—		21.3			(3.1		)	31.7
Restructuring, asset impairments and other, net	—			4.5			—		78.4			—			82.9
Total operating expenses	—			281.8			9.6		398.4			(3.1		)	686.7
Operating income (loss)	—			(79.8		)	0.6		166.7			(4.6		)	82.9
Interest expense	(38.7		)	(6.3		)	—		(7.5		)	—			(52.5		)
Interest income	—			0.2			—		0.6			—			0.8
Other	—			(3.1		)	—		(3.5		)	—			(6.6		)
Loss on debt repurchase	(5.3		)	—			—		—			—			(5.3		)
Gain (loss) on acquisition	—			58.0			—		—			—			58.0
Equity in earnings	98.1			131.9			4.4		—			(234.4		)	—

Income (loss) before income taxes	54.1		100.9			5.0			156.3			(239.0		)	77.3
Income tax provision	—		(5.5		)	—			(15.8		)	—			(21.3		)
Net income (loss)	54.1		95.4			5.0			140.5			(239.0		)	56.0
Net income (loss) attributable to minority interest	—		—			—			—			(1.9		)	(1.9		)
Net income (loss) attributable to ON Semiconductor Corporation	$	54.1	$	95.4		$	5.0		$	140.5		$	(240.9	)	$	54.1
Net cash provided by operating activities	$	—	$	112.3		$	0.1		$	268.4		$	—		$	380.8
Cash flows from investing activities:
Purchases of property, plant and equipment	—		(59.4		)	(0.1		)	(199.8		)	—			(259.3		)
Purchase of a business, net of cash acquired	—		58.0			—			(75.9		)	—			(17.9		)
Proceeds from sale of property, plant and equipment	—		0.1			—			3.2			—			3.3
Deposits utilized for purchases of property, plant and equipment	—		—			—			1.0			—			1.0
Proceeds from held-to-maturity securities	—		—			—			—			—			—
Purchase of held-to-maturity securities	—		(178.4		)	—			—			—			(178.4		)
Uses of restricted cash	—		142.1			—			—			—			142.1
Net cash used in investing activities	—		(37.6		)	(0.1		)	(271.5		)	—			(309.2		)
Cash flows from financing activities:
Intercompany loans	—		(284.3		)	—			284.3			—			—
Intercompany loan repayments	—		247.7			—			(247.7		)	—			—
Proceeds from issuance of common stock under the employee stock purchase plan	—		6.1			—			—			—			6.1
Proceeds from debt issuance	—		12.2			—			51.8			—			64.0
Proceeds from exercise of stock options	—		58.3			—			—			—			58.3
Repurchase of Treasury Stock	—		(15.4		)	—			—			—			(15.4		)
Dividends to minority shareholder of consolidated subsidiary	—		—			—			—			—			—
Payment of capital lease obligation	—		(26.6		)	—			(1.5		)	—			(28.1		)
Repurchase of 2.625% Convertible Senior Subordinated Notes due 2026	—		(56.2		)	—			—			—			(56.2		)
Repayment of long term debt	—		(1.7		)	—			(69.3		)	—			(71.0		)
Net cash used in financing activities	—		(59.9		)	—			17.6			—			(42.3		)
Effect of exchange rate changes on cash and cash equivalents	—		—			—			6.7			—			6.7
Net increase (decrease) in cash and cash equivalents	—		14.8			—			21.2			—			36.0
Cash and cash equivalents, beginning of period	—		392.3			—			231.0			—			623.3
Cash and cash equivalents, end of period	$	—	$	407.1		$	—		$	252.2		$	—		$	659.3

	Issuers			Guarantor Subsidiaries
	ON Semiconductor Corporation (1)			SCI LLC			Other Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
For the nine months ended October 1, 2010
Revenues	$	—		$	500.0		$	—		$	2,140.9		$	(906.7	)	$	1,734.2
Cost of revenues	—			375.3			1.5			1,550.9			(911.9		)	1,015.8
Gross profit	—			124.7			(1.5		)	590.0			5.2			718.4
Research and development	—			4.8			7.3			176.5			—			188.6
Selling and marketing	—			48.8			0.7			58.1			—			107.6
General and administrative	—			11.2			0.6			86.2			—			98.0
Amortization of acquisition related intangible assets	—			12.9			—			14.0			(3.1		)	23.8
Restructuring, asset impairments and other, net	—			0.3			—			6.7			—			7.0
Total operating expenses	—			78.0			8.6			341.5			(3.1		)	425.0
Operating income (loss)	—			46.7			(10.1		)	248.5			8.3			293.4
Interest expense	(38.0		)	(4.3		)	—			(2.7		)	—			(45.0		)
Interest income	—			0.1			—			0.3			—			0.4
Other	—			2.9			—			(9.9		)	—			(7.0		)
Loss on debt repurchase	—			(0.7		)	—			—			—			(0.7		)
Equity in earnings	267.5			625.7			5.0			—			(898.2		)	—
Income (loss) before income taxes	229.5			670.4			(5.1		)	236.2			(889.9		)	241.1
Income tax provision	—			5.1			—			(14.5		)	—			(9.4		)
Net income (loss)	229.5			675.5			(5.1		)	221.7			(889.9		)	231.7
Net income (loss) attributable to minority interest	—			—			—			(0.1		)	(2.1		)	(2.2		)
Net income (loss) attributable to ON Semiconductor Corporation	$	229.5		$	675.5		$	(5.1	)	$	221.6		$	(892.0	)	$	229.5
Net cash provided by operating activities	$	—		$	347.2		$	0.2		$	44.6		$	—		$	392.0
Cash flows from investing activities:
Purchases of property, plant and equipment	—			(48.6		)	(0.1		)	(97.2		)	—			(145.9		)
Purchase of a business, net of cash acquired	—			—			—			(91.1		)	—			(91.1		)
Deposits utilized for purchases of property, plant and equipment	—			—			—			1.2			—			1.2
Proceeds from held-to-maturity securities	—			—			—			45.5			—			45.5
Net cash used in investing activities	—			(48.6		)	(0.1		)	(141.6		)	—			(190.3		)
Cash flows from financing activities:
Intercompany loans	—			(503.6		)	—			503.6			—			—
Intercompany loan repayments	—			478.6			—			(478.6		)	—			—
Proceeds from debt issuance	—			5.1			—			—			—			5.1
Proceeds from issuance of common stock under the employee stock purchase plan	—			—			—			79.0			—			79.0
Proceeds from exercise of stock options	—			7.9			—			—			—			7.9
Payment of capital lease obligation	—			(22.8		)	—			(2.0		)	—			(24.8		)
Purchase of treasury stock	—			(10.2		)	—			—			—			(10.2		)
Repayment of long term debt	—			(173.3		)				(49.2		)	—			(222.5		)
Net cash used in financing activities	—			(218.3		)	—			52.8			—			(165.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			1.0			—			1.0
Net increase (decrease) in cash and cash equivalents	—			80.3			0.1			(43.2		)	—			37.2
Cash and cash equivalents, beginning of period	—			286.0			—			239.7			—			525.7
Cash and cash equivalents, end of period	$	—		$	366.3		$	0.1		$	196.5		$	—		$	562.9