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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 2, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
(Commission File Number) 001-39317 
ON SEMICONDUCTOR CORPORATION
(Exact name of registrant as specified in its charter)  
Delaware 36-3840979
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
5005 E. McDowell Road
Phoenix, AZ 85008
(602244-6600

(Address, zip code and telephone number, including area code, of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareONThe Nasdaq Stock Market LLC
Preferred Stock, Series B Junior Participating, Purchase Rights
N/AThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large Accelerated Filer
  
Accelerated filer 
Non-accelerated filer 
  
Smaller reporting company
Emerging growth company

If emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

The number of shares outstanding of the issuer's class of common stock as of the close of business on October 28, 2020:
Title of Each ClassNumber of Shares
Common Stock, par value $0.01 per share411,223,532





Table of Contents
ON SEMICONDUCTOR CORPORATION FORM 10-Q

TABLE OF CONTENTS
 
Part I: Financial Information
Item 1. Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures

(See the glossary of selected terms immediately following this table of contents for definitions of certain abbreviated terms)



Table of Contents
ON SEMICONDUCTOR CORPORATION
FORM 10-Q
GLOSSARY OF SELECTED ABBREVIATED TERMS*

Abbreviated TermDefined Term
1.00% Notes1.00% Convertible Senior Notes due 2020
1.625% Notes1.625% Convertible Senior Notes due 2023
3.875% Notes3.875% Senior Notes due 2028
Amended Credit AgreementCredit Agreement, dated as of April 15, 2016, as subsequently amended, by and among the Company, as borrower, the several lenders party thereto, Deutsche Bank AG, New York Branch, as administrative agent and collateral agent, and certain other parties, providing for the Revolving Credit Facility and the Term Loan “B” Facility
Amended and Restated SIPON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as amended
AptinaAptina, Inc.
ASICApplication specific integrated circuit
ASUAccounting Standards Update
BEPS
Base Erosion Profit Shifting, as defined by the OECD
DSPDigital signal processing
EPAUnited States Environmental Protection Agency
ESPPON Semiconductor Corporation 2000 Employee Stock Purchase Plan, as amended
Exchange ActSecurities Exchange Act of 1934, as amended
FairchildFairchild Semiconductor International, Inc.
FASBFinancial Accounting Standards Board
ICIntegrated circuit
IoTInternet-of-Things
IPIntellectual property
LEDLight-emitting diode
LIBO RateA base rate per annum equal to the London Interbank Offered Rate as administered by the International Exchange Benchmark Administration
LiDARLight detection and ranging
MCUMicrocontroller unit
ODMOriginal device manufacturers
OECD
Organization for Economic Co-operation and Development
OEMOriginal equipment manufacturers
Revolving Credit FacilityA $1.97 billion revolving credit facility created pursuant to the Amended Credit Agreement
RSURestricted stock unit
SECSecurities and Exchange Commission
SoCSystem on chip
Securities ActSecurities Act of 1933, as amended
Term Loan “B” FacilityA $2.4 billion term loan “B” facility created pursuant to the Amended Credit Agreement
Wi-FiWireless radio technologies compliant with Institute of Electrical and Electronics Engineers Standard 802.11b and commonly used in wireless local area networking devices
WSTSWorld Semiconductor Trade Statistics

* Terms used, but not defined, within the body of the Form 10-Q are defined in this Glossary.



Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
ON SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
(unaudited)

October 2,
2020
December 31,
2019
Assets
Cash and cash equivalents$1,654.0 $894.2 
Receivables, net728.1 705.0 
Inventories1,281.2 1,232.4 
Other current assets149.3 188.4 
Total current assets3,812.6 3,020.0 
Property, plant and equipment, net2,511.8 2,591.6 
Goodwill1,663.4 1,659.2 
Intangible assets, net498.2 590.5 
Deferred tax assets461.6 307.8 
Other assets306.4 256.4 
Total assets$9,254.0 $8,425.5 
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable$534.2 $543.6 
Accrued expenses and other current liabilities567.3 538.8 
Current portion of long-term debt701.6 736.0 
Total current liabilities1,803.1 1,818.4 
Long-term debt3,537.6 2,876.5 
Deferred tax liabilities62.6 60.2 
Other long-term liabilities403.5 346.3 
Total liabilities5,806.8 5,101.4 
Commitments and contingencies (Note 10)
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 570,045,995 and 565,562,607 issued, 411,219,904 and 411,312,664 outstanding, respectively)
5.7 5.7 
Additional paid-in capital3,877.6 3,809.5 
Accumulated other comprehensive loss(63.4)(54.3)
Accumulated earnings1,336.5 1,191.3 
Less: Treasury stock, at cost: 158,826,091 and 154,249,943 shares, respectively
(1,733.0)(1,650.5)
Total ON Semiconductor Corporation stockholders’ equity3,423.4 3,301.7 
Non-controlling interest23.8 22.4 
Total stockholders' equity3,447.2 3,324.1 
Total liabilities and stockholders' equity$9,254.0 $8,425.5 

See accompanying notes to consolidated financial statements
4


Table of Contents
ON SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in millions, except per share data)
(unaudited)
 Quarters EndedNine Months Ended
 October 2,
2020
September 27,
2019
October 2,
2020
September 27,
2019
Revenue$1,317.3 $1,381.8 $3,808.7 $4,116.1 
Cost of revenue (exclusive of amortization shown below)876.1 906.6 2,590.5 2,628.2 
Gross profit441.2 475.2 1,218.2 1,487.9 
Operating expenses:
Research and development156.1 172.8 483.2 471.6 
Selling and marketing65.3 74.7 207.7 225.4 
General and administrative62.2 67.8 196.3 214.8 
Litigation settlement 169.5  169.5 
Amortization of acquisition-related intangible assets29.6 29.9 91.0 83.1 
Restructuring, asset impairments and other charges, net9.0 4.4 58.0 28.1 
Intangible asset impairment  1.3 1.6 
Total operating expenses322.2 519.1 1,037.5 1,194.1 
Operating income (loss)119.0 (43.9)180.7 293.8 
Other income (expense), net:
Interest expense(42.2)(40.7)(126.6)(106.1)
Interest income0.9 2.3 4.3 7.8 
Loss on debt refinancing and prepayment  (5.8) (6.2)
Other income (expense)0.4 3.5 (2.3)4.6 
Other income (expense), net(40.9)(40.7)(124.6)(99.9)
Income (loss) before income taxes78.1 (84.6)56.1 193.9 
Income tax (provision) benefit83.1 24.6 90.5 (36.9)
Net income (loss)161.2 (60.0)146.6 157.0 
Less: Net income attributable to non-controlling interest(0.6)(0.7)(1.4)(1.8)
Net income (loss) attributable to ON Semiconductor Corporation$160.6 $(60.7)$145.2 $155.2 
Comprehensive income (loss), net of tax:
Net income (loss)$161.2 $(60.0)$146.6 $157.0 
Foreign currency translation adjustments0.6 (0.1)1.1 0.5 
Effects of cash flow hedges3.6 (2.1)(10.2)(18.2)
Other comprehensive income (loss), net of tax4.2 (2.2)(9.1)(17.7)
Comprehensive income (loss)165.4 (62.2)137.5 139.3 
Comprehensive income attributable to non-controlling interest(0.6)(0.7)(1.4)(1.8)
Comprehensive income (loss) attributable to ON Semiconductor Corporation$164.8 $(62.9)$136.1 $137.5 
Net income (loss) per share of common stock attributable to ON Semiconductor Corporation:
Basic$0.39 $(0.15)$0.35 $0.38 
Diluted$0.38 $(0.15)$0.35 $0.37 
Weighted-average shares of common stock outstanding:
Basic410.8 410.4 410.5 411.0 
Diluted418.3 410.4 414.4 415.3 

See accompanying notes to consolidated financial statements
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ON SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions, except share data) 
(unaudited)
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossTreasury StockNon-Controlling Interest
Number of sharesAt Par ValueAccumulated EarningsNumber of sharesAt CostTotal Equity
Balance at July 3, 2020569,611,277 $5.7 $3,854.6 $(67.6)$1,175.9 (158,801,656)$(1,732.5)$23.2 $3,259.3 
Stock option exercises3,125 —  — — — — —  
Shares issued pursuant to the ESPP342,461 — 5.5 — — — — — 5.5 
RSUs and stock grant awards issued89,132 — — — — — — —  
Payment of tax withholding for RSUs— — — — — (24,435)(0.5)— (0.5)
Share-based compensation— — 17.5 — — — — — 17.5 
Comprehensive income— — — 4.2 160.6 — — 0.6 165.4 
Balance at October 2, 2020570,045,995 $5.7 $3,877.6 $(63.4)$1,336.5 (158,826,091)$(1,733.0)$23.8 $3,447.2 
Balance at December 31, 2019565,562,607 $5.7 $3,809.5 $(54.3)$1,191.3 (154,249,943)$(1,650.5)$22.4 $3,324.1 
Stock option exercises3,125 —  — — — — —  
Shares issued pursuant to the ESPP1,496,264 — 16.9 — — — — — 16.9 
RSUs and stock grant awards issued2,983,999 — — — — — — —  
Payment of tax withholding for RSUs— — — — — (964,735)(17.1)— (17.1)
Share-based compensation— — 51.2 — — — — — 51.2 
Repurchase of common stock— — — — — (3,611,413)(65.4)— (65.4)
Comprehensive (loss) income— — — (9.1)145.2 — — 1.4 137.5 
Balance at October 2, 2020570,045,995 $5.7 $3,877.6 $(63.4)$1,336.5 (158,826,091)$(1,733.0)$23.8 $3,447.2 

Balance at June 28, 2019563,192,019 $5.6 $3,757.6 $(53.4)$1,195.5 (153,141,121)$(1,631.0)$23.6 $3,297.9 
Stock option exercises50,900 — 0.4 — — — — — 0.4 
Shares issued pursuant to the ESPP370,910 — 6.4 — — — — — 6.4 
RSUs and stock grant awards issued709,266  — — — — — —  
Payment of tax withholding for RSUs— — — — — (246,870)(4.4)— (4.4)
Share-based compensation— — 14.7 — — — — — 14.7 
Repurchase of common stock— — — — — (763,928)(13.2)— (13.2)
Comprehensive (loss) income— — — (2.2)(60.7)— — 0.7 (62.2)
Balance at September 27, 2019564,323,095 $5.6 $3,779.1 $(55.6)$1,134.8 (154,151,919)$(1,648.6)$24.3 $3,239.6 
Balance at December 31, 2018558,701,620 $5.6 $3,702.3 $(37.9)$979.6 (144,867,393)$(1,478.0)$22.5 $3,194.1 
Stock option exercises208,097 — 1.3 — — — — — 1.3 
Shares issued pursuant to the ESPP898,399 — 13.8 — — — — — 13.8 
RSUs and stock grant awards issued4,514,979  — — — — — —  
Payment of tax withholding for RSUs— — — — — (1,522,519)(31.6)— (31.6)
Share-based compensation— — 61.7 — — — — — 61.7 
Repurchase of common stock— — — — — (7,762,007)(139.0)— (139.0)
Comprehensive (loss) income— — — (17.7)155.2 — — 1.8 139.3 
Balance at September 27, 2019564,323,095 $5.6 $3,779.1 $(55.6)$1,134.8 (154,151,919)$(1,648.6)$24.3 $3,239.6 

See accompanying notes to consolidated financial statements

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ON SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) 
(unaudited)
 Nine Months Ended
 October 2,
2020
September 27,
2019
Cash flows from operating activities:
Net income$146.6 $157.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization471.3 431.1 
Non-cash (gain) loss on sale or disposal of fixed assets(1.8)0.5 
Loss on debt refinancing and prepayment 6.2 
Amortization of debt discount and issuance costs9.1 9.9 
Share-based compensation51.2 61.7 
Non-cash interest on convertible notes29.4 27.9 
Non-cash asset impairment charges14.2 2.9 
Intangible asset impairment charges1.3 1.6 
Change in deferred tax balances(149.1)10.8 
Other5.3 (1.5)
Changes in assets and liabilities (exclusive of the impact of acquisitions):
Receivables(21.5)(6.3)
Inventories(52.1)26.4 
Other assets(27.2)(29.5)
Accounts payable3.4 (78.0)
Accrued expenses and other current liabilities(13.0)(5.7)
Other long-term liabilities16.8 (12.0)
Net cash provided by operating activities483.9 603.0 
Cash flows from investing activities:
Purchase of property, plant and equipment(267.2)(422.2)
Proceeds from sale of property, plant and equipment1.5 1.5 
Deposits utilized (made) for purchase of property, plant and equipment2.3 (0.2)
Purchase of business, net of cash acquired(4.5)(888.0)
Purchase of license and deposit made for manufacturing facility (100.0)
Release of escrow related to divestiture 5.0 
Settlement of purchase price from previous acquisition26.0  
Net cash used in investing activities(241.9)(1,403.9)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP17.8 19.6 
Proceeds from exercise of stock options 1.3 
Payment of tax withholding for RSUs(17.1)(31.6)
Repurchase of common stock(65.4)(139.0)
Issuance and borrowings under debt agreements1,858.0 1,404.8 
Payment of debt issuance and other financing costs(2.2)(21.9)
Repayment of borrowings under debt agreements(1,264.6)(580.1)
Release of escrow related to prior acquisition (10.4)
Payments related to previous acquisition(8.3) 
Payment of finance lease obligations (0.6)
Net cash provided by financing activities518.2 642.1 
Effect of exchange rate changes on cash, cash equivalents and restricted cash0.4 0.4 
Net increase (decrease) in cash, cash equivalents and restricted cash760.6 (158.4)
Cash, cash equivalents and restricted cash, beginning of period (Note 6)894.2 1,087.1 
Cash, cash equivalents and restricted cash, end of period (Note 6)$1,654.8 $928.7 

See accompanying notes to consolidated financial statements
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ON SEMICONDUCTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1: Background and Basis of Presentation

ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries ("ON Semiconductor," "we," “us,” “our,” or the "Company"), uses a thirteen-week fiscal quarter accounting period for the first three fiscal quarters of each year, with the third quarter of 2020 having ended on October 2, 2020 and each fiscal year ending on December 31. The quarters ended October 2, 2020 and September 27, 2019 each contained 91 days. The nine months ended October 2, 2020 and September 27, 2019 contained 276 and 270 days, respectively. As of October 2, 2020, the Company was organized into the following three operating and reportable segments: the Power Solutions Group ("PSG"), the Advanced Solutions Group ("ASG") and the Intelligent Sensing Group ("ISG"). Additional details on the Company’s operating and reportable segments are included in Note 2: ''Revenue and Segment Information.''

The accompanying unaudited financial statements as of and for the quarter and nine months ended October 2, 2020 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for unaudited interim financial information. Accordingly, the unaudited financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. The balance sheet as of December 31, 2019 was derived from the Company's audited financial statements but does not include all disclosures required by GAAP for audited financial statements. In the opinion of the Company's management, the interim information includes all adjustments, which includes normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The footnote disclosures related to the interim financial information included herein are also unaudited. Such financial information should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2019 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 19, 2020 (the “2019 Form 10-K”).

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) variable and share-based compensation; and (iv) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions. Even though the novel coronavirus disease 2019 (“COVID-19”) pandemic has impacted the demand for the Company's products and gross margin, it has not had a significant impact on these estimates. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used to assess and test for impairment of indefinite-lived intangible assets, long-lived assets and goodwill and in assumptions used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.

The Company assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available and the unknown future impact of the COVID-19 pandemic as of October 2, 2020, and through the filing date of this Form 10-Q. The accounting matters assessed included, but were not limited to, the allowance for doubtful accounts, share based compensation, inventory valuation and corresponding reserves, carrying value of indefinite-lived intangible assets, other long-lived assets and goodwill, valuation allowance for tax assets, contingencies and revenue recognition. While there was not a material impact to the consolidated financial statements as of and for the quarter and nine months ended October 2, 2020, resulting from these assessments, future assessment of the current expectations, including of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in a material adverse impact to the consolidated financial statements in future reporting periods.

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ON SEMICONDUCTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(unaudited)

Note 2: Revenue and Segment Information

The Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. Because many products are sold into different end-markets, the total revenue reported for a segment is not indicative of actual sales in the end-market associated with that segment, but rather is the sum of the revenue from the product lines assigned to that segment. These segments represent the Company’s view of the business and its gross profit is used to evaluate progress of major initiatives and allocation of resources.

Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions):
PSGASGISGTotal
For the quarter ended October 2, 2020:
Revenue from external customers$647.4 $494.6 $175.3 $1,317.3 
Gross profit$202.0 $195.0 $55.9 $452.9 
For the quarter ended September 27, 2019:
Revenue from external customers$687.9 $508.9 $185.0 $1,381.8 
Gross profit$226.7 $207.7 $67.6 $502.0 
For the nine months ended October 2, 2020:
Revenue from external customers$1,889.7 $1,388.4 $530.6 $3,808.7 
Gross profit$564.8 $525.9 $169.0 $1,259.7 
For the nine months ended September 27, 2019:
Revenue from external customers$2,093.0 $1,465.0 $558.1 $4,116.1 
Gross profit$731.4 $592.5 $208.4 $1,532.3 

The Company had one customer, a distributor, whose revenue accounted for approximately 11% and 10% of the total revenue for the quarter and nine months ended October 2, 2020, respectively.

Gross profit is exclusive of the amortization of acquisition-related intangible assets. Depreciation expense is included in segment gross profit. Reconciliation of segment gross profit to consolidated gross profit is provided below (in millions):

Quarters EndedNine Months Ended
October 2, 2020September 27, 2019October 2, 2020September 27, 2019
Gross profit for reportable segments$452.9 $502.0 $1,259.7 $1,532.3 
Less: Unallocated manufacturing costs(11.7)(26.8)(41.5)(44.4)
Consolidated gross profit$441.2 $475.2 $1,218.2 $1,487.9 


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ON SEMICONDUCTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(unaudited)

Revenue for the Company's operating and reportable segments disaggregated into geographic locations based on sales billed from the respective country and sales channels are as follows (in millions):
Quarter Ended October 2, 2020
PSGASGISGTotal
Geographic Location
Singapore$236.5 $177.1 $28.3 $441.9 
Hong Kong187.8 103.4 43.3 334.5 
United Kingdom98.6 71.0 37.2 206.8 
United States73.0 68.4 46.2 187.6 
Other51.5 74.7 20.3 146.5 
Total$647.4 $494.6 $175.3 $1,317.3 
Sales Channel
Distributors$436.3 $255.8 $87.3 $779.4 
OEM/ODM172.6 206.7 81.1 460.4 
Electronic Manufacturing Service Providers38.5 32.1 6.9 77.5 
Total$647.4 $494.6 $175.3 $1,317.3 
Nine Months Ended October 2, 2020
PSGASGISGTotal
Geographic Location
Singapore$674.2 $507.1 $108.3 $1,289.6 
Hong Kong570.2 291.0 112.8 974.0 
United Kingdom279.5 190.2 105.0 574.7 
United States201.9 209.2 112.8 523.9 
Other163.9 190.9 91.7 446.5 
Total$1,889.7 $1,388.4 $530.6 $3,808.7 
Sales Channel
Distributors$1,259.5 $700.7 $294.5 $2,254.7 
OEM/ODM517.0 590.5 208.9 1,316.4 
Electronic Manufacturing Service Providers113.2 97.2 27.2 237.6 
Total$1,889.7 $1,388.4 $530.6 $3,808.7 

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ON SEMICONDUCTOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(unaudited)

Quarter Ended September 27, 2019
PSGASGISGTotal
Geographic Location
Singapore$207.7 $195.7 $43.4 $446.8 
Hong Kong216.2 105.8 34.9 356.9 
United Kingdom111.4 77.3 34.3 223.0 
United States92.2 73.4 27.7 193.3 
Other60.4 56.7 44.7 161.8 
Total$687.9 $508.9 $185.0 $1,381.8 
Sales Channel
Distributors$430.6 $248.8 $113.7