on-20201002

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


☐			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

(602) 244-6600

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ON	The Nasdaq Stock Market LLC
Preferred Stock, Series B Junior Participating, Purchase Rights	N/A	The 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 Class						Number of Shares
Common Stock, par value $0.01 per share						411,223,532

Table of Contents

ON SEMICONDUCTOR CORPORATION FORM 10-Q

TABLE OF CONTENTS


Part I: Financial Information
	Item 1. Financial Statements (unaudited)	4
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	28
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	43
	Item 4. Controls and Procedures	43
Part II: Other Information
	Item 1. Legal Proceedings	45
	Item 1A. Risk Factors	45
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	51
	Item 3. Defaults Upon Senior Securities	51
	Item 4. Mine Safety Disclosures	51
	Item 5. Other Information	51
	Item 6. Exhibits	52
	Signatures	53

(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 Term						Defined Term
1.00% Notes						1.00% Convertible Senior Notes due 2020
1.625% Notes						1.625% Convertible Senior Notes due 2023

3.875% Notes						3.875% Senior Notes due 2028
Amended Credit Agreement						Credit 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 SIP						ON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as amended

Aptina						Aptina, Inc.
ASIC						Application specific integrated circuit

ASU						Accounting Standards Update



BEPS						Base Erosion Profit Shifting, as defined by the OECD
DSP						Digital signal processing

EPA						United States Environmental Protection Agency
ESPP						ON Semiconductor Corporation 2000 Employee Stock Purchase Plan, as amended
Exchange Act						Securities Exchange Act of 1934, as amended
Fairchild						Fairchild Semiconductor International, Inc.
FASB						Financial Accounting Standards Board

IC						Integrated circuit
IoT						Internet-of-Things
IP						Intellectual property



LED						Light-emitting diode
LIBO Rate						A base rate per annum equal to the London Interbank Offered Rate as administered by the International Exchange Benchmark Administration

LiDAR						Light detection and ranging
MCU						Microcontroller unit


ODM						Original device manufacturers
OECD						Organization for Economic Co-operation and Development
OEM						Original equipment manufacturers





Revolving Credit Facility						A $1.97 billion revolving credit facility created pursuant to the Amended Credit Agreement
RSU						Restricted stock unit


SEC						Securities and Exchange Commission
SoC						System on chip
Securities Act						Securities Act of 1933, as amended



Term Loan “B” Facility						A $2.4 billion term loan “B” facility created pursuant to the Amended Credit Agreement
Wi-Fi						Wireless radio technologies compliant with Institute of Electrical and Electronics Engineers Standard 802.11b and commonly used in wireless local area networking devices
WSTS						World 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, net	728.1		705.0
Inventories	1,281.2		1,232.4
Other current assets	149.3		188.4
Total current assets	3,812.6		3,020.0

Property, plant and equipment, net	2,511.8		2,591.6
Goodwill	1,663.4		1,659.2
Intangible assets, net	498.2		590.5
Deferred tax assets	461.6		307.8
Other assets	306.4		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 liabilities	567.3		538.8
Current portion of long-term debt	701.6		736.0
Total current liabilities	1,803.1		1,818.4
Long-term debt	3,537.6		2,876.5
Deferred tax liabilities	62.6		60.2
Other long-term liabilities	403.5		346.3
Total liabilities	5,806.8		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 capital	3,877.6		3,809.5
Accumulated other comprehensive loss	(63.4)		(54.3)
Accumulated earnings	1,336.5		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’ equity	3,423.4		3,301.7
Non-controlling interest	23.8		22.4
Total stockholders' equity	3,447.2		3,324.1
Total liabilities and stockholders' equity	$	9,254.0	$	8,425.5

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in millions, except per share data)

(unaudited)


	Quarters Ended				Nine 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 profit	441.2		475.2		1,218.2		1,487.9
Operating expenses:
Research and development	156.1		172.8		483.2		471.6
Selling and marketing	65.3		74.7		207.7		225.4
General and administrative	62.2		67.8		196.3		214.8
Litigation settlement	—		169.5		—		169.5
Amortization of acquisition-related intangible assets	29.6		29.9		91.0		83.1
Restructuring, asset impairments and other charges, net	9.0		4.4		58.0		28.1
Intangible asset impairment	—		—		1.3		1.6
Total operating expenses	322.2		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 income	0.9		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 taxes	78.1		(84.6)		56.1		193.9
Income tax (provision) benefit	83.1		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 adjustments	0.6		(0.1)		1.1		0.5
Effects of cash flow hedges	3.6		(2.1)		(10.2)		(18.2)

Other comprehensive income (loss), net of tax	4.2		(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:
Basic	410.8		410.4		410.5		411.0
Diluted	418.3		410.4		414.4		415.3

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in millions, except share data)

(unaudited)


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss				Treasury Stock			Non-Controlling Interest
	Number of shares	At Par Value						Accumulated Earnings		Number of shares	At Cost				Total Equity

Balance at July 3, 2020	569,611,277	$	5.7	$	3,854.6	$	(67.6)	$	1,175.9	(158,801,656)	$	(1,732.5)	$	23.2	$	3,259.3
Stock option exercises	3,125	—		—		—		—		—	—		—		—


Shares issued pursuant to the ESPP	342,461	—		5.5		—		—		—	—		—		5.5
RSUs and stock grant awards issued	89,132	—		—		—		—		—	—		—		—
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, 2020	570,045,995	$	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, 2019	565,562,607	$	5.7	$	3,809.5	$	(54.3)	$	1,191.3	(154,249,943)	$	(1,650.5)	$	22.4	$	3,324.1
Stock option exercises	3,125	—		—		—		—		—	—		—		—


Shares issued pursuant to the ESPP	1,496,264	—		16.9		—		—		—	—		—		16.9
RSUs and stock grant awards issued	2,983,999	—		—		—		—		—	—		—		—
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, 2020	570,045,995	$	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, 2019	563,192,019	$	5.6	$	3,757.6	$	(53.4)	$	1,195.5	(153,141,121)	$	(1,631.0)	$	23.6	$	3,297.9


Stock option exercises	50,900	—		0.4		—		—		—	—		—		0.4
Shares issued pursuant to the ESPP	370,910	—		6.4		—		—		—	—		—		6.4
RSUs and stock grant awards issued	709,266	—		—		—		—		—	—		—		—
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, 2019	564,323,095	$	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, 2018	558,701,620	$	5.6	$	3,702.3	$	(37.9)	$	979.6	(144,867,393)	$	(1,478.0)	$	22.5	$	3,194.1


Stock option exercises	208,097	—		1.3		—		—		—	—		—		1.3
Shares issued pursuant to the ESPP	898,399	—		13.8		—		—		—	—		—		13.8
RSUs and stock grant awards issued	4,514,979	—		—		—		—		—	—		—		—
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, 2019	564,323,095	$	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 amortization	471.3		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 costs	9.1		9.9


Share-based compensation	51.2		61.7
Non-cash interest on convertible notes	29.4		27.9
Non-cash asset impairment charges	14.2		2.9
Intangible asset impairment charges	1.3		1.6
Change in deferred tax balances	(149.1)		10.8
Other	5.3		(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 payable	3.4		(78.0)
Accrued expenses and other current liabilities	(13.0)		(5.7)
Other long-term liabilities	16.8		(12.0)
Net cash provided by operating activities	483.9		603.0
Cash flows from investing activities:
Purchase of property, plant and equipment	(267.2)		(422.2)
Proceeds from sale of property, plant and equipment	1.5		1.5
Deposits utilized (made) for purchase of property, plant and equipment	2.3		(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 acquisition	26.0		—
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 ESPP	17.8		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 agreements	1,858.0		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 activities	518.2		642.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.4		0.4
Net increase (decrease) in cash, cash equivalents and restricted cash	760.6		(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):


	PSG		ASG		ISG		Total
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 Ended				Nine Months Ended
	October 2, 2020		September 27, 2019		October 2, 2020		September 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
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	236.5	$	177.1	$	28.3	$	441.9
Hong Kong	187.8		103.4		43.3		334.5
United Kingdom	98.6		71.0		37.2		206.8
United States	73.0		68.4		46.2		187.6
Other	51.5		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/ODM	172.6		206.7		81.1		460.4
Electronic Manufacturing Service Providers	38.5		32.1		6.9		77.5
Total	$	647.4	$	494.6	$	175.3	$	1,317.3

	Nine Months Ended October 2, 2020
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	674.2	$	507.1	$	108.3	$	1,289.6
Hong Kong	570.2		291.0		112.8		974.0
United Kingdom	279.5		190.2		105.0		574.7
United States	201.9		209.2		112.8		523.9
Other	163.9		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/ODM	517.0		590.5		208.9		1,316.4
Electronic Manufacturing Service Providers	113.2		97.2		27.2		237.6
Total	$	1,889.7	$	1,388.4	$	530.6	$	3,808.7

Table of Contents

ON SEMICONDUCTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued

(unaudited)


	Quarter Ended September 27, 2019
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	207.7	$	195.7	$	43.4	$	446.8
Hong Kong	216.2		105.8		34.9		356.9
United Kingdom	111.4		77.3		34.3		223.0
United States	92.2		73.4		27.7		193.3
Other	60.4		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