|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ON SEMICONDUCTOR CORP |
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Registered Office : |
5005 East McDowell Road, Phoenix, AZ 85008 |
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Country : |
United States |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.06.2000 |
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Legal Form : |
Public Parent |
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Line of Business : |
Designs, manufactures and markets a portfolio of semiconductor
components that address the design needs of electronic systems and products. |
|
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|
|
No. of Employees : |
20,000 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
united states - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful
economy in the world, with a per capita GDP of $49,800. In this market-oriented
economy, private individuals and business firms make most of the decisions, and
the federal and state governments buy needed goods and services predominantly
in the private marketplace. US business firms enjoy greater flexibility than
their counterparts in Western Europe and Japan in decisions to expand capital
plant, to lay off surplus workers, and to develop new products. At the same
time, they face higher barriers to enter their rivals' home markets than
foreign firms face entering US markets. US firms are at or near the forefront
in technological advances, especially in computers and in medical, aerospace,
and military equipment; their advantage has narrowed since the end of World War
II. The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. Since 1975, practically all the gains in household income have
gone to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Crude oil prices doubled between
2001 and 2006, the year home prices peaked; higher gasoline prices ate into
consumers' budgets and many individuals fell behind in their mortgage payments.
Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012 the federal government reduced the growth of spending
and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required
major shifts in national resources from civilian to military purposes and
contributed to the growth of the budget deficit and public debt. Through 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that will extend coverage to an additional 32 million American
citizens by 2016, through private health insurance for the general population
and Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act,
a law designed to promote financial stability by protecting consumers from
financial abuses, ending taxpayer bailouts of financial firms, dealing with
troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. In December 2012, the Federal
Reserve Board announced plans to purchase $85 billion per month of mortgage-backed
and Treasury securities in an effort to hold down long-term interest rates, and
to keep short term rates near zero until unemployment drops to 6.5% from the
December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems
include stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits - including significant budget shortages for state governments.
|
Source
: CIA |
ON SEMICONDUCTOR CORP
|
5005 East McDowell Road Phoenix, AZ 85008 United States
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
ON Semiconductor Corporation (ON Semiconductor) designs,
manufactures and markets a portfolio of semiconductor components that address
the design needs of electronic systems and products. The Company operates in
three segments: Application Products Group, Standard Products Group, and SANYO
Semiconductor Products Group. The Company's power management semiconductor
components control, convert, protect and monitor the supply of power to the
different elements within a variety of electronic devices. The Company’s
portfolio of power and signal management, logic, discrete and custom devices
focuses customers in automotive, communications, computing, consumer,
industrial, light emitting diode (LED) lighting, medical, military/aerospace,
smart grid and power applications. The Company's data management semiconductor
components provide clock management and data flow management for precision
computing and communications systems. For the six months ended 28 June 2013, ON
Semiconductor Corp revenues decreased 9% to $1.35B. Net income increased 100%
to $70.3M. Revenues reflect a decrease in demand for the Company's products and
services due to unfavorable market conditions. Net income reflects Standard
Products Group segment income increase from $53.6M to $122.9M. Basic Earnings
per Share excluding Extraordinary Items increased from $0.08 to $0.16.
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
(Emails
Available)
|
Name |
Title |
|
President, Chief Executive Officer, Director |
|
|
David Colvin |
Chief Financial Officer |
|
Executive Vice President, Worldwide Sales and Marketing |
|
|
Senior Vice President, General Counsel, Chief Compliance & Ethics
Officer, Corporate Secretary |
|
|
Senior Vice President and General Manager - Standard Products Group |
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
ON Semiconductor Corp Issues Q3 2013 Revenue
Guidance Below Analysts' Estimates |
1-Aug-2013 |
|
|
2 |
17-Jun-2013 |
||
|
1 |
23-Oct-2012 |
||
|
3 |
ON Semiconductor Corp Issues Q2 2013 Revenue
Guidance In Line With Analysts' Estimates |
2-May-2013 |
* number of significant developments within the last 12 months
|
Title |
Date |
|
Cypress's CapSense
Express controllers used in world's first capacitive-touch-based PIN-pad |
9-Oct-2013 |
|
ON Semiconductor
To Eliminate, Voluntarily Retire Up To 910 Employees |
8-Oct-2013 |
|
Touchscreen
controller touts superb noise rejection |
8-Oct-2013 |
|
PERICOM
SEMICONDUCTOR : Edward Yang to Depart as Member of Board at Pericom |
8-Oct-2013 |
|
Chipmaker
On Semi to cut up to 870 jobs at Sanyo u |
8-Oct-2013 |
|
Chipmaker
On Semiconductor to cut up to 870 jobs at |
8-Oct-2013 |
As of 28-Jun-2013
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.85 |
3.90 |
|
Quick Ratio (MRQ) |
1.21 |
3.02 |
|
Debt to Equity (MRQ) |
0.64 |
0.21 |
|
Sales 5 Year Growth |
13.07 |
11.04 |
|
Net Profit Margin (TTM) % |
-1.87 |
19.30 |
|
Return on Assets (TTM) % |
-1.47 |
15.21 |
|
Return on Equity (TTM) % |
-3.75 |
21.72 |
|
Traded: NASDAQ: ONNN |
|||||||||||||||||||||||||
|
As of 27-Sep-2013 Financials in: USD |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
ABI Number: 532499647
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate:
USD 1 = USD 1
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
ANZSIC 2006 Codes: |
||
|
2429 |
- |
Other
Electronic Equipment Manufacturing |
|
3494 |
- |
Other
Electrical and Electronic Goods Wholesaling |
|
2439 |
- |
Other
Electrical Equipment Manufacturing |
|
ISIC Rev 4 Codes: |
||
|
2610 |
- |
Manufacture
of electronic components and boards |
|
4652 |
- |
Wholesale of
electronic and telecommunications equipment and parts |
|
2790 |
- |
Manufacture
of other electrical equipment |
|
NACE Rev 2 Codes: |
||
|
2611 |
- |
Manufacture
of electronic components |
|
2790 |
- |
Manufacture
of other electrical equipment |
|
4652 |
- |
Wholesale
of electronic and telecommunications equipment and parts |
|
NAICS 2012 Codes: |
||
|
334413 |
- |
Semiconductor
and Related Device Manufacturing |
|
334419 |
- |
Other
Electronic Component Manufacturing |
|
423690 |
- |
Other Electronic
Parts and Equipment Merchant Wholesalers |
|
335999 |
- |
All Other
Miscellaneous Electrical Equipment and Component Manufacturing |
|
US SIC 1987: |
||
|
3674 |
- |
Semiconductors
and Related Devices |
|
3629 |
- |
Electrical
Industrial Apparatus, Not Elsewhere Classified |
|
5065 |
- |
Electronic
Parts and Equipment, Not Elsewhere Classified |
|
3679 |
- |
Electronic
Components, Not Elsewhere Classified |
|
UK SIC 2007: |
||
|
2611 |
- |
Manufacture
of electronic components |
|
2790 |
- |
Manufacture
of other electrical equipment |
|
4652 |
- |
Wholesale
of electronic and telecommunications equipment and parts |
ON Semiconductor Corporation (ON Semiconductor), incorporated on June 22, 2000, designs, manufactures and markets a portfolio of semiconductor components that address the design needs of electronic systems and products. The Company operates in three segments: Application Products Group, Standard Products Group, and SANYO Semiconductor Products Group. The Company's power management semiconductor components control, convert, protect and monitor the supply of power to the different elements within a variety of electronic devices. The Company’s portfolio of power and signal management, logic, discrete and custom devices focuses customers in automotive, communications, computing, consumer, industrial, light emitting diode (LED) lighting, medical, military/aerospace, smart grid and power applications. The Company's data management semiconductor components provide clock management and data flow management for precision computing and communications systems.
The Company serves a range of end-user markets, including automotive,
communications, computing, consumer, medical, industrial, smart grid and
military/aerospace. Applications for the Company's products in these markets
include portable electronics, computers, game consoles, servers, automotive and
industrial control systems, LED lighting, power supplies, networking and
telecom gear and automated test equipment. Its standard semiconductor
components serve as building block components within virtually types of
electronic devices. The Company's portfolio of devices enables the Company to
offer integrated circuits (ICs) and the building block components that deliver
system level functionality and design solutions. During the year ended December
31, 2012, the Company's product portfolio consisted of approximately 44,000
products and the Company shipped approximately 37.1 billion units in 2012. The
Company is engaged in micro packages.
As of December 31, 2012, the Company has approximately 450 direct customers
worldwide. The Company also service approximately 530 original equipment
manufacturers (OEMs) indirectly through its distributor and electronic
manufacturing service provider customers. The Company's direct and indirect
customers include: (OEMs in a range of industries, such as Continental
Automotive Systems, Samsung Electric, Panasonic, Delta, and Hella; (electronic
manufacturing service providers, such as Flextronics, Jabil, Sanmina, Benchmark
Electronic and HK Towada Electronics, and global distributors, such as Avnet,
World Peace, OS Electronics, Arrow and WT Microelectronics. As of December 31,
2012, the Company had domestic design operations in Arizona, California,
Colorado, Idaho, Montana, Oregon, Pennsylvania, Rhode Island, Texas and Utah.
In addition, as of December 31, 2012, the Company operated domestic
manufacturing facilities in California, Idaho and Oregon and have foreign manufacturing
facilities in Belgium, Canada, China, Czech Republic, Japan, Malaysia,
Philippines, Thailand and Vietnam.
The Company operates front-end wafer site facilities located in Belgium,
Canada, Czech Republic, Japan, Malaysia, and the United States, and back-end
assembly and test site facilities located in Canada, China, Japan, Malaysia,
Philippines, Thailand, and Vietnam. In addition to these front-end and back-end
manufacturing operations, the Company's facility in Roznov, Czech Republic
manufactures silicon wafers that are used by a number of its facilities. The
Company operates all of its manufacturing facilities directly, except in the
case of its joint venture in Leshan, China. The Company operates an assembly
and test operations facility in Leshan, China. This facility is owned by a
joint venture company, Leshan-Phoenix Semiconductor Company Limited (Leshan),
of which the Company owns a majority of the interests. As part of the Company's
manufacturing agreements with Leshan, the Company supply dies used in the
production process. The Company uses third-party contractors for some of its
manufacturing activities, primarily for wafer fabrication and the assembly and
testing of finished goods.
Application Products Group
The Application Products Group designs and develops analog, mixed-signal and
advanced logic application specific integrated circuits (ASIC) and application
specific standard products (ASSP) solutions for the automotive, medical,
military/aerospace, computing, wireless communications, consumer and industrial
markets. The Application Products Group's automotive products are focused on
energy efficient solutions. The Company's ASIC and ASSP portfolio includes
semiconductor solutions for medical devices, such as defibrillators, pacemakers,
neurostimulators, hearing aids, glucose meters and patient monitors. It also
includes mixed-signal offerings for industrial, medical imaging, smart grid and
building automation, as well as clock and timing management products for
industrial, communications, and consumer applications.
The Company serves the portable audio and wireless smartphone markets with
digital signal processing (DSP) technology and tunable capacitor products that
originated from ASIC and ASSP product development for medical applications. The
Company is a supplier of two dimensional (2D) and complementary metal oxide
semiconductor (CMOS) images sensors for machine vision, space, and
cinematography applications. The Company's military/aerospace products include
standard-cell ASIC technologies down to 40 nanometer, using both internal and
external foundries. The Company develops power conversion products (Alternating
Current (AC) Direct Current (DC) and DC-DC) and power interfaces products. The
Company offers solutions for a range of voltage and current options from
multi-phase 30 volt power for VCORE processors to single cell battery point of
load, battery charging, thermal monitoring and management, system monitoring
and the connectivity and protection around them.
The Company competes with STMicroelectronics N.V., Texas Instruments
Incorporated, Elmos Semiconductor and ZMD AG, Cypress Semiconductor, Integrated
Device Technology, Inc., Xilinx, Inc., Altera Corporation, Open-Silicon, Inc.,
e-Silicon Corporation, X-FAB Semiconductor Foundries AG, Taiwan Semiconductor
Manufacturing Company, Ltd., Tower Semiconductor Ltd., MagnaChip Semiconductor
LLC, Microchip Technology, Inc., Maxim Integrated Products, Inc., Analog
Devices, Inc., Linear Technology Corporation, Intersil Corporation, Maxim
Integrated Products, Inc., Texas Instruments Incorporated, STMicroelectronics
N.V. and Power Integrations, Inc.
Standard Products Group
The Standard Products Group serves a range of end-user markets, including
consumer electronics, computing, wireless and wired communications, automotive
electronics, industrial electronics and medical via six major discrete
semiconductor technology categories: diodes and transistors, analog products,
LED drivers, electrically erasable programmable read-only memory (EEPROMs),
power metal oxide semiconductor field effect transistor (MOSFETs) and Standard
Logic. The range of discrete and integrated semiconductor products that the
Company offers within these categories perform multiple application functions,
including power switching, signal conditioning, circuit protection, signal
amplification and voltage reference functions.
The Company competes with Diodes Incorporated, NXP B.V., Rohm Co., Ltd., TSPS
Corporation, Infineon Technologies AG, Vishay Intertechnology, Inc., Fairchild
Semiconductor International, Inc., STMicroelectronics N.V. and Semtech
Corporation.
SANYO Semiconductor Products Group
The Company's SANYO Semiconductor Products Group is a global supplier of analog
and mixed signal ICs, microcontrollers, DSPs, analog and digital tuners,
intelligent power modules, memory and discrete semiconductors to the
automotive, communications, consumer and industrial end-markets. The Company's
diverse product portfolio includes analog power management ICs; motor drive ICs;
intelligent modules for power inversion, motor control, and automotive
electronics; eight bit and 16 bit microcontrollers; audio and video tuners;
DSPs and image enhancement products supporting a range of applications,
including automotive infotainment and motor control systems, consumer white
goods, wireless communications devices (including smartphones and media
tablets), liquid crystal display (LCD) televisions, and digital still cameras
and camcorders. The Company possesses micro-packaging capabilities. For home
appliance and industrial power applications, the Company possesses power
assembly packaging and composite material IP.
The Company competes with Toshiba Corporation, Renasas Electronics Corporation,
NXP B.V., Rohm Co. Ltd., Mitsubishi Electric, Sanken Electric,
STMicroelectronics N.V., Fairchild Semiconductor International, Inc.,
International Rectifier Corporation and Texas Instruments Incorporated
![]()
ON
Semiconductor Corporation (ON Semiconductor) designs, manufactures and markets
a portfolio of semiconductor components that address the design needs of
electronic systems and products. The Company operates in three segments:
Application Products Group, Standard Products Group, and SANYO Semiconductor
Products Group. The Company's power management semiconductor components
control, convert, protect and monitor the supply of power to the different
elements within a variety of electronic devices. The Company’s portfolio of
power and signal management, logic, discrete and custom devices focuses
customers in automotive, communications, computing, consumer, industrial, light
emitting diode (LED) lighting, medical, military/aerospace, smart grid and power
applications. The Company's data management semiconductor components provide
clock management and data flow management for precision computing and
communications systems. For the six months ended 28 June 2013, ON Semiconductor
Corp revenues decreased 9% to $1.35B. Net income increased 100% to $70.3M.
Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Net income reflects Standard Products
Group segment income increase from $53.6M to $122.9M. Basic Earnings per Share
excluding Extraordinary Items increased from $0.08 to $0.16.
![]()
Analog,
Logic & Discrete Semiconductor Mfr
![]()
Establishments
primarily engaged in manufacturing semiconductors and related solid- state
devices. Important products of this industry are semiconductor diodes and
stacks, including rectifiers, integrated microcircuits (semiconductor networks),
transistors, solar cells, and light sensing and emitting semi-conductor
(solid-state) devices.
![]()
ON
Semiconductor Corporation (ON Semiconductor) is a semiconductor component
manufacturer. The company designs, manufactures and markets semiconductor
components for electronic systems and products worldwide. Its semiconductor
components are used in data and power management electronic systems to protect,
control, convert and monitor power supply. The semiconductor usage in data
management equipment provides clock management and data flow management for
precision computing and communications systems. ON Semiconductor’s standard
semiconductor components are used in electronic products in the analogue, logic
and discrete categories. In 2012, its product portfolio includes more than
44,000 products it shipped approximately 37.1 billion units. The company
operates its business through three reportable segments, namely, Application Products
Group, Standard Products Group and SANYO Semiconductor Products Group. Its
Application Products Group segment manufactures analog automotive products,
DC-DC conversion products, analog switches, AC-DC conversion products, low
voltage power management products, power switching, tunable capacitors,
automotive power switching products, automotive mixed-signal solutions, medical
ASICs & ASSPs, linear light sensors, CMOS image sensor, and military and
aerospace products. The segment also provides foundry and manufacturing
services, which consist of IPD technology. For the fiscal year ended December
2012, the company’s Application Products Group segment reported revenue of
USD 1,019.2m, reflecting a decrease of 11.03% over the revenue in 2011. The
segment accounted for 35.20% of the company’s total revenue in 2012. ON
Semiconductor, through its Standard Products Group segment manufactures bipolar
power products, thyristors, small signal products, Zener products, protection
products, rectifiers, filters, LDO’s and VREGs, and memory products. The
segment serves a wide range end-user markets such as consumer electronics,
computing, wireless and wired communications, automotive electronics,
industrial electronics and medical. For the fiscal year ended December 2012,
the company’s Standard Products Group segment reported revenue of USD
1,104.7m, reflecting a decrease of 10.66% over the revenue in 2011. The segment
accounted for 38.20% of the company’s total revenue in 2012. The company’s
SANYO Semiconductor Products Group segment manufactures power MOSFETs, IGBTs,
power and signal discretes, intelligent power modules, motor driver ICs,
display drivers, ASICs, microcontrollers, flash memory products, touch sensor,
power supply IC, audio DSPa and audio tuners. For the fiscal year ended
December 2012, the company’s SANYO Semiconductor Products Group segment
reported revenue of USD 771m, reflecting a decrease of 27.28% over the revenue
in 2011. The segment accounted for 26.60% of the company’s total revenue in
2012. It serves various industries such as automotive, communications,
computing, consumer, medical, industrial, smart grid and military/aerospace.
The company’s products find applications in portable electronics, computers,
game consoles, servers, automotive and industrial control systems, LED
lighting, power supplies, networking and telecom gear and automated test
equipment. ON Semiconductor has design centre’s located in the US, Belgium,
Czech Republic, France, Germany, Ireland, Romania, Slovak Republic,
Switzerland, China, India, Japan, Korea, Philippines and Taiwan. It has
manufacturing facilities located in Canada, the US, Belgium, Czech Republic,
China, Japan, Malaysia, Philippines, Thailand and Vietnam. The company operates
through its subsidiaries such as AMI Acquisition, LLC, SCG (China) Holding
Corporation, Leshan-Phoenix Semiconductor Company Limited, SCG (Czech) Holding
Corporation, AMI Semiconductor Canada Company, ON Semiconductor Technology
Korea Limited, Semiconductor Components Industries of Rhode Island, Inc., Sound
Design Technologies Ltd., ON Semiconductor Holland B.V., SCG Malaysia Holdings
Sdn. Bhd., SCG Czech Design Center s.r.o., AMI Semiconductor GmbH, ON
Semiconductor SAS and ON Electronics Private Limited, among others. It also has
a research and development (R&D) facilities. In 2012, ON Semiconductor has
spent USD 367.5m on research and development activities, which accounted for
12.7% of the company’s total revenue in 2012. Geographically, the company
operates through four regions, namely, Americas, Japan, Other Asia/Pacific and
Europe. For the fiscal year ended December 2012, the Americas region accounted
for 16.13% of the company’s total revenue, followed by Japan with 13.85%,
Other Asia/Pacific with 56.57% and Europe with 13.43%. In March 2013, ON
Semiconductor has introduced a new family of Tunable RF Components (TRFC) that
address the design challenges faced by engineers developing the latest
generation smartphones.
![]()
ON
Semiconductor Corporation (ON Semiconductor) is a semiconductor manufacturing
company. The company operates in segments such as application products group,
standard products group, and SANYO semiconductor products group. Its portfolio
of power and signal management, logic, discrete and custom devices helps
customers solve their design challenges in automotive, communications,
computing, consumer, industrial, light emitting diode (LED) lighting, medical,
military/aerospace, smart grid and power applications. ON Semiconductor’s
products are mainly procured for integrating in power management equipment,
data management equipment, and standard semiconductor components. The
company’s services approximate 530 OEMs through their distributor and
electronic manufacturing service provider customers. It also provides service
to electronic manufacturing service providers, and global distributors. It has
its manufacturing and distribution facilities across the US, Europe and
Asia-Pacific along with their laboratories in Czech Republic, China and the US.
ON Semiconductor is headquartered in Phoenix, Arizona, the US.The company
reported revenues of (U.S. Dollars) USD 2,894.90 million during the fiscal year
ended December 2012, a decrease of 15.90% from 2011. The operating loss of the
company was USD 24.10 million during the fiscal year 2012, as against an
operating income of USD 90.20 million during 2011. The net loss of the company
was USD 90.60 million during the fiscal year 2012, as against a net profit of
USD 11.60 million during 2011.
![]()
We are a
supplier of high performance silicon solutions for energy efficient electronics.
Our broad portfolio of power and signal management logic discrete and custom
devices helps customers efficiently solve their design challenges in automotive
communications computing consumer industrial LED lighting medical
military/aerospace smart grid and power applications. We design manufacture and
market an extensive portfolio of semiconductor components that address the
design needs of sophisticated electronic systems and products. Our power
management semiconductor components control convert protect and monitor the
supply of power to the different elements within a wide variety of electronic
devices. Our custom application specific integrated circuits (ASICs) use analog
digital signal processing mixed-signal and advanced logic capabilities to act
as the brain behind many of our automotive medical military-aerospace consumer
and industrial customers unique products. Our data management semiconductor
components provide high-performance clock management and data flow management
for precision computing and communications systems. Our standard semiconductor
components serve as building block components within virtually all types of
electronic devices. These various products fall into the logic analog discrete
image sensors and memory categories used by the WSTS group. We serve a broad
base of end-user markets including automotive communications computing consumer
medical industrial smart grid and military/aerospace. Applications for our
products in these markets include portable electronics computers game consoles
servers automotive and industrial control systems LED lighting power supplies
networking and telecommunications gear and automated test equipment.
![]()
ON
Semiconductor, headquartered in Phoenix, provides semiconductor equipment and
parts, and design and technical support services. The company offers a variety
of equipment, including direct and alternating current switching and battery
management equipment, drivers, linear voltage regulators, audio and
transconductance amplifiers, and dual, quad and single comparators. Its other
products include audio and multimedia switches, thyristors, tuning and
small-signal switching diodes, high-current and transient voltage suppressors,
rectifiers, bipolar transistors, and telecommunication line protection
equipment. ON Semiconductor also provides equipment, such as clock
distribution, generation and synthesis equipment, skew management equipment,
buffers, coax drivers, counters, gates, and inverters and latches. The
company's additional products include load and relay drivers, modulators and
demodulators, motor control and data transmission equipment, and timers.
|
Product Code |
Product Description |
|
SUB-SE-CCI |
Surface barrier transistors |
|
SUB-SE-D |
Diodes |
|
SUB-SE-I3 |
Controller ICs |
|
SUB-SE-I8 |
Communications ICs |
|
SUB-SE-R |
Rectifiers |
|
SUB-SE-TD |
Darlington transistors |
|
SUB-SE-TF |
Field effect transistors |
|
SUB-SE-TH |
High frequency transistors |
|
SUB-SE-TM |
Microwave transistors |
|
SUB-SE-TP |
Power transistors |
|
SUB-SE-TS |
Switching transistors |
|
SUB-SE-TU |
Unijunction transistors |
|
SUB-SE-TV |
High voltage transistors |
|
|
|
Quote Symbol: |
ONNN |
|
Exchange: |
NASDAQ |
|
Currency: |
USD |
|
Stock Price: |
7.3 |
|
Stock Price Date: |
09-27-2013 |
|
52 Week Price Change %: |
17.6 |
|
Market Value (mil): |
3,275,053.0 |
|
|
|
|
SEDOL: |
2583576 |
|
ISIN: |
US6821891057 |
|
|
|
|
Equity and Dept Distribution: |
|
|
Common Stock $.01 Par, 03/11, 750M auth., 494,262,714
issd., less 49,825,299 shs. in Treas. @ $382M. Insiders own 0.92%. PO
4/28/00, 30Mshs. @ $16 by Morgan Stanley Dean Witter. 8/00, Name changed from
SCG Holding Corporation. 3/08, Co. acq. AMIS Holdings, Inc. @ 1.15
shares(2,926,157 shares issd.) |
|
|
Auditor: |
PricewaterhouseCoopers LLP |
|
|
|
|
Auditor: |
PricewaterhouseCoopers LLP |
|
ABI Number: |
532499647 |
|
Fortune 1000 Rank: |
732 |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate
Structure News:
Total Corporate Family Members: 49
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Phoenix, AZ |
United States |
Semiconductor and Other Electronic Component Manufacturing |
2,894.9 |
20,000 |
|
|
Subsidiary |
Seremban, Negeri Sembilan |
Malaysia |
Semiconductor and Other Electronic Component Manufacturing |
197.7 |
2,800 |
|
|
Subsidiary |
Phoenix, AZ |
United States |
Semiconductor and Other Electronic Component Manufacturing |
982.2 |
2,000 |
|
|
Subsidiary |
Leshan |
China |
Semiconductor and Other Electronic Component Manufacturing |
|
2,000 |
|
|
Subsidiary |
Oizumi, Gunma Pref |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
1,106.6 |
1,200 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Electronics Wholesale |
|
130 |
|
|
Subsidiary |
Saddle Brook, NJ |
United States |
Electronics Wholesale |
|
30 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronics Wholesale |
128.3 |
23 |
|
|
Subsidiary |
Tarlac City |
Philippines |
Semiconductor and Other Electronic Component Manufacturing |
164.3 |
|
|
|
Subsidiary |
Ayutthaya |
Thailand |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
|
Subsidiary |
Taipei |
Taiwan |
Electronics Wholesale |
|
|
|
|
Subsidiary |
Hanyu |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
|
Subsidiary |
Gunma |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
|
Subsidiary |
Pasig |
Philippines |
Semiconductor and Other Electronic Component Manufacturing |
|
1,200 |
|
|
Subsidiary |
Pocatello, ID |
United States |
Semiconductor and Other Electronic Component Manufacturing |
313.2 |
1,100 |
|
|
Subsidiary |
Carmona, Cavite |
Philippines |
Semiconductor and Other Electronic Component Manufacturing |
|
2,500 |
|
|
Branch |
Santa Clara, CA |
United States |
Electronics Wholesale |
66.4 |
1,100 |
|
|
Subsidiary |
Roznov pod Radhoštem |
Czech Republic |
Semiconductor and Other Electronic Component Manufacturing |
97.7 |
1,066 |
|
|
Subsidiary |
Piestany |
Slovakia |
Semiconductor and Other Electronic Component Manufacturing |
|
230 |
|
|
Subsidiary |
Sha Tin, Hong Kong |
Hong Kong |
Semiconductor and Other Electronic Component Manufacturing |
|
180 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
|
103 |
|
|
Subsidiary |
East Greenwich, RI |
United States |
Semiconductor and Other Electronic Component Manufacturing |
32.8 |
100 |
|
|
Subsidiary |
Roznov pod Radhostem |
Czech Republic |
Semiconductor and Other Electronic Component Manufacturing |
|
100 |
|
|
Subsidiary |
East Greenwich, RI |
United States |
Semiconductor and Other Electronic Component Manufacturing |
|
100 |
|
|
Subsidiary |
Brno |
Czech Republic |
Miscellaneous Professional Services |
|
100 |
|
|
Branch |
Austin, TX |
United States |
Semiconductor and Other Electronic Component Manufacturing |
61.1 |
63 |
|
|
Branch |
Longmont, CO |
United States |
Semiconductor and Other Electronic Component Manufacturing |
30.9 |
63 |
|
|
Subsidiary |
Phoenix, AZ |
United States |
Semiconductor and Other Electronic Component Manufacturing |
|
63 |
|
|
Subsidiary |
Seremban, Negeri Sembilan |
Malaysia |
Semiconductor and Other Electronic Component Manufacturing |
197.7 |
|
|
|
Subsidiary |
Sha Tin |
Hong Kong |
Semiconductor and Other Electronic Component Manufacturing |
|
60 |
|
|
Subsidiary |
Mechelen |
Belgium |
Semiconductor and Other Electronic Component Manufacturing |
16.9 |
47 |
|
|
Subsidiary |
München, Bayern |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
7.2 |
30 |
|
|
Subsidiary |
Singapore |
Singapore |
Semiconductor and Other Electronic Component Manufacturing |
642.8 |
26 |
|
|
Branch |
Lower Gwynedd, PA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
13.2 |
25 |
|
|
Subsidiary |
Tokyo |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
|
25 |
|
|
Subsidiary |
Paris |
France |
Electronics Wholesale |
|
25 |
|
|
Subsidiary |
Marin-Epagnier |
Switzerland |
Semiconductor and Other Electronic Component Manufacturing |
|
25 |
|
|
Branch |
Twain Harte, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.0 |
8 |
|
|
Branch |
Plano, TX |
United States |
Electronics Wholesale |
10.4 |
4 |
|
|
Subsidiary |
Milan |
Italy |
Semiconductor and Other Electronic Component Manufacturing |
|
4 |
|
|
Branch |
Gresham, OR |
United States |
Semiconductor and Other Electronic Component Manufacturing |
0.5 |
3 |
|
|
Subsidiary |
Boca Raton, FL |
United States |
Electronics Wholesale |
|
|
|
|
Subsidiary |
Burlington, ON |
Canada |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
|
Subsidiary |
Bengaluru, Karnataka |
India |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
|
Amis Holdings Inc |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Pocatello, ID |
United States |
Semiconductor and Other Electronic Component Manufacturing |
934.0 |
1,500 |
|
|
Subsidiary |
Eine |
Belgium |
Semiconductor and Other Electronic Component Manufacturing |
138.3 |
718 |
|
|
Subsidiary |
Eine |
Belgium |
Semiconductor and Other Electronic Component Manufacturing |
3.0 |
|
|
|
Subsidiary |
San Jose, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
|
|
|
CompanyName |
Location |
Employees |
Ownership |
|
Altera Corporation |
San Jose, California, United States |
3,129 |
Public |
|
Analog Devices, Inc. |
Norwood, Massachusetts, United States |
9,200 |
Public |
|
Cypress Semiconductor Corporation |
San Jose, California, United States |
3,600 |
Public |
|
Diodes Incorporated |
Plano, Texas, United States |
4,605 |
Public |
|
ELMOS Semiconductor AG |
Dortmund, Germany |
1,041 |
Public |
|
Fairchild Semiconductor Intl Inc |
San Jose, California, United States |
9,077 |
Public |
|
Freescale Semiconductor Ltd |
Austin, Texas, United States |
16,500 |
Public |
|
Infineon Technologies AG |
Neubiberg, Germany |
26,210 |
Public |
|
Integrated Device Technology Inc |
San Jose, California, United States |
1,748 |
Public |
|
International Rectifier Corporation |
El Segundo, California, United States |
4,162 |
Public |
|
Intersil Corp |
Milpitas, California, United States |
1,488 |
Public |
|
Linear Technology Corporation |
Milpitas, California, United States |
4,306 |
Public |
|
Magnachip Semiconductor Corp |
Cheongju, Korea, Republic of |
3,597 |
Public |
|
Maxim Integrated Products Inc. |
San Jose, California, United States |
9,019 |
Public |
|
Microchip Technology Inc. |
Chandler, Arizona, United States |
8,003 |
Public |
|
Mitsubishi Electric Corporation |
Chiyoda-Ku, Japan |
120,958 |
Public |
|
National Semiconductor Corporation |
Santa Clara, California, United States |
5,700 |
Public |
|
NXP BV |
Eindhoven, Netherlands |
24,547 |
Private |
|
Power Integrations Inc |
San Jose, California, United States |
526 |
Public |
|
ROHM COMPANY LIMITED |
Kyoto-Shi, Japan |
20,203 |
Public |
|
Sanken Electric Co., Ltd. |
Niiza-Shi, Japan |
10,427 |
Public |
|
Semtech Corporation |
Camarillo, California, United States |
1,433 |
Public |
|
STMicroelectronics N.V. |
Geneve, Switzerland |
48,000 |
Public |
|
Taiwan Semiconductor Mfg. Co. Ltd. |
Hsin-Chu, , Taiwan |
39,267 |
Public |
|
Texas Instruments Incorporated |
Dallas, Texas, United States |
34,151 |
Public |
|
Toshiba Corp |
Minato-Ku, Japan |
206,087 |
Public |
|
Tower Semiconductor Ltd. |
Migdal Haemeq, Israel |
1,195 |
Public |
|
Vishay Intertechnology |
Malvern, Pennsylvania, United States |
21,600 |
Public |
|
Xilinx, Inc. |
San Jose, California, United States |
3,329 |
Public |
Board of Directors
|
|
|
||||||||
|
Independent Chairman of the Board |
Chairman |
||||||||
|
||||||||||
|
Chairman |
Chairman |
|
|||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Independent Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Independent Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Board Member |
Director/Board Member |
|
|||||||
|
||||||||||
|
President, Chief Executive Officer, Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Independent Director |
Director/Board Member |
|
|||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|||||||
|
||||||||||
Executives
|
|
|
||||||||||||||||||
|
President, Chief Executive Officer, Director |
Chief Executive Officer |
||||||||||||||||||
|
||||||||||||||||||||
|
Senior Vice President and General Manager - Standard
Products Group |
Division Head Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Senior Vice President, General Manager - Application
Products Group |
Division Head Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Senior Vice President and General Manager, SANYO
Semiconductor Group |
Division Head Executive |
Reuters NP* |
|
||||||||||||||||
|
||||||||||||||||||||
|
General Manager Automotive And Power Gro |
Division Head Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
S and Operations Manager |
Operations Executive |
|
|||||||||||||||||
|
Sales Operation Manager |
Operations Executive |
|
|||||||||||||||||
|
Operations Manager |
Operations Executive |
|
|||||||||||||||||
|
Director Medical Operations |
Operations Executive |
|
|||||||||||||||||
|
Service Operations Manager |
Operations Executive |
|
|||||||||||||||||
|
Senior Director, Operations & Tms |
Operations Executive |
|
|||||||||||||||||
|
Director of Sourcing, Global Supply Chain Operations |
Operations Executive |
|
|||||||||||||||||
|
Manager of Data Warehouse Operations |
Operations Executive |
|
|||||||||||||||||
|
Channel Operations Manager |
Operations Executive |
|
|||||||||||||||||
|
Operations Financial Analyst |
Operations Executive |
|
|||||||||||||||||
|
Director Business Support Operations |
Operations Executive |
|
|||||||||||||||||
|
Director - Business Operations |
Operations Executive |
|
|||||||||||||||||
|
Operations Executive |
Operations Executive |
|
|||||||||||||||||
|
Operations Manager |
Operations Executive |
|
|||||||||||||||||
|
Senior Vice President, Corporate Support Fab Operations |
Operations Executive |
|
|||||||||||||||||
|
Manager, Global Storage |
Operations Executive |
|
|||||||||||||||||
|
Production Operations |
Operations Executive |
|
|||||||||||||||||
|
Operations |
Operations Executive |
|
|||||||||||||||||
|
Manager, Environmental Health and Safety |
Environment/Safety Executive |
|
|||||||||||||||||
|
Manager Environmental Health and Safety |
Environment/Safety Executive |
|
|||||||||||||||||
|
Senior Facilities Life Safety & Controls Engineer |
Environment/Safety Executive |
|
|||||||||||||||||
|
Managerenterprise Databases and Environmentsinformation
Technology |
Environment/Safety Executive |
|
|||||||||||||||||
|
Systems Management, Administration |
Administration Executive |
|
|||||||||||||||||
|
Citrix Admin |
Administration Executive |
|
|||||||||||||||||
|
Administrator |
Administration Executive |
|
|||||||||||||||||
|
Database Administrator Architect |
Administration Executive |
|
|||||||||||||||||
|
Business Manager |
Administration Executive |
|
|||||||||||||||||
|
Senior Oracle Applications Database Administrator |
Administration Executive |
|
|||||||||||||||||
|
Director, Finance It |
Administration Executive |
|
|||||||||||||||||
|
Senior Oracle Applications Database Administrator |
Administration Executive |
|
|||||||||||||||||
|
North American Regional Security Manager |
Security |
|
|||||||||||||||||
|
Senior Vice President, General Counsel, Chief Compliance
& Ethics Officer, Corporate Secretary |
Company Secretary |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Financial Analyst |
Finance Executive |
|
|||||||||||||||||
|
Corporate Analysis Manager |
Finance Executive |
|
|||||||||||||||||
|
Financial Analyst |
Finance Executive |
|
|||||||||||||||||
|
Finance |
Finance Executive |
|
|||||||||||||||||
|
Chief Financial Officer |
Finance Executive |
|
|||||||||||||||||
|
Executive Vice President and Chief Financial Officer |
Finance Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Finance |
Finance Executive |
|
|||||||||||||||||
|
Finance Executive |
Finance Executive |
|
|||||||||||||||||
|
Manager Credit |
Finance Executive |
|
|||||||||||||||||
|
Corporate Financial Analyst |
Finance Executive |
|
|||||||||||||||||
|
Finance, Business Development |
Finance Executive |
|
|||||||||||||||||
|
Financial Planning and Forecasting Analyst |
Finance Executive |
|
|||||||||||||||||
|
Accountant On Semiconductor Taiwan Branch |
Accounting Executive |
|
|||||||||||||||||
|
Ap Accountant |
Accounting Executive |
|
|||||||||||||||||
|
Cost Accountant |
Accounting Executive |
|
|||||||||||||||||
|
Accounts Payable Accountant |
Accounting Executive |
|
|||||||||||||||||
|
Corporate Cash and Fx Manager |
Cash Management Executive |
|
|||||||||||||||||
|
IR Contact Officer |
Treasurer |
|
|||||||||||||||||
|
Treasurer |
Treasurer |
|
|||||||||||||||||
|
Corporate Controller |
Controller |
|
|||||||||||||||||
|
Corporate Controller |
Controller |
|
|||||||||||||||||
|
Controller |
Controller |
|
|||||||||||||||||
|
Controller |
Controller |
|
|||||||||||||||||
|
Manager, Talent Management, Compensation & Benefits |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Payroll Team Lead |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Director Global Compensation |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Director Benefits |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Global Benefits Manager |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Payroll Manager |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Senior Benefit Analyst |
Benefits & Compensation Executive |
|
|||||||||||||||||
|
Hris Specialist |
Human Resources Executive |
|
|||||||||||||||||
|
Director-Human Resources |
Human Resources Executive |
|
|||||||||||||||||
|
Human Resources Vice President |
Human Resources Executive |
|
|||||||||||||||||
|
Vice President, Human Resources Executive |
Human Resources Executive |
|
|||||||||||||||||
|
Senior Vice President Of Human Resources |
Human Resources Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Human Resources Onn Semi |
Human Resources Executive |
|
|||||||||||||||||
|
Country Human Resources Manager |
Human Resources Executive |
|
|||||||||||||||||
|
Us Customer Service Representative |
Customer Service Executive |
|
|||||||||||||||||
|
Customer Quality Manager |
Customer Service Executive |
|
|||||||||||||||||
|
Cas Nafta Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Director of Sales |
Sales Executive |
|
|||||||||||||||||
|
Inside Sales |
Sales Executive |
|
|||||||||||||||||
|
Southern Europe Sales Director |
Sales Executive |
|
|||||||||||||||||
|
Regional Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Continental Account Manager-Advanced Sales |
Sales Executive |
|
|||||||||||||||||
|
Vice President N American Sales |
Sales Executive |
|
|||||||||||||||||
|
Director Central Area Sales |
Sales Executive |
|
|||||||||||||||||
|
Senior Field Sales Engineer |
Sales Executive |
|
|||||||||||||||||
|
Manager-Technical Support |
Sales Executive |
|
|||||||||||||||||
|
Regional Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Account Manager |
Sales Executive |
|
|||||||||||||||||
|
Executive Vice President Sales & Marketing |
Sales Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Production Readiness Sales |
Sales Executive |
|
|||||||||||||||||
|
Area Sales Manager Americas |
Sales Executive |
|
|||||||||||||||||
|
Area Sales Manager Chicago |
Sales Executive |
|
|||||||||||||||||
|
Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Director Of Sales |
Sales Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Assistant To Executive Vice President Sales |
Sales Executive |
|
|||||||||||||||||
|
Sales Manager |
Sales Executive |
|
|||||||||||||||||
|
Global Account Manager |
International Sales Executive |
|
|||||||||||||||||
|
Global Account Manager |
International Sales Executive |
|
|||||||||||||||||
|
Global Account Manager |
International Sales Executive |
|
|||||||||||||||||
|
Global Account Manager |
International Sales Executive |
|
|||||||||||||||||
|
Global Account Manager |
International Sales Executive |
|
|||||||||||||||||
|
Executive Vice President, Worldwide Sales and Marketing |
International Sales Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Senior Director, Global IT Infrastructure |
International Executive |
|
|||||||||||||||||
|
Manager, Global Qty |
International Executive |
|
|||||||||||||||||
|
Director Contracts & Global Pricing |
International Executive |
|
|||||||||||||||||
|
Team Manager of Global Infrastructure |
International Executive |
|
|||||||||||||||||
|
Director of Global Supply Chain Planning |
International Executive |
|
|||||||||||||||||
|
Global Procurement Systems |
International Executive |
|
|||||||||||||||||
|
Global Manager, Wintel Systems |
International Executive |
|
|||||||||||||||||
|
Traffic Analyst, Global Logistics and ... |
International Executive |
|
|||||||||||||||||
|
Import Export Compliance |
International Executive |
|
|||||||||||||||||
|
Marketing Director |
Marketing Executive |
|
|||||||||||||||||
|
Automotive Mosfet Marketing Manager |
Marketing Executive |
|
|||||||||||||||||
|
Customer Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Product Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Strategic Marketing Manager |
Marketing Executive |
|
|||||||||||||||||
|
Manager of Marketing Communications |
Marketing Executive |
|
|||||||||||||||||
|
Director Design Enablement |
Marketing Executive |
|
|||||||||||||||||
|
Consumer Marketing Director |
Marketing Executive |
|
|||||||||||||||||
|
Automotive Bu Forecasting, Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Director Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Regional Marketing Manager |
Marketing Executive |
|
|||||||||||||||||
|
Marketing Manager, Implantable Medical Devices |
Marketing Executive |
|
|||||||||||||||||
|
Customer Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Marketing Communications & Advertising |
Marketing Executive |
|
|||||||||||||||||
|
Business Marketing Analyst |
Marketing Executive |
|
|||||||||||||||||
|
Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Business Marketing Manager |
Marketing Executive |
|
|||||||||||||||||
|
Marketing Communications |
Marketing Executive |
|
|||||||||||||||||
|
Director of Marketing Mobile Protection Products |
Marketing Executive |
|
|||||||||||||||||
|
Marketing Director For Eeprom Products |
Marketing Executive |
|
|||||||||||||||||
|
Marketing Director |
Marketing Executive |
|
|||||||||||||||||
|
Director, Design and Technology Development |
Marketing Executive |
|
|||||||||||||||||
|
Strategic Programs Manager and Senior Application and
Marketing Engineer |
Marketing Executive |
|
|||||||||||||||||
|
Vice President, Corporate Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Director of Marketing |
Marketing Executive |
|
|||||||||||||||||
|
Strategic Marketing Manager |
Marketing Executive |
|
|||||||||||||||||
|
Manager, Employee Communications |
Corporate Communications Executive |
|
|||||||||||||||||
|
Corporate Communications Executive |
Corporate Communications Executive |
|
|||||||||||||||||
|
Manager, Employee Communications |
Corporate Communications Executive |
|
|||||||||||||||||
|
Employee Communications Specialist |
Corporate Communications Executive |
|
|||||||||||||||||
|
New Product Promotion Manager |
Advertising Executive |
|
|||||||||||||||||
|
Coordinator of Investor Relations |
Investor Relations Executive |
|
|||||||||||||||||
|
Investor Relation Contact |
Investor Relations Executive |
|
|||||||||||||||||
|
Purchaser For Information Technology |
Information Executive |
|
|||||||||||||||||
|
Vms Systems Manager |
Information Executive |
|
|||||||||||||||||
|
Senior Information Technology Manager |
Information Executive |
|
|||||||||||||||||
|
Programmer |
Information Executive |
|
|||||||||||||||||
|
Information Technology Sourcing Manager |
Information Executive |
|
|||||||||||||||||
|
Information Technology Manager, Supply Chain Systems |
Information Executive |
|
|||||||||||||||||
|
Information Technology Senior Edi Business Analyst |
Information Executive |
|
|||||||||||||||||
|
Information Technology Manager |
Information Executive |
|
|||||||||||||||||
|
Data Warehous Technical Lead |
Information Executive |
|
|||||||||||||||||
|
Business Intelligence Senior Manager, Information
Technology |
Information Executive |
|
|||||||||||||||||
|
Information Technology Manager |
Information Executive |
|
|||||||||||||||||
|
Programmer Analyst |
Information Executive |
|
|||||||||||||||||
|
Manager Planning and Logistics Systems |
Information Executive |
|
|||||||||||||||||
|
Information Technology Manager-Plant |
Information Executive |
|
|||||||||||||||||
|
Manager, Unix Systems |
Information Executive |
|
|||||||||||||||||
|
Information Technology |
Information Executive |
|
|||||||||||||||||
|
Chief Information Officer / Chief Technology Officer, Vice
President |
Information Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Director of Information Technology |
Information Executive |
|
|||||||||||||||||
|
Systems Analyst |
Network Management Executive |
|
|||||||||||||||||
|
Information Systems Manager |
Network Management Executive |
|
|||||||||||||||||
|
Network Director |
Network Management Executive |
|
|||||||||||||||||
|
Field Applications Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Field Application Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Device Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineering and Research and Development Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Applications Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Ic Layout Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Applications Engineer In The Clock |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Product Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Technology Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Device Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Application Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manager Hardware Engineering Asic |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Oracle Applications Technical Consultant |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manufacturing Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Applications Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Project Management Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Chief Manufacturing And Technology |
Engineering/Technical Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Digital Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Application Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Test Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Technology Development Engineer At On Semiconducto |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Device Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Staff Programmer Analyst |
Engineering/Technical Executive |
|
|||||||||||||||||
|
07 Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Test Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Logic Product Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Lab Director |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Device Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Marketing Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Tech Eval |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Ip Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Assembly Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Software Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Software Tools Development |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Principal Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Field Application Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Process Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Zr Device Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manager, Mos Power Technology |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Process Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Programmer Analyst |
Engineering/Technical Executive |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Analog and Mixed Signal Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Ehs Director |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Principle Analog Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Director of Evaluation, Product Engineering & San Jose
Site Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Equipment Technology Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Tech Staff Member |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Equipment Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Process Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Product Marketing Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
|
Field Applications Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Product Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manager Engineering & Product Development |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Director, Software Developer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Rnd Engineering Director |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Application Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Cad Support Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manager H, W Engineering Mixed Signal |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Applications Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Chief Technology Officer and Senior Vice President |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Programmer Analyst At On Semiconductor |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Project Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Director of Engineering |
Engineering/Technical Executive |
|
|||||||||||||||||
|
New Product Development Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Software Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Quality Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Manager of Characterization Lab |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Engineering Manager |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Principal Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Chief Technology Officer Cto And Senior |
Engineering/Technical Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Design Engineer |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Applications Engineering Tech |
Engineering/Technical Executive |
|
|||||||||||||||||
|
Senior Scientist |
Research & Development Executive |
|
|||||||||||||||||
|
Scientist |
Research & Development Executive |
|
|||||||||||||||||
|
Chemist |
Research & Development Executive |
|
|||||||||||||||||
|
Scientist |
Research & Development Executive |
|
|||||||||||||||||
|
Senior Research Scientist |
Research & Development Executive |
|
|||||||||||||||||
|
Product Marketing Manager, Configurable Analog Products |
Product Management Executive |
|
|||||||||||||||||
|
Director of Product Development |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager |
Product Management Executive |
|
|||||||||||||||||
|
Director, Base Oils and Special Products |
Product Management Executive |
|
|||||||||||||||||
|
Product Marketing |
Product Management Executive |
|
|||||||||||||||||
|
New Products Development |
Product Management Executive |
|
|||||||||||||||||
|
Business Marketer Standard Products Gr... |
Product Management Executive |
|
|||||||||||||||||
|
Director Product and Test |
Product Management Executive |
|
|||||||||||||||||
|
Dmi Products |
Product Management Executive |
|
|||||||||||||||||
|
Product Line Manager |
Product Management Executive |
|
|||||||||||||||||
|
Director Industrial Application Specific Standard Products |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager |
Product Management Executive |
|
|||||||||||||||||
|
Productie On Semiconductor Belgium Bvba |
Product Management Executive |
|
|||||||||||||||||
|
Director New Product Development |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager |
Product Management Executive |
|
|||||||||||||||||
|
Product Manager, Signal and Interface At On Semiconductor |
Product Management Executive |
|
|||||||||||||||||
|
Test Capacity Planning Manager |
Planning Executive |
|
|||||||||||||||||
|
Chief Compliance |
Legal Executive |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Patent Attorney |
Legal Executive |
|
|||||||||||||||||
|
Senior Vice President of Manufacturing |
Manufacturing Executive |
|
|||||||||||||||||
|
Senior Director- Fab 5 Plant |
Manufacturing Executive |
|
|||||||||||||||||
|
Vice President Director of Internal Manufacturing |
Manufacturing Executive |
|
|||||||||||||||||
|
Gresham Manufacturing Quality Manager |
Manufacturing Executive |
|
|||||||||||||||||
|
Logistics Analyst |
Logistics Executive |
|
|||||||||||||||||
|
Logistics Manager |
Logistics Executive |
|
|||||||||||||||||
|
Senior Buyer, Planner |
Merchandise Management Executive |
|
|||||||||||||||||
|
Manager |
Merchandise Management Executive |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Purchasing Manager |
Purchasing Executive |
|
|||||||||||||||||
|
Procurement Specialist |
Purchasing Executive |
|
|||||||||||||||||
|
Strategic Sourcing Manager Supply Chain |
Purchasing Executive |
|
|||||||||||||||||
|
Procurement Specialist |
Purchasing Executive |
|
|||||||||||||||||
|
Over Purchasing |
Purchasing Executive |
|
|||||||||||||||||
|
Quality Manager |
Quality Executive |
|
|||||||||||||||||
|
Director Quality |
Quality Executive |
|
|||||||||||||||||
|
Manager IT Risk |
Insurance Executive |
|
|||||||||||||||||
|
Director |
Other |
|
|||||||||||||||||
|
Layout Supervisor |
Other |
|
|||||||||||||||||
|
Foundry Business Unit Director |
Other |
|
|||||||||||||||||
|
Vice President |
Other |
|
|||||||||||||||||
|
Manager, Applications |
Other |
|
|||||||||||||||||
|
Commodity Manager |
Other |
|
|||||||||||||||||
|
Manager, Standards Team |
Other |
|
|||||||||||||||||
|
Manager |
Other |
|
|||||||||||||||||
|
Chandler Development Center |
Other |
|
|||||||||||||||||
|
Senior Applicationengineer |
Other |
|
|||||||||||||||||
|
Project Manager |
Other |
|
|||||||||||||||||
|
Program Manager |
Other |
|
|||||||||||||||||
|
Buildings & Grounds Supervisor |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Designer |
Other |
|
|||||||||||||||||
|
Cpim |
Other |
|
|||||||||||||||||
|
Foundry Manager |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Director, Sourcing Corporate Services |
Other |
|
|||||||||||||||||
|
Strategic Sourcing Manager |
Other |
|
|||||||||||||||||
|
Sports Editor |
Other |
|
|||||||||||||||||
|
Strategic Sourcing Manager |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Oracle Functional |
Other |
|
|||||||||||||||||
|
O and M Supervisor |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Talent Acquisition Manager |
Other |
|
|||||||||||||||||
|
Analyst |
Other |
|
|||||||||||||||||
|
External Reporting |
Other |
|
|||||||||||||||||
|
Manager of Sourcing |
Other |
|
|||||||||||||||||
|
Manager, Supervisor |
Other |
|
|||||||||||||||||
|
Fab Support |
Other |
|
|||||||||||||||||
|
Senior Director of Intellectual Property Development |
Other |
|
|||||||||||||||||
|
Vice President & Director |
Other |
|
|||||||||||||||||
|
Designer |
Other |
|
|||||||||||||||||
|
Director |
Other |
|
|||||||||||||||||
|
External Reporting |
Other |
|
|||||||||||||||||
|
Erp Implementation Manager |
Other |
|
|||||||||||||||||
|
Wintel Desktop Architect |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Applications Manager |
Other |
|
|||||||||||||||||
|
Contractor |
Other |
|
|||||||||||||||||
|
Vice President, Mixed Signal Foundry Services |
Other |
|
|||||||||||||||||
|
Director |
Other |
|
|||||||||||||||||
|
Director, Corporate Program Management |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Cad Designer |
Other |
|
|||||||||||||||||
|
Bay Area Sec Manager |
Other |
|
|||||||||||||||||
|
Manager, Business Application |
Other |
|
|||||||||||||||||
|
Manager Oracle Applications |
Other |
|
|||||||||||||||||
|
Senior Manager Erp Solutions |
Other |
|
|||||||||||||||||
|
Business Marketer |
Other |
|
|||||||||||||||||
|
Emea Service Platform Manager |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Director |
Other |
|
|||||||||||||||||
|
Corporate Comm |
Other |
|
|||||||||||||||||
|
Manager |
Other |
|
|||||||||||||||||
|
Senior Vice President |
Other |
|
|||||||||||||||||
|
||||||||||||||||||||
|
Manager |
Other |
|
|||||||||||||||||
|
Designer |
Other |
|
|||||||||||||||||
|
Manager |
Other |
|
|||||||||||||||||
|
Material Supervisor |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Silicon Sourcing Manager |
Other |
|
|
||||||||||||||||
|
|
||||||||||||||||||||
|
Site Services Manager |
Other |
|
|||||||||||||||||
|
Vice President |
Other |
|
|||||||||||||||||
|
Senior Manager, Applications |
Other |
|
|||||||||||||||||
|
Business Marketer |
Other |
|
|||||||||||||||||
|
|
||||||||||||||||||||
|
Senior Vice President |
Other |
|
|||||||||||||||||
|
Seniorprogrammeranalyst |
Other |
|
|||||||||||||||||
|
Analog Ic Designer |
Other |
|
|||||||||||||||||
|
Device Reliabilty Manager North America |
Other |
|
|||||||||||||||||
|
Senior Vice President |
Other |
|
|||||||||||||||||
|
Director, Pm |
Other |
|
|||||||||||||||||
|
Director Isp Business Unit |
Other |
||||||||||||||||||
|
Senior Applications Engine |
Other |
|
|||||||||||||||||
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period
Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,894.9 |
3,442.3 |
2,313.4 |
1,768.9 |
2,054.8 |
|
Revenue |
2,894.9 |
3,442.3 |
2,313.4 |
1,768.9 |
2,054.8 |
|
Total Revenue |
2,894.9 |
3,442.3 |
2,313.4 |
1,768.9 |
2,054.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,943.0 |
2,433.5 |
1,357.4 |
1,148.2 |
1,309.3 |
|
Cost of Revenue, Total |
1,943.0 |
2,433.5 |
1,357.4 |
1,148.2 |
1,309.3 |
|
Gross Profit |
951.9 |
1,008.8 |
956.0 |
620.7 |
745.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
341.5 |
387.5 |
275.5 |
225.4 |
256.8 |
|
Total Selling/General/Administrative Expenses |
341.5 |
387.5 |
275.5 |
225.4 |
256.8 |
|
Research & Development |
367.5 |
362.5 |
248.0 |
198.8 |
233.9 |
|
Amortization of Intangibles |
44.4 |
42.7 |
31.7 |
29.0 |
22.9 |
|
Depreciation/Amortization |
44.4 |
42.7 |
31.7 |
29.0 |
22.9 |
|
Purchased R&D Written-Off |
- |
- |
0.0 |
0.0 |
27.1 |
|
Restructuring Charge |
165.3 |
102.7 |
10.5 |
24.9 |
26.2 |
|
Impairment-Assets Held for Use |
49.5 |
0.0 |
16.1 |
0.0 |
544.5 |
|
Other Unusual Expense (Income) |
7.8 |
23.2 |
0.7 |
3.1 |
-3.8 |
|
Unusual Expense (Income) |
222.6 |
125.9 |
27.3 |
28.0 |
594.0 |
|
Total Operating Expense |
2,919.0 |
3,352.1 |
1,939.9 |
1,629.4 |
2,416.9 |
|
|
|
|
|
|
|
|
Operating Income |
-24.1 |
90.2 |
373.5 |
139.5 |
-362.1 |
|
|
|
|
|
|
|
|
Interest Expense
- Non-Operating |
-56.1 |
-68.9 |
-61.4 |
-64.6 |
-79.9 |
|
Interest Expense, Net
Non-Operating |
-56.1 |
-68.9 |
-61.4 |
-64.6 |
-79.9 |
|
Interest
Income - Non-Operating |
1.5 |
1.1 |
0.5 |
0.8 |
6.9 |
|
Interest/Investment Income - Non-Operating |
1.5 |
1.1 |
0.5 |
0.8 |
6.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
-54.6 |
-67.8 |
-60.9 |
-63.8 |
-73.0 |
|
Gain (Loss) on Sale of Assets |
0.0 |
24.3 |
0.0 |
0.0 |
- |
|
Other Non-Operating Income
(Expense) |
5.8 |
-8.9 |
-6.9 |
-4.7 |
-2.9 |
|
Other, Net |
5.8 |
-8.9 |
-6.9 |
-4.7 |
-2.9 |
|
Income Before Tax |
-72.9 |
37.8 |
305.7 |
71.0 |
-438.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.4 |
22.9 |
12.8 |
7.7 |
-9.4 |
|
Income After Tax |
-86.3 |
14.9 |
292.9 |
63.3 |
-428.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.3 |
-3.3 |
-2.4 |
-2.3 |
-0.3 |
|
Net Income Before Extraord Items |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
Net Income |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
452.6 |
446.7 |
431.0 |
420.8 |
379.0 |
|
Basic EPS Excl Extraord Items |
-0.20 |
0.03 |
0.67 |
0.15 |
-1.13 |
|
Basic/Primary EPS Incl Extraord Items |
-0.20 |
0.03 |
0.67 |
0.15 |
-1.13 |
|
Dilution Adjustment |
0.0 |
- |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
Diluted Weighted Average Shares |
452.6 |
457.2 |
444.4 |
438.1 |
379.0 |
|
Diluted EPS Excl Extraord Items |
-0.20 |
0.03 |
0.65 |
0.14 |
-1.13 |
|
Diluted EPS Incl Extraord Items |
-0.20 |
0.03 |
0.65 |
0.14 |
-1.13 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
56.1 |
68.9 |
61.4 |
64.6 |
79.9 |
|
Depreciation, Supplemental |
243.6 |
186.7 |
135.2 |
126.6 |
119.2 |
|
Total Special Items |
222.6 |
92.9 |
20.4 |
24.1 |
586.9 |
|
Normalized Income Before Tax |
149.7 |
130.7 |
326.1 |
95.1 |
148.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
77.9 |
32.5 |
0.9 |
2.6 |
195.9 |
|
Inc Tax Ex Impact of Sp Items |
91.3 |
55.4 |
13.7 |
10.3 |
186.5 |
|
Normalized Income After Tax |
58.4 |
75.3 |
312.4 |
84.8 |
-37.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
54.1 |
72.0 |
310.0 |
82.5 |
-37.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.16 |
0.72 |
0.20 |
-0.10 |
|
Diluted Normalized EPS |
0.12 |
0.16 |
0.70 |
0.19 |
-0.10 |
|
Amort of Intangibles, Supplemental |
44.4 |
42.7 |
31.7 |
29.0 |
22.9 |
|
Rental Expenses |
24.0 |
27.7 |
22.2 |
20.3 |
18.7 |
|
Research & Development Exp, Supplemental |
367.5 |
362.5 |
248.0 |
198.8 |
233.9 |
|
Normalized EBIT |
198.5 |
207.4 |
393.9 |
163.6 |
224.8 |
|
Normalized EBITDA |
486.5 |
436.8 |
560.8 |
319.2 |
366.9 |
|
Current Tax - Domestic |
0.2 |
0.5 |
-0.3 |
-1.8 |
-13.7 |
|
Current Tax - Foreign |
16.4 |
25.0 |
8.4 |
7.8 |
10.1 |
|
Current Tax - Local |
-0.1 |
0.3 |
0.4 |
0.2 |
0.3 |
|
Current Tax - Total |
16.5 |
25.8 |
8.5 |
6.2 |
-3.3 |
|
Deferred Tax - Domestic |
0.0 |
0.0 |
-1.2 |
1.2 |
0.0 |
|
Deferred Tax - Foreign |
-3.1 |
-2.9 |
5.5 |
0.3 |
-6.1 |
|
Deferred Tax - Local |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Tax - Total |
-3.1 |
-2.9 |
4.3 |
1.5 |
-6.1 |
|
Income Tax - Total |
13.4 |
22.9 |
12.8 |
7.7 |
-9.4 |
|
Actuarial Gains and Losses - Domestic |
12.5 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
12.5 |
- |
- |
- |
- |
|
Interest Cost - Foreign |
5.3 |
5.2 |
3.1 |
3.6 |
2.9 |
|
Service Cost - Foreign |
7.5 |
9.4 |
3.8 |
4.0 |
3.8 |
|
Prior Service Cost - Foreign |
0.1 |
2.6 |
1.1 |
-4.9 |
0.4 |
|
Expected Return on Assets - Foreign |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
-2.6 |
|
Curtailments & Settlements - Foreign |
-6.6 |
- |
- |
- |
- |
|
Other Pension, Net - Foreign |
- |
-1.1 |
0.0 |
0.3 |
1.1 |
|
Foreign Pension Plan Expense |
2.8 |
12.1 |
5.2 |
0.4 |
5.6 |
|
Defined Contribution Expense - Domestic |
8.3 |
8.7 |
7.9 |
6.5 |
7.1 |
|
Defined Contribution Expense - Foreign |
3.4 |
2.0 |
0.4 |
0.3 |
0.5 |
|
Total Pension Expense |
27.0 |
22.8 |
13.5 |
7.2 |
13.2 |
|
Discount Rate - Foreign |
2.44% |
3.50% |
4.65% |
5.61% |
5.26% |
|
Expected Rate of Return - Foreign |
3.21% |
4.07% |
4.75% |
5.16% |
5.21% |
|
Compensation Rate - Foreign |
3.05% |
4.66% |
3.87% |
4.06% |
4.74% |
|
Total Plan Interest Cost |
5.3 |
5.2 |
3.1 |
3.6 |
2.9 |
|
Total Plan Service Cost |
7.5 |
9.4 |
3.8 |
4.0 |
3.8 |
|
Total Plan Expected Return |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
-2.6 |
|
Total Plan Other Expense |
- |
-1.1 |
0.0 |
0.3 |
1.1 |
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
486.9 |
652.9 |
623.3 |
525.7 |
458.7 |
|
Short Term Investments |
144.8 |
248.6 |
0.0 |
45.5 |
- |
|
Cash and Short Term Investments |
631.7 |
901.5 |
623.3 |
571.2 |
458.7 |
|
Accounts
Receivable - Trade, Gross |
360.5 |
464.3 |
301.9 |
270.2 |
199.0 |
|
Provision
for Doubtful Accounts |
-2.7 |
-7.1 |
-7.3 |
-9.3 |
-10.2 |
|
Trade Accounts Receivable - Net |
357.8 |
457.2 |
294.6 |
260.9 |
188.8 |
|
Other Receivables |
34.3 |
- |
- |
- |
- |
|
Total Receivables, Net |
392.1 |
457.2 |
294.6 |
260.9 |
188.8 |
|
Inventories - Finished Goods |
197.6 |
147.8 |
100.9 |
82.9 |
131.8 |
|
Inventories - Work In Progress |
310.9 |
430.8 |
210.9 |
151.6 |
171.1 |
|
Inventories - Raw Materials |
73.2 |
58.8 |
49.0 |
35.4 |
32.6 |
|
Total Inventory |
581.7 |
637.4 |
360.8 |
269.9 |
335.5 |
|
Prepaid Expenses |
24.3 |
- |
- |
- |
- |
|
Deferred Income Tax - Current
Asset |
10.5 |
10.0 |
15.7 |
15.1 |
12.0 |
|
Other Current Assets |
53.1 |
121.6 |
63.6 |
51.5 |
55.5 |
|
Other Current Assets, Total |
63.6 |
131.6 |
79.3 |
66.6 |
67.5 |
|
Total Current Assets |
1,693.4 |
2,127.7 |
1,358.0 |
1,168.6 |
1,050.5 |
|
|
|
|
|
|
|
|
Buildings |
572.4 |
539.3 |
484.4 |
429.7 |
419.0 |
|
Land/Improvements |
67.4 |
76.6 |
48.3 |
42.0 |
40.2 |
|
Machinery/Equipment |
1,979.4 |
1,943.0 |
1,631.1 |
1,420.2 |
1,415.8 |
|
Property/Plant/Equipment - Gross |
2,619.2 |
2,558.9 |
2,163.8 |
1,891.9 |
1,875.0 |
|
Accumulated Depreciation |
-1,515.9 |
-1,449.4 |
-1,299.5 |
-1,186.4 |
-1,104.2 |
|
Property/Plant/Equipment - Net |
1,103.3 |
1,109.5 |
864.3 |
705.5 |
770.8 |
|
Goodwill - Gross |
623.4 |
623.4 |
615.9 |
- |
- |
|
Accumulated Goodwill Amortization |
-438.8 |
-424.7 |
-424.7 |
- |
- |
|
Goodwill, Net |
184.6 |
198.7 |
191.2 |
175.4 |
160.2 |
|
Intangibles - Gross |
57.7 |
508.1 |
430.1 |
386.0 |
378.2 |
|
Accumulated Intangible
Amortization |
-36.6 |
-170.9 |
-127.1 |
-87.3 |
-44.8 |
|
Intangibles, Net |
257.0 |
337.2 |
303.0 |
298.7 |
333.4 |
|
Deferred Charges |
4.1 |
- |
- |
- |
- |
|
Deferred Income Tax - Long Term
Asset |
31.2 |
34.2 |
0.0 |
- |
- |
|
Restricted Cash - Long Term |
- |
0.0 |
142.1 |
5.9 |
0.0 |
|
Other Long Term Assets |
54.8 |
76.2 |
60.6 |
60.2 |
44.6 |
|
Other Long Term Assets, Total |
90.1 |
110.4 |
202.7 |
66.1 |
44.6 |
|
Total Assets |
3,328.4 |
3,883.5 |
2,919.2 |
2,414.3 |
2,359.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
279.5 |
451.8 |
256.9 |
172.9 |
178.2 |
|
Accrued Expenses |
228.9 |
182.8 |
110.7 |
89.7 |
139.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
353.6 |
370.1 |
136.0 |
205.9 |
107.9 |
|
Customer Advances |
134.5 |
172.0 |
149.5 |
98.8 |
114.1 |
|
Income Taxes Payable |
4.9 |
7.5 |
5.1 |
5.0 |
4.1 |
|
Deferred Income Tax - Current
Liability |
22.9 |
33.6 |
0.0 |
- |
- |
|
Other Current Liabilities |
- |
57.7 |
52.7 |
46.7 |
- |
|
Other Current liabilities, Total |
162.3 |
270.8 |
207.3 |
150.5 |
118.2 |
|
Total Current Liabilities |
1,024.3 |
1,275.5 |
710.9 |
619.0 |
544.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
658.3 |
836.9 |
752.8 |
727.6 |
901.9 |
|
Total Long Term Debt |
658.3 |
836.9 |
752.8 |
727.6 |
901.9 |
|
Total Debt |
1,011.9 |
1,207.0 |
888.8 |
933.5 |
1,009.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
22.9 |
17.5 |
18.2 |
13.8 |
10.0 |
|
Deferred Income Tax |
22.9 |
17.5 |
18.2 |
13.8 |
10.0 |
|
Minority Interest |
29.6 |
25.3 |
22.0 |
19.6 |
17.3 |
|
Other Long Term Liabilities |
232.2 |
260.1 |
49.3 |
49.3 |
48.1 |
|
Other Liabilities, Total |
232.2 |
260.1 |
49.3 |
49.3 |
48.1 |
|
Total Liabilities |
1,967.3 |
2,415.3 |
1,553.2 |
1,429.3 |
1,521.3 |
|
|
|
|
|
|
|
|
Common Stock |
5.1 |
5.0 |
4.9 |
4.7 |
4.6 |
|
Common Stock |
5.1 |
5.0 |
4.9 |
4.7 |
4.6 |
|
Additional Paid-In Capital |
3,156.4 |
3,113.5 |
3,016.1 |
2,916.6 |
2,810.7 |
|
Retained Earnings (Accumulated Deficit) |
-1,292.9 |
-1,202.3 |
-1,213.9 |
-1,504.4 |
-1,565.4 |
|
Treasury Stock - Common |
-466.4 |
-401.3 |
-382.0 |
-367.0 |
-358.1 |
|
Unrealized Gain (Loss) |
0.4 |
- |
- |
- |
- |
|
Translation Adjustment |
-42.2 |
-46.5 |
-58.8 |
-64.6 |
- |
|
Minimum Pension Liability
Adjustment |
-0.1 |
- |
- |
- |
- |
|
Other Comprehensive Income |
0.8 |
-0.2 |
-0.3 |
-0.3 |
-53.6 |
|
Other Equity, Total |
-41.5 |
-46.7 |
-59.1 |
-64.9 |
-53.6 |
|
Total Equity |
1,361.1 |
1,468.2 |
1,366.0 |
985.0 |
838.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,328.4 |
3,883.5 |
2,919.2 |
2,414.3 |
2,359.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
448.8 |
451.3 |
436.8 |
427.3 |
411.7 |
|
Total Common Shares Outstanding |
448.8 |
451.3 |
436.8 |
427.3 |
411.7 |
|
Treasury Shares - Common Stock Primary Issue |
61.2 |
51.2 |
49.1 |
47.2 |
45.9 |
|
Employees |
20,000 |
19,442 |
14,307 |
12,887 |
14,172 |
|
Number of Common Shareholders |
262 |
285 |
287 |
296 |
311 |
|
Accumulated Goodwill Amortization Suppl. |
438.8 |
424.7 |
424.7 |
9.8 |
- |
|
Accumulated Intangible Amort, Suppl. |
36.6 |
170.9 |
127.1 |
60.1 |
28.8 |
|
Deferred Revenue - Current |
134.5 |
172.0 |
149.5 |
98.8 |
114.1 |
|
Total Long Term Debt, Supplemental |
1,043.2 |
1,262.2 |
888.8 |
933.5 |
- |
|
Long Term Debt Maturing within 1 Year |
360.7 |
378.8 |
136.0 |
205.9 |
- |
|
Long Term Debt Maturing in Year 2 |
93.1 |
329.4 |
220.1 |
36.2 |
- |
|
Long Term Debt Maturing in Year 3 |
71.6 |
75.2 |
451.9 |
114.3 |
- |
|
Long Term Debt Maturing in Year 4 |
364.4 |
63.4 |
30.5 |
567.5 |
- |
|
Long Term Debt Maturing in Year 5 |
29.1 |
237.4 |
3.3 |
5.9 |
- |
|
Long Term Debt Maturing in 2-3 Years |
164.7 |
404.6 |
672.0 |
150.5 |
- |
|
Long Term Debt Maturing in 4-5 Years |
393.5 |
300.8 |
33.8 |
573.4 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
124.3 |
178.0 |
47.0 |
3.7 |
- |
|
Total Capital Leases, Supplemental |
95.8 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
43.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
38.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
9.7 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
2.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.9 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
47.7 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
3.2 |
- |
- |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
1.8 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
125.6 |
93.9 |
81.7 |
74.8 |
71.6 |
|
Operating Lease Payments Due in Year 1 |
23.4 |
22.0 |
16.9 |
20.1 |
17.6 |
|
Operating Lease Payments Due in Year 2 |
19.1 |
17.1 |
14.2 |
15.9 |
12.9 |
|
Operating Lease Payments Due in Year 3 |
15.1 |
14.1 |
11.2 |
12.1 |
10.9 |
|
Operating Lease Payments Due in Year 4 |
13.3 |
11.7 |
9.3 |
8.6 |
9.3 |
|
Operating Lease Payments Due in Year 5 |
12.1 |
12.6 |
17.7 |
4.8 |
4.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
34.2 |
31.2 |
25.4 |
28.0 |
23.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
25.4 |
24.3 |
27.0 |
13.4 |
13.9 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
42.6 |
16.4 |
12.4 |
13.3 |
16.3 |
|
Pension Obligation - Foreign |
379.8 |
176.4 |
74.8 |
68.6 |
66.6 |
|
Plan Assets - Foreign |
178.4 |
105.5 |
65.9 |
65.8 |
62.4 |
|
Funded Status - Foreign |
-201.4 |
-70.9 |
-8.9 |
-2.8 |
-4.2 |
|
Accumulated Obligation - Foreign |
281.2 |
134.7 |
56.3 |
50.2 |
49.9 |
|
Total Funded Status |
-201.4 |
-70.9 |
-8.9 |
-2.8 |
-4.2 |
|
Discount Rate - Foreign |
2.44% |
3.50% |
4.65% |
5.61% |
5.26% |
|
Compensation Rate - Domestic |
3.05% |
4.66% |
3.87% |
4.06% |
4.74% |
|
Prepaid Benefits - Foreign |
0.2 |
12.4 |
13.8 |
16.2 |
11.9 |
|
Intangible Assets - Foreign |
201.6 |
83.3 |
22.7 |
19.0 |
16.1 |
|
Other Assets, Net - Foreign |
0.1 |
0.1 |
0.2 |
0.3 |
0.6 |
|
Net Assets Recognized on Balance Sheet |
201.9 |
95.8 |
36.7 |
35.5 |
28.6 |
|
Equity % - Foreign |
0.00% |
17.00% |
67.00% |
3.00% |
65.00% |
|
Debt Securities % - Foreign |
3.00% |
25.00% |
9.00% |
46.00% |
29.00% |
|
Total Plan Obligations |
379.8 |
176.4 |
74.8 |
68.6 |
66.6 |
|
Total Plan Assets |
178.4 |
105.5 |
65.9 |
65.8 |
62.4 |
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period
Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-86.3 |
14.9 |
292.9 |
63.3 |
-428.6 |
|
Depreciation |
243.6 |
229.4 |
166.9 |
155.6 |
142.1 |
|
Depreciation/Depletion |
243.6 |
229.4 |
166.9 |
155.6 |
142.1 |
|
Deferred Taxes |
-3.1 |
-4.2 |
2.6 |
0.7 |
-6.8 |
|
Unusual Items |
150.8 |
52.6 |
13.8 |
5.5 |
547.9 |
|
Purchased R&D |
- |
- |
0.0 |
- |
27.1 |
|
Other Non-Cash Items |
96.3 |
187.6 |
96.9 |
113.3 |
101.0 |
|
Non-Cash Items |
247.1 |
240.2 |
110.7 |
118.8 |
676.0 |
|
Accounts Receivable |
95.4 |
89.1 |
-22.9 |
-71.5 |
74.9 |
|
Inventories |
-7.1 |
102.1 |
-84.0 |
44.8 |
40.0 |
|
Other Assets |
-9.9 |
-15.2 |
-17.1 |
-18.5 |
48.3 |
|
Accounts Payable |
-161.3 |
-109.7 |
26.8 |
9.8 |
-69.0 |
|
Accrued Expenses |
8.5 |
-37.5 |
22.9 |
-6.7 |
-58.3 |
|
Taxes Payable |
-2.6 |
2.4 |
0.0 |
0.6 |
0.1 |
|
Other Liabilities |
-48.3 |
34.0 |
53.0 |
-17.6 |
-24.9 |
|
Changes in Working Capital |
-125.3 |
65.2 |
-21.3 |
-59.1 |
11.1 |
|
Cash from Operating Activities |
276.0 |
545.5 |
551.8 |
279.3 |
393.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-256.3 |
-316.4 |
-188.9 |
-55.3 |
-95.0 |
|
Capital Expenditures |
-256.3 |
-316.4 |
-188.9 |
-55.3 |
-95.0 |
|
Acquisition of Business |
0.0 |
-17.9 |
-91.0 |
-16.7 |
183.1 |
|
Sale of Fixed Assets |
6.2 |
3.3 |
37.1 |
- |
39.2 |
|
Sale/Maturity of Investment |
377.6 |
- |
45.5 |
- |
0.0 |
|
Investment, Net |
- |
122.2 |
- |
52.4 |
- |
|
Purchase of Investments |
-273.8 |
-370.8 |
0.0 |
-97.9 |
0.0 |
|
Other Investing Cash Flow |
12.9 |
155.9 |
-138.4 |
-8.8 |
0.4 |
|
Other Investing Cash Flow Items, Total |
122.9 |
-107.3 |
-146.8 |
-71.0 |
222.7 |
|
Cash from Investing Activities |
-133.4 |
-423.7 |
-335.7 |
-126.3 |
127.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-9.6 |
- |
0.0 |
- |
-1.5 |
|
Financing Cash Flow Items |
-9.6 |
- |
0.0 |
- |
-1.5 |
|
Sale/Issuance
of Common |
8.3 |
8.1 |
7.0 |
5.5 |
5.1 |
|
Repurchase/Retirement
of Common |
-55.5 |
-19.3 |
-15.0 |
-8.6 |
-2.9 |
|
Common Stock, Net |
-47.2 |
-11.2 |
-8.0 |
-3.1 |
2.2 |
|
Options Exercised |
9.4 |
59.4 |
23.3 |
17.5 |
15.3 |
|
Issuance (Retirement) of Stock, Net |
-37.8 |
48.2 |
15.3 |
14.4 |
17.5 |
|
Long Term
Debt Issued |
23.6 |
69.0 |
152.0 |
79.5 |
77.1 |
|
Long Term
Debt Reduction |
-275.9 |
-214.4 |
-286.7 |
-180.1 |
-430.2 |
|
Long Term Debt, Net |
-252.3 |
-145.4 |
-134.7 |
-100.6 |
-353.1 |
|
Issuance (Retirement) of Debt, Net |
-252.3 |
-145.4 |
-134.7 |
-100.6 |
-353.1 |
|
Cash from Financing Activities |
-299.7 |
-97.2 |
-119.4 |
-86.2 |
-337.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-8.9 |
5.0 |
0.9 |
0.2 |
-0.3 |
|
Net Change in Cash |
-166.0 |
29.6 |
97.6 |
67.0 |
184.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
652.9 |
623.3 |
525.7 |
458.7 |
274.6 |
|
Net Cash - Ending Balance |
486.9 |
652.9 |
623.3 |
525.7 |
458.7 |
|
Cash Interest Paid |
30.4 |
31.8 |
23.6 |
26.7 |
34.6 |
|
Cash Taxes Paid |
17.6 |
20.4 |
10.6 |
8.5 |
3.4 |
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period
Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Revenues |
2,894.9 |
3,442.3 |
2,313.4 |
1,768.9 |
2,054.8 |
|
Total Revenue |
2,894.9 |
3,442.3 |
2,313.4 |
1,768.9 |
2,054.8 |
|
|
|
|
|
|
|
|
Cost of revenues |
1,943.0 |
2,433.5 |
1,357.4 |
1,148.2 |
1,309.3 |
|
Research and development |
367.5 |
362.5 |
248.0 |
198.8 |
233.9 |
|
Selling and marketing |
180.9 |
195.1 |
145.6 |
120.9 |
134.4 |
|
Amortization of
acquisition-related inta |
44.4 |
42.7 |
31.7 |
29.0 |
22.9 |
|
In-process Research and
Development |
- |
- |
0.0 |
0.0 |
27.1 |
|
General and Administrative |
160.6 |
192.4 |
129.9 |
104.5 |
122.4 |
|
Goodwill and intangible asset
impairment |
49.5 |
0.0 |
16.1 |
0.0 |
544.5 |
|
Restructuring, asset impairments
and oth |
165.3 |
102.7 |
10.5 |
24.9 |
26.2 |
|
Loss on debt repurchase or
exchange |
7.8 |
23.2 |
0.7 |
3.1 |
-3.8 |
|
Total Operating Expense |
2,919.0 |
3,352.1 |
1,939.9 |
1,629.4 |
2,416.9 |
|
|
|
|
|
|
|
|
Interest Expense |
-56.1 |
-68.9 |
-61.4 |
-64.6 |
-79.9 |
|
Interest Income |
1.5 |
1.1 |
0.5 |
0.8 |
6.9 |
|
Gain on SANYO Semiconductor
acquisition |
0.0 |
24.3 |
0.0 |
0.0 |
- |
|
Other |
5.8 |
-8.9 |
-6.9 |
-4.7 |
-2.9 |
|
Net Income Before Taxes |
-72.9 |
37.8 |
305.7 |
71.0 |
-438.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.4 |
22.9 |
12.8 |
7.7 |
-9.4 |
|
Net Income After Taxes |
-86.3 |
14.9 |
292.9 |
63.3 |
-428.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.3 |
-3.3 |
-2.4 |
-2.3 |
-0.3 |
|
Net Income Before Extra. Items |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
Net Income |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
452.6 |
446.7 |
431.0 |
420.8 |
379.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.20 |
0.03 |
0.67 |
0.14 |
-1.13 |
|
Basic EPS Including ExtraOrdinary Items |
-0.20 |
0.03 |
0.67 |
0.14 |
-1.13 |
|
Dilution Adjustment |
0.0 |
- |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-90.6 |
11.6 |
290.5 |
61.0 |
-428.9 |
|
Diluted Weighted Average Shares |
452.6 |
457.2 |
444.4 |
438.1 |
379.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.20 |
0.03 |
0.65 |
0.14 |
-1.13 |
|
Diluted EPS Including ExtraOrd Items |
-0.20 |
0.03 |
0.65 |
0.14 |
-1.13 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
149.7 |
130.7 |
326.1 |
95.1 |
148.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
91.3 |
55.4 |
13.7 |
10.3 |
186.5 |
|
Normalized Income After Taxes |
58.4 |
75.3 |
312.4 |
84.8 |
-37.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
54.1 |
72.0 |
310.0 |
82.5 |
-37.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.16 |
0.72 |
0.20 |
-0.10 |
|
Diluted Normalized EPS |
0.12 |
0.16 |
0.70 |
0.19 |
-0.10 |
|
Research and development |
367.5 |
362.5 |
248.0 |
198.8 |
233.9 |
|
Interest Expense |
56.1 |
68.9 |
61.4 |
64.6 |
79.9 |
|
Total Amortization of Intangible Assets |
44.4 |
- |
- |
- |
- |
|
Amort of Intangibles |
- |
42.7 |
31.7 |
29.0 |
22.9 |
|
Rental Expense |
24.0 |
27.7 |
22.2 |
20.3 |
18.7 |
|
Depreciation |
243.6 |
186.7 |
135.2 |
126.6 |
119.2 |
|
Current Tax - Domestic |
0.2 |
- |
- |
- |
- |
|
Current Tax - Federal |
- |
0.5 |
-0.3 |
-1.8 |
-13.7 |
|
Current Tax - Local |
-0.1 |
- |
- |
- |
- |
|
Current Tax - Local |
- |
0.3 |
0.4 |
0.2 |
0.3 |
|
Current Tax - Foreign |
16.4 |
- |
- |
- |
- |
|
Current Tax- Foreign |
- |
25.0 |
8.4 |
7.8 |
10.1 |
|
Current Tax - Total |
16.5 |
25.8 |
8.5 |
6.2 |
-3.3 |
|
Deferred Tax - Domestic |
0.0 |
- |
- |
- |
- |
|
Deferred Tax -Federal |
- |
0.0 |
-1.2 |
1.2 |
0.0 |
|
Deferred Tax -Local |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Tax - Foreign |
-3.1 |
- |
- |
- |
- |
|
Deferred Tax -Foreign |
- |
-2.9 |
5.5 |
0.3 |
-6.1 |
|
Deferred Tax - Total |
-3.1 |
-2.9 |
4.3 |
1.5 |
-6.1 |
|
Income Tax - Total |
13.4 |
22.9 |
12.8 |
7.7 |
-9.4 |
|
Actuarial Gains and Losses |
12.5 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
12.5 |
- |
- |
- |
- |
|
Service Cost - Foreign |
7.5 |
9.4 |
3.8 |
4.0 |
3.8 |
|
Interest Cost - Foreign |
5.3 |
5.2 |
3.1 |
3.6 |
2.9 |
|
Expected Return on Assets - Foreign |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
-2.6 |
|
Amort. of Prior Service Cost - Foreign |
0.1 |
2.6 |
1.1 |
-4.9 |
0.4 |
|
Cumulative effect of accounting - Foreig |
- |
2.0 |
0.0 |
0.0 |
- |
|
Curtailment Gain - Foreign |
-6.6 |
- |
- |
- |
- |
|
Other Losses/(Gains) - Foreign |
- |
-3.1 |
0.0 |
0.3 |
1.1 |
|
Foreign Pension Plan Expense |
2.8 |
12.1 |
5.2 |
0.4 |
5.6 |
|
401(k) Savings Plan |
8.3 |
8.7 |
7.9 |
6.5 |
7.1 |
|
Defined Contribution Plans - Foreign |
3.4 |
2.0 |
0.4 |
0.3 |
0.5 |
|
Total Pension Expense |
27.0 |
22.8 |
13.5 |
7.2 |
13.2 |
|
Discount Rate - Foreign |
2.44% |
3.50% |
4.65% |
5.61% |
5.26% |
|
Expected Rate of Return - Foreign |
3.21% |
4.07% |
4.75% |
5.16% |
5.21% |
|
Compensation Rate - Foreign |
3.05% |
4.66% |
3.87% |
4.06% |
4.74% |
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
486.9 |
652.9 |
623.3 |
525.7 |
458.7 |
|
Short-term investments |
144.8 |
248.6 |
0.0 |
45.5 |
- |
|
Receivables, net |
360.5 |
464.3 |
301.9 |
270.2 |
199.0 |
|
Provision for Doubtful Debts |
-2.7 |
-7.1 |
-7.3 |
-9.3 |
-10.2 |
|
Raw Materials |
73.2 |
58.8 |
49.0 |
35.4 |
32.6 |
|
Work In Progress |
310.9 |
430.8 |
210.9 |
151.6 |
171.1 |
|
Finished Goods |
197.6 |
147.8 |
100.9 |
82.9 |
131.8 |
|
Other Other current assets |
53.1 |
- |
- |
- |
- |
|
Other Current |
- |
121.6 |
63.6 |
51.5 |
55.5 |
|
Deferred income taxes |
10.5 |
10.0 |
15.7 |
15.1 |
12.0 |
|
Other Receivables, Net |
34.3 |
- |
- |
- |
- |
|
Prepaid Expenses |
24.3 |
- |
- |
- |
- |
|
Total Current Assets |
1,693.4 |
2,127.7 |
1,358.0 |
1,168.6 |
1,050.5 |
|
|
|
|
|
|
|
|
Restricted Cash |
- |
0.0 |
142.1 |
5.9 |
0.0 |
|
Land |
67.4 |
76.6 |
48.3 |
42.0 |
40.2 |
|
Buildings |
572.4 |
539.3 |
484.4 |
429.7 |
419.0 |
|
Machinery/Equipments |
1,979.4 |
1,943.0 |
1,631.1 |
1,420.2 |
1,415.8 |
|
Depreciation |
-1,515.9 |
-1,449.4 |
-1,299.5 |
-1,186.4 |
-1,104.2 |
|
Deferred income taxes |
31.2 |
34.2 |
0.0 |
- |
- |
|
Goodwill |
- |
- |
- |
175.4 |
160.2 |
|
Goodwill / Intangibles |
623.4 |
623.4 |
615.9 |
- |
- |
|
Accumulated amortization Goodwill |
-9.8 |
-9.8 |
-9.8 |
- |
- |
|
Accumulated Impairment Loss
Goodwill |
-429.0 |
-414.9 |
-414.9 |
- |
- |
|
Brand/Patent/Market/ArtisticIntangible,G |
43.7 |
- |
- |
- |
- |
|
Brand/Patent/Market/ArtisticIntangible |
14.0 |
- |
- |
- |
- |
|
Intellectual Property |
- |
13.9 |
13.9 |
13.9 |
13.9 |
|
Assembled Workforce |
- |
6.7 |
6.7 |
6.7 |
6.7 |
|
Customer relationships |
- |
280.3 |
250.5 |
244.8 |
241.3 |
|
Non compete agreements |
- |
- |
- |
0.5 |
0.5 |
|
Patents |
- |
43.7 |
16.7 |
16.7 |
16.7 |
|
Developed technology |
- |
145.6 |
113.0 |
89.4 |
87.1 |
|
Trademarks |
- |
14.0 |
11.0 |
11.0 |
11.0 |
|
In-process research and
development |
- |
3.1 |
18.3 |
2.0 |
- |
|
Backlog |
- |
0.8 |
- |
- |
- |
|
Acqired software |
- |
- |
- |
1.0 |
1.0 |
|
AccAmort Brand/Patent/Market/Art
Intang. |
-16.6 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art
Inta |
-5.2 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art
Intan |
-13.7 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art |
-1.1 |
- |
- |
- |
- |
|
Accumulated Intangible
Amortization |
- |
-163.2 |
-119.9 |
-87.3 |
-44.8 |
|
Impairment |
- |
-7.7 |
-7.2 |
- |
- |
|
Other Intangible assets, net |
235.9 |
- |
- |
- |
- |
|
derivatives |
3.2 |
- |
- |
- |
- |
|
Other Other Assets |
51.6 |
- |
- |
- |
- |
|
Other Assets |
- |
76.2 |
60.6 |
60.2 |
44.6 |
|
debt issuance cost |
4.1 |
- |
- |
- |
- |
|
Total Assets |
3,328.4 |
3,883.5 |
2,919.2 |
2,414.3 |
2,359.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
279.5 |
451.8 |
256.9 |
172.9 |
178.2 |
|
Accrued payroll |
102.9 |
- |
- |
- |
- |
|
Accrued pension liability |
7.4 |
- |
- |
- |
- |
|
Other Accrued expenses |
118.0 |
- |
- |
- |
- |
|
Accrued expenses |
- |
- |
- |
- |
138.4 |
|
Accrued payroll |
- |
125.2 |
73.1 |
55.9 |
- |
|
Sales related reserves |
- |
45.5 |
36.5 |
32.7 |
- |
|
Restructuring reserves |
- |
17.3 |
11.3 |
13.6 |
- |
|
Accrued pension liability |
- |
11.4 |
0.3 |
0.2 |
- |
|
Other |
- |
40.4 |
41.4 |
33.1 |
- |
|
Income taxes payable |
4.9 |
7.5 |
5.1 |
5.0 |
4.1 |
|
Accrued Interest |
0.6 |
0.7 |
0.8 |
0.9 |
1.3 |
|
Deferred income taxes, net of
allowances |
22.9 |
33.6 |
0.0 |
- |
- |
|
Deferred income on sales to
distributors |
134.5 |
172.0 |
149.5 |
98.8 |
114.1 |
|
Current portion of long-term debt |
353.6 |
370.1 |
136.0 |
205.9 |
107.9 |
|
Total Current Liabilities |
1,024.3 |
1,275.5 |
710.9 |
619.0 |
544.0 |
|
|
|
|
|
|
|
|
Long-term debt |
658.3 |
836.9 |
752.8 |
727.6 |
901.9 |
|
Total Long Term Debt |
658.3 |
836.9 |
752.8 |
727.6 |
901.9 |
|
|
|
|
|
|
|
|
Other long-term liabilities |
232.2 |
260.1 |
49.3 |
49.3 |
48.1 |
|
Deferred Taxes |
22.9 |
17.5 |
18.2 |
13.8 |
10.0 |
|
Non-controlling interest in
consolidated |
29.6 |
25.3 |
22.0 |
19.6 |
17.3 |
|
Total Liabilities |
1,967.3 |
2,415.3 |
1,553.2 |
1,429.3 |
1,521.3 |
|
|
|
|
|
|
|
|
Unrealized (gain) or loss on
available f |
0.4 |
- |
- |
- |
- |
|
Unrecognized prior service cost of
defin |
-0.1 |
- |
- |
- |
- |
|
Common stock ($0.01 par value,
750,000,0 |
5.1 |
5.0 |
4.9 |
4.7 |
4.6 |
|
Additional paid-in capital |
3,156.4 |
3,113.5 |
3,016.1 |
2,916.6 |
2,810.7 |
|
treasury stock, at cost;
61,153,654 and |
-466.4 |
-401.3 |
-382.0 |
-367.0 |
-358.1 |
|
Accum. Foreign Currency
Translation Adj |
-42.2 |
- |
- |
- |
- |
|
Foreign currency translation
adjustments |
- |
-46.5 |
-58.8 |
-64.6 |
- |
|
Pension Liabilities- Comp. Income |
0.8 |
- |
- |
- |
- |
|
Unrecognized prior service cost of
defin |
- |
-0.2 |
-0.1 |
-0.1 |
- |
|
Prior service cost from pension
legal pl |
- |
0.0 |
-0.2 |
-0.2 |
- |
|
Other Income |
- |
- |
- |
- |
-53.6 |
|
Accumulated deficit |
-1,292.9 |
-1,202.3 |
-1,213.9 |
-1,504.4 |
-1,565.4 |
|
Total Equity |
1,361.1 |
1,468.2 |
1,366.0 |
985.0 |
838.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,328.4 |
3,883.5 |
2,919.2 |
2,414.3 |
2,359.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
448.8 |
451.3 |
436.8 |
427.3 |
411.7 |
|
Total Common Shares Outstanding |
448.8 |
451.3 |
436.8 |
427.3 |
411.7 |
|
T/S-Ordinary Shares |
61.2 |
51.2 |
49.1 |
47.2 |
45.9 |
|
Deferred income on sales to distributors |
134.5 |
172.0 |
149.5 |
98.8 |
114.1 |
|
Accumulated amortization Goodwill |
9.8 |
- |
- |
- |
- |
|
Accumulated Impairment Loss Goodwill |
429.0 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortization |
- |
9.8 |
9.8 |
9.8 |
- |
|
Accumulated Impairment |
- |
414.9 |
414.9 |
- |
- |
|
AccAmort Brand/Patent/Market/Art Intang. |
16.6 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art Inta |
5.2 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art Intan |
13.7 |
- |
- |
- |
- |
|
AccAmort Brand/Patent/Market/Art |
1.1 |
- |
- |
- |
- |
|
Intangible Impairment |
- |
7.7 |
7.2 |
- |
- |
|
Accumulated Intangible Amortization |
- |
163.2 |
119.9 |
60.1 |
28.8 |
|
Full-Time Employees |
20,000 |
19,442 |
14,307 |
12,887 |
14,172 |
|
Number of Common Shareholders |
262 |
285 |
287 |
296 |
311 |
|
Long Term Debt Maturing Within 1 Year |
360.7 |
378.8 |
136.0 |
205.9 |
- |
|
Long Term Debt Maturing Within 2 Years |
93.1 |
329.4 |
220.1 |
36.2 |
- |
|
Long Term Debt Maturing Within 3 Years |
71.6 |
75.2 |
451.9 |
114.3 |
- |
|
Long Term Debt Maturing Within 4 Years |
364.4 |
63.4 |
30.5 |
567.5 |
- |
|
Long Term Debt Maturing Within 5 Years |
29.1 |
237.4 |
3.3 |
5.9 |
- |
|
Long Term Debt Maturing After 5 Years |
124.3 |
178.0 |
47.0 |
3.7 |
- |
|
Total Long Term Debt, Supplemental |
1,043.2 |
1,262.2 |
888.8 |
933.5 |
- |
|
Capital Lease Payments Due within 1 Year |
43.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
9.7 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
38.0 |
- |
- |
- |
- |
|
Capital Leases - Remaining Maturities |
1.8 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.9 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
2.3 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
95.8 |
- |
- |
- |
- |
|
Operating Lease Maturing Within 1 Year |
23.4 |
22.0 |
16.9 |
20.1 |
17.6 |
|
Operating Lease Maturing Within 2 Years |
19.1 |
17.1 |
14.2 |
15.9 |
12.9 |
|
Operating Lease Maturing Within 3 Years |
15.1 |
14.1 |
11.2 |
12.1 |
10.9 |
|
Operating Lease Maturing Within 4 Years |
13.3 |
11.7 |
9.3 |
8.6 |
9.3 |
|
Operating Lease Maturing Within 5 Years |
12.1 |
12.6 |
17.7 |
4.8 |
4.6 |
|
Operating Lease Maturing After 5 Years |
42.6 |
16.4 |
12.4 |
13.3 |
16.3 |
|
Total Operating Leases, Supplemental |
125.6 |
93.9 |
81.7 |
74.8 |
71.6 |
|
Projected Benefit Obligation - Foreign |
379.8 |
176.4 |
74.8 |
68.6 |
66.6 |
|
FV of Plan Assets - Foreign |
178.4 |
105.5 |
65.9 |
65.8 |
62.4 |
|
Funded Status - Foreign |
-201.4 |
-70.9 |
-8.9 |
-2.8 |
-4.2 |
|
Accumulated Benefit Obligation - Foreign |
281.2 |
134.7 |
56.3 |
50.2 |
49.9 |
|
Total Funded Status |
-201.4 |
-70.9 |
-8.9 |
-2.8 |
-4.2 |
|
Discount Rate - Foreign |
2.44% |
3.50% |
4.65% |
5.61% |
5.26% |
|
Compensation Rate - Foreign |
3.05% |
4.66% |
3.87% |
4.06% |
4.74% |
|
Noncurrent assets - Foreign |
0.2 |
12.4 |
13.8 |
16.2 |
11.9 |
|
Current Liabilities - Foreign |
7.4 |
11.4 |
0.2 |
0.3 |
0.3 |
|
Non-Current Liabilities - Foreign |
194.2 |
71.9 |
22.5 |
18.7 |
15.8 |
|
AOCI-Prior Service Cost - Foreign |
0.1 |
0.1 |
0.2 |
0.3 |
0.6 |
|
Net Assets Recognized on Balance Sheet |
201.9 |
95.8 |
36.7 |
35.5 |
28.6 |
|
Equity Securities % - Foreign |
0.00% |
17.00% |
67.00% |
3.00% |
65.00% |
|
Debt Securities % - Foreign |
3.00% |
25.00% |
9.00% |
46.00% |
29.00% |
|
Other Investments % - Foreign |
35.00% |
56.00% |
24.00% |
2.00% |
6.00% |
|
Cash |
62.00% |
2.00% |
0.00% |
49.00% |
0.00% |
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period
Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-86.3 |
14.9 |
292.9 |
63.3 |
-428.6 |
|
Depreciation |
243.6 |
229.4 |
166.9 |
155.6 |
142.1 |
|
Non-cash manufacturing expenses
associat |
-9.5 |
-8.7 |
-6.9 |
-3.9 |
-7.1 |
|
Provision for excess inventories |
51.9 |
- |
- |
- |
- |
|
Non-cash manufacturing expenses a |
0.0 |
80.4 |
0.0 |
- |
- |
|
Loss on debt repurchase or
exchange |
7.8 |
- |
- |
- |
- |
|
Non-cash goodwill and intangible
asset i |
49.5 |
- |
- |
- |
- |
|
Gain on acquisition of SANYO
Semiconduct |
- |
-24.3 |
0.0 |
- |
- |
|
Non cash portion of (gain) loss on
debt |
- |
23.2 |
0.7 |
3.1 |
-3.8 |
|
Amortization of debt issuance
costs |
2.1 |
2.3 |
2.5 |
3.1 |
4.0 |
|
SANYO Semiconductor inventory item |
- |
49.1 |
10.0 |
20.4 |
19.8 |
|
Non-cash asset impairment charges |
103.0 |
86.3 |
3.9 |
6.3 |
14.3 |
|
Non cash write off of in process
researc |
- |
- |
0.0 |
- |
27.1 |
|
Stock Compensation Expense |
20.5 |
33.5 |
52.5 |
54.2 |
33.2 |
|
Non-cash portion of insurance gain |
- |
-23.9 |
0.0 |
- |
- |
|
Recovery from insurance proceeds
on prop |
- |
-13.3 |
0.0 |
- |
- |
|
Non-cash goodwill and intangible
asset i |
- |
0.0 |
16.1 |
0.0 |
544.5 |
|
Non-cash interest on convertible notes |
23.4 |
34.9 |
33.7 |
34.9 |
41.6 |
|
Deferred income taxes |
-3.1 |
-4.2 |
2.6 |
0.7 |
-6.8 |
|
Other |
-1.6 |
0.7 |
-1.8 |
0.7 |
2.4 |
|
Proceeds from termination of
interest ra |
- |
- |
- |
- |
0.0 |
|
Receivables |
95.4 |
89.1 |
-22.9 |
-71.5 |
74.9 |
|
Inventories |
-7.1 |
102.1 |
-84.0 |
44.8 |
40.0 |
|
Other Assets |
-9.9 |
-15.2 |
-17.1 |
-18.5 |
48.3 |
|
Accounts Payable |
-161.3 |
-109.7 |
26.8 |
9.8 |
-69.0 |
|
Accrued Expenses |
8.6 |
-37.4 |
23.0 |
-6.3 |
-58.2 |
|
Income taxes payable |
-2.6 |
2.4 |
0.0 |
0.6 |
0.1 |
|
Accrued Interest |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
-0.1 |
|
Deferred income on sales to
distributors |
-37.5 |
22.5 |
50.7 |
-15.4 |
-11.3 |
|
Other Long Term Liabilities |
-10.8 |
11.5 |
2.3 |
-2.2 |
-13.6 |
|
Cash from Operating Activities |
276.0 |
545.5 |
551.8 |
279.3 |
393.8 |
|
|
|
|
|
|
|
|
Purchases of property, plant and
equipme |
-256.3 |
-316.4 |
-188.9 |
-55.3 |
-95.0 |
|
Deposits utilized for purchases of
prope |
1.4 |
- |
- |
- |
- |
|
Deposit for Capital Expenditure |
- |
0.5 |
-2.2 |
0.3 |
0.4 |
|
Purchase of Investment Securities
- Uncl |
-273.8 |
- |
- |
- |
- |
|
Purchase of held-to-maturity
securities |
- |
-370.8 |
0.0 |
-97.9 |
0.0 |
|
Proceeds from held-to-maturity
securitie |
377.6 |
- |
- |
- |
- |
|
Sale of Held to Maturity
Securities |
- |
- |
45.5 |
- |
0.0 |
|
Proceeds from sales of property,
plant a |
6.2 |
3.3 |
37.1 |
- |
39.2 |
|
Purchases of businesses net of cash
acq |
0.0 |
- |
- |
- |
- |
|
Purchase of a business |
- |
-17.9 |
-91.0 |
-16.7 |
183.1 |
|
Restricted cash |
- |
142.1 |
-136.2 |
-5.9 |
0.0 |
|
Purchase Available for Sale
Securities |
- |
122.2 |
- |
52.4 |
- |
|
Sale of Assets |
- |
- |
- |
-3.2 |
- |
|
Purchases of non marketable
securities |
- |
- |
- |
- |
0.0 |
|
Recovery from insurance on
property, pla |
11.5 |
13.3 |
- |
0.0 |
- |
|
Cash from Investing Activities |
-133.4 |
-423.7 |
-335.7 |
-126.3 |
127.7 |
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
23.6 |
69.0 |
152.0 |
79.5 |
77.1 |
|
Proceeds from issuance of common
stock u |
8.3 |
8.1 |
7.0 |
5.5 |
5.1 |
|
Proceeds from exercise of stock
options |
9.4 |
59.4 |
23.3 |
17.5 |
15.3 |
|
Minority Dividend |
- |
- |
0.0 |
- |
-1.5 |
|
Payment of capital lease
obligations |
-40.8 |
-39.0 |
-32.3 |
-29.5 |
-27.3 |
|
Repurchase of 2.625% convertible
senior |
- |
-56.2 |
0.0 |
0.0 |
- |
|
Payments made in connection with
repurch |
-2.6 |
-15.9 |
0.0 |
0.0 |
- |
|
Repurchase of common stock |
-55.5 |
-19.3 |
-15.0 |
-8.6 |
-2.9 |
|
Repayment of long-term debt |
-232.5 |
-103.3 |
-254.4 |
-150.6 |
-402.9 |
|
Debt Issuance Costs |
- |
- |
- |
- |
0.0 |
|
Payments of tax withholding for
restrict |
-9.6 |
- |
- |
- |
- |
|
Cash from Financing Activities |
-299.7 |
-97.2 |
-119.4 |
-86.2 |
-337.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-8.9 |
5.0 |
0.9 |
0.2 |
-0.3 |
|
Net Change in Cash |
-166.0 |
29.6 |
97.6 |
67.0 |
184.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
652.9 |
623.3 |
525.7 |
458.7 |
274.6 |
|
Net Cash - Ending Balance |
486.9 |
652.9 |
623.3 |
525.7 |
458.7 |
|
Cash Interest Paid |
30.4 |
31.8 |
23.6 |
26.7 |
34.6 |
|
Cash Taxes Paid |
17.6 |
20.4 |
10.6 |
8.5 |
3.4 |
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
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|
Traded: NASDAQ: ONNN |
Financials in: USD
(actual units) |
|
Industry: Semiconductors |
As of 27-Sep-2013 |
|
Sector: Technology |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) (?) |
- |
19.99 |
22.09 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs (?) |
304.30 |
36.86 |
42.91 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs (?) |
15.11 |
12.99 |
12.36 |
10.71 |
|
Beta (?) |
1.64 |
1.28 |
1.19 |
1.00 |
|
Price/Revenue (TTM) (?) |
1.19 |
3.44 |
4.07 |
2.57 |
|
Price/Book (MRQ) (?) |
2.28 |
3.87 |
4.73 |
3.67 |
|
Price to Tangible Book (MRQ) (?) |
3.24 |
4.36 |
6.85 |
5.21 |
|
Price to Cash Flow Per Share (TTM) (?) |
17.66 |
15.83 |
17.48 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) (?) |
52.32 |
26.54 |
23.00 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield (?) |
- |
2.44% |
1.65% |
2.26% |
|
Dividend Per Share - 5 Yr Avg (?) |
0.00 |
1.35 |
0.71 |
1.99 |
|
Dividend 5 Yr Growth (?) |
- |
21.22% |
7.13% |
0.08% |
|
Payout Ratio (TTM) (?) |
- |
18.90% |
10.38% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago (?) |
-7.59% |
32.22% |
28.50% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago (?) |
-12.68% |
40.54% |
18.25% |
17.69% |
|
Revenue 5 Yr Growth (?) |
13.07% |
11.04% |
16.94% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago (?) |
597.81% |
50.47% |
41.24% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago (?) |
-135.15% |
130.87% |
49.53% |
32.55% |
|
EPS 5 Yr Growth (?) |
- |
7.09% |
20.44% |
9.86% |
|
Capital Spending 5 Yr Growth (?) |
12.74% |
-26.65% |
9.78% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) (?) |
1.21 |
3.02 |
1.98 |
1.24 |
|
Current Ratio (MRQ) (?) |
1.85 |
3.90 |
2.38 |
1.79 |
|
LT Debt/Equity (MRQ) (?) |
0.48 |
0.19 |
0.31 |
0.64 |
|
Total Debt/Equity (MRQ) (?) |
0.64 |
0.21 |
0.36 |
0.73 |
|
Interest Coverage (TTM) (?) |
6.56 |
11.34 |
11.30 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) (?) |
32.11% |
54.52% |
55.32% |
45.21% |
|
Gross Margin - 5 Yr Avg (?) |
34.33% |
49.69% |
53.24% |
44.91% |
|
EBITD Margin (TTM) (?) |
14.79% |
27.82% |
25.78% |
24.43% |
|
EBITD Margin - 5 Yr Avg (?) |
17.40% |
18.02% |
21.39% |
22.84% |
|
Operating Margin (TTM) (?) |
-0.33% |
24.80% |
22.29% |
20.63% |
|
Operating Margin - 5 Yr Avg (?) |
1.74% |
13.57% |
17.62% |
18.28% |
|
Pretax Margin (TTM) (?) |
-1.80% |
24.89% |
22.54% |
17.95% |
|
Pretax Margin - 5 Yr Avg (?) |
-0.77% |
14.88% |
18.75% |
17.10% |
|
Net Profit Margin (TTM) (?) |
-1.87% |
19.30% |
17.35% |
13.65% |
|
Net Profit Margin - 5 Yr Avg (?) |
-1.15% |
10.91% |
12.72% |
12.10% |
|
Effective Tax Rate (TTM) (?) |
- |
21.71% |
23.73% |
28.45% |
|
Effective Tax rate - 5 Yr Avg (?) |
- |
23.58% |
24.82% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) (?) |
-1.47% |
15.21% |
12.89% |
8.54% |
|
Return on Assets - 5 Yr Avg (?) |
-1.02% |
8.48% |
10.70% |
8.40% |
|
Return on Investment (TTM) (?) |
-2.09% |
15.22% |
13.09% |
7.90% |
|
Return on Investment - 5 Yr Avg (?) |
-1.43% |
8.60% |
11.50% |
8.27% |
|
Return on Equity (TTM) (?) |
-3.75% |
21.72% |
25.23% |
19.72% |
|
Return on Equity - 5 Yr Avg (?) |
-2.93% |
11.50% |
21.05% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) (?) |
137,750.00 |
514,699.51 |
617,868.03 |
927,613.77 |
|
Net Income/Employee (TTM) (?) |
-2,575.00 |
106,063.20 |
132,630.14 |
116,121.92 |
|
Receivables Turnover (TTM) (?) |
6.50 |
10.12 |
8.08 |
13.25 |
|
Inventory Turnover (TTM) (?) |
3.07 |
5.67 |
19.61 |
14.53 |
|
Asset Turnover (TTM) (?) |
0.79 |
0.82 |
0.75 |
0.93 |
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
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Stock Snapshot
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Traded: NASDAQ: ONNN |
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Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
We have also removed both the short- and long-term ratings
from CreditWatch negative.
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment of the U.S.--our
assessment of the likelihood of official interference in the ability of
U.S.-based public- and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless,
we view the U.S. federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating, as broadly
unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months highlights what we see as
America's governance and policymaking becoming less stable, less effective, and
less predictable than what we previously believed. The statutory debt ceiling
and the threat of default have become political bargaining chips in the debate
over fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily difficult
to bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's takes
no position on the mix of spending and revenue measures that Congress and the
Administration might conclude is appropriate for putting the U.S.'s finances on
a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion
will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the framework
of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects
our view of the likelihood of the sovereign restricting other public and
private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SCs credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.