ON SEMICONDUCTOR CORP
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
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Schedule II - Valuation and Qualifying Accounts
The table below details the activity of the valuation allowance against assets for the years ended December 31, 2024, 2023 and 2022 (in millions):
| Description · Balance at Beginning of Period · Charged (Credited) to Income · Charged to Other Accounts · Deductions/Write-offs · Balance at End of Period | |||||||
|---|---|---|---|---|---|---|---|
| Allowance for deferred tax assets | |||||||
| Year ended December 31, 2022 | $227.4 | $7.0 | $(16.7) | (1) | $(65.3) | (2) | $152.4 |
| Year ended December 31, 2023 | 152.4 | 0.4 | 0.2 | (1) | (2.7) | (2) | 150.3 |
| Year ended December 31, 2024 | 150.3 | 5.1 | 68.6 | (3) | (7.8) | (2) | 216.2 |
(1)Primarily represents the effects of cumulative translation adjustments.
(2)Primarily relates to the expiration of Japan net operating losses. See Note 16: ''Income Taxes'' in the notes to our audited consolidated financial statements included elsewhere in this Form 10-K.
(3)Primarily relates to the valuation allowance recorded against Korea Investment Tax Credits, accounted for under the deferral method. The benefit of the ITC was recognized as a reduction in the carrying value of the related assets. In addition to the ITC, this amount was partially offset by cumulative translation adjustments. See Note 16: ''Income Taxes'' in the notes to our audited consolidated financial statements included elsewhere in this form 10-K.
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