Common-Size Balance Sheet: Assets
Illumina Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets exhibited fluctuations over the five-year period. It increased from 17.16% in 2016 to a peak of 27.91% in 2019, followed by a decrease to 23.86% in 2020. This indicates a generally strong liquidity position with notable variation.
- Short-term investments
- Short-term investments as a percentage of total assets showed considerable volatility. They decreased slightly from 19.25% in 2016 to 17.5% in 2017, then surged significantly to 34.03% in 2018, before dropping back to 18.75% in 2019 and slightly increasing again to 21.91% in 2020. This pattern suggests active portfolio management or changes in investment strategy.
- Accounts receivable, net
- The accounts receivable ratio steadily declined from 8.91% in 2016 to 6.42% in 2020. This downward trend may reflect improving collections or sales terms that reduce outstanding receivables.
- Inventory
- Inventory as a portion of total assets consistently decreased from 7.01% in 2016 to 4.9% in 2020. This decline suggests greater inventory management efficiency or a shift in operating focus that requires less inventory investment.
- Prepaid expenses and other current assets
- There was a slight overall increase in prepaid expenses and other current assets, rising from 1.82% in 2016 to 2.0% in 2020, with some variation in between. The increase may indicate changes in operating prepayments or asset reclassification.
- Current assets
- Current assets as a percentage of total assets increased sharply from 54.15% in 2016 to a peak of 64.52% in 2018, before decreasing to 59.1% by 2020. This suggests a shift towards more liquid or short-term asset holdings during the middle years, followed by slight stabilization.
- Property and equipment, net
- This component showed a declining trend from 16.66% in 2016 to 12.16% in 2020, signifying possible asset disposals, depreciation outpacing additions, or a reduced need for physical capital investment.
- Operating lease right-of-use assets
- Data became available starting in 2019, with right-of-use assets accounting for 7.59% of total assets in 2019 and decreasing slightly to 7.01% in 2020. This reflects adoption of new lease accounting standards and ongoing recognition of leased assets.
- Goodwill
- Goodwill as a percentage of total assets declined from 18.13% in 2016 to 11.26% in 2019, before a slight increase to 11.83% in 2020. The initial decline could indicate impairment or amortization, while the 2020 increase might reflect acquisitions or revaluations.
- Intangible assets, net
- Intangible assets steadily decreased from 5.67% in 2016 to 1.87% in 2020, indicating amortization or impairment of these assets over time with limited replenishment.
- Deferred tax assets, net
- Deferred tax assets declined consistently from 2.88% in 2016 to 0.26% in 2020, suggesting recognition of less deferred tax benefits, possibly due to changes in tax positions or profitability.
- Other assets
- Other assets showed a general upward trend, increasing from 2.5% in 2016 to 7.77% in 2020. This increase may indicate a growing proportion of miscellaneous or less conventional asset types within the balance sheet.
- Long-term assets
- The share of long-term assets decreased from 45.85% in 2016 to 35.48% in 2018, then increased to 40.9% by 2020. This reflects fluctuations in investment and asset composition between long-term and current categories.
- Total assets
- As expected, total assets remain constant at 100% across all periods, serving as a normalization base for relative comparisons.