Illumina Inc. (NASDAQ:ILMN)

The financial data reveals several significant trends in the composition of liabilities and stockholders’ equity over the analyzed periods.

Current liabilities

Current liabilities as a percentage of total liabilities and stockholders’ equity showed volatility, peaking notably around the 2018 period with values exceeding 20%, and subsequently declining to a low near 6% in late 2021. This suggests fluctuations in short-term obligations relative to total financing sources.

Accounts payable and accrued liabilities

Accounts payable decreased from above 6% in mid-2016 to a lower range between 1.6% and 2.5% in later years, indicating a reduction in immediate payables relative to the total financing mix. Accrued liabilities displayed a decreasing trend overall, from roughly 8.6% to below 5% by late 2021, with some periods of slight recovery. Both components suggest improved management or changes in the timing of obligations.

Convertible senior notes

The current portion of convertible senior notes emerged around 2016, then had significant spikes between 2018 and mid-2019, reaching over 16%, before declining to roughly 5-7% in 2020 and 2021. The non-current portion steadily decreased from nearly 27% in early 2016 to under 5% by late 2021, indicative of either debt repayments, conversions, or refinancing.

Long-term liabilities

Long-term liabilities showed a general decline from approximately 32% in 2016 to a lower range around 21-23% in 2020-2021, reflecting a reduction in long-term debt or other obligations over time. Fluctuations are visible but the overall trend is downward.

Build-to-suit lease liability and operating lease liabilities

Build-to-suit lease liability was present with moderate values mid-2016 to 2018 but disappeared from reports following that period. Operating lease liabilities, recorded later, started appearing in the data around early 2019 with levels around 9-10%, then declining to approximately 5.2% by late 2021, showing a reprioritization or reclassification of lease obligations.

Stockholders’ equity components

Total stockholders’ equity as a percentage of total liabilities and stockholders’ equity remained relatively stable between 50% and 62% during 2016-2020, spiking to over 70% in late 2021. Retained earnings increased steadily from about 29% in 2016 to above 62% in 2020, then dropped significantly to around 36% by late 2021, indicating either substantial distributions, losses, or changes in equity structure. Additional paid-in capital showed a gradual decline from nearly 69% to roughly 44-50% mid-period, followed by a rise to nearly 59% by late 2021.

Treasury stock

Treasury stock decreased as a negative component from approximately -46% in 2016 to around -24% late in 2021, suggesting repurchases were either reduced or shares were reissued in the later periods, reducing its negative impact on equity.

Summary of capital structure shifts

Overall, there was a notable shift from long-term debt (including convertible senior notes) toward equity financing over the examined quarters. Decreases in long-term liabilities and convertible notes paired with increases in total stockholders’ equity percentages suggest a strengthening equity base. The variability in retained earnings and treasury stock reflects active management of equity components, possibly linked to corporate actions or underlying financial performance.