Stock Analysis on Net

Illumina Inc. (NASDAQ:ILMN)

This company has been moved to the archive! The financial data has not been updated since November 5, 2021.

Balance Sheet: Liabilities and Stockholders’ Equity 

Illumina Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2020 Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016
Accounts payable 192 149 184 160 138
Contract liabilities, current portion 186 167 175 150 141
Accrued compensation expenses 153 154 193 177 112
Accrued taxes payable 68 86 82 50 32
Operating lease liabilities, current portion 51 45
Other, including warranties 83 64 63 55 58
Accrued liabilities 541 516 513 432 343
Build-to-suit lease liability 144 223
Long-term debt, current portion 511 1,107 10 1
Current liabilities 1,244 665 1,804 746 705
Operating lease liabilities, excluding current portion 671 695
Long-term debt, excluding current portion 673 1,141 890 1,182 1,048
Other long-term liabilities 303 202 359 360 214
Long-term liabilities 1,647 2,038 1,249 1,542 1,262
Total liabilities 2,891 2,703 3,053 2,288 1,966
Redeemable noncontrolling interests 61 220 44
Preferred stock, $0.01 par value; no shares issued and outstanding
Common stock, $0.01 par value 2 2 2 2 2
Additional paid-in capital 3,815 3,560 3,290 2,833 2,733
Accumulated other comprehensive income (loss) 2 5 (1) (1) (1)
Retained earnings 4,723 4,067 3,083 2,256 1,485
Treasury stock (3,848) (3,021) (2,616) (2,341) (2,022)
Total Illumina stockholders’ equity 4,694 4,613 3,758 2,749 2,197
Noncontrolling interests 87 73
Total stockholders’ equity 4,694 4,613 3,845 2,749 2,270
Total liabilities and stockholders’ equity 7,585 7,316 6,959 5,257 4,281

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).


Liabilities

Overall, total liabilities increased from 1,966 million US dollars in 2016 to 2,891 million US dollars in 2020, showing an upward trend with a peak at 3,053 million in 2018, followed by some fluctuation.

Current liabilities displayed volatility, rising sharply to 1,804 million in 2018 from 746 million in 2017, then falling to 665 million in 2019 before increasing again to 1,244 million in 2020. This variability indicates inconsistent short-term obligations over the period.

Accounts payable steadily increased from 138 million in 2016 to 192 million in 2020, reflecting a gradual growth in trade payables or supplier credit.

Contract liabilities, current portion, moved upward as well, from 141 million in 2016 to 186 million in 2020, with minor fluctuations suggesting steady increases in deferred revenues or similar obligations.

Accrued compensation expenses rose significantly from 112 million in 2016 to a peak of 193 million in 2018, then decreased slightly to 153 million by 2020, which may reflect changing employee compensation accruals.

Accrued taxes payable followed an increasing trend until 2019, peaking at 86 million, then declined to 68 million in 2020, indicating some variability in tax liabilities.

The company began reporting operating lease liabilities from 2019, with 45 million as current portion and 695 million as long-term portion, decreasing slightly to 51 million and 671 million respectively in 2020. This introduction aligns with accounting standard changes regarding lease obligations.

Accrued liabilities increased consistently, from 343 million in 2016 to 541 million in 2020, demonstrating rising obligations accrued but not yet paid.

Long-term debt, excluding the current portion, fluctuated; it was 1,048 million in 2016, rose to 1,182 million in 2017, declined to 890 million in 2018, increased to 1,141 million in 2019, then fell to 673 million by 2020, reflecting varying borrowing strategies or repayments.

Long-term debt, current portion, showed a remarkable jump to 1,107 million in 2018 from 10 million in 2017, dropping to zero in 2019, then rising to 511 million in 2020, indicating changes in the short-term portion of debt liabilities.

Other long-term liabilities tended to fluctuate, starting at 214 million in 2016, reaching 360 million in 2017, then generally declining to 202 million in 2019 before rising again to 303 million in 2020.

Equity

Stockholders’ equity increased steadily from 2,270 million in 2016 to 4,694 million in 2020, showing consistent growth in the company’s net asset base.

Common stock remained constant at 2 million throughout all years, while additional paid-in capital increased from 2,733 million to 3,815 million, reflecting ongoing capital contributions or equity issuance.

Retained earnings showed robust growth, rising significantly from 1,485 million in 2016 to 4,723 million in 2020, indicative of accumulated profits being retained within the company.

Treasury stock increased in absolute value from -2,022 million in 2016 to -3,848 million in 2020, signifying substantial buybacks or repurchases of own shares over the period.

Accumulated other comprehensive income remained marginally negative or slightly positive, with minor fluctuations, without material effect on overall equity.

Summary of Financial Position Trends

The company demonstrated growth in total assets and equity over the five-year period, with total liabilities increasing but at a slower rate than equity, suggesting strengthening financial leverage and solvency.

Significant volatility in current liabilities, particularly the spike in current long-term debt in 2018, should be further examined for implications on liquidity and working capital management.

The introduction of lease liabilities from 2019 onward aligns with accounting changes and added considerable long-term obligations.

Steady increases in retained earnings and paid-in capital, coupled with substantial treasury stock repurchases, reveal active capital management and efforts to return value to shareholders.

Overall, the data reflect a company with growing obligations balanced by increasing equity, maintaining a stable financial structure through the period analyzed.