Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Illumina Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Illumina Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-30), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
- Current Liabilities
- The current liabilities exhibit variability over the periods, starting at 481 million USD in early 2016 and peaking at 1,804 million USD by the end of 2018. Following this peak, there is a noticeable decrease to 612 million USD in mid-2019 before rising again to reach 1,268 million USD by mid-2021. This fluctuation suggests changes in short-term obligations or working capital management, with a significant increase in late 2018 that may reflect operational or financing activities.
- Accounts Payable and Accrued Liabilities
- Accounts payable show moderate fluctuation around the 130 to 250 million USD range, with an upward movement from 130 million USD in the first quarter of 2020 to 248 million USD by the third quarter of 2021. Accrued liabilities generally trend upwards throughout the period, rising from 327 million USD in early 2016 to 666 million USD by late 2021, with some volatility. This may indicate increasing accrued expenses correlating with the company's scale of operations or seasonality in expense recognition.
- Long-term Liabilities
- Long-term liabilities start at approximately 1,208 million USD in early 2016, increasing steadily over the years to reach 3,556 million USD by the third quarter of 2021. The two main components, convertible senior notes (both current and non-current portions) and other long-term liabilities, contribute to this increase. There is a notable decrease in convertible senior notes in the 2018 periods, which corresponds with a rise later, suggesting refinancing or new issuances. Additionally, the appearance and gradual increase of operating lease liabilities from 2018 onwards reflect recognition related to accounting standard changes affecting lease obligations.
- Total Liabilities
- Total liabilities grow consistently from 1,689 million USD in early 2016 to 4,470 million USD by late 2021, with fluctuations in between. The growth aligns with expanding long-term liabilities and the rise and fall of current liabilities. This increasing leverage could be linked to the company's expansion plans or restructuring of its capital.
- Stockholders’ Equity
- Stockholders’ equity also shows a general upward trajectory, from around 2,071 million USD in early 2016 to 10,593 million USD by the third quarter of 2021. This growth is primarily driven by increases in additional paid-in capital and retained earnings. The retained earnings steadily increase over time, evidencing consistent profitability or accumulation of earnings. Additional paid-in capital experiences a marked jump in the final period analyzed, rising significantly to 8,849 million USD, indicating a possible capital raise or accounting reclassification.
- Treasury Stock
- Treasury stock, recorded at cost, trends negatively, increasing in absolute terms from -1,743 million USD in early 2016 to -3,878 million USD by mid-2021, then slightly improving to -3,643 million USD by late 2021. This indicates ongoing repurchases of the company's own shares over time, which may be part of capital management or shareholder return strategies.
- Lease Liabilities
- Operating lease liabilities become visible starting in early 2019, with values around 718 million USD, gradually declining to about 664 million USD by the end of 2020, and then rising again to 784 million USD by the third quarter of 2021. The initial recognition and subsequent adjustments align with the implementation of new lease accounting standards, impacting the liabilities reported.
- Key Observations
- The data reflect a company experiencing growth in both liabilities and equity, with increasing use of long-term debt instruments, including convertible senior notes, and a significant rise in stockholders’ equity. The trends suggest active capital structure management, including share repurchases and possible capital infusions. The introduction and growth of lease liabilities point to changes in accounting policies rather than operational shifts alone. Short-term liabilities show volatility, potentially due to operational cycles or financing strategies, while the steady growth in retained earnings supports financial stability and profitability over the examined period.