2019 Q4 Form 10-K Financial Statement

#000111080320000018 Filed on February 11, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $953.0M $867.0M $830.0M
YoY Change 9.92% 11.44% 25.38%
Cost Of Revenue $290.0M $277.0M $256.0M
YoY Change 4.69% 19.4% 12.28%
Gross Profit $662.0M $590.0M $597.0M
YoY Change 12.2% 8.86% 37.56%
Gross Profit Margin 69.46% 68.05% 71.93%
Selling, General & Admin $233.0M $217.0M $197.0M
YoY Change 7.37% 29.94% 22.36%
% of Gross Profit 35.2% 36.78% 33.0%
Research & Development $161.0M $176.0M $159.0M
YoY Change -8.52% 31.34% 22.31%
% of Gross Profit 24.32% 29.83% 26.63%
Depreciation & Amortization $45.00M $50.00M $45.00M
YoY Change -10.0% 21.95% 18.42%
% of Gross Profit 6.8% 8.47% 7.54%
Operating Expenses $394.0M $393.0M $356.0M
YoY Change 0.25% 30.56% 22.34%
Operating Profit $268.0M $197.0M $241.0M
YoY Change 36.04% 8.84% 68.53%
Interest Expense $1.000M -$7.000M $15.00M
YoY Change -114.29% -170.0% 87.5%
% of Operating Profit 0.37% -3.55% 6.22%
Other Income/Expense, Net $19.00M -$9.000M
YoY Change -416.67% 350.0%
Pretax Income $269.0M $209.0M $232.0M
YoY Change 28.71% 19.43% 64.54%
Income Tax $30.00M $12.00M $44.00M
% Of Pretax Income 11.15% 5.74% 18.97%
Net Earnings $239.0M $210.0M $199.0M
YoY Change 13.81% 208.82% 55.47%
Net Earnings / Revenue 25.08% 24.22% 23.98%
Basic Earnings Per Share $1.63 $1.43 $1.35
Diluted Earnings Per Share $1.61 $1.41 $1.33
COMMON SHARES
Basic Shares Outstanding 147.0M shares 147.0M shares 147.0M shares
Diluted Shares Outstanding 149.0M shares

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.414B $3.512B $2.512B
YoY Change -2.79% 72.07% 32.7%
Cash & Equivalents $2.042B $1.144B $1.346B
Short-Term Investments $1.372B $2.368B $1.168B
Other Short-Term Assets $105.0M $78.00M $68.00M
YoY Change 34.62% 44.44% -1.45%
Inventory $359.0M $386.0M $374.0M
Prepaid Expenses
Receivables $573.0M $514.0M $433.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.451B $4.490B $4.262B
YoY Change -0.87% 50.67% 61.26%
LONG-TERM ASSETS
Property, Plant & Equipment $889.0M $1.075B $1.060B
YoY Change -17.3% 15.47% 26.64%
Goodwill $824.0M $831.0M $831.0M
YoY Change -0.84% 7.78% 7.78%
Intangibles $145.0M $185.0M $195.0M
YoY Change -21.62% 5.71% -0.51%
Long-Term Investments $53.00M $29.00M
YoY Change 82.76% 107.14%
Other Assets $388.0M $308.0M $325.0M
YoY Change 25.97% -1.28% 5.52%
Total Long-Term Assets $2.865B $2.469B $2.497B
YoY Change 16.04% 8.43% 12.73%
TOTAL ASSETS
Total Short-Term Assets $4.451B $4.490B $4.262B
Total Long-Term Assets $2.865B $2.469B $2.497B
Total Assets $7.316B $6.959B $6.759B
YoY Change 5.13% 32.38% 39.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.0M $184.0M $156.0M
YoY Change -19.02% 15.0% -10.86%
Accrued Expenses $516.0M $513.0M $450.0M
YoY Change 0.58% 18.75% 19.05%
Deferred Revenue $167.0M $175.0M $154.0M
YoY Change -4.57% 16.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.107B $1.107B
YoY Change -100.0% 10970.0% 22040.0%
Total Short-Term Liabilities $665.0M $1.804B $1.735B
YoY Change -63.14% 141.82% 154.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.141B $890.0M $860.0M
YoY Change 28.2% -24.7% -26.43%
Other Long-Term Liabilities $202.0M $359.0M $352.0M
YoY Change -43.73% -0.28% 66.04%
Total Long-Term Liabilities $1.343B $1.249B $1.212B
YoY Change 7.53% -19.0% -12.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $665.0M $1.804B $1.735B
Total Long-Term Liabilities $1.343B $1.249B $1.212B
Total Liabilities $2.008B $3.053B $2.947B
YoY Change -34.23% 33.44% 42.85%
SHAREHOLDERS EQUITY
Retained Earnings $4.067B $3.083B $2.872B
YoY Change 31.92% 36.66% 41.83%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.021B $2.616B $2.462B
YoY Change 15.48% 11.75% 14.62%
Treasury Stock Shares 47.00M shares 45.00M shares
Shareholders Equity $4.613B $3.758B $3.503B
YoY Change
Total Liabilities & Shareholders Equity $7.316B $6.959B $6.759B
YoY Change 5.13% 32.38% 39.13%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $239.0M $210.0M $199.0M
YoY Change 13.81% 208.82% 55.47%
Depreciation, Depletion And Amortization $45.00M $50.00M $45.00M
YoY Change -10.0% 21.95% 18.42%
Cash From Operating Activities $443.0M $300.0M $295.0M
YoY Change 47.67% 27.66% 65.73%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$65.00M -$77.00M
YoY Change -12.31% -22.62% 11.59%
Acquisitions
YoY Change
Other Investing Activities -$47.00M -$283.0M -$460.0M
YoY Change -83.39% 2076.92% -542.31%
Cash From Investing Activities -$104.0M -$348.0M -$537.0M
YoY Change -70.11% 258.76% -1634.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.0M -154.0M 30.00M
YoY Change -25.32% 2980.0% 25.0%
NET CHANGE
Cash From Operating Activities 443.0M 300.0M 295.0M
Cash From Investing Activities -104.0M -348.0M -537.0M
Cash From Financing Activities -115.0M -154.0M 30.00M
Net Change In Cash 224.0M -202.0M -212.0M
YoY Change -210.89% -251.88% -189.45%
FREE CASH FLOW
Cash From Operating Activities $443.0M $300.0M $295.0M
Capital Expenditures -$57.00M -$65.00M -$77.00M
Free Cash Flow $500.0M $365.0M $372.0M
YoY Change 36.99% 14.42% 50.61%

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CY2018 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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678000000 USD
CY2019 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2018 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2017 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2019 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2018 us-gaap Comprehensive Income Net Of Tax
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CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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2270000000 USD
CY2017 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2017 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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136000000 USD
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CY2017 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018 us-gaap Stock Issued During Period Value New Issues
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CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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193000000 USD
CY2018 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2019 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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999000000 USD
CY2019 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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6000000 USD
CY2019 us-gaap Stock Issued During Period Value New Issues
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CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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194000000 USD
CY2019 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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CY2019 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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CY2019 us-gaap Profit Loss
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CY2019 us-gaap Depreciation
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CY2018 us-gaap Depreciation
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CY2017 us-gaap Depreciation
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CY2019 us-gaap Share Based Compensation
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CY2018 us-gaap Share Based Compensation
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CY2017 us-gaap Share Based Compensation
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CY2019 us-gaap Amortization Of Debt Discount Premium
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CY2017 us-gaap Amortization Of Debt Discount Premium
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CY2019 us-gaap Increase Decrease In Deferred Income Taxes
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CY2018 ilmn Payment Of Accreted Debt Discount
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0 USD
CY2017 ilmn Payment Of Accreted Debt Discount
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0 USD
CY2019 us-gaap Marketable Securities Unrealized Gain Loss
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53000000 USD
CY2018 us-gaap Marketable Securities Unrealized Gain Loss
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21000000 USD
CY2017 us-gaap Marketable Securities Unrealized Gain Loss
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CY2019 us-gaap Deconsolidation Gain Or Loss Amount
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54000000 USD
CY2018 us-gaap Deconsolidation Gain Or Loss Amount
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0 USD
CY2017 us-gaap Deconsolidation Gain Or Loss Amount
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453000000 USD
CY2019 us-gaap Derivative Gain Loss On Derivative Net
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CY2018 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
CY2017 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2017 us-gaap Asset Impairment Charges
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CY2019 us-gaap Other Noncash Income Expense
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CY2018 us-gaap Other Noncash Income Expense
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CY2017 us-gaap Other Noncash Income Expense
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CY2019 us-gaap Increase Decrease In Accounts Receivable
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58000000 USD
CY2018 us-gaap Increase Decrease In Accounts Receivable
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105000000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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CY2019 us-gaap Increase Decrease In Inventories
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-25000000 USD
CY2018 us-gaap Increase Decrease In Inventories
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53000000 USD
CY2017 us-gaap Increase Decrease In Inventories
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33000000 USD
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
14000000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-5000000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2019 ilmn Increase Decrease Of Operating Leases Net
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5000000 USD
CY2019 us-gaap Increase Decrease In Other Noncurrent Assets
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30000000 USD
CY2018 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2017 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2019 us-gaap Increase Decrease In Accounts Payable
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CY2018 us-gaap Increase Decrease In Accounts Payable
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CY2017 us-gaap Increase Decrease In Accounts Payable
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10000000 USD
CY2019 us-gaap Increase Decrease In Accrued Liabilities
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CY2018 us-gaap Increase Decrease In Accrued Liabilities
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CY2017 us-gaap Increase Decrease In Accrued Liabilities
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CY2019 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2018 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2017 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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1142000000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
875000000 USD
CY2019 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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1387000000 USD
CY2018 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
860000000 USD
CY2017 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
321000000 USD
CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
1010000000 USD
CY2018 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
2859000000 USD
CY2017 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
742000000 USD
CY2019 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
629000000 USD
CY2018 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
597000000 USD
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
322000000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
209000000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
296000000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
310000000 USD
CY2019 ilmn Payments For Proceeds From Strategic Investments
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20000000 USD
CY2018 ilmn Payments For Proceeds From Strategic Investments
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CY2017 ilmn Payments For Proceeds From Strategic Investments
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CY2019 us-gaap Payments For Derivative Instrument Investing Activities
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CY2018 us-gaap Payments For Derivative Instrument Investing Activities
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CY2017 us-gaap Payments For Derivative Instrument Investing Activities
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CY2019 us-gaap Payments To Minority Shareholders
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CY2018 us-gaap Payments To Minority Shareholders
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CY2017 us-gaap Payments To Minority Shareholders
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CY2019 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
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15000000 USD
CY2017 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
100000000 USD
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2017 us-gaap Payments To Acquire Intangible Assets
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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745000000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Repayments Of Debt And Capital Lease Obligations
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550000000 USD
CY2018 us-gaap Repayments Of Debt And Capital Lease Obligations
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017 us-gaap Repayments Of Debt And Capital Lease Obligations
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9000000 USD
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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735000000 USD
CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2018 us-gaap Payments For Repurchase Of Common Stock
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CY2017 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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59000000 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
46000000 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
71000000 USD
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
74000000 USD
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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68000000 USD
CY2019 us-gaap Proceeds From Minority Shareholders
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CY2018 us-gaap Proceeds From Minority Shareholders
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92000000 USD
CY2017 us-gaap Proceeds From Minority Shareholders
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79000000 USD
CY2017 us-gaap Payments Of Merger Related Costs Financing Activities
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3000000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-897000000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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594000000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-1000000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-4000000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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5000000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
898000000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-81000000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
490000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1144000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1225000000 USD
CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
735000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2042000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1144000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1225000000 USD
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
164000000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
99000000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
149000000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
84000000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
224000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3083000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3065000000 USD
CY2018Q4 ilmn Liabilitiesand Equity Related To Leases
LiabilitiesandEquityRelatedToLeases
5062000000 USD
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The preparation of the consolidated financial statements requires that management make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures of contingent assets and liabilities. Actual results could differ from those estimates. </span></div>
CY2019 us-gaap Fiscal Period
FiscalPeriod
Our fiscal year is the 52 or 53 weeks ending the Sunday closest to December 31, with quarters of 13 or 14 weeks ending the Sunday closest to March 31, June 30, September 30, and December 31.
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Customers</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities, and other factors could negatively impact our operating results. A portion of our customers consist of university and research institutions that management believes are, to some degree, directly or indirectly supported by the United States Government. A significant change in current research funding, particularly with respect to the U.S. National Institutes of Health, could have an adverse impact on future revenues and results of operations. </span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">International sales entail a variety of risks, including currency exchange fluctuations, longer payment cycles, and greater difficulty in accounts receivable collection. We are also subject to general geopolitical risks, such as political, social and economic instability, and changes in diplomatic and trade relations. The risks of international sales are mitigated in part by the extent to which sales are geographically distributed. Shipments to customers outside the United States comprised </span><span style="font-family:Arial;font-size:10pt;"><span>48%</span></span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;"><span>47%</span></span><span style="font-family:Arial;font-size:10pt;">, and </span><span style="font-family:Arial;font-size:10pt;"><span>45%</span></span><span style="font-family:Arial;font-size:10pt;"> of total revenue in 2019, 2018, and 2017, respectively. Customers outside the United States represented </span><span style="font-family:Arial;font-size:10pt;"><span>53%</span></span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;"><span>44%</span></span><span style="font-family:Arial;font-size:10pt;"> of our gross trade accounts receivable balance as of </span><span style="font-family:Arial;font-size:10pt;">December 29, 2019</span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;">December 30, 2018</span><span style="font-family:Arial;font-size:10pt;">, respectively. </span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We had no customers that provided more than 10% of total revenue in 2019, 2018, and 2017. We perform regular reviews of customer activity and associated credit risks and do not require collateral or enter into netting arrangements. Historically, we have not experienced significant credit losses from accounts receivable. </span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Financial Instruments</span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We are also subject to risks related to our financial instruments, including cash and cash equivalents, investments, and accounts receivable. Most of our cash and cash equivalents as of </span><span style="font-family:Arial;font-size:10pt;">December 29, 2019</span><span style="font-family:Arial;font-size:10pt;"> were deposited with U.S. financial institutions, either domestically or with their foreign branches. Our investment policy restricts the amount of credit exposure to any one issuer to </span><span style="font-family:Arial;font-size:10pt;"><span>5%</span></span><span style="font-family:Arial;font-size:10pt;"> of the portfolio or </span><span style="font-family:Arial;font-size:10pt;"><span>5%</span></span><span style="font-family:Arial;font-size:10pt;"> of the total issue size outstanding at the time of purchase and to any one industry sector, as defined by Clearwater Analytics (Industry Sector Report), to </span><span style="font-family:Arial;font-size:10pt;"><span>30%</span></span><span style="font-family:Arial;font-size:10pt;"> of the portfolio at the time of purchase. There is no limit to the percentage of the portfolio that may be maintained in debt securities, U.S. government-sponsored entities, U.S. Treasury securities, and money market funds. Historically, we have not experienced significant credit losses from financial instruments. </span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Suppliers</span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We require customized products and components that currently are available from a limited number of sources. We source certain key products and components included in our products from single vendors.</span></div>
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CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2019 us-gaap Number Of Reportable Segments
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CY2019 us-gaap Operating Income Loss
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CY2017Q4 us-gaap Assets
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Gross Profit
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CY2019Q3 us-gaap Gross Profit
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CY2019Q4 us-gaap Gross Profit
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CY2019Q3 us-gaap Profit Loss
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CY2019Q4 us-gaap Profit Loss
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CY2019Q1 us-gaap Earnings Per Share Basic
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CY2019Q4 us-gaap Earnings Per Share Basic
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CY2019Q1 us-gaap Earnings Per Share Diluted
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CY2019Q2 us-gaap Earnings Per Share Diluted
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1.99
CY2019Q3 us-gaap Earnings Per Share Diluted
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1.58
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
782000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
830000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
853000000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
867000000 USD
CY2018Q2 us-gaap Gross Profit
GrossProfit
538000000 USD
CY2018Q3 us-gaap Gross Profit
GrossProfit
575000000 USD
CY2018Q3 us-gaap Gross Profit
GrossProfit
597000000 USD
CY2018Q4 us-gaap Gross Profit
GrossProfit
590000000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
197000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
200000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
188000000 USD
CY2018Q4 us-gaap Profit Loss
ProfitLoss
198000000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
208000000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
209000000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
199000000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
210000000 USD
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.35
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.43
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.33
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41

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