Analysis of Debt

Illumina Inc., balance sheet: debt

US$ in millions

	Dec 31, 2020	Dec 29, 2019	Dec 30, 2018	Dec 31, 2017	Dec 31, 2016
Build-to-suit lease liability	—)	—)	—)	144)	223)
Long-term debt, current portion	511)	—)	1,107)	10)	1)
Long-term debt, excluding current portion	673)	1,141)	890)	1,182)	1,048)
Total debt (carrying amount)	1,184)	1,141)	1,997)	1,336)	1,272)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Illumina Inc. total debt decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.

	Dec 31, 2020
Selected Financial Data (US$ in millions)
Build-to-suit lease liability	—)
Convertible senior notes outstanding	1,595)
Obligations under financing leases	—)
Other	—)
Total debt (fair value)	1,595)
Financial Ratio
Debt, fair value to carrying amount ratio	1.35

Weighted-average estimated implied interest rate on Convertible Senior Notes: 3.62%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.70%	750)	28)
3.50%	517)	18)
Total	1,267)	46)
3.62%

¹ US$ in millions

² Weighted-average interest rate = 100 × 46 ÷ 1,267 = 3.62%

Illumina Inc. (NASDAQ:ILMN)