In Amendment No. 3, the company said it exited part of its Foster City campus and another property in San Diego, California, in Q1 2024 (Q1 2024). It said it recorded right-of-use asset and leasehold improvement impairment charges of $32 million related to these exits.

1. 01

   In Amendment No. 3, the company said it exited part of its Foster City campus and another property in San Diego, California, in Q1 2024 (Q1 2024). It said it recorded right-of-use asset and leasehold improvement impairment charges of $32 million related to these exits.

2. 02

   The company said it recorded an additional right-of-use asset impairment of $14 million in Q4 2024 (Q4 2024) related to the other San Diego property. It said the charge was recognized in selling, general and administrative expense.

3. 03

   Illumina said it has no remaining assets related to the San Diego property. It said it continues to evaluate its options for the rest of the Foster City campus.

4. 04

   The company said the Q4 2024 additional impairment charge will be excluded from its non-GAAP financial metrics. It explained that the sole purpose of this 8-K/A is to disclose its determination on certain estimates related to a further reduction in its real estate footprint, in accordance with Item 2.05(d).

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Original filing

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