$ZTS
Zoetis Inc.

2015 Q3 Form 10-Q Financial Statement

#000155528016000488 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2015 Q3
Revenue $1.214B
YoY Change 0.33%
Cost Of Revenue $421.0M
YoY Change -3.0%
Gross Profit $793.0M
YoY Change 2.19%
Gross Profit Margin 65.32%
Selling, General & Admin $374.0M
YoY Change -5.08%
% of Gross Profit 47.16%
Research & Development $91.00M
YoY Change -2.15%
% of Gross Profit 11.48%
Depreciation & Amortization $46.00M
YoY Change -8.0%
% of Gross Profit 5.8%
Operating Expenses $465.0M
YoY Change -4.52%
Operating Profit $328.0M
YoY Change 13.49%
Interest Expense $29.00M
YoY Change 0.0%
% of Operating Profit 8.84%
Other Income/Expense, Net $2.000M
YoY Change -150.0%
Pretax Income $273.0M
YoY Change 14.71%
Income Tax $83.00M
% Of Pretax Income 30.4%
Net Earnings $189.0M
YoY Change 13.86%
Net Earnings / Revenue 15.57%
Basic Earnings Per Share $0.38
Diluted Earnings Per Share $0.38
COMMON SHARES
Basic Shares Outstanding 499.2M shares
Diluted Shares Outstanding 501.7M shares

Balance Sheet

Concept 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $592.0M
YoY Change -1.0%
Cash & Equivalents $592.0M
Short-Term Investments
Other Short-Term Assets $264.0M
YoY Change 29.41%
Inventory $1.403B
Prepaid Expenses
Receivables $1.038B
Other Receivables $0.00
Total Short-Term Assets $3.450B
YoY Change 2.89%
LONG-TERM ASSETS
Property, Plant & Equipment $1.293B
YoY Change -1.52%
Goodwill $1.163B
YoY Change 18.43%
Intangibles $679.0M
YoY Change -10.3%
Long-Term Investments
YoY Change
Other Assets $43.00M
YoY Change -35.82%
Total Long-Term Assets $3.236B
YoY Change 1.95%
TOTAL ASSETS
Total Short-Term Assets $3.450B
Total Long-Term Assets $3.236B
Total Assets $6.686B
YoY Change 2.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $306.0M
YoY Change 18.15%
Accrued Expenses $796.0M
YoY Change 296.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $400.0M
YoY Change 3900.0%
Total Short-Term Liabilities $1.658B
YoY Change 66.13%
LONG-TERM LIABILITIES
Long-Term Debt $3.226B
YoY Change -11.42%
Other Long-Term Liabilities $258.0M
YoY Change 46.59%
Total Long-Term Liabilities $3.484B
YoY Change -8.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.658B
Total Long-Term Liabilities $3.484B
Total Liabilities $5.432B
YoY Change 5.72%
SHAREHOLDERS EQUITY
Retained Earnings $943.0M
YoY Change 42.66%
Common Stock $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $150.0M
YoY Change
Treasury Stock Shares 3.240M shares
Shareholders Equity $1.229B
YoY Change
Total Liabilities & Shareholders Equity $6.686B
YoY Change 2.44%

Cashflow Statement

Concept 2015 Q3
OPERATING ACTIVITIES
Net Income $189.0M
YoY Change 13.86%
Depreciation, Depletion And Amortization $46.00M
YoY Change -8.0%
Cash From Operating Activities $204.0M
YoY Change 98.06%
INVESTING ACTIVITIES
Capital Expenditures -$52.00M
YoY Change 23.81%
Acquisitions
YoY Change
Other Investing Activities -$8.000M
YoY Change
Cash From Investing Activities -$60.00M
YoY Change 42.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -86.00M
YoY Change 126.32%
NET CHANGE
Cash From Operating Activities 204.0M
Cash From Investing Activities -60.00M
Cash From Financing Activities -86.00M
Net Change In Cash 58.00M
YoY Change 152.17%
FREE CASH FLOW
Cash From Operating Activities $204.0M
Capital Expenditures -$52.00M
Free Cash Flow $256.0M
YoY Change 76.55%

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us-gaap Income Taxes Paid Net
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53000000 USD
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us-gaap Interest Expense
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CY2016Q4 us-gaap Line Of Credit
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CY2016Q4 us-gaap Long Term Debt Current
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us-gaap Profit Loss
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P6Y6M
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CY2015Q4 us-gaap Taxes Payable Current
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CY2015Q3 us-gaap Treasury Stock Shares
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CY2015Q3 us-gaap Treasury Stock Shares
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2016Q4 us-gaap Treasury Stock Shares
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10000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2300000 shares
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2500000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q3 zts Amortization Of Intangible Assets Not Associated With Single Function
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zts Amortization Of Intangible Assets Not Associated With Single Function
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45000000 USD
CY2016Q4 zts Amortization Of Intangible Assets Not Associated With Single Function
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zts Amortization Of Intangible Assets Not Associated With Single Function
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64000000 USD
CY2016Q4 zts Charges Due To Operating Model Changes
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zts Charges Due To Operating Model Changes
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zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
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zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
ContributedCapitalAssociatedwithPensionToBeContributedbyRelatedParty
2000000 USD
CY2015Q3 zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
24000000 USD
zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
317000000 USD
CY2016Q4 zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
11000000 USD
zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
-23000000 USD
zts Excess Tax Benefits
ExcessTaxBenefits
7000000 USD
zts Investor Related Costs
InvestorRelatedCosts
3000000 USD
CY2015Q4 zts Liabilities Heldforsale Not Partof Disposal Group Current
LiabilitiesHeldforsaleNotPartofDisposalGroupCurrent
4000000 USD
CY2016Q4 zts Liabilities Heldforsale Not Partof Disposal Group Current
LiabilitiesHeldforsaleNotPartofDisposalGroupCurrent
0 USD
CY2016Q4 zts Line Of Credit Facility Covenant Compliance Minimum Interest Coverage Ratio
LineOfCreditFacilityCovenantComplianceMinimumInterestCoverageRatio
3.50
zts Non Cash Transfersto Related Party
NonCashTransferstoRelatedParty
2000000 USD
zts Non Cash Transfersto Related Party
NonCashTransferstoRelatedParty
2000000 USD
CY2016Q4 zts Number Of Core Animal Species Marketed
NumberOfCoreAnimalSpeciesMarketed
8 species
zts Number Of International Manufacturing Sites Sold
NumberOfInternationalManufacturingSitesSold
1 site
CY2016Q4 zts Number Of Major Product Categories
NumberOfMajorProductCategories
5 category
CY2015Q2 zts Number Of Major Product Categories
NumberOfMajorProductCategories
5000 product
CY2016Q1 zts Number Of Manufacturing Sites Sold
NumberOfManufacturingSitesSold
2 site
zts Number Of Us Manufacturing Sites Sold
NumberOfUSManufacturingSitesSold
3 site
zts Numberof International Sites Exited
NumberofInternationalSitesExited
1 site
zts Numberof Manufacturing Site To Be Exited
NumberofManufacturingSiteToBeExited
10 site
CY2016Q4 zts Numberof Regional Segments
NumberofRegionalSegments
2 region
CY2015Q3 zts Operational Efficiency Consulting Charges
OperationalEfficiencyConsultingCharges
8000000 USD
zts Operational Efficiency Consulting Charges
OperationalEfficiencyConsultingCharges
28000000 USD
CY2016Q4 zts Operational Efficiency Consulting Charges
OperationalEfficiencyConsultingCharges
4000000 USD
zts Operational Efficiency Consulting Charges
OperationalEfficiencyConsultingCharges
11000000 USD
zts Restructuring And Other Related Costs Net Of Payments
RestructuringAndOtherRelatedCostsNetOfPayments
207000000 USD
zts Restructuring And Other Related Costs Net Of Payments
RestructuringAndOtherRelatedCostsNetOfPayments
-15000000 USD
CY2015Q3 zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
13000000 USD
zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
280000000 USD
CY2016Q4 zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
4000000 USD
zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
-15000000 USD
zts Restructuring Reserve Utilization And Other
RestructuringReserveUtilizationAndOther
101000000 USD
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We follow a 13-week quarterly accounting cycle pursuant to which the first three quarters end on a Sunday and the fiscal year always ends on December 31 for our operations in the United States and on November 30 for subsidiaries operating outside the United States. As a result of this convention, the first quarter of fiscal 2016 had six additional days and the fourth quarter of fiscal 2016 will have five less days compared with the respective quarters of fiscal 2015. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. </font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Zoetis Inc. (including its subsidiaries, collectively, Zoetis, the company, we, us or our) is a global leader in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. We organize and operate our business in </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:9pt;"> geographic regions: the United States (U.S.) and International. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We directly market our products in approximately </font><font style="font-family:inherit;font-size:9pt;">45</font><font style="font-family:inherit;font-size:9pt;"> countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">100</font><font style="font-family:inherit;font-size:9pt;"> countries, including developed markets and emerging markets. We have a diversified business, marketing products across </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">eight</font><font style="font-family:inherit;font-size:9pt;"> core species: cattle, swine, poultry, sheep and fish (collectively, livestock) and dogs, cats and horses (collectively, companion animals); and within </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:9pt;"> major product categories: anti-infectives, vaccines, parasiticides, medicated feed additives and other pharmaceuticals.</font></div></div>

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