$ZTS
Zoetis Inc.

2018 Q1 Form 10-Q Financial Statement

#000155528018000171 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2
Revenue $1.366B $1.231B
YoY Change 5.94%
Cost Of Revenue $447.0M $443.0M
YoY Change 13.88%
Gross Profit $919.0M $788.0M
YoY Change 1.94%
Gross Profit Margin 67.28% 64.01%
Selling, General & Admin $338.0M $309.0M
YoY Change -1.9%
% of Gross Profit 36.78% 39.21%
Research & Development $97.00M $90.00M
YoY Change 0.0%
% of Gross Profit 10.55% 11.42%
Depreciation & Amortization $60.00M $62.00M
YoY Change 8.77%
% of Gross Profit 6.53% 7.87%
Operating Expenses $435.0M $399.0M
YoY Change -1.48%
Operating Profit $484.0M $389.0M
YoY Change 5.71%
Interest Expense $47.00M $41.00M
YoY Change -4.65%
% of Operating Profit 9.71% 10.54%
Other Income/Expense, Net $5.000M $10.00M
YoY Change -66.67%
Pretax Income $417.0M $337.0M
YoY Change 1.51%
Income Tax $67.00M $98.00M
% Of Pretax Income 16.07% 29.08%
Net Earnings $352.0M $238.0M
YoY Change 16.67%
Net Earnings / Revenue 25.77% 19.33%
Basic Earnings Per Share $0.72 $0.48
Diluted Earnings Per Share $0.72 $0.48
COMMON SHARES
Basic Shares Outstanding 485.9M shares 492.4M shares
Diluted Shares Outstanding 489.8M shares 495.3M shares

Balance Sheet

Concept 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.654B $629.0M
YoY Change -6.81%
Cash & Equivalents $1.654B $629.0M
Short-Term Investments
Other Short-Term Assets $229.0M $265.0M
YoY Change 12.29%
Inventory $1.441B $1.535B
Prepaid Expenses
Receivables $943.0M $954.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.267B $3.383B
YoY Change 2.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.453B $1.368B
YoY Change 3.87%
Goodwill $1.532B $1.497B
YoY Change 2.6%
Intangibles $1.280B $1.232B
YoY Change 1.82%
Long-Term Investments
YoY Change
Other Assets $78.00M $72.00M
YoY Change 50.0%
Total Long-Term Assets $4.423B $4.266B
YoY Change 2.89%
TOTAL ASSETS
Total Short-Term Assets $4.267B $3.383B
Total Long-Term Assets $4.423B $4.266B
Total Assets $8.690B $7.649B
YoY Change 2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $217.0M $231.0M
YoY Change 10.0%
Accrued Expenses $601.0M $566.0M
YoY Change -21.17%
Deferred Revenue $2.000M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $750.0M
YoY Change
Total Short-Term Liabilities $1.000B $1.730B
YoY Change 48.75%
LONG-TERM LIABILITIES
Long-Term Debt $4.954B $3.718B
YoY Change -16.71%
Other Long-Term Liabilities $211.0M $215.0M
YoY Change -12.6%
Total Long-Term Liabilities $5.165B $3.933B
YoY Change -16.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.000B $1.730B
Total Long-Term Liabilities $5.165B $3.933B
Total Liabilities $6.715B $6.014B
YoY Change -4.02%
SHAREHOLDERS EQUITY
Retained Earnings $2.399B $1.651B
YoY Change 62.5%
Common Stock $5.000M $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.005B $510.0M
YoY Change 108.16%
Treasury Stock Shares 17.17M shares 10.56M shares
Shareholders Equity $1.960B $1.609B
YoY Change
Total Liabilities & Shareholders Equity $8.690B $7.649B
YoY Change 2.63%

Cashflow Statement

Concept 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $352.0M $238.0M
YoY Change 16.67%
Depreciation, Depletion And Amortization $60.00M $62.00M
YoY Change 8.77%
Cash From Operating Activities $389.0M $119.0M
YoY Change 133.33%
INVESTING ACTIVITIES
Capital Expenditures $53.00M $42.00M
YoY Change -6.67%
Acquisitions $0.00 $3.000M
YoY Change -75.0%
Other Investing Activities $0.00 $3.000M
YoY Change
Cash From Investing Activities -$45.00M -$48.00M
YoY Change -366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $190.0M $125.0M
YoY Change 64.47%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$262.0M -$176.0M
YoY Change -67.59%
NET CHANGE
Cash From Operating Activities $389.0M $119.0M
Cash From Investing Activities -$45.00M -$48.00M
Cash From Financing Activities -$262.0M -$176.0M
Net Change In Cash $82.00M -$105.0M
YoY Change -77.85%
FREE CASH FLOW
Cash From Operating Activities $389.0M $119.0M
Capital Expenditures $53.00M $42.00M
Free Cash Flow $336.0M $77.00M
YoY Change 1183.33%

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CY2018Q1 us-gaap Liabilities Current
LiabilitiesCurrent
1000000000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2018Q1 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
71000000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4953000000 USD
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4954000000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
16000000 USD
CY2018Q1 us-gaap Minority Interest
MinorityInterest
15000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-176000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-262000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-45000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
119000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
389000000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
238000000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
352000000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
10000000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5000000 USD
CY2018Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
45 country
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2017Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
432000000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
419000000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
228000000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
229000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75000000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
78000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
44000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
77000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
46000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
77000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
44000000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
29000000 USD
CY2017Q2 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
5000000 USD
CY2018Q1 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
12000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
201000000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
211000000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4000000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3000000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000000 USD
CY2017Q2 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
2000000 USD
CY2018Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
CY2017Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3000000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
125000000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
190000000 USD
CY2017Q2 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
52000000 USD
CY2018Q1 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
62000000 USD
CY2017Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3000000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42000000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2018Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2017Q2 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
6000000 USD
CY2018Q1 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
2000000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
239000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
350000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1435000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1453000000 USD
CY2017Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
90000000 USD
CY2018Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
97000000 USD
CY2017Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
6000000 USD
CY2018Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
6000000 USD
CY2018Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
2600
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
1000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
41000000 USD
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
35000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2109000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2399000000 USD
CY2017Q2 us-gaap Royalty Revenue
RoyaltyRevenue
7000000 USD
CY2018Q1 us-gaap Royalty Revenue
RoyaltyRevenue
7000000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1231000000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1366000000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
309000000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
338000000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0069
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2362
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0274
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
536070 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.29
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
73.26
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2017Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2018Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
810000000 USD
CY2017Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1770000000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1960000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1499000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1635000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1786000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1975000000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
60000000 USD
CY2018Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
92000000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
9040000 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
10560000 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
10562764 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
15760782 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
15760000 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
17166998 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
17170000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
852000000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1005000000 USD
CY2017Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
125000000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
190000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
164000000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
191000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
11000000 USD
CY2018Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;text-decoration:underline;">Accounting Policy</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Below are the significant accounting policies updated as of January 1, 2018 as a result of the adoption of the new revenue recognition guidance. For additional information, see </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Note 3. Accounting Standards</font><font style="font-family:inherit;font-size:9pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We recognize revenue from product sales when control of the goods has transferred to the customer, which is typically once the goods have shipped and the customer has assumed title.</font><font style="font-family:inherit;font-size:9pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:9pt;">Revenue reflects the total consideration to which we expect to be entitled (i.e. the transaction price), in exchange for products sold, after considering various types of variable consideration including rebates, sales allowances, product returns and discounts. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Variable consideration is estimated and recorded at the time that related revenue is recognized. Our estimates reflect the amount by which we expect variable consideration to impact revenue recognized and are generally based on contractual terms or historical experience, adjusted as necessary to reflect our expectations about the future. Our customer payment terms generally range from 60 to 90 days.</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;">Estimates of variable consideration utilize a complex series of judgments and assumptions to determine the amount by which we expect revenue to be reduced, for example;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">for sales returns, we perform calculations in each market that incorporate the following, as appropriate: local returns policies and practices; historic returns as a percentage of revenue; estimated shelf life by product; an estimate of the amount of time between shipment and return or lag time; and any other factors that could impact the estimate of future returns, product recalls, discontinuation of products or a changing competitive environment; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">for revenue incentives, we use our historical experience with similar incentives programs to estimate the impact of such programs on revenue for the current period. </font></div></td></tr></table><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;">Although the amounts recorded for these revenue deductions are dependent on estimates and assumptions, historically our adjustments to actual results have not been material. The sensitivity of our estimates can vary by program, type of customer and geographic location.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">A deferral of revenue may be required in the event that we have not satisfied all customer obligations for which we have been compensated. The transaction price is allocated to the individual performance obligations on the basis of relative stand-alone selling price, which is typically based on actual sales prices. Revenue associated with unsatisfied performance obligations are contract liabilities, is recorded within </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Other current liabilities</font><font style="font-family:inherit;font-size:9pt;">, and is recognized once control of the underlying products has transferred to the customer. Contract liabilities reflected within </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Other current liabilities</font><font style="font-family:inherit;font-size:9pt;"> as of the adoption date and subsequently recognized as revenue during the first quarter of 2018 were approximately </font><font style="font-family:inherit;font-size:9pt;">$2 million</font><font style="font-family:inherit;font-size:9pt;">. Contract liabilities as of March 31, 2018 were approximately </font><font style="font-family:inherit;font-size:9pt;">$4 million</font><font style="font-family:inherit;font-size:9pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We do not disclose the transaction price allocated to unsatisfied performance obligations related to contracts with an original expected duration of one year or less, or for contracts for which we recognize revenue in line with our right to invoice the customer. Estimated future revenue expected to be generated from long-term contracts with unsatisfied performance obligations as of March 31, 2018 are not material. </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;">Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Revenue.</font><font style="font-family:inherit;font-size:9pt;"> Shipping and handling costs incurred after control of the purchased product has transferred to the customer are accounted for as a fulfillment cost, within </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Selling, general and administrative expenses.</font></div></div>
CY2018Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
12000000 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2900000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3900000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
495300000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
489800000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
492400000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
485900000 shares
CY2017Q2 zts Amortization Of Intangible Assets Not Associated With Single Function
AmortizationOfIntangibleAssetsNotAssociatedWithSingleFunction
22000000 USD
CY2018Q1 zts Amortization Of Intangible Assets Not Associated With Single Function
AmortizationOfIntangibleAssetsNotAssociatedWithSingleFunction
23000000 USD
CY2017Q2 zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
ContributedCapitalAssociatedwithPensionToBeContributedbyRelatedParty
1000000 USD
CY2018Q1 zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
ContributedCapitalAssociatedwithPensionToBeContributedbyRelatedParty
1000000 USD
CY2017Q2 zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
2000000 USD
CY2018Q1 zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
2000000 USD
CY2018Q1 zts Decreasetotheonetimemandatorydeemedrepatriationtaxobligation
Decreasetotheonetimemandatorydeemedrepatriationtaxobligation
2000000 USD
CY2017Q4 zts Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Actof2017 Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActof2017Percent
0.21
CY2018Q1 zts Line Of Credit Facility Covenant Compliance Minimum Interest Coverage Ratio
LineOfCreditFacilityCovenantComplianceMinimumInterestCoverageRatio
3.50
CY2017Q2 zts Non Cash Transfersto Related Party
NonCashTransferstoRelatedParty
1000000 USD
CY2018Q1 zts Non Cash Transfersto Related Party
NonCashTransferstoRelatedParty
1000000 USD
CY2018Q1 zts Number Of Core Animal Species Marketed
NumberOfCoreAnimalSpeciesMarketed
8 species
CY2018Q1 zts Number Of Major Product Categories
NumberOfMajorProductCategories
300 product_category
CY2018Q1 zts Number Of Major Product Categories
NumberOfMajorProductCategories
5 category
CY2018Q1 zts Numberof Regional Segments
NumberofRegionalSegments
2 region
CY2017Q2 zts Restructuring And Other Related Costs Net Of Payments
RestructuringAndOtherRelatedCostsNetOfPayments
-1000000 USD
CY2018Q1 zts Restructuring And Other Related Costs Net Of Payments
RestructuringAndOtherRelatedCostsNetOfPayments
2000000 USD
CY2017Q2 zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
-1000000 USD
CY2018Q1 zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
2000000 USD
CY2018Q1 zts Restructuring Reserve Utilization And Other
RestructuringReserveUtilizationAndOther
7000000 USD
CY2017Q4 zts Tax Cuts And Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
212000000 USD
CY2017Q2 zts Thefairvalueofournoncontrollinginterestina Vie
ThefairvalueofournoncontrollinginterestinaVIE
13000000 USD
CY2018Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;text-decoration:underline;">Guarantees and Indemnifications </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;">In the ordinary course of business and in connection with the sale of assets and businesses, we indemnify our counterparties against certain liabilities that may arise in connection with the transaction or related to activities prior to the transaction. These indemnifications typically pertain to environmental, tax, employee and/or product-related matters and patent-infringement claims. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we would be required to reimburse the loss. These indemnifications are generally subject to threshold amounts, specified claim periods and other restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of </font><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:9pt;">, recorded amounts for the estimated fair value of these indemnifications were not significant.</font></div></div>
CY2018Q1 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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