$ZTS
Zoetis Inc.

2018 Q4 Form 10-Q Financial Statement

#000155528018000269 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $1.564B $1.480B $1.460B
YoY Change 7.12% 16.63% 14.33%
Cost Of Revenue $534.0M $473.0M $435.0M
YoY Change 22.76% 7.5% 6.1%
Gross Profit $1.030B $1.007B $1.025B
YoY Change 0.49% 21.47% 18.22%
Gross Profit Margin 65.86% 68.04% 70.21%
Selling, General & Admin $420.0M $367.0M $328.0M
YoY Change 28.05% 9.23% -4.93%
% of Gross Profit 40.78% 36.44% 32.0%
Research & Development $125.0M $108.0M $96.00M
YoY Change 30.21% 25.58% 6.67%
% of Gross Profit 12.14% 10.72% 9.37%
Depreciation & Amortization $101.0M $84.00M $58.00M
YoY Change 74.14% 42.37% -3.33%
% of Gross Profit 9.81% 8.34% 5.66%
Operating Expenses $587.0M $475.0M $424.0M
YoY Change 38.44% 12.56% -2.53%
Operating Profit $443.0M $532.0M $601.0M
YoY Change -26.29% 30.71% 39.12%
Interest Expense -$53.00M $54.00M $43.00M
YoY Change -223.26% 31.71% 4.88%
% of Operating Profit -11.96% 10.15% 7.15%
Other Income/Expense, Net $19.00M -$1.000M
YoY Change 850.0% -133.33%
Pretax Income $418.0M $418.0M $430.0M
YoY Change -2.79% 21.16% 86.15%
Income Tax $73.00M $71.00M $350.0M
% Of Pretax Income 17.46% 16.99% 81.4%
Net Earnings $345.0M $347.0M $81.00M
YoY Change 325.93% 40.49% -47.4%
Net Earnings / Revenue 22.06% 23.45% 5.55%
Basic Earnings Per Share $0.72 $0.72 $0.17
Diluted Earnings Per Share $0.71 $0.71 $0.16
COMMON SHARES
Basic Shares Outstanding 480.5M shares 482.0M shares 489.1M shares
Diluted Shares Outstanding 485.8M shares 492.4M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.701B $1.391B $1.981B
YoY Change -14.13% 97.3% 204.3%
Cash & Equivalents $1.602B $1.286B $1.564B
Short-Term Investments $99.00M $105.0M
Other Short-Term Assets $271.0M $315.0M $228.0M
YoY Change 18.86% -10.76% -8.06%
Inventory $1.391B $1.441B $1.427B
Prepaid Expenses
Receivables $1.036B $929.0M $998.0M
Other Receivables $41.00M $0.00 $62.00M
Total Short-Term Assets $4.399B $4.076B $4.217B
YoY Change 4.32% 13.73% 24.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.658B $1.556B $1.435B
YoY Change 15.54% 14.83% 3.91%
Goodwill $2.519B $2.537B $1.510B
YoY Change 66.82% 69.7% 1.96%
Intangibles $2.046B $2.120B $1.269B
YoY Change 61.23% 75.21% 3.34%
Long-Term Investments
YoY Change
Other Assets $94.00M $97.00M $75.00M
YoY Change 25.33% 49.23% 2.74%
Total Long-Term Assets $6.401B $6.383B $4.383B
YoY Change 46.04% 51.33% 2.91%
TOTAL ASSETS
Total Short-Term Assets $4.399B $4.076B $4.217B
Total Long-Term Assets $6.401B $6.383B $4.383B
Total Assets $10.80B $10.46B $8.600B
YoY Change 25.58% 34.06% 12.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $313.0M $238.0M $261.0M
YoY Change 19.92% 19.6% -1.51%
Accrued Expenses $487.0M $651.0M $432.0M
YoY Change 12.73% 14.41% -6.9%
Deferred Revenue $2.000M $2.000M
YoY Change
Short-Term Debt $9.000M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $1.223B $1.003B $1.094B
YoY Change 11.79% -43.78% -2.06%
LONG-TERM LIABILITIES
Long-Term Debt $6.443B $6.441B $4.953B
YoY Change 30.08% 73.19% 10.85%
Other Long-Term Liabilities $187.0M $201.0M $201.0M
YoY Change -6.97% -3.83% -18.95%
Total Long-Term Liabilities $6.630B $6.642B $5.154B
YoY Change 28.64% 69.09% 9.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.223B $1.003B $1.094B
Total Long-Term Liabilities $6.630B $6.642B $5.154B
Total Liabilities $8.592B $8.341B $6.800B
YoY Change 26.35% 37.73% 10.57%
SHAREHOLDERS EQUITY
Retained Earnings $3.270B $3.067B $2.109B
YoY Change 55.05% 66.41% 42.79%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.487B $1.345B $852.0M
YoY Change 74.53% 118.7% 102.38%
Treasury Stock Shares 22.30M shares 20.90M shares 15.80M shares
Shareholders Equity $2.185B $2.118B $1.770B
YoY Change
Total Liabilities & Shareholders Equity $10.78B $10.46B $8.586B
YoY Change 25.52% 34.06% 12.25%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $345.0M $347.0M $81.00M
YoY Change 325.93% 40.49% -47.4%
Depreciation, Depletion And Amortization $101.0M $84.00M $58.00M
YoY Change 74.14% 42.37% -3.33%
Cash From Operating Activities $584.0M $550.0M $439.0M
YoY Change 33.03% 205.56% 83.68%
INVESTING ACTIVITIES
Capital Expenditures -$138.0M -$74.00M -$130.0M
YoY Change 6.15% 45.1% 128.07%
Acquisitions
YoY Change
Other Investing Activities $64.00M -$1.990B $2.000M
YoY Change 3100.0% -18190.91% -102.99%
Cash From Investing Activities -$74.00M -$2.064B -$128.0M
YoY Change -42.19% 5060.0% 3.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -197.0M 1.263B 956.0M
YoY Change -120.61% -2073.44% -870.97%
NET CHANGE
Cash From Operating Activities 584.0M 550.0M 439.0M
Cash From Investing Activities -74.00M -2.064B -128.0M
Cash From Financing Activities -197.0M 1.263B 956.0M
Net Change In Cash 313.0M -251.0M 1.267B
YoY Change -75.3% -430.26% -14177.78%
FREE CASH FLOW
Cash From Operating Activities $584.0M $550.0M $439.0M
Capital Expenditures -$138.0M -$74.00M -$130.0M
Free Cash Flow $722.0M $624.0M $569.0M
YoY Change 26.89% 170.13% 92.23%

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CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.59
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
16000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-29000000 USD
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.170
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.152
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.054
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.046
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
236000000 USD
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
226000000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
761000000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
851000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1694000000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2641000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
933000000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1790000000 USD
CY2017Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-7000000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-17000000 USD
CY2018Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-9000000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-26000000 USD
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-2000000 USD
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
0 USD
CY2017Q4 us-gaap Goodwill
Goodwill
1510000000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
2537000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1031000000 USD
CY2017Q4 us-gaap Goodwill Gross
GoodwillGross
2046000000 USD
CY2018Q3 us-gaap Goodwill Gross
GoodwillGross
3073000000 USD
CY2017Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
536000000 USD
CY2018Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
536000000 USD
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-4000000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
413000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1095000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
418000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1272000000 USD
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
117000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
313000000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
71000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
193000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
366000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
290000000 USD
us-gaap Increase Decrease In Accounts Payable
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-56000000 USD
us-gaap Increase Decrease In Accounts Payable
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-39000000 USD
us-gaap Increase Decrease In Accounts Receivable
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58000000 USD
us-gaap Increase Decrease In Accounts Receivable
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-37000000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
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73000000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
94000000 USD
us-gaap Increase Decrease In Inventories
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35000000 USD
us-gaap Increase Decrease In Inventories
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-29000000 USD
us-gaap Increase Decrease In Other Operating Assets
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132000000 USD
us-gaap Increase Decrease In Other Operating Assets
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77000000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-107000000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-31000000 USD
CY2017Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
336000000 USD
CY2018Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
330000000 USD
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2030000000 USD
CY2018Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2971000000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1269000000 USD
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2120000000 USD
CY2017Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3000000 USD
CY2018Q3 us-gaap Interest Costs Capitalized
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2000000 USD
us-gaap Interest Costs Capitalized
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6000000 USD
CY2017Q4 us-gaap Interest Expense
InterestExpense
43000000 USD
us-gaap Interest Expense
InterestExpense
125000000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
54000000 USD
us-gaap Interest Expense
InterestExpense
147000000 USD
CY2017Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-8000000 USD
CY2018Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-6000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-20000000 USD
us-gaap Interest Paid Net
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138000000 USD
us-gaap Interest Paid Net
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166000000 USD
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
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788000000 USD
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
785000000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
1427000000 USD
CY2018Q3 us-gaap Inventory Net
InventoryNet
1441000000 USD
CY2017Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
155000000 USD
CY2018Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
164000000 USD
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
484000000 USD
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
492000000 USD
us-gaap Inventory Write Down
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46000000 USD
us-gaap Inventory Write Down
InventoryWriteDown
37000000 USD
CY2017Q4 us-gaap Liabilities
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6800000000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
8341000000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8586000000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10459000000 USD
CY2017Q4 us-gaap Liabilities Current
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1094000000 USD
CY2018Q3 us-gaap Liabilities Current
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1003000000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2018Q3 us-gaap Line Of Credit
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0 USD
CY2018Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
75000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
5400000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
600000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
500000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4953000000 USD
CY2018Q3 us-gaap Long Term Debt Noncurrent
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6441000000 USD
CY2017Q4 us-gaap Loss Contingency Loss In Period
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0 USD
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
4000000 USD
CY2018Q3 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0 USD
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0 USD
CY2017Q4 us-gaap Minority Interest
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16000000 USD
CY2018Q3 us-gaap Minority Interest
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0 USD
us-gaap Minority Interest Period Increase Decrease
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-26000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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716000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
730000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-216000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
738000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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1206000000 USD
CY2017Q4 us-gaap Net Income Loss
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298000000 USD
us-gaap Net Income Loss
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783000000 USD
CY2018Q3 us-gaap Net Income Loss
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347000000 USD
us-gaap Net Income Loss
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1083000000 USD
CY2017Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2017Q4 us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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11000000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
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19000000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
28000000 USD
CY2018Q3 us-gaap Number Of Countries In Which Entity Operates
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45 country
us-gaap Number Of Operating Segments
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2 segment
CY2017Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
432000000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Noncurrent
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425000000 USD
CY2017Q4 us-gaap Other Assets Current
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228000000 USD
CY2018Q3 us-gaap Other Assets Current
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315000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75000000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
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97000000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-10000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-11000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1000000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
98000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
154000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-75000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-113000000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
88000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
144000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-76000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-114000000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2018Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
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
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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201000000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
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201000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Noncash Income Expense
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17000000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
18000000 USD
us-gaap Payments For Previous Acquisition
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5000000 USD
us-gaap Payments For Previous Acquisition
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12000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
375000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
548000000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
155000000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
183000000 USD
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
82000000 USD
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
108000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1884000000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
26000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
141000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
200000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2018Q3 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
20000000 USD
us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
14000000 USD
CY2018Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
44000000 USD
us-gaap Proceeds From Issuance Of Debt
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1231000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1485000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8000000 USD
CY2017Q4 us-gaap Profit Loss
ProfitLoss
296000000 USD
us-gaap Profit Loss
ProfitLoss
782000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
347000000 USD
us-gaap Profit Loss
ProfitLoss
1079000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1435000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1556000000 USD
CY2017Q4 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
96000000 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
272000000 USD
CY2018Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
108000000 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
307000000 USD
CY2017Q4 us-gaap Restricted Cash Current
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6000000 USD
CY2018Q3 us-gaap Restricted Cash Current
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5000000 USD
us-gaap Restructuring Charges
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23000000 USD
CY2017Q4 us-gaap Restructuring Reserve
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41000000 USD
CY2018Q3 us-gaap Restructuring Reserve
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37000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2109000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3067000000 USD
CY2017Q4 us-gaap Revenues
Revenues
1347000000 USD
us-gaap Revenues
Revenues
3847000000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
73.32
CY2018Q3 us-gaap Revenues
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1480000000 USD
us-gaap Revenues
Revenues
4261000000 USD
CY2017Q4 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
7000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
19000000 USD
CY2018Q3 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
5000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
18000000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
328000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
973000000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
367000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1064000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
33000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
36000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0069
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2361
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0274
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
538820 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2017Q4 us-gaap Short Term Investments
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0 USD
CY2018Q3 us-gaap Short Term Investments
ShortTermInvestments
105000000 USD
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
451000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1770000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
2118000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1499000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2019000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1786000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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548000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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184000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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11000000 USD
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11000000 USD
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3300000 shares
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3800000 shares
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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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CY2017Q4 zts Adjustmentto Depreciationof Assets Classifiedas Heldfor Sale
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1000000 USD
zts Adjustmentto Depreciationof Assets Classifiedas Heldfor Sale
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1000000 USD
CY2017Q4 zts Amortization Of Intangible Assets Not Associated With Single Function
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68000000 USD
CY2018Q3 zts Amortization Of Intangible Assets Not Associated With Single Function
AmortizationOfIntangibleAssetsNotAssociatedWithSingleFunction
32000000 USD
zts Amortization Of Intangible Assets Not Associated With Single Function
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78000000 USD
zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
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zts Contributed Capital Associatedwith Pension To Be Contributedby Related Party
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2000000 USD
CY2017Q4 zts Cost Reduction Initiatives And Acquisition Costs
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7000000 USD
zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
11000000 USD
CY2018Q3 zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
2000000 USD
zts Cost Reduction Initiatives And Acquisition Costs
CostReductionInitiativesAndAcquisitionCosts
8000000 USD
CY2018Q3 zts Debt Securities Availableforsale Maturity Allocatedand Single Maturity Dateafter Five Years Fair Value
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0 USD
CY2018Q3 zts Decreasetotheonetimemandatorydeemedrepatriationtaxobligation
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23000000 USD
zts Decreasetotheonetimemandatorydeemedrepatriationtaxobligation
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58000000 USD
CY2017Q4 zts Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Actof2017 Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActof2017Percent
0.21
CY2018Q3 zts Line Of Credit Facility Covenant Compliance Minimum Interest Coverage Ratio
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3.50
zts Non Cash Transfersto Related Party
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2000000 USD
zts Non Cash Transfersto Related Party
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2000000 USD
CY2018Q3 zts Number Of Core Animal Species Marketed
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8 species
CY2018Q3 zts Number Of Major Product Categories
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300 product_category
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6 category
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0 USD
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RestructuringAndOtherRelatedCostsNetOfPayments
0 USD
CY2017Q4 zts Restructuring Charges And Acquisition Related Costs
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8000000 USD
zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
7000000 USD
CY2018Q3 zts Restructuring Charges And Acquisition Related Costs
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47000000 USD
zts Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
54000000 USD
zts Restructuring Reserve Utilization And Other
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27000000 USD
CY2017Q4 zts Tax Cuts And Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Benefit
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212000000 USD
zts Thefairvalueofournoncontrollinginterestina Vie
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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;">September&#160;30, 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>
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;">six</font><font style="font-family:inherit;font-size:9pt;"> major product categories: vaccines, anti-infectives, parasiticides, medicated feed additives, animal health diagnostics and other pharmaceuticals.</font></div></div>
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;">B.&#160;&#160;&#160;&#160;Revenue 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 45 to 75 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 nine months 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 </font><font style="font-family:inherit;font-size:9pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:9pt;"> were approximately </font><font style="font-family:inherit;font-size:9pt;">$7 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 </font><font style="font-family:inherit;font-size:9pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:9pt;"> is insignificant. </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>

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