$ZTS
Zoetis Inc.

2020 Q4 Form 10-Q Financial Statement

#000155528020000316 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $1.807B $1.786B $1.674B
YoY Change 7.95% 12.75% 7.03%
Cost Of Revenue $598.0M $546.0M $526.0M
YoY Change 13.69% 13.99% -1.5%
Gross Profit $1.209B $1.240B $1.148B
YoY Change 5.31% 12.22% 11.46%
Gross Profit Margin 66.91% 69.43% 68.58%
Selling, General & Admin $520.0M $424.0M $472.0M
YoY Change 10.17% 8.44% 12.38%
% of Gross Profit 43.01% 34.19% 41.11%
Research & Development $133.0M $112.0M $132.0M
YoY Change 0.76% 0.0% 5.6%
% of Gross Profit 11.0% 9.03% 11.5%
Depreciation & Amortization $109.0M $111.0M $109.0M
YoY Change 0.0% 3.74% 7.92%
% of Gross Profit 9.02% 8.95% 9.49%
Operating Expenses $697.0M $536.0M $643.0M
YoY Change 8.4% 6.56% 9.54%
Operating Profit $512.0M $704.0M $505.0M
YoY Change 1.39% 16.94% 14.0%
Interest Expense -$62.00M $62.00M -$50.00M
YoY Change 24.0% 10.71% -5.66%
% of Operating Profit -12.11% 8.81% -9.9%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $420.0M $597.0M $437.0M
YoY Change -3.89% 13.07% 4.55%
Income Tax $62.00M $118.0M $53.00M
% Of Pretax Income 14.76% 19.77% 12.13%
Net Earnings $359.0M $479.0M $384.0M
YoY Change -6.51% 10.62% 11.3%
Net Earnings / Revenue 19.87% 26.82% 22.94%
Basic Earnings Per Share $1.01 $0.81
Diluted Earnings Per Share $749.8K $1.00 $0.80
COMMON SHARES
Basic Shares Outstanding 475.3M shares 475.5M shares 476.3M shares
Diluted Shares Outstanding 478.5M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.602B $3.651B $1.932B
YoY Change 86.44% 100.27% 13.58%
Cash & Equivalents $3.604B $3.654B $1.934B
Short-Term Investments $0.00
Other Short-Term Assets $366.0M $465.0M $318.0M
YoY Change 15.09% 44.41% 17.34%
Inventory $1.628B $1.626B $1.410B
Prepaid Expenses
Receivables $1.013B $1.012B $1.086B
Other Receivables $48.00M $0.00 $37.00M
Total Short-Term Assets $6.611B $6.757B $4.748B
YoY Change 39.24% 46.32% 7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $2.202B $2.099B $1.940B
YoY Change 13.51% 15.77% 17.01%
Goodwill $2.694B $2.690B $2.592B
YoY Change 3.94% 5.49% 2.9%
Intangibles $1.710B $1.794B $1.890B
YoY Change -9.52% -7.29% -7.62%
Long-Term Investments
YoY Change
Other Assets $106.0M $94.00M $98.00M
YoY Change 8.16% 3.3% 4.26%
Total Long-Term Assets $6.989B $6.968B $6.752B
YoY Change 3.51% 4.72% 5.48%
TOTAL ASSETS
Total Short-Term Assets $6.611B $6.757B $4.748B
Total Long-Term Assets $6.989B $6.968B $6.752B
Total Assets $13.60B $13.73B $11.50B
YoY Change 18.26% 21.76% 6.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $457.0M $357.0M $301.0M
YoY Change 51.83% 25.7% -3.83%
Accrued Expenses $556.0M $730.0M $543.0M
YoY Change 2.39% 3.99% 11.5%
Deferred Revenue $4.000M $6.000M $11.00M
YoY Change -63.64% -25.0% 450.0%
Short-Term Debt $4.000M $1.000M $0.00
YoY Change -100.0%
Long-Term Debt Due $600.0M $1.100B $500.0M
YoY Change 20.0%
Total Short-Term Liabilities $2.170B $2.400B $1.806B
YoY Change 20.16% 128.14% 47.67%
LONG-TERM LIABILITIES
Long-Term Debt $6.595B $6.595B $5.947B
YoY Change 10.9% 2.3% -7.7%
Other Long-Term Liabilities $270.0M $283.0M $229.0M
YoY Change 17.9% 42.93% 22.46%
Total Long-Term Liabilities $6.865B $6.878B $6.176B
YoY Change 11.16% 3.51% -6.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.170B $2.400B $1.806B
Total Long-Term Liabilities $6.865B $6.878B $6.176B
Total Liabilities $9.836B $10.12B $8.837B
YoY Change 11.3% 17.73% 2.85%
SHAREHOLDERS EQUITY
Retained Earnings $5.659B $5.526B $4.427B
YoY Change 27.83% 31.04% 35.38%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.230B $2.234B $2.042B
YoY Change 9.21% 19.08% 37.32%
Treasury Stock Shares 26.60M shares 26.65M shares 26.40M shares
Shareholders Equity $3.769B $3.602B $2.708B
YoY Change
Total Liabilities & Shareholders Equity $13.61B $13.73B $11.55B
YoY Change 17.88% 21.76% 7.13%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $359.0M $479.0M $384.0M
YoY Change -6.51% 10.62% 11.3%
Depreciation, Depletion And Amortization $109.0M $111.0M $109.0M
YoY Change 0.0% 3.74% 7.92%
Cash From Operating Activities $718.0M $562.0M $582.0M
YoY Change 23.37% 11.07% -0.34%
INVESTING ACTIVITIES
Capital Expenditures -$152.0M -$117.0M -$166.0M
YoY Change -8.43% -8.59% 20.29%
Acquisitions
YoY Change
Other Investing Activities -$25.00M -$57.00M -$47.00M
YoY Change -46.81% -29.63% -173.44%
Cash From Investing Activities -$177.0M -$174.0M -$213.0M
YoY Change -16.9% -16.75% 187.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -597.0M -93.00M -250.0M
YoY Change 138.8% -59.91% 26.9%
NET CHANGE
Cash From Operating Activities 718.0M 562.0M 582.0M
Cash From Investing Activities -177.0M -174.0M -213.0M
Cash From Financing Activities -597.0M -93.00M -250.0M
Net Change In Cash -56.00M 295.0M 119.0M
YoY Change -147.06% 353.85% -61.98%
FREE CASH FLOW
Cash From Operating Activities $718.0M $562.0M $582.0M
Capital Expenditures -$152.0M -$117.0M -$166.0M
Free Cash Flow $870.0M $679.0M $748.0M
YoY Change 16.31% 7.1% 3.6%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1. Organization </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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, vaccines and diagnostic products with a focus on both livestock and companion animals. We organize and operate our business in two geographic regions: the United States (U.S.) and International. </span></div>We directly market our products in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than 100 countries, including developed markets and emerging markets. We have a diversified business, marketing products across eight core species: cattle, swine, poultry, fish and sheep (collectively, livestock) and dogs, cats and horses (collectively, companion animals); and within seven major product categories: vaccines, anti-infectives, parasiticides, dermatology, other pharmaceuticals, medicated feed additives and animal health diagnostics.
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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CY2019Q3 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2019Q4 us-gaap Line Of Credit
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CY2020Q3 us-gaap Line Of Credit
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CY2020Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2020Q3 us-gaap Other Short Term Borrowings
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CY2020Q3 us-gaap Commercial Paper
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CY2019Q4 us-gaap Long Term Debt Current
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CY2020Q3 us-gaap Hedged Liability Fair Value Hedge Cumulative Increase Decrease
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13000000 USD
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CY2020Q3 us-gaap Long Term Debt Noncurrent
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CY2019Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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500000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
600000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1350000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
5300000000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2020Q3 us-gaap Interest Expense
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62000000 USD
us-gaap Interest Expense
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173000000 USD
CY2019Q3 us-gaap Interest Expense
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56000000 USD
us-gaap Interest Expense
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167000000 USD
CY2020Q3 us-gaap Interest Costs Capitalized
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4000000 USD
us-gaap Interest Costs Capitalized
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12000000 USD
CY2019Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2020Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
25000000 USD
CY2020Q3 us-gaap Derivative Asset Fair Value Of Collateral
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16000000 USD
CY2019Q4 us-gaap Goodwill Gross
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3128000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1000000 USD
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
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511000000 USD
CY2020Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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223000000 USD
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InventoryFinishedGoodsNetOfReserves
701000000 USD
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InventoryWorkInProcessNetOfReserves
579000000 USD
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InventoryRawMaterialsAndSuppliesNetOfReserves
198000000 USD
CY2020Q3 us-gaap Inventory Net
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CY2019Q4 us-gaap Inventory Net
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1410000000 USD
CY2019Q4 us-gaap Goodwill
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us-gaap Goodwill Acquired During Period
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69000000 USD
us-gaap Goodwill Other Increase Decrease
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29000000 USD
CY2020Q3 us-gaap Goodwill
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2690000000 USD
CY2020Q3 us-gaap Goodwill Gross
GoodwillGross
3226000000 USD
CY2020Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
536000000 USD
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
536000000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
1321000000 USD
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FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
198000000 USD
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
198000000 USD
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
216000000 USD
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
216000000 USD
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IntangibleAssetsGrossExcludingGoodwill
3115000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1321000000 USD
CY2020Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1794000000 USD
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
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1000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1129000000 USD
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1890000000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
178000000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
60000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
176000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14000000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
51000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
292727 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
143.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0146
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0055
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2422
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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1400000000 USD
CY2020Q3 us-gaap Profit Loss
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479000000 USD
CY2019Q3 us-gaap Profit Loss
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433000000 USD
us-gaap Profit Loss
ProfitLoss
1278000000 USD
us-gaap Profit Loss
ProfitLoss
1116000000 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2019Q3 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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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
479000000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
433000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1279000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1116000000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475500000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
477800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
478700000 shares
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000.0 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000.0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3600000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
481500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
482300000 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.01
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.33
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.31
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
B. Guarantees and IndemnificationsIn 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 September 30, 2020, recorded amounts for the estimated fair value of these indemnifications were not significant.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
597000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
528000000 USD
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
111000000 USD
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
107000000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
20000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1576000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1364000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
332000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
303000000 USD
CY2019Q3 us-gaap Inventory Adjustments
InventoryAdjustments
68000000 USD

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