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Zoetis Inc. (NYSE:ZTS)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Zoetis Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Short-term borrowings 0.17 0.02 0.01 0.01 0.02 0.01 0.02 0.01 0.00 0.00 0.00 0.03 0.03 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Current portion of long-term debt 0.00 0.00 0.00 0.00 0.00 9.05 9.87 9.80 9.74 0.00 0.00 4.26 4.35 4.41 8.01 3.83 4.34 4.33 0.00 0.00 0.00
Accounts payable 2.82 2.88 2.75 3.37 3.08 2.71 2.73 3.12 2.90 3.14 2.82 2.62 2.51 3.36 2.60 2.56 2.30 2.61 2.52 2.64 2.16
Dividends payable 1.38 1.39 0.00 1.26 1.27 1.17 0.00 1.11 1.10 1.11 0.00 0.85 0.86 0.87 0.00 0.73 0.82 0.82 0.00 0.71 0.73
Accrued expenses 4.82 4.78 4.91 5.01 5.10 4.57 4.97 5.05 4.40 5.11 4.51 4.59 4.13 4.09 3.76 3.63 4.13 4.70 4.00 4.03 4.12
Accrued compensation and related items 1.90 2.67 2.01 1.80 1.69 2.01 1.88 1.72 2.01 2.82 2.29 1.70 1.76 2.17 1.56 1.30 1.84 2.39 1.93 1.62 1.84
Income taxes payable 1.60 0.77 1.02 0.63 2.01 1.05 0.61 0.49 1.02 0.27 0.66 0.31 0.82 0.34 1.06 1.30 1.07 0.31 0.46 0.28 0.60
Other current liabilities 0.62 0.71 0.69 0.78 0.76 0.65 0.98 0.84 0.71 0.48 0.45 0.50 0.51 0.68 0.49 0.50 0.43 0.48 0.43 0.50 0.51
Current liabilities 13.30% 13.22% 11.40% 12.87% 13.92% 21.22% 21.06% 22.16% 21.89% 12.93% 10.73% 14.86% 14.98% 15.95% 17.49% 13.86% 14.93% 15.64% 9.33% 9.79% 9.94%
Long-term debt, net of discount and issuance costs, excluding current portion 45.73 45.95 46.45 47.68 47.69 43.90 38.10 37.92 37.72 47.42 48.10 46.85 47.75 48.46 48.05 55.05 51.73 51.51 57.19 58.67 59.21
Noncurrent deferred tax liabilities 0.95 1.02 1.13 0.88 0.95 0.95 1.87 1.99 2.07 2.30 2.12 2.71 2.85 2.78 2.99 3.02 3.65 3.76 4.20 4.06 4.26
Noncurrent operating lease liabilities 1.28 1.32 1.35 1.37 1.31 1.25 1.36 1.17 1.14 1.09 1.17 1.04 1.15 1.20 1.22 1.19 1.38 1.42 1.50 1.54 1.23
Other taxes payable 1.93 1.90 1.86 2.02 1.90 1.73 1.76 1.82 1.83 1.85 1.89 1.86 1.91 1.91 1.92 1.96 2.26 2.23 2.26 2.28 2.40
Other noncurrent liabilities 1.59 1.66 1.84 1.58 1.57 1.45 1.75 1.69 1.74 1.72 1.83 1.74 1.70 1.98 2.06 2.07 2.18 1.98 1.76 1.71 1.66
Noncurrent liabilities 51.48% 51.84% 52.63% 53.52% 53.42% 49.28% 44.84% 44.58% 44.50% 54.38% 55.11% 54.20% 55.36% 56.33% 56.23% 63.29% 61.19% 60.90% 66.91% 68.27% 68.77%
Total liabilities 64.79% 65.06% 64.03% 66.39% 67.35% 70.50% 65.91% 66.74% 66.39% 67.31% 65.84% 69.07% 70.34% 72.28% 73.72% 77.14% 76.12% 76.54% 76.24% 78.05% 78.71%
Common stock, $0.01 par value 0.03 0.03 0.04 0.04 0.04 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.05
Treasury stock, at cost -41.32 -39.18 -38.06 -37.28 -34.95 -30.41 -30.27 -27.35 -23.93 -21.24 -20.13 -18.25 -17.48 -16.39 -16.28 -17.18 -19.54 -17.69 -16.64 -15.77 -14.64
Additional paid-in capital 7.85 7.93 7.91 7.99 7.84 7.29 7.85 7.69 7.55 7.68 7.71 7.42 7.47 7.83 7.58 7.88 8.82 9.04 9.15 9.28 9.26
Retained earnings 74.55 72.06 71.88 69.41 65.76 58.08 62.40 58.13 55.04 51.70 51.40 46.14 44.21 41.58 40.26 38.63 41.33 38.35 37.41 34.48 32.11
Accumulated other comprehensive loss -5.86 -5.87 -5.77 -6.51 -6.02 -5.47 -5.92 -5.24 -5.08 -5.50 -4.87 -4.43 -4.59 -5.36 -5.36 -6.55 -6.77 -6.29 -6.20 -6.09 -5.49
Total Zoetis Inc. equity 35.25% 34.98% 36.00% 33.64% 32.67% 29.51% 34.10% 33.26% 33.61% 32.68% 34.14% 30.92% 29.64% 27.69% 26.24% 22.82% 23.88% 23.46% 23.76% 21.95% 21.29%
Equity attributable to noncontrolling interests -0.04 -0.04 -0.03 -0.03 -0.02 -0.01 -0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.04 0.04 0.00 0.00 0.00 0.00 0.00
Total equity 35.21% 34.94% 35.97% 33.61% 32.65% 29.50% 34.09% 33.26% 33.61% 32.69% 34.16% 30.93% 29.66% 27.72% 26.28% 22.86% 23.88% 23.46% 23.76% 21.95% 21.29%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

An analysis of the common-size balance sheet reveals a strategic shift in the capital structure from 2019 to early 2024, characterized by a reduction in total liabilities and a corresponding increase in total equity. Total liabilities declined from 78.71% of total liabilities and equity in March 2019 to 64.79% by March 2024. Conversely, total equity expanded from 21.29% to 35.21% over the same period, indicating a strengthening of the solvency position and a decreased reliance on external borrowing.

Long-term Debt and Noncurrent Liabilities
Long-term debt, net of discount and issuance costs, represents the most significant component of the liability structure. A steady downward trend is observed, falling from 59.21% in March 2019 to 45.73% in March 2024. A notable contraction occurred between December 2021 (47.42%) and March 2022 (37.72%), suggesting a period of aggressive debt repayment or a significant increase in the asset base relative to debt. Noncurrent deferred tax liabilities also showed a marked decline, dropping from 4.26% in March 2019 to 0.95% in March 2024.
Current Liability Trends
Current liabilities exhibited greater volatility compared to noncurrent obligations. While starting at 9.94% in March 2019, they peaked at 22.16% in June 2022, largely driven by a spike in the current portion of long-term debt, which reached 9.80% during that period. By March 2024, current liabilities stabilized at 13.30%. Accounts payable and accrued expenses remained relatively stable as a percentage of the total structure, with accrued expenses generally fluctuating between 3.6% and 5.1%.
Equity Composition and Retained Earnings
The growth in total equity is primarily driven by a substantial increase in retained earnings, which rose from 32.11% in March 2019 to 74.55% in March 2024. This trajectory indicates strong cumulative profitability and a high rate of earnings retention. However, this growth was partially offset by a significant increase in treasury stock, which grew from -14.64% in March 2019 to -41.32% in March 2024, reflecting an aggressive share repurchase strategy.
Other Equity and Liability Factors
Accumulated other comprehensive loss remained a persistent negative factor, fluctuating between -4.43% and -6.77% throughout the analyzed period. Additional paid-in capital remained relatively constant, hovering around 7% to 9%. Noncontrolling interests remained negligible, moving from 0.04% to -0.04% by the end of the period, indicating they have no material impact on the overall capital structure.

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