Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Zoetis Inc. (NYSE:ZTS)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Zoetis Inc., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 4,748  4,399  4,217  3,390  3,830 
Adjustments
Add: Allowance for doubtful accounts 21  24  25  30  34 
After Adjustment
Adjusted current assets 4,769  4,423  4,242  3,420  3,864 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).


Adjustments to Total Assets

Zoetis Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 11,545  10,777  8,586  7,649  7,913 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  151  145  132  129 
Add: Allowance for doubtful accounts 21  24  25  30  34 
Less: Noncurrent deferred tax assets2 88  61  80  96  82 
After Adjustment
Adjusted total assets 11,478  10,891  8,676  7,715  7,994 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax assets. See details »


Adjustments to Current Liabilities

Zoetis Inc., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current liabilities 1,806  1,223  1,094  1,117  1,781 
Adjustments
Less: Current restructuring accruals 23  27  19  61  162 
After Adjustment
Adjusted current liabilities 1,783  1,196  1,075  1,056  1,619 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).


Adjustments to Total Liabilities

Zoetis Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 8,837  8,592  6,800  6,150  6,822 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  151  145  132  129 
Less: Noncurrent deferred tax liabilities2 434  474  380  244  264 
Less: Restructuring accruals 45  45  41  90  222 
After Adjustment
Adjusted total liabilities 8,358  8,224  6,524  5,948  6,465 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Zoetis Inc., adjusted total Zoetis Inc. equity

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total Zoetis Inc. equity 2,708  2,185  1,770  1,487  1,068 
Adjustments
Less: Net deferred tax asset (liability)1 (346) (413) (300) (148) (182)
Add: Allowance for doubtful accounts 21  24  25  30  34 
Add: Restructuring accruals 45  45  41  90  222 
Add: Equity attributable to noncontrolling interests —  —  16  12  23 
After Adjustment
Adjusted total equity 3,120  2,667  2,152  1,767  1,529 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

Zoetis Inc., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Short-term borrowings —  —  — 
Current portion of long-term debt 500  —  —  —  400 
Long-term debt, net of discount and issuance costs, excluding current portion 5,947  6,443  4,953  4,468  4,463 
Total reported debt 6,447  6,452  4,953  4,468  4,868 
Total Zoetis Inc. equity 2,708  2,185  1,770  1,487  1,068 
Total reported capital 9,155  8,637  6,723  5,955  5,936 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  151  145  132  129 
Add: Current operating lease liabilities (in Other current liabilities)2 35  —  —  —  — 
Add: Noncurrent operating lease liabilities3 164  —  —  —  — 
Adjusted total debt 6,646  6,603  5,098  4,600  4,997 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (346) (413) (300) (148) (182)
Add: Allowance for doubtful accounts 21  24  25  30  34 
Add: Restructuring accruals 45  45  41  90  222 
Add: Equity attributable to noncontrolling interests —  —  16  12  23 
Adjusted total equity 3,120  2,667  2,152  1,767  1,529 
After Adjustment
Adjusted total capital 9,766  9,270  7,250  6,367  6,526 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (in Other current liabilities). See details »

3 Noncurrent operating lease liabilities. See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Reported Income

Zoetis Inc., adjusted net income attributable to Zoetis

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net income attributable to Zoetis 1,500  1,428  864  821  339 
Adjustments
Add: Deferred income tax expense (benefit)1 (80) (113) 128  (54) (84)
Add: Increase (decrease) in allowance for doubtful accounts (3) (1) (5) (4)
Add: Increase (decrease) in restructuring accruals —  (49) (132) 203 
Add: Other comprehensive income (loss), net of tax (97) (124) 95  21  (262)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest —  (4) —  (3) (1)
After Adjustment
Adjusted net income before allocation to noncontrolling interests 1,320  1,190  1,033  649  197 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Deferred income tax expense (benefit). See details »