Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Zoetis Inc., adjusted current assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current assets	6,930)	6,611)	4,748)	4,399)	4,217)
Adjustments
Add: Allowance for doubtful accounts	17)	20)	21)	24)	25)
After Adjustment
Adjusted current assets	6,947)	6,631)	4,769)	4,423)	4,242)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Zoetis Inc., adjusted total assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	13,900)	13,609)	11,545)	10,777)	8,586)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	151)	145)
Add: Allowance for doubtful accounts	17)	20)	21)	24)	25)
Less: Noncurrent deferred tax assets²	100)	94)	88)	61)	80)
After Adjustment
Adjusted total assets	13,817)	13,535)	11,478)	10,891)	8,676)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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

² Noncurrent deferred tax assets. See details »

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Zoetis Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current liabilities	1,797)	2,170)	1,806)	1,223)	1,094)
Adjustments
Less: Current restructuring accruals	14)	6)	23)	27)	19)
After Adjustment
Adjusted current liabilities	1,783)	2,164)	1,783)	1,196)	1,075)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Zoetis Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	9,356)	9,836)	8,837)	8,592)	6,800)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	151)	145)
Less: Noncurrent deferred tax liabilities²	320)	378)	434)	474)	380)
Less: Restructuring accruals	25)	21)	45)	45)	41)
After Adjustment
Adjusted total liabilities	9,011)	9,437)	8,358)	8,224)	6,524)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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

² Noncurrent deferred tax liabilities. See details »

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Zoetis Inc., adjusted total Zoetis Inc. equity

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total Zoetis Inc. equity	4,543)	3,769)	2,708)	2,185)	1,770)
Adjustments
Less: Net deferred tax asset (liability)¹	(220)	(284)	(346)	(413)	(300)
Add: Allowance for doubtful accounts	17)	20)	21)	24)	25)
Add: Restructuring accruals	25)	21)	45)	45)	41)
Add: Equity attributable to noncontrolling interests	1)	4)	—)	—)	16)
After Adjustment
Adjusted total equity	4,806)	4,098)	3,120)	2,667)	2,152)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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

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Zoetis Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Short-term borrowings	—)	4)	—)	9)	—)
Current portion of long-term debt	—)	600)	500)	—)	—)
Long-term debt, net of discount and issuance costs, excluding current portion	6,592)	6,595)	5,947)	6,443)	4,953)
Total reported debt	6,592)	7,199)	6,447)	6,452)	4,953)
Total Zoetis Inc. equity	4,543)	3,769)	2,708)	2,185)	1,770)
Total reported capital	11,135)	10,968)	9,155)	8,637)	6,723)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	151)	145)
Add: Operating lease liabilities, current (in Other current liabilities)²	41)	40)	35)	—)	—)
Add: Operating lease liabilities, noncurrent³	151)	163)	164)	—)	—)
Adjusted total debt	6,784)	7,402)	6,646)	6,603)	5,098)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(220)	(284)	(346)	(413)	(300)
Add: Allowance for doubtful accounts	17)	20)	21)	24)	25)
Add: Restructuring accruals	25)	21)	45)	45)	41)
Add: Equity attributable to noncontrolling interests	1)	4)	—)	—)	16)
Adjusted total equity	4,806)	4,098)	3,120)	2,667)	2,152)
After Adjustment
Adjusted total capital	11,590)	11,500)	9,766)	9,270)	7,250)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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

² Operating lease liabilities, current (in Other current liabilities). See details »

³ Operating lease liabilities, noncurrent. See details »

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

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Zoetis Inc., adjusted net income attributable to Zoetis Inc.

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income attributable to Zoetis Inc.	2,037)	1,638)	1,500)	1,428)	864)
Adjustments
Add: Deferred income tax expense (benefit)¹	(80)	(62)	(80)	(113)	128)
Add: Increase (decrease) in allowance for doubtful accounts	(3)	(1)	(3)	(1)	(5)
Add: Increase (decrease) in restructuring accruals	4)	(24)	—)	4)	(49)
Add: Other comprehensive income (loss), net of tax	(34)	(4)	(97)	(124)	95)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	(3)	(2)	—)	(4)	—)
After Adjustment
Adjusted net income before allocation to noncontrolling interests	1,921)	1,545)	1,320)	1,190)	1,033)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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

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Zoetis Inc. (NYSE:ZTS)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income