Name: Zoetis Inc. (NYSE:ZTS) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Zoetis Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	2,041)	3,581)	3,485)	3,604)	1,934)
Accounts receivable, less allowance for doubtful accounts	1,304)	1,215)	1,133)	1,013)	1,086)
Inventories	2,564)	2,345)	1,923)	1,628)	1,410)
Other current assets	434)	365)	389)	366)	318)
Current assets	6,343)	7,506)	6,930)	6,611)	4,748)
Property, plant and equipment, less accumulated depreciation	3,204)	2,753)	2,422)	2,202)	1,940)
Finance lease right of use assets	9)	—)	—)	—)	—)
Property, plant and equipment including finance lease right of use assets, less accumulated depreciation	3,213)	2,753)	2,422)	2,202)	1,940)
Operating lease right of use assets	230)	220)	181)	192)	189)
Goodwill	2,759)	2,746)	2,682)	2,694)	2,592)
Identifiable intangible assets, less accumulated amortization	1,338)	1,380)	1,474)	1,710)	1,890)
Noncurrent deferred tax assets	206)	173)	100)	94)	88)
Other noncurrent assets	197)	147)	111)	106)	98)
Noncurrent assets	7,943)	7,419)	6,970)	6,998)	6,797)
Total assets	14,286)	14,925)	13,900)	13,609)	11,545)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Total assets experienced a period of expansion from 2019 to 2022, rising from US$ 11,545 million to US$ 14,925 million, before contracting to US$ 14,286 million in 2023. This trajectory reflects a shift in the composition of assets, specifically a transition from high liquidity positions toward increased investment in operational infrastructure and inventory.

Current Asset Dynamics: Current assets grew from US$ 4,748 million in 2019 to a peak of US$ 7,506 million in 2022, followed by a contraction to US$ 6,343 million in 2023. This movement was primarily driven by cash and cash equivalents, which increased from US$ 1,934 million in 2019 to US$ 3,581 million in 2022, before declining sharply to US$ 2,041 million by the end of 2023.; A consistent upward trend is observed in inventories, which increased annually from US$ 1,410 million in 2019 to US$ 2,564 million in 2023. Accounts receivable also showed a general increase, rising from US$ 1,086 million in 2019 to US$ 1,304 million in 2023, suggesting growth in credit sales or extended collection cycles.
Noncurrent Asset Trends: Noncurrent assets grew steadily from US$ 6,797 million in 2019 to US$ 7,943 million in 2023. The primary driver of this increase is Property, Plant and Equipment (PP&E), which rose every year from US$ 1,940 million to US$ 3,213 million, indicating sustained capital expenditure in fixed assets.; Identifiable intangible assets exhibited a steady decline, falling from US$ 1,890 million in 2019 to US$ 1,338 million in 2023, which is consistent with regular amortization patterns. In contrast, goodwill remained relatively stable, fluctuating slightly between US$ 2,592 million and US$ 2,759 million over the five-year period.
Other Asset Observations: Noncurrent deferred tax assets and other noncurrent assets both showed growth toward the end of the period. Deferred tax assets increased from US$ 88 million in 2019 to US$ 206 million in 2023, while other noncurrent assets grew from US$ 98 million to US$ 197 million.; Operating lease right of use assets remained relatively flat for the first three years before increasing from US$ 181 million in 2021 to US$ 230 million in 2023.

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