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.

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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
	Accounts receivable, less allowance for doubtful accounts
	Inventories
	Other current assets
	Current assets
	Property, plant and equipment, less accumulated depreciation
	Finance lease right of use assets
	Property, plant and equipment including finance lease right of use assets, less accumulated depreciation
	Operating lease right of use assets
	Goodwill
	Identifiable intangible assets, less accumulated amortization
	Noncurrent deferred tax assets
	Other noncurrent assets
	Noncurrent assets
	Total assets

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).

Cash and cash equivalents: There was a notable increase from 2019 to 2020, rising from $1,934 million to $3,604 million. This level was relatively stable through 2021 and 2022, before declining sharply to $2,041 million in 2023.
Accounts receivable, less allowance for doubtful accounts: Accounts receivable showed a gradual upward trend over the five-year period, increasing from $1,086 million in 2019 to $1,304 million in 2023, which indicates consistent growth in receivables.
Inventories: Inventories steadily rose each year from $1,410 million in 2019 to $2,564 million in 2023, reflecting continued expansion in inventory holdings.
Other current assets: Other current assets experienced modest growth, increasing from $318 million in 2019 to $434 million in 2023, with some minor fluctuations in the intervening years.
Current assets: The total current assets showed strong growth from $4,748 million in 2019 to a peak of $7,506 million in 2022, before decreasing to $6,343 million in 2023. This decrease in 2023 may be tied to the reduction in cash and cash equivalents in the same period.
Property, plant and equipment, less accumulated depreciation: Property, plant, and equipment displayed a consistent upward trend, increasing from $1,940 million in 2019 to $3,204 million in 2023.
Finance lease right of use assets: This category was only recorded in 2023 with a value of $9 million, indicating a recent adoption or recognition in this asset classification.
Property, plant and equipment including finance lease right of use assets, less accumulated depreciation: Reflecting the addition of finance lease right of use assets, the total rose similarly to PPE alone, reaching $3,213 million in 2023.
Operating lease right of use assets: These assets remained relatively stable, with values ranging from $181 million to $230 million over the period, showing a slight increasing trend toward 2023.
Goodwill: Goodwill remained relatively stable with minor fluctuations, increasing slightly from $2,592 million in 2019 to $2,759 million in 2023.
Identifiable intangible assets, less accumulated amortization: There was a continual decline in identifiable intangible assets, from $1,890 million in 2019 to $1,338 million in 2023, likely reflecting amortization and no significant new intangible asset acquisitions.
Noncurrent deferred tax assets: These assets increased gradually from $88 million in 2019 to $206 million in 2023, more than doubling over the period, suggesting growing deferred tax considerations.
Other noncurrent assets: Other noncurrent assets grew steadily from $98 million to $197 million between 2019 and 2023, indicating an increasing recognition of miscellaneous long-term assets.
Noncurrent assets: Overall noncurrent assets were relatively stable, fluctuating slightly but generally increasing from $6,797 million in 2019 to $7,943 million in 2023, with a slight dip in 2021.
Total assets: Total assets increased moderately from $11,545 million in 2019 to a peak of $14,925 million in 2022, before declining to $14,286 million in 2023, reflecting the decreases observed in current assets and cash holdings.

Assets: Selected Items

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Current Assets: Selected Items