Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Zoetis Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
- Short-term borrowings
- Values are sporadic, with a minor presence in 2020, 2022, and 2023, ranging from 2 to 4 million US dollars. This indicates minimal reliance on short-term debt.
- Current portion of long-term debt
- Fluctuates notably, with 500 million US dollars in 2019, increasing to 600 million in 2020, peaking sharply at 1350 million in 2022, and data missing elsewhere, suggesting variability in debt reclassification or repayment schedules.
- Accounts payable
- Increased from 301 million in 2019 to a high of 457 million in 2020, then decreased gradually to 411 million by 2023, indicating initial growth followed by stabilization in payables.
- Dividends payable
- Consistent upward trend from 95 million in 2019 to 198 million in 2023, reflecting an increasing commitment to shareholder distributions.
- Accrued expenses
- Rose steadily from 543 million in 2019 to a peak of 710 million in 2021, then slightly decreased and stabilized around 680-683 million from 2022 through 2023.
- Accrued compensation and related items
- Exhibited growth with some fluctuations: increasing from 276 million in 2019 to 392 million in 2021, decreasing to 300 million in 2022, then rising again to 382 million in 2023, indicating variability in accrued employee-related liabilities.
- Income taxes payable
- Displays a significant spike in 2022 at 157 million from lower levels around 36-46 million in prior years, followed by a decrease to 110 million in 2023, possibly due to timing of tax payments or adjustments.
- Finance lease liabilities, current
- Not recorded until 2022, with a low value of 1 million, increasing to 8 million in noncurrent liabilities by 2023, indicating an emerging lease financing activity.
- Other current liabilities
- Fluctuated moderately between 55 and 101 million over the period, with a notable increase in 2020 and 2022, suggesting some variation in miscellaneous short-term obligations.
- Current liabilities
- Experienced volatility: rose from 1806 million in 2019 to 2170 million in 2020, dropped to 1797 million in 2021, surged to 3167 million in 2022, then declined to 1889 million in 2023. The spike in 2022 suggests temporary increases in short-term obligations, potentially related to the rise in current portion of long-term debt and income taxes payable.
- Long-term debt, net of discount and issuance costs, excluding current portion
- Relatively stable from 5947 million in 2019 to 6564 million in 2023, indicating consistent long-term borrowing with minor fluctuations.
- Noncurrent deferred tax liabilities
- Decreased steadily from 434 million in 2019 to 146 million in 2023, indicating a reduction in deferred tax obligations over time.
- Operating lease liabilities, noncurrent
- Relatively stable, slightly increasing from 164 million in 2019 to 188 million in 2023, reflecting steady long-term lease commitments.
- Other taxes payable
- Consistent around 257 to 271 million, showing stable non-income tax liabilities.
- Other noncurrent liabilities
- Varied moderately between 217 and 270 million throughout the period, showing no significant trend.
- Noncurrent liabilities
- Peaked in 2020 at 7666 million, then declined gradually to 7406 million by 2023, indicating a marginal reduction in long-term obligations.
- Total liabilities
- Increased from 8837 million in 2019 to a high of 10522 million in 2022, then decreased to 9295 million in 2023, showing overall growth with a peak before declining.
- Common stock, $0.01 par value
- Constant at 5 million throughout, indicating no change in par value shares issued.
- Treasury stock, at cost
- Substantial increase in treasury stock cost from -2042 million in 2019 to -5597 million in 2023, indicative of ongoing share repurchases and a rise in shares held as treasury stock.
- Additional paid-in capital
- Slow but steady increase from 1044 million in 2019 to 1133 million in 2023, reflecting incremental capital contributions or stock-based compensation impact.
- Retained earnings
- Strong upward trend from 4427 million in 2019 to 10295 million in 2023, demonstrating consistent profitability and earnings retention.
- Accumulated other comprehensive loss
- Gradually increased in negative value from -726 million to -839 million, suggesting an expanding unrealized loss or expense in other comprehensive income components.
- Total Zoetis Inc. equity
- Grew steadily from 2708 million in 2019 to 4997 million in 2023, despite a slight dip in 2022, reflecting strengthening equity base overall.
- Equity attributable to noncontrolling interests
- Small amounts recorded, fluctuating around zero with minor negative values in recent years, indicating negligible impact on total equity.
- Total equity
- Consistent with total company equity growth, reaching 4991 million in 2023 from 2708 million in 2019, highlighting solid shareholder equity expansion.
- Total liabilities and equity
- Increased from 11545 million in 2019 to 14925 million in 2022, followed by a decrease to 14286 million in 2023, mirroring trends seen in liabilities and equity components, indicating overall growth with a recent moderation.