Name: Zoetis Inc. (NYSE:ZTS) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Zoetis Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income before allocation to noncontrolling interests	2,340)	2,111)	2,034)	1,636)	1,500)
Unrealized gains (losses) on derivatives for cash flow hedges, net of tax	(5)	86)	19)	(15)	4)
Unrealized gains (losses) on derivatives for net investment hedges, net of tax	(23)	36)	42)	(58)	12)
Foreign currency translation adjustments, net	—)	(188)	(101)	69)	(104)
Benefit plans: Actuarial gain (loss), net of tax	6)	13)	6)	—)	(9)
Other comprehensive income (loss), net of tax	(22)	(53)	(34)	(4)	(97)
Comprehensive income before allocation to noncontrolling interests	2,318)	2,058)	2,000)	1,632)	1,403)
Comprehensive loss attributable to noncontrolling interests	4)	3)	3)	2)	—)
Comprehensive income attributable to Zoetis	2,322)	2,061)	2,003)	1,634)	1,403)

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).

A consistent upward trajectory in profitability is evident from 2019 through 2023, with net income before allocation to noncontrolling interests growing steadily from 1,500 million US$ to 2,340 million US$. This growth indicates a strong underlying operational performance over the five-year period.

Net Income Growth: Net income before allocation to noncontrolling interests exhibited a compound growth pattern, increasing by approximately 56% between 2019 and 2023. The most significant year-over-year increase occurred between 2020 and 2021, where income rose from 1,636 million US$ to 2,034 million US$.
Other Comprehensive Income (OCI) Volatility: Other comprehensive income remained predominantly negative throughout the period, acting as a drag on total comprehensive income. This volatility is primarily driven by foreign currency translation adjustments, which saw significant negative impacts in 2019 (-104 million US$), 2021 (-101 million US$), and 2022 (-188 million US$). Unrealized gains and losses on derivatives for cash flow and net investment hedges also showed inconsistency, alternating between gains and losses across the five years.
Comprehensive Income Performance: Comprehensive income attributable to Zoetis tracked closely with net income, growing from 1,403 million US$ in 2019 to 2,322 million US$ in 2023. While OCI fluctuations created minor deviations, the overarching trend remains positive. The impact of comprehensive losses attributable to noncontrolling interests remained marginal, ranging between 2 million US$ and 4 million US$ from 2020 to 2023.
Benefit Plan Stability: Actuarial gains and losses on benefit plans remained relatively stable and low in magnitude, contributing marginally to the overall comprehensive income, with values fluctuating between -9 million US$ and 13 million US$.

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