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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2012
- Total Asset Turnover since 2012
- Price to Sales (P/S) since 2012
- Analysis of Revenues
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Zoetis Inc., consolidated statement of comprehensive income
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).
The analysis of the annual financial data reveals several key trends and fluctuations over the five-year period.
- Net Income Before Allocation to Noncontrolling Interests
- The net income shows a consistent upward trajectory, increasing each year from $1,500 million in 2019 to $2,340 million in 2023. This steady growth indicates strong profitability and potentially effective operational management throughout the period.
- Unrealized Gains (Losses) on Derivatives for Cash Flow Hedges, Net of Tax
- These values fluctuate significantly, with an initial small gain of $4 million in 2019, followed by a loss of $15 million in 2020. Gains rebound in 2021 and 2022, peaking at $86 million, before turning negative again with a loss of $5 million in 2023. This volatility suggests varying exposure or effectiveness of hedging strategies against cash flow risks.
- Unrealized Gains (Losses) on Derivatives for Net Investment Hedges, Net of Tax
- This category also exhibits variability. Starting with a gain of $12 million in 2019, it moves to a significant loss of $58 million in 2020, recovers to gains of $42 million and $36 million in 2021 and 2022 respectively, and ends with a loss of $23 million in 2023. These swings highlight fluctuating net investment risks and their impact on comprehensive income.
- Foreign Currency Translation Adjustments, Net
- The adjustments show volatility and a predominantly negative trend after 2020. Beginning with a loss of $104 million in 2019, this figure shifts to a gain of $69 million in 2020, then declines sharply to losses of $101 million and $188 million in 2021 and 2022 respectively. Data for 2023 is unavailable. This pattern indicates substantial currency exchange rate impacts, potentially reflecting exposure to international operations.
- Benefit Plans: Actuarial Gain (Loss), Net of Tax
- Actuarial gains and losses display moderate fluctuations. A loss of $9 million occurs in 2019, with no data for 2020, then gains of $6 million, $13 million, and $6 million in subsequent years through 2023. This suggests variability in assumptions or experience related to employee benefit obligations.
- Other Comprehensive Income (Loss), Net of Tax
- This item shows consistent negative figures each year, ranging from a loss of $4 million in 2020 to larger losses of $97 million in 2019 and $53 million in 2022. The reduction in losses in 2023 to $22 million indicates some improvement, though the overall trend remains in the negative territory, affected by the other components of comprehensive income.
- Comprehensive Income Before Allocation to Noncontrolling Interests
- Comprehensive income broadly follows the same upward trend as net income, increasing from $1,403 million in 2019 to $2,318 million in 2023. This indicates that despite fluctuations in other comprehensive income components, overall profitability combined with other comprehensive items results in a net positive comprehensive income growth.
- Comprehensive Loss Attributable to Noncontrolling Interests
- Losses attributable to noncontrolling interests appear minimal but slightly increase from $2 million in 2020 to $4 million in 2023. This suggests limited but stable impact of minority interests on the overall financial results.
- Comprehensive Income Attributable to Zoetis
- The comprehensive income attributable to the company closely mirrors the total comprehensive income trend, steadily rising from $1,403 million in 2019 to $2,322 million in 2023. This confirms that the company is the primary beneficiary of financial gains shown in the consolidated results.
In summary, the company demonstrates strong and stable growth in net and comprehensive income over the analyzed period. The data reveal volatility in derivative-related gains and foreign currency impacts, introducing fluctuations in other comprehensive income components. These factors, while contributing to variability, have not undermined the consistent upward trend in profitability and overall comprehensive income. The contributions of noncontrolling interests remain marginal throughout.