Attached files

file filename
EX-21.1 - EXHIBIT 21.1 - Zoetis Inc.exhibit2112017.htm
EX-32.2 - EXHIBIT 32.2 - Zoetis Inc.ex322-20171231.htm
EX-31.1 - EXHIBIT 31.1 - Zoetis Inc.ex31120171231.htm
EX-23.1 - EXHIBIT 23.1 - Zoetis Inc.ex23-20171231.htm
10-K - 10-K - Zoetis Inc.zoetis-20171231x10kye.htm
EX-32.1 - EXHIBIT 32.1 - Zoetis Inc.ex321-20171231.htm
EX-31.2 - EXHIBIT 31.2 - Zoetis Inc.ex312-20171231.htm
EX-10.16.1 - EXHIBIT 10.16.1 - Zoetis Inc.ex1016120171231.htm


Exhibit 12

ZOETIS INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Year Ended December 31,
(IN MILLIONS, EXCEPT RATIOS)
 
2017

 
2016

 
2015

 
2014

 
2013

Determination of earnings:
 
 
 
 
 
 
 
 
 
 
 Income before provision for taxes on income
 
 
 
 
 
 
 
 
 
 
and noncontrolling interests
 
$
1,525

 
$
1,228

 
$
545

 
$
820

 
$
690

 Net (loss)/income attributable to noncontrolling interests
 
(2
)
 
(2
)
 

 
4

 
(1
)
Income attributable to Zoetis Inc.
 
1,527

 
1,230

 
545

 
816

 
691

Add: fixed charges
 
188

 
177

 
137

 
131

 
127

Total earnings as defined
 
$
1,715

 
$
1,407

 
$
682

 
$
947

 
$
818

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense, net of capitalized interest(a)
 
$
175

 
$
166

 
$
124

 
$
117

 
$
113

 Capitalized interest
 
4

 
3

 
4

 
4

 
3

 Interest portion of rent expense(b)
 
9

 
8

 
9

 
10

 
11

Total Fixed charges
 
188

 
177

 
137

 
131

 
127

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
9.1

 
7.9

 
5.0

 
7.2

 
6.4

(a) 
Interest expense, net of capitalized interest, includes amortization of debt discount and fees. Interest expense does not include interest related to uncertain tax positions.
(b) 
One-third of all rental expense is deemed to be interest, which we believe to be a conservative estimate of an interest factor in our leases.