Attached files
file | filename |
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EX-32.2 - EXHIBIT 32.2 - Zoetis Inc. | a2018q110qex322.htm |
EX-32.1 - EXHIBIT 32.1 - Zoetis Inc. | a2018q110qex321.htm |
EX-31.2 - EXHIBIT 31.2 - Zoetis Inc. | a2018q110qex312.htm |
EX-31.1 - EXHIBIT 31.1 - Zoetis Inc. | a2018q110qex311.htm |
EX-15 - EXHIBIT 15 - Zoetis Inc. | a2018q110qex15.htm |
10-Q - 10-Q - Zoetis Inc. | a2018q1form10-q.htm |
Exhibit 12
ZOETIS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(a)
Three Months Ended | |||||||||||||||||||||||
March 31, | Year Ended December 31, | ||||||||||||||||||||||
(IN MILLIONS, EXCEPT RATIOS) | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||
Determination of earnings: | |||||||||||||||||||||||
Income before provision for taxes on income | |||||||||||||||||||||||
and noncontrolling interests | $ | 417 | $ | 1,525 | $ | 1,228 | $ | 545 | $ | 820 | $ | 690 | |||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | (2 | ) | (2 | ) | (2 | ) | — | 4 | (1 | ) | |||||||||||||
Income attributable to Zoetis Inc. | 419 | 1,527 | 1,230 | 545 | 816 | 691 | |||||||||||||||||
Add: fixed charges | 51 | 188 | 177 | 137 | 131 | 127 | |||||||||||||||||
Total earnings as defined | $ | 470 | $ | 1,715 | $ | 1,407 | $ | 682 | $ | 947 | $ | 818 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense, net of capitalized interest(a) | $ | 47 | $ | 175 | $ | 166 | $ | 124 | $ | 117 | $ | 113 | |||||||||||
Capitalized interest | 2 | 4 | 3 | 4 | 4 | 3 | |||||||||||||||||
Interest portion of rent expense(b) | 2 | 9 | 8 | 9 | 10 | 11 | |||||||||||||||||
Fixed charges | $ | 51 | $ | 188 | $ | 177 | $ | 137 | $ | 131 | $ | 127 | |||||||||||
Ratio of earnings to fixed charges | 9.2 | 9.1 | 7.9 | 5.0 | 7.2 | 6.4 |
(a) | Interest expense 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. |