Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - Zoetis Inc. | Financial_Report.xls |
EX-15 - EXHIBIT 15 - Zoetis Inc. | zoetis-2015329xex15q1.htm |
EX-31.1 - EXHIBIT 31.1 - Zoetis Inc. | zoetis-2015329ex311q1.htm |
EX-32.2 - EXHIBIT 32.2 - Zoetis Inc. | zoetis-2015329xex322q1.htm |
EX-32.1 - EXHIBIT 32.1 - Zoetis Inc. | zoetis-2015329xex321q1.htm |
EX-31.2 - EXHIBIT 31.2 - Zoetis Inc. | zoetis-2015329xex312q1.htm |
10-Q - 10-Q - Zoetis Inc. | zoetis-2015329x10q1q.htm |
Exhibit 12
ZOETIS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(a)
Three Months | ||||||||||||||||||||
Ended | ||||||||||||||||||||
March 29, | Year Ended December 31, | |||||||||||||||||||
(IN MILLIONS, EXCEPT RATIOS) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Determination of earnings: | ||||||||||||||||||||
Income before provision for taxes on income | ||||||||||||||||||||
and noncontrolling interests | $ | 230 | $ | 820 | $ | 690 | $ | 710 | $ | 394 | ||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | — | 4 | (1 | ) | — | 3 | ||||||||||||||
Income attributable to Zoetis Inc. | 230 | 816 | 691 | 710 | 391 | |||||||||||||||
Add: fixed charges | 31 | 131 | 127 | 37 | 43 | |||||||||||||||
Total earnings as defined | $ | 261 | $ | 947 | $ | 818 | $ | 747 | $ | 434 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest(a) | $ | 28 | $ | 117 | $ | 113 | $ | 31 | $ | 36 | ||||||||||
Capitalized interest | 1 | 4 | 3 | — | — | |||||||||||||||
Interest portion of rent expense(b) | 2 | 10 | 11 | 6 | 7 | |||||||||||||||
Fixed charges | 31 | 131 | 127 | 37 | 43 | |||||||||||||||
Ratio of earning to fixed charges | 8.4 | 7.2 | 6.4 | 20.2 | 10.1 |
(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. |