Zoetis (ZTS) 10-Q2018 Q1 Quarterly report

Filed: 2 May 18, 8:08am

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Removed: afforded, aggressive, antibiotic, Apoquel, assignment, avian, awarded, began, begin, BNP, Bovine, branding, Buren, BVD, Cadila, called, Canada, Carolina, causal, ceftiofur, chewable, claimed, closely, Colorado, compound, concentrated, concept, conclusion, conditional, content, contingent, Convenia, cooked, country, covered, covering, create, creation, critical, decline, depend, Diarrhea, died, direction, distribution, divested, Draxxin, eating, egg, emerged, enforcement, established, evaluate, Excede, exclusivity, exit, expanded, expired, expiring, face, field, filing, flat, flu, focusing, formulation, gain, half, Haridwar, highest, Huvepharma, implemented, inclusive, India, individually, infected, infection, influenza, infrastructure, input, launching, Laurinburg, leaseback, license, Longmont, matured, medicalization, metric, missing, Neonatal, NV, obtained, occurring, Orbeseal, organized, output, packaging, Pancytopenia, parasiticide, participant, pathogenic, percent, planning, PregSure, prepaid, prevention, produced, profit, protection, rare, realizable, reform, registration, replace, replacement, Revolution, Rimadyl, screening, selamectin, situation, standalone, step, Stockpile, stopped, stream, substance, subtype, suggest, syndrome, tailored, Taiwan, taxed, transition, tulathromycin, unfavorably, unremitted, UQ, USDA, vaccine, Van, venture, voluntarily, withdrew, work, world, Zealand

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Exhibit 12

ZOETIS INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES^(a)



	Three Months Ended
	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.