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Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 27, 2015
Jun. 28, 2015
Mar. 29, 2015
Dec. 31, 2014
Sep. 28, 2014
Jun. 29, 2014
Mar. 30, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]                      
Revenue $ 1,274 $ 1,214 $ 1,175 $ 1,102 $ 1,320 $ 1,210 $ 1,158 $ 1,097 $ 4,765 $ 4,785 $ 4,561
Costs and expenses [1] 1,165 928 936 871 1,150 970 953 867      
Restructuring charges and certain acquisition-related costs 40 [2] 13 [2] 266 [2] 1 [2] 15 [2] 2 [2] 5 [2] 3 [2] 320 25 26
Income before provision for taxes on income 69 273 (27) 230 155 238 200 227 545 [3],[4],[5] 820 [3],[4],[5] 690 [3],[4],[5]
Provision for taxes on income 49 83 9 65 29 71 61 72 206 [4],[5],[6] 233 [4],[5],[6] 187 [4],[5],[6]
Net income before allocation to noncontrolling interests 20 190 (36) 165 126 167 139 155 339 587 503
Net income/(loss) attributable to noncontrolling interests (2) 1 1 0 0 1 3 0 0 4 (1)
Net income/(loss) attributable to Zoetis $ 22 $ 189 $ (37) $ 165 $ 126 $ 166 $ 136 $ 155 $ 339 $ 583 $ 504
Earnings per common share--basic $ 0.04 $ 0.38 $ (0.07) $ 0.33 $ 0.25 $ 0.33 $ 0.27 $ 0.31 $ 0.68 $ 1.16 $ 1.01
Earnings per common share--diluted $ 0.04 $ 0.38 $ (0.07) $ 0.33 $ 0.25 $ 0.33 $ 0.27 $ 0.31 $ 0.68 $ 1.16 $ 1.01
[1] Costs and expenses in the fourth quarter reflect seasonal trends as well as the 2015 Venezuela revaluation. For additional information, see Note 8. Foreign Currency Loss Related to Venezuela Revaluation.
[2] The second quarter of 2015 includes a charge for employee termination benefits associated with our operational efficiency initiative and supply network strategy. For additional information, see Note 6. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives.
[3] (d) Defined as income before provision for taxes on income.
[4] In 2014, the Provision for taxes on income reflects the following:•U.S. tax expense of approximately $2 million as a result of providing U.S. deferred income taxes on certain current-year income earned outside the United States that will not be indefinitely reinvested overseas (see C. Deferred Taxes);•U.S. tax benefit related to U.S. Research and Development Tax Credit which was extended on December 19, 2014, and the U.S. Domestic Production Activities deduction;•Tax benefit related to the changes in valuation allowances and the resolution of other tax items;•Tax expense related to an $8 million discrete tax item during the first quarter of 2014 related to an intercompany inventory adjustment; and•Tax cost related to changes in uncertain tax positions (see D. Tax Contingencies).
[5] In 2015, the Provision for taxes on income reflects the following:•the change in the jurisdictional mix of earnings, which includes the impact of the location of earnings from (i) operations and (ii) restructuring charges related to the operational efficiency initiative and supply network strategy, as well as repatriation costs. The jurisdictional mix of earnings can vary as a result of repatriation decisions and as a result of operating fluctuations in the normal course of business, the impact of non-deductible items and the extent and location of other income and expense items, such as restructuring charges/(benefits), asset impairments and gains and losses on asset divestitures;•U.S. tax benefit related to U.S. Research and Development Tax Credit which was permanently extended on December 18, 2015, and the U.S. Domestic Production Activities deduction;•Tax expense related to the changes in valuation allowances and the resolution of other tax items;•Tax expense related to changes in uncertain tax positions (see D. Tax Contingencies);•a $9 million discrete tax benefit recorded in the first quarter of 2015 related to a revaluation of deferred taxes as a result of a change in tax rates;•a $6 million discrete tax benefit recorded in the second quarter of 2015 related to prior period tax adjustments; and•the tax expense related to the non-deductible revaluation of the net monetary assets in Venezuela to the SIMADI exchange rate recorded in the fourth quarter of 2015.
[6] In 2013, the Provision for taxes on income reflects the following:•U.S. tax expense of approximately $3 million as a result of providing U.S. deferred income taxes on certain current-year income earned outside the United States that will not be indefinitely reinvested overseas (see C. Deferred Taxes);•U.S. tax benefit related to U.S. Research and Development Tax Credit which was retroactively extended on January 3, 2013, and the U.S. Domestic Production Activities deduction;•Tax expense of approximately $25 million related to the establishment of valuation allowance; and •Tax cost related to changes in uncertain tax positions (see D. Tax Contingencies).