Other (Income)/Deductions - Net

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Other (Income)/Deductions - Net

7. Other (Income)/Deductions—Net

The components of Other (income)/deductions—net are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(MILLIONS OF DOLLARS)	2023		2022		2023		2022
Royalty-related income(a)	$	(1)	$	(1)	$	(35)	$	(2)
Interest income	(23)		(5)		(56)		(7)
Identifiable intangible asset impairment charges(b)	10		—		11		—
Net gain on sale of business(c)	(101)		—		(101)		—
Foreign currency loss(d)	13		14		22		25
Other, net	(2)		(6)		2		(7)
Other (income)/deductions—net	$	(104)	$	2	$	(157)	$	9

(a)     For the six months ended June 30, 2023, predominantly associated with a settlement for underpayment of royalties in prior periods.

(b)     Primarily represents asset impairment charges related to our precision animal health business.

(c)    Relates to the gain on sale of a majority interest in our pet insurance business. For additional information, see Note 5. Acquisitions and Divestitures.