Other (Income)/Deductions - Net Other (Income)/Deductions - Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Components of Other (Income)/Deductions—Net

The components of Other (income)/deductions—net follow:

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2023		2022		2021
Royalty-related income(a)	$	(37)	$	(4)	$	(10)
Interest income	(105)		(50)		(6)
Identifiable intangible asset impairment charges(b)	35		39		27
Other asset impairment charges	1		7		3
Net gain on sale of businesses(c)	(101)		—		—
Net loss on sale of assets	—		—		3
Foreign currency loss(d)	47		62		27
Other, net	1		(14)		4
Other (income)/deductions—net	$	(159)	$	40	$	48

(a)    For 2023, predominantly associated with a settlement received from a third-party for underpayment of royalties related to prior periods.

(b)    For 2023, primarily represents certain asset impairment charges related to our precision animal health and diagnostics businesses. For 2022, primarily represents asset impairment charges related to customer relationships and developed technology rights in our diagnostics, poultry, cattle and swine businesses. For 2021, primarily represents asset impairment charges related to developed technology rights and trademarks in our dairy cattle, diagnostics and aquatic health businesses.

(c)    Primarily relates to the gain on sale of a majority interest in our pet insurance business.

(d)    Primarily driven by costs related to hedging and exposures to certain developed and emerging market currencies.