Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

The components of, and changes in, the carrying amount of goodwill follow:

(MILLIONS OF DOLLARS)	U.S.		International		Total
Balance, December 31, 2021	$	1,424	$	1,258	$	2,682
Additions(a)	61		44		105
Other(c)	—		(41)		(41)
Balance, December 31, 2022	$	1,485	$	1,261	$	2,746
Additions(a)	24		14		38
Transfers/Adjustments(b)	25		(34)		(9)
Other(c)	(2)		(14)		(16)
Balance, December 31, 2023	$	1,532	$	1,227	$	2,759

(a)     For 2023, primarily relates to the acquisitions of PetMedix and adivo. See Note 5. Acquisitions and Divestitures.

For 2022, primarily relates to the acquisitions of Basepaws and Jurox. See Note 5. Acquisitions and Divestitures.

(b)     For 2023, primarily relates to asset transfers from international markets to the U.S.

(c)     Includes adjustments for foreign currency translation. In 2023, also includes the sale of a majority interest in our pet insurance business within our U.S. segment.

Components of Identifiable Intangible Assets

The components of identifiable intangible assets follow:

	As of December 31, 2023						As of December 31, 2022
					Identifiable						Identifiable
	Gross				Intangible Assets,		Gross				Intangible Assets,
	Carrying		Accumulated		Less Accumulated		Carrying		Accumulated		Less Accumulated
(MILLIONS OF DOLLARS)	Amount		Amortization		Amortization		Amount		Amortization		Amortization
Finite-lived intangible assets:
Developed technology rights(a)	$	1,986	$	(1,101)	$	885	$	1,918	$	(975)	$	943
Brands and tradenames	383		(246)		137		395		(237)		158
Other	270		(190)		80		337		(233)		104
Total finite-lived intangible assets	2,639		(1,537)		1,102		2,650		(1,445)		1,205
Indefinite-lived intangible assets:
Brands and tradenames	88		—		88		91		—		91
In-process research and development(a)(b)	141		—		141		77		—		77
Product rights	7		—		7		7		—		7
Total indefinite-lived intangible assets	236		—		236		175		—		175
Identifiable intangible assets	$	2,875	$	(1,537)	$	1,338	$	2,825	$	(1,445)	$	1,380

(a)     During 2023, certain intangible assets related to the acquisition of an Irish biologic therapeutics company, acquired in 2017, were placed into service.

(b)     As of December 31, 2023, primarily includes intangible assets related to the acquisitions of PetMedix and adivo in 2023.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The annual amortization expense expected for the years 2024 through 2028 is as follows:

(MILLIONS OF DOLLARS)	2024		2025		2026		2027		2028
Amortization expense	$	171	$	159	$	153	$	148	$	119

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

The components of identifiable intangible assets follow:

	As of December 31, 2023						As of December 31, 2022
					Identifiable						Identifiable
	Gross				Intangible Assets,		Gross				Intangible Assets,
	Carrying		Accumulated		Less Accumulated		Carrying		Accumulated		Less Accumulated
(MILLIONS OF DOLLARS)	Amount		Amortization		Amortization		Amount		Amortization		Amortization
Finite-lived intangible assets:
Developed technology rights(a)	$	1,986	$	(1,101)	$	885	$	1,918	$	(975)	$	943
Brands and tradenames	383		(246)		137		395		(237)		158
Other	270		(190)		80		337		(233)		104
Total finite-lived intangible assets	2,639		(1,537)		1,102		2,650		(1,445)		1,205
Indefinite-lived intangible assets:
Brands and tradenames	88		—		88		91		—		91
In-process research and development(a)(b)	141		—		141		77		—		77
Product rights	7		—		7		7		—		7
Total indefinite-lived intangible assets	236		—		236		175		—		175
Identifiable intangible assets	$	2,875	$	(1,537)	$	1,338	$	2,825	$	(1,445)	$	1,380

(a)     During 2023, certain intangible assets related to the acquisition of an Irish biologic therapeutics company, acquired in 2017, were placed into service.

(b)     As of December 31, 2023, primarily includes intangible assets related to the acquisitions of PetMedix and adivo in 2023.