Other (Income)/Deductions - Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Components of 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)	2024		2023		2024		2023
Royalty-related income(a)	$	(1)	$	(1)	$	(3)	$	(35)
Interest income	(24)		(23)		(56)		(56)
Identifiable intangible asset impairment charges(b)	11		10		11		11
Loss on assets held for sale(c)	22		—		22		—
Net gain on sale of business(d)	—		(101)		—		(101)
Foreign currency loss(e)	18		13		37		22
Other, net	(1)		(2)		6		2
Other (income)/deductions—net	$	25	$	(104)	$	17	$	(157)

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

(b)    For the three and six months ended June 30, 2024, represents asset impairment charges related to our aquaculture business.

For the three and six months ended June 30, 2023, primarily represents asset impairment charges related to our precision animal health business.

(c)    Represents a loss on assets held for sale related to the planned sale of our medicated feed additive product portfolio, certain water soluble products and related assets. For additional information, see Note 5. Acquisitions and Divestitures.

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