Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

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, 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
Other(c)	(17)		(18)		(35)
Balance, December 31, 2024	$	1,515	$	1,209	$	2,724

(a)     Primarily relates to the acquisitions of PetMedix and adivo. See Note 5. Acquisitions and Divestitures.

(b)     Primarily relates to asset transfers from international markets to the U.S.

(c)     Includes adjustments for foreign currency translation.

For 2024, also includes adjustments for the derecognition of goodwill of $24 million related to the sale of our medicated feed additive product portfolio, certain water soluble products and related assets. See Note 5. Acquisitions and Divestitures.

For 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, 2024						As of December 31, 2023
					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)	$	1,891	$	(1,175)	$	716	$	1,986	$	(1,101)	$	885
Brands and tradenames(a)	367		(246)		121		383		(246)		137
Other	278		(197)		81		270		(190)		80
Total finite-lived intangible assets	2,536		(1,618)		918		2,639		(1,537)		1,102
Indefinite-lived intangible assets:
Brands and tradenames(a)	66		—		66		88		—		88
In-process research and development	136		—		136		141		—		141
Product rights	7		—		7		7		—		7
Total indefinite-lived intangible assets	209		—		209		236		—		236
Identifiable intangible assets	$	2,745	$	(1,618)	$	1,127	$	2,875	$	(1,537)	$	1,338

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The annual amortization expense expected for the years 2025 through 2029 is as follows:

(MILLIONS OF DOLLARS)	2025		2026		2027		2028		2029
Amortization expense	$	154	$	147	$	143	$	114	$	77

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The components of identifiable intangible assets follow:

	As of December 31, 2024						As of December 31, 2023
					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)	$	1,891	$	(1,175)	$	716	$	1,986	$	(1,101)	$	885
Brands and tradenames(a)	367		(246)		121		383		(246)		137
Other	278		(197)		81		270		(190)		80
Total finite-lived intangible assets	2,536		(1,618)		918		2,639		(1,537)		1,102
Indefinite-lived intangible assets:
Brands and tradenames(a)	66		—		66		88		—		88
In-process research and development	136		—		136		141		—		141
Product rights	7		—		7		7		—		7
Total indefinite-lived intangible assets	209		—		209		236		—		236
Identifiable intangible assets	$	2,745	$	(1,618)	$	1,127	$	2,875	$	(1,537)	$	1,338