Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Selected Income Statement Information by Segment

Selected Statement of Income Information                                

	Earnings									Depreciation and Amortization(a)
	Year Ended December 31,									Year Ended December 31,
(MILLIONS OF DOLLARS)	2024			2023			2022			2024		2023		2022
U.S.
Revenue	$	5,074		$	4,555		$	4,313
Cost of Sales	936			900			803
Gross Profit	4,138			3,655			3,510
Gross Margin	81.6		%	80.2		%	81.4		%
Operating expenses(b)	805			786			765
Other (income)/deductions-net	(3)			6			(18)
U.S. Earnings	3,336			2,863			2,763			$	85	$	80	$	55
International
Revenue(c)	4,102			3,911			3,681
Cost of Sales	1,312			1,234			1,083
Gross Profit	2,790			2,677			2,598
Gross Margin	68.0		%	68.4		%	70.6		%
Operating expenses(b)	671			638			611
Other (income)/deductions-net	1			2			(3)
International Earnings	2,118			2,037			1,990			96		92		86
Total operating segments	5,454			4,900			4,753			181		172		141
Other business activities	(562)			(496)			(424)			43		33		28
Reconciling Items:
Corporate	(1,213)			(1,042)			(1,073)			128		128		132
Purchase accounting adjustments	(140)			(159)			(160)			140		153		159
Acquisition and divestiture-related costs	(18)			(9)			(5)			—		—		—
Certain significant items(d)	(79)			33			(56)			—		—		—
Other unallocated	(309)			(291)			(379)			5		5		5
Total Earnings(e)	$	3,133		$	2,936		$	2,656		$	497	$	491	$	465

(a)    Certain production facilities are shared. Depreciation and amortization is allocated to the reportable operating segments based on estimates of where the benefits of the related assets are realized.

(b)    Operating expenses primarily consisted of field selling, advertising and promotions, other marketing expenses, and freight and logistics costs.

(c) Revenue denominated in euros was $937 million in 2024, $853 million in 2023 and $774 million in 2022.

(d)    For 2024, certain significant items primarily consisted of employee termination costs related to organizational structure refinements, a net loss related to the sale

of our medicated feed additive product portfolio, certain water soluble products and related assets, as well as asset impairment charges related to our aquaculture business, partially offset by a reversal of certain employee termination costs as a result of a change in strategy from our 2015 operational efficiency initiative.

For 2023, certain significant items primarily consisted of a gain on the sale of a majority interest in our pet insurance business of $101 million, partially offset by employee termination and exit costs related to organizational structure refinements of $43 million and certain asset impairment charges primarily related to our precision animal health and diagnostics businesses of $24 million.

For 2022, certain significant items primarily represents inventory and asset impairment charges related to customer relationships, developed technology rights and property, plant and equipment in our diagnostics, poultry, cattle and swine businesses and the consolidation of manufacturing sites in China of $47 million, as well as employee termination and exit costs associated with cost-reduction and productivity initiatives in certain international markets of $4 million.

(e)    Defined as income before provision for taxes on income.

Long-lived Assets by Geographic Areas

Property, plant and equipment, less accumulated depreciation, by geographic region follow:

	As of December 31,
(MILLIONS OF DOLLARS)	2024		2023
U.S.	$	2,249	$	2,092
International	1,142		1,112
Property, plant and equipment, less accumulated depreciation	$	3,391	$	3,204