XML 42 R24.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in two product segments: Oral, Personal and Home Care; and Pet Nutrition. 

The operations of the Oral, Personal and Home Care product segment are managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia.

The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of operating segment performance because it excludes the impact of Corporate-driven decisions related to interest expense and income taxes.

The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation charges and gains and losses on sales of non-core product lines and assets. The Company reports these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments.

Approximately two-thirds of the Company’s Net sales are generated from markets outside the U.S., with approximately 45% of the Company’s Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). Oral, Personal and Home Care sales to Walmart, Inc. and its affiliates represent approximately 11%, 11% and 12% of the Company’s Net sales in 2023, 2022 and 2021, respectively. No other customer represented more than 10% of Net sales in any period presented.

In 2023, Corporate Operating profit included charges resulting from the 2022 Global Productivity Initiative of $27 and product recall costs of $25. In 2022, Corporate Operating profit included goodwill and intangible assets impairment charges of $721, charges resulting from the 2022 Global Productivity Initiative of $95, a gain on the sale of land in Asia Pacific of $47 and acquisition-related costs of $19. In 2021, Corporate Operating profit included goodwill and intangible assets impairment charges of $571, and a benefit of $26 related to a value-added tax matter in Brazil.
 202320222021
Net sales  
Oral, Personal and Home Care  
North America(1)
$3,925 $3,816 $3,694 
Latin America4,640 3,982 3,663 
Europe2,737 2,548 2,841 
Asia Pacific2,782 2,826 2,867 
Africa/Eurasia1,083 1,082 1,045 
Total Oral, Personal and Home Care15,167 14,254 14,110 
Pet Nutrition(2)
4,290 3,713 3,311 
Total Net sales$19,457 $17,967 $17,421 
_________
(1)    Net sales in the U.S. for Oral, Personal and Home Care were $3,625, $3,511 and $3,391 in 2023, 2022 and 2021, respectively.
(2)    Net sales in the U.S. for Pet Nutrition were $2,918, $2,432 and $2,018 in 2023, 2022 and 2021, respectively.
202320222021
Operating profit  
Oral, Personal and Home Care  
North America$892 $761 $754 
Latin America1,417 1,108 1,012 
Europe552 514 682 
Asia Pacific767 737 844 
Africa/Eurasia254 228 203 
Total Oral, Personal and Home Care3,882 3,348 3,495 
Pet Nutrition806 850 901 
Corporate(704)(1,305)(1,064)
Total Operating profit$3,984 $2,893 $3,332 

202320222021
Capital expenditures  
Oral, Personal and Home Care  
North America$46 $66 $87 
Latin America146 121 118 
Europe44 31 44 
Asia Pacific65 60 50 
Africa/Eurasia10 30 33 
Total Oral, Personal and Home Care311 308 332 
Pet Nutrition301 297 147 
Corporate93 91 88 
Total Capital expenditures$705 $696 $567 

202320222021
Depreciation and amortization  
Oral, Personal and Home Care  
North America$99 $106 $104 
Latin America98 93 88 
Europe82 90 98 
Asia Pacific84 89 96 
Africa/Eurasia9 9 9 
Total Oral, Personal and Home Care372 387 395 
Pet Nutrition101 65 62 
Corporate94 93 99 
Total Depreciation and amortization$567 $545 $556 
20232022
Identifiable assets
Oral, Personal and Home Care  
North America$3,924 $4,012 
Latin America2,987 2,603 
Europe3,542 3,457 
Asia Pacific2,071 2,085 
Africa/Eurasia698 694 
Total Oral, Personal and Home Care13,222 12,851 
Pet Nutrition3,084 2,804 
Corporate(1)
87 76 
Total Identifiable assets$16,393 $15,731 
____________
(1)In 2023, Corporate identifiable assets primarily consisted of investments in equity securities (98%). In 2022, Corporate identifiable assets primarily consisted of investments in equity securities (95%). 

20232022
Long-lived assets(1)
United States$2,733 $2,569 
International2,340 2,216 
Total Long-lived assets$5,073 $4,785 
____________
(1)Long-lived assets include Property, plant and equipment, net and lease right-of-use assets.