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Acquisitions, Divestitures, Research Collaborations and Licensing Agreements (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The estimated fair values of assets acquired and liabilities assumed from the Elanco aqua business (which are considered preliminary subject to the finalization of the tax treatment of the transaction) are as follows:
($ in millions) |  | July 9, 2024
Inventories |  | $ | 74 |
Property, plant and equipment |  | 67 |
Product rights - Clynav (useful life 15 years) (1) |  | 340 |
Other product rights (useful lives 15 years) (1) |  | 291 |
Other assets and liabilities, net |  | 24 |
Total identifiable net assets |  | 796 |
Goodwill (2) |  | 505 |
Consideration transferred |  | $ | 1,301 |
(1) The estimated fair values of Clynav and other product rights were determined using an income approach, specifically the multi-period excess earnings method. The future probability-weighted net cash flows were discounted to present value utilizing a discount rate of 8.5%. Actual cash flows are likely to be different than those assumed. (2) The goodwill recognized is largely attributable to anticipated synergies expected to arise after the acquisition and was allocated to the Animal Health segment.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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