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Acquisitions, Divestitures, Research Collaborations and Licensing Agreements (Tables)
 9 Months Ended
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, net24 
Total identifiable net assets796 
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.