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Segment Information | 6 Months Ended
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Jun. 30, 2024
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 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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. Net sales by segment were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |
Oral, Personal and Home Care |  |  |  |  |  |  |
North America | $ | 1,002 |  |  | $ | 978 |  |  | $ | 1,999 |  |  | $ | 1,936 |
Latin America | 1,267 |  |  | 1,178 |  |  | 2,520 |  |  | 2,253 |
Europe | 720 |  |  | 678 |  |  | 1,432 |  |  | 1,328 |
Asia Pacific | 682 |  |  | 664 |  |  | 1,408 |  |  | 1,402 |
Africa/Eurasia | 273 |  |  | 268 |  |  | 549 |  |  | 556 |
Total Oral, Personal and Home Care | 3,944 |  |  | 3,766 |  |  | 7,908 |  |  | 7,475 |
Pet Nutrition | 1,114 |  |  | 1,056 |  |  | 2,216 |  |  | 2,117 |
Total Net sales | $ | 5,058 |  |  | $ | 4,822 |  |  | $ | 10,124 |  |  | $ | 9,592 |
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). The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |
Oral Care | 42 | % |  | 42 | % |  | 43 | % |  | 42 | %
Personal Care | 19 | % |  | 19 | % |  | 18 | % |  | 19 | %
Home Care | 17 | % |  | 17 | % |  | 17 | % |  | 17 | %
Pet Nutrition | 22 | % |  | 22 | % |  | 22 | % |  | 22 | %
Total Net sales | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Operating profit by segment was as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit |  |  |  |  |  |  |
Oral, Personal and Home Care |  |  |  |  |  |  |
North America | $ | 223 |  |  | $ | 227 |  |  | $ | 445 |  |  | $ | 420 |
Latin America | 417 |  |  | 363 |  |  | 822 |  |  | 678 |
Europe | 159 |  |  | 134 |  |  | 303 |  |  | 250 |
Asia Pacific | 195 |  |  | 169 |  |  | 402 |  |  | 371 |
Africa/Eurasia | 64 |  |  | 62 |  |  | 130 |  |  | 130 |
Total Oral, Personal and Home Care | 1,058 |  |  | 955 |  |  | 2,102 |  |  | 1,849 |
Pet Nutrition | 235 |  |  | 191 |  |  | 433 |  |  | 374 |
Corporate | (201) |  |  | (172) |  |  | (397) |  |  | (340) |
Total Operating profit | $ | 1,092 |  |  | $ | 974 |  |  | $ | 2,139 |  |  | $ | 1,883 |
Note: Table may not sum due to rounding. Corporate Operating profit (loss) for the three months ended June 30, 2024 and June 30, 2023 included charges resulting from the 2022 Global Productivity Initiative of $27 and $18, respectively. Corporate Operating profit (loss) for the six months ended June 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of $63. Corporate Operating profit (loss) for the six months ended June 30, 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $23. In connection with management changes, the Company realigned the reporting structure of its skin health business effective July 1, 2024. Accordingly, commencing with the quarter ending September 30, 2024, the results of the skin health business previously reported within the Europe reportable operating segment will now be reported with our other skin health businesses in the North America reportable operating segment, with no impact on the Company's consolidated results of operations or financial position.

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- Definition The entire disclosure for reporting segments including data and tables. 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