As shown above, the composition of fats in milk is usually discussed in terms of the fatty acids. Fatty acids do not occur as such in milk (and rarely in any food). Instead, they are incorporated into compounds called triglycerides.
In the U.S., there are federal standards for butterfat content of dairy products. Many other countries also have standards for minimum fat levels in dairy products. Commercial products generally contain the minimum legal amount of fat with any excess being removed to make cream, a valuable commodity.
^ abThe quote values vary by 1-3% according to the source: Rolf Jost "Milk and Dairy Products" Ullmann's Encyclopedia of Industrial Chemistry, Wiley-VCH, Weinheim, 2002. doi:10.1002/14356007.a16_589.pub3