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Debt obligations | 3 Months Ended
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Mar. 31, 2019
Debt obligations | NOTE 11 —Debt obligations: a. Short-term debt:
|  | Weighted average interest rate as of March 31, 2019 |  |  | Maturity |  |  | March 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  |  |  | (U.S. $ in millions) |
Bank and financial institutions |  |  | 6.94 | % |  |  | — |  |  | $ | 2 |  |  | $ | 2 |
Convertible debentures |  |  | 0.25 | % |  |  | 2026 |  |  |  | 514 |  |  |  | 514 |
Current maturities of long-term liabilities |  |  |  |  |  |  |  |  |  |  | 2,274 |  |  |  | 1,700 |
Total short term debt |  |  |  |  |  |  |  |  |  | $ | 2,790 |  |  | $ | 2,216 |
Long-term debt:
|  | Weighted average interest rate as of March 31, 2019 |  |  | Maturity |  |  | March 31, 2019 |  |  | December 31, 2018 |
|  | % |  |  |  |  |  | (U.S. $ in millions) |
Senior notes EUR 1,660 million |  |  | 0.38 | % |  |  | 2020 |  |  | $ | 1,860 |  |  | $ | 1,897 |
Senior notes EUR 1,500 million |  |  | 1.13 | % |  |  | 2024 |  |  |  | 1,674 |  |  |  | 1,707 |
Senior notes EUR 1,300 million |  |  | 1.25 | % |  |  | 2023 |  |  |  | 1,452 |  |  |  | 1,480 |
Senior notes EUR 900 million |  |  | 4.50 | % |  |  | 2025 |  |  |  | 1,010 |  |  |  | 1,029 |
Senior notes EUR 750 million |  |  | 1.63 | % |  |  | 2028 |  |  |  | 834 |  |  |  | 850 |
Senior notes EUR 700 million |  |  | 3.25 | % |  |  | 2022 |  |  |  | 785 |  |  |  | 801 |
Senior notes EUR 700 million |  |  | 1.88 | % |  |  | 2027 |  |  |  | 783 |  |  |  | 798 |
Senior notes USD 3,500 million |  |  | 3.15 | % |  |  | 2026 |  |  |  | 3,493 |  |  |  | 3,493 |
Senior notes USD 3,000 million |  |  | 2.20 | % |  |  | 2021 |  |  |  | 2,998 |  |  |  | 2,997 |
Senior notes USD 3,000 million |  |  | 2.80 | % |  |  | 2023 |  |  |  | 2,994 |  |  |  | 2,993 |
Senior notes USD 1,574 million (1) |  |  | 1.70 | % |  |  | 2019 |  |  |  | 1,574 |  |  |  | 1,700 |
Senior notes USD 2,000 million |  |  | 4.10 | % |  |  | 2046 |  |  |  | 1,985 |  |  |  | 1,985 |
Senior notes USD 1,250 million |  |  | 6.00 | % |  |  | 2024 |  |  |  | 1,250 |  |  |  | 1,250 |
Senior notes USD 1,250 million |  |  | 6.75 | % |  |  | 2028 |  |  |  | 1,250 |  |  |  | 1,250 |
Senior notes USD 844 million |  |  | 2.95 | % |  |  | 2022 |  |  |  | 859 |  |  |  | 860 |
Senior notes USD 789 million |  |  | 6.15 | % |  |  | 2036 |  |  |  | 782 |  |  |  | 782 |
Senior notes USD 700 million |  |  | 2.25 | % |  |  | 2020 |  |  |  | 700 |  |  |  | 700 |
Senior notes USD 613 million |  |  | 3.65 | % |  |  | 2021 |  |  |  | 620 |  |  |  | 621 |
Senior notes USD 588 million |  |  | 3.65 | % |  |  | 2021 |  |  |  | 587 |  |  |  | 587 |
Senior notes CHF 350 million |  |  | 0.50 | % |  |  | 2022 |  |  |  | 352 |  |  |  | 356 |
Senior notes CHF 350 million |  |  | 1.00 | % |  |  | 2025 |  |  |  | 352 |  |  |  | 356 |
Fair value hedge accounting adjustments |  |  |  |  |  |  |  |  |  |  | (6 | ) |  |  | (9 | )
Total senior notes |  |  |  |  |  |  |  |  |  |  | 28,188 |  |  |  | 28,483 |
Other long term debt |  |  | 4.58 | % |  |  | 2026 |  |  |  | 13 |  |  |  | 12 |
Less current maturities |  |  |  |  |  |  |  |  |  |  | (2,274 | ) |  |  | (1,700 | )
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | 9 |
Less debt issuance costs |  |  |  |  |  |  |  |  |  |  | (99 | ) |  |  | (104 | )
Total senior notes and loans |  |  |  |  |  |  |  |  |  | $ | 25,834 |  |  | $ | 26,700 |
(1) | During the first quarter of 2019, Teva repurchased and canceled approximately $126 million principal amount of its $1,700 million 1.7% senior notes due in July 2019.
Long term debt was issued by several indirect wholly-owned subsidiaries of the Company and is fully and unconditionally guaranteed by the Company as to payment of all principal, interest, discount and additional amounts (as defined), if any. Long term debt as of March 31, 2019 is effectively denominated (taking into consideration cross currency swap agreements) in the following currencies: U.S. dollar 66 %, euro 31 % and Swiss franc 3 %. Teva’s principal sources of short-term liquidity are its existing cash investments, liquid securities and available credit facilities, primarily its $2.3 billion revolving credit facility (“RCF”). In April 2019, the Company entered into a $2.3 billion unsecured syndicated revolving credit facility, which replaced the previous $3 billion revolving credit facility. The RCF contains certain covenants, including certain limitations on incurring liens and indebtedness and maintenance of certain financial ratios, including a maximum leverage ratio, which becomes more restrictive over time. As of March 31, 2019, the Company did not have any outstanding debt under its then-applicable RCF, which was its only debt subject to a maximum leverage ratio, and met all financial covenants thereunder. Teva expects that it will continue to have sufficient cash resources to support its debt service payments and all other financial obligations for at least twelve months from the date of this report.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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