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Derivative instruments and hedging activities (Tables) | 6 Months Ended
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Jun. 30, 2021
Summary of Classification and Fair Values of Derivative Instruments | The following table summarizes the classification and fair values of derivative instruments:
|  | Fair value |
|  | Not designated as hedging instruments |
|  | June 30, 2021 |  |  | December 31, 2020 |
Reported under |  | (U.S. $ in millions) |
Asset derivatives: |  |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |  |
Option and forward contracts |  | $ | 30 |  |  | $ | 24 |
Liability derivatives: |  |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |  |
Option and forward contracts |  |  | (25 | ) |  |  | (79 | )
Derivatives Not Designated as Hedging Instruments | The table below provides information regarding the location and amount of pre-tax (gains) losses from derivatives designated in fair value or cash flow hedging relationships :
|  | Financial expenses, net |  |  | Other comprehensive income (loss) |
|  | Three months ended, |  |  | Three months ended, |
|  | June 30, 2021 |  |  | June 30, 2020 |  |  | June 30, 2021 |  |  | June 30, 2020 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 274 |  |  | $ | 223 |  |  | $ | 87 |  |  | $ | 151 |
Cross-currency swaps - net investment hedge (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Financial expenses, net |  |  | Other comprehensive income (loss) |
|  | Six months ended, |  |  | Six months ended, |
|  | June 30, 2021 |  |  | June 30, 2020 |  |  | June 30, 2021 |  |  | June 30, 2020 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are r e corde d |  | $ | 564 |  |  | $ | 448 |  |  | $ | (115 | ) |  | $ | (379 | )
Cross-currency swaps - net investment hedge (1) |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (21 | )
Information Regarding The Location And Amount Of Pretax (Gains) Losses Of Derivatives Designated In Fair Value Or Cash Flow Hedging Relationships | The table below provides information regarding the location and amount of pre-tax (gains) losses from derivatives not designated as hedging instruments:
|  | Financial expenses, net |  |  | Net revenues |
|  | Three months ended, |  |  | Three months ended, |
|  | June 30, 2021 |  |  | June 30, 2020 |  |  | June 30, 2021 |  |  | June 30, 2020 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 274 |  |  | $ | 223 |  |  | $ | (3,910 | ) |  | $ | (3,870 | )
Option and forward contracts (2) |  |  | 27 |  |  |  | 13 |  |  |  | — |  |  |  | — |
Option and forward contracts economic hedge (3) |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 20 |
|  | Financial expenses, net |  |  | Net revenues |
|  | Six months ended, |  |  | Six months ended, |
|  | June 30, 2021 |  |  | June 30, 2020 |  |  | June 30, 2021 |  |  | June 30, 2020 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 564 |  |  | $ | 448 |  |  | $ | (7,892 | ) |  | $ | (8,227 | )
Option and forward contracts (2) |  |  | (43 | ) |  |  | 37 |  |  |  | — |  |  |  | — |
Option and forward contracts economic hedge (3 ) |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | (40 | )
(1) | In each of the first and second quarters of 2017, Teva entered into a cross currency swap agreement with a notional amount of $500 million maturing in 2020. These cross currency swaps were designated as a net investment hedge of Teva’s foreign subsidiaries euro denominated net assets, in order to reduce the risk of adverse exchange rate fluctuations. With respect to these cross currency swap agreements, Teva recognized gains which mainly reflect the differences between the float-for-float interest rates paid and received. In the first quarter of 2020, these cross-currency swap agreements expired. The settlement of these transactions resulted in cash proceeds of $3 million.
(2) | Teva uses foreign exchange contracts (mainly option and forward contracts) to hedge balance sheet items from currency exposure. These foreign exchange contracts are not designated as hedging instruments for accounting purposes. In connection with these foreign exchange contracts, Teva recognizes gains or losses that offset the revaluation of the balance sheet items also recorded under financial expenses, net .

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
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