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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Financial Items Carried at Fair Value

Financial items carried at fair value as of December 31, 2021 and 2020 are classified in the tables below in one of the three categories described in note 1f:

		December 31, 2021
		Level 1				Level 2				Level 3				Total
		(U.S. $ in millions)
Cash and cash equivalents:
Money markets		$	220			$	—			$	—			$	220
Cash, deposits and other			1,945				—				—				1,945
Investment in securities:
Equity securities*			18				—				—				18
Other			6				—				1				7
Restricted cash			33				—				—				33
Derivatives:
Asset derivatives—options and forward contracts			—				30				—				30
Liabilities derivatives:															—
Options and forward contracts			—				(23	)			—				(23	)
Bifurcated embedded derivatives			—				—				§				—
Contingent consideration**			—				—				(176	)			(176	)
Total		$	2,222			$	7			$	(175	)		$	2,054

§ Represents an amount less than 0.5 million.

		December 31, 2020
		Level 1				Level 2				Level 3				Total
		(U.S. $ in millions)
Cash and cash equivalents:
Money markets		$	367			$	—			$	—			$	367
Cash, deposits and other			1,810				—				—				1,810
Investment in securities:
Equity securities			25				259				—				284
Other, mainly debt securities			5				—				10				15
Derivatives:
Asset derivatives—options and forward contracts			—				24				—				24
Liability derivatives—options and forward contracts			—				(79	)			—				(79	)
Contingent consideration**			—				—				(268	)			(268	)
Total		$	2,207			$	204			$	(258	)		$	2,153

* During the first quarter of 2021, Teva’s shares in American Well Corporation (“American Well”) moved from a Level 2 measurement to a Level 1 measurement within the fair value hierarchy, since they were no longer subject to a sale restriction. By the end of September, 2021, Teva sold all of its holdings in American Well.

** Contingent consideration represents liabilities recorded at fair value in connection with acquisitions.

Summary of Fair Value of Financial Liabilities Measured Using Level 3 Inputs

The following table summarizes the activity for those financial assets and liabilities where fair value measurements are estimated utilizing Level 3 inputs.

		December 31, 2021				December 31, 2020
		(U.S. $ in millions)
Fair value at the beginning of the period		$	(258	)		$	(448	)
Transfer into Level 3- equity securities			—				179
Revaluation of equity securities			—				80
Redemption of debt securities			(9	)			—
Revaluation of debt securities			—				(2	)
Reclassification to Level 2- equity securities			—				(259	)
Bifurcated embedded derivatives			§				—
Adjustments to provisions for contingent consideration:
Actavis Generics transaction			15				156
Eagle transaction			(23	)			(75	)
Settlement of contingent consideration:
Eagle transaction			100				111
Fair value at the end of the period		$	(175	)		$	(258	)

§ Represents an amount less than $0.5 million.

Summary of Financial Instrument Measured on a Basis Other Than Fair Value

Financial instruments measured on a basis other than fair value consist of senior notes, sustainability-linked senior notes and convertible senior debentures (see note 9), and are presented in the below table in terms of fair value:

		Estimated fair value*
		December 31,
		2021				2020
		(U.S. $ in millions)
Senior notes and sustainability-linked senior notes included under senior notes and loans		$	21,477			$	22,684
Senior notes and convertible senior debentures included under short-term debt			1,426				3,207
Total		$	22,903			$	25,891

* The fair value was estimated based on quoted market prices.

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- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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