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v3.23.1

Derivative instruments and hedging activities (Tables) | 3 Months Ended
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Mar. 31, 2023
Summary of Notional Amounts for Hedged Items | The following table summarizes the notional amounts for hedged items, when transactions are designated as hedge accounting:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (U.S. $ in millions) |
Cross-currency swap - cash flow hedge (1) |  | $ | 169 |  |  | $ | — |
Summary of Classification and Fair Values of Derivative Instruments | The following table summarizes the classification and fair values of derivative instruments:
|  | Fair value |
|  | Designated as hedging instruments |  |  | Not designated as hedging instruments |
|  | March 31, 2023 |  |  | December 31, 2022 |  |  | March 31, 2023 |  |  | December 31, 2022 |
Reported under |  | (U.S. $ in millions) |  |  | (U.S. $ in millions) |
Asset derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Option and forward contracts |  | $ | — |  |  | $ | — |  |  | $ | 45 |  |  | $ | 29 |
Other non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap-cash flow hedge (1) |  |  | § |  |  |  | — |  |  |  | — |  |  |  | — |
Liability derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Option and forward contracts |  |  | — |  |  |  | — |  |  |  | (63 | ) |  |  | (101 | )
§ | Represents an amount less than $0.5 million.
Derivatives Not Designated as Hedging Instruments | 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, |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 260 |  |  | $ | 258 |  |  | $ | (3,661 | ) |  | $ | (3,661 | )
Option and forward contracts (2) |  |  | (13 | ) |  |  | (5 | ) |  |  | — |  |  |  | — |
Option and forward contracts economic hedge (3) |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | (19 | )
Summary Of Pre-tax (gains) losses from Derivatives Designated in Cash Flow Hedging Relationships | The table below provides information regarding the location and amount of pre-tax (gains) losses from derivatives designated in cash flow hedging relationships:
|  | Financial expenses, net |  |  | Other comprehensive income (loss) |
|  | Three months ended, |  |  | Three months ended, |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 260 |  |  | $ | 258 |  |  | $ | 127 |  |  | $ | (57 | )
Cross-currency swaps - cash flow hedge (1) |  |  | 1 |  |  |  | — |  |  |  | (2 | ) |  |  | — |

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