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Debt obligations (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of Short-term Debt
a.
Short-term debt:
 

         
June 30,
    
December 31,
  
    
Interest rate as of

June 30, 2023
    
Maturity
     
2023
     
2022
  
                         
               
(U.S. $ in millions)
  
Convertible senior debentures
     0.25 %      2026       23       23  
Current maturities of long-term liabilities
                     1,957       2,086  
                   
 
 
    
 
 
  
Total short-term debt
                   $ 1,980     $ 2,109  
     
 
 
    
 
 
  
Schedule of Senior Notes and Loans

b.
Long-term debt:
 
 
  
Interest rate as of

June 30, 2023
 
 
Maturity
 
  
June 30, 2023
 
  
December 31,
2022
 
 
  
 
 
 
 
 
  
(U.S. $ in millions)
 
Senior notes EUR 1,500 million
  
 
1.13
% 
 
 
2024
 
  
 
680
 
  
 
670
 
Sustainability-linked senior notes EUR 1,500 million (6)(*)
  
 
4.38
% 
 
 
2030
 
  
 
1,630
 
  
 
1,606
 
Senior notes EUR 1,300 million (9)
  
 
1.25
% 
 
 
2023
 
  
 
—  
 
  
 
633
 
Sustainability-linked senior notes EUR 1,100 million (7)(*)
  
 
3.75
% 
 
 
2027
 
  
 
1,196
 
  
 
1,177
 
Senior notes EUR 1,000 million (5)
  
 
6.00
% 
 
 
2025
 
  
 
447
 
  
 
1,070
 
Senior notes EUR 900 million (5)
  
 
4.50
% 
 
 
2025
 
  
 
539
 
  
 
963
 
Sustainability-linked senior notes EUR 800 million (1)(*)
  
 
7.38
% 
 
 
2029
 
  
 
870
 
  
 
—  
 
Senior notes EUR 750 million
  
 
1.63
% 
 
 
2028
 
  
 
812
 
  
 
800
 
Senior notes EUR 700 million
  
 
1.88
% 
 
 
2027
 
  
 
759
 
  
 
748
 
Sustainability-linked senior notes EUR 500 million (2)(*)
  
 
7.88
% 
 
 
2031
 
  
 
544
 
  
 
—  
 
Senior notes USD 3,500 million (5)
  
 
3.15
% 
 
 
2026
 
  
 
3,374
 
  
 
3,496
 
 
 
Senior notes USD 3,000 million (5)(10)
  
 
2.80
% 
 
 
2023
 
  
 
1,000
 
  
 
1,453
 
Senior notes USD 2,000 million
  
 
4.10
% 
 
 
2046
 
  
 
1,986
 
  
 
1,986
 
Senior notes USD 1,250 million (5)
  
 
6.00
% 
 
 
2024
 
  
 
957
 
  
 
1,250
 
Senior notes USD 1,250 million
  
 
6.75
% 
 
 
2028
 
  
 
1,250
 
  
 
1,250
 
Senior notes USD 1,000 million (5)
  
 
7.13
% 
 
 
2025
 
  
 
427
 
  
 
1,000
 
Sustainability-linked senior notes USD 1,000 million (7)(*)
  
 
4.75
% 
 
 
2027
 
  
 
1,000
 
  
 
1,000
 
Sustainability-linked senior notes USD 1,000 million (6)(*)
  
 
5.13
% 
 
 
2029
 
  
 
1,000
 
  
 
1,000
 
Senior notes USD 789 million
  
 
6.15
% 
 
 
2036
 
  
 
783
 
  
 
783
 
Sustainability-linked senior notes USD 600 million (3)(*)
  
 
7.88
% 
 
 
2029
 
  
 
600
 
  
 
—  
 
Sustainability-linked senior notes USD 500 million (4)(*)
  
 
8.13
% 
 
 
2031
 
  
 
500
 
  
 
—  
 
Senior notes CHF 350 million
  
 
1.00
% 
 
 
2025
 
  
 
389
 
  
 
382
 
  
 
  
 
 
 
  
 
 
 
Total senior notes
 
  
 
20,743
 
  
 
21,266
 
Other long-term debt
  
 
  
 
1
 
  
 
1
 
Less current maturities
 
  
 
(1,957
) 
  
 
(2,086
) 
Less debt issuance costs (8)
 
  
 
(89
) 
  
 
(78
) 
  
 
  
 
 
 
  
 
 
 
Total senior notes and loans
 
  
$
18,698
 
  
$
19,103
 
  
 
  
 
 
 
  
 
 
 


(1)
In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of 800 million euro bearing 7.38% annual interest and due September 2029. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by
0.100%-0.300%
per annum, from and including September 15, 2026.
(2)
In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of 500 million euro bearing 7.88% annual interest and due September 2031. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by
0.100%-0.300%
per annum, from and including September 15, 2026.
(3)
In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of $600 million bearing 7.88% annual interest and due September 2029. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by
0.100%-0.300%
per annum, from and including September 15, 2026.
(4)
In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of $500 million bearing 8.13% annual interest and due September 2031. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by
0.100%-0.300%
per annum, from and including September 15, 2026.
(5)
In March 2023, Teva consummated a cash tender offer and extinguished $
631
 million aggregate principal amount of its 1,000 million euro 6% senior notes due in 2025; $432 million aggregate principal amount of its 900 million euro 4.5% senior notes due in 2025; $574 million aggregate principal amount of its $1,000 million 7.13% senior notes due in 2025; $454 million aggregate principal amount of its $3,000 million 2.8% senior notes due in 2023; $293 million aggregate principal amount of its $1,250 million 6% senior notes due in 2024 and $122 million aggregate principal amount of its $3,500 million 3.15% senior notes due in 2026.
(6)
If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by
0.125%-0.375%
per annum, from and including May 9, 2026.
(7)
If Teva fails to achieve certain sustainability performance targets, a
one-time
premium payment of
0.15%-0.45%
out of the principal amount will be paid at maturity or upon earlier redemption, if such redemption is on or after May 9, 2026.
(8)
Debt issuance costs as of June 30, 2023 include $26 million in connection with the issuance of the sustainability-linked senior notes in March 2023, partially offset by $6 million acceleration of issuance costs related to the cash tender offer.
(9)
In March 2023, Teva repaid $646 million of its 1.25% senior notes at maturity.
(10)
In July 2023, Teva repaid $1,000 million of its 2.8% senior notes at maturity.
(*)
Interest rate adjustments and a potential
one-time
premium payment related to the sustainability-linked bonds are treated as bifurcated embedded derivatives. See note 8c.