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v3.23.3

Derivative instruments and hedging activities (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | September 30, |  |  | 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 |
|  | Fair value |
|  | Designated as hedging instruments |  |  | Not designated as hedging instruments |
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Reported under |  | (U.S. $ in millions) |  |  | (U.S. $ in millions) |
Asset derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Option and forward contracts |  | $ | — |  |  | $ | — |  |  | $ | 44 |  |  | $ | 29 |
Other non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap-cash flow hedge (1) |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |
Conversion option |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |
Liability derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Option and forward contracts |  |  | — |  |  |  | — |  |  |  | (40 | ) |  |  | (101 | )
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, |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 280 |  |  | $ | 252 |  |  | $ | (249 | ) |  | $ | (395 | )
Cross-currency swaps—cash flow hedge (1) |  |  | (7 | ) |  |  | — |  |  |  | 1 |  |  |  | — |
|  | Financial expenses, net |  |  | Other comprehensive income (loss) |
|  | Nine months ended, |  |  | Nine months ended, |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 808 |  |  | $ | 721 |  |  | $ | (156 | ) |  | $ | (663 | )
Cross-currency swaps - cash flow hedge (1) |  |  | (22 | ) |  |  | — |  |  |  | (4 | ) |  |  | — |
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, |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 280 |  |  | $ | 252 |  |  | $ | (3,850 | ) |  | $ | (3,595 | )
Option and forward contracts (2) |  |  | 4 |  |  |  | (6 | ) |  |  | — |  |  |  | — |
Option and forward contracts economic hedge (3) |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | (34 | )
|  | Financial expenses, net |  |  | Net revenues |
|  | Nine months ended, |  |  | Nine months ended, |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Reported under |  | (U.S. $ in millions) |
Line items in which effects of hedges are recorded |  | $ | 808 |  |  | $ | 721 |  |  | $ | (11,389 | ) |  | $ | (11,041 | )
Option and forward contracts (2) |  |  | (46 | ) |  |  | (48 | ) |  |  | — |  |  |  | — |
Option and forward contracts economic hedge (3) |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (69 | )

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