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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Before Income Taxes

a. Income (loss) before income taxes:

		Year ended December 31,
		2023				2022				2021
		(U.S. $ in millions)
Parent Company and its Israeli subsidiaries		$	(767	)		$	(119	)		$	126
Non-Israeli subsidiaries			143				(3,044	)			532
		$	(624	)		$	(3,163	)		$	658

Schedule of the Provision for Income Taxes

b. Income taxes:

		Year ended December 31,
		2023				2022				2021
		(U.S. $ in millions)
In Israel		$	(402	)		$	33			$	124
Outside Israel			395				(676	)			87
		$	(7	)		$	(643	)		$	211
Current		$	333			$	430			$	270
Deferred			(340	)			(1,073	)			(59	)
		$	(7	)		$	(643	)		$	211

Accumulated Other Comprehensive Income/(Loss) (Net of Tax)

		2023				2022				2021
		(U.S. $ in millions)
Income (loss) before income taxes (***)		$	(624	)		$	(3,163	)		$	658
Statutory tax rate in Israel			23	%			23	%			23	%
Theoretical provision for income taxes (***)		$	(144	)		$	(727	)		$	151
Increase (decrease) in the provision for income taxes due to:
The Parent Company and its Israeli subsidiaries - Tax benefits arising from net deferred taxes, resulting from intellectual property related integration plans, including carryforward losses			(272)				—				—
Tax benefits arising from reduced tax rates under benefit programs			14				15				(12)
Mainly nondeductible items and prior year tax			—				35				20
Non-Israeli subsidiaries, including impairments (*)			372				941				117
Worthless stock deduction (**)			—				(909)				—
Increase (decrease) in other uncertain tax positions - net			23				2				(65)
Effective consolidated income taxes (***)		$	(7)			$	(643)			$	211

* In 2023 and 2022, income before income taxes includes goodwill impairment in non-Israeli subsidiaries that did not have a corresponding tax effect.

** In 2022, one of Teva’s U.S. subsidiaries was determined to be insolvent for tax purposes (i.e., its liabilities exceeded the fair market value of its assets), mainly in light of its accumulated operational losses. Consequently, Teva recognized on its 2022 tax return, a worthless stock deduction of approximately $4.2 billion, with related tax benefit of approximately $909 million.

*** The financial data presented in the tables above for the year ended December 31, 2022 have been revised as discussed in note 1b.

Schedule of Deferred Income Taxes

c. Deferred income taxes:

		December 31,
		2023				2022
		(U.S. $ in millions)
Deferred tax assets (liabilities), net:
Inventory related		$	76			$	125
Sales reserves and allowances			81				89
Provision for legal settlements			702				703
Intangible assets (*)			(118	)			(567	)
Carryforward losses and deductions and credits (**)			2,463				2,850
Property, plant and equipment			(225	)			(238	)
Deferred interest			799				800
Provisions for employee related obligations			80				82
Other (***)			357				138
			4,215				3,982
Valuation allowance—in respect of carryforward losses and deductions that may not be utilized			(3,009	)			(3,072	)
		$	1,206			$	910

(*) The increase in deferred tax is mainly due to intellectual property related integration.

(**) The amounts are shown following a reduction for unrecognized tax benefits of $2 million and $1 million as of December 31, 2023 and 2022, respectively.

(***) The amounts shown are primarily comprised of Capitalization of R&D Expenses. Other deferred income taxes presented in the table above as of December 31, 2022, have been revised as discussed in note 1b.

Schedule of Deferred Tax Assets and Liabilities By Report Caption

The deferred income taxes are reflected in the balance sheets among:

		December 31,
		2023				2022
		(U.S. $ in millions)
Long-term assets—deferred income taxes (*)			1,812				1,458
Long-term liabilities—deferred income taxes			(606	)			(548	)
		$	1,206			$	910

(*) Long-term assets—deferred income taxes presented in the tables above as of December 31, 2022, have been revised as discussed in note 1b.

Schedule of Unrecognized Tax Benefits

d. Uncertain tax positions:

The following table summarizes the activity of Teva’s gross unrecognized tax benefits:

		Year ended December 31,
		2023				2022				2021
		(U.S. $ in millions)
Balance at the beginning of the year		$	638			$	672			$	888
Increase (decrease) related to prior year tax positions, net			(1	)			(46	)			(106	)
Increase related to current year tax positions			15				42				7
Decrease related to settlements with tax authorities and lapse of applicable statutes of limitations			(15	)			(31	)			(115	)
Other			14				1				(2	)
Balance at the end of the year		$	651			$	638			$	672

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