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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Financial Items Carried at Fair Value

Financial items carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are classified in the tables below in one of the three categories of fair value levels:

		March 31, 2024
		Level 1				Level 2				Level 3				Total
		(U.S. $ in millions)
Cash and cash equivalents:
Money markets		$	1,574			$	—			$	—			$	1,574
Cash, deposits and other			1,417				—				—				1,417
Investment in securities:
Investment in convertible bond			—				—				40				40
Equity securities			8				—				—				8
Other			3				—				—				3
Derivatives:
Asset derivatives:
Options and forward contracts			—				36				—				36
Liability derivatives:
Options and forward contracts			—				(35	)			—				(35	)
Bifurcated embedded derivatives			—				—					§			—
Contingent consideration*			—				—				(567	)			(567	)
Total		$	3,002			$	1			$	(527	)		$	2,476

		December 31, 2023
		Level 1				Level 2				Level 3				Total
		(U.S. $ in millions)
Cash and cash equivalents:
Money markets		$	1,704			$	—			$	—			$	1,704
Cash, deposits and other			1,522				—				—				1,522
Investment in securities:
Investment in convertible bond security											40				40
Equity securities			7				—				—				7
Other			1				—				—				1
Restricted cash			1				—				—				1
Derivatives:
Asset derivatives:
Options and forward contracts			—				38				—				38
Cross-currency interest rate swap							8								8
Liability derivatives:
Options and forward contracts			—				(39	)			—				(39	)
Bifurcated embedded derivatives			—				—					§			—
Contingent consideration*		$	—				—				(517	)			(517	)
Total			3,235			$	7			$	(477	)		$	2,765

§ Represents an amount less than $0.5 million.

* 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 the financial assets and liabilities where fair value measurements are estimated utilizing Level 3 inputs:

		Three months ended March 31, 2024				Three months ended March 31, 2023
		(U.S. $ in millions)
Fair value at the beginning of the period		$	(477	)			(250	)
Bifurcated embedded derivatives				§				§
Adjustments to provisions for contingent consideration:
Allergan transaction*			(64	)			(24	)
Eagle transaction			(14	)			(11	)
Novetide transaction			(1	)			(1	)
Settlement of contingent consideration:
Allergan transaction			13				2
Eagle transaction			15				21
Novetide transaction			1				2
Fair value at the end of the period		$	(527	)		$	(261	)

§ Represents an amount less than $0.5 million.

* The financial data presented in the tables above with respect to adjustments to provisions for contingent consideration related to Allergan for the three months ended March 31, 2023 have been revised as discussed in note 1c.

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

Financial instruments measured on a basis other than fair value mostly consist of senior notes and convertible senior debentures (see note 7) and are presented in the table below in terms of fair value (level 1 inputs):

		Estimated fair value*
		March 31,				December 31,
		2024				2023
		(U.S. $ in millions)
Senior notes and sustainability-linked senior notes included under senior notes and loans		$	15,786			$	17,214
Senior notes and convertible senior debentures included under short-term debt			3,051				1,651
Total		$	18,837			$	18,865

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

X

- 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.

+ References

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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