Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Financial Items Carried at Fair Value

Financial items carried at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 are classified in the tables below in one of the three categories of fair value levels:


	June 30, 2026
	Level 1		Level 2			Level 3			Total
	(U.S. $ in millions)
Cash and cash equivalents:
Money markets	$	2,710	$	—		$	—		$	2,710
Cash, deposits and other		945		—			—			945
Investment in securities:
Equity securities		17		—			—			17
Other		4		—			—			4
Derivatives:
Asset derivatives:
Options and forward contracts		—		99			—			99
Liability derivatives:
Options and forward contracts		—		(60	)		—			(60	)
Cross currency interest rate swap		—		(20	)		—			(20	)
Contingent consideration*		—		—			(49	)		(49	)

Total	$	3,676	$	19		$	(49	)	$	3,646


	December 31, 2025
	Level 1		Level 2			Level 3			Total
	(U.S. $ in millions)
Cash and cash equivalents:
Money markets	$	2,678	$	—		$	—		$	2,678
Cash, deposits and other		878		—			—			878
Investment in securities:
Equity securities		16		—			—			16
Other		3		—			—			3
Derivatives:
Asset derivatives:
Options and forward contracts		—		86			—			86
Liability derivatives:
Options and forward contracts		—		(38	)		—			(38	)
Cross currency interest rate swap		—		(19	)		—			(19	)
Contingent consideration*		—		—			(51	)		(51	)

Total	$	3,575	$	29		$	(51	)	$	3,553

*	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:


	Six months ended June 30, 2026			Six months ended June 30, 2025
	(U.S. $ in millions)
Fair value at the beginning of the period	$	(51	)	$	(401	)
Adjustments to provisions for contingent consideration:
Allergan transaction		—			(21	)
Eagle transaction		(18	)		(8	)
Novetide transaction		(1	)		(1	)
Settlement of contingent consideration:
Allergan transaction		—			103
Eagle transaction		19			23
Novetide transaction		2			2

Fair value at the end of the period	$	(49	)	$	(303	)

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, sustainability-linked 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*
	June 30, 2026		December 31, 2025
	(U.S. $ in millions)
Senior notes and sustainability-linked senior notes included under senior notes and loans	$	12,094	$	15,128
Senior notes and convertible senior debentures included under short-term debt		4,492		1,801

Total	$	16,586	$	16,929

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