2022 Q4 Form 10-K Financial Statement

#000119312523031250 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $3.884B $14.93B $4.100B
YoY Change -5.27% -6.0% -7.93%
Cost Of Revenue $1.784B $7.952B $1.975B
YoY Change -9.67% -0.77% -16.74%
Gross Profit $2.100B $6.973B $2.125B
YoY Change -1.18% -11.33% 2.11%
Gross Profit Margin 54.07% 46.72% 51.83%
Selling, General & Admin $837.0M $3.445B $858.0M
YoY Change -2.45% 1.26% -11.09%
% of Gross Profit 39.86% 49.4% 40.38%
Research & Development $210.0M $98.00M $249.0M
YoY Change -15.66% -89.87%
% of Gross Profit 10.0% 1.41% 11.72%
Depreciation & Amortization $306.0M $576.0M $320.0M
YoY Change -4.38% -56.69% -18.99%
% of Gross Profit 14.57% 8.26% 15.06%
Operating Expenses $1.101B $3.543B $1.154B
YoY Change -4.59% -19.97% -11.16%
Operating Profit $999.0M -$2.099B $971.0M
YoY Change 2.88% -161.07% 24.17%
Interest Expense -$237.0M $930.0M -$170.0M
YoY Change 39.41% -194.13% -0.58%
% of Operating Profit -23.72% -17.51%
Other Income/Expense, Net -$9.000M -$966.0M -$83.00M
YoY Change -89.16% 1280.0% -14.43%
Pretax Income -$1.101B -$119.0M -$175.0M
YoY Change 529.14% -118.09% -227.74%
Income Tax $154.0M -$638.0M -$24.00M
% Of Pretax Income
Net Earnings -$1.221B -$2.353B -$158.0M
YoY Change 672.78% -664.27% -206.04%
Net Earnings / Revenue -31.44% -15.77% -3.85%
Basic Earnings Per Share -$1.17 -$2.12
Diluted Earnings Per Share -$1.10 -$2.12 -$143.4K
COMMON SHARES
Basic Shares Outstanding 1.111B 1.110B
Diluted Shares Outstanding 1.110B

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.801B $2.801B $2.165B
YoY Change 29.38% 29.38% -0.55%
Cash & Equivalents $2.801B $2.801B $2.165B
Short-Term Investments
Other Short-Term Assets $549.0M $1.721B $965.0M
YoY Change -43.11% -16.5% -47.67%
Inventory $3.833B $3.833B $3.818B
Prepaid Expenses $1.162B $1.075B
Receivables $3.696B $3.696B $4.529B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.05B $12.05B $12.57B
YoY Change -4.15% -4.15% -3.32%
LONG-TERM ASSETS
Property, Plant & Equipment $5.739B $6.158B $5.982B
YoY Change -4.06% -4.93% -12.74%
Goodwill $17.63B $20.04B
YoY Change -12.01% -2.83%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $441.0M $1.894B $515.0M
YoY Change -14.37% 70.63% -58.23%
Total Long-Term Assets $31.96B $31.96B $35.09B
YoY Change -8.94% -8.94% -6.75%
TOTAL ASSETS
Total Short-Term Assets $12.05B $12.05B $12.57B
Total Long-Term Assets $31.96B $31.96B $35.09B
Total Assets $44.01B $44.01B $47.67B
YoY Change -7.68% -7.68% -5.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.887B $1.887B $1.686B
YoY Change 11.92% 11.92% -3.99%
Accrued Expenses $2.717B $2.810B $2.771B
YoY Change -1.95% -2.43% 7.36%
Deferred Revenue
YoY Change
Short-Term Debt $23.00M $23.00M $23.00M
YoY Change 0.0% 0.0% -95.53%
Long-Term Debt Due $2.086B $2.086B $1.403B
YoY Change 48.68% 48.68% -47.53%
Total Short-Term Liabilities $11.47B $11.47B $11.03B
YoY Change 4.01% 4.01% -16.23%
LONG-TERM LIABILITIES
Long-Term Debt $19.10B $19.10B $21.62B
YoY Change -11.63% -11.63% -4.9%
Other Long-Term Liabilities $3.847B $4.195B $2.578B
YoY Change 49.22% 40.11% -5.22%
Total Long-Term Liabilities $23.85B $23.30B $25.40B
YoY Change -6.1% -5.34% -0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.47B $11.47B $11.03B
Total Long-Term Liabilities $23.85B $23.30B $25.40B
Total Liabilities $35.32B $36.11B $36.42B
YoY Change -3.04% -3.42% -10.32%
SHAREHOLDERS EQUITY
Retained Earnings -$12.88B -$10.53B
YoY Change 22.35%
Common Stock $57.00M $57.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.128B $4.128B
YoY Change 0.0%
Treasury Stock Shares $106.0M $106.0M
Shareholders Equity $7.897B $7.897B $10.28B
YoY Change
Total Liabilities & Shareholders Equity $44.01B $44.01B $47.67B
YoY Change -7.68% -7.68% -5.87%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.221B -$2.353B -$158.0M
YoY Change 672.78% -664.27% -206.04%
Depreciation, Depletion And Amortization $306.0M $576.0M $320.0M
YoY Change -4.38% -56.69% -18.99%
Cash From Operating Activities $973.0M $1.590B $456.0M
YoY Change 113.38% 99.25% 37.76%
INVESTING ACTIVITIES
Capital Expenditures $142.0M $548.0M -$153.0M
YoY Change -192.81% -197.51% -13.07%
Acquisitions $7.000M
YoY Change
Other Investing Activities $310.0M $0.00 $399.0M
YoY Change -22.31% -100.0% 25.87%
Cash From Investing Activities $168.0M $656.0M $246.0M
YoY Change -31.71% -56.93% 74.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.369B
YoY Change -79.41%
Cash From Financing Activities -711.0M -1.487B -501.0M
YoY Change 41.92% -31.54% 300.8%
NET CHANGE
Cash From Operating Activities 973.0M 1.590B 456.0M
Cash From Investing Activities 168.0M 656.0M 246.0M
Cash From Financing Activities -711.0M -1.487B -501.0M
Net Change In Cash 430.0M 636.0M 201.0M
YoY Change 113.93% 326.85% -42.07%
FREE CASH FLOW
Cash From Operating Activities $973.0M $1.590B $456.0M
Capital Expenditures $142.0M $548.0M -$153.0M
Free Cash Flow $831.0M $1.042B $609.0M
YoY Change 36.45% -23.38% 20.12%

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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">j.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Concentration of credit risks: </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Most of Teva’s cash and cash equivalents (which, along with investment in securities, totaled $2,817 million at December 31, 2022) were deposited with European, U.S. and Israeli banks and financial institutions and were comprised mainly of cash deposits. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The pharmaceutical industry, particularly in the United States, has been significantly affected by consolidation among managed care providers, large pharmacy chains, wholesaling organizations and other buyer groups. The U.S. market constituted approximately 47% of Teva’s consolidated revenues in 2022. The exposure of credit risks relating to other trade receivables outside the U.S. is limited, due to the relatively large number of group customers and their wide geographic distribution. Teva performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral and from time to time the Company may choose to purchase trade credit insurance. </div></div>
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Teva determines if an arrangement is a lease at inception. Lease classification is governed by five criteria in ASC 842-10-25-2. If any of these five criteria is met, Teva classifies the lease as a finance lease. Otherwise, Teva classifies the lease as an operating lease. When determining lease classification, Teva’s approach in assessing two of the mentioned criteria is: (i) generally, 75% or more of the remaining economic life of the underlying asset is a major part of the remaining economic life of that underlying asset; and (ii) generally, 90% or more of the fair value of the underlying asset comprises substantially all of the fair value of the underlying asset.
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CY2020Q4 us-gaap Goodwill
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CY2021 teva Goodwill Reclassification
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CY2021 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2021Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022Q2 us-gaap Goodwill Impairment Loss
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CY2020 teva Forward Starting Interest Rate Swaps And Treasury Lock Agreements Losses
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CY2022 teva Interest Rate Swap Gain
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CY2021 teva Interest Rate Swap Gain
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CY2022 teva Fixed Payments And Variable Payments Depend On An Index Or Rate
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CY2021 teva Fixed Payments And Variable Payments Depend On An Index Or Rate
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CY2020 teva Fixed Payments And Variable Payments Depend On An Index Or Rate
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CY2022 us-gaap Variable Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2020 us-gaap Operating Lease Payments
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CY2022 teva Operating Leases Non Cash
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81000000
CY2021 teva Operating Leases Non Cash
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81000000
CY2020 teva Operating Leases Non Cash
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211000000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 teva Operating Lease Liability Other
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93000000
CY2021Q4 teva Operating Lease Liability Other
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109000000
CY2022Q4 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020 teva Interest Rate Swap Gain
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3000000
CY2022 teva Deferred Purchase Asset
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q4 teva Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 teva Operating Leases Imputed Interest
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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CY2022Q4 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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CY2021Q4 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Debt Current
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CY2021Q4 us-gaap Debt Current
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CY2022Q4 us-gaap Senior Notes
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CY2021Q4 us-gaap Senior Notes
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CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
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CY2022Q4 us-gaap Long Term Notes And Loans
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CY2021Q4 us-gaap Long Term Notes And Loans
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CY2022Q4 teva Long Term Debt Currency Portion Usd
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0.62
CY2022Q4 teva Long Term Debt Currency Portion Eur
LongTermDebtCurrencyPortionEUR
0.36
CY2022Q4 teva Long Term Debt Currency Portion Chf
LongTermDebtCurrencyPortionCHF
0.02
CY2021 teva Deferred Purchase Asset
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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3523000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2927000000
CY2022Q4 teva Long Term Debt Repayment Of Principal After Four Years
LongTermDebtRepaymentOfPrincipalAfterFourYears
7448000000
CY2022Q4 teva Long Term Debta Exclude Issuance Cost
LongTermDebtaExcludeIssuanceCost
19231000000
CY2022Q4 teva Revenues Other Than Usd
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0.47
CY2022Q4 teva Cash Received On Settlement Of Position
CashReceivedOnSettlementOfPosition
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CY2022 us-gaap Derivative Gain On Derivative
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CY2021 us-gaap Derivative Gain On Derivative
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31000000
CY2022 us-gaap Derivative Loss On Derivative
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CY2022 teva Forward Starting Interest Rate Swaps And Treasury Lock Agreements Losses
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30000000
CY2021 teva Forward Starting Interest Rate Swaps And Treasury Lock Agreements Losses
ForwardStartingInterestRateSwapsAndTreasuryLockAgreementsLosses
37000000
CY2010Q4 teva Annual Sales Of Actos
AnnualSalesOfActos
3700000000
CY2022Q4 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
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CY2021Q4 us-gaap Accounts Receivable From Securitization
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CY2022 teva Schedule Of Account Receivable From Securitization
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<div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the change in the sold receivables outstanding balance, net of DPP, under the outstanding securitization program: </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 10%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 10%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of and for the year ended<br/> December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2022</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2021</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 1pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="6" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(U.S. $ in millions)</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 72%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Sold receivables at the beginning of the year</div></div></td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">685</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">734</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 72%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Proceeds from sale of receivables</div></div></td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,653</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,139</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 72%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash collections (remitted to the owner of the receivables)</div></div></td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,665</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(5,152</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 72%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of currency exchange rate changes</div></div></td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(37</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(36</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; font-size: 0px; width: 72%;"> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 72%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Sold receivables at the end of the year</div></div></td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">636</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">685</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; font-size: 0px; width: 72%;"> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom; width: 10%;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td> </td></tr></table>
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210000000
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The vesting period of the outstanding options and RSUs is generally between 1 to 4 years from date of grant. The vesting period of PSUs is generally 3 years from date of grant. The rights of ordinary shares obtained from the exercise of options, RSUs or PSUs are identical to those of other ordinary shares of the Company. The contractual term of these options is primarily for ten years.
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