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Legal Settlements and Loss Contingencies | 9 Months Ended
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Sep. 30, 2021
Legal Settlements and Loss Contingencies | NOTE 9 – Legal settlements and loss contingencies: In the third quarter of 2021, Teva recorded an expense of $3 million in legal settlements and loss contingencies, compared to $21 million in the third quarter of 2020. The expense in the third quarter of 2020 was mainly due to settling, in part, antitrust claims challenging a patent settlement agreement, partially offset by proceeds received following a settlement of an action brought against the sellers of Auden McKenzie (an acquisition made by Actavis Generics). In the third quarter of 2021, Teva also recorded a liability and an offsetting insurance receivable related to mediation discussed in note 10, for which there was no net impact to litigation expenses. In the first nine months of 2021, Teva recorded an expense of $113 million in legal settlements and loss contingencies, compared to $10 million in the first nine months of 2020. The expense in the first nine months of 2021 was mainly due to the provision for the carvedilol patent litigation (see note 10). The expense in the first nine months of 2020 was mainly related to an increase of a reserve for certain legal expenses and settlement contributions related to product liability claims in the United States and partially settling antitrust claims challenging a patent settlement agreement, partially offset by proceeds received following a settlement of the FCPA derivative proceedings in Israel and settlement of an action brought against the sellers of Auden McKenzie (an acquisition made by Actavis Generics). As of September 30, 2021 and December 31, 2020, Teva’s provision for legal settlements and loss contingencies recorded under accrued expenses and other taxes and long-term liabilities was $2,009 million and $1,625 million, respectively.

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- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 + Details
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