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Significant Accounting Policies (Policies) | 3 Months Ended
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Mar. 31, 2024
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements None.
Recently issued accounting pronouncements, not yet adopted | Recently issued accounting pronouncements, not yet adopted In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This guidance is intended to enhance the transparency and decision-usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to disclosure regarding rate reconciliation and income taxes paid both in the U.S. and in foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting: Improvements to Reportable Segment Disclosures”. This guidance expands public entities’ segment disclosures primarily by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied retrospectively to all prior periods presented in an entity’s financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements related disclosures. In October 2023, the FASB issued ASU 2023-06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification topics, allow investors to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. The Company does not expect ASU 2023-06 will have a material impact to its consolidated financial statements.
Revision of Previously Reported Consolidated Financial Statements |
| c. | Revision of Previously Reported Consolidated Financial Statements
In connection with the preparation of the consolidated financial statements as of and for the year ended December 31, 2023, the Company identified errors in a single contingent consideration liability and related expenses in connection with estimated future royalty payments, along with corresponding deferred tax adjustments, that aggregated into an understatement of the contingent consideration liability of approximately $132 million, of which $98 million related to 2022 and $34 million related to 2023. These errors resulted from the exclusion of royalty payments that should have been included in the fair value re-measurement calculation of the contingent consideration liability as of and for the year ended December 31, 2022, and the quarterly and year-to-date periods ended June 30, September 30 and December 31, 2022, and March 31, June 30 and September 30, 2023. These errors did not impact the Company’s actual royalty payments, as well as total cash flows from operating activities, financing activities and investing activities in the periods stated above. The Company evaluated the errors, individually and in the aggregate, considering both qualitative and quantitative factors, and concluded that these errors did not have a material impact on any of the prior periods stated above. However, the aggregate amount of the prior period errors in 2022, would have been material to the consolidated financial statements for fiscal year 2023. Therefore, the Company has revised the prior periods impacted for these errors. The tables below present the impact of the revision on the line items within the Company’s consolidated financial statements for the relevant period:
|  | Three months ended |
|  | March 31, 2023 |
|  | U.S $ in millions (except per share amounts) |
|  | (Unaudited) |
|  | As previously reported |  |  | Adjustment |  |  | As revised |
Other asset impairments, restructuring and other items |  | $ | 96 |  |  |  | 15 |  |  |  | 110 |
Operating income (loss) |  |  | 2 |  |  |  | (15 | ) |  |  | (13 | )
Income (loss) before income taxes |  |  | (258 | ) |  |  | (15 | ) |  |  | (272 | )
Income taxes (benefit) |  |  | (19 | ) |  | § |  |  |  |  | (19 | )
Net income (loss) |  |  | (238 | ) |  |  | (15 | ) |  |  | (253 | )
Net income (loss) attributable to Teva |  |  | (205 | ) |  |  | (15 | ) |  |  | (220 | )
Earnings (loss) per share attributable to ordinary shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.18 | ) |  |  | (0.02 | ) |  |  | (0.20 | )
Diluted |  | $ | (0.18 | ) |  |  | (0.02 | ) |  |  | (0.20 | )
§ | Represents an amount less than $0.5 million.

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