The August 5, 2000 The Hartford Courant article Big Verdict Wont Hurt Philip Morris Bottom Line: Accounting Rule Shields Tobacco Giant During Appeal stated the following:

When Philip Morris reports its third-quarter results later this year, dont expect to see its share of the largest punitive award in history sullying the companys bottom line. The New York-based food and tobacco conglomerate lost the biggest share of the $145 billion smokers punitive damage award$73.96 billionbut wont show any loss from the verdict on its books.

Per U.S. GAAP, what is the definition of a liability? Did Philip Morris record a liability on their 3rd quarter 2000 Balance Sheet for the above litigation? Why or why not?