Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 08, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Eastman Kodak Co | |
Entity Central Index Key | 31,235 | |
Trading Symbol | kodk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 42,247,470 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Sales | $ 323 | $ 353 | $ 611 | $ 679 |
Services | 74 | 81 | 148 | 166 |
Total revenues | 397 | 434 | 759 | 845 |
Sales | 248 | 292 | 476 | 560 |
Services | 49 | 58 | 97 | 118 |
Total cost of revenues | 297 | 350 | 573 | 678 |
Gross profit | 100 | 84 | 186 | 167 |
Selling, general and administrative expenses | 50 | 58 | 90 | 110 |
Research and development costs | 10 | 12 | 19 | 25 |
Restructuring costs and other | 7 | 5 | 11 | 22 |
Other operating (income) expense, net | (6) | (1) | 8 | 2 |
Income from continuing operations before interest expense, other charges, net, reorganization items, net and income taxes | 39 | 10 | 58 | 8 |
Interest expense | 16 | 15 | 32 | 30 |
Other charges, net | 1 | 2 | 2 | 12 |
Reorganization items, net | 5 | |||
Income (loss) from continuing operations before income taxes | 22 | (7) | 24 | (39) |
Provision for income taxes | 6 | 8 | 12 | 13 |
Income (loss) from continuing operations | 16 | (15) | 12 | (52) |
Loss from discontinued operations, net of income taxes | (8) | (8) | (19) | (25) |
Net earnings (loss) | 8 | (23) | (7) | (77) |
Less: Net income attributable to noncontrolling interests | 1 | 1 | 4 | 5 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ 7 | $ (24) | $ (11) | $ (82) |
Basic net earnings (loss) per share attributable to Eastman Kodak Company common shareholders: | ||||
Continuing operations | $ 0.36 | $ (0.38) | $ 0.19 | $ (1.36) |
Discontinued operations | (0.19) | (0.19) | (0.45) | (0.60) |
Total | 0.17 | (0.57) | (0.26) | (1.96) |
Diluted net earnings (loss) per share attributable to Eastman Kodak Company common shareholders: | ||||
Continuing operations | 0.35 | (0.38) | 0.19 | (1.36) |
Discontinued operations | (0.19) | (0.19) | (0.45) | (0.60) |
Total | $ 0.16 | $ (0.57) | $ (0.26) | $ (1.96) |
Number of common shares used in basic and diluted net earnings (loss) per share | ||||
Basic | 42.2 | 41.9 | 42.2 | 41.9 |
Diluted | 42.6 | 41.9 | 42.4 | 41.9 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 8 | $ (23) | $ (7) | $ (77) |
Less: Net income attributable to noncontrolling interests | 1 | 1 | 4 | 5 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO EASTMAN KODAK COMPANY | 7 | (24) | (11) | (82) |
Other comprehensive loss, net of tax: | ||||
Currency translation adjustments | 1 | 3 | 9 | (4) |
Unrealized losses on available-for-sale securities, net of tax | (1) | (1) | ||
Pension and other postretirement benefit plan obligation activity, net of tax | (2) | (2) | (148) | 5 |
Other comprehensive loss, net of tax attributable to Eastman Kodak Company | (1) | (139) | ||
COMPREHENSIVE INCOME (LOSS), NET OF TAX ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ 6 | $ (24) | $ (150) | $ (82) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 513 | $ 546 |
Receivables, net | 318 | 350 |
Inventories, net | 286 | 263 |
Deferred income taxes | 19 | 22 |
Other current assets | 27 | 25 |
Current assets held for sale | 140 | 72 |
Total current assets | 1,303 | 1,278 |
Property, plant and equipment, net of accumulated depreciation of $347 and $314, respectively | 368 | 394 |
Goodwill | 88 | 88 |
Intangible assets | 93 | 119 |
Restricted cash | 36 | 43 |
Deferred income taxes | 24 | 23 |
Other long-term assets | 130 | 122 |
Long-term assets held for sale | 71 | |
TOTAL ASSETS | 2,042 | 2,138 |
LIABILITIES AND EQUITY | ||
Accounts payable, trade | 186 | 186 |
Current portion of long-term debt | 4 | 4 |
Other current liabilities | 226 | 247 |
Current liabilities held for sale | 28 | 22 |
Total current liabilities | 444 | 459 |
Long-term debt, net of current portion | 672 | 673 |
Pension and other postretirement liabilities | 698 | 619 |
Other long-term liabilities | 267 | 277 |
Long-term liabilities held for sale | 7 | |
Total Liabilities | 2,081 | 2,035 |
Commitments and Contingencies (Note 6) | ||
Equity (Deficit) | ||
Common stock, $0.01 par value | ||
Additional paid in capital | 639 | 633 |
Treasury stock, at cost | (6) | (5) |
Accumulated deficit | (294) | (283) |
Accumulated other comprehensive loss | (406) | (267) |
Total Eastman Kodak Company shareholders’ (deficit) equity | (67) | 78 |
Noncontrolling interests | 28 | 25 |
Total (deficit) equity | (39) | 103 |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ 2,042 | $ 2,138 |
Consolidated Statement of Fina5
Consolidated Statement of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 347 | $ 314 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Cash flows from operating activities: | |||
Net loss | $ (7) | $ (77) | |
Adjustments to reconcile to net cash used in operating activities: | |||
Depreciation and amortization | 57 | 77 | |
Pension and other postretirement income | (72) | (54) | |
Net gain on sales of businesses/assets | (7) | (4) | |
Non-cash restructuring costs, asset impairments and other charges | 26 | 6 | |
Stock based compensation | 3 | 11 | |
Payment of claims | (10) | ||
Provision for deferred income taxes | 5 | 5 | |
Decrease in receivables | 35 | 20 | |
Increase in inventories | (22) | (42) | |
Decrease in liabilities excluding borrowings | (46) | (49) | |
Other items, net | (2) | 13 | |
Total adjustments | (23) | (27) | |
Net cash used in operating activities | (30) | (104) | |
Cash flows from investing activities: | |||
Additions to properties | (12) | (14) | |
Proceeds from sales of businesses/assets, net | 10 | 2 | |
Use (funding) of restricted cash | 6 | (7) | |
Net cash provided by (used in) investing activities | 4 | (19) | |
Cash flows from financing activities: | |||
Repayment of emergence credit facilities | (2) | (2) | |
Payment of contingent consideration related to the sale of a business | (4) | ||
Net repayment of VIE credit facility | (1) | ||
Equity transactions of noncontrolling interests | (1) | ||
Treasury stock purchases | (1) | (1) | |
Net cash used in financing activities | (8) | (4) | |
Effect of exchange rate changes on cash | 2 | (9) | |
Net decrease in cash and cash equivalents | (32) | (136) | |
Cash and cash equivalents, beginning of period | [1] | 547 | 712 |
Cash and cash equivalents, end of period | [1] | $ 515 | $ 576 |
[1] | Cash and cash equivalents, beginning of period for the six months ended June 30, 2016 includes $546 million of cash reported in the Statement of Financial Position and $1 million of cash reported in Current assets held for sale. Cash and cash equivalents, end of period for the six months ended June 30, 2016 includes $513 million of cash reported in the Statement of Financial Position and $2 million of cash reported in Current assets held for sale. |
Consolidated Statement of Cash7
Consolidated Statement of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 513 | $ 546 |
Cash reported in current assets held for sale | 2 | 1 |
Cash and Cash Equivalent [Member] | ||
Cash and cash equivalents | $ 513 | $ 546 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS BASIS OF PRESENTATION The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations, financial position and cash flows of Eastman Kodak Company (“EKC” or the “Company”) and all companies directly or indirectly controlled, either through majority ownership or otherwise (collectively, “Kodak”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Kodak is the primary beneficiary of a utilities variable interest entity, RED – Rochester, LLC (“RED”). Therefore, Kodak consolidates RED’s assets, liabilities and results of operations. Consolidated assets and liabilities of RED are $65 million and $14 million, respectively, as of June 30, 2016 and $69 million and $13 million, respectively, as of December 31, 2015. RED’s equity in those net assets as of June 30, 2016 and December 31, 2015 is $28 million and $25 million, respectively. RED’s results of operations are reflected in net income attributable to noncontrolling interests in the accompanying Consolidated Statement of Operations. Reclassifications Certain amounts for prior periods have been reclassified to conform to the current period classification due to the presentation of discontinued operations, assets held for sale and for a change in the segment measure of profitability. Refer to Note 17, “Segment Information” and Note 18, “Discontinued Operations” for additional information. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Imputation of Interest (Sub-Topic 835.30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 clarifying the application of this guidance to line of credit arrangements. The amendments in the ASUs are effective retrospectively for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for Kodak). The adoption of this guidance did not have a material impact on Kodak’s Consolidated Financial Statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020 (January 1, 2021 for Kodak). Early adoption is permitted beginning December 15, 2018 (January 1, 2019 for Kodak). Kodak is currently evaluating the impact of this ASU. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016 (January 1, 2017 for Kodak). Early adoption is permitted. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. The new leasing standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018 (January 1, 2019 for Kodak). Early adoption is permitted. Kodak is currently evaluating the impact of this ASU. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the ASU all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The classification and measurement guidance will be effective for Kodak beginning January 1, 2018, including interim periods within those fiscal years. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. ASU 2015-17 amends the accounting for income taxes and requires all deferred tax assets and liabilities to be classified as non-current on the consolidated balance sheet. ASU 2015-17 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2016 (January 1, 2017 for Kodak), with early adoption permitted in any annual or interim period. ASU 2015-17 may be adopted either prospectively or retrospectively. Kodak is currently evaluating the method of adoption and expects ASU 2015-17 will have an impact on the consolidated balance sheet. The current deferred tax assets in excess of valuation allowance were $19 million as of June 30, 2016. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition” and most industry-specific guidance. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. In 2016 the FASB issued ASU 2016-08 and ASUs 2016-10 through 12 clarifying guidance regarding principle vs agent considerations, identification of performance obligations and analysis of licensing transactions. The new revenue standards are collectively effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (January 1, 2018 for Kodak) and allow either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial application recognized at the date of initial application. Kodak is currently evaluating the adoption alternatives and impact of these ASUs. |
Note 2 - Receivables, Net
Note 2 - Receivables, Net | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2: RECEIVABLES, NET (in millions) June 30, 2016 December 31, 2015 Trade receivables $ 268 $ 300 Miscellaneous receivables 50 50 Total (net of allowances of $10 as of both June 30, 2016 and December 31, 2015) $ 318 $ 350 Approximately $23 million and $28 million of the total trade receivable amounts as of June 30, 2016 and December 31, 2015, respectively, will potentially be settled through customer deductions in lieu of cash payments. Such deductions represent rebates owed to customers and are included in Other current liabilities in the accompanying Consolidated Statement of Financial Position. |
Note 3 - Inventories, Net
Note 3 - Inventories, Net | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3: INVENTORIES, NET (in millions) June 30, 2016 December 31, 2015 Finished goods $ 157 $ 141 Work in process 64 61 Raw materials 65 61 Total $ 286 $ 263 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | NOTE 4: INTANGIBLE ASSETS The gross carrying amount and accumulated amortization by major intangible asset category as of June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Net Weighted-Average Amortization Period Technology-based $ 75 $ 40 $ 35 3 years Kodak trade name 40 - 40 Indefinite life Customer-related 26 10 16 6 years Other 2 - 2 20 years Total $ 143 $ 50 $ 93 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Weighted-Average Amortization Period Technology-based $ 83 $ 38 $ 45 3 years Kodak trade name 46 - 46 Indefinite life Customer-related 37 11 26 7 years Other 2 - 2 21 years Total $ 168 $ 49 $ 119 During the first quarter of 2016, Kodak updated its impairment analysis of the Kodak trade name due to the increased probability of selling its Prosper business. Based on the results of Kodak’s March 31, 2016 analysis, the carrying value of the Kodak trade name exceeded its fair value. The pre-tax trade name impairment charge of $5 million is included in Other operating (income) expense, net in the Consolidated Statement of Operations. Due to the exit of its position in silver metal mesh touch screen development in the first quarter of 2016, Kodak concluded that the carrying value of intangible assets associated with those operations exceeded their fair value and recorded a pre-tax impairment charge of $8 million, which is included in Other operating (income) expense, net in the Consolidated Statement of Operations. Amortization expense related to intangible assets was $5 million for both the three months ended June 30, 2016 and 2015 and $10 million for both the six months ended June 30, 2016 and 2015. Estimated future amortization expense related to intangible assets that are currently being amortized as of June 30, 2016 was as follows: (in millions) Q3 - Q4 2016 $ 9 2017 16 2018 12 2019 5 2020 4 2021 and thereafter 7 Total $ 53 |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5: DEBT On May 26, 2016, the Company and certain of its domestic subsidiaries (the “Subsidiary Guarantors”) entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement or ABL Credit Agreement”) with the lenders party thereto (the “Lenders”), Bank of America, N.A., as administrative and collateral agent, and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as joint lead arrangers and joint bookrunners, which amended and restated the existing Asset Based Revolving Credit Agreement, dated as of September 3, 2013 (the “Prior Credit Agreement”). Each of the capitalized but undefined terms in this Form 10-Q has the meanings ascribed to such terms in the Amended Credit Agreement. The Amended Credit Agreement decreased the aggregate amount of commitments from $200 million to $150 million and extended the maturity date to the earlier of May 26, 2021 or the date that is 90 days prior to the earliest scheduled maturity date of any of the Company’s outstanding term loans or refinancings thereof, of which the earliest maturity date is currently September 3, 2019. The Amended Credit Agreement, among other things, lowered reserve requirements by eliminating the Availability Block and removed the ability to use Qualified Cash to support Excess Availability. The Amended Credit Agreement limits, among other things, the Company’s and the Subsidiary Guarantors’ ability to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments. In addition to other customary affirmative covenants, the Amended Credit Agreement provides for a periodic delivery by the Company of its various financial statements as set forth in the Amended Credit Agreement. Events of default under the Amended Credit Agreement include, among others, failure to pay any loan, interest or other amounts when due, the occurrence of breach of covenants and a change of control of the Company. Upon an event of default, the applicable lenders may declare the outstanding obligations under the Amended Credit Agreement to be immediately due and payable and exercise other rights and remedies provided for in the Amended Credit Agreement. Each existing direct or indirect U.S. subsidiary of the Company (other than immaterial subsidiaries, unrestricted subsidiaries and certain other subsidiaries) has reaffirmed its unconditional guarantee (and any such future subsidiaries must provide an unconditional guarantee) of the obligations of the Company under the Amended Credit Agreement. Obligations under the Amended Credit Agreement are secured by: (i) a first priority lien on cash, accounts receivable, inventory, machinery and equipment (the “ABL Priority Collateral”) and (ii) a third priority lien on all assets of the Company and the Subsidiary Guarantors, other than the ABL Priority Collateral, including respectively, on 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries. The Lenders will make available asset-based revolving loans (the “ABL Loans”) and letters of credit in an aggregate amount of up to $150 million, subject to the Borrowing Base. The Company has issued approximately $117 million of letters of credit under the Amended Credit Agreement as of June 30, 2016. Under the Amended Credit Agreement’s borrowing base calculation, the Company had approximately $30 million of Excess Availability as of June 30, 2016. Availability is subject to the borrowing base calculation, reserves and other limitations. The ABL Loans bear interest at the rate of LIBOR plus 2.25%-2.75% per annum or Base Rate plus 1.25%-1.75% per annum based on Excess Availability. Excess Availability is equal to the sum of (i) 85% of the amount of the Eligible Receivables less a Dilution Reserve, (ii) the lesser of 85% of Net Orderly Liquidation Value or 75% of the Eligible Inventory (iii) the lesser of $20 million or 75% of Net Orderly Liquidation Value of Eligible Equipment (iv) Eligible Cash less (a) Rent and Charges Reserves, (b) Principal Outstanding and (c) Outstanding Letters of Credit (each item as defined in the Amended Credit Agreement). Under the Amended Credit Agreement, Kodak is required to maintain a minimum Fixed Charge Coverage Ratio of 1.00 to 1.00 when Excess Availability is less than 12.5% of lender commitments (springing covenant). If Excess Availability falls below 12.5% of lender commitments ($18.75 million as of June 30, 2016), Kodak may, in addition to the requirement to be in compliance with the minimum Fixed Charge Coverage Ratio, become subject to cash dominion control. As of June 30, 2016, Kodak had funded $23 million to the Eligible Cash account, held with the Amended Credit Agreement administrative agent, which is classified as Restricted Cash in the Consolidated Statement of Financial Position supporting the Excess Availability amount. Since Excess Availability was greater than 12.5% of lender commitments at June 30, 2016, Kodak is not required to have a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0. As of June 30, 2016 Kodak was in compliance with all the covenants under the Amended Credit Agreement. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6: COMMITMENTS AND CONTINGENCIES As of June 30, 2016, the Company had outstanding letters of credit of $117 million issued under the Amended Credit Agreement, as well as bank guarantees and letters of credit of $5 million, surety bonds in the amount of $18 million, and restricted cash and deposits of $53 million, primarily to support compliance with the Excess Availability threshold under the Amended Credit Agreement, to ensure the payment of possible casualty and workers’ compensation claims, environmental liabilities, legal contingencies, rental payments and to support various customs, tax and trade activities. The restricted cash and deposits are reflected in Restricted cash, Other current assets and Other long-term assets in the Consolidated Statement of Financial Position. Kodak’s Brazilian operations are involved in various litigation matters and have received or been the subject of numerous governmental assessments related to indirect and other taxes in various stages of litigation, as well as civil litigation and disputes associated with former employees and contract labor. The tax matters, which comprise the majority of the litigation matters, are primarily related to federal and state value-added taxes. Kodak is disputing these matters and intends to vigorously defend its position. Kodak routinely assesses all these matters as to the probability of ultimately incurring a liability in its Brazilian operations and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of June 30, 2016, the unreserved portion of these contingencies, inclusive of any related interest and penalties, for which there was at least a reasonable possibility that a loss may be incurred, amounted to approximately $57 million. In connection with assessments in Brazil, local regulations may require Kodak to post security for a portion of the amounts in dispute. As of June 30, 2016, Kodak has posted security composed of $6 million of pledged cash reported within Restricted cash in the Consolidated Statement of Financial Position and liens on certain Brazilian assets with a net book value of approximately $72 million. Generally, any encumbrances on the Brazilian assets would be removed to the extent the matter is resolved in Kodak's favor. Kodak is involved in various lawsuits, claims, investigations, remediation and proceedings, including commercial, customs, employment, environmental, and health and safety matters, which are being handled and defended in the ordinary course of business. Kodak is also subject, from time to time, to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of Kodak’s products. These matters are in various stages of investigation and litigation, and are being vigorously defended. Based on information currently available, Kodak does not believe that it is probable that the outcomes in any of these matters, individually or collectively, will have a material adverse effect on its financial position or results of operations. Litigation is inherently unpredictable, and judgments could be rendered or settlements entered that could adversely affect Kodak’s operating results or cash flows in a particular period. Kodak routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability, and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. |
Note 7 - Guarantees
Note 7 - Guarantees | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Guarantees [Text Block] | NOTE 7: GUARANTEES EKC guarantees obligations to third parties for some of its consolidated subsidiaries. The maximum amount guaranteed is $17 million and the outstanding amount for those guarantees is $6 million. In connection with the settlement of certain of the Company’s historical environmental liabilities at Eastman Business Park, in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 million with no limitation to the maximum potential future payments. There is no liability recorded for this guarantee. Warranty Costs Kodak offers its customers extended warranty arrangements that are generally one year, but may range from three months to five years after the original warranty period. Kodak provides repair services and routine maintenance under these arrangements. Kodak has not separated the extended warranty revenues and costs from the routine maintenance service revenues and costs, as it is not practicable to do so. Therefore, these revenues and costs have been aggregated in the discussion that follows. The change in Kodak’s deferred revenue balance in relation to these extended warranty and maintenance arrangements from December 31, 2015 to June 30, 2016, which is reflected in Other current liabilities in the accompanying Consolidated Statement of Financial Position, was as follows: (in millions) Deferred revenue on extended warranties as of December 31, 2015 $ 26 New extended warranty and maintenance arrangements in 2016 84 Recognition of extended warranty and maintenance arrangement revenue in 2016 (86 ) Deferred revenue on extended warranties as of June 30, 2016 $ 24 |
Note 8 - Other Operating (Incom
Note 8 - Other Operating (Income) Expense, Net | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | NOTE 8: OTHER OPERATING (INCOME) EXPENSE, NET (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Income) expense: Asset impairments (1) (2) (3) (4) $ 1 $ - $ 25 $ 6 Litigation proceeds (5) - - (10 ) - Gain on sale of assets (6) (7 ) (1 ) (7 ) (4 ) Total $ (6 ) $ (1 ) $ 8 $ 2 (1) In the first quarter of 2016, due to the exit of its position in silver metal mesh touch screen development, Kodak concluded that the carrying value of property, plant and equipment associated with those operations exceeded their fair value. Kodak recorded pre-tax impairment charges in the quarter and six months ended June 30, 2016 of $1 million and $12 million, respectively. (2) In the first quarter of 2016, Kodak recorded an impairment charge of $8 million related to silver metal mesh touch screen intangible assets. Refer to Note 4, “Intangible Assets.” (3) In the first quarter of 2016, Kodak recorded an impairment charge of $5 million related to the Kodak trade name. Refer to Note 4, “Intangible Assets.” (4) In the first quarter of 2015, due to the change in Kodak’s reporting units and the delay in commercializing new technologies in the Micro 3D Printing reporting unit, Kodak concluded the carrying value of the Micro 3D Printing reporting unit exceeded its implied fair value and recorded a goodwill impairment charge of $6 million representing the entire amount of goodwill for this reporting unit. (5) In the first quarter of 2016, Kodak received $10 million representing net litigation proceeds from DuPont. (6) |
Note 9 - Other Charges, Net
Note 9 - Other Charges, Net | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | NOTE 9: OTHER CHARGES, NET (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Loss on foreign exchange transactions $ 1 $ 2 $ 2 $ 11 Other - - - 1 Total $ 1 $ 2 $ 2 $ 12 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 10: INCOME TAXES Kodak’s income tax provision and effective tax rate were as follows: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Earnings (loss) from continuing operations before income taxes $ 22 $ (7 ) $ 24 $ (39 ) Effective tax rate 27.3 % (114.3 )% 50.0 % (33.3 )% Provision for income taxes 6 8 12 13 Provision (benefit) for income taxes 35% 8 (2 ) 8 (14 ) Difference between tax at effective vs. statutory rate $ (2 ) $ 10 $ 4 $ 27 For the three and six months ended June 30, 2016, the difference between the Company’s recorded provision and the provision that would result from applying the U.S. statutory rate of 35.0% is primarily attributable to: (1) losses generated within the U.S. and certain jurisdictions outside the U.S., for which no benefit was recognized due to management’s conclusion that it was more likely than not that the tax benefits would not be realized, (2) the results from operations in jurisdictions outside the U.S., and (3) changes in audit reserves. The difference between the Company’s recorded provision and the benefit that would result from applying the U.S. statutory rate of 35.0% for the three and six month periods ended June 30, 2015 is primarily attributable to: (1) losses generated within the U.S. and certain jurisdictions outside the U.S. for which no benefit was recognized due to management’s conclusion that it was more likely than not that the tax benefits would not be realized (2) the results from operations in jurisdictions outside the U.S., and (3) a provision associated with foreign withholding taxes on undistributed earnings. |
Note 11 - Restructuring Liabili
Note 11 - Restructuring Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 11: RESTRUCTURING LIABILITIES Charges for restructuring activities are recorded in the period in which Kodak commits to a formalized restructuring plan, or executes the specific actions contemplated by the plan, and all criteria for liability recognition under the applicable accounting guidance have been met. Restructuring actions taken in the first half of 2016 were initiated to reduce Kodak’s cost structure as part of its commitment to drive sustainable profitability and included actions associated with the exit of Kodak’s silver metal mesh touch screen development, continued progress toward the Leeds plate manufacturing facility exit, as well as various targeted reductions in manufacturing, service, sales, research and development and other administrative functions. Leeds Plate Manufacturing Facility Exit On March 3, 2014, Kodak announced a plan to exit its prepress plate manufacturing facility located in Leeds, England. This decision was pursuant to Kodak’s initiative to consolidate manufacturing operations globally, and is expected to result in a more efficient delivery of its products and solutions. Kodak began the exit of the facility in the second quarter of 2014, phased out production at the site in the third quarter of 2015 and has substantially completed the exit of the facility. Under this program, on a life-to-date basis as of June 30, 2016, Kodak has recorded severance charges of $10 million, long-lived asset impairment charges of $3 million, accelerated depreciation charges of $10 million, and other exit costs of $2 million. Restructuring Reserve Activity The activity in the accrued balances and the non-cash charges and credits incurred in relation to restructuring activities for the three and six months ended June 30, 2016 were as follows: (in millions) Severance Reserve (1) Exit Costs Reserve (1) Long-lived Asset Impairments and Inventory Write-downs (1) Accelerated Depreciation (1) Total Balance as of December 31, 2015 $ 7 $ 4 $ - $ - $ 11 Q1 2016 charges 4 - 1 - 5 Q1 utilization/cash payments (5 ) (1 ) (1 ) - (7 ) Q1 2016 other adjustments & reclasses (2) (1 ) - - - (1 ) Balance as of March 31, 2016 $ 5 $ 3 $ — $ — $ 8 Q2 2016 charges - continuing operations $ 6 $ 1 $ - $ - $ 7 Q2 2016 charges - discontinued operations 1 - - - 1 Q2 utilization/cash payments (3 ) (1 ) - - (4 ) Q2 2016 other adjustments & reclasses (3) (1 ) - - - (1 ) Balance as of June 30, 2016 $ 8 $ 3 $ — $ — $ 11 (1) The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items. (2) The $(1) million represents severance related charges for pension plan special termination benefits, which are reflected in Pension and other postretirement liabilities in the Consolidated Statement of Financial Position. (3) For the three months ended June 30, 2016, the $8 million of charges includes $1 million of charges which were reported in discontinued operations in the accompanying Consolidated Statement of Operations. The remaining $7 million were reported as Restructuring costs and other. The severance costs for the three months ended June 30, 2016 related to the elimination of approximately 100 positions, including approximately 25 manufacturing/service positions, 25 research and development positions and 50 administrative positions. The geographic composition of these positions includes approximately 50 in the United States and Canada and 50 throughout the rest of the world. For the six months ended June 30, 2016, the $13 million of charges includes $1 million of charges for inventory write-downs which were reported in Cost of revenues in the accompanying Consolidated Statement of Operations and $1 million which was reported in discontinued operations. The remaining $11 million was reported as Restructuring costs and other. The severance costs for the six months ended June 30, 2016 related to the elimination of approximately 150 positions, including approximately 50 manufacturing/service positions, 25 research and development positions and 75 administrative positions. The geographic composition of these positions includes approximately 75 in the United States and Canada and 75 throughout the rest of the world. As a result of these initiatives, the majority of the severance will be paid during periods through the end of 2016. However, in some instances, the employees whose positions were eliminated can elect or are required to receive their payments over an extended period of time. In addition, certain exit costs, such as long-term lease payments, will be paid over periods throughout the remainder of 2016 and beyond. |
Note 12 - Retirement Plans and
Note 12 - Retirement Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 12: RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS Components of the net periodic benefit cost for all major U.S. and Non-U.S. defined benefit plans are as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Major defined benefit plans: Service cost $ 3 $ - $ 4 $ 1 $ 6 $ 1 $ 8 $ 2 Interest cost 28 4 37 5 58 7 74 9 Expected return on plan assets (66 ) (7 ) (68 ) (8 ) (131 ) (14 ) (136 ) (16 ) Amortization of: Prior service credit (1 ) - (2 ) - (3 ) - (4 ) - Actuarial gain 2 - - - 2 - - (1 ) Net pension income before special termination benefits (34 ) (3 ) (29 ) (2 ) (68 ) (6 ) (58 ) (6 ) Special termination benefits 2 - 1 - 3 - 5 - Net pension income (32 ) (3 ) (28 ) (2 ) (65 ) (6 ) (53 ) (6 ) Other plans including unfunded plans - - - 2 - (1 ) - 4 Total net pension income $ (32 ) $ (3 ) $ (28 ) $ - $ (65 ) $ (7 ) $ (53 ) $ (2 ) The total net pension income reported for the three and six month periods ended June 30, 2016 and 2015 includes less than $1 million of costs reported as discontinued operations in each respective period. For the three and six month periods ended June 30, 2016 and 2015, the special termination benefits charges were incurred as a result of Kodak’s restructuring actions. Kodak made contributions (funded plans) or paid benefits (unfunded plans) totaling approximately $7 million relating to its defined benefit pension and other postretirement benefit plans for the six months ended June 30, 2016. Certain of Kodak’s retirement plans were remeasured during the first quarter of 2016. The remeasurement of the funded status of those plans during the first quarter increased Kodak’s recognized defined benefit plan obligation by $142 million. |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Earnings Per Share [Text Block] | NOTE 13: EARNINGS PER SHARE Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share include any dilutive effect of potential common shares. In periods with a net loss from continuing operations, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share. Weighted-average basic shares outstanding were 42.2 million for the three and six month periods ended June 30, 2016. Weighted average basic and diluted shares were 41.9 million for the three and six month periods ended June 30, 2015. Weighted average diluted shares were 42.6 million and 42.4 million for the three and six month periods ended June 30, 2016, respectively and included the dilutive effect of 0.4 million and 0.2 million unvested restricted stock units, respectively. The computation of diluted earnings per share for the three and six months ended June 30, 2016 excluded the impact of the assumed conversion of net share settled warrants to purchase (a) 1.8 million shares of common shares at an exercise price of $14.93 and (b) 1.8 million shares of common shares at an exercise price of $16.12 because they would have been anti-dilutive. As a result of the net loss from continuing operations presented for the three and six months ended June 30, 2015, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding for that period, as utilizing diluted shares would be anti-dilutive to loss per share. If Kodak had reported earnings from continuing operations for the three and six months ended June 30, 2015, unvested restricted stock units of 0.2 million and warrants to purchase 0.7 million of common shares would have been dilutive in the computation of diluted earnings per share: Outstanding stock options of 1.7 million and 1.1 million for the three and six months ended June 2016 and 2015, respectively, were not included in the computation of diluted earnings per share as they would have been anti-dilutive. |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14: SHAREHOLDERS’ EQUITY Kodak has 560 million shares of authorized stock, consisting of: (i) 500 million shares of common stock, par value $0.01 per share and (ii) 60 million shares of preferred stock, no par value, issuable in one or more series. As of both June 30, 2016 and December 31, 2015, there were 42.2 million and 42.0 million shares of common stock and no shares of preferred stock outstanding. Treasury stock consisted of approximately 0.4 million shares at June 30, 2016 and 0.3 million shares at December 31, 2015. |
Note 15 - Other Comprehensive L
Note 15 - Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 15: OTHER COMPREHENSIVE LOSS The changes in Other comprehensive loss, by component, were as follows: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Currency translation adjustments $ 1 $ 3 $ 9 $ (4 ) Unrealized losses on available-for-sale securities, before tax - (1 ) - (1 ) Tax provision - - - - Unrealized losses on available-for-sale securities, net of tax - (1 ) - (1 ) Pension and other postretirement benefit plan changes Newly established prior service credit - - - 4 Newly established net actuarial (loss) gain (2 ) - (144 ) 5 Tax benefit 1 - 1 - Newly established prior service credit and net actuarial (loss) gain, net of tax (1 ) - (143 ) 9 Reclassification adjustments: Amortization of prior service credit (a) (2 ) (2 ) (a) (4 ) (4 ) Amortization of actuarial gains (a) - (1 ) (a) (1 ) (1 ) Recognition of gains due to settlements - - (1 ) - Total reclassification adjustments (2 ) (3 ) (6 ) (5 ) Tax provision 1 1 1 1 Reclassification adjustments, net of tax (1 ) (2 ) (5 ) (4 ) Pension and other postretirement benefit plan changes, net of tax (2 ) (2 ) (148 ) 5 Other comprehensive loss $ (1 ) $ - $ (139 ) $ - (a) |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | NOTE 16: ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss is composed of the following: (in millions) June 30, 2016 December 31, 2015 Currency translation adjustments $ (58 ) $ (67 ) Unrealized loss on investments 2 2 Pension and other postretirement benefit plan changes (350 ) (202 ) Ending balance $ (406 ) $ (267 ) |
Note 17 - Segment Information
Note 17 - Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 17: SEGMENT INFORMATION Kodak has seven reportable segments: Print Systems, Micro 3D Printing and Packaging, Software and Solutions, Consumer and Film, Enterprise Inkjet Systems, Intellectual Property Solutions and Eastman Business Park. The balance of Kodak’s continuing operations, which do not meet the criteria of a reportable segment, are reported in All Other. A description of the reportable segments follows. Print Systems : The Print Systems segment is comprised of two lines of business: Prepress Solutions and Electrophotographic Printing Solutions. Micro 3D Printing and Packaging : The Micro 3D Printing and Packaging segment is comprised of two lines of business: Packaging and Micro 3D Printing. Software and Solutions : The Software and Solutions segment is comprised of two lines of business: Kodak Technology Solutions and Unified Workflow Solutions. Consumer and Film : The Consumer and Film segment is comprised of three lines of business: Consumer Inkjet Solutions; Motion Picture, Industrial Chemicals and Films; and Consumer Products. Enterprise Inkjet Systems : The Enterprise Inkjet Systems segment is comprised of the KODAK VERSAMARK business. Intellectual Property Solutions : The Intellectual Property Solutions segment includes licensing and research and development activities not directly related to the other segments. Eastman Business Park : The Eastman Business Park segment includes the operations of the Eastman Business Park, a more than 1,200 acre technology center and industrial complex. All Other : All Other is composed of the RED utilities variable interest entity. Segment financial information is shown below. Net Revenues from Continuing Operations by Reportable Segment. (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Print Systems $ 258 $ 283 $ 489 $ 537 Micro 3D Printing and Packaging 35 33 64 64 Software and Solutions 21 27 43 55 Consumer and Film 61 66 117 138 Enterprise Inkjet Systems 19 21 39 44 Intellectual Property Solutions - - - - Eastman Business Park 3 4 7 7 Consolidated total $ 397 $ 434 $ 759 $ 845 Segment Operational EBITDA and Consolidated Earnings (Loss) from Continuing Operations Before Income Taxes (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Print Systems $ 22 $ 20 $ 40 $ 33 Micro 3D Printing and Packaging 2 4 3 4 Software and Solutions (2 ) 1 - 3 Consumer and Film 10 8 17 26 Enterprise Inkjet Systems 5 5 10 12 Intellectual Property Solutions (4 ) (6 ) (8 ) (14 ) Eastman Business Park 1 2 1 1 Total of reportable segments 34 34 63 65 All Other (1) 2 - 5 4 Corporate components of pension and OPEB income (2) 40 33 81 66 Depreciation and amortization (27 ) (36 ) (54 ) (72 ) Restructuring costs and other (7 ) (5 ) (12 ) (22 ) Overhead supporting, but not directly absorbed by discontinued operations (3) (4 ) (6 ) (8 ) (11 ) Stock based compensation (1 ) (5 ) (3 ) (11 ) Consulting and other costs (4) (2 ) (5 ) (3 ) (7 ) Idle costs (5) (1 ) (1 ) (2 ) (2 ) Manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production (6) (1 ) - (1 ) - Other operating income (expense), net (7) 6 1 (8 ) (2 ) Interest expense (7) (16 ) (15 ) (32 ) (30 ) Other charges, net (7) (1 ) (2 ) (2 ) (12 ) Reorganization items, net (7) - - - (5 ) Consolidated income (loss) from continuing operations before income taxes $ 22 $ (7 ) $ 24 $ (39 ) (1) Earnings of the RED utilities variable interest entity. (2) Composed of interest cost, expected return on plan assets, amortization of actuarial gains and losses and curtailments and settlement components of pension and other postretirement benefit expenses. (3) Primarily consists of costs for shared resources allocated to the Prosper Enterprise Inkjet business discontinued operation in the prior year periods which are now included in the results of continuing operations and an estimate of costs for shared resources which would have been allocated to the Prosper Enterprise Inkjet business discontinued operation in the current year period had the business remained in continuing operations. (4) Consulting and other costs are professional services and other costs associated with certain corporate strategic initiatives. (5) Consists of third party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations. (6) Consists of manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production that are now excluded from the measure of segment profit and loss. (7) Segment Measure of Profit and Loss Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the above table, Operational EBITDA represents the income (loss) from continuing operations excluding the provision (benefit) for income taxes; corporate components of pension and OPEB income; depreciation and amortization expense; restructuring costs; overhead costs no longer absorbed by discontinued operations; stock-based compensation expense; consulting and other costs; idle costs; manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production; other operating (income) expense, net (unless otherwise indicated); interest expense; other charges, net and reorganization items, net. Kodak’s segments are measured using Operational EBITDA both before and after allocation of corporate selling, general and administrative expenses (“SG&A”). The segment earnings measure reported is after allocation of corporate SG&A as this most closely aligns with U.S. GAAP. Research and development activities not directly related to the other segments are reported within the Intellectual Property Solutions segment. Change in Segment Measure of Profit and Loss During the first quarter of 2016, Kodak changed its segment measure of profit and loss. The segment measure excludes overhead costs no longer absorbed by discontinued operations (see description above). In addition, manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production are now excluded from the segment measure of profit and loss. |
Note 18 - Discontinued Operatio
Note 18 - Discontinued Operations | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 18: DISCONTINUED OPERATIONS KODAK PROSPER Enterprise Inkjet Business In March 2016 Kodak announced that it is in talks with prospective buyers about offers to purchase its KODAK PROSPER Enterprise Inkjet business (the “Prosper Business”). The results of operations of the Prosper Business are classified as discontinued operations in the Consolidated Statement of Operations for all periods presented. Additionally, the related assets and liabilities associated with the Prosper Business are classified as held for sale in the Consolidated Statement of Financial Position as of June 30, 2016 and December 31, 2015. Kodak anticipates the sale may take up to a year to complete. The results of operations of the Prosper Business are presented in the following table: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 25 $ 24 $ 39 $ 40 Cost of sales 18 22 30 45 Selling, general and administrative expenses 9 5 14 11 Research and development expenses 5 5 11 10 Loss from discontinued operations, before income taxes (7 ) (8 ) (16 ) (26 ) Provision for income taxes related to discontinued operations - - - 1 Loss from discontinued operations, net of income taxes $ (7 ) $ (8 ) $ (16 ) $ (25 ) Loss from discontinued operations for the three and six months ended June 30, 2016 in the Consolidated Statement of Operations also included $1 million and $2 million, respectively, associated with discontinued operations of the Personalized Imaging and Document Imaging Business. The following table presents the aggregate carrying amount of major assets and liabilities of the Prosper Business: (in millions) June 30, 2016 December 31, 2015 ASSETS Cash and cash equivalents $ 2 $ 1 Receivables, net 11 15 Inventories, net 48 51 Property, plant and equipment, net 37 32 Intangible assets, net 37 38 Other assets 3 4 Assets of business held for sale $ 138 $ 141 LIABILITIES Accounts payable, trade $ 5 $ 9 Current portion of long-term debt - 1 Other current liabilities 16 12 Long-term debt, net of current portion 3 2 Other long-term liabilities 4 5 Liabilities of business held for sale $ 28 $ 29 Intercompany liabilities between a dedicated entity of the Prosper Business and Kodak of approximately $7 million as of June 30, 2016 that are part of the proposed transaction are not reflected in the table above as these amounts have been eliminated in deriving the consolidated financial statements. There were no intercompany amounts that are part of the proposed transaction as of December 31, 2015. Current assets held for sale as of June 30, 2016 and December 31, 2015 in the Consolidated Statement of Financial Position also included $2 million from assets under contract for sale not associated with the Prosper Business. The following table presents cash flow information associated with the Prosper Business: (in millions) Six Months Ended June 30, 2016 2015 Depreciation 2 3 Amortization 1 2 Capital expenditures 2 - Depreciation and amortization of long-lived assets of the Prosper Business included in discontinued operations ceased on April 1, 2016. Direct operating expenses of the discontinued operations are included in the results of discontinued operations. Indirect expenses that were historically allocated to the discontinued operations have been included in the results of continuing operations. Prior period results have been reclassified to conform to the current period presentation. |
Note 19 - Financial Instruments
Note 19 - Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 19: FINANCIAL INSTRUMENTS Kodak, as a result of its global operating and financing activities, is exposed to changes in foreign currency exchange rates and interest rates, which may adversely affect its results of operations and financial position. Kodak manages such exposures, in part, with derivative financial instruments. Foreign currency forward contracts are used to mitigate currency risk related to foreign currency denominated assets and liabilities. Kodak’s exposure to changes in interest rates results from its investing and borrowing activities used to meet its liquidity needs. Kodak does not utilize financial instruments for trading or other speculative purposes. Kodak’s foreign currency forward contracts are not designated as hedges and are marked to market through net earnings (loss) at the same time that the exposed assets and liabilities are re-measured through net earnings (loss) (both in Other charges, net in the Consolidated Statement of Operations). The notional amount of such contracts open at June 30, 2016 and December 31, 2015 was approximately $393 million and $384 million, respectively. The majority of the contracts of this type held by Kodak are denominated in euros, Chinese renminbi and British pounds. The net effect of foreign currency forward contracts in the results of operations is shown in the following table: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net (loss) gain from derivatives not designated as hedging instruments $ (2 ) $ 3 $ (1 ) $ 20 Kodak had no derivatives designated as hedging instruments for the three and six months ended June 30, 2016 and 2015. In the event of a default under the Company’s Term Credit Agreements, the Amended Credit Agreement, or a default under any derivative contract or similar obligation of Kodak, subject to certain minimum thresholds, the derivative counterparties would have the right, although not the obligation, to require immediate settlement of some or all open derivative contracts at their then-current fair value, but with liability positions netted against asset positions with the same counterparty. Fair Value Fair values of marketable securities are determined using quoted prices in active markets for identical assets (Level 1 fair value measurements). Fair values of Kodak’s foreign currency forward contracts are determined using observable inputs (Level 2 fair value measurements) and are based on the present value of expected future cash flows (an income approach valuation technique) considering the risks involved and using discount rates appropriate for the duration of the contracts. As of June 30, 2016, the gross fair value of the foreign currency forward contracts in an asset position (which are reported in Receivables, net in the Consolidated Statement of Financial Position) was $4 million and the gross fair value of the foreign currency forward contracts in a liability position (which are reported in Other current liabilities) was $8 million. The fair value of marketable securities was not material as of June 30, 2016 and neither the fair value of marketable securities nor the gross fair value of the foreign currency forward contracts were material as of December 31, 2015. Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. There were no transfers between levels of the fair value hierarchy during the three or six months ended June 30, 2016. The fair value of long-term borrowings is measured on a nonrecurring basis. Fair values of long-term borrowings (Level 2 fair value measurements) are determined by reference to quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates. The fair values of long-term borrowings were $650 million and $586 million at June 30, 2016 and December 31, 2015, respectively. The carrying values of cash and cash equivalents, restricted cash, and short-term borrowings and current portion of long-term debt approximate their fair values. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | BASIS OF PRESENTATION The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations, financial position and cash flows of Eastman Kodak Company (“EKC” or the “Company”) and all companies directly or indirectly controlled, either through majority ownership or otherwise (collectively, “Kodak”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Kodak is the primary beneficiary of a utilities variable interest entity, RED – Rochester, LLC (“RED”). Therefore, Kodak consolidates RED’s assets, liabilities and results of operations. Consolidated assets and liabilities of RED are $65 million and $14 million, respectively, as of June 30, 2016 and $69 million and $13 million, respectively, as of December 31, 2015. RED’s equity in those net assets as of June 30, 2016 and December 31, 2015 is $28 million and $25 million, respectively. RED’s results of operations are reflected in net income attributable to noncontrolling interests in the accompanying Consolidated Statement of Operations. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts for prior periods have been reclassified to conform to the current period classification due to the presentation of discontinued operations, assets held for sale and for a change in the segment measure of profitability. Refer to Note 17, “Segment Information” and Note 18, “Discontinued Operations” for additional information. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Imputation of Interest (Sub-Topic 835.30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 clarifying the application of this guidance to line of credit arrangements. The amendments in the ASUs are effective retrospectively for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for Kodak). The adoption of this guidance did not have a material impact on Kodak’s Consolidated Financial Statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020 (January 1, 2021 for Kodak). Early adoption is permitted beginning December 15, 2018 (January 1, 2019 for Kodak). Kodak is currently evaluating the impact of this ASU. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016 (January 1, 2017 for Kodak). Early adoption is permitted. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. The new leasing standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018 (January 1, 2019 for Kodak). Early adoption is permitted. Kodak is currently evaluating the impact of this ASU. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the ASU all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The classification and measurement guidance will be effective for Kodak beginning January 1, 2018, including interim periods within those fiscal years. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. ASU 2015-17 amends the accounting for income taxes and requires all deferred tax assets and liabilities to be classified as non-current on the consolidated balance sheet. ASU 2015-17 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2016 (January 1, 2017 for Kodak), with early adoption permitted in any annual or interim period. ASU 2015-17 may be adopted either prospectively or retrospectively. Kodak is currently evaluating the method of adoption and expects ASU 2015-17 will have an impact on the consolidated balance sheet. The current deferred tax assets in excess of valuation allowance were $19 million as of June 30, 2016. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition” and most industry-specific guidance. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. In 2016 the FASB issued ASU 2016-08 and ASUs 2016-10 through 12 clarifying guidance regarding principle vs agent considerations, identification of performance obligations and analysis of licensing transactions. The new revenue standards are collectively effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (January 1, 2018 for Kodak) and allow either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial application recognized at the date of initial application. Kodak is currently evaluating the adoption alternatives and impact of these ASUs. |
Note 2 - Receivables, Net (Tabl
Note 2 - Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in millions) June 30, 2016 December 31, 2015 Trade receivables $ 268 $ 300 Miscellaneous receivables 50 50 Total (net of allowances of $10 as of both June 30, 2016 and December 31, 2015) $ 318 $ 350 |
Note 3 - Inventories, Net (Tabl
Note 3 - Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Inventory, Current [Table Text Block] | (in millions) June 30, 2016 December 31, 2015 Finished goods $ 157 $ 141 Work in process 64 61 Raw materials 65 61 Total $ 286 $ 263 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The gross carrying amount and accumulated amortization by major intangible asset category as of June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Net Weighted-Average Amortization Period Technology-based $ 75 $ 40 $ 35 3 years Kodak trade name 40 - 40 Indefinite life Customer-related 26 10 16 6 years Other 2 - 2 20 years Total $ 143 $ 50 $ 93 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Weighted-Average Amortization Period Technology-based $ 83 $ 38 $ 45 3 years Kodak trade name 46 - 46 Indefinite life Customer-related 37 11 26 7 years Other 2 - 2 21 years Total $ 168 $ 49 $ 119 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated future amortization expense related to intangible assets that are currently being amortized as of June 30, 2016 was as follows: (in millions) Q3 - Q4 2016 $ 9 2017 16 2018 12 2019 5 2020 4 2021 and thereafter 7 Total $ 53 |
Note 7 - Guarantees (Tables)
Note 7 - Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | (in millions) Deferred revenue on extended warranties as of December 31, 2015 $ 26 New extended warranty and maintenance arrangements in 2016 84 Recognition of extended warranty and maintenance arrangement revenue in 2016 (86 ) Deferred revenue on extended warranties as of June 30, 2016 $ 24 |
Note 8 - Other Operating (Inc32
Note 8 - Other Operating (Income) Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Other Operating Income and Expense, by Component [Table Text Block] | (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Income) expense: Asset impairments (1) (2) (3) (4) $ 1 $ - $ 25 $ 6 Litigation proceeds (5) - - (10 ) - Gain on sale of assets (6) (7 ) (1 ) (7 ) (4 ) Total $ (6 ) $ (1 ) $ 8 $ 2 (1) In the first quarter of 2016, due to the exit of its position in silver metal mesh touch screen development, Kodak concluded that the carrying value of property, plant and equipment associated with those operations exceeded their fair value. Kodak recorded pre-tax impairment charges in the quarter and six months ended June 30, 2016 of $1 million and $12 million, respectively. (2) In the first quarter of 2016, Kodak recorded an impairment charge of $8 million related to silver metal mesh touch screen intangible assets. Refer to Note 4, “Intangible Assets.” (3) In the first quarter of 2016, Kodak recorded an impairment charge of $5 million related to the Kodak trade name. Refer to Note 4, “Intangible Assets.” (4) In the first quarter of 2015, due to the change in Kodak’s reporting units and the delay in commercializing new technologies in the Micro 3D Printing reporting unit, Kodak concluded the carrying value of the Micro 3D Printing reporting unit exceeded its implied fair value and recorded a goodwill impairment charge of $6 million representing the entire amount of goodwill for this reporting unit. (5) In the first quarter of 2016, Kodak received $10 million representing net litigation proceeds from DuPont. (6) |
Note 9 - Other Charges, Net (Ta
Note 9 - Other Charges, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Loss on foreign exchange transactions $ 1 $ 2 $ 2 $ 11 Other - - - 1 Total $ 1 $ 2 $ 2 $ 12 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Kodak’s income tax provision and effective tax rate were as follows: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Earnings (loss) from continuing operations before income taxes $ 22 $ (7 ) $ 24 $ (39 ) Effective tax rate 27.3 % (114.3 )% 50.0 % (33.3 )% Provision for income taxes 6 8 12 13 Provision (benefit) for income taxes 35% 8 (2 ) 8 (14 ) Difference between tax at effective vs. statutory rate $ (2 ) $ 10 $ 4 $ 27 |
Note 11 - Restructuring Liabi35
Note 11 - Restructuring Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Restructuring and Related Costs [Table Text Block] | The activity in the accrued balances and the non-cash charges and credits incurred in relation to restructuring activities for the three and six months ended June 30, 2016 were as follows: (in millions) Severance Reserve (1) Exit Costs Reserve (1) Long-lived Asset Impairments and Inventory Write-downs (1) Accelerated Depreciation (1) Total Balance as of December 31, 2015 $ 7 $ 4 $ - $ - $ 11 Q1 2016 charges 4 - 1 - 5 Q1 utilization/cash payments (5 ) (1 ) (1 ) - (7 ) Q1 2016 other adjustments & reclasses (2) (1 ) - - - (1 ) Balance as of March 31, 2016 $ 5 $ 3 $ — $ — $ 8 Q2 2016 charges - continuing operations $ 6 $ 1 $ - $ - $ 7 Q2 2016 charges - discontinued operations 1 - - - 1 Q2 utilization/cash payments (3 ) (1 ) - - (4 ) Q2 2016 other adjustments & reclasses (3) (1 ) - - - (1 ) Balance as of June 30, 2016 $ 8 $ 3 $ — $ — $ 11 (1) The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items. (2) The $(1) million represents severance related charges for pension plan special termination benefits, which are reflected in Pension and other postretirement liabilities in the Consolidated Statement of Financial Position. (3) |
Note 12 - Retirement Plans an36
Note 12 - Retirement Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Changes in Projected Benefit Obligations Fair Value of Plan Assets and Funded Status of Plan [Table Text Block] | Components of the net periodic benefit cost for all major U.S. and Non-U.S. defined benefit plans are as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Major defined benefit plans: Service cost $ 3 $ - $ 4 $ 1 $ 6 $ 1 $ 8 $ 2 Interest cost 28 4 37 5 58 7 74 9 Expected return on plan assets (66 ) (7 ) (68 ) (8 ) (131 ) (14 ) (136 ) (16 ) Amortization of: Prior service credit (1 ) - (2 ) - (3 ) - (4 ) - Actuarial gain 2 - - - 2 - - (1 ) Net pension income before special termination benefits (34 ) (3 ) (29 ) (2 ) (68 ) (6 ) (58 ) (6 ) Special termination benefits 2 - 1 - 3 - 5 - Net pension income (32 ) (3 ) (28 ) (2 ) (65 ) (6 ) (53 ) (6 ) Other plans including unfunded plans - - - 2 - (1 ) - 4 Total net pension income $ (32 ) $ (3 ) $ (28 ) $ - $ (65 ) $ (7 ) $ (53 ) $ (2 ) |
Note 15 - Other Comprehensive37
Note 15 - Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Comprehensive Income (Loss) [Table Text Block] | The changes in Other comprehensive loss, by component, were as follows: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Currency translation adjustments $ 1 $ 3 $ 9 $ (4 ) Unrealized losses on available-for-sale securities, before tax - (1 ) - (1 ) Tax provision - - - - Unrealized losses on available-for-sale securities, net of tax - (1 ) - (1 ) Pension and other postretirement benefit plan changes Newly established prior service credit - - - 4 Newly established net actuarial (loss) gain (2 ) - (144 ) 5 Tax benefit 1 - 1 - Newly established prior service credit and net actuarial (loss) gain, net of tax (1 ) - (143 ) 9 Reclassification adjustments: Amortization of prior service credit (a) (2 ) (2 ) (a) (4 ) (4 ) Amortization of actuarial gains (a) - (1 ) (a) (1 ) (1 ) Recognition of gains due to settlements - - (1 ) - Total reclassification adjustments (2 ) (3 ) (6 ) (5 ) Tax provision 1 1 1 1 Reclassification adjustments, net of tax (1 ) (2 ) (5 ) (4 ) Pension and other postretirement benefit plan changes, net of tax (2 ) (2 ) (148 ) 5 Other comprehensive loss $ (1 ) $ - $ (139 ) $ - (a) |
Note 16 - Accumulated Other C38
Note 16 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss is composed of the following: (in millions) June 30, 2016 December 31, 2015 Currency translation adjustments $ (58 ) $ (67 ) Unrealized loss on investments 2 2 Pension and other postretirement benefit plan changes (350 ) (202 ) Ending balance $ (406 ) $ (267 ) |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Print Systems $ 258 $ 283 $ 489 $ 537 Micro 3D Printing and Packaging 35 33 64 64 Software and Solutions 21 27 43 55 Consumer and Film 61 66 117 138 Enterprise Inkjet Systems 19 21 39 44 Intellectual Property Solutions - - - - Eastman Business Park 3 4 7 7 Consolidated total $ 397 $ 434 $ 759 $ 845 (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Print Systems $ 22 $ 20 $ 40 $ 33 Micro 3D Printing and Packaging 2 4 3 4 Software and Solutions (2 ) 1 - 3 Consumer and Film 10 8 17 26 Enterprise Inkjet Systems 5 5 10 12 Intellectual Property Solutions (4 ) (6 ) (8 ) (14 ) Eastman Business Park 1 2 1 1 Total of reportable segments 34 34 63 65 All Other (1) 2 - 5 4 Corporate components of pension and OPEB income (2) 40 33 81 66 Depreciation and amortization (27 ) (36 ) (54 ) (72 ) Restructuring costs and other (7 ) (5 ) (12 ) (22 ) Overhead supporting, but not directly absorbed by discontinued operations (3) (4 ) (6 ) (8 ) (11 ) Stock based compensation (1 ) (5 ) (3 ) (11 ) Consulting and other costs (4) (2 ) (5 ) (3 ) (7 ) Idle costs (5) (1 ) (1 ) (2 ) (2 ) Manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production (6) (1 ) - (1 ) - Other operating income (expense), net (7) 6 1 (8 ) (2 ) Interest expense (7) (16 ) (15 ) (32 ) (30 ) Other charges, net (7) (1 ) (2 ) (2 ) (12 ) Reorganization items, net (7) - - - (5 ) Consolidated income (loss) from continuing operations before income taxes $ 22 $ (7 ) $ 24 $ (39 ) (1) Earnings of the RED utilities variable interest entity. (2) Composed of interest cost, expected return on plan assets, amortization of actuarial gains and losses and curtailments and settlement components of pension and other postretirement benefit expenses. (3) Primarily consists of costs for shared resources allocated to the Prosper Enterprise Inkjet business discontinued operation in the prior year periods which are now included in the results of continuing operations and an estimate of costs for shared resources which would have been allocated to the Prosper Enterprise Inkjet business discontinued operation in the current year period had the business remained in continuing operations. (4) Consulting and other costs are professional services and other costs associated with certain corporate strategic initiatives. (5) Consists of third party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations. (6) Consists of manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production that are now excluded from the measure of segment profit and loss. (7) |
Note 18 - Discontinued Operat40
Note 18 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 25 $ 24 $ 39 $ 40 Cost of sales 18 22 30 45 Selling, general and administrative expenses 9 5 14 11 Research and development expenses 5 5 11 10 Loss from discontinued operations, before income taxes (7 ) (8 ) (16 ) (26 ) Provision for income taxes related to discontinued operations - - - 1 Loss from discontinued operations, net of income taxes $ (7 ) $ (8 ) $ (16 ) $ (25 ) (in millions) June 30, 2016 December 31, 2015 ASSETS Cash and cash equivalents $ 2 $ 1 Receivables, net 11 15 Inventories, net 48 51 Property, plant and equipment, net 37 32 Intangible assets, net 37 38 Other assets 3 4 Assets of business held for sale $ 138 $ 141 LIABILITIES Accounts payable, trade $ 5 $ 9 Current portion of long-term debt - 1 Other current liabilities 16 12 Long-term debt, net of current portion 3 2 Other long-term liabilities 4 5 Liabilities of business held for sale $ 28 $ 29 (in millions) Six Months Ended June 30, 2016 2015 Depreciation 2 3 Amortization 1 2 Capital expenditures 2 - |
Note 19 - Financial Instrumen41
Note 19 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Table [Text Block] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | (in millions) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net (loss) gain from derivatives not designated as hedging instruments $ (2 ) $ 3 $ (1 ) $ 20 |
Note 1 - Basis of Presentatio42
Note 1 - Basis of Presentation and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | $ 19 | $ 22 |
RED-Rochester, LLC [Member] | ||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | ||
Noncontrolling Interests in Variable Interest Entity | 28 | 25 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 19 | |
RED-Rochester, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 65 | 69 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 14 | $ 13 |
Note 2 - Summary of Receivables
Note 2 - Summary of Receivables, Net (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts Receivable Net Current [Abstract] | ||
Trade receivables | $ 268 | $ 300 |
Miscellaneous receivables | 50 | 50 |
Total (net of allowances of $10 as of both June 30, 2016 and December 31, 2015) | $ 318 | $ 350 |
Note 2 - Summary of Receivabl44
Note 2 - Summary of Receivables, Net (Details) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts Receivable Net Current [Abstract] | ||
Receivables, net of allowance | $ 10 | $ 10 |
Note 2 - Receivables, Net (Deta
Note 2 - Receivables, Net (Details Textual) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts Receivable Net Current [Abstract] | ||
Expected Customer Settlements in Lieu of Cash Payments | $ 23 | $ 28 |
Note 3 - Inventories (Details)
Note 3 - Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 157 | $ 141 |
Work in process | 64 | 61 |
Raw materials | 65 | 61 |
Total | $ 286 | $ 263 |
Note 4 - Gross Carrying Amount
Note 4 - Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Category (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 50 | $ 49 |
Intangible Assets Net | 53 | |
Intangible assets gross | 143 | 168 |
Intangible assets net | 93 | 119 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 40 | 46 |
Technology-Based Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 75 | 83 |
Accumulated Amortization | 40 | 38 |
Intangible Assets Net | $ 35 | $ 45 |
Weighted-Average Amortization Period | 3 years | 3 years |
Customer-Related Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 26 | $ 37 |
Accumulated Amortization | 10 | 11 |
Intangible Assets Net | $ 16 | $ 26 |
Weighted-Average Amortization Period | 6 years | 7 years |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2 | $ 2 |
Intangible Assets Net | $ 2 | $ 2 |
Weighted-Average Amortization Period | 20 years | 21 years |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Finite Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 5 | $ 5 | $ 10 | $ 10 | |
Other Operating (Income) Expense [Member] | Silver Metal Mesh Development [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Finite-lived | $ 8 | ||||
Other Operating (Income) Expense [Member] | Trade Names [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 5 |
Note 4 - Estimated Future Amort
Note 4 - Estimated Future Amortization Expense Related to Intangible Assets (Details) $ in Millions | Jun. 30, 2016USD ($) |
Intangible Assets Gross Excluding Goodwill [Abstract] | |
Q3 - Q4 2016 | $ 9 |
2,017 | 16 |
2,018 | 12 |
2,019 | 5 |
2,020 | 4 |
2021 and thereafter | 7 |
Total | $ 53 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Line Of Credit Facility [Line Items] | |
Percentage of Stock of Material First Tier Foreign Subsidiaries Securing Credit Agreement | 65.00% |
UNITED STATES | |
Line Of Credit Facility [Line Items] | |
Percentage of Stock of Material Domestic Subsidiaries Securing Credit Agreement | 100.00% |
Prior Credit Agreement [Member] | |
Line Of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 |
Amended Credit Agreement [Member] | |
Line Of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 |
Long-term Line of Credit | 117,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 30,000,000 |
Fixed Charged Coverage Ratio Required | 1 |
Excess Availability Below Which the Fixed Charge Coverage Ratio is Triggered | 12.50% |
Excess Availability Percentage of Lender Commitments Threshold Triggering Cash Dominion Control | 12.50% |
Lender Commitments, Threshold Trigger, Excess Availability Amount | $ 18,750,000 |
Amended Credit Agreement [Member] | Restricted Cash [Member] | |
Line Of Credit Facility [Line Items] | |
Eligible Cash | 23,000,000 |
Amended Credit Agreement [Member] | Letter of Credit [Member] | |
Line Of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 |
Amended Credit Agreement [Member] | Period one [Member] | |
Line Of Credit Facility [Line Items] | |
Line of Credit Facility, Expiration Date | May 26, 2021 |
Amended Credit Agreement [Member] | Period two [Member] | |
Line Of Credit Facility [Line Items] | |
Number of days prior to the earliest scheduled maturity date | 90 days |
Earliest maturity date | Sep. 3, 2019 |
ABL Credit Facility [Member] | |
Line Of Credit Facility [Line Items] | |
Excess Availability, Calculation, Percentage of Eligible Receivables Less a Dilution Reserve | 85.00% |
Excess Availability, Calculation, Percentage of Net Orderly Liquidation Value | 85.00% |
Excess Availability, Calculation, Percentage of Eligible Inventory | 75.00% |
Excess Availability, Net Orderly Liquidation Equipment Amount | $ 20,000,000 |
Excess Availability, Calculation, Percentage of Eligible Equipment | 75.00% |
ABL Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
ABL Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
ABL Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
ABL Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 6 - Commitments and Cont51
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 36 | $ 43 |
Federal and State Value added Taxes Litigations [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 57 | |
Threat of Expropriation of Assets [Member] | BRAZIL | ||
Commitments And Contingencies [Line Items] | ||
Assets, Noncurrent | 72 | |
Threat of Expropriation of Assets [Member] | BRAZIL | Cash [Member] | ||
Commitments And Contingencies [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | 6 | |
Amended Credit Agreement [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 117 | |
Bank Guarantees and Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 5 | |
Surety Bond [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 18 | |
Restricted Cash Deposits [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 53 |
Note 7 - Guarantees (Details Te
Note 7 - Guarantees (Details Textual) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Maximum [Member] | |
Guarantee Obligations [Line Items] | |
Environmental Settlement Historical Liabilities Trigger Amount | $ 99,000,000 |
Percentage of Liability Above 99 Million | 50.00% |
Extended Warranty Period | 5 years |
General Period [Member] | |
Guarantee Obligations [Line Items] | |
Extended Warranty Period | 1 year |
Minimum [Member] | |
Guarantee Obligations [Line Items] | |
Extended Warranty Period | 90 days |
Amended EBP Settlement Agreement [Member] | |
Guarantee Obligations [Line Items] | |
Accrual for Environmental Loss Contingencies | $ 0 |
Financial Guarantee [Member] | Guarantor Subsidiaries [Member] | |
Guarantee Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 17,000,000 |
Guarantor Obligations, Current Carrying Value | $ 6,000,000 |
Note 7 - Deferred Revenue (Deta
Note 7 - Deferred Revenue (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Movement In Deferred Revenue Roll Forward | |
Deferred revenue on extended warranties | $ 26 |
New extended warranty and maintenance arrangements in 2016 | 84 |
Recognition of extended warranty and maintenance arrangement revenue in 2016 | (86) |
Deferred revenue on extended warranties | $ 24 |
Note 8 - Summary of Other Opera
Note 8 - Summary of Other Operating (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Other Operating Income Expense Net [Abstract] | |||||
Asset impairments | [1],[2],[3],[4] | $ 1 | $ 25 | $ 6 | |
Litigation proceeds | [5] | (10) | |||
Gain on sale of assets | [6] | (7) | $ (1) | (7) | (4) |
Total | $ (6) | $ (1) | $ 8 | $ 2 | |
[1] | In the first quarter of 2015, due to the change in Kodak’s reporting units and the delay in commercializing new technologies in the Micro 3D Printing reporting unit, Kodak concluded the carrying value of the Micro 3D Printing reporting unit exceeded its implied fair value and recorded a goodwill impairment charge of $6 million representing the entire amount of goodwill for this reporting unit. | ||||
[2] | In the first quarter of 2016, Kodak recorded an impairment charge of $5 million related to the Kodak trade name. Refer to Note 4, “Intangible Assets. | ||||
[3] | In the first quarter of 2016, Kodak recorded an impairment charge of $8 million related to silver metal mesh touch screen intangible assets. Refer to Note 4, “Intangible Assets.” | ||||
[4] | In the first quarter of 2016, due to the exit of its position in silver metal mesh touch screen development, Kodak concluded that the carrying value of property, plant and equipment associated with those operations exceeded their fair value. Kodak recorded pre-tax impairment charges in the quarter and six months ended June 30, 2016 of $1 million and $12 million, respectively. | ||||
[5] | In the first quarter of 2016, Kodak received $10 million representing net litigation proceeds from DuPont. | ||||
[6] | On June 30, 2016, Kodak sold certain assets of its brand protection business to eApeiron Solutions Inc. in exchange for cash consideration of approximately $6 million and an equity investment of 19.9%. Kodak will account for this investment under the equity method of accounting. Kodak recognized a gain of approximately $7 million on this transaction. |
Note 8 - Summary of Other Ope55
Note 8 - Summary of Other Operating (Income) Expense (Details) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Operating Income Expense Net [Line Items] | |||||||
Proceeds from Legal Settlements | [1] | $ 10 | |||||
Gain on sale of assets | $ 7 | $ 4 | |||||
eApeiron Solutions Inc [Member] | |||||||
Other Operating Income Expense Net [Line Items] | |||||||
Cash consideration received for sale of certain assets | $ 6 | ||||||
Equity investment percentage | 19.90% | 19.90% | 19.90% | ||||
Gain on sale of assets | $ 7 | ||||||
Micro 3D Printing and Packaging [Member] | |||||||
Other Operating Income Expense Net [Line Items] | |||||||
Goodwill, Impairment Loss | $ 6 | ||||||
Proceeds from Legal Settlements | $ 10 | ||||||
Other Operating (Income) Expense [Member] | |||||||
Other Operating Income Expense Net [Line Items] | |||||||
Tangible Asset Impairment Charges | $ 1 | $ 12 | |||||
Other Operating (Income) Expense [Member] | Trade Names [Member] | |||||||
Other Operating Income Expense Net [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 5 | ||||||
Other Operating (Income) Expense [Member] | Silver Metal Mesh Development [Member] | |||||||
Other Operating Income Expense Net [Line Items] | |||||||
Impairment of Intangible Assets, Finite-lived | $ 8 | ||||||
[1] | In the first quarter of 2016, Kodak received $10 million representing net litigation proceeds from DuPont. |
Note 9 - Other Charges, Net (De
Note 9 - Other Charges, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income And Expenses [Abstract] | ||||
Loss on foreign exchange transactions | $ 1 | $ 2 | $ 2 | $ 11 |
Other | 1 | |||
Total | $ 1 | $ 2 | $ 2 | $ 12 |
Note 10 - Income Tax (Benefit)
Note 10 - Income Tax (Benefit) Provision Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Earnings (loss) from continuing operations before income taxes | $ 22 | $ (7) | $ 24 | $ (39) |
Effective tax rate | 27.30% | (114.30%) | 50.00% | (33.30%) |
Provision for income taxes | $ 6 | $ 8 | $ 12 | $ 13 |
Provision (benefit) for income taxes @ 35% | 8 | (2) | 8 | (14) |
Difference between tax at effective vs. statutory rate | $ (2) | $ 10 | $ 4 | $ 27 |
Note 10 - Income Tax (Benefit58
Note 10 - Income Tax (Benefit) Provision Reconciliation (Details) (Parentheticals) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | $ 0 | $ 0 | $ 0 |
Note 11 - Restructuring Liabi60
Note 11 - Restructuring Liabilities (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Position | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Position | |||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | $ 8 | $ 5 | $ 13 | ||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 100 | 150 | |||
US and Canada [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 50 | 75 | |||
World Excluding US and Canada [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 50 | 75 | |||
Discontinued Operations [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | $ 1 | $ 1 | |||
Employee Severance [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | 7 | $ 4 | [1] | 11 | |
Employee Severance [Member] | Discontinued Operations [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | [1] | $ 1 | |||
Employee Severance [Member] | Cumulative Basis [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | 10 | ||||
Long Lived Asset Impairment Charges [Member] | Cumulative Basis [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | 3 | ||||
Accelerated Depreciation [Member] | Cumulative Basis [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | 10 | ||||
Other Restructuring [Member] | Cumulative Basis [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | $ 2 | ||||
Manufacturing Service Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 25 | 50 | |||
Research and Development Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 25 | 25 | |||
Administrative Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Position | 50 | 75 | |||
Inventory Write-down [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring Costs | $ 1 | ||||
[1] | The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items. |
Note 11 - Restructuring Liabi61
Note 11 - Restructuring Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | ||||
Restructuring Cost And Reserve [Line Items] | ||||||
Balance | $ 8 | $ 11 | $ 11 | |||
Restructuring Costs | 8 | 5 | 13 | |||
Utilization/cash payments | (4) | (7) | ||||
Restructuring Reserve, Translation and Other Adjustment | (1) | [1] | (1) | [2] | ||
Balance | 11 | 8 | 11 | |||
Continuing Operations [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | 7 | |||||
Discontinued Operations [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | 1 | 1 | ||||
Employee Severance [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Balance | [3] | 5 | 7 | 7 | ||
Restructuring Costs | 7 | 4 | [3] | 11 | ||
Utilization/cash payments | [3] | (3) | (5) | |||
Restructuring Reserve, Translation and Other Adjustment | [3] | (1) | [1] | (1) | [2] | |
Balance | [3] | 8 | 5 | 8 | ||
Employee Severance [Member] | Continuing Operations [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | [3] | 6 | ||||
Employee Severance [Member] | Discontinued Operations [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | [3] | 1 | ||||
Facility Closing [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Balance | [3] | 3 | 4 | 4 | ||
Utilization/cash payments | [3] | (1) | (1) | |||
Balance | [3] | 3 | 3 | $ 3 | ||
Facility Closing [Member] | Continuing Operations [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | [3] | $ 1 | ||||
Long Lived Asset Impairments and Inventory Write Downs [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring Costs | [3] | 1 | ||||
Utilization/cash payments | [3] | $ (1) | ||||
[1] | The $(1) million represents severance related charges for pension plan curtailments and special termination benefits, which are reflected in Pension and other retirement liabilities in the Consolidated Statement of Financial Position. | |||||
[2] | The $(1) million represents severance related charges for pension plan special termination benefits, which are reflected in Pension and other postretirement liabilities in the Consolidated Statement of Financial Position. | |||||
[3] | The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items. |
Note 11 - Restructuring Liabi62
Note 11 - Restructuring Liabilities (Details) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | |||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | $ (1) | [1] | $ (1) | [2] |
Employee Severance for Pension Plan Special Termination Benefits [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | $ (1) | |||
Employee Severance for Pension Plan Curtailments and Special Termination Benefits [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | $ (1) | |||
[1] | The $(1) million represents severance related charges for pension plan curtailments and special termination benefits, which are reflected in Pension and other retirement liabilities in the Consolidated Statement of Financial Position. | |||
[2] | The $(1) million represents severance related charges for pension plan special termination benefits, which are reflected in Pension and other postretirement liabilities in the Consolidated Statement of Financial Position. |
Note 12 - Pension Income (Expen
Note 12 - Pension Income (Expense) From Continuing and Discontinued Operations For All Defined Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
UNITED STATES | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 3 | $ 4 | $ 6 | $ 8 |
Interest cost | 28 | 37 | 58 | 74 |
Expected return on plan assets | (66) | (68) | (131) | (136) |
Prior service credit | (1) | (2) | (3) | (4) |
Actuarial gain | 2 | 2 | ||
Net pension income before special termination benefits | (34) | (29) | (68) | (58) |
Special termination benefits | 2 | 1 | 3 | 5 |
Net pension income | (32) | (28) | (65) | (53) |
Total net pension income | (32) | (28) | (65) | (53) |
Non-US [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 1 | 1 | 2 | |
Interest cost | 4 | 5 | 7 | 9 |
Expected return on plan assets | (7) | (8) | (14) | (16) |
Actuarial gain | (1) | |||
Net pension income before special termination benefits | (3) | (2) | (6) | (6) |
Net pension income | (3) | (2) | (6) | (6) |
Other plans including unfunded plans | $ 2 | (1) | 4 | |
Total net pension income | $ (3) | $ (7) | $ (2) |
Note 12 - Retirement Plans an64
Note 12 - Retirement Plans and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Restructuring Charges | $ 7 | $ 5 | $ 11 | $ 22 | |
Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Contributions by Employer | 7 | ||||
Defined benefit plan, benefit obligation, period increase (decrease) | $ 142 | ||||
Discontinue Operations [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Restructuring Charges | $ 1 | $ 1 | $ 1 | $ 1 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Securities Used In Computations Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 42.2 | 41.9 | 42.2 | 41.9 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 41.9 | 41.9 | ||
Weighted Average Number of Shares Outstanding, Diluted | 42.6 | 41.9 | 42.4 | 41.9 |
Non-dilutive unvested restricted stock units excluded from Computation of Earnings Per Share | 0.2 | 0.2 | ||
Non-dilutive warrants to purchase common shares excluded from Computation of Earnings Per Share | 0.7 | 0.7 | ||
Unvested Restricted Stock [Member] | ||||
Weighted Average Securities Used In Computations Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.2 | ||
Warrant with Exercise Price of $14.93 [Member] | ||||
Weighted Average Securities Used In Computations Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | 1.8 | ||
Share Price | $ 14.93 | $ 14.93 | ||
Warrant with Exercise Price of $16.12 [Member] | ||||
Weighted Average Securities Used In Computations Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | 1.8 | ||
Share Price | $ 16.12 | $ 16.12 | ||
Outstanding Stock Options [Member] | ||||
Weighted Average Securities Used In Computations Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.7 | 1.1 | 1.7 | 1.1 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Details Textual) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 400,000 | 300,000 |
Stock Authorized | 560,000,000 | |
Common Stock, Shares Authorized | 500,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 60,000,000 | |
Common Stock, Shares, Outstanding | 42,200,000 | 42,000,000 |
Note 15 - Changes in Other Comp
Note 15 - Changes in Other Comprehensive Loss, by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |||||
Currency translation adjustments | $ 1 | $ 3 | $ 9 | $ (4) | |
Unrealized losses on available-for-sale securities, before tax | (1) | (1) | |||
Unrealized losses on available-for-sale securities, net of tax | (1) | (1) | |||
Newly established prior service credit | 4 | ||||
Newly established net actuarial (loss) gain | (2) | (144) | 5 | ||
Tax benefit | 1 | 1 | |||
Newly established prior service credit and net actuarial (loss) gain, net of tax | (1) | (143) | 9 | ||
Amortization of prior service credit | [1] | (2) | (2) | (4) | (4) |
Amortization of actuarial gains | [1] | (1) | (1) | (1) | |
Recognition of gains due to settlements | (1) | ||||
Total reclassification adjustments | (2) | (3) | (6) | (5) | |
Tax provision | 1 | 1 | 1 | 1 | |
Reclassification adjustments, net of tax | (1) | (2) | (5) | (4) | |
Pension and other postretirement benefit plan obligation activity, net of tax | (2) | $ (2) | (148) | $ 5 | |
Other comprehensive loss | $ (1) | $ (139) | |||
[1] | Reclassified to Total Net Periodic Benefit Cost - refer to Note 11, "Retirement Plans and Other Postretirement Benefits". |
Note 16 - Components of Accumul
Note 16 - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Currency translation adjustments | $ (58) | $ (67) |
Unrealized loss on investments | 2 | 2 |
Pension and other postretirement benefit plan changes | (350) | (202) |
Ending balance | $ (406) | $ (267) |
Note 17 - Segment Information69
Note 17 - Segment Information (Details Textual) - Eastman Business Park Rochester NY [Member] | 6 Months Ended |
Jun. 30, 2016aSegment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | Segment | 7 |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Area of Real Estate Property | a | 1,200 |
Note 17 - Revenues and Earnings
Note 17 - Revenues and Earnings (Loss) from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 397 | $ 434 | $ 759 | $ 845 | |
Depreciation and amortization | (57) | (77) | |||
Restructuring costs and other | (7) | (5) | (11) | (22) | |
Other operating income (expense), net | 6 | 1 | (8) | (2) | |
Interest expense | (16) | (15) | (32) | (30) | |
Other charges, net | (1) | (2) | (2) | (12) | |
Reorganization items, net | (5) | ||||
Consolidated income (loss) from continuing operations before income taxes | 22 | (7) | 24 | (39) | |
Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 397 | 434 | 759 | 845 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 34 | 34 | 63 | 65 | |
Corporate components of pension and OPEB income | [1] | 40 | 33 | 81 | 66 |
Depreciation and amortization | (27) | (36) | (54) | (72) | |
Restructuring costs and other | (7) | (5) | (12) | (22) | |
Overhead supporting, but not directly absorbed by discontinued operations | [2] | (4) | (6) | (8) | (11) |
Stock based compensation | (1) | (5) | (3) | (11) | |
Consulting and other costs | [3] | (2) | (5) | (3) | (7) |
Idle costs | [4] | (1) | (1) | (2) | (2) |
Manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production | [5] | (1) | (1) | ||
Other operating income (expense), net | [6] | 6 | 1 | (8) | (2) |
Interest expense | [6] | (16) | (15) | (32) | (30) |
Other charges, net | [6] | (1) | (2) | (2) | (12) |
Reorganization items, net | [6] | (5) | |||
Consolidated income (loss) from continuing operations before income taxes | 22 | (7) | 24 | (39) | |
Continuing Operations [Member] | Print Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 258 | 283 | 489 | 537 | |
Continuing Operations [Member] | Print Systems [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 22 | 20 | 40 | 33 | |
Continuing Operations [Member] | Micro 3D Printing and Packaging [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 35 | 33 | 64 | 64 | |
Continuing Operations [Member] | Micro 3D Printing and Packaging [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 2 | 4 | 3 | 4 | |
Continuing Operations [Member] | Software and Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21 | 27 | 43 | 55 | |
Continuing Operations [Member] | Software and Solutions [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | (2) | 1 | 3 | ||
Continuing Operations [Member] | Consumer and Film [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 61 | 66 | 117 | 138 | |
Continuing Operations [Member] | Consumer and Film [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 10 | 8 | 17 | 26 | |
Continuing Operations [Member] | Enterprise Inkjet Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 19 | 21 | 39 | 44 | |
Continuing Operations [Member] | Enterprise Inkjet Systems [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 5 | 5 | 10 | 12 | |
Continuing Operations [Member] | Intellectual Property Solutions [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | (4) | (6) | (8) | (14) | |
Continuing Operations [Member] | Eastman Business Park Rochester NY [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3 | 4 | 7 | 7 | |
Continuing Operations [Member] | Eastman Business Park Rochester NY [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 1 | $ 2 | 1 | 1 | |
Continuing Operations [Member] | Other Segments [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | [7] | $ 2 | $ 5 | $ 4 | |
[1] | Composed of interest cost, expected return on plan assets, amortization of actuarial gains and losses and curtailments and settlement components of pension and other postretirement benefit expenses. | ||||
[2] | Primarily consists of costs for shared resources allocated to the Prosper Enterprise Inkjet business discontinued operation in the prior year periods which are now included in the results of continuing operations and an estimate of costs for shared resources which would have been allocated to the Prosper Enterprise Inkjet business discontinued operation in the current year period had the business remained in continuing operations. | ||||
[3] | Consulting and other costs are professional services and other costs associated with certain corporate strategic initiatives. | ||||
[4] | Consists of third party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations. | ||||
[5] | Consists of manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production that are now excluded from the measure of segment profit and loss. | ||||
[6] | As reported in the Consolidated Statement of Operations. | ||||
[7] | Earnings of the RED utilities variable interest entity. |
Note 18 - Discontinued Operat71
Note 18 - Discontinued Operations for KODAK PROSPER Enterprise Inkjet (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Loss from discontinued operations, net of income taxes | $ (8) | $ (8) | $ (19) | $ (25) | |
Cash and cash equivalents | 2 | 2 | $ 1 | ||
KODAK PROSPER Enterprise Inkjet [Member] | |||||
Revenues | 25 | 24 | 39 | 40 | |
Cost of sales | 18 | 22 | 30 | 45 | |
Selling, general and administrative expenses | 9 | 5 | 14 | 11 | |
Research and development expenses | 5 | 5 | 11 | 10 | |
Loss from discontinued operations, before income taxes | (7) | (8) | (16) | (26) | |
Provision for income taxes related to discontinued operations | 1 | ||||
Loss from discontinued operations, net of income taxes | (7) | $ (8) | (16) | (25) | |
Cash and cash equivalents | 2 | 2 | 1 | ||
Receivables, net | 11 | 11 | 15 | ||
Inventories, net | 48 | 48 | 51 | ||
Property, plant and equipment, net | 37 | 37 | 32 | ||
Intangible assets, net | 37 | 37 | 38 | ||
Other assets | 3 | 3 | 4 | ||
Assets of business held for sale | 138 | 138 | 141 | ||
Accounts payable, trade | 5 | 5 | 9 | ||
Current portion of long-term debt | 1 | ||||
Other current liabilities | 16 | 16 | 12 | ||
Long-term debt, net of current portion | 3 | 3 | 2 | ||
Other long-term liabilities | 4 | 4 | 5 | ||
Liabilities of business held for sale | $ 28 | 28 | $ 29 | ||
Depreciation | 2 | 3 | |||
Amortization | 1 | 2 | |||
Capital expenditures | $ 2 | $ 0 |
Note 18 - Discontinued Operat72
Note 18 - Discontinued Operations (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 28,000,000 | $ 28,000,000 | $ 22,000,000 |
Personalized and Document Imaging Segment [Member] | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (1,000,000) | (2,000,000) | |
Assets Held-for-sale, Not Part of Disposal Group, Current | 2,000,000 | 2,000,000 | 2,000,000 |
Prosper Enterprise Inkjet Business [Member] | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 7,000,000 | $ 7,000,000 | $ 0 |
Note 19 - Financial Instrumen73
Note 19 - Financial Instruments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Long-term Debt, Fair Value | $ 650 | $ 650 | $ 586 | ||
Receivables, Net [Member] | |||||
Fair value of foreign currency forward contracts asset gross | 4 | 4 | |||
Other Current Liabilities [Member] | |||||
Fair value of foreign currency forward contracts liability gross | 8 | 8 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||
Derivative Asset, Notional Amount | 393 | 393 | $ 384 | ||
Designated as Hedging Instrument [Member] | |||||
Derivatives Hedging Instruments | $ 0 | $ 0 | $ 0 | $ 0 |
Note 19 - Derivatives Not Desig
Note 19 - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financial Instruments Owned At Fair Value [Abstract] | ||||
Net (loss) gain from derivatives not designated as hedging instruments | $ (2) | $ 3 | $ (1) | $ 20 |