0001437749-22-026362 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Entity Central Index Key	0000031235
Entity Registrant Name	EASTMAN KODAK CO
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-00087
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	16-0417150
Entity Address, Address Line One	343 STATE STREET
Entity Address, City or Town	ROCHESTER
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14650
City Area Code	585
Local Phone Number	724-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KODK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,101,776

Consolidated Statement of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Revenues

Total revenues

^[1]

$ 289

$ 287

$ 900

$ 843

Cost of revenues

Total cost of revenues

246

244

773

712

Gross profit

(43)

(127)

(131)

Selling, general and administrative expenses

123

131

Research and development costs

Restructuring costs and other

Other operating expense (income), net

(6)

Loss from operations before interest expense, pension income excluding service cost component, other (income) charges, net and income taxes

(7)

(9)

(25)

(19)

Interest expense

Pension income excluding service cost component

(20)

(25)

(77)

(76)

Other (income) charges, net

(2)

(1)

Earnings from operations before income taxes

Provision for income taxes

Net income

$ 2

$ 8

$ 19

$ 30

Basic net (loss) income per share attributable to Eastman Kodak Company common shareholders (in dollars per share)

$ (0.01)

$ 0.06

$ 0.11

$ 0.40

Diluted net (loss) income per share attributable to Eastman Kodak Company common shareholders (in dollars per share)

$ (0.01)

$ 0.06

$ 0.11

$ 0.39

Number of common shares used in basic and diluted net income per share

Basic (in shares)

79.0

78.6

78.9

78.3

Diluted (in shares)

79.0

80.6

80.7

80.5

Product [Member]

Revenues

Total revenues

$ 234

$ 231

$ 734

$ 674

Cost of revenues

Total cost of revenues

208

206

662

595

Service [Member]

Revenues

Total revenues

166

169

Cost of revenues

Total cost of revenues

$ 38

$ 111

$ 117

[1]	Sales are reported in the geographic area in which they originate.

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NET INCOME	$ 2	$ 8	$ 19	$ 30
Other comprehensive income (loss), net of tax:
Currency translation adjustments	(1)	0	(6)	3
Pension and other postretirement benefit plan obligation activity, net of tax	2	7	112	21
Other comprehensive income, net of tax	1	7	106	24
COMPREHENSIVE INCOME, NET OF TAX	$ 3	$ 15	$ 125	$ 54

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 216	$ 362
Trade receivables, net of allowances of $6 and $7, respectively	164	175
Inventories, net	273	219
Other current assets	44	49
Current assets held for sale	2	2
Total current assets	699	807
Property, plant and equipment, net of accumulated depreciation of $440 and $441, respectively	147	140
Goodwill	12	12
Intangible assets, net	30	34
Operating lease right-of-use assets	41	47
Restricted cash	57	54
Pension and other postretirement assets	1,198	1,022
Other long-term assets	75	55
TOTAL ASSETS	2,259	2,171
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Accounts payable, trade	147	153
Short-term borrowings and current portion of long-term debt	1	1
Current portion of operating leases	12	13
Other current liabilities	137	142
Total current liabilities	297	309
Long-term debt, net of current portion	312	253
Pension and other postretirement liabilities	336	382
Operating leases, net of current portion	36	45
Other long-term liabilities	176	205
Total liabilities	1,157	1,194
Commitments and Contingencies (Note 8)
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference	201	196
Equity
Common stock, $0.01 par value	0	0
Additional paid in capital	1,162	1,166
Treasury stock, at cost	(11)	(10)
Accumulated deficit	(577)	(596)
Accumulated other comprehensive income	327	221
Total shareholders’ equity	901	781
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY	2,259	2,171
Series A Preferred Stock [Member]
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference	$ 201	$ 196

Consolidated Statement of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for trade receivables	$ 6	$ 7
Property, plant, equipment, accumulated depreciation	$ 440	$ 441
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred Stock [Member]
Preferred stock, no par value (in dollars per share)	0	0
Preferred stock, liquidation preference per share (in dollars per share)	$ 100	$ 100

Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Cash flows from operating activities:

Net income

$ (19)

$ (30)

Adjustments to reconcile to net cash used in operating activities:

Depreciation and amortization

Pension income

(64)

(63)

Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives

^[1]

(1)

(3)

Net loss on sales of assets

Non-cash changes in workers' compensation reserves

(13)

(4)

Stock based compensation

Benefit from deferred income taxes

(3)

(1)

(Increase) decrease in trade receivables

(7)

Increase in inventories

(74)

(38)

Increase in trade payables

Decrease in liabilities excluding borrowings and trade payables

(26)

Other items, net

Total adjustments

(149)

(63)

Net cash used in operating activities

(130)

(33)

Cash flows from investing activities:

Additions to properties

(19)

(10)

Purchase of preferred equity interest

(25)

Net proceeds from sales of assets

Net cash used in investing activities

(44)

(9)

Cash flows from financing activities:

Net proceeds from Term Loan Credit Agreement

215

Net proceeds from Convertible Notes

Proceeds from sale of common stock

Debt issuance costs

(2)

Preferred stock cash dividend payments

(3)

(6)

Treasury stock purchases

(1)

Net cash provided by financing activities

240

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(14)

(3)

Net (decrease) increase in cash, cash equivalents and restricted cash

(143)

195

Cash, cash equivalents and restricted cash, beginning of period

423

256

Cash, cash equivalents and restricted cash, end of period

280

451

Series C Preferred Stock [Member]

Cash flows from financing activities:

Net proceeds from Series C Preferred Stock

Series A Preferred Stock [Member]

Cash flows from financing activities:

Repurchase of Series A Preferred Stock

$ 0

$ (100)

[1]	Refer to Note 19, “Financial Instruments”.

Consolidated Statement of Equity (Deficit) (Unaudited) - USD ($)
$ in Millions