0001437749-23-022515 | 10-Q | XBRL Viewer

Commitments and Contingencies Disclosure [Text Block]

NOTE 7: COMMITMENTS AND CONTINGENCIES

As of June 30, 2023, the Company had outstanding letters of credit of $58 million and $41 million issued under the 2023 Amended ABL Credit Agreement and the 2023 Amended L/C Facility Agreement, respectively, as well as bank guarantees and letters of credit of $1 million, surety bonds in the amount of $28 million, and restricted cash of $69 million, primarily related to cash collateral for the outstanding letters of credit under the 2023 Amended L/C Facility Agreement, to ensure payment of possible casualty and workers’ compensation claims, legal contingencies, hedging activities, environmental liabilities, rental payments and to support various customs, tax and trade activities.

Kodak’s Brazilian operations are involved in various litigation matters in Brazil 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’s Brazilian operations are disputing these matters and intend 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, 2023, Kodak’s Brazilian Operations maintained accruals of approximately $2 million for claims aggregating approximately $125 million inclusive of interest and penalties where appropriate. The unreserved portion of the indirect taxes, civil litigation and disputes associated with former employees and contract labor claims, 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 $6 million.

In connection with assessments in Brazil, local regulations may require Kodak’s Brazilian operations to post security for a portion of the amounts in dispute. As of June 30, 2023, Kodak’s Brazilian operations have 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 $45 million. Generally, any encumbrances on the Brazilian assets would be removed to the extent the matter is resolved in Kodak's favor.

The Company has received five requests under New Jersey law demanding, among other things, that the Company take certain actions in response to alleged breaches of fiduciary duty relating to option grants and securities transactions and alleged proxy statement disclosure deficiencies (each a “Derivative Demand”, and collectively the “Derivative Demands”) in the context of an announcement on July 28, 2020 (the “DFC Announcement”) by the U.S. International Development Finance Corporation (the “DFC”) regarding the signing of a non-binding letter of interest to provide a subsidiary of the Company with a potential $765 million loan (the “DFC Loan”) to support the launch of Kodak Pharmaceuticals, an initiative that would manufacture pharmaceutical ingredients for essential generic drugs (the “DFC Pharmaceutical Project”).

On May 19, 2021 Louis Peters, one of the persons making a Derivative Demand (“Peters”), commenced a derivative lawsuit on behalf of the Company against certain officers and current and former directors of the Company and the Company as a nominal defendant in the Supreme Court of the State of New York in Monroe County seeking damages and equitable relief based on alleged breaches of fiduciary duty and unjust enrichment resulting from stock trades, option grants and a charitable contribution in the context of the DFC Announcement of the potential DFC Loan and DFC Pharmaceutical Project (the “State Derivative Lawsuit”). The plaintiff filed an amended complaint in the State Derivative Lawsuit on August 23, 2021, and the Company and individual defendants filed motions to dismiss (or alternatively, in the case of the Company, a motion for summary judgment) in the State Derivative Lawsuit on October 22, 2021. On March 17, 2022, the court issued an order staying the State Derivative Lawsuit pending the resolution of the Federal Derivative Lawsuit described below.

On September 2, 2021 Herbert Silverberg, another person making a Derivative Demand (“Silverberg”), commenced a derivative lawsuit on behalf of the Company against one current and one former director of the Company and the Company as a nominal defendant in the Federal District Court for the Western District of New York seeking damages and equitable relief on a basis overlapping with the State Derivative Lawsuit and alleged proxy statement misrepresentations and omissions. On October 4, 2021 Peters commenced a derivative lawsuit on behalf of the Company against the same parties named in the State Derivative Lawsuit in the Federal District Court for the Western District of New York seeking damages and equitable relief on a basis overlapping with the State Derivative Lawsuit and alleged violations of Section 10(b) of the Exchange Act. The Federal derivative lawsuits filed by Silverberg and Peters were consolidated into a single proceeding (the “Federal Derivative Lawsuit”) on January 18, 2022, and Peters was appointed as lead plaintiff in the Federal Derivative Lawsuit. An amended consolidated complaint combining the allegations contained in the Federal derivative lawsuits filed by Silverberg and Peters was filed in the Federal Derivative Lawsuit on February 16, 2022, and the Company and individual defendants served motions to dismiss or, in the alternative in the case of the Company, for summary judgment on April 15, 2022. Threshold discovery in the case has been completed, and the Company and individual defendants formally filed their motions to dismiss on September 30, 2022. The plaintiffs filed an opposition to the motions to dismiss/for summary judgment on November 14, 2022, and the Company and the individual defendants filed responses to the plaintiffs’ opposition on December 27, 2022 and December 23, 2022, respectively.

Additional shareholder derivative lawsuits may be brought based on the other Derivative Demands (any such lawsuits, collectively with the State Derivative Lawsuit, the Federal Derivative Lawsuit and the Fiduciary Class Action, the “Fiduciary Matters”). The Company, acting through a Special Committee of Independent Directors, previously determined that there was no merit to the claims alleged by the Derivative Demands made through the time of its determination (except with respect to the charitable contribution, which was not fully considered by the Special Committee). See the Company’s Current Report on Form 8‐K filed with the SEC on September 16, 2020. The Company, acting through a separate Special Litigation Committee of Independent Directors, concurred with the first Special Committee’s findings and further concluded that it is not in the Company’s interest to bring or allow any other shareholder to assert any of the claims alleged by the State Derivative Lawsuit or Federal Derivative Lawsuit (with the exception of the Peters claim purportedly arising under Section 10(b) of the Exchange Act, which was not addressed as no demand was made with respect to such claim). The second Special Litigation Committee will carefully review any other additional complaints constituting Fiduciary Matters which may be filed.

The DFC Announcement has also prompted investigations by several congressional committees, the SEC and the New York Attorney General’s office. The Company has cooperated in those investigations.

As previously reported, the Attorney General of the State of New York (the “NYAG”) has threatened to file a lawsuit against the Company and its Chief Executive Officer alleging violations of New York State’s Martin Act (the “Threatened Claim”). In connection with the Threatened Claim and pursuant to a special process under New York law, in 2021 additional documents were produced by the Company to the NYAG and the NYAG took testimony of the Company’s Chief Executive Officer and General Counsel. The Company had discussions with the NYAG regarding a potential resolution of the Threatened Claim in the spring of 2022, but those discussions did not result in a resolution. If the Threatened Claim is ultimately brought by the NYAG, the Company intends to vigorously defend itself against the Threatened Claim.

In addition, Kodak is involved in various lawsuits, claims, investigations, remediations and proceedings, including, from time to time, commercial, customs, employment, environmental, tort 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 these various matters, individually or collectively, will have a material adverse effect on its financial condition 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 19 - Financial Instruments - Gain (Loss) on Embedded Derivatives (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

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

^[1]

$ 1

$ (4)

$ 2

$ (1)

[1]	Refer to Note 19, "Financial Instruments".

Note 17 - Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Depreciation and amortization

$ 295

^[1]

$ 321

$ 573

$ 611

(16)

(14)

Restructuring costs and other

(5)

(6)

Interest expense (3)

(11)

(10)

(22)

(19)

Pension income excluding service cost component (3)

Other (charges) income, net (3)

(3)

(2)

Continuing Operations [Member]

Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization

Depreciation and amortization

(8)

(7)

(16)

(14)

Restructuring costs and other

(5)

(6)

Stock based compensation

(1)

(5)

(3)

Consulting and other costs (1)

^[2]

(3)

(5)

Idle costs (2)

^[3]

(1)

Other operating income (3)

^[4]

Interest expense (3)

^[4]

(11)

(10)

(22)

(19)

Pension income excluding service cost component (3)

^[4]

Other (charges) income, net (3)

^[4]

(3)

(2)

Consolidated earnings from operations before income taxes

Print [Member]

Print [Member] | Continuing Operations [Member] | Operating Segments [Member]

215

^[1]

252

424

480

Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization

(1)

Advanced Materials And Chemicals [Member]

Advanced Materials And Chemicals [Member] | Continuing Operations [Member] | Operating Segments [Member]

^[1]

133

115

Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization

(2)

Brand [Member]

Brand [Member] | Continuing Operations [Member] | Operating Segments [Member]

^[1]

Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization

All Other [Member]

All Other [Member] | Continuing Operations [Member]

^[1]

Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization

$ 1

[1]	Sales are reported in the geographic area in which they originate.
[2]	Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs includes $1 million and $11 million of income in the three and six months ended June 30, 2023, respectively, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters. Kodak received $16 million of insurance reimbursement proceeds in the first six months of 2023, of which $5 million was recorded in Other current assets in the Consolidated Statement of Financial Position as of December 31, 2022.
[3]	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 and the costs, net of any rental income received, of underutilized portions of certain properties.
[4]	As reported in the Consolidated Statement of Operations.

Consolidated Statement of Equity (Deficit) (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Preferred Stock [Member]	Total
Balance at Dec. 31, 2021	$ 0	$ 1,166	$ (596)	$ 221	$ (10)	$ 196	$ 781
Net earnings	0	0	(3)	0	0	0	(3)
Currency translation adjustments	0	0	0	5	0	0	5
Preferred stock cash dividends	0	(1)	0	0	0	0	(1)
Preferred stock in-kind dividends	0	(1)	0	0	0	1	(1)
Preferred stock deemed dividends	0	(1)	0	0	0	1	(1)
Stock-based compensation	0	2	0	0	0	0	2
Balance at Mar. 31, 2022	0	1,165	(599)	226	(10)	198	782
Balance at Dec. 31, 2021	0	1,166	(596)	221	(10)	196	781
Net earnings							17
Balance at Jun. 30, 2022	0	1,164	(579)	326	(10)	199	901
Balance at Mar. 31, 2022	0	1,165	(599)	226	(10)	198	782
Net earnings	0	0	20	0	0	0	20
Currency translation adjustments	0	0	0	(10)	0	0	(10)
Pension and other postretirement liability adjustments	0	0	0	110	0	0	110
Preferred stock cash dividends	0	(1)	0	0	0	0	(1)
Preferred stock in-kind dividends	0	(1)	0	0	0	1	(1)
Stock-based compensation	0	1	0	0	0	0	1
Balance at Jun. 30, 2022	0	1,164	(579)	326	(10)	199	901
Balance at Dec. 31, 2022	0	1,160	(570)	462	(11)	203	1,041
Net earnings	0	0	33	0	0	0	33
Currency translation adjustments	0	0	0	(1)	0	0	(1)
Pension and other postretirement liability adjustments				(6)			(6)
Preferred stock cash dividends	0	(1)	0	0	0	0	(1)
Preferred stock in-kind dividends	0	(1)	0	0	0	1	(1)
Preferred stock deemed dividends	0	(1)	0	0	0	1	(1)
Stock-based compensation	0	4	0	0	0	0	4
Balance at Mar. 31, 2023	0	1,161	(537)	455	(11)	205	1,068
Balance at Dec. 31, 2022	0	1,160	(570)	462	(11)	203	1,041
Net earnings							68
Balance at Jun. 30, 2023	0	1,159	(502)	321	(11)	207	967
Balance at Mar. 31, 2023	0	1,161	(537)	455	(11)	205	1,068
Net earnings	0	0	35	0	0	0	35
Currency translation adjustments	0	0	0	(11)	0	0	(11)
Pension and other postretirement liability adjustments	0	0	0	(123)	0	0	(123)
Preferred stock cash dividends	0	(1)	0	0	0	0	(1)
Preferred stock in-kind dividends	0	(2)	0	0	0	2	(2)
Stock-based compensation	0	1	0	0	0	0	1
Balance at Jun. 30, 2023	$ 0	$ 1,159	$ (502)	$ 321	$ (11)	$ 207	$ 967

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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

Note 10 - Other Charges (Income) - Schedule of Other (Income) Charges - Schedule of Other Charges, Net (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

^[1]

$ 1

$ (4)

$ 2

$ (1)

Loss on foreign exchange transactions

Other (2)

^[2]

(1)

(9)

Total

$ 3

$ (1)

$ (4)

$ 2

[1]	Refer to Note 19, "Financial Instruments".
[2]	Includes interest income associated with a refund received in the first quarter of 2023 from a governmental authority in a location outside the U.S that was previously held in order to guarantee potential tax disputes in that jurisdiction.

Note 2 - Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

^[1]

Dec. 31, 2021

Cash and cash equivalents

$ 223

$ 217

Restricted cash reported in Other current assets

Restricted cash

Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows

$ 292

^[1]

$ 286

$ 353

$ 423

[1]	Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash.

Note 17 - Segment Information (Details Textual) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Number of Reportable Segments				3
Insurance Reimbursement		$ 1		$ 11
Proceeds from Insurance Reimbursement				16
Increase (Decrease) in Employee Related Liabilities		(1)	$ (4)		$ (8)
Increase (Decrease) in Other Employee-Related Liabilities				$ (1)
Gross Profit [Member]
Increase (Decrease) in Employee Related Liabilities		2			5
Selling, General and Administrative Expenses [Member]
Increase (Decrease) in Employee Related Liabilities		$ 2			$ 3
Other Current Assets [Member]
Insurance Reimbursement Proceeds						$ 5
Eastman Business Park Rochester N Y [Member] \| Minimum [Member]
Area of Real Estate Property (Acre) \| a		1,200		1,200
Print Segment [Member]
Number of Reportable Segments	1
Print [Member]
Number of Business Lines				5
Advanced Materials And Chemicals [Member]
Number of Business Lines				4

Note 12 - Retirement Plans and Other Postretirement Benefits - Components of the Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension income			$ (72,000)	$ (49,000)
Pension Plan [Member] \| UNITED STATES
Service cost	$ 4	$ 3	7	6
Interest cost	29	17	58	32
Expected return on plan assets	(64)	(44)	(128)	(88)
Prior service cost (credit)	1	(1)	3	(3)
Actuarial (gain) loss	(7)	0	(14)	0
Pension income	(37)	(25)	(74)	(53)
Pension Plan [Member] \| Foreign Plan [Member]
Service cost	0	1	1	2
Interest cost	5	2	10	4
Expected return on plan assets	(5)	(3)	(10)	(7)
Prior service cost (credit)	0	0	0	0
Actuarial (gain) loss	1	2	1	5
Pension income	$ 1	$ 2	$ 2	$ 4

Note 9 - Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

*Three Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	148	$	6	$	—	$	—	$	154
Ongoing service arrangements		47		—		—		—		47
Total annuities		195		6		—		—		201
Equipment & software		20		—		—		—		20
Film and chemicals		—		61		—		—		61
Total Core		215		67		—		—		282
Growth products ⁽²⁾		—		5		—		—		5
Other ⁽³⁾		—		—		4		4		8
Total	$	215	$	72	$	4	$	4	$	295

*Six Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	292	$	12	$	—	$	—	$	304
Ongoing service arrangements		97		—		—		—		97
Total annuities		389		12		—		—		401
Equipment & software		35		—		—		—		35
Film and chemicals		—		113		—		—		113
Total Core		424		125		—		—		549
Growth products ⁽²⁾		—		8		—		—		8
Other ⁽³⁾		—		—		8		8		16
Total	$	424	$	133	$	8	$	8	$	573

*Three Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	182	$	6	$	—	$	—	$	188
Ongoing service arrangements		52		—		—		—		52
Total annuities		234		6		—		—		240
Equipment & software		18		—		—		—		18
Film and chemicals		—		51		—		—		51
Total Core		252		57		—		—		309
Growth products ⁽²⁾		—		4		—		—		4
Other ⁽³⁾		—		—		4		4		8
Total	$	252	$	61	$	4	$	4	$	321

*Six Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	343	$	13	$	—	$	—	$	356
Ongoing service arrangements		105		—		—		—		105
Total annuities		448		13		—		—		461
Equipment & software		32		—		—		—		32
Film and chemicals		—		95		—		—		95
Total Core		480		108		—		—		588
Growth products ⁽²⁾				7						7
Other⁽³⁾		—		—		8		8		16
Total	$	480	$	115	$	8	$	8	$	611

*Three Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	66	$	59	$	4	$	4	$	133
Canada		5		—		—		—		5
North America		71		59		4		4		138
Europe, Middle East and Africa		92		5		—		—		97
Asia Pacific		46		8		—		—		54
Latin America		6		—		—		—		6
Total	$	215	$	72	$	4	$	4	$	295

*Six Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	132	$	107	$	8	$	8	$	255
Canada		8		1		—		—		9
North America		140		108		8		8		264
Europe, Middle East and Africa		181		10		—		—		191
Asia Pacific		91		15		—		—		106
Latin America		12		—		—		—		12
Total	$	424	$	133	$	8	$	8	$	573

*Three Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	73	$	46	$	4	$	4	$	127
Canada		5		1		—		—		6
North America		78		47		4		4		133
Europe, Middle East and Africa		117		5		—		—		122
Asia Pacific		49		9		—		—		58
Latin America		8		—		—		—		8
Total	$	252	$	61	$	4	$	4	$	321

*Six Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	135	$	86	$	8	$	8	$	237
Canada		10		1		—		—		11
North America		145		87		8		8		248
Europe, Middle East and Africa		220		9		—		—		229
Asia Pacific		98		19		—		—		117
Latin America		17		—		—		—		17
Total	$	480	$	115	$	8	$	8	$	611

Note 19 - Financial Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives Hedging Instruments	$ 0	$ 0	$ 0	$ 0
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value	290,000		290,000		$ 271,000
Forward Contracts [Member]
Foreign Currency Contract, Asset, Fair Value Disclosure	0		0		1,000
Foreign Currency Contracts, Liability, Fair Value Disclosure	6,000		6,000		1,000
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Asset, Notional Amount	$ 286,000		$ 286,000		$ 308,000

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Note 14 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

	*February 16, 2023*
	*Option Award*
	*Modifications*
	*Immediately Before*	*Immediately After*
Range of fair values	0.000 -2.1414	1.322 -2.2424
Range of risk-free interest rates	3.82% - 4.99%	3.82% - 4.99%
Range of remaining contractual terms (in years)	0.37 - 4.25	3.37 - 7.25
Range of weighted volatilities	66.96% - 103.39%	66.96% - 103.39%
Expected dividend yield	0.00%	0.00%

Note 19 - Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss from derivatives not designated as hedging instruments	$ 11	$ 7	$ 12	$ 10

Note 9 - Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Text Block]

NOTE 9: REVENUE

Disaggregation of Revenue

The following tables present revenue disaggregated by major product and geography:

Major Product:

*Three Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	148	$	6	$	—	$	—	$	154
Ongoing service arrangements		47		—		—		—		47
Total annuities		195		6		—		—		201
Equipment & software		20		—		—		—		20
Film and chemicals		—		61		—		—		61
Total Core		215		67		—		—		282
Growth products ⁽²⁾		—		5		—		—		5
Other ⁽³⁾		—		—		4		4		8
Total	$	215	$	72	$	4	$	4	$	295

*Six Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	292	$	12	$	—	$	—	$	304
Ongoing service arrangements		97		—		—		—		97
Total annuities		389		12		—		—		401
Equipment & software		35		—		—		—		35
Film and chemicals		—		113		—		—		113
Total Core		424		125		—		—		549
Growth products ⁽²⁾		—		8		—		—		8
Other ⁽³⁾		—		—		8		8		16
Total	$	424	$	133	$	8	$	8	$	573

*Three Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	182	$	6	$	—	$	—	$	188
Ongoing service arrangements		52		—		—		—		52
Total annuities		234		6		—		—		240
Equipment & software		18		—		—		—		18
Film and chemicals		—		51		—		—		51
Total Core		252		57		—		—		309
Growth products ⁽²⁾		—		4		—		—		4
Other ⁽³⁾		—		—		4		4		8
Total	$	252	$	61	$	4	$	4	$	321

*Six Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
Core products ⁽¹⁾
Plates, inks and other consumables	$	343	$	13	$	—	$	—	$	356
Ongoing service arrangements		105		—		—		—		105
Total annuities		448		13		—		—		461
Equipment & software		32		—		—		—		32
Film and chemicals		—		95		—		—		95
Total Core		480		108		—		—		588
Growth products ⁽²⁾				7						7
Other⁽³⁾		—		—		8		8		16
Total	$	480	$	115	$	8	$	8	$	611

⁽¹⁾	Core includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services (“Coating Services”).

⁽²⁾	Growth consists of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment.

⁽³⁾	Other consists of Intellectual Property Licensing ("IP Licensing"), Brand Licensing and Eastman Business Park.

Geography ^(1):

*Three Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	66	$	59	$	4	$	4	$	133
Canada		5		—		—		—		5
North America		71		59		4		4		138
Europe, Middle East and Africa		92		5		—		—		97
Asia Pacific		46		8		—		—		54
Latin America		6		—		—		—		6
Total	$	215	$	72	$	4	$	4	$	295

*Six Months Ended*
*June 30, 2023*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	132	$	107	$	8	$	8	$	255
Canada		8		1		—		—		9
North America		140		108		8		8		264
Europe, Middle East and Africa		181		10		—		—		191
Asia Pacific		91		15		—		—		106
Latin America		12		—		—		—		12
Total	$	424	$	133	$	8	$	8	$	573

*Three Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	73	$	46	$	4	$	4	$	127
Canada		5		1		—		—		6
North America		78		47		4		4		133
Europe, Middle East and Africa		117		5		—		—		122
Asia Pacific		49		9		—		—		58
Latin America		8		—		—		—		8
Total	$	252	$	61	$	4	$	4	$	321

*Six Months Ended*
*June 30, 2022*

			*Advanced*
			*Materials*
			*and*
(in millions)	*Print*		*Chemicals*		*Brand*		*All Other*		*Total*
United States	$	135	$	86	$	8	$	8	$	237
Canada		10		1		—		—		11
North America		145		87		8		8		248
Europe, Middle East and Africa		220		9		—		—		229
Asia Pacific		98		19		—		—		117
Latin America		17		—		—		—		17
Total	$	480	$	115	$	8	$	8	$	611

⁽¹⁾

Sales are reported in the geographic area in which they originate.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amount recorded for contract assets at both June 30, 2023 and December 31, 2022 was $1 million and is reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to prepaid service contracts, upfront payments for certain equipment purchases or prepaid royalties on intellectual property arrangements. The amount recorded for contract liabilities in the Consolidated Statement of Financial Position at June 30, 2023 and December 31, 2022 was $52 million and $51 million, respectively, of which $42 million and $40 million, respectively, was reported in Other current liabilities and $10 million and $11 million, respectively, was reported in Other long-term liabilities.

Revenue recognized for the three and six months ended June 30, 2023 and 2022 that was included in the contract liability balance at the beginning of the year was $8 million and $28 million, respectively, in 2023 and $12 million and $29 million, respectively, in 2022 and primarily represented revenue from prepaid service contracts and equipment revenue recognition. Contract liabilities as of June 30, 2023 included $22 million and $27 million of cash payments received during the three and six months ended June 30, 2023, respectively. Contract liabilities as of June 30, 2022 included $22 million and $33 million of cash payments received during the three and six months ended June 30, 2022, respectively.

Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed. Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of June 30, 2023, there was approximately $45 million of unrecognized revenue from unsatisfied performance obligations. Approximately 25% of the revenue from unsatisfied performance obligations is expected to be recognized in the remainder of 2023, 25% in 2024, 15% in 2025 and 35% thereafter.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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-URI https://asc.fasb.org//606/tableOfContent

Note 11 - Income Taxes - Schedule of Income Tax Provision and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings from operations before income taxes	$ 37	$ 19	$ 78	$ 18
Effective tax rate	5.40%	(5.30%)	12.80%	5.60%
Provision (benefit) for income taxes	$ 2	$ (1)	$ 10	$ 1
Provision for income taxes at U.S. statutory tax rate	8	4	16	4
Difference between tax at effective vs. statutory rate	$ (6)	$ (5)	$ (6)	$ (3)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-Section S99
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 15 - Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Text Block]

NOTE 15: SHAREHOLDERS’ EQUITY

The Company 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.

Common Stock

As of June 30, 2023 and December 31, 2022, there were 79.4 million and 79.1 million shares of common stock outstanding, respectively.

Preferred Stock

Preferred stock issued and outstanding as of June 30, 2023 and December 31, 2022 consisted of 1.0 million shares of Series B Preferred Stock and 1.1 million shares of Series C Preferred Stock.

Treasury Stock

Treasury stock consisted of approximately 0.9 million shares as of both June 30, 2023 and December 31, 2022.

The entire disclosure for equity.

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Note 4 - Debt and Credit Facilities

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Text Block]

NOTE 4: DEBT AND CREDIT FACILITIES

Term Loan Credit Agreement

On February 26, 2021, the Company entered into a Credit Agreement (the “Existing Term Loan Credit Agreement”) with certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) as lenders (the “Term Loan Lenders”) and Alter Domus (US) LLC, as administrative agent (the “Agent”). Pursuant to the Existing Term Loan Credit Agreement, the Term Loan Lenders provided the Company with (i) an initial term loan in the amount of $225 million, which was drawn in full on the same date, and (ii) a commitment to provide delayed draw term loans in an aggregate principal amount of up to $50 million on or before February 26, 2023 (collectively, the “Term Loans”). The delayed draw term loans were drawn in full on June 15, 2022. The maturity date of the Term Loans was February 26, 2026, and the Term Loans were non‐amortizing.

On June 30, 2023, the Company and certain of its subsidiaries (the “Subsidiary Guarantors”) entered into an amendment (the “Term Loan Amendment”) to the Existing Term Loan Credit Agreement (the Existing Term Loan Credit Agreement, as amended and restated by the Term Loan Amendment, the “Amended and Restated Term Loan Credit Agreement”), with certain funds affiliated with KLIM as lenders (the “Refinancing Term Loan Lenders”) and the Agent.

Subject to the terms and conditions of the Term Loan Amendment, the Refinancing Term Loan Lenders provided the Company with a commitment to provide term loans in an aggregate principal amount of $450 million (the “Refinancing Term Loans”).

On July 21, 2023, the Amended and Restated Term Loan Credit Agreement became effective and the Company completed its borrowing of the Refinancing Term Loans. The Company received net proceeds of $435 million from the Refinancing Term Loans which were used to (i) refinance the obligations under the Existing Term Loan Credit Agreement, (ii) repay in full and terminate the commitments under the Company’s asset-based revolving credit facility made available pursuant to the 2023 Amended ABL Credit Agreement as defined below, (iii) repay in full the Company’s outstanding 5.0% unsecured convertible promissory notes due May 28, 2026 (the "Convertible Notes") held by the Term Loan Lenders, (iv) pay certain fees and expenses related to the foregoing and the Amended and Restated L/C Facility Agreement (defined below), (v) provide cash collateral in respect of the Amended and Restated L/C Facility Agreement, as described below, or other collateral obligations, and (vi) the remaining net proceeds of $29 million for general corporate purposes and working capital needs of the Company and its subsidiaries.

The Term Loan Amendment also amended and restated the Existing Term Loan Credit Agreement to, among other things, (i) extend the maturity date to the earlier of August 15, 2028 or the date that is 91 days prior to the maturity date or mandatory redemption date of any of the Company’s then-outstanding Series B Preferred Stock or Series C Preferred Stock or any extensions or refinancings of any of the foregoing, (ii) make certain other changes to the terms of the Existing Term Loan Credit Agreement and (iii) make certain other changes to the terms of the Guarantee and Collateral Agreement, dated as of February 26, 2021, among the Company, the Subsidiary Guarantors and the Agent.

The Refinancing Term Loans bear interest at a rate of 7.5% per annum payable in cash and 5.0% per annum payable “in-kind” or in cash at the Company’s option, for an aggregate interest rate of 12.5% per annum. Obligations under the Amended and Restated Term Loan Credit Agreement are secured by a first priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) not constituting L/C Cash Collateral, as defined below (collectively, the “Term Loan Priority Collateral”) and a second priority lien on the L/C Cash Collateral.

The Amended and Restated Term Loan Credit Agreement continues to limit, among other things, the ability of the Company and its Restricted Subsidiaries (as defined in the Amended and Restated Term Loan Credit Agreement) to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments. The Amended and Restated Term Loan Credit Agreement does contain customary affirmative covenants, including delivery of certain of the Company’s financial statements, and customary event of default provisions, including a cross-default provision that would give rise to an event of default if there is a default under or acceleration of “Material Indebtedness” other than inter-company indebtedness. Material Indebtedness includes obligations having a principal amount of at least $20 million (increasing to $25 million if the Refinancing Term Loans are paid down to $200 million, which is referred to as the “Deleveraging Milestone Date”). The Amended and Restated Term Loan Credit Agreement does not include a financial maintenance covenant or any subjective acceleration clauses.

On an annual basis, the Company will prepay, within 10 business days following the filing of annual Form 10-K, outstanding Loans in an amount equal to Excess Cash Flow (“ECF”) as defined in the Amended and Restated Term Loan Credit Agreement provided no such prepayment is required if such prepayment would cause U.S. liquidity to be less than $60 million, or $85 million after the Deleveraging Milestone Date. In addition to customary prepayment covenants, the Company is also required to use the Net Proceeds from the monetization of Target Non-Core Assets as such terms are defined in the Amended and Restated Term Loan Credit Agreement to make prepayments subject to certain exceptions.

Board Rights Agreement

On June 30, 2023, in connection with the execution of the Term Loan Amendment, the Company entered into an amendment (the "Board Rights Agreement Amendment") to the letter agreement with KLIM, dated February 26, 2021 (the “Existing Board Rights Agreement”). Pursuant to the Board Rights Agreement Amendment, KLIM's right to nominate one individual for election as a member of the Company’s board of directors will last until the date on which KLIM ceases to hold at least $200 million of the original principal amount of Refinancing Term Loans. The individual nominated pursuant to the Existing Board Rights Agreement was appointed to the Company's Board of Directors on April 1, 2021 and has been elected to serve one‐year terms at each of the annual meetings since May 19, 2021.

Convertible Notes

On February 26, 2021, the Company entered into a Securities Purchase Agreement with certain funds affiliated with KLIM as lenders (the “Buyers”) pursuant to which the Company sold to the Buyers $25 million aggregate principal amount of the Company’s Convertible Notes in a private placement transaction. The maturity date of the Convertible Notes was May 28, 2026. On July 21, 2023, the Company repaid in full the Company’s outstanding Convertible Notes in an aggregate original principal amount of $25 million plus accrued paid-in-kind or unpaid cash interest. The Convertible Notes were terminated and the Company’s obligations under the Convertible Notes were cancelled.

The Convertible Notes bore interest at a rate of 5.0% per annum, which was payable in cash on the maturity (or repayment) date and in additional shares of Common Stock on any conversion date. The payment of interest only at the maturity date had the same effect as delivering additional debt instruments to the Holders of the Convertible Notes and therefore was considered payable-in-kind ("PIK"). PIK was being added to the carrying value of the debt through the term. Interest expense was being recorded using the effective interest method.

Conversion Features

The Buyers had the right to elect at any time to convert the Convertible Notes into shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), at an initial conversion rate equal to 100 shares of Common Stock per each $1,000 principal amount of the Convertible Notes (based on an initial conversion price equal to $10.00 per share of Common Stock). The conversion rate and conversion price were subject to certain customary anti-dilution adjustments.

If the closing price of the Common Stock equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within any period of 60 consecutive trading days, the Company had the right to cause the mandatory conversion of the Convertible Notes into shares of Common Stock.

In the event of certain fundamental transactions, the Buyers had the right, within a period of 30 days following the occurrence of such transaction, to elect to either require prepayment of the Convertible Notes at par plus accrued and unpaid interest or convert all or a portion of the Convertible Notes into shares of Common Stock at the conversion rate then in effect plus any additional shares based on the price per share of Common Stock in connection with the fundamental transaction, or to receive the shares of a successor entity, if any.

Embedded Derivatives

The Company allocated $12 million of the net proceeds received from the issuance of the Convertible Notes to a derivative liability based on the aggregate fair value of the embedded features on the date of issuance which reduced the net carrying value of the Convertible Notes. The derivative was being accounted for at fair value with subsequent changes in the fair value being reported as part of Other charges (income), net in the Consolidated Statement of Operations. The fair value of the Convertible Notes embedded derivative at June 30, 2023 and December 31, 2022 was a liability of $4 million and $2 million, respectively, and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 19, “Financial Instruments” for information on the valuation of the derivative.

The carrying value of the Convertible Notes at June 30, 2023 and December 31, 2022 was $19 million and $18 million, respectively. The Convertible Notes unamortized discount at June 30, 2023 and December 31, 2022 was $8 million and $9 million, respectively. The estimated fair value of the Convertible Notes as of June 30, 2023 and December 31, 2022 was $20 million and $16 million, respectively, (Level 3). The carrying value was being accreted to the aggregate principal amount using the effective interest method from the date of issuance through the maturity date.

Amended and Restated ABL Credit Agreement

On March 14, 2023, the Company and the Subsidiary Guarantors entered into amendment No. 5 to the Amended and Restated Credit Agreement (the “2023 Amended ABL Credit Agreement") with the lenders party thereto (the “Lenders”), Bank of America, N.A., as administrative agent and collateral agent to, among other things: (i) extend the maturity date of the Company's asset based loan facility from February 26, 2024 to the earliest of June 12, 2024, the termination of the 2023 Amended L/C Facility Agreement (as defined below) or the date that is 91 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loans, Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancings of any of the foregoing; (ii) require the Company to maintain daily Minimum Liquidity of $50 million, subject to certain cure rights, in addition to maintaining the existing quarterly Minimum Liquidity of $80 million, and (iii) on February 26, 2024, decrease the aggregate amount of commitments from $90 million to $81 million. Each of the capitalized but undefined terms used in the context of describing the 2023 Amended ABL Credit Agreement has the meaning ascribed to such term in the 2023 Amended ABL Credit Agreement.

If Minimum Liquidity fell below the daily or quarterly required minimum an Event of Default would have occurred, in which case the Agent had the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the 2023 Amended ABL Credit Agreement to be due and payable.

On July 21, 2023, the Company used the net proceeds from the Refinancing Term Loans to repay in full the amounts outstanding under its 2023 Amended ABL Credit Agreement (the “ABL Prepayment”). Upon the administrative agent’s receipt in full of the ABL Prepayment, the Existing ABL Credit Agreement was terminated and the lenders’ security interest in any of the Company’s or its subsidiaries assets or property securing the Existing ABL Credit Agreement was released.

The revolving loans bore interest at the rate of 3.50%‐4.00% per annum based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator). The Company paid an unused line fee of 37.5‐50 basis points per annum, depending on whether the unused portion of the maximum amount available is less than or equal to 50% or greater than 50%, respectively. The Company paid a letter of credit fee of 3.50%‐4.00% per annum, based on Excess Availability, on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit.

Obligations under the 2023 Amended ABL Credit Agreement were secured by: (i) a first priority lien on assets of the Company and the Subsidiary Guarantors constituting cash (other than L/C Cash Collateral, as defined below), accounts receivable, inventory, machinery and equipment and certain other assets (the “ABL Priority Collateral”) and (ii) a second priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) other than the ABL Priority Collateral, including the L/C cash collateral and 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries.

The 2023 Amended ABL Credit Agreement limited, among other things, the ability of the Company and its Restricted Subsidiaries to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments. The 2023 Amended ABL Credit Agreement leaves in place customary affirmative covenants, including delivery of certain of the Company’s financial statements set forth therein.

Quarterly Minimum Liquidity was $143 million and $150 million at March 31, 2023 and December 31, 2022, respectively, and daily Minimum Liquidity exceeded the $50 million threshold. Quarterly Minimum Liquidity as of June 30, 2023 was not required to be calculated or furnished to the Lenders as the 2023 Amended ABL Credit Agreement was terminated on July 21, 2023.

The Company was required to maintain Excess Availability above the greater of 12.5% of lender commitments ($11.25 million at both May 31, 2023 and December 31, 2022) which was tested at the end of each month. Excess Availability was $17 million and $21 million as of May 31, 2023 and December 31, 2022, respectively. Excess Availability as of June 30, 2023 was not required to be calculated or furnished to the Lenders as the 2023 Amended ABL Credit Agreement was terminated on July 21, 2023.

If Excess Availability fell below the greater of 12.5% of lender commitments or $11.25 million, a Fixed Charge Coverage Ratio Trigger Event would have occurred. During any Fixed Charge Coverage Ratio Trigger Event, the Company was required to maintain a Fixed Charge Coverage Ratio of greater than or equal to 1.0 to 1.0. If Excess Availability fell below the greater of 12.5% of lender commitments or $11.25 million, Kodak could, in addition to the requirement to be in compliance with the minimum Fixed Charge Coverage Ratio, have become subject to cash dominion control. Since Excess Availability was greater than 12.5% of lender commitments or $11.25 million at May 31, 2023 and December 31, 2022, Kodak was not required to have a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0.

If Excess Availability fell below the greater of 12.5% of lender commitments or $11.25 million and the Fixed Charge Coverage Ratio was less than 1.0 to 1.0, an Event of Default would have occurred and the Agent would have had the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the 2023 Amended ABL Credit Agreement to be due and payable.

As noted above, since Excess Availability was the greater of 12.5% of lender commitments or $11.25 million, Kodak was not required to have a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0. As of March 31, 2023 Consolidated EBITDA (minus Capital Expenditures and income taxes paid in cash) (as defined in the 2023 Amended ABL Credit Agreement) exceeded Fixed Charges by approximately $9 million, therefore the Fixed Charge Coverage Ratio was more than 1.0 to 1.0. The Fixed Charge Coverage Ratio as of June 30, 2023 was not required to be calculated or furnished to the Lenders as the 2023 Amended ABL Credit Agreement was terminated on July 21, 2023.

Each existing direct or indirect U.S. subsidiary of the Company (other than Immaterial Subsidiaries, Unrestricted Subsidiaries and certain other subsidiaries) provided an unconditional guarantee (and any such future subsidiaries were required to provide an unconditional guarantee) of the obligations of the Company under the Credit Agreements (as defined below).

Letter of Credit Facility Agreement

On February 26, 2021, the Company and the Subsidiary Guarantors entered into a Letter of Credit Facility Agreement (the “L/C Facility Agreement”, and together with the 2023 Amended ABL Credit Agreement, the “Credit Agreements”) among the Company, the Subsidiary Guarantors, the lenders party thereto (the “L/C Lenders”), Bank of America, N.A., as agent, and Bank of America, N.A., as issuing bank. Pursuant to the L/C Facility Agreement, the L/C Lenders committed to issue letters of credit on the Company’s behalf in an aggregate amount of up to $50 million, provided that the Company posts cash collateral in an amount greater than or equal to 103% of the aggregate amount of letters of credit issued and outstanding at any given time (the “L/C Cash Collateral”).

On March 14, 2023, the Company entered into an amendment to the L/C Facility Agreement (the “2023 Amended L/C Facility Agreement") to, among other things: (i) extend the maturity date of the L/C Facility Agreement from February 26, 2024 to the earliest of June 12, 2024, the termination of the 2023 Amended ABL Credit Agreement, as applicable, or the date that is 91 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loans, Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancing of any of the foregoing and (ii) require the Company to maintain daily Minimum Liquidity of $50 million, subject to certain cure rights, in addition to maintaining the existing quarterly Minimum Liquidity of $80 million. Each of the capitalized but undefined terms used in the context of describing the 2023 Amended L/C Facility Agreement has the meaning ascribed to such term in the 2023 Amended L/C Facility Agreement.

As with the 2023 Amended ABL Credit Agreement, the 2023 Amended L/C Facility Agreement required the Company to maintain Excess Availability above the greater of 12.5% of lender commitments or $11.25 million. If Excess Availability fell below the greater of 12.5% of lender commitments or $11.25 million, a Fixed Charge Coverage Ratio Trigger Event would have occurred under the 2023 Amended L/C Facility Agreement as with the 2023 Amended ABL Credit Agreement. During any Fixed Charge Coverage Ratio Trigger Event, the Company would have been required to maintain a Fixed Charge Coverage Ratio of greater than or equal to 1.0 to 1.0.

The quarterly Minimum Liquidity, Excess Availability and Fixed Charge Coverage Ratio as of June 30, 2023 were not required to be calculated or furnished to the L/C Lenders as a result of the June 2023 L/C Facility Amendment.

The Company’s obligations under the 2023 Amended L/C Facility Agreement were guaranteed by the Subsidiary Guarantors and were secured by (i) a first priority lien on the L/C Cash Collateral, (ii) a second priority lien on the ABL Priority Collateral and (iii) a third priority lien on the Term Loan Priority Collateral.

The Company issued approximately $58 million and $41 million letters of credit under the 2023 Amended ABL Agreement and L/C Facility Agreement, respectively, as of June 30, 2023 and $58 million and $43 million, respectively, as of December 31, 2022. The balance on deposit in the L/C Cash Collateral account as of June 30, 2023 and December 31, 2022 was approximately $43 million and $44 million, respectively.

On June 30, 2023, the Company and the Subsidiary Guarantors entered into an amendment (the “June 2023 L/C Facility Amendment”) to the 2023 Amended L/C Facility Agreement (as amended and restated by the June 2023 L/C Facility Amendment, the “Amended and Restated L/C Facility Agreement”), with Bank of America, N.A., as L/C Lender, L/C Agent and Issuing Bank. The June 2023 L/C Facility Amendment became effective on July 21, 2023.

Under the terms and conditions of the June 2023 L/C Facility Amendment, the L/C Lender committed to issue additional letters of credit on the Company’s behalf in an aggregate amount of up to $50 million, to an aggregate principal amount of commitments of up to $100 million (the “L/C Facility Commitments”), until August 30, 2023, upon which the aggregate L/C Facility Commitments will reduce to $50 million, provided that, at all times, the Company posts cash collateral in an amount greater than or equal to 104% of the aggregate amount of letters of credit issued and outstanding at any given time (the “L/C Cash Collateral”). With the funding of the Refinancing Term Loans on July 21, 2023, the balance on deposit in the L/C Cash Collateral account was increased by $59 million.

The June 2023 L/C Facility Amendment also amended and restated the 2023 Amended L/C Facility Agreement to, among other things, (i) extended the maturity date to the earliest of (x) the fifth anniversary of the Restatement Date (as defined therein), (y) the date that is 90 days prior to the maturity of the Amended and Restated Term Loan Credit Agreement, as such date may be extended pursuant to the terms thereof (or the maturity date of any refinancing thereof), or (z) the date that is 90 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s then-outstanding Series B Preferred Stock or Series C Preferred Stock or any refinancings of any of the foregoing, (ii) eliminated the existing cash maintenance requirements, and (iii) made certain other changes to the terms of the 2023 Amended L/C Facility Agreement.

The Company’s obligations under the Amended and Restated L/C Facility Agreement are guaranteed by the Subsidiary Guarantors and are secured by (i) a first priority lien on the L/C Cash Collateral and (ii) a second priority lien on certain Term Loan Priority Collateral of the Company and U.S. subsidiary guarantors.

The L/C Facility Agreement contains certain affirmative and negative covenants similar to the affirmative and negative covenants contained in the Amended and Restated Term Loan Credit Agreement. The L/C Facility Agreement does not include a minimum liquidity or financial maintenance covenant.

The Company will pay an unused line fee of 37.5‐50 basis points per annum, depending on whether the unused portion of the maximum commitments is less than or equal to 50% or greater than 50% of such commitments, respectively. The Company will pay a letter of credit fee of 3.75% per annum on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit. Amounts drawn under any letter of credit will be reimbursed from the L/C Cash Collateral. If not so reimbursed, and not otherwise repaid by the Company to the L/C Lender, such amounts will accrue interest, to be paid monthly, at a floating Base Rate (as defined in the Amended and Restated L/C Facility Agreement) plus 2.75% per annum until repaid.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash, Total	$ 69
BRAZIL
Restricted Cash and Investments, Noncurrent	6	$ 6
Federal And State Value Added Taxes Litigations And Civil Litigation And Disputes With Former Employees [Member] \| BRAZIL
Loss Contingency, Accrual, Reserve Maintained	2
Aggregate Claims	125
Loss Contingency, Estimate of Possible Loss	6
Threat of Expropriation of Assets [Member] \| BRAZIL
Restricted Cash and Investments, Noncurrent	6
Assets, Noncurrent	45
Bank Guarantees And Letters Of Credit [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	1
Surety Bond [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	28
L C Facility Agreement [Member]
Letters of Credit Outstanding, Amount	41	$ 43
U S International Development Finance Corporation [Member]
Line of Credit Facility, Maximum Borrowing Capacity	765
Amended A B L Credit Agreement [Member]
Letters of Credit Outstanding, Amount	$ 58

Note 14 - Stock-based Compensation - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions (Details) - $ / shares	Feb. 16, 2023	Feb. 15, 2023
Range of risk-free interest rates, minimum	3.82%	3.82%
Range of risk-free interest rates, maximum	4.99%	4.99%
Range of weighted volatilities, minimum	66.96%	66.96%
Range of weighted volatilities, maximum	103.39%	103.39%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Range of fair values (in dollars per share)	$ 1.32	$ 0.00
Range of remaining contractual terms (in years) (Year)	3 years 4 months 13 days	4 months 13 days
Maximum [Member]
Range of fair values (in dollars per share)	$ 2.24	$ 2.14
Range of remaining contractual terms (in years) (Year)	7 years 3 months	4 years 3 months

Note 5 - Redeemable, Convertible Preferred Stock - Schedule of Redeemable, Convertible Preferred Stock (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Redeemable, convertible preferred stock	$ 207	$ 203
Series B Preferred Stock [Member]
Redeemable, convertible preferred stock	96	95
Series C Preferred Stock [Member]
Redeemable, convertible preferred stock	$ 111	$ 108

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.E.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Note 3 - Inventories, Net

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Text Block]

NOTE 3: INVENTORIES, NET

	*June 30,*		*December 31,*
(in millions)	*2023*		*2022*
Finished goods	$	108	$	98
Work in process		73		64
Raw materials		71		75
Total	$	252	$	237

Note 9 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability	$ 52		$ 52			$ 51
Contract with Customer, Liability, Revenue Recognized	8	$ 12	28	$ 29
Contract with Customer, Cash Payments Received for Liabilities That Have Been Deferred	(22)	$ (22)	(27)	$ (33)
Revenue, Remaining Performance Obligation, Amount	45		45
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current					$ 1	1
Other Current Liabilities [Member]
Contract with Customer, Liability	42		42			40
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability	$ 10		$ 10			$ 11

Note 5 - Redeemable, Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Temporary Equity [Table Text Block]

	*June 30,*		*December 31,*
(in millions)	*2023*		*2022*
Series B preferred stock	$	96	$	95
Series C preferred stock		111		108
Total	$	207	$	203

Note 13 - Earnings Per Share (Details Textual) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Two Thousand Twenty One Convertible Notes [Member]
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount, Value		$ 25		$ 25
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	4.1	3.6	4.1	3.6
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			0.7	0.2
Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1.1	1.1	1.1	1.1
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)				1.0

Note 1 - Basis of Presentation and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

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 for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company and all companies directly or indirectly controlled, either through majority ownership or otherwise (“Kodak” or the “Company”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

Reclassifications

Certain amounts from previous periods have been reclassified to conform to the current period classification due to Kodak's new organization structure as of February 2023. Refer to Note 17, "Segment Information" and Note 9, "Revenue" for additional information.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016‐13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016‐13 (as amended by ASUs 2018‐19, 2019‐04, 2019‐05, 2019‐10, 2019‐11, 2020‐02, 2020‐03 and 2022‐02) 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 ASU is effective for Kodak for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 ( January 1, 2023 for Kodak). Kodak adopted the new standard on January 1, 2023 using the modified retrospective approach and it did not have a material impact on Kodak’s consolidated financial statements.

Allowance for Credit Losses

Kodak records allowance for credit losses for the current expected credit losses inherent in the asset over its expected life. The allowance for credit losses is maintained based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. Kodak records a specific reserve for individual accounts when Kodak becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

There are no recently issued accounting pronouncements that are applicable to Kodak.

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Cash flows from operating activities:

Net earnings

$ 68

$ 17

Adjustments to reconcile to net cash provided by (used in) operating activities:

Depreciation and amortization

Pension income

(72)

(49)

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

^[1]

(1)

Non-cash changes in workers' compensation and employee benefit reserves

(8)

Stock based compensation

Gain on sale of assets

(1)

Increase (decrease) in deferred taxes

(2)

Decrease (increase) in trade receivables

(26)

Decrease in miscellaneous receivables

Increase in inventories

(11)

(54)

(Decrease) increase in trade payables

(7)

Decrease in liabilities excluding borrowings and trade payables

(9)

(17)

Other items, net

Total adjustments

(47)

(120)

Net cash provided by (used in) operating activities

(103)

Cash flows from investing activities:

Additions to properties

(11)

(9)

Net cash used in investing activities

(11)

(9)

Cash flows from financing activities:

Net proceeds from Term Loan Credit Agreement

Preferred stock cash dividend payments

(2)

Net cash (used in) provided by financing activities

(2)

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

(2)

(5)

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

(70)

Cash, cash equivalents and restricted cash, beginning of period

286

423

Cash, cash equivalents and restricted cash, end of period

^[2]

$ 292

$ 353

[1]	Refer to Note 19, "Financial Instruments".
[2]	Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash.

Note 8 - Guarantees - Deferred Revenue by Arrangement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Deferred revenue on extended warranties	$ 51
Deferred revenue on extended warranties	52
Extended Warranty Arrangements [Member]
Deferred revenue on extended warranties	19
New extended warranty and maintenance arrangements deferred	44
Recognition of extended warranty and maintenance arrangement revenue	(45)
Deferred revenue on extended warranties	$ 18

Note 11 - Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

NOTE 11: INCOME TAXES

Kodak’s income tax provision (benefit) and effective tax rate were as follows:

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
(in millions)	*2023*			*2022*			*2023*			*2022*
Earnings from operations before income taxes	$	37		$	19		$	78		$	18
Effective tax rate		5.4	%		(5.3	)%		12.8	%		5.6	%
Provision (benefit) for income taxes		2			(1	)		10			1
Provision for income taxes at U.S. statutory tax rate		8			4			16			4
Difference between tax at effective vs. statutory rate	$	(6	)	$	(5	)	$	(6	)	$	(3	)

For the three and six months ended June 30, 2023, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., (3) a benefit associated with foreign withholding taxes on undistributed earnings and (4) changes in audit reserves, including a settlement with a taxing authority in a location outside the U.S.

During the quarter ended June 30, 2023, Kodak agreed to terms with a taxing authority outside the U.S. and settled open tax audits for years 2013 through 2017. This settlement included a cash payment of $1 million which is reflected in the provision for taxes in the quarter-to-date and year-to-date periods.

For the three months ended June 30, 2022, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S. and (3) a benefit associated with foreign withholding taxes on undistributed earnings.

For the six months ended June 30, 2022, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., (3) a benefit associated with foreign withholding taxes on undistributed earnings and (4) changes in audit reserves, including a settlement with a taxing authority in a location outside the U.S.

During the quarter ended March 31, 2022, Kodak agreed to terms with a taxing authority outside the U.S. and settled open tax audits for years 2015 through 2018. This settlement included a cash payment of $2 million which is reflected in the provision for taxes in the prior year-to-date period, and a decrease in net deferred tax assets of $3 million which was fully offset by a corresponding change in the valuation allowance.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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