Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EASTMAN KODAK CO | ||
Trading Symbol | KODK | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 42,077,595 | ||
Entity Public Float | $ 302,000,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 31,235 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cost of revenues | |||||
Restructuring costs and other | $ 17 | $ 52 | |||
Successor [Member] | |||||
Revenues | |||||
Sales | 679 | $ 1,447 | $ 1,738 | ||
Services | 133 | 351 | 378 | ||
Total net revenues | [1] | 812 | 1,798 | 2,116 | |
Cost of revenues | |||||
Sales | 586 | 1,171 | 1,376 | ||
Services | 106 | 246 | 284 | ||
Total cost of revenues | 692 | 1,417 | 1,660 | ||
Gross profit | 120 | 381 | 456 | ||
Selling, general and administrative expenses | 114 | 226 | 310 | ||
Research and development costs | 33 | 61 | 94 | ||
Restructuring costs and other | 17 | 38 | 59 | ||
Other operating expense (income), net | 2 | 2 | 9 | ||
Earnings (loss) from continuing operations before interest expense, loss on early extinguishment of debt, net, other (charges) income, net, reorganization items, net and income taxes | (46) | 54 | (16) | ||
Interest expense | 22 | 63 | 62 | ||
Other (charges) income, net | 10 | (21) | (21) | ||
Reorganization items, net | 16 | 5 | 13 | ||
(Loss) earnings from continuing operations before income taxes | (74) | (35) | (112) | ||
Provision for income taxes | 8 | 32 | 10 | ||
(Loss) earnings from continuing operations | (82) | (67) | (122) | ||
(Loss) earnings from discontinued operations, net of income taxes | 4 | (8) | 4 | ||
NET (LOSS) EARNINGS | (78) | (75) | (118) | ||
Less: Net income attributable to noncontrolling interests | 3 | 5 | 5 | ||
NET (LOSS) EARNINGS ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ (81) | $ (80) | $ (123) | ||
Basic and diluted (loss) earnings per share attributable to Eastman Kodak Company common shareholders: | |||||
Continuing operations (in Dollars per share) | $ (2.04) | $ (1.72) | $ (3.05) | ||
Discontinued operations (in Dollars per share) | 0.10 | (0.19) | 0.10 | ||
Total (in Dollars per share) | $ (1.94) | $ (1.91) | $ (2.95) | ||
Number of common shares used in basic and diluted (loss) earnings per share (in Shares) | 41.7 | 41.9 | 41.7 | ||
Predecessor [Member] | |||||
Revenues | |||||
Sales | 1,267 | ||||
Services | 279 | ||||
Total net revenues | [1] | 1,546 | |||
Cost of revenues | |||||
Sales | 959 | ||||
Services | 219 | ||||
Total cost of revenues | 1,178 | ||||
Gross profit | 368 | ||||
Selling, general and administrative expenses | 297 | ||||
Research and development costs | 66 | ||||
Restructuring costs and other | 43 | ||||
Other operating expense (income), net | (495) | ||||
Earnings (loss) from continuing operations before interest expense, loss on early extinguishment of debt, net, other (charges) income, net, reorganization items, net and income taxes | 457 | ||||
Interest expense | 106 | ||||
Loss on early extinguishment of debt, net | 8 | ||||
Other (charges) income, net | (13) | ||||
Reorganization items, net | (2,026) | ||||
(Loss) earnings from continuing operations before income taxes | 2,356 | ||||
Provision for income taxes | 155 | ||||
(Loss) earnings from continuing operations | 2,201 | ||||
(Loss) earnings from discontinued operations, net of income taxes | (135) | ||||
NET (LOSS) EARNINGS | 2,066 | ||||
NET (LOSS) EARNINGS ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ 2,066 | ||||
Basic and diluted (loss) earnings per share attributable to Eastman Kodak Company common shareholders: | |||||
Continuing operations (in Dollars per share) | $ 8.08 | ||||
Discontinued operations (in Dollars per share) | (0.50) | ||||
Total (in Dollars per share) | $ 7.58 | ||||
Number of common shares used in basic and diluted (loss) earnings per share (in Shares) | 272.7 | ||||
[1] | Sales are reported in the geographic area in which they originate. No non-U.S. country generated more than 10% of net sales in the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013 or eight months ended August 31, 2013. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss) Income - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
NET (LOSS) EARNINGS | $ (78) | $ (75) | $ (118) | |
Less: net income attributable to noncontrolling interests | 3 | 5 | 5 | |
Net (loss) earnings attributable to Eastman Kodak Company | (81) | (80) | (123) | |
Other comprehensive (loss) income, net: | ||||
Currency translation adjustments | 1 | (35) | (33) | |
Reclassification of realized losses on available-for-sale securities included in net earnings, net of tax | 2 | |||
Pension and other postretirement benefit plan obligation activity, net of tax | 98 | (98) | (202) | |
Other comprehensive (loss) income, net attributable to Eastman Kodak Company | 99 | (131) | (235) | |
COMPREHENSIVE (LOSS) INCOME, NET ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ 18 | $ (211) | $ (358) | |
Predecessor [Member] | ||||
NET (LOSS) EARNINGS | $ 2,066 | |||
Net (loss) earnings attributable to Eastman Kodak Company | 2,066 | |||
Other comprehensive (loss) income, net: | ||||
Currency translation adjustments | 4 | |||
Pension and other postretirement benefit plan obligation activity, net of tax | 1,604 | |||
Other comprehensive (loss) income, net attributable to Eastman Kodak Company | 1,608 | |||
COMPREHENSIVE (LOSS) INCOME, NET ATTRIBUTABLE TO EASTMAN KODAK COMPANY | $ 3,674 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 547 | $ 712 |
Receivables, net | 365 | 414 |
Inventories, net | 314 | 349 |
Deferred income taxes | 22 | 31 |
Assets held for sale | 2 | 14 |
Other current assets | 28 | 30 |
Total current assets | 1,278 | 1,550 |
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | 426 | 524 |
Goodwill | 88 | 96 |
Intangible assets, net | 158 | 182 |
Restricted cash | 43 | 37 |
Deferred income taxes | 23 | 38 |
Other long-term assets | 122 | 129 |
TOTAL ASSETS | 2,138 | 2,556 |
LIABILITIES AND EQUITY | ||
Accounts payable, trade | 195 | 212 |
Short-term borrowings and current portion of long-term debt | 5 | 5 |
Liabilities held for sale | 10 | |
Other current liabilities | 259 | 372 |
Total current liabilities | 459 | 599 |
Long-term debt, net of current portion | 675 | 672 |
Pension and other postretirement liabilities | 623 | 662 |
Other long-term liabilities | 278 | 324 |
Total liabilities | $ 2,035 | $ 2,257 |
Commitments and contingencies (Note 9) | ||
Equity | ||
Common stock, $0.01 par value | $ 0 | $ 0 |
Additional paid in capital | 633 | 621 |
Treasury stock, at cost | (5) | (4) |
Accumulated deficit | (283) | (204) |
Accumulated other comprehensive (loss) income | (267) | (136) |
Total Eastman Kodak Company shareholders’ equity | 78 | 277 |
Noncontrolling interests | 25 | 22 |
Total equity | 103 | 299 |
TOTAL LIABILITIES AND EQUITY | $ 2,138 | $ 2,556 |
Consolidated Statement of Fina5
Consolidated Statement of Financial Position (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, plant and equipment, accumulated depreciation | $ 330 | $ 231 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Deficit) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Pre-elimations [Member]Common Stock [Member] | Pre-elimations [Member]Additional Paid-in Capital [Member] | Pre-elimations [Member]Retained Earnings [Member] | Pre-elimations [Member]AOCI Attributable to Parent [Member] | Pre-elimations [Member]Treasury Stock [Member] | Pre-elimations [Member]Parent [Member] | Pre-elimations [Member]Noncontrolling Interest [Member] | Post-eliminations [Member] | Post-eliminations [Member]Noncontrolling Interest [Member] | |
Equity (deficit) (Predecessor [Member]) at Dec. 31, 2012 | $ (3,677) | $ 978 | $ 1,105 | $ 2,600 | $ (2,616) | $ (5,746) | $ (3,679) | $ 2 | ||||||||||
Net (loss) income | Predecessor [Member] | 2,066 | 2,066 | 2,066 | |||||||||||||||
Currency translation adjustments | Predecessor [Member] | 4 | 4 | 4 | |||||||||||||||
Pension and other postretirement liability adjustments | Predecessor [Member] | 1,604 | 1,604 | 1,604 | |||||||||||||||
Total other comprehensive income | Predecessor [Member] | 1,608 | $ 1,608 | 1,608 | |||||||||||||||
Stock-based compensation | Predecessor [Member] | $ 3 | 3 | $ 3 | |||||||||||||||
Issuance of treasury stock, net (446,501 shares) (1) | Predecessor [Member] | [1] | (3) | (32) | 35 | ||||||||||||||
Equity (deficit) (Predecessor [Member]) at Aug. 31, 2013 | $ 10 | $ 10 | $ 978 | $ 1,105 | $ 4,634 | $ (1,008) | $ (5,711) | $ (2) | $ 2 | $ 10 | $ 10 | |||||||
Investment in variable interest entity | Predecessor [Member] | 8 | 8 | ||||||||||||||||
Cancellation of Predecessor Company equity | Predecessor [Member] | 2 | $ (978) | (1,105) | (4,634) | $ 1,008 | 5,711 | $ 2 | |||||||||||
Equity (deficit) (Successor [Member]) at Sep. 01, 2013 | 623 | 613 | 613 | 10 | ||||||||||||||
Issuance of Successor Company common stock | Predecessor [Member] | 613 | 613 | 613 | |||||||||||||||
Equity (deficit) (Predecessor [Member]) at Aug. 31, 2013 | 10 | 10 | 978 | 1,105 | 4,634 | (1,008) | (5,711) | (2) | 2 | 10 | 10 | |||||||
Equity (deficit) (Predecessor [Member]) at Sep. 03, 2013 | [2] | (2,180) | ||||||||||||||||
Equity (deficit) (Successor [Member]) at Sep. 03, 2013 | 623 | |||||||||||||||||
Equity (deficit) (Predecessor [Member]) at Aug. 31, 2013 | 10 | 10 | $ 978 | $ 1,105 | $ 4,634 | $ (1,008) | $ (5,711) | $ (2) | $ 2 | $ 10 | $ 10 | |||||||
Net (loss) income | Successor [Member] | (78) | $ (81) | (81) | $ 3 | ||||||||||||||
Currency translation adjustments | Successor [Member] | 1 | 1 | 1 | |||||||||||||||
Pension and other postretirement liability adjustments | Successor [Member] | 98 | $ 98 | 98 | |||||||||||||||
Total other comprehensive income | Successor [Member] | 99 | |||||||||||||||||
Stock-based compensation | Successor [Member] | 1 | 1 | 1 | |||||||||||||||
Purchases of treasury stock, net | Successor [Member] | [3] | (4) | (1) | (3) | (4) | |||||||||||||
Equity (deficit) (Successor [Member]) at Dec. 31, 2013 | 648 | 613 | $ (81) | $ 99 | (3) | 628 | $ 20 | |||||||||||
Equity transactions with noncontrolling interest | Successor [Member] | 7 | 7 | ||||||||||||||||
Net (loss) income | Successor [Member] | (118) | $ (123) | (123) | $ 5 | ||||||||||||||
Currency translation adjustments | Successor [Member] | (33) | (33) | (33) | |||||||||||||||
Pension and other postretirement liability adjustments | Successor [Member] | (202) | $ (202) | (202) | |||||||||||||||
Total other comprehensive income | Successor [Member] | (235) | |||||||||||||||||
Stock-based compensation | Successor [Member] | 8 | $ 8 | 8 | |||||||||||||||
Purchases of treasury stock, net | Successor [Member] | [3] | (1) | (1) | (1) | ||||||||||||||
Equity (deficit) (Successor [Member]) at Dec. 31, 2014 | 299 | $ 621 | $ (204) | $ (136) | (4) | 277 | $ 22 | |||||||||||
Equity (deficit) at Dec. 31, 2014 | 299 | |||||||||||||||||
Equity transactions with noncontrolling interest | Successor [Member] | (3) | (3) | ||||||||||||||||
Net (loss) income | Successor [Member] | (75) | $ (80) | (84) | $ 5 | ||||||||||||||
Currency translation adjustments | Successor [Member] | (35) | (35) | (35) | |||||||||||||||
Reclassification of realized losses on available-for-sale securities included in net earnings, net of tax | Successor [Member] | 2 | 2 | 2 | |||||||||||||||
Pension and other postretirement liability adjustments | Successor [Member] | (98) | $ (98) | (98) | |||||||||||||||
Total other comprehensive income | Successor [Member] | (131) | |||||||||||||||||
Stock-based compensation | Successor [Member] | 12 | $ 12 | 12 | |||||||||||||||
Purchases of treasury stock, net | Successor [Member] | [3] | (1) | (1) | (1) | ||||||||||||||
Equity (deficit) (Successor [Member]) at Dec. 31, 2015 | 103 | $ 633 | $ (283) | $ (267) | $ (5) | 78 | $ 25 | |||||||||||
Equity (deficit) at Dec. 31, 2015 | 103 | |||||||||||||||||
Equity transactions with noncontrolling interest | Successor [Member] | $ (1) | $ 1 | $ 1 | $ (2) | ||||||||||||||
[1] | Includes stock awards issued, offset by shares surrendered for taxes. | |||||||||||||||||
[2] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. | |||||||||||||||||
[3] | Represents purchases of common stock and/ or warrants to satisfy tax withholding obligations. |
Consolidated Statement of Equi7
Consolidated Statement of Equity (Deficit) (Parentheticals) - shares | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Issuance of treasury stock, shares | 446,501 | |||
Purchases of treasury stock, shares | 152,746 | 84,678 | 44,911 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustments to reconcile to net cash used in operating activities: | ||||
Foreign exchange loss from remeasurement of Venezuela monetary assets | $ 2 | $ 16 | ||
Cash flows from financing activities: | ||||
Cash and cash equivalents, beginning of period | 712 | |||
Cash and cash equivalents, end of period | 547 | 712 | ||
Successor [Member] | ||||
Cash flows from operating activities: | ||||
Net (loss) earnings | $ (78) | (75) | (118) | |
Adjustments to reconcile to net cash used in operating activities: | ||||
Depreciation and amortization | 75 | 145 | 199 | |
Pension and other postretirement (income) expense | (61) | (107) | (78) | |
Stock based compensation | 1 | 18 | 8 | |
Change in U.S. vacation benefits | (17) | |||
Net gains on sales of businesses/assets | (6) | (4) | (23) | |
Gain on assets acquired for no monetary consideration | (3) | |||
Foreign exchange loss from remeasurement of Venezuela monetary assets | 16 | |||
Non-cash restructuring costs, asset impairments and other charges | 9 | 9 | 13 | |
Reorganization items: | ||||
Payment of claims | (10) | (2) | ||
Other non-cash reorganization items, net | 3 | 4 | 8 | |
Provision (benefit) for deferred income taxes | (2) | 6 | 5 | |
Decrease (increase) in receivables | (72) | 15 | 143 | |
Decrease (increase) in inventories | 147 | 12 | 4 | |
Decrease in liabilities excluding borrowings | (105) | (109) | (307) | |
Other items, net | (13) | 21 | 4 | |
Total adjustments | (24) | (20) | (10) | |
Net cash used in operating activities | (102) | (95) | (128) | |
Cash flows from investing activities: | ||||
Additions to properties | (21) | (43) | (43) | |
Net proceeds from sales of businesses/assets , net | 9 | 2 | 18 | |
(Funding) use of restricted cash | 93 | (10) | 68 | |
Marketable securities – purchases | (2) | |||
Net cash (used in) provided by investing activities | 81 | (51) | 41 | |
Cash flows from financing activities: | ||||
Repayment of emergence credit facilities | (2) | (4) | (4) | |
Net proceeds of other borrowings | 5 | 1 | ||
Equity transactions of noncontrolling interests | 7 | (1) | (3) | |
Treasury stock purchases | (3) | (1) | (1) | |
Repayment of other borrowings | (40) | |||
Net cash used in financing activities | (38) | (1) | (7) | |
Effect of exchange rate changes on cash | 5 | (18) | (38) | |
Net decrease in cash and cash equivalents | (54) | (165) | (132) | |
Cash and cash equivalents, beginning of period | 898 | 712 | 844 | |
Cash and cash equivalents, end of period | 844 | $ 898 | 547 | 712 |
Cash paid for interest and income taxes was: | ||||
Interest, net of portion capitalized of $2 as of December 31, 2015, $3 as of December 31, 2014 and $0 as of December 31, 2013 and August 31, 2013. | 22 | 60 | 65 | |
Income taxes (net of refunds) | 18 | $ 12 | $ 14 | |
Predecessor [Member] | ||||
Cash flows from operating activities: | ||||
Net (loss) earnings | 2,066 | |||
Adjustments to reconcile to net cash used in operating activities: | ||||
Depreciation and amortization | 118 | |||
Pension and other postretirement (income) expense | 145 | |||
Stock based compensation | 3 | |||
Net gains on sales of businesses/assets | (407) | |||
Loss on early extinguishment of debt | 8 | |||
Non-cash restructuring costs, asset impairments and other charges | 81 | |||
Reorganization items: | ||||
Non-cash reorganization gain | (1,964) | |||
Payment of claims | (94) | |||
Fresh start adjustments, net | (302) | |||
Other non-cash reorganization items, net | 119 | |||
Provision (benefit) for deferred income taxes | 448 | |||
Decrease (increase) in receivables | 105 | |||
Decrease (increase) in inventories | (27) | |||
Decrease in liabilities excluding borrowings | (595) | |||
Other items, net | (269) | |||
Total adjustments | (2,631) | |||
Net cash used in operating activities | (565) | |||
Cash flows from investing activities: | ||||
Additions to properties | (18) | |||
Net proceeds from sales of businesses/assets , net | 827 | |||
(Funding) use of restricted cash | (134) | |||
Marketable securities – sales | 21 | |||
Marketable securities – purchases | (17) | |||
Net cash (used in) provided by investing activities | 679 | |||
Cash flows from financing activities: | ||||
Proceeds from Emergence credit facilities | 664 | |||
Proceeds from Senior and Junior DIP Credit Agreements | 450 | |||
Repayment of other borrowings | (375) | |||
Proceeds from Rights Offerings | 406 | |||
Contingent consideration received with sale of business | 35 | |||
Net cash used in financing activities | (328) | |||
Effect of exchange rate changes on cash | (23) | |||
Net decrease in cash and cash equivalents | (237) | |||
Cash and cash equivalents, beginning of period | $ 898 | 1,135 | ||
Cash and cash equivalents, end of period | 898 | |||
Cash paid for interest and income taxes was: | ||||
Interest, net of portion capitalized of $2 as of December 31, 2015, $3 as of December 31, 2014 and $0 as of December 31, 2013 and August 31, 2013. | 179 | |||
Income taxes (net of refunds) | 34 | |||
Predecessor [Member] | Original Senior DIP Credit Agreement [Member] | ||||
Cash flows from financing activities: | ||||
Repayment of other borrowings | (664) | |||
Predecessor [Member] | Junior DIP Credit Agreement Term Loan [Member] | ||||
Cash flows from financing activities: | ||||
Repayment of other borrowings | $ (844) |
Consolidated Statement of Cash9
Consolidated Statement of Cash Flows (Parentheticals) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Capitalized Interest | $ 0 | $ 2 | $ 3 | |
Predecessor [Member] | ||||
Capitalized Interest | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION On January 19, 2012 (the “Petition Date”), Eastman Kodak Company (“EKC” or the “Company”) and its U.S. subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The cases (the “Chapter 11 Cases”) were jointly administered as Case No. 12-10202 (ALG) under the caption “In re Eastman Kodak Company.” The Debtors operated their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of chapter 11 of the Bankruptcy Code and the orders of the Bankruptcy Court until their emergence from bankruptcy. The Company’s foreign subsidiaries were not part of the Chapter 11 Cases, and continued to operate in the ordinary course of business. Upon emergence from bankruptcy on September 3, 2013, Kodak adopted fresh-start accounting which resulted in Kodak becoming a new entity for financial reporting purposes. Kodak applied fresh start accounting as of September 1, 2013. Accordingly, the consolidated financial statements on or after September 1, 2013 are not comparable to the consolidated financial statements prior to that date. Refer to Note 25, “Fresh Start Accounting” for additional information. Subsequent to the Petition Date, all expenses, gains and losses directly associated with the reorganization proceedings are reported as Reorganization items, net in the accompanying Consolidated Statement of Operations. In addition, Liabilities subject to compromise during the chapter 11 proceedings were distinguished from liabilities of the Company’s foreign subsidiaries that were not part of the Chapter 11 Cases, fully-secured liabilities that were not expected to be compromised and from post-petition liabilities in the accompanying Consolidated Statement of Financial Position. References to “Successor” or “Successor Company” relate to the reorganized Kodak subsequent to September 3, 2013. References to “Predecessor” or “Predecessor Company” relate to Kodak prior to September 3, 2013. Reclassifications Certain amounts for prior periods have been reclassified to conform to the current period classification due to Kodak’s new organization structure as of January 1, 2015 and for a change in the segment measure of profitability. In addition to the changes in segment reporting under the new organization structure, tenant rental income for Eastman Business Park previously reported in Cost of Revenues is reported in Revenues. Refer to Note 23, “Segment Information” for more information about these changes. ACCOUNTING PRINCIPLES The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The following is a description of the significant accounting policies of Kodak. BASIS OF CONSOLIDATION The consolidated financial statements include the accounts of EKC and all companies directly or indirectly controlled by EKC, either through majority ownership or otherwise (collectively “Kodak”). Kodak consolidates variable interest entities if Kodak has a controlling financial interest and is determined to be the primary beneficiary of the entity. 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 $69 million and $13 million, respectively, as of December 31, 2015 and $77 million and $11 million, respectively, as of December 31, 2014. RED’s equity in those net assets as of December 31, 2015 and 2014 is $25 million and $21 million, respectively. RED’s results of operations are reflected in net income attributable to noncontrolling interest in the accompanying Consolidated Statement of Operations. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at year end, and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. FOREIGN CURRENCY For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: assets and liabilities at year-end exchange rates; revenue, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rates. For those subsidiaries for which the local currency is the functional currency, the resulting translation adjustment is recorded as a component of Accumulated other comprehensive (loss) income in the accompanying Consolidated Statement of Financial Position. Translation adjustments related to investments that are permanent in nature are not tax-effected. For certain other subsidiaries and branches outside the U.S., operations are conducted primarily in U.S. dollars, which is therefore the functional currency. Monetary assets and liabilities of these foreign subsidiaries and branches, which are recorded in local currency, are remeasured at year-end exchange rates, while the related revenue, expense, and gain and loss accounts, which are recorded in local currency, are remeasured at average exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, and gain and loss accounts, are remeasured at historical exchange rates. Adjustments that result from the remeasurement of the assets and liabilities of these subsidiaries are included in Other (charges) income, net in the accompanying Consolidated Statement of Operations. The effects of foreign currency transactions, including related hedging activities, are included in Other (charges) income, net, in the accompanying Consolidated Statement of Operations. Venezuela Currency Kodak has accounted for the Venezuelan economy as highly inflationary since 2010. Accordingly, Kodak’s Venezuelan subsidiary uses the U.S. dollar as its functional currency, and monetary assets and liabilities denominated in BsF generate income or expense for changes in value associated with foreign currency exchange rate fluctuations against the U.S. dollar. Kodak’s Venezuelan subsidiary does not have ongoing trading activity. The Venezuelan government has maintained currency controls and a fixed official exchange rate since 2003. The official exchange rate at December 31, 2015 and 2014 was 6.3 Venezuelan Bolivars Fuertes (“BsF”) to the U.S. dollar. In 2013, the Venezuelan government announced the creation of a complementary currency exchange system, referred to as “SICAD 1.” SICAD 1 was determined by an auction process restricted to invited entities for designated uses. At December 31, 2014, the SICAD 1 exchange rate was 12.0 BsF to the U.S. Dollar. In 2014, the Venezuelan government created another currency exchange system known as “SICAD 2,” indicating that all industry sectors and companies would be eligible to participate in SICAD 2. Transactions in SICAD 2 were regulated by the Venezuelan Central Bank. Entities were required to submit applications to convert BsF to U.S. dollars under SICAD 2. The SICAD 2 exchange rate as of December 31, 2014 was 49.99 BsF to the U.S. dollar. Given increased uncertainty in Venezuela, Kodak adopted the SICAD 2 rate to remeasure BsF denominated monetary assets and liabilities of its Venezuelan subsidiary to the U.S. dollar as of December 31, 2014. As a result of this change from the official exchange rate, Kodak recorded a charge of $16 million in other (charges), income net in the fourth quarter of 2014. In 2015, the Venezuelan government merged the SICAD 1 and SICAD 2 exchange mechanisms into a single mechanism called SICAD and introduced a new open market system, “SIMADI.” The SIMADI market is intended to have a floating exchange rate determined by market participants. Kodak adopted the SIMADI rate to remeasure BsF denominated monetary assets and liabilities of its Venezuelan subsidiary to the U.S. dollar as of March 31, 2015. The SIMADI exchange rate at March 31, 2015 was 191.97 BsF to the U.S. dollar. As a result of the change from the SICAD 2 rate, Kodak recorded a charge of $2 million in other (charges), income net in the first quarter of 2015. The SIMADI exchange rate as of December 31, 2015 was 198.7 BsF to the U.S. dollar. As of December 31, 2015 and December 31, 2014, Kodak’s Venezuelan subsidiary had approximately $1 million and $2 million, respectively, of BsF denominated net monetary assets, composed primarily of cash and cash equivalents. CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject Kodak to significant concentrations of credit risk consist principally of cash and cash equivalents, receivables, and derivative instruments. Kodak places its cash and cash equivalents with high-quality financial institutions and limits the amount of credit exposure to any one institution. With respect to receivables, such receivables arise from sales to numerous customers in a variety of industries, markets, and geographies around the world. Receivables arising from these sales are generally not collateralized. Kodak performs ongoing credit evaluations of its customers’ financial conditions, and maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. Counterparties to the derivative instrument contracts are major financial institutions. Kodak has not experienced non-performance by any of its derivative instruments counterparties. CASH EQUIVALENTS All highly liquid investments with a remaining maturity of three months or less at date of purchase are considered to be cash equivalents. INVENTORIES Inventories are stated at the lower of cost or market. The cost of all of Kodak’s inventories is determined by the average cost method, which approximates current cost. Kodak provides inventory reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at cost, net of accumulated depreciation with the exception of property, plant and equipment owned as of the application of fresh start accounting. Kodak capitalizes additions and improvements while maintenance and repairs are charged to expense as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to net (loss) earnings. In connection with fresh start accounting, property, plant and equipment were adjusted to their estimated fair value and depreciable lives were revised as of September 1, 2013. Refer to Note 25, “Fresh Start Accounting.” Kodak calculates depreciation expense using the straight-line method over the assets’ estimated useful lives, which are as follows: Successor Company As of September 1, Buildings and building improvements 5 - 40 1 - 38 Land improvements 20 1 - 20 Leasehold improvements 3 - 20 1 - 10 Equipment 3 - 15 1 - 20 Tooling 1 - 3 1 - 3 Furniture and fixtures 5 - 10 1 - 10 Kodak depreciates leasehold improvements over the shorter of the lease term or the asset’s estimated useful life. Equipment subject to operating leases is included in Property, plant and equipment, net in the Consolidated Statement of Financial Position. Equipment subject to operating leases consists of equipment rented to customers and is depreciated to estimated salvage value over its expected useful life. Equipment operating lease terms and depreciable lives generally vary from 3 to 7 years. GOODWILL Goodwill reported in the Successor period represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets. Refer to Note 25, “Fresh Start Accounting.” Goodwill is not amortized, but is required to be assessed for impairment at least annually and whenever events or changes in circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Kodak performed the annual test of impairment as of October 1, 2015 for all its reporting units and updated its analysis as of December 31, 2015 due to the change in the annual goodwill impairment test date from October 1 to December 31. When testing goodwill for impairment, Kodak may assess qualitative factors for some or all of its reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If Kodak determines based on this qualitative test of impairment that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or elects to bypass the qualitative assessment for some or all of its reporting units, then a two-step goodwill impairment test is performed to test for a potential impairment of goodwill (step 1) and if potential losses are identified, to measure the impairment loss (step 2). Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Refer to Note 5, “Goodwill and Other Intangible Assets”. WORKERS COMPENSATION Kodak self insures and participates in high-deductible insurance programs with retention and per occurrence deductible levels for claims related to workers compensation. The estimated liability for workers compensation is based on actuarially estimated, discounted cost of claims, including claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and the amounts are adjusted based on actual claim experience, settlements, claim development trends, changes in state regulations and judicial interpretations. Amounts recoverable from insurance companies or third parties are estimated using historical experience and estimates of future recoveries. Estimated recoveries are not offset against the related accrual. REVENUE Kodak’s revenue transactions include sales of products (such as components and consumables for use in Kodak and other manufacturers’ equipment and film based products); equipment; software; services; integrated solutions; and intellectual property and brand licensing. Kodak recognizes revenue when realized or realizable and earned, which is when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the sales price is fixed or determinable; and (4) collectability is reasonably assured. At the time revenue is recognized, Kodak provides for the estimated costs of customer incentive programs, warranties and estimated returns and reduces revenue accordingly. For those incentives that require the estimation of sales volumes or redemption rates, such as for volume rebates, Kodak uses historical experience and internal and customer data to estimate the sales incentive at the time revenue is recognized. Kodak accrues the estimated cost of post-sale obligations, including basic product warranties, based on historical experience at the time Kodak recognizes revenue. For product sales, the revenue recognition criteria are generally met when title and risk of loss have transferred from Kodak to the buyer, which may be upon shipment or upon delivery to the customer site, based on contract terms or legal requirements in certain jurisdictions. For equipment sales, the recognition criteria are generally met when the equipment is delivered and installed at the customer site. Revenue is recognized for equipment upon delivery as opposed to upon installation when the equipment has stand-alone value to the customer, and the amount of revenue allocable to the equipment is not legally contingent upon the completion of the installation. In instances in which the agreement with the customer contains a customer acceptance clause, revenue is deferred until customer acceptance is obtained, provided the customer acceptance clause is considered to be substantive. For certain agreements, Kodak does not consider these customer acceptance clauses to be substantive because Kodak can and does replicate the customer acceptance test environment and performs the agreed upon product testing prior to shipment. In these instances, revenue is recognized upon installation of the equipment. Revenue from the sale of software licenses is recognized when (1) Kodak enters into a legally binding arrangement with a customer for the license of software; (2) Kodak delivers the software; (3) customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collection from the customer is probable. Software maintenance and support revenue is recognized ratably over the term of the related maintenance contract. Revenue from services includes extended warranty, customer support and maintenance agreements, consulting, business process services, training and education. Service revenue is recognized over the contractual period or as services are performed. In service arrangements where final acceptance of a system or solution by the customer is required, revenue is deferred until all acceptance criteria have been met. The timing and the amount of revenue recognized from the licensing of intellectual property depend upon a variety of factors, including the specific terms of each agreement and the nature of the deliverables and obligations. Revenue is only recognized after all of the following criteria are met: (1) Kodak enters into a legally binding arrangement with a licensee of Kodak’s intellectual property, (2) Kodak delivers the technology or intellectual property rights, (3) licensee payment is deemed fixed or determinable and free of contingencies or significant uncertainties, and (4) collection from the licensee is reasonably assured. Most of Kodak’s equipment has both software and non-software components that function together to deliver the equipment’s essential functionality and therefore they are accounted for together as non-software deliverables. Non-essential software sold in connection with Kodak’s equipment sales is accounted for as separate deliverables or elements. In most cases, these software products sold as part of a multiple element arrangement include software maintenance agreements as well as unspecified upgrades or enhancements on a when-and-if-available basis. In multiple element arrangements where non-essential software deliverables are included, revenue is allocated to non-software and to software deliverables each as a group based on relative selling prices of each of the deliverables in the arrangement. Revenue allocated to software licenses is recognized when all revenue recognition criteria have been met. Revenue generated from maintenance and unspecified upgrades or updates on a when-and-if-available basis is recognized over the contract period. RESEARCH AND DEVELOPMENT COSTS Research and development (“R&D”) costs, which include costs incurred in connection with new product development, fundamental and exploratory research, process improvement, product use technology and product accreditation, are expensed in the period in which they are incurred. ADVERTISING Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statement of Operations. Advertising expenses amounted to $8 million, $13 million, $6 million and $14 million for the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013, and for the eight months ended August 31, 2013, respectively. SHIPPING AND HANDLING COSTS Amounts charged to customers and costs incurred by Kodak related to shipping and handling are included in net sales and cost of sales, respectively. IMPAIRMENT OF LONG-LIVED ASSETS The carrying values of long-lived assets, other than goodwill and intangible assets with indefinite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable. In connection with fresh start accounting, the carrying values of long-lived assets were adjusted to estimated fair value as of September 1, 2013 and Kodak revised its estimates of the remaining useful lives of all long-lived assets. Refer to Note 25, “Fresh Start Accounting.” The recoverability of the carrying values of long-lived assets is assessed by first grouping long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, by estimating the undiscounted future cash flows that are directly associated with and that are expected to arise from the use of and eventual disposition of such asset group. Kodak estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, Kodak records an impairment charge to the extent the carrying value of the long-lived asset exceeds its fair value. Kodak determines fair value through quoted market prices in active markets or, if quoted market prices are unavailable, through the performance of internal analyses of discounted cash flows. The remaining useful lives of long-lived assets are reviewed in connection with the assessment of recoverability of long-lived assets and the ongoing strategic review of the business and operations. If the review indicates that the remaining useful life of the long-lived asset has changed significantly, the depreciation on that asset is adjusted to facilitate full cost recovery over its revised estimated remaining useful life. The carrying values of indefinite-lived intangible assets are evaluated for potential impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note 5, “Goodwill and Other Intangible Assets.” INCOME TAXES Kodak recognizes deferred tax liabilities and assets for the expected future tax consequences of operating losses, credit carry-forwards and temporary differences between the carrying amounts and tax basis of Kodak’s assets and liabilities. Kodak records a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. For discussion of the amounts and components of the valuation allowances as of December 31, 2015 and 2014, see Note 14, “Income Taxes.” The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has recognized a deferred tax liability (net of related foreign tax credits) on the foreign subsidiaries’ undistributed earnings. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share expedient. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 (January 1, 2016 for Kodak) with retrospective application to all periods presented. Kodak early adopted ASU 2015-07 effective December 31, 2015. The retrospective adoption resulted in a reduction in Level 3 assets for the U.S. plans of $1,837 million and $1,721 million at December 31, 2014 and January 1, 2014, respectively, and a reduction in Level 3 assets for the non-U.S. plans of $106 million at both December 31, 2014 and January 1, 2014. In addition, Level 2 assets for the U.S. and non-U.S. plans decreased by $1,761 million and $251 million, respectively, at December 31, 2014. Refer to Note 16, “Retirement Plans.” In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360).” ASU 2014-08 defines a discontinued operation as a disposal of a component (or group of components) of an entity that was disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 expands the disclosures when an entity retains a significant continuing involvement with a discontinued operation as well as for disposals of individually material components that do not qualify as discontinued operations. The amendments in the update were effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014 (January 1, 2015 for Kodak) to new disposals and new disposal groups classified as held for sale after the effective date. The adoption of this guidance did not have a material impact on Kodak’s Consolidated Financial Statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS 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 is currently evaluating the impact of this ASU. 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 $22 million as of December 31, 2015. In April 2015, the FASB issued 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 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). Early adoption is permitted for financial statements not previously issued. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. The amendments in ASU 2015-02 change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for Kodak). Early adoption is permitted, including adoption in an interim period. A reporting entity may apply the amendments in this ASU either retrospectively or use a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. 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. The new revenue standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (January 1, 2018 for Kodak) and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial application of the revised guidance recognized at the date of initial application. Kodak is currently evaluating the adoption alternatives and impact of this |
Note 2 - Receivables, Net
Note 2 - Receivables, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2: RECEIVABLES, NET As of December 31, (in millions) 2015 2014 Trade receivables $ 318 $ 361 Miscellaneous receivables 47 53 Total (net of allowances of $10 and $11 as of December 31, 2015 and December 31, 2014, respectively) $ 365 $ 414 Approximately $28 million and $31 million of the total trade receivable amounts as of December 31, 2015 and 2014, respectively, will potentially be settled through customer deductions in lieu of cash payments. Such deductions |
Note 3 - Inventories, Net
Note 3 - Inventories, Net | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3: INVENTORIES, NET As of December 31, (in millions) 2015 2014 Finished goods $ 177 $ 204 Work in process 65 73 Raw materials 72 72 Total $ 314 $ 349 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4: PROPERTY, PLANT AND EQUIPMENT, NET AND EQUIPMENT SUBJECT TO OPERATING LEASES, NET As of December 31, (in millions) 2015 2014 Land $ 74 $ 100 Buildings and building improvements 171 176 Machinery and equipment 483 432 Construction in progress 28 47 756 755 Accumulated depreciation (330 ) (231 ) Property, plant and equipment, net $ 426 $ 524 Depreciation expense was $120 million, $174 million, $67 million and $87 million for the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013, and eight months ended August 31, 2013, respectively, of which approximately $8 million, $2 million, $0 million and $4 million, respectively, represented accelerated depreciation in connection with restructuring actions. Equipment subject to operating leases and the related accumulated depreciation were as follows: As of December 31, (in millions) 2015 2014 Equipment subject to operating leases, net $ 37 $ 25 Accumulated depreciation (14 ) (10 ) Equipment subject to operating leases, net $ 23 $ 15 Minimum future rental revenues on operating leases with original terms of one year or longer are not significant to Kodak. |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying value of goodwill by reportable segment. The Enterprise Inkjet Systems and Eastman Business Park segments do not have goodwill and are therefore not presented. (in millions) Print Micro 3D Printing and Packaging Software and Consumer Intellectual Solutions Consolidated Balance as of December 31, 2013: $ 51 $ 24 $ 6 $ 6 $ 1 $ 88 Fresh start accounting adjustment 5 2 — — 1 8 Balance as of December 31, 2014: $ 56 $ 26 $ 6 $ 6 $ 2 $ 96 Impairment — (6 ) — — (2 ) (8 ) Balance as of December 31, 2015: $ 56 $ 20 $ 6 $ 6 $ — $ 88 In the first quarter of 2014, Kodak increased the value of goodwill determined as part of fresh start accounting by $8 million to correct for a liability that should have been recorded at emergence. As a result of the change in segments that became effective as of January 1, 2015, Kodak’s goodwill reporting units changed. Refer to Note 23, “Segment Information” for additional information on the change to Kodak’s organizational structure. The Print Systems segment has two goodwill reporting units: Prepress Solutions and Electrophotographic Printing Solutions. The Micro 3D Printing and Packaging segment has two goodwill reporting units: Packaging and Micro 3D Printing. The Software and Solutions segment has two goodwill reporting units: Kodak Technology Solutions and Unified Workflow Solutions. The Consumer and Film segment has three goodwill reporting units: Consumer Inkjet Solutions, Motion Picture, Industrial Chemicals and Films and Consumer Products. The Enterprise Inkjet Systems segment has two goodwill reporting units: Commercial Inkjet Printing Solutions and Digital Front-End Controllers. The Intellectual Property Solutions segment and the Eastman Business Park segment each have one goodwill reporting unit. As of December 31, 2014, the goodwill balance of $96 million under the prior year segment reporting structure was comprised of $67 million for the Graphics, Entertainment and Commercial Films segment and $29 million for the Digital Printing and Enterprise segment. The goodwill in the Graphics, Entertainment and Commercial Films segment was reported in the Graphics and Intellectual Property and Brand Licensing reporting units. The goodwill in the Digital Printing and Enterprise segment was reported in the Packaging and Functional Printing and Consumer Inkjet Systems reporting units. Goodwill previously reported in the Graphics goodwill reporting unit was transferred to the Prepress Solutions goodwill reporting unit and the Unified Workflow Solutions goodwill reporting unit. The goodwill previously reported in the Packaging and Functional Printing goodwill reporting unit was transferred to the Packaging goodwill reporting unit and the Micro 3D Printing goodwill reporting unit. The goodwill previously reported in the Intellectual Property and Brand Licensing goodwill reporting unit was transferred to the Intellectual Property Solutions goodwill reporting unit and the Consumer Products goodwill reporting unit. Goodwill was reassigned to affected reporting units using a relative fair value allocation. 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 that the carrying value of the Micro 3D Printing reporting unit exceeded its implied fair value. The fair value of the Micro 3D Printing reporting unit was estimated using the discounted cash flow method in which the future cash flows, including a terminal value at the end of the projection period, were discounted to present value. Kodak recorded a pre-tax impairment charge of $6 million in the first quarter of 2015 that is included in Other operating (income) expense, net in the Consolidated Statement of Operations representing the entire amount of goodwill for this reporting unit. Based upon the results of Kodak’s October 1, 2015 analysis, Kodak concluded that the carrying value of the Intellectual Property Solutions reporting unit exceeded its implied fair value and recorded a pre-tax impairment charge of $2 million in the fourth quarter of 2015 that is included in Other operating expense (income), net in the Consolidated Statement of Operations representing the entire amount of goodwill for this reporting unit. No impairment of goodwill was indicated for any other reporting units as of October 1 or December 31 valuation dates . The gross carrying amount and accumulated amortization by major intangible asset category as of December 31, 2015 and 2014 were as follows: As of December 31, 2015 (in millions) Gross Carrying Accumulated Net Weighted-Average Technology-based $ 131 $ 47 $ 84 6 years Kodak trade name 46 — 46 Indefinite life Customer-related 37 11 26 7 years Other 2 — 2 20 years Total $ 216 $ 58 $ 158 As of December 31, 2014 (in millions) Gross Carrying Accumulated Net Weighted-Average Technology-based $ 131 $ 27 $ 104 7 years Kodak trade name 46 — 46 Indefinite life Customer-related 36 6 30 8 years Other 2 — 2 21 years Total $ 215 $ 33 $ 182 Based upon the results of Kodak’s October 1, 2015 and December 31, 2015 impairment tests, no impairment of the Kodak trade name was indicated. In the fourth quarter of 2013, Kodak concluded that the carrying value of the Kodak trade name, estimated as part of fresh start accounting, exceeded its fair value and Kodak recorded a pre-tax impairment charge of $8 million that is included in Other operating expense (income), net in the Consolidated Statement of Operations. Amortization expense related to intangible assets was $25 million, $25 million, $8 million and $10 million for the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013, and eight months ended August 31, 2013, respectively. Estimated future amortization expense related to intangible assets that are currently being amortized as of December 31, 2015 was as follows: (in millions) 2016 $ 25 2017 23 2018 18 2019 10 2020 9 2021 and thereafter 27 Total $ 112 |
Note 6 - Other Current Liabilit
Note 6 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 6: OTHER CURRENT LIABILITIES As of December 31, (in millions) 2015 2014 Accrued employment-related liabilities $ 81 $ 132 Accrued customer rebates 31 34 Deferred revenue 39 48 Accrued restructuring liabilities 11 27 Deferred consideration on disposed businesses — 11 Other 97 120 Total $ 259 $ 372 The Other component above consists of other miscellaneous current liabilities that, individually, were less than 5% of the total current liabilities component within the Consolidated Statement of Financial Position, and therefore, have been aggregated in accordance with Regulation S-X. |
Note 7 - Other Long-term Liabil
Note 7 - Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | NOTE 7: OTHER LONG-TERM LIABILITIES As of December 31, (in millions) 2015 2014 Workers compensation $ 113 $ 123 Environmental liabilities 13 19 Asset retirement obligations 47 53 Other 105 129 Total $ 278 $ 324 The Other component above consists of other miscellaneous long-term liabilities that, individually, were less than 5% of the total liabilities component in the accompanying Consolidated Statement of Financial Position, and therefore, have been aggregated in accordance with Regulation S-X. |
Note 8 - Short-term Borrowings
Note 8 - Short-term Borrowings and Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 8: SHORT-TERM BORROWINGS AND LONG-TERM DEBT Debt and related maturities and interest rates were as follows at December 31, 2015 and 2014: As of December 31, (in millions) 2015 2014 Type Maturity Weighted-Average Carrying Value Carrying Value Current portion: Term note 2016 7.56% $ 4 $ 4 Credit line 2015 2.42% — 1 Other 2016 3.12% - 6.07% 1 — 5 5 Non-current portion: Term note 2019 7.56% 400 403 Term note 2020 11.04% 270 269 Other Various 3.12% - 6.07% 5 — 675 672 $ 680 $ 677 Annual maturities of debt outstanding at December 31, 2015, were as follows: (in millions) Carrying Maturity 2016 $ 5 $ 5 2017 4 4 2018 5 5 2019 392 397 2020 271 276 2021 and thereafter 3 3 Total $ 680 $ 690 On September 3, 2013, the Company entered into (i) a Senior Secured First Lien Term Credit Agreement (the “First Lien Term Credit Agreement”) with the lenders party thereto (the “First Lien Lenders”), JPMorgan Chase Bank, N.A. as administrative agent, and J.P. Morgan Securities LLC, Barclays Bank PLC, and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arrangers and joint bookrunners, and (ii) a Senior Secured Second Lien Term Credit Agreement (the “Second Lien Term Credit Agreement,” and together with the First Lien Term Credit Agreement, the “Term Credit Agreements”), with the lenders party thereto (the “Second Lien Lenders,” and together with the First Lien Lenders, the “Term Credit Lenders”), Barclays Bank PLC as administrative agent, and J.P. Morgan Securities LLC, Barclays Bank PLC and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arrangers and joint bookrunners. Additionally, the Company and its U.S. subsidiaries (the “Subsidiary Guarantors”) entered into an Asset Based Revolving Credit Agreement (the “ABL Credit Agreement” and together with the Term Credit Agreements, the “Credit Agreements”) with the lenders party thereto (the “ABL Lenders” and together with the First Lien Lenders and the Second Lien Lenders, the “Lenders”) and Bank of America N.A. as administrative agent and collateral agent, Barclays Bank PLC as syndication agent and Merrill Lynch, Pierce, Fenner & Smith Inc., Barclays Bank PLC and J.P. Morgan Securities LLC as joint lead arrangers and joint bookrunners. Pursuant to the terms of the Credit Agreements, the Term Credit Lenders provided the Company with term loan facilities in an aggregate principal amount of $695 million, consisting of $420 million of first-lien term loans (the “First Lien Loans”) and $275 million of second-lien term loans (the “Second Lien Loans”). Net proceeds from the Term Credit Agreements were $664 million ($695 million aggregate principal less $15 million stated discount and $16 million in debt transaction costs). The ABL Lenders will make available asset-based revolving loans in an amount of up to $200 million (the “ABL Loans”). The maturity date of the loans made under the Term Credit Agreements is the earlier to occur of (i) September 3, 2019 (in case of First Lien Loans) or September 3, 2020 (in case of Second Lien Loans) and (ii) the acceleration of such loans due to an event of default (as defined in the Term Credit Agreements). The maturity date of the loans made under the ABL Credit Agreement is the earlier to occur of (i) September 3, 2018 and (ii) the date of termination of the commitments in accordance with the terms of the ABL Credit Agreement. The ABL Credit Agreement also provides for the issuance of letters of credit of up to a sublimit of $150 million. The Company has issued approximately $118 million of letters of credit under the ABL Credit Agreement as of December 31, 2015. Under the ABL Loan’s borrowing base calculation, the Company had approximately $16 million and $29 million Borrowing Base Availability (as defined in the ABL Credit Agreement) under the revolving credit facility as of December 31, 2015 and December 31, 2014, respectively. Availability is subject to the borrowing base calculation, reserves and other limitations. The Credit Agreements limit, 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 (including dividend payments, et al.) and (v) make investments. Events of default under the Credit Agreements include, among others, failure to pay any loan, interest or other amount due under the applicable credit agreement, breach of specific covenants and a change of control of the Company. Upon an event of default, the applicable lenders may declare the outstanding obligations under the applicable credit agreement to be immediately due and payable and exercise other rights and remedies provided for in such credit agreement. Under the ABL Credit Agreement, Kodak is required to maintain a minimum Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) of 1.00 to 1.00 when Excess Availability is less than 15% of lender commitments (springing covenant). As of December 31, 2015 15% of lender commitments and Excess Availability were $30 million and $31 million, respectively. 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) Eligible Equipment (iv) Eligible Cash and (v) Qualified Cash (not to exceed $15 million) less (i) Rent and Charges Reserves, (ii) Principal Outstanding, (iii) Letters of Credit and (iv) an Availability Block (each item as defined in the ABL Credit Agreement). As of December 31, 2015 and 2014, Kodak had funded $30 million and $20 million, respectively, to the Eligible Cash account, held with the ABL Credit Agreement Administrative Agent, which is classified as Restricted cash in the Consolidated Statement of Financial Position, and an additional $15 million of Qualified Cash as of December 31, 2015 and 2014 in an unrestricted cash account, supporting the Excess Availability amount. If Excess Availability falls below 15% of lender commitments ($30 million as of both December 31, 2015 and 2014), Kodak may, in addition to the requirement to be in compliance with the minimum Fixed Charge Coverage Ratio, become subject to cash dominion control. Since Excess Availability was greater than 15% of lender commitments at both December 31, 2015 and 2014, Kodak is not required to have a minimum Fixed Charges Coverage Ratio of 1.0 to 1.0. As of December 31, 2015 Kodak was in compliance with all the covenants under the ABL Credit Agreement and had Kodak been required to have Fixed Charge Coverage Ratio of 1.0 to 1.0 EBITDA, as defined in the ABL Credit agreement, exceeded Fixed Charges by approximately $17 million. The First Lien Loans bear interest at the rate of LIBOR plus 6.25% per annum, with a LIBOR floor of 1% or Alternate Base Rate (as defined in the First Lien Term Credit Agreement) plus 5.25%. The Second Lien Loans bear interest at the rate of LIBOR plus 9.5% per annum, with a LIBOR floor of 1.25% or Alternate Base Rate (as defined in the Second Lien Term Credit Agreement) plus 8.5%. The ABL Loans (other than initial borrowings) bear interest at the rate of LIBOR plus 2.75%-3.25% per annum or Base Rate (as defined in the ABL Credit Agreement) plus 1.75%-2.25% per annum, based on Excess Availability (as defined in the ABL Credit Agreement). Each existing and future direct or indirect U.S. subsidiary of the Company (other than immaterial subsidiaries, unrestricted subsidiaries and certain other subsidiaries) have agreed to provide unconditional guarantees of the obligations of the Company under the Credit Agreements. Subject to certain exceptions, obligations under the First Lien Term Credit Agreement and the Second Lien Term Credit Agreement are secured by: (i) a first lien and a second lien, respectively, on all assets of the Company and the Subsidiary Guarantors, other than the ABL Collateral (as defined below), including a first and a second lien, respectively, on 100% of the stock of material domestic subsidiaries and 65% of the stock of material first-tier foreign subsidiaries (the “Term Collateral”) and (ii) a second lien and a third lien, respectively, on the ABL Collateral (as defined below). Obligations under the ABL Credit Agreement are secured by: (i) a first lien on cash, accounts receivable, inventory, machinery and equipment (the “ABL Collateral”) and (ii) a third lien on the Term Collateral. The carrying value of the Term Collateral and ABL Collateral as of December 31, 2015 and 2014 was $1,873 million and $1,964 million, respectively. The Company may voluntarily prepay the First Lien Loan. The Company may prepay the Second Lien Loan after the second anniversary and prior to the third anniversary of the closing date. A prepayment premium of 1% of the principal amount prepaid is required with respect to the Second Lien Loan. As defined in each of the Term Credit Agreements, the Company is required to prepay loans with net proceeds from asset sales, recovery events or issuance of indebtedness, subject to, in the case of net proceeds received from asset sales or recovery events, reinvestment rights by the Company in assets used or usable by the business within certain time limits. On an annual basis, starting with the fiscal year ending on December 31, 2014, the Company will prepay on June 30 of the following fiscal year loans in an amount equal to a percentage of Excess Cash Flow (“ECF”) as defined in each of the Term Credit Agreements, provided no such prepayment is required if such prepayment would cause U.S. liquidity (as defined in each of the Term Credit Agreements) to be less than $100 million. For the years ended December 31, 2015 and 2014, ECF was a negative amount, therefore, no prepayment is required in 2016 and no prepayment was required in 2015. Any mandatory prepayments as described above shall be reduced by any mandatory prepayments of the First Lien Loan. Under the Term Credit Agreements, the Company is required to maintain minimum U.S. Liquidity (as defined therein) through 2014 and starting December 31, 2014, a Secured Leverage Ratio (as defined therein) not to exceed specified levels. The Secured Leverage Ratio under the Term Credit Agreements is tested at the end of each quarter based on the prior four quarters, The maximum Secured Leverage Ratio permitted under the First Lien Term Credit Agreement (which is more restrictive than the corresponding ratio permitted under the Second Lien Term Credit Agreement) declined on June 30, 2015 from 3.75:1 to 3.25:1 and further declined on December 31, 2015 from 3.25:1 to 2.75:1, with no further adjustments for the remainder of the agreement. As of December 31, 2015, Kodak was in compliance with all covenants under the Term Credit Agreements. Kodak’s EBITDA, as calculated under the Term Credit Agreements, exceeded the EBITDA necessary to satisfy the Secured Leverage Ratio by $33 million. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9: COMMITMENTS AND CONTINGENCIES Environmental Kodak’s undiscounted accrued liabilities for future environmental investigation, remediation and monitoring costs are composed of the following items: As of December 31, (in millions) 2015 2014 Other current operating sites $ 7 $ 7 Sites associated with former operations — 10 Sites associated with the non-imaging health businesses sold in 1994 6 11 Total $ 13 $ 28 These amounts are reported in Other long-term liabilities and Current liabilities held for sale in the accompanying Consolidated Statement of Financial Position. Cash expenditures for pollution prevention and waste treatment for Kodak’s current facilities were as follows: Successor Predecessor (in millions) For the Year For the Year For the Four For the Eight Recurring costs for pollution prevention and waste treatment $ 13 $ 13 $ 5 $ 16 Capital expenditures for pollution prevention and waste treatment 2 2 2 — Total $ 15 $ 15 $ 7 $ 16 Environmental expenditures that relate to an existing condition caused by past operations and that do not provide future benefits are expensed as incurred. Costs that are capital in nature and that provide future benefits are capitalized. Liabilities are recorded when environmental assessments are made or the requirement for remedial efforts is probable, and the costs can be reasonably estimated. The timing of accruing for these remediation liabilities is generally no later than the completion of feasibility studies. Kodak has an ongoing monitoring and identification process to assess how the activities, with respect to the known exposures, are progressing against the accrued cost estimates. Cash expenditures for the aforementioned investigation, remediation and monitoring activities are expected to be incurred over the next thirty years for most of the sites. For these known environmental liabilities, the accrual reflects Kodak’s best estimate of the amount it will incur under the agreed-upon or proposed work plans. Kodak’s cost estimates were determined using the ASTM Standard E 2137-06, “Standard Guide for Estimating Monetary Costs and Liabilities for Environmental Matters,” and have not been reduced by possible recoveries from third parties. The overall method includes the use of a probabilistic model which forecasts a range of cost estimates for the remediation required at individual sites. The projects are closely monitored and the models are reviewed as significant events occur or at least once per year. Kodak’s estimate includes investigations, equipment and operating costs for remediation and long-term monitoring of the sites. The Company provided an indemnity as part of the 1994 sale of Sterling Corporation (now “STWB”), which covered a number of environmental sites including the Lower Passaic River Study Area (“LPRSA”) portion of the Diamond Alkali Superfund Site. STWB, now owned by Bayer Corporation, is a potentially responsible party at the LPRSA site based on alleged releases from facilities formerly owned by subsidiaries of Sterling. On February 29, 2012, the Company notified STWB and Bayer that, under the voluntary petition for bankruptcy by the Company and its U.S. subsidiaries, it elected to discontinue funding and participation in remedial investigations of the LPRSA. STWB and its parent, Bayer, filed proofs of claim against the Company and its U.S. subsidiaries. These claims have been discharged pursuant to the First Amended Joint Chapter 11 Plan of Reorganization. Environmental matters at three sites owned by the Company and one site for which the Company was not the owner but was responsible for the remediation were not resolved by the discharge. On March 17, 2015, the Company entered into an agreement with STWB related to these four sites. The agreement calls for the Company to retain ownership and environmental responsibility of one of the sites. Ownership and environmental responsibility for one site and environmental responsibility for the unowned site transferred to STWB in the second quarter of 2015. Ownership of the remaining site is expected to pass to an unrelated party by 2018 at which point the Company’s environmental responsibility will pass to STWB. If the ownership for the fourth site does not transfer to that unrelated party prior to January 1, 2020, the Company and STWB will share approximately equally in the ongoing costs of the site. As a result of this agreement, the Company reduced its environmental liabilities by approximately $5 million and recognized a gain in the first quarter of 2015 of the same amount. On January 14, 2015, the Company sold its property in Middleway, West Virginia and transferred the related environmental liability to Commercial Liability Partners WV, LLC (CLP). As part of the transaction, the Company withdrew from its Voluntary Remediation Agreement with the West Virginia Department of Environmental Protection, received an indemnity from CLP regarding any environmental obligations, and was named insured in an environmental insurance policy for a period of ten years in the case of breach by CLP. As of December 31, 2014, the $2 million net book value of the Middleway property was classified in Current assets held for sale and the environmental liability of approximately $9 million was classified as Current liabilities held for sale. The Company released the environmental liability associated with the site and recognized a gain of approximately $5 million on the transaction in 2015. Estimates of the amount and timing of future costs of environmental remediation requirements are by their nature imprecise because of the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the identification of presently unknown remediation sites and the allocation of costs among the potentially responsible parties. Based on information presently available, Kodak does not believe it is reasonably possible that losses for known exposures could exceed current accruals by material amounts, although costs could be material to a particular quarter or year. Asset Retirement Obligations Kodak’s asset retirement obligations primarily relate to asbestos contained in buildings that Kodak owns. In many of the countries in which Kodak operates, environmental regulations exist that require Kodak to handle and dispose of asbestos in a special manner if a building undergoes major renovations or is demolished. Otherwise, Kodak is not required to remove the asbestos from its buildings. Kodak records a liability equal to the estimated fair value of its obligation to perform asset retirement activities related to the asbestos, computed using an expected present value technique, when sufficient information exists to calculate the fair value. Kodak does not have a liability recorded related to every building that contains asbestos because Kodak cannot estimate the fair value of its obligation for certain buildings due to a lack of sufficient information about the range of time over which the obligation may be settled through demolition, renovation or sale of the building. The following table provides asset retirement obligation activity: For the Year Ended December 31, (in millions) 2015 2014 Asset Retirement Obligations at start of period $ 53 $ 52 Liabilities incurred in the current period 1 3 Liabilities settled in the current period (3 ) (1 ) Accretion expense 2 2 Revision in estimated cash flows (6 ) (2 ) Foreign exchange impact — (1 ) Asset Retirement Obligations at end of period $ 47 $ 53 Other Commitments and Contingencies The Company and its subsidiaries have entered into operating leases for various real estate and equipment needs. Rental expense, net of minor sublease income, amounted to $30 million, $38 million, $15 million and $36 million in the years ended December 31, 2015 and December 31, 2014, four months ending December 31, 2013, and eight months ending August 31, 2013, respectively. As of December 31, 2015, the Company had outstanding letters of credit of $118 million issued under the ABL Credit Agreement as well as bank guarantees and letters of credit of $4 million, surety bonds in the amount of $17 million, and restricted cash and deposits of $58 million, primarily to support compliance with the Excess Availability threshold under the ABL Credit Agreement, to ensure the payment of possible casualty and workers compensation claims, environmental liabilities, legal contingencies, rental payments, and to support various customs, hedging, tax and trade activities. The restricted cash and deposits are recorded 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. Based on the opinion of legal counsel and current reserves already recorded for those matters deemed probable of loss, management does not believe that the ultimate resolution of these matters will materially impact Kodak’s results of operations or financial 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 December 31, 2015, 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 $49 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 December 31, 2015, 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 $62 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 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 10 - Guarantees
Note 10 - Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 10: 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 EBP and in accordance with the terms of the Amended EBP Settlement Agreement, in the event the historical EBP 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 related to this guarantee. Indemnifications Kodak issues indemnifications in certain instances when it sells businesses and real estate, and in the ordinary course of business with its customers, suppliers, service providers and business partners. Further, Kodak indemnifies officers and directors who are, or were, serving at the Company’s request in such capacities. Historically, costs incurred to settle claims related to these indemnifications have not been material to Kodak’s financial position, results of operations or cash flows. Additionally, the fair value of the indemnifications that Kodak issued during the year ended December 31, 2015 was not material to Kodak’s financial position, results of operations or cash flows. Warranty Costs Kodak has warranty obligations in connection with the sale of its products and equipment. The original warranty period is generally one year or less. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. Kodak estimates its warranty cost at the point of sale for a given product based on historical failure rates and related costs to repair. The change in Kodak’s accrued warranty obligations balance, which is reflected in Other current liabilities in the accompanying Consolidated Statement of Financial Position, was as follows: (in millions) Accrued warranty obligations as of December 31, 2013 $ 13 Actual warranty experience (16 ) Warranty provisions 8 Accrued warranty obligations as of December 31, 2014 5 Actual warranty experience (8 ) Warranty provisions 7 Accrued warranty obligations as of December 31, 2015 $ 4 Kodak also 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, 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, 2013 $ 30 New extended warranty and maintenance arrangements 194 Recognition of extended warranty and maintenance arrangement revenue (197 ) Deferred revenue on extended warranties as of December 31, 2014 27 New extended warranty and maintenance arrangements 185 Recognition of extended warranty and maintenance arrangement revenue (185 ) Deferred revenue on extended warranties as of December 31, 2015 $ 27 Costs incurred under these extended warranty and maintenance arrangements for the years ended December 31, 2015 and December 31, 2014 amounted to $135 million and $158 million, respectively. |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 11: 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, as well as forecasted foreign currency denominated intercompany assets. 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 (loss) earnings at the same time that the exposed assets and liabilities are re-measured through net (loss) earnings (both in Other (charges) income, net in the Consolidated Statement of Operations). The notional amount of such contracts open at December 31, 2015 and 2014 was approximately $384 million and $334 million, respectively. The majority of the contracts of this type held by Kodak are denominated in Euros, British pounds, and Chinese renminbi. The net effect of foreign currency forward contracts in the results of operations is shown in the following table: Derivatives Not Designated as Hedging Instruments, Foreign Exchange Contracts Successor Predecessor (in millions) For the Year For the Year For the Four For the Eight Net gain (loss) from derivatives not designated as hedging instruments $ 14 $ 10 $ (14 ) $ 2 Kodak had no derivatives designated as hedging instruments for the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013 or eight months ended August 31, 2013. Kodak’s financial instrument counterparties are high-quality investment or commercial banks with significant experience with such instruments. Kodak manages exposure to counterparty credit risk by requiring specific minimum credit standards and diversification of counterparties. Kodak has procedures to monitor the credit exposure amounts. The maximum credit exposure at December 31, 2015 was not significant to Kodak. In the event of a default under the Company’s Term Credit Agreements, the ABL 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 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. The gross fair value of the foreign currency forward contracts was not material as of December 31, 2015 and 2014. 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 year ended December 31, 2015. 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 $588 million and $681 million at December 31, 2015 and December 31, 2014, 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. |
Note 12 - Other Operating Expen
Note 12 - Other Operating Expense (Income), Net | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | NOTE 12: OTHER OPERATING EXPENSE (INCOME), NET Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Expense (income) : Gain on sale of digital imaging patent portfolio (1) $ — $ — $ — $ (535 ) Goodwill and intangible asset impairments (2) (3) (4) (5) (6) 8 9 8 77 Gains related to the sales of assets and businesses (6 ) (3 ) (6 ) (34 ) Gain recognized on assets acquired for no monetary consideration (7) (3 ) — — — Other 3 3 — (3 ) Total $ 2 $ 9 $ 2 $ (495 ) (1) Refer to Note 24, “Emergence from Voluntary Reorganization under Chapter 11 Proceedings.” (2) In the fourth quarter of 2015, Kodak recorded a goodwill impairment charge of $2 million related to the Intellectual Property Solutions reporting unit. Refer to Note 5, “Goodwill and Other Intangible Assets.” (3) In the first quarter of 2015, Kodak recorded a goodwill impairment charge of $6 million related to the Micro 3D Printing reporting unit. Refer to Note 5, “Goodwill and Other Intangible Assets.” (4) In the fourth quarter of 2014, Kodak recorded an impairment charge of $9 million related to an in-process research and development intangible asset established as part of fresh start accounting. (5) In the fourth quarter of 2013, Kodak recorded an impairment charge of $8 million related to the Kodak trade name. Refer to Note 5, “Goodwill and Other Intangible Assets.” (6) In the first quarter of 2013, Kodak recorded a goodwill impairment charge of $77 million related to the Intellectual Property and Consumer Products reporting unit. (7) Refer to Note 23, “Segment Information”, footnote 5 to the table entitled “Segment Operational EBITDA from Consolidated Loss from Continuing Operations Before Income Taxes.” |
Note 13 - Other (Charges) Incom
Note 13 - Other (Charges) Income, Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Charges [Abstract] | |
Other Income And Charges [Text Block] | NOTE 13: OTHER (CHARGES) INCOME, NET Successor Predecessor (in millions) Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Income (charges): Interest income $ 1 $ 6 $ 3 $ 3 Loss on foreign exchange transactions (1) (17 ) (22 ) (5 ) (7 ) Other (5 ) (5 ) 12 (9 ) Total $ (21 ) $ (21 ) $ 10 $ (13 ) (1) In 2015 and 2014 Kodak recorded a charges of $2 million and $16 million, respectively, from the remeasurement of its Venezuelan subsidiary’s monetary assets and liabilities. Refer to Note 1, “Basis of Presentations and Significant Accounting Matters”, “Foreign Currency” section. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 14: INCOME TAXES The components of (loss) earnings from continuing operations before income taxes and the related provision (benefit) for U.S. and other income taxes were as follows: Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months (Loss) earnings from continuing operations before income taxes: U.S. $ (169 ) $ (208 ) $ (119 ) $ 2,243 Outside the U.S. 134 96 45 113 Total $ (35 ) $ (112 ) $ (74 ) $ 2,356 U.S. income taxes: Current provision (benefit) $ 1 $ (2 ) $ 3 $ — Deferred provision (benefit) 9 4 3 (3 ) Income taxes outside the U.S.: Current provision (benefit) 22 (1 ) 8 52 Deferred provision — 7 (8 ) 105 State and other income taxes: Current provision — 1 2 1 Deferred provision — 1 — — Total provision $ 32 $ 10 $ 8 $ 155 The differences between income taxes computed using the U.S. federal income tax rate and the provision for income taxes for continuing operations were as follows: Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Amount computed using the statutory rate $ (12 ) $ (39 ) $ (25 ) $ 825 Increase (reduction) in taxes resulting from: State and other income taxes, net of federal — 1 2 — Unremitted foreign earnings 26 4 36 32 Impact of goodwill and intangible impairments — — (3 ) (22 ) Operations outside the U.S. 28 111 73 (18 ) Legislative rate changes — — — 1 Valuation allowance (71 ) (121 ) (100 ) 39 Tax settlements and adjustments, including interest 2 (5 ) 1 5 Discharge of debt and other reorganization related items 60 57 24 (722 ) Other, net (1 ) 2 — 15 Provision for income taxes $ 32 $ 10 $ 8 $ 155 During 2013, a substantial portion of the Company’s pre-petition debt securities, revolving credit facility and other obligations were extinguished. Absent an exception, a debtor recognizes cancellation of indebtedness income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The Internal Revenue Code of 1986, as amended (“IRC”), provides that a debtor in a bankruptcy case may exclude CODI from taxable income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of equity upon emergence from chapter 11 bankruptcy proceedings, the estimated amount of U.S. CODI was approximately $705 million, which reduced the value of Kodak’s U.S. net operating losses that had a value of $2,495 million. The actual reduction in tax attributes occurred on the first day of the Company’s tax year subsequent to the date of emergence, or January 1, 2014. IRC Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. The Debtors’ emergence from chapter 11 bankruptcy proceedings was considered a change in ownership for purposes of IRC Section 382. The limitation under the IRC is based on the value of the corporation as of the emergence date. However, the ownership changes and resulting annual limitation will result in the expiration of approximately $711 million of net operating losses, $567 million of foreign tax credits and $21 million of research and expenditure credits generated prior to the emergence date. The expiration of these tax attributes was fully offset by a corresponding decrease in Kodak’s U.S. valuation allowance, which results in no net tax provision. During 2013, the KPP Global Settlement provided for the acquisition by the KPP of certain assets, and the assumption by the KPP of certain liabilities of Kodak’s Personalized Imaging and Document Imaging businesses (the “Business”). The underfunded position of the U.K. Pension Plan was approximately $1.5 billion. Kodak Limited held a deferred tax asset related to the pension liability of $329 million. As a result of the KPP Global Settlement in the period ended December 31, 2013 and the release from the pension liability to the KPP, Kodak Limited reversed the corresponding deferred tax asset. During the eight months ended August 31, 2013, Kodak determined that it was more likely than not that a portion of its deferred tax assets outside the U.S. would not be realized due to changes in the business resulting from the KPP Global Settlement and the related sale of the Business. As a result, Kodak recorded a tax provision of $100 million associated with the establishment of a valuation allowance on those deferred tax assets. Additionally, during the eight months ended August 31, 2013, Kodak determined that it was more likely than not that a portion of the deferred tax assets outside the U.S. would not be realized due to the change in Kodak’s business as a result of restructuring associated with the emergence from bankruptcy and accordingly, recorded a tax provision of $46 million associated with the establishment of a valuation allowance on those deferred tax assets. As of December 31, (in millions) 2015 2014 Deferred tax assets Pension and postretirement obligations $ 187 $ 221 Restructuring programs 3 5 Foreign tax credit 314 258 Inventories 14 20 Investment tax credit 80 100 Employee deferred compensation 46 43 Depreciation 62 45 Research and development costs 188 232 Tax loss carryforwards 380 355 Other deferred revenue 13 13 Other 112 111 Total deferred tax assets $ 1,399 $ 1,403 Deferred tax liabilities Leasing $ 1 $ 7 Goodwill/Intangibles 49 51 Unremitted foreign earnings 121 176 Total deferred tax liabilities 171 234 Net deferred tax assets before valuation allowance 1,228 1,169 Valuation allowance 1,201 1,127 Net deferred tax assets $ 27 $ 42 Deferred tax assets (liabilities) are reported in the following components within the Consolidated Statement of Financial Position: As of December 31, (in millions) 2015 2014 Deferred income taxes (current) $ 22 $ 31 Deferred income taxes (non-current) 23 38 Other current liabilities — (1 ) Other long-term liabilities (18 ) (26 ) Net deferred tax assets $ 27 $ 42 As of December 31, 2015, Kodak had available domestic and foreign net operating loss carry-forwards for income tax purposes of approximately $1,565 million, of which approximately $481 million have an indefinite carry-forward period. The remaining $1,084 million expire between the years 2016 and 2035. As of December 31, 2015, Kodak had unused foreign tax credits and investment tax credits of $314 million and $80 million, respectively, with various expiration dates through 2030. Utilization of post-emergence net operating losses and tax credits may be subject to limitations in the event of significant changes in stock ownership of the Company in the future. The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has a deferred tax liability (net of related foreign tax credits) of $102 million and $159 million on the foreign subsidiaries’ undistributed earnings as of December 31, 2015 and 2014, respectively. Kodak has recorded a deferred tax liability of $19 million and $17 million for the potential foreign withholding taxes on the undistributed earnings as of December 31, 2015 and 2014, respectively. Kodak’s valuation allowance as of December 31, 2015 was $1,201 million. Of this amount, $266 million was attributable to Kodak’s net deferred tax assets outside the U.S. of $344 million, and $935 million related to Kodak’s net deferred tax assets in the U.S. of $884 million, for which Kodak believes it is not more likely than not that the assets will be realized. Kodak’s valuation allowance as of December 31, 2014 was $1,127 million. Of this amount, $315 million was attributable to Kodak’s net deferred tax assets outside the U.S. of $400 million, and $812 million related to Kodak’s net deferred tax assets in the U.S. of $769 million, for which Kodak believes it is not more likely than not that the assets will be realized. The net deferred tax assets in excess of the valuation allowance of approximately $27 million and $42 million as of December 31, 2015 and December 31, 2014, respectively, relate primarily to net operating loss carry-forwards, certain tax credits, and pension related tax benefits for which Kodak believes it is more likely than not that the assets will be realized. Accounting for Uncertainty in Income Taxes A reconciliation of the beginning and ending amount of Kodak’s liability for income taxes associated with unrecognized tax benefits is as follows: Successor Predecessor (in millions) Year Ended Year Ended Four Months Ended December 31, Eight Months Balance as of January 1 $ 92 $ 106 $ 107 $ 57 Tax positions related to the current year: Additions 1 2 — 68 Tax Positions related to prior years: Additions — 1 2 1 Reductions (7 ) (14 ) (3 ) (17 ) Settlements with taxing jurisdictions — (1 ) — (2 ) Lapses in Statute of limitations (1 ) (2 ) — — Balance as of December 31 $ 85 $ 92 $ 106 $ 107 Kodak’s policy regarding interest and/or penalties related to income tax matters is to recognize such items as a component of income tax (benefit) expense. Kodak had approximately $21 and $18 million of interest and penalties associated with uncertain tax benefits accrued as of December 31, 2015 and 2014, respectively. If the unrecognized tax benefits were recognized, they would favorably affect the effective income tax rate in the period recognized. Kodak has classified certain income tax liabilities as current or noncurrent based on management’s estimate of when these liabilities will be settled. The current liabilities are recorded in Other current liabilities in the Consolidated Statement of Financial Position. Noncurrent income tax liabilities are recorded in Other long-term liabilities in the Consolidated Statement of Financial Position. It is reasonably possible that the liability associated with Kodak’s unrecognized tax benefits will increase or decrease within the next twelve months. These changes may be the result of settling ongoing audits or the expiration of statutes of limitations. Such changes to the unrecognized tax benefits could range from $0 to $10 million based on current estimates. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although management believes that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on the earnings of Kodak. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a positive impact on earnings. During 2014, Kodak reached a settlement outside of the U.S. and settled an audit for calendar year 2003. Kodak originally recorded liabilities for uncertain tax positions (“UTPs”) totaling $8 million (plus interest of approximately $2 million). The settlement resulted in a reduction in Other current liabilities and the recognition of a $10 million tax benefit. During 2013, Kodak paid $2 million associated with the resolution of $17 million of various state and local tax claims that were agreed upon through the bankruptcy process. In addition, Kodak established a $64 million liability for unrecognized tax benefits associated with the Company’s adoption of the Plan of Reorganization. Kodak is subject to taxation and files income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. Kodak has substantially concluded all U.S. federal and state income tax matters for years through 2011 with respective tax authorities. With respect to countries outside the U.S., Kodak has substantially concluded all material foreign income tax matters through 2008 with respective foreign tax jurisdiction authorities. |
Note 15 - Restructuring Costs a
Note 15 - Restructuring Costs and Other | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 15: RESTRUCTURING COSTS AND OTHER Kodak recognizes the need to continually rationalize its workforce and streamline its operations in the face of ongoing business and economic changes. Charges for restructuring initiatives 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. The activity in the accrued balances and the non-cash charges and credits incurred in relation to restructuring programs during the three years ended December 31, 2015 were as follows: (in millions) Severance (5) Exit Costs (5) Long-lived Asset (5) Accelerated (5) Total Balance as of December 31, 2012 (Predecessor): $ 38 $ 45 $ — $ — $ 83 Eight months charges - continuing operations 38 3 4 4 49 Eight months charges - discontinued operations 3 — — — 3 Eight months utilization/cash payments (48 ) (32 ) (4 ) (4 ) (88 ) Eight months other adjustments & reclasses (1) (3 ) (9 ) — — (12 ) Balance as of August 31, 2013 (Predecessor): $ 28 $ 7 $ — $ — $ 35 Four months charges $ 13 $ 3 $ 1 $ — $ 17 Four months utilization/cash payments (15 ) (3 ) (1 ) — (19 ) Four months other adjustments & reclasses (2) — 1 — — 1 Balance as of December 31, 2013 (Successor): 26 8 — — 34 2014 charges 54 2 3 2 61 2014 utilization/cash payments (47 ) (5 ) (3 ) (2 ) (57 ) 2014 other adjustments & reclasses (3) (11 ) — — — (11 ) Balance as of December 31, 2014 (Successor): 22 5 — — 27 2015 charges 33 4 1 8 46 2015 utilization/cash payments (36 ) (5 ) (1 ) (8 ) (50 ) 2015 other adjustments & reclasses (4) (12 ) — — — (12 ) Balance as of December 31, 2015 (Successor): $ 7 $ 4 $ — $ — $ 11 (1) The $(12) million includes $(5) million for amounts reclassified as Liabilities subject to compromise, $(4) million of severance-related charges for pension plan curtailments, which were reclassified to Pension and other postretirement liabilities and $(3) million of reserve adjustments due to the application of fresh start accounting, which were recorded in Reorganization items. (2) The $1 million represents foreign currency translation adjustments. (3) The $(11) million includes $(8) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. (4) The $(12) million includes $(9) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. (5) 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. 2013 Activity The $17 million of charges for the four months ended December 31, 2013 were reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The $52 million of charges for the eight months ended August 31, 2013 includes $4 million for accelerated depreciation and $2 million for inventory write-downs which were reported in Cost of revenues, $43 million reported as Restructuring costs and other and $3 million which were reported as Earnings (loss) from discontinued operations in the accompanying Consolidated Statement of Operations. The 2013 severance costs related to the elimination of approximately 825 positions, including approximately 500 manufacturing/service, 300 administrative and 25 research and development positions. The geographic composition of these positions included approximately 375 in the U.S. and Canada, and 450 throughout the rest of the world. Severance payments for these initiatives were substantially completed in 2015. Certain exit costs, such as long-term lease payments, will continue beyond 2015. 2014 Activity The $61 million of charges for the year ended December 31, 2014 includes $2 million for accelerated depreciation which was reported in Cost of revenues and $59 million which was reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The 2014 severance costs related to the elimination of approximately 775 positions, including approximately 325 manufacturing/service, 350 administrative and 100 research and development positions. The geographic composition of these positions included approximately 425 in the U.S. and Canada, and 350 throughout the rest of the world. Severance payments for these initiatives will continue through 2016 since, in many 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 continue beyond 2015. 2015 Activity Restructuring actions taken in 2015 were initiated to reduce Kodak’s cost structure as part of its commitment to drive sustainable profitability and included continued progress toward the Leeds plate manufacturing facility exit, a Kodak Technology Center workforce reduction, and various targeted reductions in service, sales, research and development and other administrative functions. As a result of these actions, for the year ended December 31, 2015 Kodak recorded $46 million of charges, including $8 million for accelerated depreciation which was reported in Cost of revenues and $38 million which was reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The 2015 severance costs related to the elimination of approximately 600 positions, including approximately 250 manufacturing/service, 250 administrative and 100 research and development positions. The geographic composition of these positions included approximately 275 in the U.S. and Canada, and 325 throughout the rest of the world. As a result of these initiatives, severance payments will continue through 2016 since, in many 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 throughout 2016 and beyond. 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, and phased out production at the site in the third quarter of 2015 and expects to complete the exit of the facility by the second quarter of 2016. As a result of the decision, Kodak currently expects to incur total charges of $25 to $30 million, including approximately $10 million of charges related to separation benefits, $13 to $15 million of non-cash related charges for accelerated depreciation and asset write-offs, and $2 to $5 million in other cash related charges associated with this action. Kodak incurred severance charges of $7 million, long-lived asset impairment charges of $1 million, accelerated depreciation charges of $8 million and other exit costs of $1 million in the year ended December 31, 2015 under this program. On a cumulative basis as of December 31, 2015, 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 $1 million. |
Note 16 - Retirement Plans
Note 16 - Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 16: RETIREMENT PLANS Substantially all U.S. employees are covered by a noncontributory defined benefit plan, the Kodak Retirement Income Plan (“KRIP”), which is funded by Company contributions to an irrevocable trust fund. The funding policy for KRIP is to contribute amounts sufficient to meet minimum funding requirements as determined by employee benefit and tax laws plus any additional amounts the Company determines to be appropriate. Assets in the trust fund are held for the sole benefit of participating employees and retirees. They are composed of corporate equity and debt securities, U.S. government securities, partnership investments, interests in pooled funds, commodities, real estate, and various types of interest rate, foreign currency, debt, and equity market financial instruments. For U.S. employees hired prior to March 1999 KRIP’s benefits were generally based on a formula recognizing length of service and final average earnings. KRIP included a separate cash balance formula for all U.S. employees hired after February 1999, as well as employees hired prior to that date who opted in to the cash balance formula during a special election period. Effective January 1, 2015 the KRIP was amended to provide that all participants accrue benefits under a single, revised cash balance formula (the “Cash Balance Plan”). The Cash Balance Plan credits employees’ hypothetical accounts with an amount equal to 7% of their pay, plus interest based on the 30-year Treasury bond rate. Many subsidiaries and branches operating outside the U.S. have defined benefit retirement plans covering substantially all employees. Contributions by Kodak for these plans are typically deposited under government or other fiduciary-type arrangements. Retirement benefits are generally based on contractual agreements that provide for benefit formulas using years of service and/or compensation prior to retirement. The actuarial assumptions used for these plans reflect the diverse economic environments within the various countries in which Kodak operates. Information on the major funded and unfunded U.S. and Non-U.S. defined benefit pension plans is presented below. The composition of the major plans may vary from year to year. If the major plan composition changes, prior year data is conformed to ensure comparability. The measurement date used to determine the pension obligation for all funded and unfunded U.S. and Non-U.S. defined benefit plans is December 31. (in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 U.S. Non-U.S. U.S. Non-U.S. Change in Benefit Obligation Projected benefit obligation at beginning of period $ 4,438 $ 918 $ 4,361 $ 960 Transfers — — — (31 ) Service cost 17 3 18 4 Interest cost 148 17 176 30 Plan amendments — — (61 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Actuarial (gain) loss (35 ) (24 ) 567 119 Settlements — — (292 ) — Special termination benefits 9 — 8 — Currency adjustments — (63 ) — (103 ) Projected benefit obligation at end of period $ 4,099 $ 800 $ 4,438 $ 918 Change in Plan Assets Fair value of plan assets at beginning of period $ 4,160 $ 795 $ 4,184 $ 833 Transfers — — — (9 ) Gain on plan assets 111 31 607 111 Employer contributions — 4 — 7 Settlements — — (292 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Currency adjustments — (51 ) — (86 ) Fair value of plan assets at end of period $ 3,793 $ 728 $ 4,160 $ 795 Under Funded Status at end of period $ (306 ) $ (72 ) $ (278 ) $ (123 ) Accumulated benefit obligation at end of period $ 4,098 $ 792 $ 4,436 $ 907 The Non-US transfers of $31 million of projected benefit obligation and $9 million of assets for the year ended December 31, 2014 relate to a plan split for a subset of participants into a non-major plan. The settlement amount of $292 million for the U.S. for the year ended December 31, 2014 was a result of lump sum payments from KRIP. Amounts recognized in the Consolidated Statement of Financial Position for all major funded and unfunded U.S. and Non-U.S. defined benefit plans are as follows: As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Other long-term assets $ — $ 39 $ — $ 29 Pension and other postretirement liabilities (306 ) (111 ) (278 ) (152 ) Net amount recognized $ (306 ) $ (72 ) $ (278 ) $ (123 ) Information with respect to the major funded and unfunded U.S. and Non-U.S. defined benefit plans with an accumulated benefit obligation in excess of plan assets is as follows: As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 4,099 $ 524 $ 4,438 $ 623 Accumulated benefit obligation 4,098 516 4,436 613 Fair value of plan assets 3,793 412 4,160 471 Amounts recognized in accumulated other comprehensive (loss) income for all major funded and unfunded U.S. and Non-U.S. defined benefit plans consist of: As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Prior service credit $ 50 $ 4 $ 58 $ 4 Net actuarial loss (285 ) (6 ) (159 ) (32 ) Total $ (235 ) $ (2 ) $ (101 ) $ (28 ) Other changes in plan assets and benefit obligations recognized in Other comprehensive income (expense) are as follows: Successor Predecessor Year Ended Year Ended December 31, 2014 Four Months Ended Eight Months Ended (in millions) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Newly established (loss) gain $ (126 ) $ 25 $ (255 ) $ (46 ) $ 97 $ 8 $ 80 $ 78 Newly established prior service credit — — 61 — — 6 — — Amortization of: Prior service (credit) cost (8 ) — (3 ) — — — 1 — Net actuarial loss — 2 — — — — 120 55 Prior service cost recognized due to curtailment — — — — — — 1 1 Net curtailment gain not recognized in expense — — — — — — 20 7 Net loss (gain) recognized in expense due to settlements — — 10 — (11 ) — — 1,542 Transfers — — — 1 — — — — Total Income (loss) recognized in Other comprehensive income before fresh start accounting $ (134 ) $ 27 $ (187 ) $ (45 ) $ 86 $ 14 $ 222 $ 1,683 Effect of application of fresh start accounting $ 1,955 $ 418 The Company expects to recognize $7 million of prior service credits and $1 million of net actuarial losses as components of net periodic benefit cost over the next year. Pension (income) expense for all defined benefit plans included: Successor Predecessor (in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Four Months Ended December 31, 2013 Eight Months Ended August 31, 2013 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 $ 17 $ 3 $ 18 $ 4 $ 7 $ 2 $ 19 $ 6 Interest cost 148 17 176 30 67 10 120 95 Expected return on plan assets (272 ) (30 ) (295 ) (38 ) (122 ) (14 ) (236 ) (105 ) Amortization of: Prior service credit (8 ) — (3 ) — — — 1 — Actuarial loss — 2 — — — — 120 55 Pension (income) expense before special termination benefits, curtailments and settlements (115 ) (8 ) (104 ) (4 ) (48 ) (2 ) 24 51 Special termination benefits 9 — 8 — — — — — Curtailment (gains) losses — — — — — (1 ) 1 1 Settlement (gains) losses — — 10 — (11 ) — — 114 Net pension (income) expense for major defined benefit plans (106 ) (8 ) (86 ) (4 ) (59 ) (3 ) 25 166 Other plans including unfunded plans — 4 — 8 — — 4 19 Net pension (income) expense $ (106 ) $ (4 ) $ (86 ) $ 4 $ (59 ) $ (3 ) $ 29 $ 185 The pension (income) expense before special termination benefits, curtailments, and settlements reported above for the eight months ended August 31, 2013 includes $38 million which was reported as (Loss) earnings from discontinued operations. The special termination benefits of $9 million and $8 million for the years ended December 31, 2015 and December 31, 2014, respectively, were incurred as a result of Kodak’s restructuring actions and, therefore, have been included in Restructuring costs and other in the Consolidated Statement of Operations for those periods. The $114 million of settlement losses for the eight months ended August 31, 2013 were incurred as a result of the Global Settlement, and have been included in (Loss) earnings from discontinued operations in the Consolidated Statement of Operations. The weighted-average assumptions used to determine the benefit obligation amounts for all major funded and unfunded U.S. and Non-U.S. defined benefit plans were as follows: Successor Predecessor December 31, 2015 December 31, 2014 December 31, 2013 August 31, 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.89 % 2.50 % 3.50 % 2.09 % 4.50 % 3.40 % 4.25 % 3.33 % Salary increase rate 3.37 % 1.91 % 3.34 % 1.95 % 3.37 % 2.74 % 3.39 % 2.77 % The weighted-average assumptions used to determine net pension (income) expense for all the major funded and unfunded U.S. and Non-U.S. defined benefit plans were as follows: Successor Predecessor Year Ended Year Ended Four Months Ended Eight Months Ended U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.50 % 2.09 % 4.19 % 3.34 % 4.25 % 3.33 % 3.52 % 3.63 % Salary increase rate 3.34 % 1.95 % 3.37 % 2.62 % 3.39 % 2.77 % 3.40 % 2.79 % Expected long-term rate of return on plan assets 7.40 % 4.69 % 7.63 % 4.93 % 8.20 % 5.54 % 8.12 % 6.66 % Plan Asset Investment Strategy The investment strategy underlying the asset allocation for the pension assets is to achieve an optimal return on assets with an acceptable level of risk while providing for the long-term liabilities, and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plans. This is primarily achieved by investing in a broad portfolio constructed of various asset classes including equity and equity-like investments, debt and debt-like investments, real estate, private equity and other assets and instruments. Long duration bonds and Treasury bond futures are used to partially match the long-term nature of plan liabilities. Other investment objectives include maintaining broad diversification between and within asset classes and fund managers, and managing asset volatility relative to plan liabilities. Every three years, or when market conditions have changed materially, each of Kodak’s major pension plans will undertake an asset allocation or asset and liability modeling study. The asset allocation and expected return on the plans’ assets are individually set to provide for benefits and other cash obligations within each country’s legal investment constraints. Actual allocations may vary from the target asset allocations due to market value fluctuations, the length of time it takes to implement changes in strategy, and the timing of cash contributions and cash requirements of the plans. The asset allocations are monitored, and are rebalanced in accordance with the policy set forth for each plan. The total plan assets attributable to the major U.S. defined benefit plans at December 31, 2015 relate to KRIP. The expected long-term rate of return on plan assets assumption (“EROA”) is based on a combination of formal asset and liability studies that include forward-looking return expectations given the current asset allocation. A review of the EROA as of December 31, 2015, based upon the current asset allocation and forward-looking expected returns for the various asset classes in which KRIP invests, resulted in an EROA of 7.4%. As with KRIP, the EROA assumptions for certain of Kodak’s other pension plans were reassessed as of December 31, 2015. The annual expected return on plan assets for the major non-U.S. pension plans range from 3.0% to 6.5% based on the plans’ respective asset allocations as of December 31, 2015. Plan Asset Risk Management Kodak evaluates its defined benefit plans’ asset portfolios for the existence of significant concentrations of risk. Types of concentrations that are evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. Foreign currency contracts and swaps are used to partially hedge foreign currency risk. Additionally, Kodak’s major defined benefit pension plans invest in government bond futures and long duration investment grade bonds to partially hedge the liability risk of the plans. As of December 31, 2015 and 2014, there were no significant concentrations (defined as greater than 10% of plan assets) of risk in Kodak’s defined benefit plan assets. The Company’s weighted-average asset allocations for its major U.S. defined benefit pension plans by asset category, are as follows: As of December 31, 2015 2014 2015 Target Asset Category Equity securities 15 % 15 % 12 - 18% Debt securities 35 % 35 % 32 - 38% Real estate 3 % 3 % 2 - 8% Cash and cash equivalents 1 % 3 % 0 - 6% Global balanced asset allocation funds 13 % 14 % 10 - 20% Other 33 % 30 % 25 - 35% Total 100 % 100 % The Company’s weighted-average asset allocations for its major Non-U.S. defined benefit pension plans by asset category, are as follows: As of December 31, 2015 2014 2015 Target Asset Category Equity securities 3 % 6 % 0 - 10% Debt securities 35 % 27 % 28 - 38% Real estate 0 % 1 % 0 - 5% Cash and cash equivalents 3 % 4 % 0 - 10% Global balanced asset allocation funds 6 % 11 % 0 - 10% Other 53 % 51 % 50 - 60% Total 100 % 100 % Fair Value Measurements Kodak’s asset allocations by level within the fair value hierarchy at December 31, 2015 and 2014 are presented in the tables below for Kodak’s major defined benefit plans. Kodak’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value per share expedient. Kodak’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value of assets and their placement within the fair value hierarchy levels. Assets not utilizing the net asset value per share expedient are valued as follows: Equity and debt securities traded on an active market are valued using a market approach based on the closing price on the last business day of the year. Real estate investments are valued primarily based on independent appraisals and discounted cash flow models, taking into consideration discount rates and local market conditions. Cash and cash equivalents are valued utilizing cost approach valuation techniques. Other investments are valued using a combination of market, income, and cost approaches, based on the nature of the investment. Private equity investments are valued primarily based on independent appraisals, discounted cash flow models, cost, and comparable market transactions, which include inputs such as discount rates and pricing data from the most recent equity financing. Insurance contracts are primarily valued based on contract values, which approximate fair value. For investments with lagged pricing, Kodak uses the available net asset values, and also considers expected return, subsequent cash flows and relevant material events. Major U.S. Plans December 31, 2015 U.S. (in millions) Quoted Prices Significant Significant (Level 3) Measured at Total Cash and cash equivalents $ 2 $ — $ — $ 32 $ 34 Equity Securities — — — 571 571 Debt Securities: Government Bonds — — — 924 924 Investment Grade Bonds — 382 — — 382 Real Estate — — 34 96 130 Global Balanced Asset Allocation Funds — — — 492 492 Other: Absolute Return — — — 487 487 Private Equity — — 24 744 768 Derivatives with unrealized gains 5 — — — 5 $ 7 $ 382 $ 58 $ 3,346 $ 3,793 Major U.S. Plans December 31, 2014 U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 1 $ — $ — $ 114 $ 115 Equity Securities — — — 632 632 Debt Securities: Government Bonds — — — 989 989 Investment Grade Bonds — 442 — — 442 Real Estate — — 41 98 139 Global Balanced Asset Allocation Funds — — — 587 587 Other: Absolute Return — — — 426 426 Private Equity — — 28 752 780 Derivatives with unrealized gains 50 — — — 50 $ 51 $ 442 $ 69 $ 3,598 $ 4,160 For Kodak’s major U.S. defined benefit pension plans, equity investments are invested broadly in U.S. equity, developed international equity, and emerging markets. Fixed income investments are comprised primarily of long duration U.S. Treasuries and investment-grade corporate bonds. Real estate investments primarily include investments in limited partnerships that invest in office, industrial, retail and apartment properties. Private equity investments are primarily comprised of limited partnerships and fund-of-fund investments that invest in distressed investments, venture capital, leveraged buyouts and special situations. Natural resource investments in oil and gas partnerships and timber funds are also included in this category. Absolute return investments are comprised of a diversified portfolio of hedge funds using equity, debt, commodity, and currency strategies held separate from the derivative-linked hedge funds described later in this footnote. Major Non-U.S. Plans December 31, 2015 Non - U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 5 $ — $ — $ 16 $ 21 Equity Securities — 6 — 16 22 Debt Securities: Government Bonds — 39 — 117 156 Inflation-Linked Bonds — — — 3 3 Investment Grade Bonds — 45 — 45 90 Global High Yield & Emerging Market Debt — — — 3 3 Real Estate — 2 — — 2 Global Balanced Asset Allocation Funds — — — 47 47 Other: Absolute Return — 4 — 8 12 Private Equity — — — 61 61 Insurance Contracts — 311 — — 311 Derivatives with unrealized gains 2 — — — 2 Derivatives with unrealized losses (2 ) — — — (2 ) $ 5 $ 407 $ — $ 316 $ 728 Major Non-U.S. Plans December 31, 2014 Non - U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 4 $ — $ — $ 32 $ 36 Equity Securities — 8 — 38 46 Debt Securities: Government Bonds — 39 — 114 153 Inflation-Linked Bonds — — — 9 9 Investment Grade Bonds — 37 — — 37 Global High Yield & Emerging Market Debt — — — 11 11 Real Estate — 2 — — 2 Global Balanced Asset Allocation Funds — 1 — 90 91 Other: Absolute Return — 4 — 7 11 Private Equity — — — 56 56 Insurance Contracts — 340 — — 340 Derivatives with unrealized gains 5 — — — 5 Derivatives with unrealized losses (2 ) — — — (2 ) $ 7 $ 431 $ — $ 357 $ 795 For Kodak’s major non-U.S. defined benefit pension plans, equity investments are invested broadly in local equity, developed international and emerging markets. Fixed income investments are comprised primarily of government and investment grade corporate bonds. Real estate investments primarily include investments in limited partnerships that invest in office, industrial, and retail properties. Private equity investments are comprised of limited partnerships and fund-of-fund investments that invest in distressed investments, venture capital and leveraged buyouts. Absolute return investments are comprised of a diversified portfolio of hedge funds using equity, debt, commodity, and currency strategies held separate from the derivative-linked hedge funds described later in this footnote. For Kodak’s major defined benefit pension plans, certain investment managers are authorized to invest in derivatives such as futures, swaps, and currency forward contracts. Investments in derivatives are used to obtain desired exposure to a particular asset, index or bond duration and require only a portion of the total exposure to be invested as cash collateral. In instances where exposures are obtained via derivatives, the majority of the exposure value is available to be invested, and is typically invested, in a diversified portfolio of hedge fund strategies that generate returns in addition to the return generated by the derivatives. Of the December 31, 2015 investments shown in the major U.S. plans table above, 10% of the total pension assets represented equity securities exposure obtained via derivatives and are reported in equity securities, and 24% of the total pension assets represented U.S. government bond exposure, at 18 years target duration, obtained via derivatives and are reported in government bonds. Of the December 31, 2014 major U.S. plans investments, 9% and 25% of the total pension assets represented exposures to equity securities and U.S. government bonds (at 18 years target duration), respectively, obtained from the use of derivatives, and are reported in those respective classes. Of the December 31, 2015 investments shown in the major Non-U.S. plans table above, 0% and 12% of the total pension assets represented derivatives exposures to equity securities and government bonds (at 13 years target duration), respectively, and are reported in those respective classes. Of the December 31, 2014 major Non-U.S. total pension investments, 1% and 9% of the total pension assets represented exposures to equity securities and government bonds (at 25 years target duration), respectively, obtained from the use of derivatives, and are reported in those respective classes. The following is a reconciliation of the beginning and ending balances of level 3 assets of Kodak’s major U.S. defined benefit pension plans: (in millions) U.S. Balance at January 1, 2015 Net Realized and Net Purchases Net Transfer Balance at December 31, 2015 Real Estate $ 41 $ 6 $ (13 ) $ — $ 34 Private Equity 28 1 (5 ) — 24 Total $ 69 $ 7 $ (18 ) $ — $ 58 U.S. Balance at January 1, 2014 Net Realized and Net Purchases Net Transfer Balance at December 31, 2014 Real Estate $ 47 $ — $ (6 ) $ — $ 41 Private Equity 54 (12 ) (14 ) — 28 Total $ 101 $ (12 ) $ (20 ) $ — $ 69 Kodak expects to contribute $4 million in 2016 for the major Non-U.S. defined benefit pension plans and does not expect to make a contribution to KRIP in 2016. The following pension benefit payments, which reflect expected future service, are expected to be paid: (in millions) U.S. Non-U.S. 2016 $ 357 $ 47 2017 341 47 2018 331 46 2019 321 46 2020 311 45 2021 - 2025 1,401 214 |
Note 17 - Other Postretirement
Note 17 - Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Postemployment Benefits Disclosure [Text Block] | NOTE 17: OTHER POSTRETIREMENT BENEFITS The Company provided U.S. medical, dental, life insurance, and survivor income benefits to eligible retirees, long-term disability recipients and their spouses, dependents and survivors. Generally, to be eligible for these benefits, former employees leaving the Company prior to January 1, 1996 were required to be 55 years of age with ten years of service or their age plus years of service must have equaled or exceeded 75. For those leaving the Company after December 31, 1995, former employees were required to be 55 years of age with ten years of service or have been eligible as of December 31, 1995. These benefits are paid from the general assets of the Company as they are incurred. The Company’s subsidiaries in Canada and the U.K. offer similar postretirement benefits. Information on the U.S., Canada and U.K. other postretirement plans is presented below. On November 7, 2012, the Bankruptcy Court entered an order approving a settlement agreement between the Debtors and the Retiree Committee appointed by the U.S. Trustee which eliminated or reduced certain retiree benefits under the U.S. plan. The Company also eliminated all postretirement benefits for active employees in the U.S. The measurement date used to determine the net benefit obligation for Kodak’s other postretirement benefit plans is December 31. Changes in Kodak’s benefit obligation and funded status were as follows: Year Ended December 31, (in millions) 2015 2014 Net benefit obligation at beginning of period $ 86 $ 95 Interest cost 3 4 Plan participants’ contributions 7 9 Actuarial (gain) loss (8 ) 2 Benefit payments (12 ) (18 ) Currency adjustments 2 (6 ) Net benefit obligation at end of period $ 78 $ 86 Underfunded status at end of period $ (78 ) $ (86 ) Amounts recognized in the Consolidated Statement of Financial Position consist of: As of December 31, (in millions) 2015 2014 Other current liabilities $ (5 ) $ (8 ) Pension and other postretirement liabilities (73 ) (78 ) $ (78 ) $ (86 ) Amounts recognized in Accumulated other comprehensive loss consist of: As of December 31, (in millions) 2015 2014 Net actuarial gain $ (8 ) $ — Total recorded in Accumulated other comprehensive income $ (8 ) $ — Changes in benefit obligations recognized in Other comprehensive (loss) income consist of: Year Ended December 31, (in millions) 2015 2014 Newly established loss $ (8 ) $ (2 ) Total loss recognized in Other comprehensive (loss) income $ (8 ) $ (2 ) Other postretirement benefit cost included: Successor Predecessor (in millions) Year Ended 2015 Year Ended 2014 Four Months Ended 2013 Eight Months August 31, 2013 Components of net postretirement benefit cost: Service cost $ — $ — $ — $ — Interest cost 3 4 1 3 Amortization of: Prior service credit — — — (75 ) Actuarial loss — — — 3 Other postretirement benefit cost (income) from continuing operations $ 3 $ 4 $ 1 $ (69 ) The weighted-average assumptions used to determine the net benefit obligations were as follows: Year Ended December 31, 2015 2014 Discount rate 3.60 % 3.49 % Salary increase rate 1.80 % 2.60 % The weighted-average assumptions used to determine the net postretirement benefit cost were as follows: Successor Predecessor Year Ended 2015 Year Ended 2014 Four Months Ended 2013 Eight Months August 31, 2013 Discount rate 3.49 % 4.28 % 4.09 % 3.23 % Salary increase rate 2.60 % 2.50 % 2.50 % 2.50 % The weighted-average assumed healthcare cost trend rates used to compute the other postretirement amounts were as follows: 2015 2014 Healthcare cost trend 5.81 % 6.47 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.21 % 4.65 % Year that the rate reaches the ultimate trend rate 2022 2021 Assumed healthcare cost trend rates effect the amounts reported for the healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: (in millions) 1% increase 1% decrease Effect on total service and interest cost $ — $ — Effect on postretirement benefit obligation 4 (4 ) Kodak expects to make benefit payments of $5 million to these postretirement benefit plans in 2016. The following other postretirement benefits, which reflect expected future service, are expected to be paid: (in millions) 2016 $ 5 2017 5 2018 5 2019 4 2020 4 2021 - 2025 19 |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 18: EARNINGS PER SHARE Basic earnings per share are calculated using the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share calculations 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. As a result of the net loss from continuing operations for the years ended December 31, 2015 and December 31, 2014 and four months ended December 31, 2013, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding for those periods. If Kodak had reported earnings from continuing operations for the years ended December 31, 2015 and December 31, 2014 and four months ended December 31, 2013, the following potential shares of its common stock would have been dilutive in the computation of diluted earnings per share: (in millions of shares) Year Ended Year Ended Four Months Ended Unvested share-based awards 0.2 0.1 0.2 Warrants to purchase common shares 0.3 1.5 1.7 Total 0.5 1.6 1.9 The computation of diluted earnings per share for the years ended December 31, 2015 and December 31, 2014 also excluded 0.1 million shares associated with the assumed conversion of outstanding employee stock options because the effects would have been anti-dilutive. There were no employee stock options outstanding for the four months ended December 31, 2013. The Predecessor Company reported earnings from continuing operations for the eight months ended August 31, 2013. However, the computation of diluted earnings per share for the eight months ended August 31, 2013 excluded the assumed conversion of outstanding employee stock options and detachable warrants to purchase common shares, and approximately $400 million of convertible senior notes due 2017 because the effects would have been anti-dilutive. The following table sets forth the total amount of outstanding employee stock options and detachable warrants to purchase common shares as of August 31, 2013: Predecessor (in millions of shares) Eight Months Ended Employee stock options 7.0 Detachable warrants to purchase common shares 40.0 Total 47.0 |
Note 19 - Stock-based Compensat
Note 19 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 19: STOCK-BASED COMPENSATION Kodak’s stock incentive plan is the 2013 Omnibus Incentive Plan (the “2013 Plan”). The 2013 Plan is administered by the Executive Compensation Committee of the Board of Directors. Officers, directors and employees of the Company and its consolidated subsidiaries are eligible to receive awards. Stock options are generally non-qualified, are at exercise prices not less than 100% of the per share fair market value on the date of grant and expire seven years after the grant date. Stock-based compensation awards granted under Kodak’s stock incentive plan are generally subject to a three-year vesting period from the date of grant. Unless sooner terminated by the Executive Compensation Committee, no awards may be granted under the 2013 Plan after the tenth anniversary of the Effective Date. The maximum number of shares of common stock that may be issued under the 2013 Plan is approximately 4.8 million. In addition, under the 2013 Plan, the maximum number of shares available for the grant of incentive stock options is 2.0 million shares. The maximum number of shares as to which stock options or stock appreciation rights may be granted to any one person under the 2013 Plan in any calendar year is 2.0 million shares. The maximum number of performance-based compensation awards that may be granted to any one employee under the 2013 Plan in any calendar year is 1.0 million shares or, in the event such award is paid in cash, $2.5 million. The maximum number of awards that may be granted to any non-employee director under the 2013 Plan in any calendar year may not exceed a number of awards with a grant date fair value of $900,000, computed as of the grant date. Compensation expense is recognized on a straight-line basis over the service or performance period for each separately vesting tranche of the award and is adjusted for actual forfeitures before vesting. Kodak assesses the likelihood that performance-based shares will be earned based on the probability of meeting the performance criteria. For those performance-based awards that are deemed probable of achievement, expense is recorded, and for those awards that are deemed not probable of achievement, no expense is recorded. Kodak assesses the probability of achievement each quarter. Restricted Stock Units Restricted stock units are payable in shares of the Company common stock upon vesting. The fair value is based on the closing market price of the Company’s stock on the grant date. Compensation cost related to restricted stock units was $7 million for the years ended December 31, 2015 and 2014 and $1 million for the four months ending December 31, 2013. As of December 31, 2015, there was $6 million of unrecognized compensation cost related to restricted stock units. The cost is expected to be recognized over a weighted average period of 1.5 years. The following table summarizes information about restricted stock unit activity for the year ended December 31, 2015: Number of Weighted-Average Fair Values Outstanding on December 31, 2014 685,430 $ 22.15 Granted 387,187 $ 14.86 Vested (237,957 ) $ 21.73 Forfeited (60,115 ) $ 15.74 Outstanding on December 31, 2015 774,545 $ 19.13 Stock Options The following table summarizes information about stock option activity for the year ended December 31, 2015: Shares Under Option Weighted Average Weighted Average Remaining Outstanding on December 31, 2014 781,321 $ 22.56 Granted 783,476 $ 15.31 Forfeited (44,002 ) $ 20.25 Outstanding on December 31, 2015 1,520,795 $ 18.89 6.17 Exercisable on December 31, 2015 273,205 $ 22.61 5.73 Expected to vest December 31, 2015 1,247,590 $ 18.08 6.27 There was no intrinsic value of options outstanding and exercisable due to the fact that the market price of the Company’s common stock as of December 31, 2015 was below the weighted average exercise price of options. There were no options exercises in 2015. The weighted average grant date fair value of options granted for the years ended December 31, 2015 and 2014 was $5.94 and $7.74, respectively. The total fair value of options that vested during the year ended December 31, 2015 was $2 million. No options vested during the year ended December 31, 2014 and no options were granted during the four months ended December 31, 2013. Compensation cost related to stock options for the years ended December 31, 2015 and 2014 was $4 million and $1 million, respectively. As of December 31, 2015, there was $5 million of unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 1.6 years. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions in the following table. Public trading of the Company’s common stock began on September 23, 2013, providing limited historical data upon which to base assumptions. The expected term of options granted is the period of time the options are expected to be outstanding and is calculated using a simplified method based on the option’s vesting period and original contractual term. The expected volatility was generally based on the historical volatility of a set of publicly-traded benchmark companies, taking into consideration the difference in leverage between the Company and the benchmark companies. The risk-free rate was based on the yield on U.S. Treasury notes with a term equal to the option’s expected term. The following inputs were used for the valuation of option grants issued in each year: For the Years Ended December 31, 2015 2014 Weighted-average fair value of options granted $5.94 $7.44 Weighted-average risk-free interest rate 1.46% 1.46% Range of risk-free interest rates 1.26% - 1.60% 1.39% - 1.51% Weighted-average expected option lives (years) 4.5 4.5 Expected option lives (years) 4.5 4.5 Weighted-average volatility 46% 39% Range of expected volatilities 40% - 49% 36% - 42% Weighted-average expected dividend yield 0.0% 0.0% Stock-based Awards Classified as Liabilities Kodak will settle a portion of its 2015 incentive compensation plans with a variable amount of common stock based on the stock price at the time of settlement. The plans include minimum performance gates and annual performance metrics for 2015. The amount of incentive compensation to be paid is based on performance against the metrics. The fair value of the awards is determined based on a targeted dollar amount for the expected performance against the plans’ criteria as of the balance sheet date. The actual number of shares to be issued will be determined based on actual results achieved by Kodak and the stock price on the date of issuance. The shares will be issued under the 2013 Omnibus Incentive Plan. Stock compensation expense associated with these awards was approximately $6 million for the year ended December 31, 2015. Predecessor Prior to the Effective Date, Kodak had shares or share-based awards outstanding under two share-based employee compensation plans consisting of the 2005 Omnibus Long-Term Compensation Plan (the “2005 Plan”), and the 2000 Omnibus Long-Term Compensation Plan (the “2000 Plan”). In conjunction with the Plan (see Note 24, “Emergence from Voluntary Reorganization under Chapter 11 Proceedings”), all shares, options, restricted shares and other share-based awards that were outstanding on the Effective Date were canceled. Kodak recognized stock-based compensation expense in the amount of $3 million for the eight months ended August 31, 2013. There were no proceeds from the issuance of common stock through stock option plans for the eight months ended August 31, 2013. |
Note 20 - Shareholders' Equity
Note 20 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 20: SHAREHOLDERS’ EQUITY In connection with the Company’s reorganization and emergence from bankruptcy, all shares of the Predecessor Company’s common stock were canceled. The Successor 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. As of December 31, 2015 and December 31, 2014 there were 42.0 million and 41.9 million shares of common stock outstanding, respectively, and no shares of preferred stock issued and outstanding. On the Effective Date, the Company issued, to the holders of general unsecured claims and the retiree settlement unsecured claim, net-share settled warrants to purchase: (i) 2.1 million shares of common stock at an exercise price of $14.93 and (ii) 2.1 million shares of common stock at an exercise price of $16.12. The warrants are classified as equity instruments and reported within Additional paid in capital in the Consolidated Statement of Financial Position at their fair value as of the Effective Date ($24 million). As of December 31, 2015, there were warrants outstanding to purchase 3.6 million shares of common stock. During each of the years ended December 31, 2015 and December 31, 2014, the Company repurchased shares of common stock for approximately $1 million to satisfy tax withholding obligations in connection with the issuance of stock to employees under the 2013 Plan. Treasury stock consisted of approximately 0.3 million shares and 0.2 million shares at December 31, 2015 and December 31, 2014, respectively. |
Note 21 - Other Comprehensive (
Note 21 - Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 21: OTHER COMPREHENSIVE (LOSS) INCOME The changes in Other comprehensive (loss) income, by component, were as follows: (in millions) Successor Predecessor Year Ended 2015 Year Ended 2014 Four Months Ended December 31, Eight Months August 31, 2013 Currency translation adjustments $ (35 ) $ (33 ) $ 1 $ 4 Reclassification adjustment for losses included in Other charges (net), before tax 2 — — — Reclassification adjustment for losses included in Other charges (net), net of tax 2 — — — Pension and other postretirement benefit plan changes Newly established prior service credit 4 61 6 — Newly established net actuarial (loss) gain (88 ) (278 ) 95 393 Tax (benefit) provision (5 ) 7 (3 ) (14 ) Newly established prior service credit and net actuarial (loss) gain, net of tax (89 ) (210 ) 98 379 Reclassification adjustments: Amortization of prior service credit (a) (8 ) (3 ) — (75 ) Amortization of actuarial (gains) losses (a) (2 ) 1 — 185 Recognition of losses due to settlements and curtailments (a) 1 10 — 1,563 Total reclassification adjustments (9 ) 8 — 1,673 Tax (provision) — — — (448 ) Reclassification adjustments, net of tax (9 ) 8 — 1,225 Pension and other postretirement benefit plan changes, net of tax (98 ) (202 ) 98 1,604 Other comprehensive (loss) income $ (131 ) $ (235 ) $ 99 $ 1,608 (a) Reclassified to Pension (income) expense - refer to Note 16, “Retirement Plans” and Note 17, “Other Postretirement Benefits” for additional information. |
Note 22 - Accumulated Other Com
Note 22 - Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income Loss [Text Block] | NOTE 22: ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income is composed of the following: As of December 31, (in millions) 2015 2014 Currency translation adjustments $ (67 ) $ (32 ) Available for sale securities 2 $ — Pension and other postretirement benefit plan changes (202 ) (104 ) Ending balance $ (267 ) $ (136 ) |
Note 23 - Segment Information
Note 23 - Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 23: SEGMENT INFORMATION Effective January 1, 2015, Kodak has seven reportable segments: Print Systems, Enterprise Inkjet Systems, Micro 3D Printing and Packaging, Software and Solutions, Consumer and Film, 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. Prior period segment results have been revised to conform to the current period segment reporting structure. A description of the reportable segments follows. Print Systems Enterprise Inkjet Systems Micro 3D Printing and Packaging Software and Solutions Consumer and Film Intellectual Property Solutions Eastman Business Park All Other: Segment financial information is shown below. Asset information by segment is not disclosed as this information is not separately identified and reported to the Chief Operating Decision Maker (“CODM”). Net Revenues from Continuing Operations by Reportable Segment Successor Predecessor Year Ended Year Ended Four Months Eight Months (in millions) Print Systems $ 1,106 $ 1,257 $ 485 $ 844 Enterprise Inkjet Systems 173 185 83 133 Micro 3D Printing and Packaging 128 130 42 75 Software and Solutions 112 108 39 82 Consumer and Film 265 352 147 371 Intellectual Property Solutions 1 70 9 1 Eastman Business Park 13 14 4 4 All Other — — 3 36 Consolidated total $ 1,798 $ 2,116 $ 812 $ 1,546 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 table below, Operational EBITDA represents the income (loss) from continuing operations excluding the provision (benefit) for income taxes; depreciation and amortization expense; corporate components of pension and OPEB income; restructuring costs; stock-based compensation expense; change in U.S. vacation benefits; consulting and other costs; idle costs; indirect costs previously allocated to discontinued operations; other operating (expense) income, net (unless otherwise indicated); loss on early extinguishment of debt; interest expense; other (charges) income, net; reorganization items, net and; in prior periods, the impact of certain fresh start accounting adjustments. 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 third quarter of 2015 a $3 million gain was recognized related to assets that were acquired for no monetary consideration. The gain was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, this particular gain was included in the Micro 3D Printing and Packaging segment’s earnings for the year ended 2015. No other periods were impacted by this change. Segment Operational EBITDA and Consolidated Loss from Continuing Operations Before Income Taxes Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Print Systems $ 98 $ 93 $ 38 $ 32 Enterprise Inkjet Systems (26 ) (44 ) (15 ) (34 ) Micro 3D Printing and Packaging (5) 9 (1 ) — (3 ) Software & Solutions 9 3 (1 ) (11 ) Consumer & Film 52 66 34 127 Intellectual Property Solutions (22 ) 40 (2 ) (19 ) Eastman Business Park 2 1 4 1 Total of reportable segments 122 158 58 93 All Other 5 5 4 5 Depreciation and amortization (145 ) (199 ) (75 ) (97 ) Corporate components of pension and OPEB income (1) 133 110 67 43 Restructuring costs and other (38 ) (59 ) (17 ) (45 ) Stock-based compensation (18 ) (8 ) (1 ) (3 ) Change in U.S. vacation benefits (4) 17 — — — Consulting and other costs (2) (13 ) (6 ) (2 ) — Idle costs (3) (3 ) (4 ) — 1 Costs previously allocated to discontinued operations (1 ) (4 ) (5 ) (35 ) Fresh start adjustments — — (73 ) — Other operating (expense) income, net excluding gain related to Unipixel termination (5) (5 ) (9 ) (2 ) 495 Loss on early extinguishment of debt, net — — — (8 ) Interest expense (63 ) (62 ) (22 ) (106 ) Other charges, net (21 ) (21 ) 10 (13 ) Reorganization items, net (5 ) (13 ) (16 ) 2,026 Consolidated (loss) earnings from continuing operations before income taxes $ (35 ) $ (112 ) $ (74 ) $ 2,356 (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) Consulting and other costs are primarily related to professional services provided for corporate strategic initiatives in the current year periods. The prior year periods primarily represent the cost of AlixPartners filling interim executive positions which are not captured within “Reorganization items, net” as well as consulting services provided by former executives during transitional periods. (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. (4) In the fourth quarter of 2015, Kodak changed the timing of when U.S. employees earn their vacation benefits which reduced the related accrual as of December 31, 2015. (5) In 2015 a $3 million gain was recognized related to assets that were acquired for no monetary consideration as a part of the termination of the relationship with Unipixel. The gain was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, this particular gain was included in the Micro 3D Printing and Packaging segment’s earnings in 2015. Amortization and depreciation expense by segment are not included in the segment measure of profit and loss but are regularly provided to the CODM. (in millions) Successor Predecessor Intangible asset amortization expense from continuing operations: Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Print Systems $ 9 $ 9 $ 3 $ 6 Enterprise Inkjet Systems 4 4 1 2 Micro 3D Packaging & Printing 9 9 3 1 Software & Solutions 2 2 1 1 Consumer & Film 1 1 — — Consolidated total $ 25 $ 25 $ 8 $ 10 (in millions) Successor Predecessor Depreciation expense from continuing operations: Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Print Systems $ 39 $ 51 $ 19 $ 34 Enterprise Inkjet Systems 12 12 5 8 Micro 3D Packaging & Printing 6 8 3 4 Software & Solutions 1 2 1 2 Consumer & Film 30 65 23 23 Intellectual Property Solutions 2 8 4 2 Eastman Business Park 6 11 7 7 Sub-total 96 157 62 80 Other 16 15 5 3 Restructuring-related depreciation 8 2 — 4 Consolidated total $ 120 $ 174 $ 67 $ 87 Geographic Information (in millions) Successor Predecessor Net sales to external customers attributed to (1) : Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 The United States $ 622 $ 751 $ 243 $ 519 Europe, Middle East and Africa 597 727 287 548 Asia Pacific 402 451 207 330 Canada and Latin America 177 187 75 149 Non U.S. countries total 1,176 1,365 569 1,027 Consolidated total $ 1,798 $ 2,116 $ 812 $ 1,546 (1) Sales are reported in the geographic area in which they originate. No non-U.S. country generated more than 10% of net sales in the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013 or eight months ended August 31, 2013. (in millions) As of December 31, Property, plant and equipment, net located in: 2015 2014 2013 The United States $ 217 $ 271 $ 378 Europe, Middle East and Africa 55 68 91 Asia Pacific 76 75 83 Canada and Latin America 78 110 132 Non U.S. countries total (1) 209 253 306 Consolidated total $ 426 $ 524 $ 684 (1) Of the total non U.S. property, plant and equipment in 2015, $64 million are located in Brazil and $60 million are located in China. Of the total non U.S. property, plant and equipment in 2014, $95 million are located in Brazil and $59 million are located in China. Of the total non U.S. property, plant and equipment in 2013, $113 million are located in Brazil. No other non U.S. country had greater than 10% of property, plant and equipment in 2015, 2014 or 2013. Major Customers No single customer represented 10% or more of Kodak’s total net revenue in any year presented. |
Note 24 - Emergence from Volunt
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Reorganizations [Abstract] | |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | NOTE 24: EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 PROCEEDINGS PLAN OF REORGANIZATION On August 23, 2013, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the revised First Amended Joint Chapter 11 Plan of Reorganization of Eastman Kodak Company and its Debtor Affiliates (the “Plan”). On September 3, 2013 (the “Effective Date”), the Plan became effective and the Debtors emerged from the Chapter 11 Cases. On or following the Effective Date and pursuant to the terms of the Plan, the following occurred: • The Debtors’ obligations under the second lien notes indentures, unsecured notes indentures, stock certificates, equity interests, and / or any other instrument or document directly or indirectly evidencing or creating any indebtedness or obligation of, or ownership interest in, the Debtors or giving rise to any claim or equity interest were cancelled, except as provided under the Plan; • The Company’s certificate of incorporation was amended and restated to authorize the issuance of 560 million shares of stock, consisting of 60 million shares of preferred stock, no par value, and 500 million shares of common stock, par value $0.01 per share; • The Company entered into a senior secured first lien term loan agreement and senior secured second lien term loan agreement for an aggregate principal amount of $695 million and a $200 million senior secured asset-based revolving credit facility; • The Company issued 34 million shares of common stock to unsecured creditors and the Backstop Parties (as defined below) at a per share price of $11.94, for an aggregate purchase price of approximately $406 million. In addition, the Company issued 1.7 million shares of common stock to the Backstop Parties in payment of fees pursuant to the Backstop Commitment Agreement (as defined below); • The Company issued 6 million shares of common stock and net-share settled warrants to purchase: (i) approximately 2.1 million shares of new common stock at an exercise price of $14.93 and (ii) approximately 2.1 million shares of new common stock at an exercise price of $16.12, to the holders of general unsecured and retiree committee unsecured claims; • The Debtors established a liquidating trust (the “Kodak GUC Trust”) for the benefit of holders of general unsecured and retiree committee unsecured claims, into which certain avoidance actions of the Debtors were transferred; • The Debtors paid approximately $94 million in administrative, priority or secured claims; and • The Debtors resolved claims held by the Kodak Pension Plan of the United Kingdom (the “U.K. Pension Plan”) pursuant to the terms of the Global Settlement (as defined below). Backstop Commitment Agreement and Rights Offering On June 26, 2013, the Bankruptcy Court approved the Company’s entry into a backstop commitment agreement (the “Backstop Commitment Agreement”) with GSO Capital Partners LP, on behalf of various managed funds, BlueMountain Capital Management, LLC, on behalf of various managed funds, George Karfunkel, United Equities Commodities Company, Momar Corporation and Contrarian Capital Management, LLC, on behalf of Contrarian Funds, LLC (collectively, the “Backstop Parties”), associated with rights offerings to offer eligible creditors, including the Backstop Parties, up to 34 million shares of common stock for the per share purchase price of $11.94, or an aggregate purchase price of approximately $406 million. A portion of the shares issued in the rights offerings are restricted securities for purposes of Rule 144 under the Securities Act of 1933 and may not be offered, sold or otherwise transferred absent registration under the Securities Act of 1933 or an applicable exemption from registration requirements. The shares issued to participants in the rights offerings were issued in reliance upon the exemption from registration under the Securities Act of 1933 provided by Regulation D thereunder and/or Section 4(a)(2) thereof; or under Section 1145 of the Bankruptcy Code as securities of a debtor issued principally in exchange for claims against a debtor and partly in exchange for cash pursuant to a plan of reorganization. Registration Rights Agreement On the Effective Date, the Company and the Backstop Parties executed a registration rights agreement (the “Registration Rights Agreement”). The Registration Rights Agreement, among other rights, provides the Backstop Parties with certain registration rights with respect to the common stock. Stockholders holding registrable securities representing 25% of the outstanding common stock as of the Effective Date may require the Company to facilitate a registered offering of registrable securities; provided that if such registration has not been consummated prior to the second anniversary of the Effective Date, stockholders holding registrable securities representing 10% of the outstanding common stock as of the Effective Date may require the Company to facilitate such an offering (such offering, the “Initial Registration”). The registrable securities requested to be sold in the Initial Registration must have an aggregate market value of at least $75 million. Following the Initial Registration, stockholders holding 10% or more of the outstanding registrable securities may demand that the Company file a shelf registration statement and effectuate one or more takedowns off of such shelf, or, if a shelf is not available, effectuate one or more stand-alone registered offerings, provided that such non-shelf registered offerings or shelf takedowns may not be requested more than four times and, in each case, shall include shares having an aggregate market value of at least $75 million. Beginning on the second anniversary of the Effective Date, upon request of a stockholder, the Company shall amend its existing shelf registration statement to register additional registrable securities as set forth in the Registration Rights Agreement. Stockholders also have the right to include their registrable securities in the Initial Registration or any other non-shelf registered offering or shelf takedown of the common stock by the Company for its own account or for the account of any holders of common stock. KPP Global Settlement The Company had previously issued (pre-petition) a guarantee to Kodak Limited (the “Subsidiary”) and KPP Trustees Limited (“KPP” or the “Trustee”), as trustee for the U.K. Pension Plan. Under that arrangement, EKC guaranteed to the Subsidiary and the Trustee the ability of the Subsidiary, only to the extent it became necessary to do so, to (1) make contributions to the U.K. Pension Plan to ensure sufficient assets existed to make plan benefit payments, as they became due, if the Subsidiary otherwise would not have sufficient assets and (2) make contributions to the U.K. Pension Plan such that it would achieve fully funded status by the funding valuation for the period ending December 31, 2022. The Subsidiary agreed to make certain contributions to the U.K. Pension Plan as determined by a funding plan agreed to by the Trustee. The Subsidiary did not pay the annual contributions due by the funding plan for 2012 or 2013. The Trustee asserted an unsecured claim against the Company of approximately $2.8 billion under the guarantee. The Subsidiary also asserted an unsecured claim under the guarantee for an unliquidated amount. The Trustee also asserted an unliquidated claim against all Debtors, as financial support direction and contribution notice claims. On April 26, 2013, Eastman Kodak Company, the Trustee, Kodak Limited and certain other Kodak entities entered into a global settlement agreement (the “Global Settlement”) that resolved all liabilities of Kodak with respect to the U.K. Pension Plan. The Global Settlement also provided for the acquisition by KPP and/or its subsidiaries of certain assets, and the assumption by KPP and/or its subsidiaries of certain liabilities of Kodak’s Personalized Imaging and Document Imaging businesses (together the “Business”) under a Stock and Asset Purchase Agreement dated April 26, 2013 (the “SAPA”). On August 30, 2013, the Company entered into an agreement (the “Amended SAPA”) amending and restating the SAPA. The Amended SAPA provided for, among other things, a series of deferred closings to take place in certain foreign jurisdictions following the initial closing under the Amended SAPA. The deferred closings implemented the legal transfer of the Business to KPP subsidiaries in the deferred closing foreign jurisdictions in accordance with local law. Pursuant to the Amended SAPA, Kodak operated the Business relating to the deferred closing jurisdictions, subject to certain covenants, until the applicable deferred closing occurred, and delivered to (or received from) a KPP subsidiary at each deferred closing a payment reflecting the actual economic benefit (or detriment) to the Business in the applicable deferred closing jurisdiction(s) from September 1, 2013 through the time of the applicable deferred closing. Up to the time of the deferred closing, the results of the operations of the Business were reported as Loss (earnings) from discontinued operations, net of income taxes in the Consolidated Statement of Operations and the assets and liabilities of the Business were categorized as Assets held for sale or Liabilities held for sale in the Consolidated Statement of Financial Position, as appropriate. On the Effective Date, the following occurred pursuant to the Amended SAPA and Global Settlement: • The acquisition by KPP Holdco Limited (“KPP Holdco”), a wholly owned subsidiary of KPP, and certain direct and indirect subsidiaries of KPP Holdco (together with KPP Holdco, the “KPP Purchasing Parties”), of certain assets of the Business, and the assumption by the KPP Purchasing Parties of certain liabilities of the Business, for a total purchase price, exclusive of the assumption of liabilities, of $650 million, of which a gross $525 million was paid in cash (net cash consideration of $325 million) and the balance of which was settled by a $125 million note issued by the KPP (the “KPP Note”). • The KPP Note was cancelled after being assigned by the Company to the Subsidiary and subsequently assigned by the Subsidiary to KPP as settlement, by way of setoff, of an equal amount of outstanding pension liabilities of the Subsidiary to KPP. • The cash consideration was comprised of $325 million sourced from assets of the U.K. Pension Plan and $200 million sourced from a payment by the Subsidiary to KPP as payment for outstanding pension liabilities of the Subsidiary to KPP. • Up to $35 million in aggregate of the purchase price is subject to repayment to KPP if the Business does not achieve certain annual adjusted EBITDA targets over the four-year period ending December 31, 2018. SECTION 363 ASSET SALES On February 1, 2013, Kodak entered into a series of agreements related to the monetization of certain of its intellectual property assets, including the sale of its digital imaging patents. Under these agreements, Kodak received approximately $530 million, a portion of which was paid by twelve licensees that received a license to the digital imaging patent portfolio and other patents owned by Kodak. Another portion was paid by Intellectual Ventures Fund 83 LLC (“Intellectual Ventures”) and Apple, Inc., each of which acquired a portion of the digital imaging patent portfolio, subject to the licenses granted to the twelve new licensees, and previously existing licenses. In addition, Kodak retained a license to the digital imaging patents for its own use. In connection with this transaction, the Company entered into a separate agreement with FUJIFILM Corporation (“Fuji”) whereby, among other things, Fuji granted Kodak the right to sub-license certain Fuji patents to businesses Kodak ultimately sold as part of the Plan. The Debtors also agreed to allow Fuji a general unsecured claim against the Debtors in the amount of $70 million that was discharged pursuant to the terms of the Plan. EASTMAN BUSINESS PARK SETTLEMENT AGREEMENT On June 17, 2013, the Company, the New York State Department of Environmental Conservation and the New York State Urban Development Corporation, d/b/a Empire State Development entered into a settlement agreement, subsequently amended on August 6, 2013 (the “Amended EBP Settlement Agreement”). The Amended EBP Settlement Agreement was subject to the satisfaction or waiver of certain conditions including a covenant not to sue from the EPA. On May 13, 2014, the Bankruptcy Court approved the U.S. Environmental Settlement, which contained the EPA covenant not to sue, and on May 20, 2014 the Amended EBP Settlement Agreement was implemented and became effective. The Amended EBP Settlement Agreement included the settlement of certain of the Company’s historical environmental liabilities at EBP through the establishment of the EBP Trust as follows: (i) the EBP Trust is responsible for investigation and remediation at EBP arising from the Company’s historical subsurface environmental liabilities in existence prior to the effective date of the Amended EBP Settlement Agreement, (ii) the Company funded the EBP Trust on the effective date with a $49 million cash payment and transferred certain equipment and fixtures used for remediation at EBP and (iii) in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 million. Prior to the implementation of the Amended EBP Settlement Agreement, $49 million was already held in a separate trust and escrow account. OTHER POSTEMPLOYMENT BENEFITS On November 7, 2012, the Bankruptcy Court entered an order approving a settlement agreement between the Debtors and the Official Committee of Retired Employees appointed by the U.S. Trustee under the chapter 11 proceedings (the “Retiree Committee”). Under the settlement agreement, the Debtors no longer provide retiree medical, dental, life insurance and survivor income benefits to current and future retirees after December 31, 2012 (other than COBRA continuation coverage of medical and/or dental benefits or conversion coverage as required by applicable benefit plans or applicable law), and the Retiree Committee established a trust from which some limited benefits for some retirees may be provided after December 31, 2012. The trust or related account was funded by the following contributions from the Debtors: $7.5 million in cash paid by the Company in the fourth quarter of 2012, an administrative claim against the Debtors in the amount of $15 million that was paid on the Effective Date, and a general unsecured claim against the Debtors in the amount of $635 million that was discharged upon emergence from chapter 11 pursuant to the terms of the Plan. RETIREES’ SETTLEMENT The Debtors’ estimated allowed claims for pre-petition obligations for the Kodak Excess Retirement Income Plan (the “KERIP”), the Kodak Unfunded Retirement Income Plan (the “KURIP”), the Kodak Company Global Pension Plan for International Employees, and individual letter agreements with certain current and former employees that provided for supplemental non-qualified pension benefits were reported as Liabilities subject to compromise in the accompanying Consolidated Statement of Financial Position. On April 30, 2013, Eastman Kodak Retirees Association Ltd. and certain holders of KERIP and KURIP claims (together with the Debtors, the “Settlement Parties”) filed a motion (the “Motion”) requesting that the Bankruptcy Court appoint a committee pursuant to section 1102(a)(2) of the Bankruptcy Code, to represent the interests of the holders of the KERIP and KURIP claims, and asserted that they and certain other holders of the KERIP and KURIP claims disagreed with the underlying discount rates and mortality tables used by the Debtors to calculate the KERIP and KURIP estimated allowed claim amounts. Subsequent to the filing of the Motion, the Settlement Parties entered into a stipulation (the “Stipulation”) approved by an order of the Bankruptcy Court, which became effective on July 18, 2013, for a total allowed claim of approximately $244 million. During August 2013 a provision for expected allowed claims of approximately $27 million was reflected in Reorganization Items, net in the accompanying Consolidated Statement of Operations to increase the recorded liability to what was ultimately agreed to in the Stipulation. On the Effective Date, the claim was discharged upon emergence pursuant to the terms of the Plan. |
Note 25 - Fresh Start Accountin
Note 25 - Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2015 | |
Fresh Start Accounting [Abstract] | |
Fresh Start Accounting [Text Block] | NOTE 25: FRESH START ACCOUNTING In connection with the Company’s emergence from chapter 11, Kodak applied the provisions of fresh start accounting to its financial statements as (i) the holders of existing voting shares of the Predecessor Company received less than 50% of the voting shares of the emerging entity and (ii) the reorganization value of Kodak’s assets immediately prior to confirmation was less than the post-petition liabilities and allowed claims. Kodak applied fresh start accounting as of September 1, 2013. Upon the application of fresh start accounting, Kodak allocated the reorganization value to its individual assets based on their estimated fair values. Reorganization value represents the fair value of the Successor Company’s assets before considering liabilities. The excess reorganization value over the fair value of identified tangible and intangible assets is reported as goodwill. Reorganization Value In support of the Plan, the enterprise value of the Successor Company was estimated to be in the range of $875 million to $1.4 billion. As part of determining the reorganization value, Kodak estimated the enterprise value of the Successor Company to be $1 billion utilizing the guideline public company method and discounted cash flow method. To estimate fair value utilizing the guideline public company method, Kodak applied valuation multiples, derived from the operating data of publicly-traded benchmark companies, to the same operating data of Kodak. The comparable public company analysis identified a group of comparable companies giving consideration to lines of business and markets served, size and geography. The valuation multiples were derived based on projected financial measures of revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”) and applied to projected operating data of Kodak. The range of multiples for the comparable companies was between .2x-.9x of revenue and 2.5x-8.0x of EBITDA. To estimate fair value utilizing the discounted cash flow method, Kodak established an estimate of future cash flows for the period ranging from September 1, 2013 to December 31, 2022 and discounted the estimated future cash flows to present value. The expected cash flows for the period September 1, 2013 to December 31, 2017 were based on the financial projections and assumptions utilized in the disclosure statement. The expected cash flows for the period January 1, 2018 to December 31, 2022 were derived from earnings forecasts and assumptions regarding growth and margin projections, as applicable. A terminal value was included, calculated using the constant growth method, based on the cash flows of the final year of the forecast period. The discount rate of 29% was estimated based on an after-tax weighted average cost of capital (“WACC”) reflecting the rate of return that would be expected by a market participant. The WACC also takes into consideration a company specific risk premium reflecting the risk associated with the overall uncertainty of the financial projections used to estimate future cash flows. As the valuation approaches produced comparable ranges of enterprise value, Kodak selected equal weighting of the guideline public company method and discounted cash flow method to estimate the enterprise value. The following table reconciles the enterprise value to the estimated fair value of Successor common stock as of the Effective Date: (in millions, except share and per share value) Enterprise value $ 1,000 Plus: Cash and cash equivalents 898 Less: Other non-operating liabilities 18 Less: Fair value of debt and capitalized lease obligations 734 Less: Fair value of pension and other postretirement obligations 533 Less: Fair value of warrants 24 Fair value of Successor common stock $ 589 Shares outstanding at September 3, 2013 41,753,211 Per share value $ 14.11 The fair value of debt and capitalized lease obligations represents $44 million of short term borrowings, $14 million of capitalized lease obligations and $676 million of long-term debt. The fair value of long-term debt was determined based on a market approach utilizing market yields and was estimated to be approximately 97% of par value. The fair value of capitalized lease obligations was determined based on market rents while the fair value of short term debt approximated its carrying value. The fair value of pension and other post retirement obligations was determined based on a discounted cash flow method of expected cash contributions/benefit payments for the period of September 1, 2013 to December 31, 2099. The expected cash contributions were discounted to present value using a discount rate of 3.5%. The fair value of the warrants was estimated using a Black-Scholes pricing model with the following assumptions: implied stock price of $14.11; strike price of $14.93 for 125% warrants and $16.12 for 135% warrants; expected volatility of 47% for 125% warrants and 48% for 135% warrants; expected dividend rate of 0.0%; risk free interest rate of 1.67%; expiration date of five years. The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date: (in millions) Enterprise value $ 1,000 Plus: Cash and cash equivalents 898 Plus: Fair value of noncontrolling interests 10 Plus: Fair value of non-debt liabilities 2,088 Less: Fair value of pension and other postretirement obligations 533 Reorganization value of Successor assets $ 3,463 The fair value of non-debt liabilities represents total liabilities of the Successor Company on the Effective Date less Short term borrowings and current portion of long-term debt, Long-term debt, net of current portion, $14 million in capital lease obligations and $18 million in other non-operating liabilities. Consolidated Statement of Financial Position The adjustments set forth in the following consolidated Statement of Financial Position reflect the effect of the consummation of the transactions contemplated by the Plan (reflected in the column “Reorganization Adjustments”) as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column “Fresh Start Adjustments”). The explanatory notes highlight methods used to determine fair values or other amounts of the assets and liabilities as well as significant assumptions or inputs. (in millions) Predecessor Reorganization Fresh Start Successor ASSETS Current Assets Cash and cash equivalents $ 1,070 $ (172 ) (1) $ — $ 898 Restricted cash 24 98 (2) — 122 Receivables, net 492 — — 492 Inventories, net 435 — 67 (21) 502 Assets held for sale 109 — 8 (22) 117 Other current assets 77 8 (3) (42 ) (23) 42 (1 ) (4) Total current assets 2,207 (67 ) 33 2,173 Property, plant & equipment, net 507 — 220 (24) 727 Goodwill 56 — 32 (25) 88 Intangible assets, net 43 — 192 (26) 235 Deferred income taxes 22 (21 ) (3) 55 (23) 56 Other long-term assets 202 15 (5) (26 ) (27) 184 8 (6) (8 ) (28) (8 ) (7) 1 (29) TOTAL ASSETS $ 3,037 $ (73 ) $ 499 $ 3,463 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities Accounts payable, trade $ 317 $ 6 (8) $ — $ 339 3 (9) 13 (10) Short-term borrowings and current portion of long-term debt 681 (641 ) (11) — 44 4 (12) Other current liabilities 600 (17 ) (13) (8 ) (30) 586 (13 ) (3) (14 ) (29) 38 (14) Liabilities held for sale 45 — (3 ) (22) 42 Total current liabilities 1,643 (607 ) (25 ) 1,011 Long-term debt, net of current portion 370 (370 ) (15) 11 (31) 676 665 (16) Pension and other postretirement liabilities 411 156 (17) 178 (29) 745 Other long-term liabilities 318 61 (17) 82 (23) 408 (53 ) (32) Liabilities subject to compromise 2,475 (2,475 ) (17) — — Total liabilities 5,217 (2,570 ) 193 2,840 Equity (Deficit) Common stock (Successor) — — (18) — — Additional paid in capital (Successor) — 540 (18) 73 (33) 613 Common stock (Predecessor) 978 (978 ) (19) — — Additional paid in capital (Predecessor) 1,105 (1,105 ) (19) — — Retained earnings (deficit) 2,446 (1,671 ) (20) (775 ) (34) — Accumulated other comprehensive loss (1,008 ) — 1,008 (34) — 3,521 (3,214 ) 306 613 Less: Treasury stock (Predecessor) (5,711 ) 5,711 (19) — — Total Eastman Kodak Company shareholders’ (deficit) equity (2,190 ) 2,497 306 613 Noncontrolling interests 10 — — 10 Total equity (deficit) (2,180 ) 2,497 306 623 TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 3,037 $ (73 ) $ 499 $ 3,463 (a) On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, “Discontinued Operations” for additional information. Reorganization adjustments (1) Reflects the net cash payments recorded as of the Effective Date from implementation of the Plan: (in millions) Sources: Net proceeds from Emergence Credit Facilities $ 664 Proceeds from Rights Offerings 406 Total sources $ 1,070 Uses: Repayment of Junior DIP Term Loans $ 644 Repayment of Second Lien Notes 375 Claims paid at emergence 94 Funding of escrow accounts 113 Other fees and expenses 16 Total uses 1,242 Net uses $ (172 ) Other fees and expenses represent $7 million payment for accrued and unpaid interest related to the repayment of debt and $9 million payment for emergence and success fees, which is included in Reorganization items, net in the Consolidated Statement of Operations. (2) Reflects the funding of $80 million to the professional fee escrow account for professional fees accrued at emergence and $18 million related to the EBP Settlement Agreement. Refer to Note 24, “Emergence from Voluntary Reorganization under Chapter 11 Proceedings” for additional information regarding the EBP Settlement Agreement. (3) Reflects the expiration of tax attributes, which was fully offset by a corresponding decrease in Kodak’s U.S. valuation allowance, as a result of the Debtors’ emergence from chapter 11 bankruptcy proceedings. Refer to Note 14, “Income Taxes” for additional information. (4) Represents the write-off of unamortized debt issuance costs of $1 million related to the Junior DIP Credit Agreement upon repayment in full of all outstanding term loans on the Effective Date. This amount has been included in Reorganization items, net in the Consolidated Statement of Operations. (5) Represents the funding of $15 million in cash collateralization for letters of credit under the ABL Credit Facility. (6) Represents $8 million of debt issuance costs incurred related to the Emergence Credit Facilities. (7) Represents the write-off of $5 million of deferred debt issuance costs upon repayment in full of all loans outstanding under the 9.75% senior secured notes due 2018 and 10.625% senior secured notes due 2019 and the write-off of $3 million of deferred equity issuance costs. These amounts have been included in Reorganization items, net in the Consolidated Statement of Operations. (8) Represents $6 million in claims expected to be satisfied in cash that were reclassified from Liabilities subject to compromise. (9) Represents $3 million of accrued expenses related to the Emergence Credit Facilities that have been deferred and recorded as part of Other Current assets. (10) Represents $13 million in success fees accrued upon emergence that have been included in Reorganization items, net in the Consolidated Statement of Operations. (11) On the Effective Date, the Company repaid in full all term loans outstanding under the Junior DIP Credit Agreement for an aggregate remaining principal amount of approximately $644 million offset by $3 million of unamortized debt discount that was written off upon repayment of the debt and is included in Reorganization items, net in the Consolidated Statement of Operations. (12) Represents $4 million of principal amount recorded as short-term borrowings pursuant to the terms of the Emergence Credit Facility. (13) On the Effective Date, the Company paid $7 million of accrued and unpaid interest related to the repayment of debt and $10 million in administrative claims that was included within Other current liabilities. (14) Represents $29 million in claims expected to be settled in cash and $9 million of liabilities that have been retained by Kodak in accordance with the Plan that have been reclassified from Liabilities subject to compromise. (15) On the Effective Date, the Company repaid in full all loans outstanding under the 9.75% senior secured notes due 2018 and 10.625% senior secured notes due 2019 for an aggregate principal amount of approximately $375 million offset by $5 million of unamortized debt discount that was written off upon repayment of the debt and is included in Reorganization items, net in the Consolidated Statement of Operations. (16) Upon issuance of the Term Loans under the Emergence Credit Facility, the Company received net proceeds of approximately $669 million, of which $4 million of the principal amount of the loans is recorded as short-term borrowings pursuant to the terms of the Emergence Credit Facility. (17) Liabilities subject to compromise were settled as follows in accordance with the Plan: (in millions) Liabilities subject to compromise of the Predecessor Company (LSTC) $ 2,475 Cash payments at emergence from LSTC (84 ) Claims expected to be satisfied in cash (35 ) Liabilities reinstated at emergence: Pension and other postretirement liabilities (156 ) Environmental obligations (61 ) Other current liabilities (9 ) Total liabilities reinstated at emergence (226 ) Fair value of equity issued to unsecured creditors (85 ) Fair value of warrants issued to unsecured creditors (24 ) Gain on settlement of liabilities subject to compromise $ 2,021 Refer to explanation #18 for the determination of fair value for equity issued to unsecured creditors. (18) Reflects the issuance of 34 million shares of common stock at a per share price of $11.94 in connection with the Rights Offering, 6 million shares of common stock issued to the holders of general unsecured and retiree committee unsecured claims valued at $14.11 per share, 1.7 million shares of common stock valued at $14.11 per share issued to the Backstop Parties in connection with the Backstop Commitment Agreement, 0.1 million shares of common stock issued under Kodak’s 2013 Omnibus Incentive Plan on the Effective Date, and issuance of warrants valued at $24 million. (19) Reflects the cancellation of Predecessor Company equity to retained earnings. (20) Reflects the cumulative impact of the reorganization adjustments discussed above: (in millions) Gain on settlement of liabilities subject to compromise $ 2,021 Fair value of shares issued to Backstop Parties and employees (25 ) Write-off of unamortized debt discounts and debt issuance costs (14 ) Success fees accrued at emergence (13 ) Emergence and success fees paid at emergence (9 ) Write-off of deferred equity issuance costs (3 ) Net gain on reoganization adjustments 1,957 Cancellation of Predecessor Company equity (3,628 ) Net impact to Retained earnings (deficit) $ (1,671 ) The net gain on reorganization adjustments has been included in Reorganization items, net in the Consolidated Statement of Operations. Fresh Start adjustments (21) An adjustment of $67 million was recorded to increase the net book value of inventories to their estimated fair value, which was determined as follows: • Fair value of finished goods inventory were determined based on the estimated selling price less costs to sell, including disposal and holding period costs, and a reasonable profit margin on the selling and disposal effort. • Fair value of work-in-process was determined based on the estimated selling price once completed less total costs to complete the manufacturing effort, costs to sell, including disposal and holding period costs, and a reasonable profit on the remaining manufacturing, selling and disposal effort. • Fair value of raw materials was determined based on current replacement costs. The following table summarizes the components of inventory as of August 31, 2013, and the fair value at September 1, 2013: (in millions) Successor As of September 1, Predecessor As of August 31, Finished goods $ 280 $ 235 Work in process 120 99 Raw materials 102 101 Total $ 502 $ 435 (22) Represents fair value adjustment to the assets and liabilities of the Company’s Personalized Imaging and Document Imaging businesses in delayed close countries. (23) Represents the net decrease in tax assets and tax liabilities associated with adjustments for fresh start accounting. (24) An adjustment of $220 million was recorded to increase the net book value of property, plant and equipment to estimated fair value. Fair value was determined as follows: • The market, sales comparison or trended cost approach was utilized for land, buildings and building improvements. This approach relies upon recent sales, offerings of similar assets or a specific inflationary adjustment to original purchase price to arrive at a probable selling price. • The cost approach was utilized for machinery and equipment. This approach considers the amount required to construct or purchase a new asset of equal utility at current prices, with adjustments in value for physical deterioration, and functional and economic obsolescence. Physical deterioration is an adjustment made in the cost approach to reflect the real operating age of an asset with regard to wear and tear, decay and deterioration that is not prevented by maintenance. Functional obsolescence is the loss in value or usefulness of an asset caused by inefficiencies or inadequacies of the asset, as compared to a more efficient or less costly replacement asset with newer technology. Economic obsolescence is the loss in value or usefulness of an asset due to factors external to the asset, such as the economics of the industry, reduced demand, increased competition or similar factors. The following table summarizes the components of property, plant and equipment, net as of August 31, 2013, and the fair value at September 1, 2013: (in millions) Successor As of September 1, Predecessor As of August 31, Land $ 114 $ 35 Buildings and building improvements 180 189 Machinery and equipment 402 252 Construction in progress 31 31 Total $ 727 $ 507 For property, plant and equipment owned at September 1, 2013, the depreciable lives were revised to reflect the remaining estimated useful lives. Refer to Note 1, “Basis of Presentation and Significant Accounting Policies” for additional information. (25) This adjustment eliminated the Predecessor goodwill balance of $56 million and records Successor goodwill of $88 million, which represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets, as follows: (in millions) Successor As of September 1, Reorganization value of Successor assets $ 3,463 Less: Fair value of Successor assets (excluding goodwill) 3,375 Reorganization value of Successor assets in excess of fair value - Successor goodwill $ 88 Refer to Note 5, “Goodwill and Other Intangible Assets” for Successor goodwill by reportable segment. (26) The net adjustment of $192 million reflects the write-off of existing intangibles of $43 million and an adjustment of $235 million to record the fair value of intangibles, determined as follows: a. Trade names of $54 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions: i. Forecasted revenues attributable to the trade names ranging from September 1, 2013 to December 31, 2023, including a terminal year with growth rates ranging from 0% to 3%; ii. Royalty rates ranging from .5% to 1% of expected net sales determined with regard to comparable market transactions and profitability analysis; iii. Discount rates ranging from 27% to 32%, which were based on the after-tax weighted-average cost of capital; and iv. Kodak anticipates using its trade name for an indefinite period. b. Technology based intangibles of $131 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions: i. Forecasted revenues attributable to the respective technologies for the period ranging from September 1, 2013 to December 31, 2025; ii. Royalty rates ranging from 1% to 16% determined with regard to comparable market transactions and cash flows of the respective technologies; iii. Discount rates ranging from 29% to 34%, based on the after-tax weighted-average cost of capital; and iv. Economic lives ranging from 4 to 12 years. c. Customer related intangibles of $39 million were valued using the income approach, specifically the multi-period excess earnings approach based on the following significant assumptions: i. Forecasted revenues and profit margins attributable to the current customer base for the period ranging from September 1, 2013 to December 31, 2024; ii. Attrition rates ranging from 2.5% to 20%; iii. Discount rates ranging from 29% to 38%, based on the after-tax weighted-average cost of capital; and iv. Economic lives ranging from 3 to 10 years. d. In-process research and development of $9 million was determined using the income approach, specifically the multi-period excess earnings method based on the following significant assumptions: i. Forecasted revenues attributable to the respective research and development projects for the period of September 1, 2013 to December 31, 2019; ii. Discount rate of 40% based on the after-tax weighted-average cost of capital adjusted for perceived risks inherent in the individual assets; and iii. Economic life of 6 years. e. In addition, the Company recorded the fair value of other intangibles of $2 million primarily related to favorable contracts and leasehold improvements that were favorable relative to available market terms. (27) Represents the write-off of deferred costs under various licensing transactions now being reflected in intangible assets. (28) Represents the write-off of unamortized debt issuance costs related to the Emergence Credit Facilities. (29) Represents the revaluation of pension and other postretirement obligations. Refer to Note 16, “Retirement plans “and Note 17, “Other postretirement benefits” for additional information. (30) Represents the revaluation of deferred revenues to the fair value of Kodak’s related future performance obligations. (31) Represents the write-off of unamortized debt discounts related to the Emergence Credit Facilities based on the fair value of debt. (32) Represents $38 million decrease in capitalized lease obligations determined based on market rents, $19 million decrease related to the remeasurement of employee benefit obligations offset by net $4 million increase in fair value adjustment related to asset retirement obligations and other miscellaneous liabilities. (33) Reflects the increase in fair value of the 34 million shares of common stock issued in connection with the Rights Offering from $11.94 to $14.11 per share. (34) Reflects the cumulative impact of fresh start adjustments as discussed above and the elimination of the Predecessor Company’s accumulated other comprehensive loss. (in millions) Establishment of Successor goodwill $ 88 Elimination of Predecessor goodwill (56 ) Establishment of Successor intangibles 235 Elimination of Predecessor intangibles (43 ) Inventory fair value adjustment 67 Property, plant & equipment fair value adjustment 220 Pension and other postretirement obligations fair value adjustment (178 ) Rights offering fair value adjustment (73 ) Long-term debt fair value adjustment (11 ) Other assets and liabilities fair value adjustments 53 Net gain on fresh start adjustments 302 Tax impact on fresh start adjustments (69 ) Elimination of Predecessor accumulated other comprehensive loss (1,008 ) Net impact on Retained earnings (deficit) $ (775 ) The net gain on fresh start adjustments has been included in Reorganization items, net in the Consolidated Statement of Operations. |
Note 26 - Reorganization Items,
Note 26 - Reorganization Items, Net | 12 Months Ended |
Dec. 31, 2015 | |
Reorganization Items Net [Abstract] | |
Reorganization Items Net [Text Block] | NOTE 26: REORGANIZATION ITEMS, NET A summary of reorganization items, net is presented in the following table: Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Professional fees $ 1 $ 10 $ 19 $ 114 Provision for expected allowed claims — (1 ) — 133 Net gain on reorganization adjustments — — — (1,957 ) Net gain on fresh start adjustments — — — (302 ) Other items, net 4 4 (3 ) (14 ) Reorganization items, net $ 5 $ 13 $ 16 $ (2,026 ) Cash payments for reorganization items $ 9 $ 21 $ 85 $ 210 Subsequent to the Effective Date, costs directly attributable to the implementation of the Plan are reported as Reorganization items, net. The cash payments for reorganization items for the eight months ended August 31, 2013 includes $84 million of claims related to liabilities subject to compromise paid on the Effective Date. Refer to Note 25, “Fresh Start Accounting” for additional information on the net gain on reorganization and fresh start adjustments. |
Note 27 - Discontinued Operatio
Note 27 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 27: DISCONTINUED OPERATIONS On the Effective Date, as a part of the Global Settlement and pursuant to the Amended SAPA, Kodak consummated the sale of certain assets of the Business to the KPP Purchasing Parties for net cash consideration, in addition to the assumption by the KPP Purchasing Parties of certain liabilities of the Business, of $325 million. Up to $35 million in aggregate of the purchase price is subject to repayment to KPP if the Business does not achieve certain annual adjusted EBITDA targets over the four-year period ending December 31, 2018. Certain assets and liabilities of the Business in certain jurisdictions were not transferred at the initial closing, which took place on the Effective Date, but were transferred at a series of deferred closings in accordance with the Amended SAPA. The final deferred closing occurred in September 2015. Kodak operated the Business related to the deferred closing jurisdictions, subject to certain covenants, until the applicable deferred closing occurred, and delivered to (or received from) a KPP subsidiary at each deferred closing a true-up payment that reflected the actual economic benefit (or detriment) to the Business in the applicable deferred closing jurisdiction(s) from the time of the initial closing through the time of the applicable deferred closing. Up to the time of the deferred closing, the results of the operations of the Business were being reported as (Loss) earnings from discontinued operations, net of income taxes in the Consolidated Statement of Operations and the assets and liabilities of the Business were being categorized as Assets held for sale or Liabilities held for sale in the Consolidated Statement of Financial Position, as appropriate. Kodak recognized a pre-tax loss on the sale of the Business of approximately $163 million during the third quarter 2013 predecessor period. The pre-tax loss excluded recognition of $64 million of non-refundable consideration related to the delayed closings, which non-refundable consideration was received on the Effective Date, and $35 million of contingent consideration, subject to repayment to KPP which was also received by Kodak on the Effective Date. The pre-tax loss included the recognition of approximately $1.5 billion of unamortized pension losses previously reported in Accumulated other comprehensive income. On March 17, 2014, the KPP Purchasing Parties agreed to pay Kodak $20 million of incremental consideration ($13 million was paid in March 2014 and the remainder was paid in March 2015) in lieu of working capital adjustments contemplated by the Amended SAPA. The following table summarizes the major classes of assets and liabilities related to the disposition of the Business which have been segregated and reported as part of Current assets held for sale and Current liabilities held for sale in the Consolidated Statement of Financial Position: As of December 31, (in millions) 2015 2014 Inventories, net $ — $ 2 Property, plant and equipment, net — 4 Other assets — 6 Current assets held for sale $ — $ 12 Trade payables $ — $ 1 Current liabilities held for sale $ — $ 1 Discontinued operations of Kodak include the Business (excluding the consumer film business, for which Kodak entered into an ongoing supply arrangement with one or more KPP Purchasing Parties) and other miscellaneous businesses. The significant components of revenues and earnings (loss) from discontinued operations, net of income taxes are as follows: Successor Predecessor Year Ended Year Ended Four Months Eight Months (in millions) Revenues from Personalized and Document Imaging $ 1 $ 61 $ 77 $ 738 Revenues from other discontinued operations — — 1 23 Total revenues from discontinued operations $ 1 $ 61 $ 78 $ 761 Pre-tax (loss) earnings from Personalized and Document Imaging $ (5 ) $ 9 $ 5 $ (217 ) Pre-tax loss from other discontinued operations — — 1 (14 ) (Provision) benefit for income taxes related to discontinued operations (3 ) (5 ) (2 ) 96 Earnings (loss) from discontinued operations, net of income taxes $ (8 ) $ 4 $ 4 $ (135 ) The $5 million in pre-tax loss recognized in 2015 represents costs incurred related to the final deferred closing. Kodak was required to use a portion of the proceeds from the divestiture of the Business to repay $200 million of the Junior DIP Credit Agreement. Interest expense on the debt that was required to be repaid as a result of the sale of the Business has therefore been allocated to discontinued operations ($14 million for the eight months ended August 31, 2013). Depreciation and amortization of long-lived assets of the Business included in discontinued operations ceased as of July 1, 2013. 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 28 - Quarterly Sales and E
Note 28 - Quarterly Sales and Earnings Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY SALES AND EARNINGS DATA (UNAUDITED) (in millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 2015 Net revenues from continuing operations $ 467 $ 446 $ 458 $ 427 Gross profit from continuing operations 119 99 86 77 Earnings (loss) from continuing operations 23 (3) (13 ) (23 ) (54 ) (Loss) earnings from discontinued operations (4) — (8 ) — — Net earnings (loss) attributable to Eastman Kodak Company 24 (22 ) (24 ) (58 ) Basic and diluted net earnings (loss) per share attributable to Eastman Kodak Company Continuing operations $ 0.57 $ (0.34 ) $ (0.57 ) $ (1.38 ) Discontinued operations — (0.19 ) — — Total $ 0.57 $ (0.53 ) $ (0.57 ) $ (1.38 ) (in millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 2014 Net revenues from continuing operations $ 532 $ 568 $ 528 $ 488 Gross profit from continuing operations 109 156 102 89 (Loss) earnings from continuing operations (40 ) (2) 31 (1) (60 ) (53 ) (Loss) earnings from discontinued operations (4) (1 ) (12 ) (2 ) 19 Net (loss) earnings attributable to Eastman Kodak Company (42 ) 17 (62 ) (36 ) Basic net (loss) earnings per share attributable to Eastman Kodak Company Continuing operations $ (0.98 ) $ 0.70 $ (1.44 ) $ (1.32 ) Discontinued operations (0.02 ) (0.29 ) (0.05 ) 0.46 Total $ (1.00 ) $ 0.41 $ (1.49 ) $ (0.86 ) Diluted net (loss) earnings per share attributable to Eastman Kodak Company Continuing operations $ (0.98 ) $ 0.67 $ (1.44 ) $ (1.32 ) Discontinued operations (0.02 ) (0.28 ) (0.05 ) 0.46 Total $ (1.00 ) $ 0.39 $ (1.49 ) $ (0.86 ) (1) Includes pre-tax licensing revenue of $51 million which increased net earnings from continuing operations by $51 million. (2) Includes pre-tax charge of $16 million from the remeasurement of the Venezuelan subsidiary monetary assets and liabilities, which decreased net earnings from continuing operations by $16 million. (3) Includes $17 million pre-tax benefit from the change in U.S. vacation benefits, which increased net earnings from continuing operations by $17 million. (4) Refer to Note 27, “Discontinued Operations”, in the Notes to Financial Statements for a discussion regarding discontinued operations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | (in millions) Beginning Balance Additions Net Deductions and Other Ending Balance Year ended December 31, 2015 (Successor) Reserve for doubtful accounts $ 11 4 5 $ 10 Deferred tax valuation allowance $ 1,127 182 108 $ 1,201 Year ended December 31, 2014 (Successor) Reserve for doubtful accounts $ 6 5 — $ 11 Deferred tax valuation allowance $ 953 257 83 $ 1,127 Four Months ended December 31, 2013 (Successor) Reserve for doubtful accounts $ — 6 — $ 6 Deferred tax valuation allowance $ 1,273 157 477 $ 953 In connection with the application of fresh start accounting on September 1, 2013, the carrying value of trade receivables was adjusted to fair value, eliminating the reserve for doubtful accounts. Eight Months ended August 31, 2013 (Predecessor) Reserve for doubtful accounts $ 30 — 8 $ 22 Deferred tax valuation allowance $ 2,838 180 1,745 $ 1,273 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation in Chapter 11 | BASIS OF PRESENTATIONOn January 19, 2012 (the “Petition Date”), Eastman Kodak Company (“EKC” or the “Company”) and its U.S. subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The cases (the “Chapter 11 Cases”) were jointly administered as Case No. 12-10202 (ALG) under the caption “In re Eastman Kodak Company.” The Debtors operated their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of chapter 11 of the Bankruptcy Code and the orders of the Bankruptcy Court until their emergence from bankruptcy. The Company’s foreign subsidiaries were not part of the Chapter 11 Cases, and continued to operate in the ordinary course of business.Upon emergence from bankruptcy on September 3, 2013, Kodak adopted fresh-start accounting which resulted in Kodak becoming a new entity for financial reporting purposes. Kodak applied fresh start accounting as of September 1, 2013. Accordingly, the consolidated financial statements on or after September 1, 2013 are not comparable to the consolidated financial statements prior to that date. Refer to Note 25, “Fresh Start Accounting” for additional information.Subsequent to the Petition Date, all expenses, gains and losses directly associated with the reorganization proceedings are reported as Reorganization items, net in the accompanying Consolidated Statement of Operations. In addition, Liabilities subject to compromise during the chapter 11 proceedings were distinguished from liabilities of the Company’s foreign subsidiaries that were not part of the Chapter 11 Cases, fully-secured liabilities that were not expected to be compromised and from post-petition liabilities in the accompanying Consolidated Statement of Financial Position.References to “Successor” or “Successor Company” relate to the reorganized Kodak subsequent to September 3, 2013. References to “Predecessor” or “Predecessor Company” relate to Kodak prior to September 3, 2013. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts for prior periods have been reclassified to conform to the current period classification due to Kodak’s new organization structure as of January 1, 2015 and for a change in the segment measure of profitability. In addition to the changes in segment reporting under the new organization structure, tenant rental income for Eastman Business Park previously reported in Cost of Revenues is reported in Revenues. Refer to Note 23, “Segment Information” for more information about these changes. |
Basis of Accounting, Policy [Policy Text Block] | ACCOUNTING PRINCIPLES The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The following is a description of the significant accounting policies of Kodak. |
Consolidation, Policy [Policy Text Block] | BASIS OF CONSOLIDATION The consolidated financial statements include the accounts of EKC and all companies directly or indirectly controlled by EKC, either through majority ownership or otherwise (collectively “Kodak”). Kodak consolidates variable interest entities if Kodak has a controlling financial interest and is determined to be the primary beneficiary of the entity. 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 $69 million and $13 million, respectively, as of December 31, 2015 and $77 million and $11 million, respectively, as of December 31, 2014. RED’s equity in those net assets as of December 31, 2015 and 2014 is $25 million and $21 million, respectively. RED’s results of operations are reflected in net income attributable to noncontrolling interest in the accompanying Consolidated Statement of Operations. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at year end, and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: assets and liabilities at year-end exchange rates; revenue, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rates. For those subsidiaries for which the local currency is the functional currency, the resulting translation adjustment is recorded as a component of Accumulated other comprehensive (loss) income in the accompanying Consolidated Statement of Financial Position. Translation adjustments related to investments that are permanent in nature are not tax-effected. For certain other subsidiaries and branches outside the U.S., operations are conducted primarily in U.S. dollars, which is therefore the functional currency. Monetary assets and liabilities of these foreign subsidiaries and branches, which are recorded in local currency, are remeasured at year-end exchange rates, while the related revenue, expense, and gain and loss accounts, which are recorded in local currency, are remeasured at average exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, and gain and loss accounts, are remeasured at historical exchange rates. Adjustments that result from the remeasurement of the assets and liabilities of these subsidiaries are included in Other (charges) income, net in the accompanying Consolidated Statement of Operations. The effects of foreign currency transactions, including related hedging activities, are included in Other (charges) income, net, in the accompanying Consolidated Statement of Operations. Venezuela Currency Kodak has accounted for the Venezuelan economy as highly inflationary since 2010. Accordingly, Kodak’s Venezuelan subsidiary uses the U.S. dollar as its functional currency, and monetary assets and liabilities denominated in BsF generate income or expense for changes in value associated with foreign currency exchange rate fluctuations against the U.S. dollar. Kodak’s Venezuelan subsidiary does not have ongoing trading activity. The Venezuelan government has maintained currency controls and a fixed official exchange rate since 2003. The official exchange rate at December 31, 2015 and 2014 was 6.3 Venezuelan Bolivars Fuertes (“BsF”) to the U.S. dollar. In 2013, the Venezuelan government announced the creation of a complementary currency exchange system, referred to as “SICAD 1.” SICAD 1 was determined by an auction process restricted to invited entities for designated uses. At December 31, 2014, the SICAD 1 exchange rate was 12.0 BsF to the U.S. Dollar. In 2014, the Venezuelan government created another currency exchange system known as “SICAD 2,” indicating that all industry sectors and companies would be eligible to participate in SICAD 2. Transactions in SICAD 2 were regulated by the Venezuelan Central Bank. Entities were required to submit applications to convert BsF to U.S. dollars under SICAD 2. The SICAD 2 exchange rate as of December 31, 2014 was 49.99 BsF to the U.S. dollar. Given increased uncertainty in Venezuela, Kodak adopted the SICAD 2 rate to remeasure BsF denominated monetary assets and liabilities of its Venezuelan subsidiary to the U.S. dollar as of December 31, 2014. As a result of this change from the official exchange rate, Kodak recorded a charge of $16 million in other (charges), income net in the fourth quarter of 2014. In 2015, the Venezuelan government merged the SICAD 1 and SICAD 2 exchange mechanisms into a single mechanism called SICAD and introduced a new open market system, “SIMADI.” The SIMADI market is intended to have a floating exchange rate determined by market participants. Kodak adopted the SIMADI rate to remeasure BsF denominated monetary assets and liabilities of its Venezuelan subsidiary to the U.S. dollar as of March 31, 2015. The SIMADI exchange rate at March 31, 2015 was 191.97 BsF to the U.S. dollar. As a result of the change from the SICAD 2 rate, Kodak recorded a charge of $2 million in other (charges), income net in the first quarter of 2015. The SIMADI exchange rate as of December 31, 2015 was 198.7 BsF to the U.S. dollar. As of December 31, 2015 and December 31, 2014, Kodak’s Venezuelan subsidiary had approximately $1 million and $2 million, respectively, of BsF denominated net monetary assets, composed primarily of cash and cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject Kodak to significant concentrations of credit risk consist principally of cash and cash equivalents, receivables, and derivative instruments. Kodak places its cash and cash equivalents with high-quality financial institutions and limits the amount of credit exposure to any one institution. With respect to receivables, such receivables arise from sales to numerous customers in a variety of industries, markets, and geographies around the world. Receivables arising from these sales are generally not collateralized. Kodak performs ongoing credit evaluations of its customers’ financial conditions, and maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. Counterparties to the derivative instrument contracts are major financial institutions. Kodak has not experienced non-performance by any of its derivative instruments counterparties. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH EQUIVALENTS All highly liquid investments with a remaining maturity of three months or less at date of purchase are considered to be cash equivalents. |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are stated at the lower of cost or market. The cost of all of Kodak’s inventories is determined by the average cost method, which approximates current cost. Kodak provides inventory reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at cost, net of accumulated depreciation with the exception of property, plant and equipment owned as of the application of fresh start accounting. Kodak capitalizes additions and improvements while maintenance and repairs are charged to expense as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to net (loss) earnings. In connection with fresh start accounting, property, plant and equipment were adjusted to their estimated fair value and depreciable lives were revised as of September 1, 2013. Refer to Note 25, “Fresh Start Accounting.” Kodak calculates depreciation expense using the straight-line method over the assets’ estimated useful lives, which are as follows: Successor Company As of September 1, Buildings and building improvements 5 - 40 1 - 38 Land improvements 20 1 - 20 Leasehold improvements 3 - 20 1 - 10 Equipment 3 - 15 1 - 20 Tooling 1 - 3 1 - 3 Furniture and fixtures 5 - 10 1 - 10 Kodak depreciates leasehold improvements over the shorter of the lease term or the asset’s estimated useful life. Equipment subject to operating leases is included in Property, plant and equipment, net in the Consolidated Statement of Financial Position. Equipment subject to operating leases consists of equipment rented to customers and is depreciated to estimated salvage value over its expected useful life. Equipment operating lease terms and depreciable lives generally vary from 3 to 7 years. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | GOODWILL Goodwill reported in the Successor period represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets. Refer to Note 25, “Fresh Start Accounting.” Goodwill is not amortized, but is required to be assessed for impairment at least annually and whenever events or changes in circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Kodak performed the annual test of impairment as of October 1, 2015 for all its reporting units and updated its analysis as of December 31, 2015 due to the change in the annual goodwill impairment test date from October 1 to December 31. When testing goodwill for impairment, Kodak may assess qualitative factors for some or all of its reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If Kodak determines based on this qualitative test of impairment that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or elects to bypass the qualitative assessment for some or all of its reporting units, then a two-step goodwill impairment test is performed to test for a potential impairment of goodwill (step 1) and if potential losses are identified, to measure the impairment loss (step 2). Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Refer to Note 5, “Goodwill and Other Intangible Assets”. |
Workers Compensation, Policy [Policy Text Block] | WORKERS COMPENSATION Kodak self insures and participates in high-deductible insurance programs with retention and per occurrence deductible levels for claims related to workers compensation. The estimated liability for workers compensation is based on actuarially estimated, discounted cost of claims, including claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and the amounts are adjusted based on actual claim experience, settlements, claim development trends, changes in state regulations and judicial interpretations. Amounts recoverable from insurance companies or third parties are estimated using historical experience and estimates of future recoveries. Estimated recoveries are not offset against the related accrual. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE Kodak’s revenue transactions include sales of products (such as components and consumables for use in Kodak and other manufacturers’ equipment and film based products); equipment; software; services; integrated solutions; and intellectual property and brand licensing. Kodak recognizes revenue when realized or realizable and earned, which is when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the sales price is fixed or determinable; and (4) collectability is reasonably assured. At the time revenue is recognized, Kodak provides for the estimated costs of customer incentive programs, warranties and estimated returns and reduces revenue accordingly. For those incentives that require the estimation of sales volumes or redemption rates, such as for volume rebates, Kodak uses historical experience and internal and customer data to estimate the sales incentive at the time revenue is recognized. Kodak accrues the estimated cost of post-sale obligations, including basic product warranties, based on historical experience at the time Kodak recognizes revenue. For product sales, the revenue recognition criteria are generally met when title and risk of loss have transferred from Kodak to the buyer, which may be upon shipment or upon delivery to the customer site, based on contract terms or legal requirements in certain jurisdictions. For equipment sales, the recognition criteria are generally met when the equipment is delivered and installed at the customer site. Revenue is recognized for equipment upon delivery as opposed to upon installation when the equipment has stand-alone value to the customer, and the amount of revenue allocable to the equipment is not legally contingent upon the completion of the installation. In instances in which the agreement with the customer contains a customer acceptance clause, revenue is deferred until customer acceptance is obtained, provided the customer acceptance clause is considered to be substantive. For certain agreements, Kodak does not consider these customer acceptance clauses to be substantive because Kodak can and does replicate the customer acceptance test environment and performs the agreed upon product testing prior to shipment. In these instances, revenue is recognized upon installation of the equipment. Revenue from the sale of software licenses is recognized when (1) Kodak enters into a legally binding arrangement with a customer for the license of software; (2) Kodak delivers the software; (3) customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collection from the customer is probable. Software maintenance and support revenue is recognized ratably over the term of the related maintenance contract. Revenue from services includes extended warranty, customer support and maintenance agreements, consulting, business process services, training and education. Service revenue is recognized over the contractual period or as services are performed. In service arrangements where final acceptance of a system or solution by the customer is required, revenue is deferred until all acceptance criteria have been met. The timing and the amount of revenue recognized from the licensing of intellectual property depend upon a variety of factors, including the specific terms of each agreement and the nature of the deliverables and obligations. Revenue is only recognized after all of the following criteria are met: (1) Kodak enters into a legally binding arrangement with a licensee of Kodak’s intellectual property, (2) Kodak delivers the technology or intellectual property rights, (3) licensee payment is deemed fixed or determinable and free of contingencies or significant uncertainties, and (4) collection from the licensee is reasonably assured. Most of Kodak’s equipment has both software and non-software components that function together to deliver the equipment’s essential functionality and therefore they are accounted for together as non-software deliverables. Non-essential software sold in connection with Kodak’s equipment sales is accounted for as separate deliverables or elements. In most cases, these software products sold as part of a multiple element arrangement include software maintenance agreements as well as unspecified upgrades or enhancements on a when-and-if-available basis. In multiple element arrangements where non-essential software deliverables are included, revenue is allocated to non-software and to software deliverables each as a group based on relative selling prices of each of the deliverables in the arrangement. Revenue allocated to software licenses is recognized when all revenue recognition criteria have been met. Revenue generated from maintenance and unspecified upgrades or updates on a when-and-if-available basis is recognized over the contract period. |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS Research and development (“R&D”) costs, which include costs incurred in connection with new product development, fundamental and exploratory research, process improvement, product use technology and product accreditation, are expensed in the period in which they are incurred. |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statement of Operations. Advertising expenses amounted to $8 million, $13 million, $6 million and $14 million for the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013, and for the eight months ended August 31, 2013, respectively. |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING COSTS Amounts charged to customers and costs incurred by Kodak related to shipping and handling are included in net sales and cost of sales, respectively. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS The carrying values of long-lived assets, other than goodwill and intangible assets with indefinite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable. In connection with fresh start accounting, the carrying values of long-lived assets were adjusted to estimated fair value as of September 1, 2013 and Kodak revised its estimates of the remaining useful lives of all long-lived assets. Refer to Note 25, “Fresh Start Accounting.” The recoverability of the carrying values of long-lived assets is assessed by first grouping long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, by estimating the undiscounted future cash flows that are directly associated with and that are expected to arise from the use of and eventual disposition of such asset group. Kodak estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, Kodak records an impairment charge to the extent the carrying value of the long-lived asset exceeds its fair value. Kodak determines fair value through quoted market prices in active markets or, if quoted market prices are unavailable, through the performance of internal analyses of discounted cash flows. The remaining useful lives of long-lived assets are reviewed in connection with the assessment of recoverability of long-lived assets and the ongoing strategic review of the business and operations. If the review indicates that the remaining useful life of the long-lived asset has changed significantly, the depreciation on that asset is adjusted to facilitate full cost recovery over its revised estimated remaining useful life. The carrying values of indefinite-lived intangible assets are evaluated for potential impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note 5, “Goodwill and Other Intangible Assets.” |
Income Tax, Policy [Policy Text Block] | INCOME TAXES Kodak recognizes deferred tax liabilities and assets for the expected future tax consequences of operating losses, credit carry-forwards and temporary differences between the carrying amounts and tax basis of Kodak’s assets and liabilities. Kodak records a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. For discussion of the amounts and components of the valuation allowances as of December 31, 2015 and 2014, see Note 14, “Income Taxes.” The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has recognized a deferred tax liability (net of related foreign tax credits) on the foreign subsidiaries’ undistributed earnings. |
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”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share expedient. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 (January 1, 2016 for Kodak) with retrospective application to all periods presented. Kodak early adopted ASU 2015-07 effective December 31, 2015. The retrospective adoption resulted in a reduction in Level 3 assets for the U.S. plans of $1,837 million and $1,721 million at December 31, 2014 and January 1, 2014, respectively, and a reduction in Level 3 assets for the non-U.S. plans of $106 million at both December 31, 2014 and January 1, 2014. In addition, Level 2 assets for the U.S. and non-U.S. plans decreased by $1,761 million and $251 million, respectively, at December 31, 2014. Refer to Note 16, “Retirement Plans.” In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360).” ASU 2014-08 defines a discontinued operation as a disposal of a component (or group of components) of an entity that was disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 expands the disclosures when an entity retains a significant continuing involvement with a discontinued operation as well as for disposals of individually material components that do not qualify as discontinued operations. The amendments in the update were effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014 (January 1, 2015 for Kodak) to new disposals and new disposal groups classified as held for sale after the effective date. The adoption of this guidance did not have a material impact on Kodak’s Consolidated Financial Statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS 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 is currently evaluating the impact of this ASU. 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 $22 million as of December 31, 2015. In April 2015, the FASB issued 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 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). Early adoption is permitted for financial statements not previously issued. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. The amendments in ASU 2015-02 change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for Kodak). Early adoption is permitted, including adoption in an interim period. A reporting entity may apply the amendments in this ASU either retrospectively or use a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. Kodak does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. 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. The new revenue standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (January 1, 2018 for Kodak) and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial application of the revised guidance recognized at the date of initial application. Kodak is currently evaluating the adoption alternatives and impact of this |
Note 1 - Basis of Presentatio40
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Property, Plant, and Equipment, Estimated Usefull Lives [Table Text Block] | Successor Company As of September 1, Buildings and building improvements 5 - 40 1 - 38 Land improvements 20 1 - 20 Leasehold improvements 3 - 20 1 - 10 Equipment 3 - 15 1 - 20 Tooling 1 - 3 1 - 3 Furniture and fixtures 5 - 10 1 - 10 |
Note 2 - Receivables, Net (Tabl
Note 2 - Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, (in millions) 2015 2014 Trade receivables $ 318 $ 361 Miscellaneous receivables 47 53 Total (net of allowances of $10 and $11 as of December 31, 2015 and December 31, 2014, respectively) $ 365 $ 414 |
Note 3 - Inventories, Net (Tabl
Note 3 - Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, (in millions) 2015 2014 Finished goods $ 177 $ 204 Work in process 65 73 Raw materials 72 72 Total $ 314 $ 349 |
Note 4 - Property, Plant and 43
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | As of December 31, (in millions) 2015 2014 Land $ 74 $ 100 Buildings and building improvements 171 176 Machinery and equipment 483 432 Construction in progress 28 47 756 755 Accumulated depreciation (330 ) (231 ) Property, plant and equipment, net $ 426 $ 524 |
Equipment Subject to Operating Leases [Table Text Block] | As of December 31, (in millions) 2015 2014 Equipment subject to operating leases, net $ 37 $ 25 Accumulated depreciation (14 ) (10 ) Equipment subject to operating leases, net $ 23 $ 15 |
Note 5 - Goodwill and Other I44
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | (in millions) Print Micro 3D Printing and Packaging Software and Consumer Intellectual Solutions Consolidated Balance as of December 31, 2013: $ 51 $ 24 $ 6 $ 6 $ 1 $ 88 Fresh start accounting adjustment 5 2 — — 1 8 Balance as of December 31, 2014: $ 56 $ 26 $ 6 $ 6 $ 2 $ 96 Impairment — (6 ) — — (2 ) (8 ) Balance as of December 31, 2015: $ 56 $ 20 $ 6 $ 6 $ — $ 88 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2015 (in millions) Gross Carrying Accumulated Net Weighted-Average Technology-based $ 131 $ 47 $ 84 6 years Kodak trade name 46 — 46 Indefinite life Customer-related 37 11 26 7 years Other 2 — 2 20 years Total $ 216 $ 58 $ 158 As of December 31, 2014 (in millions) Gross Carrying Accumulated Net Weighted-Average Technology-based $ 131 $ 27 $ 104 7 years Kodak trade name 46 — 46 Indefinite life Customer-related 36 6 30 8 years Other 2 — 2 21 years Total $ 215 $ 33 $ 182 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in millions) 2016 $ 25 2017 23 2018 18 2019 10 2020 9 2021 and thereafter 27 Total $ 112 |
Note 6 - Other Current Liabil45
Note 6 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Liabilities [Table Text Block] | As of December 31, (in millions) 2015 2014 Accrued employment-related liabilities $ 81 $ 132 Accrued customer rebates 31 34 Deferred revenue 39 48 Accrued restructuring liabilities 11 27 Deferred consideration on disposed businesses — 11 Other 97 120 Total $ 259 $ 372 |
Note 7 - Other Long-term Liab46
Note 7 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Long-term Liabilities [Table Text Block] | As of December 31, (in millions) 2015 2014 Workers compensation $ 113 $ 123 Environmental liabilities 13 19 Asset retirement obligations 47 53 Other 105 129 Total $ 278 $ 324 |
Note 8 - Short-term Borrowing47
Note 8 - Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, (in millions) 2015 2014 Type Maturity Weighted-Average Carrying Value Carrying Value Current portion: Term note 2016 7.56% $ 4 $ 4 Credit line 2015 2.42% — 1 Other 2016 3.12% - 6.07% 1 — 5 5 Non-current portion: Term note 2019 7.56% 400 403 Term note 2020 11.04% 270 269 Other Various 3.12% - 6.07% 5 — 675 672 $ 680 $ 677 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in millions) Carrying Maturity 2016 $ 5 $ 5 2017 4 4 2018 5 5 2019 392 397 2020 271 276 2021 and thereafter 3 3 Total $ 680 $ 690 |
Note 9 - Commitments and Cont48
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of December 31, (in millions) 2015 2014 Other current operating sites $ 7 $ 7 Sites associated with former operations — 10 Sites associated with the non-imaging health businesses sold in 1994 6 11 Total $ 13 $ 28 |
Cash Expenditures for Pollution Prevention and Waste Treatment [Table Text Block] | Successor Predecessor (in millions) For the Year For the Year For the Four For the Eight Recurring costs for pollution prevention and waste treatment $ 13 $ 13 $ 5 $ 16 Capital expenditures for pollution prevention and waste treatment 2 2 2 — Total $ 15 $ 15 $ 7 $ 16 |
Schedule of Asset Retirement Obligations [Table Text Block] | For the Year Ended December 31, (in millions) 2015 2014 Asset Retirement Obligations at start of period $ 53 $ 52 Liabilities incurred in the current period 1 3 Liabilities settled in the current period (3 ) (1 ) Accretion expense 2 2 Revision in estimated cash flows (6 ) (2 ) Foreign exchange impact — (1 ) Asset Retirement Obligations at end of period $ 47 $ 53 |
Note 10 - Guarantees (Tables)
Note 10 - Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | (in millions) Accrued warranty obligations as of December 31, 2013 $ 13 Actual warranty experience (16 ) Warranty provisions 8 Accrued warranty obligations as of December 31, 2014 5 Actual warranty experience (8 ) Warranty provisions 7 Accrued warranty obligations as of December 31, 2015 $ 4 |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | (in millions) Deferred revenue on extended warranties as of December 31, 2013 $ 30 New extended warranty and maintenance arrangements 194 Recognition of extended warranty and maintenance arrangement revenue (197 ) Deferred revenue on extended warranties as of December 31, 2014 27 New extended warranty and maintenance arrangements 185 Recognition of extended warranty and maintenance arrangement revenue (185 ) Deferred revenue on extended warranties as of December 31, 2015 $ 27 |
Note 11 - Financial Instrumen50
Note 11 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Successor Predecessor (in millions) For the Year For the Year For the Four For the Eight Net gain (loss) from derivatives not designated as hedging instruments $ 14 $ 10 $ (14 ) $ 2 |
Note 12 - Other Operating Exp51
Note 12 - Other Operating Expense (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Expense (income) : Gain on sale of digital imaging patent portfolio (1) $ — $ — $ — $ (535 ) Goodwill and intangible asset impairments (2) (3) (4) (5) (6) 8 9 8 77 Gains related to the sales of assets and businesses (6 ) (3 ) (6 ) (34 ) Gain recognized on assets acquired for no monetary consideration (7) (3 ) — — — Other 3 3 — (3 ) Total $ 2 $ 9 $ 2 $ (495 ) |
Note 13 - Other (Charges) Inc52
Note 13 - Other (Charges) Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Charges [Abstract] | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Income (charges): Interest income $ 1 $ 6 $ 3 $ 3 Loss on foreign exchange transactions (1) (17 ) (22 ) (5 ) (7 ) Other (5 ) (5 ) 12 (9 ) Total $ (21 ) $ (21 ) $ 10 $ (13 ) |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months (Loss) earnings from continuing operations before income taxes: U.S. $ (169 ) $ (208 ) $ (119 ) $ 2,243 Outside the U.S. 134 96 45 113 Total $ (35 ) $ (112 ) $ (74 ) $ 2,356 U.S. income taxes: Current provision (benefit) $ 1 $ (2 ) $ 3 $ — Deferred provision (benefit) 9 4 3 (3 ) Income taxes outside the U.S.: Current provision (benefit) 22 (1 ) 8 52 Deferred provision — 7 (8 ) 105 State and other income taxes: Current provision — 1 2 1 Deferred provision — 1 — — Total provision $ 32 $ 10 $ 8 $ 155 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Amount computed using the statutory rate $ (12 ) $ (39 ) $ (25 ) $ 825 Increase (reduction) in taxes resulting from: State and other income taxes, net of federal — 1 2 — Unremitted foreign earnings 26 4 36 32 Impact of goodwill and intangible impairments — — (3 ) (22 ) Operations outside the U.S. 28 111 73 (18 ) Legislative rate changes — — — 1 Valuation allowance (71 ) (121 ) (100 ) 39 Tax settlements and adjustments, including interest 2 (5 ) 1 5 Discharge of debt and other reorganization related items 60 57 24 (722 ) Other, net (1 ) 2 — 15 Provision for income taxes $ 32 $ 10 $ 8 $ 155 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (in millions) 2015 2014 Deferred tax assets Pension and postretirement obligations $ 187 $ 221 Restructuring programs 3 5 Foreign tax credit 314 258 Inventories 14 20 Investment tax credit 80 100 Employee deferred compensation 46 43 Depreciation 62 45 Research and development costs 188 232 Tax loss carryforwards 380 355 Other deferred revenue 13 13 Other 112 111 Total deferred tax assets $ 1,399 $ 1,403 Deferred tax liabilities Leasing $ 1 $ 7 Goodwill/Intangibles 49 51 Unremitted foreign earnings 121 176 Total deferred tax liabilities 171 234 Net deferred tax assets before valuation allowance 1,228 1,169 Valuation allowance 1,201 1,127 Net deferred tax assets $ 27 $ 42 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | As of December 31, (in millions) 2015 2014 Deferred income taxes (current) $ 22 $ 31 Deferred income taxes (non-current) 23 38 Other current liabilities — (1 ) Other long-term liabilities (18 ) (26 ) Net deferred tax assets $ 27 $ 42 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Ended December 31, Eight Months Balance as of January 1 $ 92 $ 106 $ 107 $ 57 Tax positions related to the current year: Additions 1 2 — 68 Tax Positions related to prior years: Additions — 1 2 1 Reductions (7 ) (14 ) (3 ) (17 ) Settlements with taxing jurisdictions — (1 ) — (2 ) Lapses in Statute of limitations (1 ) (2 ) — — Balance as of December 31 $ 85 $ 92 $ 106 $ 107 |
Note 15 - Restructuring Costs54
Note 15 - Restructuring Costs and Other (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | (in millions) Severance (5) Exit Costs (5) Long-lived Asset (5) Accelerated (5) Total Balance as of December 31, 2012 (Predecessor): $ 38 $ 45 $ — $ — $ 83 Eight months charges - continuing operations 38 3 4 4 49 Eight months charges - discontinued operations 3 — — — 3 Eight months utilization/cash payments (48 ) (32 ) (4 ) (4 ) (88 ) Eight months other adjustments & reclasses (1) (3 ) (9 ) — — (12 ) Balance as of August 31, 2013 (Predecessor): $ 28 $ 7 $ — $ — $ 35 Four months charges $ 13 $ 3 $ 1 $ — $ 17 Four months utilization/cash payments (15 ) (3 ) (1 ) — (19 ) Four months other adjustments & reclasses (2) — 1 — — 1 Balance as of December 31, 2013 (Successor): 26 8 — — 34 2014 charges 54 2 3 2 61 2014 utilization/cash payments (47 ) (5 ) (3 ) (2 ) (57 ) 2014 other adjustments & reclasses (3) (11 ) — — — (11 ) Balance as of December 31, 2014 (Successor): 22 5 — — 27 2015 charges 33 4 1 8 46 2015 utilization/cash payments (36 ) (5 ) (1 ) (8 ) (50 ) 2015 other adjustments & reclasses (4) (12 ) — — — (12 ) Balance as of December 31, 2015 (Successor): $ 7 $ 4 $ — $ — $ 11 |
Note 16 - Retirement Plans (Tab
Note 16 - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | (in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 U.S. Non-U.S. U.S. Non-U.S. Change in Benefit Obligation Projected benefit obligation at beginning of period $ 4,438 $ 918 $ 4,361 $ 960 Transfers — — — (31 ) Service cost 17 3 18 4 Interest cost 148 17 176 30 Plan amendments — — (61 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Actuarial (gain) loss (35 ) (24 ) 567 119 Settlements — — (292 ) — Special termination benefits 9 — 8 — Currency adjustments — (63 ) — (103 ) Projected benefit obligation at end of period $ 4,099 $ 800 $ 4,438 $ 918 Change in Plan Assets Fair value of plan assets at beginning of period $ 4,160 $ 795 $ 4,184 $ 833 Transfers — — — (9 ) Gain on plan assets 111 31 607 111 Employer contributions — 4 — 7 Settlements — — (292 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Currency adjustments — (51 ) — (86 ) Fair value of plan assets at end of period $ 3,793 $ 728 $ 4,160 $ 795 Under Funded Status at end of period $ (306 ) $ (72 ) $ (278 ) $ (123 ) Accumulated benefit obligation at end of period $ 4,098 $ 792 $ 4,436 $ 907 |
Schedule Of Amounts From Pension Plan Recognized in Balance Sheet [Table Text Block] | As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Other long-term assets $ — $ 39 $ — $ 29 Pension and other postretirement liabilities (306 ) (111 ) (278 ) (152 ) Net amount recognized $ (306 ) $ (72 ) $ (278 ) $ (123 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 4,099 $ 524 $ 4,438 $ 623 Accumulated benefit obligation 4,098 516 4,436 613 Fair value of plan assets 3,793 412 4,160 471 |
Schedule of Pension Plan Amounts Recognized In Accumulated Other Income Loss [Table Text Block] | As of December 31, (in millions) 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Prior service credit $ 50 $ 4 $ 58 $ 4 Net actuarial loss (285 ) (6 ) (159 ) (32 ) Total $ (235 ) $ (2 ) $ (101 ) $ (28 ) |
Schedule Of Amounts From Pension Plans Recognized In Other Comprehensive Income [Table Text Block] | Successor Predecessor Year Ended Year Ended December 31, 2014 Four Months Ended Eight Months Ended (in millions) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Newly established (loss) gain $ (126 ) $ 25 $ (255 ) $ (46 ) $ 97 $ 8 $ 80 $ 78 Newly established prior service credit — — 61 — — 6 — — Amortization of: Prior service (credit) cost (8 ) — (3 ) — — — 1 — Net actuarial loss — 2 — — — — 120 55 Prior service cost recognized due to curtailment — — — — — — 1 1 Net curtailment gain not recognized in expense — — — — — — 20 7 Net loss (gain) recognized in expense due to settlements — — 10 — (11 ) — — 1,542 Transfers — — — 1 — — — — Total Income (loss) recognized in Other comprehensive income before fresh start accounting $ (134 ) $ 27 $ (187 ) $ (45 ) $ 86 $ 14 $ 222 $ 1,683 Effect of application of fresh start accounting $ 1,955 $ 418 |
Schedule Of Changes In Projected Benefit Obligations Fair Value Of Plan Assets And Funded Status Of Plan [Table Text Block] | Successor Predecessor (in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Four Months Ended December 31, 2013 Eight Months Ended August 31, 2013 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 $ 17 $ 3 $ 18 $ 4 $ 7 $ 2 $ 19 $ 6 Interest cost 148 17 176 30 67 10 120 95 Expected return on plan assets (272 ) (30 ) (295 ) (38 ) (122 ) (14 ) (236 ) (105 ) Amortization of: Prior service credit (8 ) — (3 ) — — — 1 — Actuarial loss — 2 — — — — 120 55 Pension (income) expense before special termination benefits, curtailments and settlements (115 ) (8 ) (104 ) (4 ) (48 ) (2 ) 24 51 Special termination benefits 9 — 8 — — — — — Curtailment (gains) losses — — — — — (1 ) 1 1 Settlement (gains) losses — — 10 — (11 ) — — 114 Net pension (income) expense for major defined benefit plans (106 ) (8 ) (86 ) (4 ) (59 ) (3 ) 25 166 Other plans including unfunded plans — 4 — 8 — — 4 19 Net pension (income) expense $ (106 ) $ (4 ) $ (86 ) $ 4 $ (59 ) $ (3 ) $ 29 $ 185 |
Schedule Of Assumptions Used To Calculate Pension Plan Net Benefit Obligation [Table Text Block] | Successor Predecessor December 31, 2015 December 31, 2014 December 31, 2013 August 31, 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.89 % 2.50 % 3.50 % 2.09 % 4.50 % 3.40 % 4.25 % 3.33 % Salary increase rate 3.37 % 1.91 % 3.34 % 1.95 % 3.37 % 2.74 % 3.39 % 2.77 % |
Schedule of Assumptions Used to Calculate Pension Plan Net Benefit Costs [Table Text Block] | Successor Predecessor Year Ended Year Ended Four Months Ended Eight Months Ended U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.50 % 2.09 % 4.19 % 3.34 % 4.25 % 3.33 % 3.52 % 3.63 % Salary increase rate 3.34 % 1.95 % 3.37 % 2.62 % 3.39 % 2.77 % 3.40 % 2.79 % Expected long-term rate of return on plan assets 7.40 % 4.69 % 7.63 % 4.93 % 8.20 % 5.54 % 8.12 % 6.66 % |
Schedule of Allocation of Plan Assets [Table Text Block] | As of December 31, 2015 2014 2015 Target Asset Category Equity securities 15 % 15 % 12 - 18% Debt securities 35 % 35 % 32 - 38% Real estate 3 % 3 % 2 - 8% Cash and cash equivalents 1 % 3 % 0 - 6% Global balanced asset allocation funds 13 % 14 % 10 - 20% Other 33 % 30 % 25 - 35% Total 100 % 100 % As of December 31, 2015 2014 2015 Target Asset Category Equity securities 3 % 6 % 0 - 10% Debt securities 35 % 27 % 28 - 38% Real estate 0 % 1 % 0 - 5% Cash and cash equivalents 3 % 4 % 0 - 10% Global balanced asset allocation funds 6 % 11 % 0 - 10% Other 53 % 51 % 50 - 60% Total 100 % 100 % |
Schedule of Fair Value of Plan Assets By Measurement Inputs Disclosure [Table Text Block] | U.S. (in millions) Quoted Prices Significant Significant (Level 3) Measured at Total Cash and cash equivalents $ 2 $ — $ — $ 32 $ 34 Equity Securities — — — 571 571 Debt Securities: Government Bonds — — — 924 924 Investment Grade Bonds — 382 — — 382 Real Estate — — 34 96 130 Global Balanced Asset Allocation Funds — — — 492 492 Other: Absolute Return — — — 487 487 Private Equity — — 24 744 768 Derivatives with unrealized gains 5 — — — 5 $ 7 $ 382 $ 58 $ 3,346 $ 3,793 U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 1 $ — $ — $ 114 $ 115 Equity Securities — — — 632 632 Debt Securities: Government Bonds — — — 989 989 Investment Grade Bonds — 442 — — 442 Real Estate — — 41 98 139 Global Balanced Asset Allocation Funds — — — 587 587 Other: Absolute Return — — — 426 426 Private Equity — — 28 752 780 Derivatives with unrealized gains 50 — — — 50 $ 51 $ 442 $ 69 $ 3,598 $ 4,160 Non - U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 5 $ — $ — $ 16 $ 21 Equity Securities — 6 — 16 22 Debt Securities: Government Bonds — 39 — 117 156 Inflation-Linked Bonds — — — 3 3 Investment Grade Bonds — 45 — 45 90 Global High Yield & Emerging Market Debt — — — 3 3 Real Estate — 2 — — 2 Global Balanced Asset Allocation Funds — — — 47 47 Other: Absolute Return — 4 — 8 12 Private Equity — — — 61 61 Insurance Contracts — 311 — — 311 Derivatives with unrealized gains 2 — — — 2 Derivatives with unrealized losses (2 ) — — — (2 ) $ 5 $ 407 $ — $ 316 $ 728 Non - U.S. (in millions) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Measured at Total Cash and cash equivalents $ 4 $ — $ — $ 32 $ 36 Equity Securities — 8 — 38 46 Debt Securities: Government Bonds — 39 — 114 153 Inflation-Linked Bonds — — — 9 9 Investment Grade Bonds — 37 — — 37 Global High Yield & Emerging Market Debt — — — 11 11 Real Estate — 2 — — 2 Global Balanced Asset Allocation Funds — 1 — 90 91 Other: Absolute Return — 4 — 7 11 Private Equity — — — 56 56 Insurance Contracts — 340 — — 340 Derivatives with unrealized gains 5 — — — 5 Derivatives with unrealized losses (2 ) — — — (2 ) $ 7 $ 431 $ — $ 357 $ 795 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | (in millions) U.S. Balance at January 1, 2015 Net Realized and Net Purchases Net Transfer Balance at December 31, 2015 Real Estate $ 41 $ 6 $ (13 ) $ — $ 34 Private Equity 28 1 (5 ) — 24 Total $ 69 $ 7 $ (18 ) $ — $ 58 U.S. Balance at January 1, 2014 Net Realized and Net Purchases Net Transfer Balance at December 31, 2014 Real Estate $ 47 $ — $ (6 ) $ — $ 41 Private Equity 54 (12 ) (14 ) — 28 Total $ 101 $ (12 ) $ (20 ) $ — $ 69 |
Schedule Of Expected Pension Plan Payments [Table Text Block] | (in millions) U.S. Non-U.S. 2016 $ 357 $ 47 2017 341 47 2018 331 46 2019 321 46 2020 311 45 2021 - 2025 1,401 214 |
Note 17 - Other Postretiremen56
Note 17 - Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 17 - Other Postretirement Benefits (Tables) [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | (in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 U.S. Non-U.S. U.S. Non-U.S. Change in Benefit Obligation Projected benefit obligation at beginning of period $ 4,438 $ 918 $ 4,361 $ 960 Transfers — — — (31 ) Service cost 17 3 18 4 Interest cost 148 17 176 30 Plan amendments — — (61 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Actuarial (gain) loss (35 ) (24 ) 567 119 Settlements — — (292 ) — Special termination benefits 9 — 8 — Currency adjustments — (63 ) — (103 ) Projected benefit obligation at end of period $ 4,099 $ 800 $ 4,438 $ 918 Change in Plan Assets Fair value of plan assets at beginning of period $ 4,160 $ 795 $ 4,184 $ 833 Transfers — — — (9 ) Gain on plan assets 111 31 607 111 Employer contributions — 4 — 7 Settlements — — (292 ) — Benefit payments (478 ) (51 ) (339 ) (61 ) Currency adjustments — (51 ) — (86 ) Fair value of plan assets at end of period $ 3,793 $ 728 $ 4,160 $ 795 Under Funded Status at end of period $ (306 ) $ (72 ) $ (278 ) $ (123 ) Accumulated benefit obligation at end of period $ 4,098 $ 792 $ 4,436 $ 907 |
Schedule of Amounts from Other Post-retirement Plan Recognized in Balance Sheet [Table Text Block] | As of December 31, (in millions) 2015 2014 Other current liabilities $ (5 ) $ (8 ) Pension and other postretirement liabilities (73 ) (78 ) $ (78 ) $ (86 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of December 31, (in millions) 2015 2014 Net actuarial gain $ (8 ) $ — Total recorded in Accumulated other comprehensive income $ (8 ) $ — |
Schedule of Other Post-retirement Plan Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, (in millions) 2015 2014 Newly established loss $ (8 ) $ (2 ) Total loss recognized in Other comprehensive (loss) income $ (8 ) $ (2 ) |
Schedule of Other Post-retirement Plan, Net Benefit Costs [Table Text Block] | Successor Predecessor (in millions) Year Ended 2015 Year Ended 2014 Four Months Ended 2013 Eight Months August 31, 2013 Components of net postretirement benefit cost: Service cost $ — $ — $ — $ — Interest cost 3 4 1 3 Amortization of: Prior service credit — — — (75 ) Actuarial loss — — — 3 Other postretirement benefit cost (income) from continuing operations $ 3 $ 4 $ 1 $ (69 ) |
Schedule of Assumptions Used to Calculate Other Post-retirement Plan, Net Benefit Obligation [Table Text Block] | Year Ended December 31, 2015 2014 Discount rate 3.60 % 3.49 % Salary increase rate 1.80 % 2.60 % |
Schedule of Assumptions Used to Calculate Other Post-retirement Plan Net Benefit Costs [Table Text Block] | Successor Predecessor Year Ended 2015 Year Ended 2014 Four Months Ended 2013 Eight Months August 31, 2013 Discount rate 3.49 % 4.28 % 4.09 % 3.23 % Salary increase rate 2.60 % 2.50 % 2.50 % 2.50 % |
Other Post-retirement Benefits, Schedule of Health Care Cost Trend Rates [Table Text Block] | 2015 2014 Healthcare cost trend 5.81 % 6.47 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.21 % 4.65 % Year that the rate reaches the ultimate trend rate 2022 2021 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | (in millions) 1% increase 1% decrease Effect on total service and interest cost $ — $ — Effect on postretirement benefit obligation 4 (4 ) |
Schedule of Expected Other Post-retirement Benefit Payments [Table Text Block] | (in millions) 2016 $ 5 2017 5 2018 5 2019 4 2020 4 2021 - 2025 19 |
Other Postretirement Benefit Plan [Member] | |
Note 17 - Other Postretirement Benefits (Tables) [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Year Ended December 31, (in millions) 2015 2014 Net benefit obligation at beginning of period $ 86 $ 95 Interest cost 3 4 Plan participants’ contributions 7 9 Actuarial (gain) loss (8 ) 2 Benefit payments (12 ) (18 ) Currency adjustments 2 (6 ) Net benefit obligation at end of period $ 78 $ 86 Underfunded status at end of period $ (78 ) $ (86 ) |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 18 - Earnings Per Share (Tables) [Line Items] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | (in millions of shares) Year Ended Year Ended Four Months Ended Unvested share-based awards 0.2 0.1 0.2 Warrants to purchase common shares 0.3 1.5 1.7 Total 0.5 1.6 1.9 |
Employee Stock Option [Member] | |
Note 18 - Earnings Per Share (Tables) [Line Items] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Predecessor (in millions of shares) Eight Months Ended Employee stock options 7.0 Detachable warrants to purchase common shares 40.0 Total 47.0 |
Note 19 - Stock-based Compens58
Note 19 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Weighted-Average Fair Values Outstanding on December 31, 2014 685,430 $ 22.15 Granted 387,187 $ 14.86 Vested (237,957 ) $ 21.73 Forfeited (60,115 ) $ 15.74 Outstanding on December 31, 2015 774,545 $ 19.13 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Option Weighted Average Weighted Average Remaining Outstanding on December 31, 2014 781,321 $ 22.56 Granted 783,476 $ 15.31 Forfeited (44,002 ) $ 20.25 Outstanding on December 31, 2015 1,520,795 $ 18.89 6.17 Exercisable on December 31, 2015 273,205 $ 22.61 5.73 Expected to vest December 31, 2015 1,247,590 $ 18.08 6.27 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Years Ended December 31, 2015 2014 Weighted-average fair value of options granted $5.94 $7.44 Weighted-average risk-free interest rate 1.46% 1.46% Range of risk-free interest rates 1.26% - 1.60% 1.39% - 1.51% Weighted-average expected option lives (years) 4.5 4.5 Expected option lives (years) 4.5 4.5 Weighted-average volatility 46% 39% Range of expected volatilities 40% - 49% 36% - 42% Weighted-average expected dividend yield 0.0% 0.0% |
Note 21 - Other Comprehensive59
Note 21 - Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | (in millions) Successor Predecessor Year Ended 2015 Year Ended 2014 Four Months Ended December 31, Eight Months August 31, 2013 Currency translation adjustments $ (35 ) $ (33 ) $ 1 $ 4 Reclassification adjustment for losses included in Other charges (net), before tax 2 — — — Reclassification adjustment for losses included in Other charges (net), net of tax 2 — — — Pension and other postretirement benefit plan changes Newly established prior service credit 4 61 6 — Newly established net actuarial (loss) gain (88 ) (278 ) 95 393 Tax (benefit) provision (5 ) 7 (3 ) (14 ) Newly established prior service credit and net actuarial (loss) gain, net of tax (89 ) (210 ) 98 379 Reclassification adjustments: Amortization of prior service credit (a) (8 ) (3 ) — (75 ) Amortization of actuarial (gains) losses (a) (2 ) 1 — 185 Recognition of losses due to settlements and curtailments (a) 1 10 — 1,563 Total reclassification adjustments (9 ) 8 — 1,673 Tax (provision) — — — (448 ) Reclassification adjustments, net of tax (9 ) 8 — 1,225 Pension and other postretirement benefit plan changes, net of tax (98 ) (202 ) 98 1,604 Other comprehensive (loss) income $ (131 ) $ (235 ) $ 99 $ 1,608 |
Note 22 - Accumulated Other C60
Note 22 - Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of December 31, (in millions) 2015 2014 Currency translation adjustments $ (67 ) $ (32 ) Available for sale securities 2 $ — Pension and other postretirement benefit plan changes (202 ) (104 ) Ending balance $ (267 ) $ (136 ) |
Note 23 - Segment Information (
Note 23 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Successor Predecessor Year Ended Year Ended Four Months Eight Months (in millions) Print Systems $ 1,106 $ 1,257 $ 485 $ 844 Enterprise Inkjet Systems 173 185 83 133 Micro 3D Printing and Packaging 128 130 42 75 Software and Solutions 112 108 39 82 Consumer and Film 265 352 147 371 Intellectual Property Solutions 1 70 9 1 Eastman Business Park 13 14 4 4 All Other — — 3 36 Consolidated total $ 1,798 $ 2,116 $ 812 $ 1,546 Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Print Systems $ 98 $ 93 $ 38 $ 32 Enterprise Inkjet Systems (26 ) (44 ) (15 ) (34 ) Micro 3D Printing and Packaging (5) 9 (1 ) — (3 ) Software & Solutions 9 3 (1 ) (11 ) Consumer & Film 52 66 34 127 Intellectual Property Solutions (22 ) 40 (2 ) (19 ) Eastman Business Park 2 1 4 1 Total of reportable segments 122 158 58 93 All Other 5 5 4 5 Depreciation and amortization (145 ) (199 ) (75 ) (97 ) Corporate components of pension and OPEB income (1) 133 110 67 43 Restructuring costs and other (38 ) (59 ) (17 ) (45 ) Stock-based compensation (18 ) (8 ) (1 ) (3 ) Change in U.S. vacation benefits (4) 17 — — — Consulting and other costs (2) (13 ) (6 ) (2 ) — Idle costs (3) (3 ) (4 ) — 1 Costs previously allocated to discontinued operations (1 ) (4 ) (5 ) (35 ) Fresh start adjustments — — (73 ) — Other operating (expense) income, net excluding gain related to Unipixel termination (5) (5 ) (9 ) (2 ) 495 Loss on early extinguishment of debt, net — — — (8 ) Interest expense (63 ) (62 ) (22 ) (106 ) Other charges, net (21 ) (21 ) 10 (13 ) Reorganization items, net (5 ) (13 ) (16 ) 2,026 Consolidated (loss) earnings from continuing operations before income taxes $ (35 ) $ (112 ) $ (74 ) $ 2,356 (in millions) Successor Predecessor Intangible asset amortization expense from continuing operations: Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Print Systems $ 9 $ 9 $ 3 $ 6 Enterprise Inkjet Systems 4 4 1 2 Micro 3D Packaging & Printing 9 9 3 1 Software & Solutions 2 2 1 1 Consumer & Film 1 1 — — Consolidated total $ 25 $ 25 $ 8 $ 10 (in millions) Successor Predecessor Depreciation expense from continuing operations: Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 Print Systems $ 39 $ 51 $ 19 $ 34 Enterprise Inkjet Systems 12 12 5 8 Micro 3D Packaging & Printing 6 8 3 4 Software & Solutions 1 2 1 2 Consumer & Film 30 65 23 23 Intellectual Property Solutions 2 8 4 2 Eastman Business Park 6 11 7 7 Sub-total 96 157 62 80 Other 16 15 5 3 Restructuring-related depreciation 8 2 — 4 Consolidated total $ 120 $ 174 $ 67 $ 87 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | (in millions) Successor Predecessor Net sales to external customers attributed to (1) : Year Ended Year Ended Four Months Ended 2013 Eight Months Ended 2013 The United States $ 622 $ 751 $ 243 $ 519 Europe, Middle East and Africa 597 727 287 548 Asia Pacific 402 451 207 330 Canada and Latin America 177 187 75 149 Non U.S. countries total 1,176 1,365 569 1,027 Consolidated total $ 1,798 $ 2,116 $ 812 $ 1,546 (in millions) As of December 31, Property, plant and equipment, net located in: 2015 2014 2013 The United States $ 217 $ 271 $ 378 Europe, Middle East and Africa 55 68 91 Asia Pacific 76 75 83 Canada and Latin America 78 110 132 Non U.S. countries total (1) 209 253 306 Consolidated total $ 426 $ 524 $ 684 |
Note 25 - Fresh Start Account62
Note 25 - Fresh Start Accounting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 25 - Fresh Start Accounting (Tables) [Line Items] | |
Reconciliation of Enterprise Value to Estimated Fair Value [Table Text Block] | (in millions, except share and per share value) Enterprise value $ 1,000 Plus: Cash and cash equivalents 898 Less: Other non-operating liabilities 18 Less: Fair value of debt and capitalized lease obligations 734 Less: Fair value of pension and other postretirement obligations 533 Less: Fair value of warrants 24 Fair value of Successor common stock $ 589 Shares outstanding at September 3, 2013 41,753,211 Per share value $ 14.11 |
Reconciliation of Enterprise Value to Estimated Reorganization Value [Table Text Block] | (in millions) Enterprise value $ 1,000 Plus: Cash and cash equivalents 898 Plus: Fair value of noncontrolling interests 10 Plus: Fair value of non-debt liabilities 2,088 Less: Fair value of pension and other postretirement obligations 533 Reorganization value of Successor assets $ 3,463 |
Schedule of Cash Payments for Reorganization Adjustments [Table Text Block] | (in millions) Sources: Net proceeds from Emergence Credit Facilities $ 664 Proceeds from Rights Offerings 406 Total sources $ 1,070 Uses: Repayment of Junior DIP Term Loans $ 644 Repayment of Second Lien Notes 375 Claims paid at emergence 94 Funding of escrow accounts 113 Other fees and expenses 16 Total uses 1,242 Net uses $ (172 ) |
Reorganization Liabilities Subject to Compromise [Table Text Block] | (in millions) Liabilities subject to compromise of the Predecessor Company (LSTC) $ 2,475 Cash payments at emergence from LSTC (84 ) Claims expected to be satisfied in cash (35 ) Liabilities reinstated at emergence: Pension and other postretirement liabilities (156 ) Environmental obligations (61 ) Other current liabilities (9 ) Total liabilities reinstated at emergence (226 ) Fair value of equity issued to unsecured creditors (85 ) Fair value of warrants issued to unsecured creditors (24 ) Gain on settlement of liabilities subject to compromise $ 2,021 |
Schedule of Cumulative Impact of Reorganization Adjustments [Table Text Block] | (in millions) Gain on settlement of liabilities subject to compromise $ 2,021 Fair value of shares issued to Backstop Parties and employees (25 ) Write-off of unamortized debt discounts and debt issuance costs (14 ) Success fees accrued at emergence (13 ) Emergence and success fees paid at emergence (9 ) Write-off of deferred equity issuance costs (3 ) Net gain on reoganization adjustments 1,957 Cancellation of Predecessor Company equity (3,628 ) Net impact to Retained earnings (deficit) $ (1,671 ) |
Schedule of Inventory, Current [Table Text Block] | As of December 31, (in millions) 2015 2014 Finished goods $ 177 $ 204 Work in process 65 73 Raw materials 72 72 Total $ 314 $ 349 |
Property, Plant and Equipment [Table Text Block] | As of December 31, (in millions) 2015 2014 Land $ 74 $ 100 Buildings and building improvements 171 176 Machinery and equipment 483 432 Construction in progress 28 47 756 755 Accumulated depreciation (330 ) (231 ) Property, plant and equipment, net $ 426 $ 524 |
Schedule of Goodwill [Table Text Block] | (in millions) Print Micro 3D Printing and Packaging Software and Consumer Intellectual Solutions Consolidated Balance as of December 31, 2013: $ 51 $ 24 $ 6 $ 6 $ 1 $ 88 Fresh start accounting adjustment 5 2 — — 1 8 Balance as of December 31, 2014: $ 56 $ 26 $ 6 $ 6 $ 2 $ 96 Impairment — (6 ) — — (2 ) (8 ) Balance as of December 31, 2015: $ 56 $ 20 $ 6 $ 6 $ — $ 88 |
Cumulative Impact of Fresh Start Adjustments [Table Text Block] | (in millions) Establishment of Successor goodwill $ 88 Elimination of Predecessor goodwill (56 ) Establishment of Successor intangibles 235 Elimination of Predecessor intangibles (43 ) Inventory fair value adjustment 67 Property, plant & equipment fair value adjustment 220 Pension and other postretirement obligations fair value adjustment (178 ) Rights offering fair value adjustment (73 ) Long-term debt fair value adjustment (11 ) Other assets and liabilities fair value adjustments 53 Net gain on fresh start adjustments 302 Tax impact on fresh start adjustments (69 ) Elimination of Predecessor accumulated other comprehensive loss (1,008 ) Net impact on Retained earnings (deficit) $ (775 ) |
Reorganization and Fresh Start Adjustments [Member] | |
Note 25 - Fresh Start Accounting (Tables) [Line Items] | |
Condensed Balance Sheet [Table Text Block] | (in millions) Predecessor Reorganization Fresh Start Successor ASSETS Current Assets Cash and cash equivalents $ 1,070 $ (172 ) (1) $ — $ 898 Restricted cash 24 98 (2) — 122 Receivables, net 492 — — 492 Inventories, net 435 — 67 (21) 502 Assets held for sale 109 — 8 (22) 117 Other current assets 77 8 (3) (42 ) (23) 42 (1 ) (4) Total current assets 2,207 (67 ) 33 2,173 Property, plant & equipment, net 507 — 220 (24) 727 Goodwill 56 — 32 (25) 88 Intangible assets, net 43 — 192 (26) 235 Deferred income taxes 22 (21 ) (3) 55 (23) 56 Other long-term assets 202 15 (5) (26 ) (27) 184 8 (6) (8 ) (28) (8 ) (7) 1 (29) TOTAL ASSETS $ 3,037 $ (73 ) $ 499 $ 3,463 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities Accounts payable, trade $ 317 $ 6 (8) $ — $ 339 3 (9) 13 (10) Short-term borrowings and current portion of long-term debt 681 (641 ) (11) — 44 4 (12) Other current liabilities 600 (17 ) (13) (8 ) (30) 586 (13 ) (3) (14 ) (29) 38 (14) Liabilities held for sale 45 — (3 ) (22) 42 Total current liabilities 1,643 (607 ) (25 ) 1,011 Long-term debt, net of current portion 370 (370 ) (15) 11 (31) 676 665 (16) Pension and other postretirement liabilities 411 156 (17) 178 (29) 745 Other long-term liabilities 318 61 (17) 82 (23) 408 (53 ) (32) Liabilities subject to compromise 2,475 (2,475 ) (17) — — Total liabilities 5,217 (2,570 ) 193 2,840 Equity (Deficit) Common stock (Successor) — — (18) — — Additional paid in capital (Successor) — 540 (18) 73 (33) 613 Common stock (Predecessor) 978 (978 ) (19) — — Additional paid in capital (Predecessor) 1,105 (1,105 ) (19) — — Retained earnings (deficit) 2,446 (1,671 ) (20) (775 ) (34) — Accumulated other comprehensive loss (1,008 ) — 1,008 (34) — 3,521 (3,214 ) 306 613 Less: Treasury stock (Predecessor) (5,711 ) 5,711 (19) — — Total Eastman Kodak Company shareholders’ (deficit) equity (2,190 ) 2,497 306 613 Noncontrolling interests 10 — — 10 Total equity (deficit) (2,180 ) 2,497 306 623 TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 3,037 $ (73 ) $ 499 $ 3,463 |
Schedule of Goodwill [Table Text Block] | (in millions) Successor As of September 1, Reorganization value of Successor assets $ 3,463 Less: Fair value of Successor assets (excluding goodwill) 3,375 Reorganization value of Successor assets in excess of fair value - Successor goodwill $ 88 |
As of August 31 2013 and Fair Value at September 1, 2013 [Member] | |
Note 25 - Fresh Start Accounting (Tables) [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | (in millions) Successor As of September 1, Predecessor As of August 31, Finished goods $ 280 $ 235 Work in process 120 99 Raw materials 102 101 Total $ 502 $ 435 |
Property, Plant and Equipment [Table Text Block] | (in millions) Successor As of September 1, Predecessor As of August 31, Land $ 114 $ 35 Buildings and building improvements 180 189 Machinery and equipment 402 252 Construction in progress 31 31 Total $ 727 $ 507 |
Note 26 - Reorganization Item63
Note 26 - Reorganization Items, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reorganization Items Net [Abstract] | |
Reorganization Items, Net [Table Text Block] | Successor Predecessor (in millions) Year Ended Year Ended Four Months Eight Months Professional fees $ 1 $ 10 $ 19 $ 114 Provision for expected allowed claims — (1 ) — 133 Net gain on reorganization adjustments — — — (1,957 ) Net gain on fresh start adjustments — — — (302 ) Other items, net 4 4 (3 ) (14 ) Reorganization items, net $ 5 $ 13 $ 16 $ (2,026 ) Cash payments for reorganization items $ 9 $ 21 $ 85 $ 210 |
Note 27 - Discontinued Operat64
Note 27 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups Including Discontinued Operations Consolidated Statement of Financial Position [Table Text Block] | As of December 31, (in millions) 2015 2014 Inventories, net $ — $ 2 Property, plant and equipment, net — 4 Other assets — 6 Current assets held for sale $ — $ 12 Trade payables $ — $ 1 Current liabilities held for sale $ — $ 1 |
Schedule of Disposal Groups Including Discontinued Operations Income Statement [Table Text Block] | Successor Predecessor Year Ended Year Ended Four Months Eight Months (in millions) Revenues from Personalized and Document Imaging $ 1 $ 61 $ 77 $ 738 Revenues from other discontinued operations — — 1 23 Total revenues from discontinued operations $ 1 $ 61 $ 78 $ 761 Pre-tax (loss) earnings from Personalized and Document Imaging $ (5 ) $ 9 $ 5 $ (217 ) Pre-tax loss from other discontinued operations — — 1 (14 ) (Provision) benefit for income taxes related to discontinued operations (3 ) (5 ) (2 ) 96 Earnings (loss) from discontinued operations, net of income taxes $ (8 ) $ 4 $ 4 $ (135 ) |
Note 28 - Quarterly Sales and65
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Sales and Earnings Data Ending 2015 [Member] | |
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Tables) [Line Items] | |
Schedule of Quarterly Financial Information [Table Text Block] | (in millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 2015 Net revenues from continuing operations $ 467 $ 446 $ 458 $ 427 Gross profit from continuing operations 119 99 86 77 Earnings (loss) from continuing operations 23 (3) (13 ) (23 ) (54 ) (Loss) earnings from discontinued operations (4) — (8 ) — — Net earnings (loss) attributable to Eastman Kodak Company 24 (22 ) (24 ) (58 ) Basic and diluted net earnings (loss) per share attributable to Eastman Kodak Company Continuing operations $ 0.57 $ (0.34 ) $ (0.57 ) $ (1.38 ) Discontinued operations — (0.19 ) — — Total $ 0.57 $ (0.53 ) $ (0.57 ) $ (1.38 ) |
Quarterly Sales and Earnings Data Ending 2014 [Member] | |
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Tables) [Line Items] | |
Schedule of Quarterly Financial Information [Table Text Block] | (in millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 2014 Net revenues from continuing operations $ 532 $ 568 $ 528 $ 488 Gross profit from continuing operations 109 156 102 89 (Loss) earnings from continuing operations (40 ) (2) 31 (1) (60 ) (53 ) (Loss) earnings from discontinued operations (4) (1 ) (12 ) (2 ) 19 Net (loss) earnings attributable to Eastman Kodak Company (42 ) 17 (62 ) (36 ) Basic net (loss) earnings per share attributable to Eastman Kodak Company Continuing operations $ (0.98 ) $ 0.70 $ (1.44 ) $ (1.32 ) Discontinued operations (0.02 ) (0.29 ) (0.05 ) 0.46 Total $ (1.00 ) $ 0.41 $ (1.49 ) $ (0.86 ) Diluted net (loss) earnings per share attributable to Eastman Kodak Company Continuing operations $ (0.98 ) $ 0.67 $ (1.44 ) $ (1.32 ) Discontinued operations (0.02 ) (0.28 ) (0.05 ) 0.46 Total $ (1.00 ) $ 0.39 $ (1.49 ) $ (0.86 ) |
Schedule II - Valuation and Q66
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | (in millions) Beginning Balance Additions Net Deductions and Other Ending Balance Year ended December 31, 2015 (Successor) Reserve for doubtful accounts $ 11 4 5 $ 10 Deferred tax valuation allowance $ 1,127 182 108 $ 1,201 Year ended December 31, 2014 (Successor) Reserve for doubtful accounts $ 6 5 — $ 11 Deferred tax valuation allowance $ 953 257 83 $ 1,127 Four Months ended December 31, 2013 (Successor) Reserve for doubtful accounts $ — 6 — $ 6 Deferred tax valuation allowance $ 1,273 157 477 $ 953 In connection with the application of fresh start accounting on September 1, 2013, the carrying value of trade receivables was adjusted to fair value, eliminating the reserve for doubtful accounts. Eight Months ended August 31, 2013 (Predecessor) Reserve for doubtful accounts $ 30 — 8 $ 22 Deferred tax valuation allowance $ 2,838 180 1,745 $ 1,273 |
Note 1 - Basis of Presentatio67
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) | Jan. 01, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (2,000,000) | $ (16,000,000) | $ (2,000,000) | $ (16,000,000) | |||
Advertising Expense | $ 6,000,000 | $ 14,000,000 | 8,000,000 | 13,000,000 | |||
Deferred Tax Assets, Net of Valuation Allowance, Current | $ 31,000,000 | $ 22,000,000 | $ 31,000,000 | ||||
Venezuelan bolívar fuerte | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 6.3 | 6.3 | 6.3 | ||||
SICAD 1 [Member] | Venezuelan bolívar fuerte | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 12 | 12 | |||||
SICAD 2 [Member] | Venezuelan bolívar fuerte | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 49.99 | 49.99 | |||||
SIMADI [Member] | Venezuelan bolívar fuerte | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 191.97 | 198.7 | |||||
Reduction in Level 3 Assets for the U.S. Plans [Member] | Year Ended December 31, 2014 [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Prior Period Reclassification Adjustment | $ 1,837,000,000 | ||||||
Reduction in Level 3 Assets for the U.S. Plans [Member] | Year Ended December 31, 2013 [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Prior Period Reclassification Adjustment | $ 1,721,000,000 | ||||||
Reduction in Level 3 Assets for the Non-U.S. Plans [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Prior Period Reclassification Adjustment | $ 106,000,000 | ||||||
Reduction in Level 3 Assets for the Non-U.S. Plans [Member] | Year Ended December 31, 2014 [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Prior Period Reclassification Adjustment | 106 | ||||||
Decrease in Level 2 Assets for the U.S. Plans [Member] | Year Ended December 31, 2014 [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Prior Period Reclassification Adjustment | 1,761,000,000 | ||||||
RED-Rochester, LLC [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Noncontrolling Interest in Variable Interest Entity | $ 21,000,000 | $ 25,000,000 | 21,000,000 | ||||
RED-Rochester, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 77,000,000 | 69,000,000 | 77,000,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 11,000,000 | 13,000,000 | 11,000,000 | ||||
Kodak's Venezuelan Subsidiary [Member] | Venezuelan bolívar fuerte | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign Denominated Monetary Assets | $ 2,000,000 | $ 1,000,000 | $ 2,000,000 | ||||
Minimum [Member] | Equipment Subject to Operating Leases [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Maximum [Member] | Equipment Subject to Operating Leases [Member] | |||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 7 years |
Note 1 - Basis of Presentatio68
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives | 8 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Dec. 31, 2015 | |
Land Improvements [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 20 years | |
Minimum [Member] | Building and Building Improvements [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 5 years | |
Minimum [Member] | Building and Building Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Land Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Leasehold Improvements [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Equipment [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 3 years | |
Minimum [Member] | Equipment [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Tools, Dies and Molds [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Tools, Dies and Molds [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Minimum [Member] | Furniture and Fixtures [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 5 years | |
Minimum [Member] | Furniture and Fixtures [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 1 year | |
Maximum [Member] | Building and Building Improvements [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 40 years | |
Maximum [Member] | Building and Building Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 38 years | |
Maximum [Member] | Land Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Leasehold Improvements [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Leasehold Improvements [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 10 years | |
Maximum [Member] | Equipment [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 15 years | |
Maximum [Member] | Equipment [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Tools, Dies and Molds [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 3 years | |
Maximum [Member] | Tools, Dies and Molds [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 3 years | |
Maximum [Member] | Furniture and Fixtures [Member] | Successor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | Predecessor [Member] | ||
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Property, Plant and Equipment Estimated Useful Lives [Line Items] | ||
Property, plant, and equipment, estimated useful lives | 10 years |
Note 2 - Receivables, Net (Deta
Note 2 - Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Expected Customer Settlements in Lieu of Cash Payments | $ 28 | $ 31 |
Note 2 - Receivables, Net (De70
Note 2 - Receivables, Net (Details) - Receivables, Net - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables, Net [Abstract] | ||
Trade receivables | $ 318 | $ 361 |
Miscellaneous receivables | 47 | 53 |
Total (net of allowances of $10 and $11 as of December 31, 2015 and December 31, 2014, respectively) | $ 365 | $ 414 |
Note 2 - Receivables, Net (De71
Note 2 - Receivables, Net (Details) - Receivables, Net (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables, Net [Abstract] | ||
Allowances | $ 10 | $ 11 |
Note 3 - Inventories, Net (Deta
Note 3 - Inventories, Net (Details) - Inventories - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 177 | $ 204 |
Work in process | 65 | 73 |
Raw materials | 72 | 72 |
Total | $ 314 | $ 349 |
Note 4 - Property, Plant and 73
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | $ 4 | $ 2 | ||
Successor [Member] | ||||
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) [Line Items] | ||||
Depreciation | $ 67 | $ 120 | 174 | |
Restructuring and Related Cost, Accelerated Depreciation | $ 0 | $ 8 | $ 2 | |
Predecessor [Member] | ||||
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) [Line Items] | ||||
Depreciation | 87 | |||
Restructuring and Related Cost, Accelerated Depreciation | $ 4 |
Note 4 - Property, Plant and 74
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) - Property, Plant and Equipment - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 74 | $ 100 |
Buildings and building improvements | 171 | 176 |
Machinery and equipment | 483 | 432 |
Construction in progress | 28 | 47 |
756 | 755 | |
Accumulated depreciation | (330) | (231) |
Property, plant and equipment, net | $ 426 | $ 524 |
Note 4 - Property, Plant and 75
Note 4 - Property, Plant and Equipment, Net and Equipment Subject to Operating Leases, Net (Details) - Equipment Subject to Operating Leases - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Equipment Subject to Operating Leases [Abstract] | ||
Equipment subject to operating leases, net | $ 37 | $ 25 |
Accumulated depreciation | (14) | (10) |
Equipment subject to operating leases, net | $ 23 | $ 15 |
Note 5 - Goodwill and Other I76
Note 5 - Goodwill and Other Intangible Assets (Details) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | |
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Fresh-Start Adjustment, Increase (Decrease), Goodwill | $ 8 | $ 8 | ||||||
Goodwill | $ 88 | $ 88 | $ 88 | $ 88 | 96 | |||
Goodwill, Impairment Loss | 8 | |||||||
Amortization of Intangible Assets | 8 | $ 10 | $ 25 | 25 | ||||
Print Systems [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Fresh-Start Adjustment, Increase (Decrease), Goodwill | 5 | |||||||
Number of Reporting Units | 2 | |||||||
Goodwill | 56 | 51 | 51 | $ 56 | 56 | |||
Goodwill, Impairment Loss | $ 0 | |||||||
Micro 3D Printing and Packaging [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Fresh-Start Adjustment, Increase (Decrease), Goodwill | 2 | |||||||
Number of Reporting Units | 2 | |||||||
Goodwill | 20 | 24 | 24 | $ 20 | 26 | |||
Goodwill, Impairment Loss | $ 6 | |||||||
Software and Solutions [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Number of Reporting Units | 2 | |||||||
Goodwill | 6 | 6 | 6 | $ 6 | 6 | |||
Goodwill, Impairment Loss | $ 0 | |||||||
Consumer and Film [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Number of Reporting Units | 3 | |||||||
Goodwill | 6 | 6 | 6 | $ 6 | 6 | |||
Goodwill, Impairment Loss | $ 0 | |||||||
Enterprise Inkjet Systems [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Number of Reporting Units | 2 | |||||||
Intellectual Property Solutions [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Fresh-Start Adjustment, Increase (Decrease), Goodwill | 1 | |||||||
Number of Reporting Units | 1 | |||||||
Goodwill | 1 | $ 1 | 2 | |||||
Goodwill, Impairment Loss | 2 | $ 2 | ||||||
Eastman Business Park [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Number of Reporting Units | 1 | |||||||
Graphics, Entertainment and Commercial Films Segment [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill | 67 | |||||||
Digital Printing and Enterprise Segment [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill | $ 29 | |||||||
Trade Names [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill, Impairment Loss | 0 | |||||||
Other Operating Income (Expense) [Member] | Micro 3D Printing and Packaging [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill, Impairment Loss | $ 6 | |||||||
Other Operating Income (Expense) [Member] | Intellectual Property Solutions [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill, Impairment Loss | $ 2 | |||||||
Other Operating Income (Expense) [Member] | Trade Names [Member] | ||||||||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||||
Goodwill, Impairment Loss | $ 8 |
Note 5 - Goodwill and Other I77
Note 5 - Goodwill and Other Intangible Assets (Details) - Carrying Value of Goodwill by Reportable Segments - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||||
Goodwill | $ 88 | $ 88 | $ 96 | $ 88 | |
Impairment | (8) | ||||
Fresh start accounting adjustment | 8 | $ 8 | |||
Print Systems [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 56 | 56 | 56 | 51 | |
Impairment | 0 | ||||
Fresh start accounting adjustment | 5 | ||||
Micro 3D Printing and Packaging [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 20 | 20 | 26 | 24 | |
Impairment | (6) | ||||
Fresh start accounting adjustment | 2 | ||||
Software and Solutions [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 6 | 6 | 6 | 6 | |
Impairment | 0 | ||||
Consumer and Film [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 6 | 6 | 6 | 6 | |
Impairment | 0 | ||||
Intellectual Property Solutions [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 2 | $ 1 | |||
Impairment | $ (2) | $ (2) | |||
Fresh start accounting adjustment | $ 1 |
Note 5 - Goodwill and Other I78
Note 5 - Goodwill and Other Intangible Assets (Details) - Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Category - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 216 | $ 215 |
Accumulated Amortization | 58 | 33 |
Net | 158 | 182 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 46 | 46 |
Net | $ 46 | $ 46 |
Weighted-Average Amortization Period (in years) | ||
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 131 | $ 131 |
Accumulated Amortization | 47 | 27 |
Net | $ 84 | $ 104 |
Weighted-Average Amortization Period (in years) | 6 years | 7 years |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 37 | $ 36 |
Accumulated Amortization | 11 | 6 |
Net | $ 26 | $ 30 |
Weighted-Average Amortization Period (in years) | 7 years | 8 years |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2 | $ 2 |
Net | $ 2 | $ 2 |
Weighted-Average Amortization Period (in years) | 20 years | 21 years |
Note 5 - Goodwill and Other I79
Note 5 - Goodwill and Other Intangible Assets (Details) - Estimated Future Amortization Expense Related to Intangible Assets $ in Millions | Dec. 31, 2015USD ($) |
Estimated Future Amortization Expense Related to Intangible Assets [Abstract] | |
2,016 | $ 25 |
2,017 | 23 |
2,018 | 18 |
2,019 | 10 |
2,020 | 9 |
2021 and thereafter | 27 |
Total | $ 112 |
Note 6 - Other Current Liabil80
Note 6 - Other Current Liabilities (Details) - Other Current Liabilities - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Liabilities [Abstract] | ||
Accrued employment-related liabilities | $ 81 | $ 132 |
Accrued customer rebates | 31 | 34 |
Deferred revenue | 39 | 48 |
Accrued restructuring liabilities | 11 | 27 |
Deferred consideration on disposed businesses | 11 | |
Other | 97 | 120 |
Total | $ 259 | $ 372 |
Note 7 - Other Long-term Liab81
Note 7 - Other Long-term Liabilities (Details) - Summary of Other Long-term Liabilities - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 03, 2013 |
Summary of Other Long-term Liabilities [Abstract] | |||
Workers compensation | $ 113 | $ 123 | |
Environmental liabilities | 13 | 19 | |
Asset retirement obligations | 47 | 53 | |
Other | 105 | 129 | |
Total | $ 278 | $ 324 | $ 18 |
Note 8 - Short-term Borrowing82
Note 8 - Short-term Borrowings and Long-term Debt (Details) | Sep. 03, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2015 |
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Proceeds from Issuance of Other Long-term Debt | $ 669,000,000 | |||
Debt Issuance Cost | 8,000,000 | |||
Qualified Cash | $ 15,000,000 | $ 15,000,000 | ||
Excess Availability, Percentage of Lender Commitments, Threshold Triggering Cash Dominion Control | 15.00% | |||
Percentage of Stock of Material Domestic Subsidiaries Securing Credit Agreement | 100.00% | |||
Percentage of Stock of Material First Tier Foreign Subsidiaries Securing Credit Agreement | 65.00% | |||
Term Collateral, Carrying Value | $ 1,873,000,000 | |||
ABL Collateral, Carrying Value | 1,964,000,000 | |||
Term Credit Agreements, U.S. Liquidity, Threshold Below which No Prepayment is Required | 100,000,000 | |||
Term Credit Agreements, Prepayment Required in Next Fiscal Year | $ 0 | $ 0 | ||
Term Credit Agreements, First Lien Term Credit Agreement, Maximum Secured Leverage Ratio | 2.75 | 3.75 | 3.25 | |
Term Credit Agreements, EBITDA in Excess of the EBITDA Necessary to Satisfy the Secured Leverage Ratio | $ 33,000,000 | |||
ABL Credit Facility [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | |||
Long-term Line of Credit | 118,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 16,000,000 | $ 29,000,000 | ||
Fixed Charged Coverage Ratio Required | 1 | |||
Excess Availability Below Which the Fixed Charge Coverage Ratio is Triggered | 15.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 30,000,000 | 31,000,000 | ||
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, Calculation, Qualified Cash, Maximum | $ 15,000,000 | |||
Lender Commitments, Threshold Trigger, Excess Availability Amount | 30,000,000 | 30,000,000 | ||
Debt Instrument Covenant, Fixed Charge Coverage Ratio, Exceeded Amount | 17,000,000 | |||
ABL Credit Facility [Member] | Letter of Credit [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||
Restricted Cash [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Eligible Cash | $ 30,000,000 | $ 20,000,000 | ||
Term Credit Agreement [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Face Amount | 695,000,000 | |||
Proceeds from Issuance of Other Long-term Debt | 664,000,000 | |||
Debt Instrument, Unamortized Discount | 15,000,000 | |||
Debt Issuance Cost | 16,000,000 | |||
First Lien Term Loan [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Face Amount | 420,000,000 | |||
Second Lien Note Holders [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Face Amount | $ 275,000,000 | |||
First Lien Term Loan [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | |||
LIBOR Floor Percentage | 1.00% | |||
Alternate Base Rate | 5.25% | |||
First Lien Term Loan [Member] | Term Credit Agreement [Member] | Between First and Second Anniversary [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Repayment Rate | 1.00% | |||
Second Lien Note Holders [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | |||
LIBOR Floor Percentage | 1.25% | |||
Alternate Base Rate | 8.50% | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ABL Credit Facility [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Minimum [Member] | Base Rate [Member] | ABL Credit Facility [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ABL Credit Facility [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Maximum [Member] | Base Rate [Member] | ABL Credit Facility [Member] | ||||
Note 8 - Short-term Borrowings and Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Note 8 - Short-term Borrowing83
Note 8 - Short-term Borrowings and Long-term Debt (Details) - Long-term Debt and Related Maturities and Interest Rates - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 680 | $ 677 |
Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 5 | 5 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 675 | 672 |
Term Note [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 7.56% | |
Carrying Value | $ 4 | 4 |
Line of Credit [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 2.42% | |
Carrying Value | 1 | |
Other Long-term Debt [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 1 | |
Other Long-term Debt [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 5 | |
Term Note 7.56% [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 7.56% | |
Carrying Value | $ 400 | 403 |
Term Note 11.04% [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 11.04% | |
Carrying Value | $ 270 | $ 269 |
Minimum [Member] | Other Long-term Debt [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 3.12% | |
Minimum [Member] | Other Long-term Debt [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 3.12% | |
Maximum [Member] | Other Long-term Debt [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 6.07% | |
Maximum [Member] | Other Long-term Debt [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-Average Effective Interest Rate | 6.07% |
Note 8 - Short-term Borrowing84
Note 8 - Short-term Borrowings and Long-term Debt (Details) - Annual Maturities of Long-term Debt $ in Millions | Dec. 31, 2015USD ($) |
Annual Maturities of Long-term Debt [Abstract] | |
2,016 | $ 5 |
2,016 | 5 |
2,017 | 4 |
2,017 | 4 |
2,018 | 5 |
2,018 | 5 |
2,019 | 392 |
2,019 | 397 |
2,020 | 271 |
2,020 | 276 |
2021 and thereafter | 3 |
2021 and thereafter | 3 |
Total | 680 |
Total | $ 690 |
Note 9 - Commitments and Cont85
Note 9 - Commitments and Contingencies (Details) - USD ($) $ in Millions | Jan. 14, 2015 | Mar. 31, 2015 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Gain on Environmental Liabilities | $ 5 | |||||
Other Increase (Decrease) in Environmental Liabilities | $ (5) | |||||
Environmental Insurance Policy Term | 10 years | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 2 | $ 14 | ||||
Operating Leases, Rent Expense, Net | $ 15 | $ 36 | 30 | 38 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 43 | $ 37 | ||||
Middleway, West Virginia [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Gain on Environmental Liabilities | $ 5 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 2 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 9 | |||||
Bank Guarantees and Letters of Credit [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 4 | |||||
Surety Bond [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 17 | |||||
Restricted Cash Deposits [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 58 | |||||
Asset Based Revolving Credit Facility [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 118 | |||||
BRAZIL | Federal and State Value-added Taxes Litigations [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 49 | |||||
Cash [Member] | BRAZIL | Threat of Expropriation of Assets [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Restricted Cash and Cash Equivalents, Noncurrent | 6 | |||||
Collateralized Debt Obligations [Member] | BRAZIL | Threat of Expropriation of Assets [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||||
Assets, Noncurrent | $ 62 |
Note 9 - Commitments and Cont86
Note 9 - Commitments and Contingencies (Details) - Site Contingency - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Site Contingency [Line Items] | ||
Site Contingency | $ 13 | $ 28 |
Other Operating Sites [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency | 7 | 7 |
Sites Associated with Former Operations [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency | 10 | |
Sites Associated With Non-imaging Health Business [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency | $ 6 | $ 11 |
Note 9 - Commitments and Cont87
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment [Line Items] | ||||
Cash expenditures for pollution prevention and waste treatment | $ 7 | $ 15 | $ 15 | |
Successor [Member] | Recurring Cost Pollution Prevention and Waste Treatment [Member] | ||||
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment [Line Items] | ||||
Cash expenditures for pollution prevention and waste treatment | 5 | 13 | 13 | |
Successor [Member] | CapitalExpenditures for Pollution Prevention and Waste Treatment [Member] | ||||
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment [Line Items] | ||||
Cash expenditures for pollution prevention and waste treatment | $ 2 | $ 2 | $ 2 | |
Predecessor [Member] | ||||
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment [Line Items] | ||||
Cash expenditures for pollution prevention and waste treatment | $ 16 | |||
Predecessor [Member] | Recurring Cost Pollution Prevention and Waste Treatment [Member] | ||||
Note 9 - Commitments and Contingencies (Details) - Cash Expenditures For Pollution Prevention and Waste Treatment [Line Items] | ||||
Cash expenditures for pollution prevention and waste treatment | $ 16 |
Note 9 - Commitments and Cont88
Note 9 - Commitments and Contingencies (Details) - Asset Retirement Obligation Activity - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Activity [Abstract] | ||
Asset Retirement Obligations at start of period | $ 53 | $ 52 |
Liabilities incurred in the current period | 1 | 3 |
Liabilities settled in the current period | (3) | (1) |
Accretion expense | 2 | 2 |
Revision in estimated cash flows | (6) | (2) |
Foreign exchange impact | (1) | |
Asset Retirement Obligations at end of period | $ 47 | $ 53 |
Note 10 - Guarantees (Details)
Note 10 - Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 20, 2014 | |
Note 10 - Guarantees (Details) [Line Items] | |||
Environmental Settlement, Historical Liabilities Trigger Amount | $ 99 | ||
Percentage of Liability Above $99 Million | 50.00% | 50.00% | |
Orginal Warranty Period | 1 year | ||
Product Warranty Expense | $ 135 | $ 158 | |
Amended EBP Settlement Agreement [Member] | |||
Note 10 - Guarantees (Details) [Line Items] | |||
Accrual for Environmental Loss Contingencies | 0 | ||
Financial Guarantee [Member] | Guarantor Subsidiaries [Member] | |||
Note 10 - Guarantees (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 17 | ||
Guarantor Obligations, Current Carrying Value | $ 6 | ||
General Period [Member] | |||
Note 10 - Guarantees (Details) [Line Items] | |||
Extended Warranty Period | 1 year | ||
Minimum [Member] | |||
Note 10 - Guarantees (Details) [Line Items] | |||
Extended Warranty Period | 3 months | ||
Maximum [Member] | |||
Note 10 - Guarantees (Details) [Line Items] | |||
Extended Warranty Period | 5 years |
Note 10 - Guarantees (Details)
Note 10 - Guarantees (Details) - Change in Accrued Warranty Obligations - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Accrued Warranty Obligations [Abstract] | ||
Accrued warranty obligations | $ 5 | $ 13 |
Actual warranty experience | (8) | (16) |
Warranty provisions | 7 | 8 |
Accrued warranty obligations | $ 4 | $ 5 |
Note 10 - Guarantees (Details91
Note 10 - Guarantees (Details) - Deferred Revenue - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Revenue [Abstract] | ||
Deferred revenue on extended warranties | $ 27 | $ 30 |
New extended warranty and maintenance arrangements | 185 | 194 |
Recognition of extended warranty and maintenance arrangement revenue | (185) | (197) |
Deferred revenue on extended warranties | $ 27 | $ 27 |
Note 11 - Financial Instrumen92
Note 11 - Financial Instruments (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 03, 2013 | |
Note 11 - Financial Instruments (Details) [Line Items] | |||||
Long-term Debt, Fair Value | $ 676 | ||||
Not Designated as Hedging Instrument [Member] | |||||
Note 11 - Financial Instruments (Details) [Line Items] | |||||
Derivatives, Hedging Instruments | $ 0 | $ 0 | $ 0 | $ 0 | |
Forward Contracts [Member] | |||||
Note 11 - Financial Instruments (Details) [Line Items] | |||||
Derivative Asset, Notional Amount | 384 | 334 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Note 11 - Financial Instruments (Details) [Line Items] | |||||
Long-term Debt, Fair Value | $ 588 | $ 681 |
Note 11 - Financial Instrumen93
Note 11 - Financial Instruments (Details) - Derivatives Not Designated as Hedging Instruments - Other Nonoperating Income (Expense) [Member] - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Note 11 - Financial Instruments (Details) - Derivatives Not Designated as Hedging Instruments [Line Items] | ||||
Net gain (loss) from derivatives not designated as hedging instruments | $ (14) | $ 14 | $ 10 | |
Predecessor [Member] | ||||
Note 11 - Financial Instruments (Details) - Derivatives Not Designated as Hedging Instruments [Line Items] | ||||
Net gain (loss) from derivatives not designated as hedging instruments | $ 2 |
Note 12 - Other Operating Exp94
Note 12 - Other Operating Expense (Income), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 8 | ||||||||
Intellectual Property Solutions [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 2 | 2 | |||||||
Micro 3D Printing and Packaging [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | 6 | ||||||||
Intellectual Property Solutions and Consumer Products [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 77 | ||||||||
Trade Names [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 0 | ||||||||
Successor [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | [1],[2],[3],[4],[5] | $ 8 | $ 8 | $ 9 | |||||
Other Operating Income (Expense) [Member] | Micro 3D Printing and Packaging [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 6 | ||||||||
Other Operating Income (Expense) [Member] | Trade Names [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 8 | ||||||||
Other Operating Income (Expense) [Member] | Successor [Member] | Trade Names [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 8 | ||||||||
In Process Research and Development [Member] | |||||||||
Note 12 - Other Operating Expense (Income), Net (Details) [Line Items] | |||||||||
Impairment of Intangible Assets, Finite-lived | $ 9 | ||||||||
[1] | In the first quarter of 2013, Kodak recorded a goodwill impairment charge of $77 million related to the Intellectual Property and Consumer Products reporting unit. | ||||||||
[2] | In the first quarter of 2015, Kodak recorded a goodwill impairment charge of $6 million related to the Micro 3D Printing reporting unit. Refer to Note 5, "Goodwill and Other Intangible Assets." | ||||||||
[3] | In the fourth quarter of 2013, Kodak recorded an impairment charge of $8 million related to the Kodak trade name. Refer to Note 5, "Goodwill and Other Intangible Assets." | ||||||||
[4] | In the fourth quarter of 2014, Kodak recorded an impairment charge of $9 million related to an in-process research and development intangible asset established as part of fresh start accounting. | ||||||||
[5] | In the fourth quarter of 2015, Kodak recorded a goodwill impairment charge of $2 million related to the Intellectual Property Solutions reporting unit. Refer to Note 5, "Goodwill and Other Intangible Assets." |
Note 12 - Other Operating Exp95
Note 12 - Other Operating Expense (Income), Net (Details) - Other Operating Expense (Income), Net - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Expense (income) : | |||||
Goodwill and intangible asset impairments (2) (3) (4) (5) (6) | $ 8 | ||||
Successor [Member] | |||||
Expense (income) : | |||||
Gain on sale of digital imaging patent portfolio (1) | [1] | ||||
Goodwill and intangible asset impairments (2) (3) (4) (5) (6) | [2],[3],[4],[5],[6] | $ 8 | $ 8 | $ 9 | |
Gains related to the sales of assets and businesses | $ (6) | (6) | $ (3) | ||
Gain recognized on assets acquired for no monetary consideration (7) | [7] | (3) | |||
Other | 3 | $ 3 | |||
Total | $ 2 | $ 2 | $ 9 | ||
Predecessor [Member] | |||||
Expense (income) : | |||||
Gain on sale of digital imaging patent portfolio (1) | [1] | $ (535) | |||
Goodwill and intangible asset impairments (2) (3) (4) (5) (6) | [2],[3],[4],[5],[6] | 77 | |||
Gains related to the sales of assets and businesses | $ (34) | ||||
Gain recognized on assets acquired for no monetary consideration (7) | [7] | ||||
Other | $ (3) | ||||
Total | $ (495) | ||||
[1] | Refer to Note 24, "Emergence from Voluntary Reorganization under Chapter 11 Proceedings." | ||||
[2] | In the first quarter of 2013, Kodak recorded a goodwill impairment charge of $77 million related to the Intellectual Property and Consumer Products reporting unit. | ||||
[3] | In the first quarter of 2015, Kodak recorded a goodwill impairment charge of $6 million related to the Micro 3D Printing reporting unit. Refer to Note 5, "Goodwill and Other Intangible Assets." | ||||
[4] | In the fourth quarter of 2013, Kodak recorded an impairment charge of $8 million related to the Kodak trade name. Refer to Note 5, "Goodwill and Other Intangible Assets." | ||||
[5] | In the fourth quarter of 2014, Kodak recorded an impairment charge of $9 million related to an in-process research and development intangible asset established as part of fresh start accounting. | ||||
[6] | In the fourth quarter of 2015, Kodak recorded a goodwill impairment charge of $2 million related to the Intellectual Property Solutions reporting unit. Refer to Note 5, "Goodwill and Other Intangible Assets." | ||||
[7] | Refer to Note 23, "Segment Information", footnote 5 to the table entitled "Segment Operational EBITDA from Consolidated Loss from Continuing Operations Before Income Taxes." |
Note 13 - Other (Charges) Inc96
Note 13 - Other (Charges) Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income And Charges [Abstract] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (2) | $ (16) | $ (2) | $ (16) |
Note 13 - Other (Charges) Inc97
Note 13 - Other (Charges) Income, Net (Details) - Other Income (Charges), Net - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income (charges): | |||||
Loss on foreign exchange transactions (1) | $ 1 | $ (3) | $ (3) | ||
Successor [Member] | |||||
Income (charges): | |||||
Interest income | 3 | 1 | 6 | ||
Loss on foreign exchange transactions (1) | [1] | (5) | (17) | (22) | |
Other | 12 | (5) | (5) | ||
Total | $ 10 | $ (21) | $ (21) | ||
Predecessor [Member] | |||||
Income (charges): | |||||
Interest income | $ 3 | ||||
Loss on foreign exchange transactions (1) | [1] | (7) | |||
Other | (9) | ||||
Total | $ (13) | ||||
[1] | In 2015 and 2014 Kodak recorded a charges of $2 million and $16 million, respectively, from the remeasurement of its Venezuelan subsidiary's monetary assets and liabilities. Refer to Note 1, "Basis of Presentations and Significant Accounting Matters", "Foreign Currency" section. |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details) - USD ($) $ in Millions | Sep. 03, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Cancellation Of Indebtedness Income Amount | $ 705 | ||||||
Operating Loss Carryforwards | 2,495 | $ 1,565 | |||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 623 | $ 662 | |||||
Increase (Decrease) in Deferred Income Taxes | $ 329 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 481 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,084 | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 314 | 258 | |||||
Accumulated Deferred Investment Tax Credit | 80 | ||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings, Net of Provision for Witholding Tax | 102 | 159 | |||||
Provision For Withholding Tax On Undistributed Foreign Earnings | 19 | 17 | |||||
Deferred Tax Assets, Valuation Allowance | 1,201 | 1,127 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 27 | 42 | |||||
Income Tax Examination, Penalties and Interest Accrued | 21 | 18 | |||||
Unrecognized Tax Benefits | $ 64 | ||||||
Set to Expire [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Operating Loss Carryforwards | 711 | ||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 567 | ||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 21 | ||||||
Operating Loss Carryforwards Tax Credits And Pension Benefits [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Deferred Tax Assets, Net of Valuation Allowance | 27 | 42 | |||||
Liabilities Held For Sale [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 1,500 | ||||||
KPP Global Settlement [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Deferred Income Tax Expense (Benefit) | $ 100 | ||||||
Restructuring Due to Emergence of Bankruptcy [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Deferred Income Tax Expense (Benefit) | $ 46 | ||||||
Foreign Tax Authority [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Deferred Tax Assets, Valuation Allowance | 266 | 315 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 344 | 400 | |||||
Liability for Uncertain Tax Positions, Current | 8 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2 | ||||||
Other Tax Expense (Benefit) | (10) | ||||||
Domestic Tax Authority [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Deferred Tax Assets, Valuation Allowance | 935 | 812 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 884 | $ 769 | |||||
State and Local Jurisdiction [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Payments For Tax Claims | 2 | ||||||
Tax Claims | $ 17 | ||||||
Minimum [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||||||
Maximum [Member] | |||||||
Note 14 - Income Taxes (Details) [Line Items] | |||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 10 |
Note 14 - Income Taxes (Detai99
Note 14 - Income Taxes (Details) - Components of Earnings (Losses) From Continuing Operations and Tax Provisions - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Note 14 - Income Taxes (Details) - Components of Earnings (Losses) From Continuing Operations and Tax Provisions [Line Items] | ||||
U.S. | $ (119) | $ (169) | $ (208) | |
Outside the U.S. | 45 | 134 | 96 | |
Total | (74) | (35) | (112) | |
U.S. income taxes: | ||||
Current provision (benefit) | 3 | 1 | (2) | |
Deferred provision (benefit) | 3 | 9 | 4 | |
Income taxes outside the U.S.: | ||||
Current provision (benefit) | 8 | 22 | (1) | |
Deferred provision (benefit) | (8) | 7 | ||
State and other income taxes: | ||||
Current provision | 2 | 1 | ||
Deferred provision | 1 | |||
Total provision | $ 8 | $ 32 | $ 10 | |
Predecessor [Member] | ||||
Note 14 - Income Taxes (Details) - Components of Earnings (Losses) From Continuing Operations and Tax Provisions [Line Items] | ||||
U.S. | $ 2,243 | |||
Outside the U.S. | 113 | |||
Total | 2,356 | |||
U.S. income taxes: | ||||
Deferred provision (benefit) | (3) | |||
Income taxes outside the U.S.: | ||||
Current provision (benefit) | 52 | |||
Deferred provision (benefit) | 105 | |||
State and other income taxes: | ||||
Current provision | 1 | |||
Total provision | $ 155 |
Note 14 - Income Taxes (Deta100
Note 14 - Income Taxes (Details) - Income Tax Provision (Benefit) Reconciliation - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Note 14 - Income Taxes (Details) - Income Tax Provision (Benefit) Reconciliation [Line Items] | ||||
Amount computed using the statutory rate | $ (25) | $ (12) | $ (39) | |
Increase (reduction) in taxes resulting from: | ||||
State and other income taxes, net of federal | 2 | 1 | ||
Unremitted foreign earnings | 36 | 26 | 4 | |
Impact of goodwill and intangible impairments | (3) | |||
Operations outside the U.S. | 73 | 28 | 111 | |
Valuation allowance | (100) | (71) | (121) | |
Tax settlements and adjustments, including interest | 1 | 2 | (5) | |
Discharge of debt and other reorganization related items | 24 | 60 | 57 | |
Other, net | (1) | 2 | ||
Provision for income taxes | $ 8 | $ 32 | $ 10 | |
Predecessor [Member] | ||||
Note 14 - Income Taxes (Details) - Income Tax Provision (Benefit) Reconciliation [Line Items] | ||||
Amount computed using the statutory rate | $ 825 | |||
Increase (reduction) in taxes resulting from: | ||||
Unremitted foreign earnings | 32 | |||
Impact of goodwill and intangible impairments | (22) | |||
Operations outside the U.S. | (18) | |||
Legislative rate changes | 1 | |||
Valuation allowance | 39 | |||
Tax settlements and adjustments, including interest | 5 | |||
Discharge of debt and other reorganization related items | (722) | |||
Other, net | 15 | |||
Provision for income taxes | $ 155 |
Note 14 - Income Taxes (Deta101
Note 14 - Income Taxes (Details) - Deferred Tax Assets and Liabilities Significant Components - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Pension and postretirement obligations | $ 187 | $ 221 |
Restructuring programs | 3 | 5 |
Foreign tax credit | 314 | 258 |
Inventories | 14 | 20 |
Investment tax credit | 80 | 100 |
Employee deferred compensation | 46 | 43 |
Depreciation | 62 | 45 |
Research and development costs | 188 | 232 |
Tax loss carryforwards | 380 | 355 |
Other deferred revenue | 13 | 13 |
Other | 112 | 111 |
Total deferred tax assets | 1,399 | 1,403 |
Deferred tax liabilities | ||
Leasing | 1 | 7 |
Goodwill/Intangibles | 49 | 51 |
Unremitted foreign earnings | 121 | 176 |
Total deferred tax liabilities | 171 | 234 |
Net deferred tax assets before valuation allowance | 1,228 | 1,169 |
Valuation allowance | 1,201 | 1,127 |
Net deferred tax assets | $ 27 | $ 42 |
Note 14 - Income Taxes (Deta102
Note 14 - Income Taxes (Details) - Components of Deferred Tax Assets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets [Abstract] | ||
Deferred income taxes (current) | $ 22 | $ 31 |
Deferred income taxes (non-current) | 23 | 38 |
Other current liabilities | (1) | |
Other long-term liabilities | (18) | (26) |
Net deferred tax assets | $ 27 | $ 42 |
Note 14 - Income Taxes (Deta103
Note 14 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits - USD ($) $ in Millions | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 14 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits [Line Items] | ||||
Balance as of January 1 | $ 64 | |||
Tax Positions related to prior years: | ||||
Balance as of December 31 | $ 64 | |||
Successor [Member] | ||||
Note 14 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits [Line Items] | ||||
Balance as of January 1 | 107 | $ 92 | 106 | |
Tax positions related to the current year: | ||||
Additions | 1 | 2 | ||
Tax Positions related to prior years: | ||||
Additions | 2 | 1 | ||
Reductions | (3) | (7) | (14) | |
Settlements with taxing jurisdictions | (1) | |||
Lapses in Statute of limitations | (1) | (2) | ||
Balance as of December 31 | $ 106 | $ 85 | $ 92 | |
Predecessor [Member] | ||||
Note 14 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits [Line Items] | ||||
Balance as of January 1 | $ 57 | |||
Tax positions related to the current year: | ||||
Additions | 68 | |||
Tax Positions related to prior years: | ||||
Additions | 1 | |||
Reductions | (17) | |||
Settlements with taxing jurisdictions | (2) | |||
Balance as of December 31 | $ 107 |
Note 15 - Restructuring Cost104
Note 15 - Restructuring Costs and Other (Details) $ in Millions | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Aug. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Reserve, Translation and Other Adjustment | $ (12) | $ (12) | $ (11) | ||||||
Restructuring Charges | $ (3) | $ 17 | 52 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | 1 | $ (3) | (3) | ||||||
Restructuring and Related Cost, Accelerated Depreciation | 4 | $ 2 | |||||||
Inventory Write-down | $ 2 | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 825 | 600 | 775 | ||||||
Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Severance Costs | $ 7 | ||||||||
Restructuring and Related Cost, Accelerated Depreciation | 8 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 1 | ||||||||
Successor [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Charges | 17 | 38 | $ 59 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | [1] | (5) | (17) | (22) | |||||
Restructuring and Related Cost, Accelerated Depreciation | $ 0 | 8 | 2 | ||||||
Including Accelerated Depreciation [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Charges | $ 61 | ||||||||
Restructuring Costs | 46 | ||||||||
Separation Benefits [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | $ 10 | ||||||||
Earnings (Loss) from Discontinued Operations [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Charges | $ 3 | ||||||||
North America [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 375 | 275 | 425 | ||||||
World, Excluding North America [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 450 | 325 | 350 | ||||||
Liabilities Subject To Compromise [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Reserve, Accrual Adjustment | $ (5) | ||||||||
Pension Plan Curtailments Settlements And Special Termination Benefits [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Severance Costs | 4 | $ 9 | $ 8 | ||||||
Other Restructuring [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Charges | $ 43 | ||||||||
Other Restructuring [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | 1 | ||||||||
Other Restructuring [Member] | Successor [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Charges | $ 59 | ||||||||
Other Restructuring [Member] | Cumulative Basis [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | $ 1 | ||||||||
Manufacturing/Service Positions [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 500 | 250 | 325 | ||||||
Administrative Positions [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 300 | 250 | 350 | ||||||
Research and Development Positions [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 25 | 100 | 100 | ||||||
Accelerated Depreciation [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | $ 8 | ||||||||
Accelerated Depreciation [Member] | Successor [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Reserve, Translation and Other Adjustment | [2] | [3] | [4] | ||||||
Restructuring Charges | $ 8 | $ 2 | |||||||
Accelerated Depreciation [Member] | Cumulative Basis [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | 10 | ||||||||
Employee Severance [Member] | Successor [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Reserve, Translation and Other Adjustment | [5] | [2] | (12) | [3] | (11) | [4] | |||
Restructuring Charges | [5] | $ 13 | 33 | $ 54 | |||||
Employee Severance [Member] | Cumulative Basis [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | 10 | ||||||||
Long-Lived Asset Impairment Charges [Member] | Cumulative Basis [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring Costs | 3 | ||||||||
Minimum [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | 25 | ||||||||
Minimum [Member] | Non-cash Accelerated Depreciation and Assets Write-off [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | 13 | ||||||||
Minimum [Member] | Other Cash Charges [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | 2 | ||||||||
Maximum [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | 30 | ||||||||
Maximum [Member] | Non-cash Accelerated Depreciation and Assets Write-off [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | 15 | ||||||||
Maximum [Member] | Other Cash Charges [Member] | Leeds Plate Manufacturing Facility Exit [Member] | |||||||||
Note 15 - Restructuring Costs and Other (Details) [Line Items] | |||||||||
Restructuring and Related Cost, Expected Cost | $ 5 | ||||||||
[1] | In 2015 and 2014 Kodak recorded a charges of $2 million and $16 million, respectively, from the remeasurement of its Venezuelan subsidiary's monetary assets and liabilities. Refer to Note 1, "Basis of Presentations and Significant Accounting Matters", "Foreign Currency" section. | ||||||||
[2] | The $1 million represents foreign currency translation adjustments. | ||||||||
[3] | The $(12) million includes $(9) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. | ||||||||
[4] | The $(11) million includes $(8) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. | ||||||||
[5] | The severance and exit costs reserves require the outlay of cash, while long-lived asset impairments, accelerated depreciation and inventory write-downs represent non-cash items. |
Note 15 - Restructuring Cost105
Note 15 - Restructuring Costs and Other (Details) - Restructuring Liabilities - USD ($) $ in Millions | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ (3) | $ 17 | $ 52 | ||||||
Other adjustments and reclasses | (12) | $ (12) | $ (11) | ||||||
Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | 83 | ||||||||
Restructuring Charges | 43 | ||||||||
Utilization/cash payments | (210) | ||||||||
Predecessor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 49 | ||||||||
Predecessor [Member] | Discontinued Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 3 | ||||||||
Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | 35 | 27 | 34 | ||||||
Restructuring Charges | 17 | 38 | 59 | ||||||
Utilization/cash payments | (85) | (9) | (21) | ||||||
Balance | 35 | 34 | 35 | 11 | 27 | ||||
Successor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 17 | 38 | 59 | ||||||
Employee Severance [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | [1] | 38 | |||||||
Utilization/cash payments | [1] | (48) | |||||||
Other adjustments and reclasses | [1],[2] | (3) | |||||||
Employee Severance [Member] | Predecessor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | [1] | 38 | |||||||
Employee Severance [Member] | Predecessor [Member] | Discontinued Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | [1] | 3 | |||||||
Employee Severance [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | [1] | 28 | 22 | 26 | |||||
Restructuring Charges | [1] | 13 | 33 | 54 | |||||
Utilization/cash payments | [1] | $ (15) | (36) | (47) | |||||
Other adjustments and reclasses | [1] | [3] | (12) | [4] | (11) | [5] | |||
Balance | [1] | 28 | $ 26 | 28 | 7 | 22 | |||
Facility Closing [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | 45 | ||||||||
Utilization/cash payments | (32) | ||||||||
Other adjustments and reclasses | [2] | (9) | |||||||
Facility Closing [Member] | Predecessor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 3 | ||||||||
Facility Closing [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Balance | 7 | 5 | 8 | ||||||
Restructuring Charges | 3 | 4 | 2 | ||||||
Utilization/cash payments | (3) | $ (5) | $ (5) | ||||||
Other adjustments and reclasses | 1 | [3] | [4] | [5] | |||||
Balance | $ 7 | 8 | 7 | $ 4 | $ 5 | ||||
Long-lived Asset Impairments and Inventory Write-downs [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Utilization/cash payments | $ (4) | ||||||||
Other adjustments and reclasses | [2] | ||||||||
Long-lived Asset Impairments and Inventory Write-downs [Member] | Predecessor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 4 | ||||||||
Long-lived Asset Impairments and Inventory Write-downs [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 1 | 1 | 3 | ||||||
Utilization/cash payments | $ (1) | $ (1) | $ (3) | ||||||
Other adjustments and reclasses | [3] | [4] | [5] | ||||||
Accelerated Depreciation [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Utilization/cash payments | $ (4) | ||||||||
Other adjustments and reclasses | [2] | ||||||||
Accelerated Depreciation [Member] | Predecessor [Member] | Continuing Operations [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 4 | ||||||||
Accelerated Depreciation [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 8 | $ 2 | |||||||
Utilization/cash payments | $ (8) | $ (2) | |||||||
Other adjustments and reclasses | [3] | [4] | [5] | ||||||
Utilization/Cash Payments [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Utilization/cash payments | (88) | ||||||||
Utilization/Cash Payments [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Utilization/cash payments | $ (19) | $ (50) | $ (57) | ||||||
Other Adjustments/Reclasses [Member] | Predecessor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other adjustments and reclasses | [2] | $ (12) | |||||||
Other Adjustments/Reclasses [Member] | Successor [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other adjustments and reclasses | $ 1 | [3] | $ (12) | [4] | $ (11) | [5] | |||
[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 $(12) million includes $(5) million for amounts reclassified as Liabilities subject to compromise, $(4) million of severance-relatedcharges for pension plan curtailments, which were reclassified to Pension and other postretirement liabilities and $(3) million of reserve adjustments due to the application of fresh start accounting, which were recorded in Reorganization items. | ||||||||
[3] | The $1 million represents foreign currency translation adjustments. | ||||||||
[4] | The $(12) million includes $(9) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. | ||||||||
[5] | The $(11) million includes $(8) million of severance related charges for pension plan special termination benefits, which were reclassified to Pension and other postretirement liabilities and $(3) million of foreign currency translation adjustments. |
Note 16 - Retirement Plans (Det
Note 16 - Retirement Plans (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Special Termination Benefits (in Dollars) | $ 9 | $ 8 | |||
Cash Balance Plan [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan Contributions By Employer Maximum Percentage Of Employee Salary | 7.00% | ||||
United States Pension Plan of US Entity [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.40% | ||||
Scenario, Forecast [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) (in Dollars) | $ 7 | ||||
Defined Benefit Plan, Amortization of Gains (Losses) (in Dollars) | 1 | ||||
Scenario, Forecast [Member] | Non-U.S. [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year (in Dollars) | $ 4 | ||||
Non-U.S. [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan Transfers (in Dollars) | 31 | ||||
Defined Benefit Plan, Assets Transferred to (from) Plan (in Dollars) | 9 | ||||
Non-U.S. [Member] | Successor [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) (in Dollars) | $ 0 | $ 0 | $ 0 | ||
Non-U.S. [Member] | Equity Securities [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 1.00% | |||
Non-U.S. [Member] | Government Bonds [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 12.00% | 9.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations, Duration | 13 years | 25 years | |||
UNITED STATES | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Settlements, Benefit Obligation (in Dollars) | $ 292 | ||||
Defined Benefit Plan, Special Termination Benefits (in Dollars) | $ 9 | 8 | |||
UNITED STATES | Successor [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Settlements, Benefit Obligation (in Dollars) | 292 | ||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) (in Dollars) | (8) | (3) | |||
Defined Benefit Plan, Special Termination Benefits (in Dollars) | $ (9) | (8) | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements (in Dollars) | $ 11 | $ (10) | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.20% | 7.40% | 7.63% | ||
UNITED STATES | Equity Securities [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 10.00% | 9.00% | |||
UNITED STATES | Government Bonds [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 24.00% | 25.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations, Duration | 18 years | 18 years | |||
Discontinued Operations [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Pension Expense (in Dollars) | $ 38 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements (in Dollars) | $ (114) | ||||
Minimum [Member] | Foreign Pension Plan [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.00% | ||||
Maximum [Member] | Foreign Pension Plan [Member] | |||||
Note 16 - Retirement Plans (Details) [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.50% |
Note 16 - Retirement Plans (107
Note 16 - Retirement Plans (Details) - Major Funded and Unfunded Defined Benefit Plans - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Plan Assets | ||
Special termination benefits | $ 9 | $ 8 |
UNITED STATES | ||
Change in Benefit Obligation | ||
Benefit obligation | 4,438 | 4,361 |
Change in Plan Assets | ||
Fair value of plan assets at beginning of period | 4,160 | 4,184 |
Fair value of plan assets at end of period | 3,793 | 4,160 |
Under Funded Status at end of period | (306) | (278) |
Accumulated benefit obligation at end of period | 4,098 | 4,436 |
Service cost | 17 | 18 |
Interest cost | 148 | 176 |
Plan amendments | (61) | |
Benefit payments | (478) | (339) |
Actuarial (gain) loss | (35) | 567 |
Gain on plan assets | 111 | 607 |
Settlements | (292) | |
Special termination benefits | 9 | 8 |
Benefit obligation | 4,099 | 4,438 |
Non-US [Member] | ||
Change in Benefit Obligation | ||
Benefit obligation | 918 | 960 |
Change in Plan Assets | ||
Fair value of plan assets at beginning of period | 795 | 833 |
Fair value of plan assets at end of period | 728 | 795 |
Under Funded Status at end of period | (72) | (123) |
Accumulated benefit obligation at end of period | 792 | 907 |
Transfers | (31) | |
Service cost | 3 | 4 |
Interest cost | 17 | 30 |
Benefit payments | (51) | (61) |
Currency adjustments | (51) | (86) |
Actuarial (gain) loss | (24) | 119 |
Transfers | (9) | |
Gain on plan assets | 31 | 111 |
Employer contributions | 4 | 7 |
Currency adjustments | (63) | (103) |
Benefit obligation | $ 800 | $ 918 |
Note 16 - Retirement Plans (108
Note 16 - Retirement Plans (Details) - Amounts Recognized in Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 16 - Retirement Plans (Details) - Amounts Recognized in Consolidated Statement of Financial Position [Line Items] | ||
Pension and other postretirement liabilities | $ (623) | $ (662) |
UNITED STATES | ||
Note 16 - Retirement Plans (Details) - Amounts Recognized in Consolidated Statement of Financial Position [Line Items] | ||
Pension and other postretirement liabilities | (306) | (278) |
Net amount recognized | (306) | (278) |
Non-US [Member] | ||
Note 16 - Retirement Plans (Details) - Amounts Recognized in Consolidated Statement of Financial Position [Line Items] | ||
Other long-term assets | 39 | 29 |
Pension and other postretirement liabilities | (111) | (152) |
Net amount recognized | $ (72) | $ (123) |
Note 16 - Retirement Plans (109
Note 16 - Retirement Plans (Details) - Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation in Excess of Plan Assets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
UNITED STATES | ||
Note 16 - Retirement Plans (Details) - Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation in Excess of Plan Assets [Line Items] | ||
Projected benefit obligation | $ 4,099 | $ 4,438 |
Accumulated benefit obligation | 4,098 | 4,436 |
Fair value of plan assets | 3,793 | 4,160 |
Non-US [Member] | ||
Note 16 - Retirement Plans (Details) - Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation in Excess of Plan Assets [Line Items] | ||
Projected benefit obligation | 524 | 623 |
Accumulated benefit obligation | 516 | 613 |
Fair value of plan assets | $ 412 | $ 471 |
Note 16 - Retirement Plans (110
Note 16 - Retirement Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss For All Major Funded and Unfunded Defined Benefit Plans - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
UNITED STATES | ||
Note 16 - Retirement Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss For All Major Funded and Unfunded Defined Benefit Plans [Line Items] | ||
Prior service credit | $ 50 | $ 58 |
Net actuarial loss | (285) | (159) |
Total | (235) | (101) |
Non-US [Member] | ||
Note 16 - Retirement Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss For All Major Funded and Unfunded Defined Benefit Plans [Line Items] | ||
Prior service credit | 4 | 4 |
Net actuarial loss | (6) | (32) |
Total | $ (2) | $ (28) |
Note 16 - Retirement Plans (111
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Successor [Member] | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | $ 95 | $ (88) | $ (278) | ||
Newly established prior service credit | $ 6 | 4 | 61 | ||
Amortization of: | |||||
Prior service (credit) cost | [1] | (8) | (3) | ||
Successor [Member] | UNITED STATES | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | $ 97 | (126) | (255) | ||
Newly established prior service credit | 61 | ||||
Amortization of: | |||||
Prior service (credit) cost | (8) | (3) | |||
Net loss (gain) recognized in expense due to settlements | (11) | 10 | |||
Total Income (loss) recognized in Other comprehensive income before fresh start accounting | 86 | (134) | (187) | ||
Successor [Member] | Non-US [Member] | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | 8 | 25 | (46) | ||
Newly established prior service credit | 6 | ||||
Amortization of: | |||||
Net actuarial loss | 2 | ||||
Transfers | 1 | ||||
Total Income (loss) recognized in Other comprehensive income before fresh start accounting | $ 14 | $ 27 | $ (45) | ||
Predecessor [Member] | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | $ 393 | ||||
Amortization of: | |||||
Prior service (credit) cost | [1] | (75) | |||
Predecessor [Member] | UNITED STATES | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | 80 | ||||
Amortization of: | |||||
Prior service (credit) cost | 1 | ||||
Net actuarial loss | 120 | ||||
Prior service cost recognized due to curtailment | 1 | ||||
Net curtailment gain not recognized in expense | 20 | ||||
Total Income (loss) recognized in Other comprehensive income before fresh start accounting | 222 | ||||
Effect of application of fresh start accounting | 1,955 | ||||
Predecessor [Member] | Non-US [Member] | |||||
Note 16 - Retirement Plans (Details) - Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) [Line Items] | |||||
Newly established (loss) gain | 78 | ||||
Amortization of: | |||||
Net actuarial loss | 55 | ||||
Prior service cost recognized due to curtailment | 1 | ||||
Net curtailment gain not recognized in expense | 7 | ||||
Net loss (gain) recognized in expense due to settlements | 1,542 | ||||
Total Income (loss) recognized in Other comprehensive income before fresh start accounting | 1,683 | ||||
Effect of application of fresh start accounting | $ 418 | ||||
[1] | Reclassified to Pension (income) expense - refer to Note 16, "Retirement Plans" and Note 17, "Other Postretirement Benefits" for additional information. |
Note 16 - Retirement Plans (112
Note 16 - Retirement Plans (Details) - Pension (Income) Expense From Continuing Operations For All Defined Benefit Plans - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization of: | ||||
Special termination benefits | $ (9) | $ (8) | ||
UNITED STATES | ||||
Major defined benefit plans: | ||||
Service cost | 17 | 18 | ||
Interest cost | 148 | 176 | ||
Amortization of: | ||||
Actuarial loss | 35 | (567) | ||
Special termination benefits | (9) | (8) | ||
Successor [Member] | UNITED STATES | ||||
Major defined benefit plans: | ||||
Service cost | $ 7 | 17 | 18 | |
Interest cost | 67 | 148 | 176 | |
Expected return on plan assets | (122) | (272) | (295) | |
Amortization of: | ||||
Prior service credit | (8) | (3) | ||
Actuarial loss | 0 | 0 | 0 | |
Pension (income) expense before special termination benefits, curtailments and settlements | (48) | (115) | (104) | |
Special termination benefits | 9 | 8 | ||
Settlement (gains) losses | (11) | 10 | ||
Net pension (income) expense for major defined benefit plans | (59) | (106) | (86) | |
Other plans including unfunded plans | 0 | 0 | 0 | |
Net pension (income) expense | (59) | (106) | (86) | |
Successor [Member] | Non-U.S. [Member] | ||||
Major defined benefit plans: | ||||
Service cost | 2 | 3 | 4 | |
Interest cost | 10 | 17 | 30 | |
Expected return on plan assets | (14) | (30) | (38) | |
Amortization of: | ||||
Prior service credit | 0 | 0 | 0 | |
Actuarial loss | 2 | 0 | ||
Pension (income) expense before special termination benefits, curtailments and settlements | (2) | (8) | (4) | |
Curtailment (gains) losses | (1) | |||
Net pension (income) expense for major defined benefit plans | (3) | (8) | (4) | |
Other plans including unfunded plans | 4 | 8 | ||
Net pension (income) expense | $ (3) | $ (4) | $ 4 | |
Predecessor [Member] | UNITED STATES | ||||
Major defined benefit plans: | ||||
Service cost | $ 19 | |||
Interest cost | 120 | |||
Expected return on plan assets | (236) | |||
Amortization of: | ||||
Prior service credit | 1 | |||
Actuarial loss | 120 | |||
Pension (income) expense before special termination benefits, curtailments and settlements | 24 | |||
Curtailment (gains) losses | 1 | |||
Net pension (income) expense for major defined benefit plans | 25 | |||
Other plans including unfunded plans | 4 | |||
Net pension (income) expense | 29 | |||
Predecessor [Member] | Non-U.S. [Member] | ||||
Major defined benefit plans: | ||||
Service cost | 6 | |||
Interest cost | 95 | |||
Expected return on plan assets | (105) | |||
Amortization of: | ||||
Prior service credit | 0 | |||
Actuarial loss | 55 | |||
Pension (income) expense before special termination benefits, curtailments and settlements | 51 | |||
Curtailment (gains) losses | 1 | |||
Settlement (gains) losses | 114 | |||
Net pension (income) expense for major defined benefit plans | 166 | |||
Other plans including unfunded plans | 19 | |||
Net pension (income) expense | $ 185 |
Note 16 - Retirement Plans (113
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
Successor [Member] | UNITED STATES | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts [Line Items] | ||||
Discount rate | 3.89% | 3.50% | 4.50% | |
Salary increase rate | 3.37% | 3.34% | 3.37% | |
Successor [Member] | Non-US [Member] | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts [Line Items] | ||||
Discount rate | 2.50% | 2.09% | 3.40% | |
Salary increase rate | 1.91% | 1.95% | 2.74% | |
Predecessor [Member] | UNITED STATES | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts [Line Items] | ||||
Discount rate | 4.25% | |||
Salary increase rate | 3.39% | |||
Predecessor [Member] | Non-US [Member] | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts [Line Items] | ||||
Discount rate | 3.33% | |||
Salary increase rate | 2.77% |
Note 16 - Retirement Plans (114
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | UNITED STATES | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses [Line Items] | ||||
Discount rate | 4.25% | 3.50% | 4.19% | |
Salary increase rate | 3.39% | 3.34% | 3.37% | |
Expected long-term rate of return on plan assets | 8.20% | 7.40% | 7.63% | |
Successor [Member] | Non-US [Member] | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses [Line Items] | ||||
Discount rate | 3.33% | 2.09% | 3.34% | |
Salary increase rate | 2.77% | 1.95% | 2.62% | |
Expected long-term rate of return on plan assets | 5.54% | 4.69% | 4.93% | |
Predecessor [Member] | UNITED STATES | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses [Line Items] | ||||
Discount rate | 3.52% | |||
Salary increase rate | 3.40% | |||
Expected long-term rate of return on plan assets | 8.12% | |||
Predecessor [Member] | Non-US [Member] | ||||
Note 16 - Retirement Plans (Details) - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses [Line Items] | ||||
Discount rate | 3.63% | |||
Salary increase rate | 2.79% | |||
Expected long-term rate of return on plan assets | 6.66% |
Note 16 - Retirement Plans (115
Note 16 - Retirement Plans (Details) - Weighted-average Asset Allocation By Assets Category | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 100.00% | 100.00% |
Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 15.00% | 15.00% |
Equity Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 3.00% | 6.00% |
Debt Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 35.00% | 35.00% |
Debt Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 35.00% | 27.00% |
Real Estate [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 3.00% | 3.00% |
Real Estate [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 0.00% | 1.00% |
Cash and Cash Equivalents [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 1.00% | 3.00% |
Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 3.00% | 4.00% |
Global Balanced Asset Allocation Funds [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 13.00% | 14.00% |
Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 6.00% | 11.00% |
Other Assets [Member] | Major US Plans [Member] | ||
Asset Category | ||
Asset allocations | 33.00% | 30.00% |
Other Assets [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Asset allocations | 53.00% | 51.00% |
Minimum [Member] | Equity Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 12.00% | |
Minimum [Member] | Equity Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 0.00% | |
Minimum [Member] | Debt Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 32.00% | |
Minimum [Member] | Debt Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 28.00% | |
Minimum [Member] | Real Estate [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 2.00% | |
Minimum [Member] | Real Estate [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 0.00% | |
Minimum [Member] | Cash and Cash Equivalents [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 0.00% | |
Minimum [Member] | Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 0.00% | |
Minimum [Member] | Global Balanced Asset Allocation Funds [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 10.00% | |
Minimum [Member] | Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 0.00% | |
Minimum [Member] | Other Assets [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 25.00% | |
Minimum [Member] | Other Assets [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 50.00% | |
Maximum [Member] | Equity Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 18.00% | |
Maximum [Member] | Equity Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 10.00% | |
Maximum [Member] | Debt Securities [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 38.00% | |
Maximum [Member] | Debt Securities [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 38.00% | |
Maximum [Member] | Real Estate [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 8.00% | |
Maximum [Member] | Real Estate [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 5.00% | |
Maximum [Member] | Cash and Cash Equivalents [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 6.00% | |
Maximum [Member] | Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 10.00% | |
Maximum [Member] | Global Balanced Asset Allocation Funds [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 20.00% | |
Maximum [Member] | Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 10.00% | |
Maximum [Member] | Other Assets [Member] | Major US Plans [Member] | ||
Asset Category | ||
Target asset allocations | 35.00% | |
Maximum [Member] | Other Assets [Member] | Major Non-U.S. Plans [Member] | ||
Asset Category | ||
Target asset allocations | 60.00% |
Note 16 - Retirement Plans (116
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | $ 3,793 | $ 4,160 | |
Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 728 | 795 | |
Cash and Cash Equivalents [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 34 | 115 | |
Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 21 | 36 | |
Equity Securities [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 571 | 632 | |
Equity Securities [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 22 | 46 | |
Government Bonds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 924 | 989 | |
Government Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 156 | 153 | |
Investment Grade Bonds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 382 | 442 | |
Investment Grade Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 90 | 37 | |
Real Estate [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 130 | 139 | |
Real Estate [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 2 | 2 | |
Global Balanced Asset Allocation Funds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 492 | 587 | |
Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 47 | 91 | |
Absolute Return [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 487 | 426 | |
Absolute Return [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 12 | 11 | |
Private Equity Funds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 768 | 780 | |
Private Equity Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 61 | 56 | |
Derivatives with Unrealized Gains [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 5 | 50 | |
Derivatives with Unrealized Gains [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 2 | 5 | |
Inflation Linked Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 3 | 9 | |
Global High Yield and Emerging Market Debt [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 3 | 11 | |
Insurance Contracts [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 311 | 340 | |
Derivatives with Unrealized Losses [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | (2) | (2) | |
Fair Value, Inputs, Level 1 [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 7 | 51 | |
Fair Value, Inputs, Level 1 [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 5 | 7 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 2 | 1 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 5 | 4 | |
Fair Value, Inputs, Level 1 [Member] | Derivatives with Unrealized Gains [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 5 | 50 | |
Fair Value, Inputs, Level 1 [Member] | Derivatives with Unrealized Gains [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 2 | 5 | |
Fair Value, Inputs, Level 1 [Member] | Derivatives with Unrealized Losses [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | (2) | (2) | |
Fair Value, Inputs, Level 2 [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 382 | 442 | |
Fair Value, Inputs, Level 2 [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 407 | 431 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 6 | 8 | |
Fair Value, Inputs, Level 2 [Member] | Government Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 39 | 39 | |
Fair Value, Inputs, Level 2 [Member] | Investment Grade Bonds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 382 | 442 | |
Fair Value, Inputs, Level 2 [Member] | Investment Grade Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 45 | 37 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 2 | 2 | |
Fair Value, Inputs, Level 2 [Member] | Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Absolute Return [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 4 | 4 | |
Fair Value, Inputs, Level 2 [Member] | Insurance Contracts [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 311 | 340 | |
Fair Value, Inputs, Level 3 [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 58 | 69 | |
Fair Value, Inputs, Level 3 [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 69 | $ 101 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 34 | 41 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 41 | 47 | |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 24 | 28 | |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 28 | $ 54 | |
Measured at NAV [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 3,346 | 3,598 | |
Measured at NAV [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 316 | 357 | |
Measured at NAV [Member] | Cash and Cash Equivalents [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 32 | 114 | |
Measured at NAV [Member] | Cash and Cash Equivalents [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 16 | 32 | |
Measured at NAV [Member] | Equity Securities [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 571 | 632 | |
Measured at NAV [Member] | Equity Securities [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 16 | 38 | |
Measured at NAV [Member] | Government Bonds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 924 | 989 | |
Measured at NAV [Member] | Government Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 117 | 114 | |
Measured at NAV [Member] | Investment Grade Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 45 | ||
Measured at NAV [Member] | Real Estate [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 96 | 98 | |
Measured at NAV [Member] | Global Balanced Asset Allocation Funds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 492 | 587 | |
Measured at NAV [Member] | Global Balanced Asset Allocation Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 47 | 90 | |
Measured at NAV [Member] | Absolute Return [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 487 | 426 | |
Measured at NAV [Member] | Absolute Return [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 8 | 7 | |
Measured at NAV [Member] | Private Equity Funds [Member] | Major US Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 744 | 752 | |
Measured at NAV [Member] | Private Equity Funds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 61 | 56 | |
Measured at NAV [Member] | Inflation Linked Bonds [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | 3 | 9 | |
Measured at NAV [Member] | Global High Yield and Emerging Market Debt [Member] | Major Non-U.S. Plans [Member] | |||
Note 16 - Retirement Plans (Details) - Fair Value Measurement of Plan Assets [Line Items] | |||
Fair Value of Plan Assets | $ 3 | $ 11 |
Note 16 - Retirement Plans (117
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | $ 4,160 | |
Fair value of plan assets at end of period | 3,793 | $ 4,160 |
Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 795 | |
Fair value of plan assets at end of period | 728 | 795 |
Real Estate [Member] | Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 139 | |
Fair value of plan assets at end of period | 130 | 139 |
Real Estate [Member] | Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 2 | |
Fair value of plan assets at end of period | 2 | 2 |
Private Equity Funds [Member] | Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 780 | |
Fair value of plan assets at end of period | 768 | 780 |
Private Equity Funds [Member] | Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 56 | |
Fair value of plan assets at end of period | 61 | 56 |
Fair Value, Inputs, Level 3 [Member] | Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 69 | |
Net Realized and Unrealized Gains/Losses | 7 | |
Net Purchases and Sales | (18) | |
Fair value of plan assets at end of period | 58 | 69 |
Fair Value, Inputs, Level 3 [Member] | Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 69 | 101 |
Net Realized and Unrealized Gains/Losses | (12) | |
Net Purchases and Sales | (20) | |
Fair value of plan assets at end of period | 69 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 41 | |
Net Realized and Unrealized Gains/Losses | 6 | |
Net Purchases and Sales | (13) | |
Fair value of plan assets at end of period | 34 | 41 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 41 | 47 |
Net Purchases and Sales | (6) | |
Fair value of plan assets at end of period | 41 | |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | Major US Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | 28 | |
Net Realized and Unrealized Gains/Losses | 1 | |
Net Purchases and Sales | (5) | |
Fair value of plan assets at end of period | 24 | 28 |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | Major Non-U.S. Plans [Member] | ||
Note 16 - Retirement Plans (Details) - Reconciliation of Beginning and Ending Balances of Assets Measured With Signficiant Unobservable Inputs [Line Items] | ||
Fair value of plan assets at beginning of period | $ 28 | 54 |
Net Realized and Unrealized Gains/Losses | (12) | |
Net Purchases and Sales | (14) | |
Fair value of plan assets at end of period | $ 28 |
Note 16 - Retirement Plans (118
Note 16 - Retirement Plans (Details) - Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans $ in Millions | Dec. 31, 2015USD ($) |
Note 16 - Retirement Plans (Details) - Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans [Line Items] | |
2,016 | $ 5 |
Major US Plans [Member] | |
Note 16 - Retirement Plans (Details) - Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans [Line Items] | |
2,016 | 357 |
2,017 | 341 |
2,018 | 331 |
2,019 | 321 |
2,020 | 311 |
2,021 | 1,401 |
Major Non-U.S. Plans [Member] | |
Note 16 - Retirement Plans (Details) - Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans [Line Items] | |
2,016 | 47 |
2,017 | 47 |
2,018 | 46 |
2,019 | 46 |
2,020 | 45 |
2,021 | $ 214 |
Note 17 - Other Postretireme119
Note 17 - Other Postretirement Benefits (Details) $ in Millions | Dec. 31, 2015USD ($) |
Postemployment Benefits [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 5 |
Note 17 - Other Postretireme120
Note 17 - Other Postretirement Benefits (Details) - Changes in the Company's Benefit Obligation and Funded Status - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 17 - Other Postretirement Benefits (Details) - Changes in the Company's Benefit Obligation and Funded Status [Line Items] | ||
Benefit obligation | $ 86 | $ 95 |
Underfunded status at end of period | (78) | (86) |
Interest cost | 3 | 4 |
Plan participants’ contributions | 7 | 9 |
Actuarial (gain) loss | (8) | 2 |
Benefit payments | (12) | (18) |
Currency adjustments | 2 | (6) |
Benefit obligation | $ 78 | $ 86 |
Note 17 - Other Postretireme121
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in the Consolidated Statement of Financial Position - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in the Consolidated Statement of Financial Position [Line Items] | ||
Other benefit plan liabilities | $ (78) | $ (86) |
Other Current Liabilities [Member] | ||
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in the Consolidated Statement of Financial Position [Line Items] | ||
Other benefit plan liabilities | (5) | (8) |
Pension and Other Postretirement Liabilities [Member] | ||
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in the Consolidated Statement of Financial Position [Line Items] | ||
Other benefit plan liabilities | $ (73) | $ (78) |
Note 17 - Other Postretireme122
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 17 - Other Postretirement Benefits (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss [Line Items] | ||
Net actuarial gain | $ (8) | $ 0 |
Total recorded in Accumulated other comprehensive income | $ (8) | $ 0 |
Note 17 - Other Postretireme123
Note 17 - Other Postretirement Benefits (Details) - Changes in Benefit Obligations Recognized in Other Comprehensive (Loss) Income - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 17 - Other Postretirement Benefits (Details) - Changes in Benefit Obligations Recognized in Other Comprehensive (Loss) Income [Line Items] | ||
Newly established loss | $ (8) | $ (2) |
Total loss recognized in Other comprehensive (loss) income | $ (8) | $ (2) |
Note 17 - Other Postretireme124
Note 17 - Other Postretirement Benefits (Details) - Other Post Retirement Benefit Cost from Continuing Operations - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net postretirement benefit cost: | ||||
Interest cost | $ (3) | $ (4) | ||
Successor [Member] | ||||
Components of net postretirement benefit cost: | ||||
Interest cost | $ 1 | 3 | 4 | |
Amortization of: | ||||
Other postretirement benefit cost (income) from continuing operations | $ 1 | $ 3 | $ 4 | |
Predecessor [Member] | ||||
Components of net postretirement benefit cost: | ||||
Interest cost | $ 3 | |||
Amortization of: | ||||
Prior service credit | (75) | |||
Actuarial loss | 3 | |||
Other postretirement benefit cost (income) from continuing operations | $ (69) |
Note 17 - Other Postretireme125
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumptions Used to Determine the Net Benefit Obligations - Other Postretirement Benefit Plans [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumptions Used to Determine the Net Benefit Obligations [Line Items] | ||
Discount rate | 3.60% | 3.49% |
Salary increase rate | 1.80% | 2.60% |
Note 17 - Other Postretireme126
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumption Used to Determine Net Post-retirement Benefit Cost - Other Postretirement Benefit Plans [Member] | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumption Used to Determine Net Post-retirement Benefit Cost [Line Items] | ||||
Discount rate | 4.09% | 3.49% | 4.28% | |
Salary increase rate | 2.50% | 2.60% | 2.50% | |
Predecessor [Member] | ||||
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumption Used to Determine Net Post-retirement Benefit Cost [Line Items] | ||||
Discount rate | 3.23% | |||
Salary increase rate | 2.50% |
Note 17 - Other Postretireme127
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumed Healthcare Cost Trend Rates Used to Compute Other Post-retirement Amounts - Other Postretirement Benefit Plans [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 17 - Other Postretirement Benefits (Details) - Weighted-average Assumed Healthcare Cost Trend Rates Used to Compute Other Post-retirement Amounts [Line Items] | ||
Healthcare cost trend | 5.81% | 6.47% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.21% | 4.65% |
Year that the rate reaches the ultimate trend rate | 2,022 | 2,021 |
Note 17 - Other Postretireme128
Note 17 - Other Postretirement Benefits (Details) - Effect of One-percentage Point Change in Assumed Healthcare Cost Trend Rates - Other Postretirement Benefit Plans [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 17 - Other Postretirement Benefits (Details) - Effect of One-percentage Point Change in Assumed Healthcare Cost Trend Rates [Line Items] | |
Effect on postretirement benefit obligation | $ 4 |
Effect on postretirement benefit obligation | $ (4) |
Note 17 - Other Postretireme129
Note 17 - Other Postretirement Benefits (Details) - Other Post-retirement Benefits Which Reflects Expected Future Services Expected to Be Paid $ in Millions | Dec. 31, 2015USD ($) |
Note 17 - Other Postretirement Benefits (Details) - Other Post-retirement Benefits Which Reflects Expected Future Services Expected to Be Paid [Line Items] | |
2,016 | $ 5 |
Other Postretirement Benefit Plans [Member] | |
Note 17 - Other Postretirement Benefits (Details) - Other Post-retirement Benefits Which Reflects Expected Future Services Expected to Be Paid [Line Items] | |
2,016 | 5 |
2,017 | 5 |
2,018 | 5 |
2,019 | 4 |
2,020 | 4 |
2,021 | $ 19 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2013 | |
Employee Stock Option [Member] | ||||
Note 18 - Earnings Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.1 | ||
Convertible Debt Securities [Member] | ||||
Note 18 - Earnings Per Share (Details) [Line Items] | ||||
Aggregate Principal Amount of Convertible Security Convertible Senior Notes (in Dollars) | $ 400 | |||
Employee Stock Option [Member] | ||||
Note 18 - Earnings Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 |
Note 18 - Earnings Per Share (
Note 18 - Earnings Per Share (Details) - Dilutive Shares Included in Calculation of Diluted Earnings Per Share - shares shares in Millions | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dilutive Shares Included in Calculation of Diluted Earnings Per Share [Abstract] | |||
Unvested share-based awards | 0.2 | 0.2 | 0.1 |
Warrants to purchase common shares | 1.7 | 0.3 | 1.5 |
Total | 1.9 | 0.5 | 1.6 |
Note 18 - Earnings Per Share132
Note 18 - Earnings Per Share (Details) - Antidilutive Employee Stock Options and Detachable Warrants - Predecessor [Member] shares in Millions | 8 Months Ended |
Aug. 31, 2013shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities | 47 |
Unvested Share-based Awards [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities | 7 |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities | 40 |
Note 19 - Stock-based Compen133
Note 19 - Stock-based Compensation (Details) - USD ($) | Sep. 03, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||
Successor [Member] | Omnibus Incentive Plan 2013 [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,000,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Cash Payment Per Employee | $ 2,500,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Fair Value of Awards Per Non-Employee Director | 900,000 | |||||
Allocated Share-based Compensation Expense | $ 4,000,000 | $ 1,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,000,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.94 | $ 7.74 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,000,000 | $ 0 | $ 0 | |||
Predecessor [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 3,000,000 | |||||
Stock Options and Stock Appreciation Rights [Member] | Successor [Member] | Omnibus Incentive Plan 2013 [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | 2,000,000 | |||||
Performance Shares [Member] | Successor [Member] | Omnibus Incentive Plan 2013 [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | 1,000,000 | |||||
Allocated Share-based Compensation Expense | $ 6,000,000 | |||||
Unvested Restricted Stock Awards [Member] | Successor [Member] | Omnibus Incentive Plan 2013 [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 1,000,000 | 7,000,000 | $ 7,000,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,000,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||||
Minimum [Member] | Successor [Member] | Omnibus Incentive Plan 2013 [Member] | ||||||
Note 19 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% |
Note 19 - Stock-based Compen134
Note 19 - Stock-based Compensation (Details) - Restricted Stock Unit Activity - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Note 19 - Stock-based Compensation (Details) - Restricted Stock Unit Activity [Line Items] | |
Outstanding | shares | 685,430 |
Outstanding | $ / shares | $ 22.15 |
Granted | shares | 387,187 |
Granted | $ / shares | $ 14.86 |
Vested | shares | (237,957) |
Vested | $ / shares | $ 21.73 |
Forfeited | shares | (60,115) |
Forfeited | $ / shares | $ 15.74 |
Outstanding | shares | 774,545 |
Outstanding | $ / shares | $ 19.13 |
Note 19 - Stock-based Compen135
Note 19 - Stock-based Compensation (Details) - Stock Option Activity | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Stock Option Activity [Abstract] | |
Shares Under Option, Outstanding | shares | 781,321 |
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | $ 22.56 |
Weighted Average Remaining Contractual Life, Outstanding | 6 years 62 days |
Exercisable on December 31, 2015 | shares | 273,205 |
Exercisable on December 31, 2015 | $ / shares | $ 22.61 |
Exercisable on December 31, 2015 | 5 years 266 days |
Expected to vest December 31, 2015 | shares | 1,247,590 |
Expected to vest December 31, 2015 | $ / shares | $ 18.08 |
Expected to vest December 31, 2015 | 6 years 98 days |
Granted | shares | 783,476 |
Granted | $ / shares | $ 15.31 |
Forfeited | shares | (44,002) |
Forfeited | $ / shares | $ 20.25 |
Shares Under Option, Outstanding | shares | 1,520,795 |
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | $ 18.89 |
Note 19 - Stock-based Compen136
Note 19 - Stock-based Compensation (Details) - Share-based Payment Award, Stock Options, Valuation Assumptions - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract] | ||
Weighted-average fair value of options granted (in Dollars per share) | $ 5.94 | $ 7.44 |
Weighted-average risk-free interest rate | 1.46% | 1.46% |
Range of risk-free interest rates | 1.26% | 1.39% |
Range of risk-free interest rates | 1.60% | 1.51% |
Weighted-average expected option lives (years) | 4 years 6 months | 4 years 6 months |
Expected option lives (years) | 4 years 6 months | 4 years 6 months |
Weighted-average volatility | 46.00% | 39.00% |
Range of expected volatilities | 40.00% | 36.00% |
Range of expected volatilities | 49.00% | 42.00% |
Weighted-average expected dividend yield | 0.00% | 0.00% |
Note 20 - Shareholders' Equity
Note 20 - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 03, 2013 | |
Note 20 - Shareholders' Equity (Details) [Line Items] | |||
Stock Authorized | 560,000,000 | ||
Common Stock, Shares Authorized | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 60,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0 | ||
Common Stock, Shares, Outstanding | 42,000,000 | 41,900,000 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Warrants Issued Fair Value (in Dollars) | $ 24 | ||
Class of Warrant or Right, Outstanding | 3,600,000 | ||
Stock Repurchased During Period, Value (in Dollars) | $ 1 | ||
Treasury Stock, Shares | 300,000 | 200,000 | |
Range 1 [Member] | Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |||
Note 20 - Shareholders' Equity (Details) [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,100,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 14.93 | ||
Range 2 [Member] | Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |||
Note 20 - Shareholders' Equity (Details) [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,100,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 16.12 |
Note 21 - Other Comprehensiv138
Note 21 - Other Comprehensive (Loss) Income (Details) - Changes in Other Comprehensive (Loss) Income, by Component - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Successor [Member] | |||||
Note 21 - Other Comprehensive (Loss) Income (Details) - Changes in Other Comprehensive (Loss) Income, by Component [Line Items] | |||||
Currency translation adjustments | $ 1 | $ (35) | $ (33) | ||
Reclassification adjustment for losses included in Other charges (net), before tax | 2 | ||||
Reclassification adjustment for losses included in Other charges (net), net of tax | 2 | ||||
Pension and other postretirement benefit plan changes | |||||
Newly established prior service credit | 6 | 4 | 61 | ||
Newly established net actuarial (loss) gain | 95 | (88) | (278) | ||
Tax (benefit) provision | (3) | (5) | 7 | ||
Newly established prior service credit and net actuarial (loss) gain, net of tax | $ 98 | (89) | (210) | ||
Reclassification adjustments: | |||||
Amortization of prior service credit (a) | [1] | (8) | (3) | ||
Amortization of actuarial (gains) losses (a) | [1] | (2) | 1 | ||
Recognition of losses due to settlements and curtailments (a) | [1] | 1 | 10 | ||
Total reclassification adjustments | (9) | 8 | |||
Reclassification adjustments, net of tax | (9) | 8 | |||
Pension and other postretirement benefit plan changes, net of tax | $ 98 | (98) | (202) | ||
Other comprehensive (loss) income | $ 99 | $ (131) | $ (235) | ||
Predecessor [Member] | |||||
Note 21 - Other Comprehensive (Loss) Income (Details) - Changes in Other Comprehensive (Loss) Income, by Component [Line Items] | |||||
Currency translation adjustments | $ 4 | ||||
Pension and other postretirement benefit plan changes | |||||
Newly established net actuarial (loss) gain | 393 | ||||
Tax (benefit) provision | (14) | ||||
Newly established prior service credit and net actuarial (loss) gain, net of tax | 379 | ||||
Reclassification adjustments: | |||||
Amortization of prior service credit (a) | [1] | (75) | |||
Amortization of actuarial (gains) losses (a) | [1] | 185 | |||
Recognition of losses due to settlements and curtailments (a) | [1] | 1,563 | |||
Total reclassification adjustments | 1,673 | ||||
Tax (provision) | (448) | ||||
Reclassification adjustments, net of tax | 1,225 | ||||
Pension and other postretirement benefit plan changes, net of tax | 1,604 | ||||
Other comprehensive (loss) income | $ 1,608 | ||||
[1] | Reclassified to Pension (income) expense - refer to Note 16, "Retirement Plans" and Note 17, "Other Postretirement Benefits" for additional information. |
Note 22 - Accumulated Other 139
Note 22 - Accumulated Other Comprehensive (Loss) Income (Details) - Components of Accumulated Other Comprehensive (Loss) Income - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Accumulated Other Comprehensive (Loss) Income [Abstract] | ||
Currency translation adjustments | $ (67) | $ (32) |
Available for sale securities | 2 | |
Pension and other postretirement benefit plan changes | (202) | (104) |
Ending balance | $ (267) | $ (136) |
Note 23 - Segment Informatio140
Note 23 - Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 23 - Segment Information (Details) [Line Items] | ||||
Number of Reportable Segments | 7 | |||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | $ 426 | $ 524 | ||
BRAZIL | ||||
Note 23 - Segment Information (Details) [Line Items] | ||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | 64 | 95 | $ 113 | |
CHINA | ||||
Note 23 - Segment Information (Details) [Line Items] | ||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | $ 60 | $ 59 | ||
Other Income [Member] | ||||
Note 23 - Segment Information (Details) [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 3 | |||
Eastman Business Park Rochester NY [Member] | ||||
Note 23 - Segment Information (Details) [Line Items] | ||||
Area of Real Estate Property (in Acres) | a | 1,200 |
Note 23 - Segment Informatio141
Note 23 - Segment Information (Details) - Revenues and Earnings (Loss) from Continuing Operations - USD ($) $ in Millions | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Restructuring costs and other | $ 3 | $ (17) | $ (52) | |||
Intangible asset amortization | 8 | 10 | $ 25 | $ 25 | ||
Restructuring-related depreciation | 4 | 2 | ||||
Successor [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | [1] | 812 | 1,798 | 2,116 | ||
Depreciation and amortization | (75) | (145) | (199) | |||
Restructuring costs and other | (17) | (38) | (59) | |||
Other operating (expense) income, net excluding gain related to Unipixel termination (5) | (2) | (2) | (9) | |||
Interest expense | (22) | (63) | (62) | |||
Other charges, net | 10 | (21) | (21) | |||
Reorganization items, net | (16) | (5) | (13) | |||
Consolidated (loss) earnings from continuing operations before income taxes | (74) | (35) | (112) | |||
Depreciation expense | 67 | 120 | 174 | |||
Restructuring-related depreciation | 0 | 8 | 2 | |||
Successor [Member] | Continuing Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 812 | 1,798 | 2,116 | |||
Earnings from continuing operations | 58 | 122 | 158 | |||
Depreciation and amortization | (75) | (145) | (199) | |||
Corporate components of pension and OPEB income (1) | [2] | 67 | 133 | 110 | ||
Restructuring costs and other | (17) | (38) | (59) | |||
Stock-based compensation | $ (1) | (18) | $ (8) | |||
Change in U.S. vacation benefits (4) | [3] | 17 | ||||
Consulting and other costs (2) | [4] | $ (2) | (13) | $ (6) | ||
Idle costs (3) | [5] | (3) | (4) | |||
Costs previously allocated to discontinued operations | $ (5) | (1) | (4) | |||
Fresh start adjustments | (73) | |||||
Other operating (expense) income, net excluding gain related to Unipixel termination (5) | [6] | (2) | (5) | (9) | ||
Interest expense | (22) | (63) | (62) | |||
Other charges, net | 10 | (21) | (21) | |||
Reorganization items, net | (16) | (5) | (13) | |||
Consolidated (loss) earnings from continuing operations before income taxes | (74) | (35) | (112) | |||
Intangible asset amortization | 8 | 25 | 25 | |||
Depreciation expense | 62 | 96 | 157 | |||
Restructuring-related depreciation | 8 | 2 | ||||
Consolidated total | 67 | 120 | 174 | |||
Successor [Member] | Continuing Operations [Member] | Print Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 485 | 1,106 | 1,257 | |||
Earnings from continuing operations | 38 | 98 | 93 | |||
Intangible asset amortization | 3 | 9 | 9 | |||
Depreciation expense | 19 | 39 | 51 | |||
Successor [Member] | Continuing Operations [Member] | Enterprise Inkjet Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 83 | 173 | 185 | |||
Earnings from continuing operations | (15) | (26) | (44) | |||
Intangible asset amortization | 1 | 4 | 4 | |||
Depreciation expense | 5 | 12 | 12 | |||
Successor [Member] | Continuing Operations [Member] | Micro 3D Printing and Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 42 | 128 | 130 | |||
Earnings from continuing operations | [6] | 9 | (1) | |||
Intangible asset amortization | $ 3 | 9 | 9 | |||
Depreciation expense | 3 | 6 | 8 | |||
Successor [Member] | Continuing Operations [Member] | Software and Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 39 | 112 | 108 | |||
Earnings from continuing operations | (1) | 9 | 3 | |||
Intangible asset amortization | 1 | 2 | 2 | |||
Depreciation expense | 1 | 1 | 2 | |||
Successor [Member] | Continuing Operations [Member] | Consumer and Film [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 147 | 265 | 352 | |||
Earnings from continuing operations | 34 | 52 | 66 | |||
Intangible asset amortization | 1 | 1 | ||||
Depreciation expense | 23 | 30 | 65 | |||
Successor [Member] | Continuing Operations [Member] | Intellectual Property Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 9 | 1 | 70 | |||
Earnings from continuing operations | (2) | (22) | 40 | |||
Depreciation expense | 4 | 2 | 8 | |||
Successor [Member] | Continuing Operations [Member] | Eastman Business Park Rochester NY [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 4 | 13 | 14 | |||
Earnings from continuing operations | 4 | 2 | 1 | |||
Depreciation expense | 7 | 6 | 11 | |||
Successor [Member] | Continuing Operations [Member] | Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 3 | |||||
Earnings from continuing operations | 4 | 5 | 5 | |||
Depreciation expense | $ 5 | $ 16 | $ 15 | |||
Predecessor [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | [1] | 1,546 | ||||
Depreciation and amortization | (118) | |||||
Restructuring costs and other | (43) | |||||
Stock-based compensation | (3) | |||||
Other operating (expense) income, net excluding gain related to Unipixel termination (5) | 495 | |||||
Loss on early extinguishment of debt, net | (8) | |||||
Interest expense | (106) | |||||
Other charges, net | (13) | |||||
Reorganization items, net | 2,026 | |||||
Consolidated (loss) earnings from continuing operations before income taxes | 2,356 | |||||
Depreciation expense | 87 | |||||
Restructuring-related depreciation | 4 | |||||
Predecessor [Member] | Continuing Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,546 | |||||
Earnings from continuing operations | 93 | |||||
Depreciation and amortization | (97) | |||||
Corporate components of pension and OPEB income (1) | [2] | 43 | ||||
Restructuring costs and other | (49) | |||||
Stock-based compensation | $ (3) | |||||
Change in U.S. vacation benefits (4) | [3] | |||||
Consulting and other costs (2) | [4] | |||||
Idle costs (3) | [5] | $ 1 | ||||
Costs previously allocated to discontinued operations | (35) | |||||
Other operating (expense) income, net excluding gain related to Unipixel termination (5) | [6] | 495 | ||||
Loss on early extinguishment of debt, net | (8) | |||||
Interest expense | (106) | |||||
Other charges, net | (13) | |||||
Reorganization items, net | 2,026 | |||||
Consolidated (loss) earnings from continuing operations before income taxes | 2,356 | |||||
Intangible asset amortization | 10 | |||||
Depreciation expense | 80 | |||||
Restructuring-related depreciation | 4 | |||||
Consolidated total | 87 | |||||
Predecessor [Member] | Continuing Operations [Member] | Print Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 844 | |||||
Earnings from continuing operations | 32 | |||||
Intangible asset amortization | 6 | |||||
Depreciation expense | 34 | |||||
Predecessor [Member] | Continuing Operations [Member] | Enterprise Inkjet Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 133 | |||||
Earnings from continuing operations | (34) | |||||
Intangible asset amortization | 2 | |||||
Depreciation expense | 8 | |||||
Predecessor [Member] | Continuing Operations [Member] | Micro 3D Printing and Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 75 | |||||
Earnings from continuing operations | [6] | (3) | ||||
Intangible asset amortization | 1 | |||||
Depreciation expense | 4 | |||||
Predecessor [Member] | Continuing Operations [Member] | Software and Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 82 | |||||
Earnings from continuing operations | (11) | |||||
Intangible asset amortization | 1 | |||||
Depreciation expense | 2 | |||||
Predecessor [Member] | Continuing Operations [Member] | Consumer and Film [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 371 | |||||
Earnings from continuing operations | 127 | |||||
Depreciation expense | 23 | |||||
Predecessor [Member] | Continuing Operations [Member] | Intellectual Property Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1 | |||||
Earnings from continuing operations | (19) | |||||
Depreciation expense | 2 | |||||
Predecessor [Member] | Continuing Operations [Member] | Eastman Business Park Rochester NY [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 4 | |||||
Earnings from continuing operations | 1 | |||||
Depreciation expense | 7 | |||||
Predecessor [Member] | Continuing Operations [Member] | Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 36 | |||||
Earnings from continuing operations | 5 | |||||
Depreciation expense | $ 3 | |||||
[1] | Sales are reported in the geographic area in which they originate. No non-U.S. country generated more than 10% of net sales in the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013 or eight months ended August 31, 2013. | |||||
[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] | In the fourth quarter of 2015, Kodak changed the timing of when U.S. employees earn their vacation benefits which reduced the related accrual as of December 31, 2015. | |||||
[4] | Consulting and other costs are primarily related to professional services provided for corporate strategic initiatives in the current year periods. The prior year periods primarily represent the cost of AlixPartners filling interim executive positions which are not captured within "Reorganization items, net" as well as consulting services provided by former executives during transitional periods. | |||||
[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] | In 2015 a $3 million gain was recognized related to assets that were acquired for no monetary consideration as a part of the termination of the relationship with Unipixel. The gain was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, this particular gain was included in the Micro 3D Printing and Packaging segment's earnings in 2015. |
Note 23 - Segment Informatio142
Note 23 - Segment Information (Details) - Revenue From External Customers and Long-Lived Assets, By Geographical Areas - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 03, 2013 | Sep. 01, 2013 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Property, plant & equipment, net | $ 426 | $ 524 | ||||||
Successor [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | $ 812 | 1,798 | 2,116 | ||||
Property, plant & equipment, net | 684 | 426 | 524 | $ 727 | $ 727 | |||
Successor [Member] | UNITED STATES | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 243 | 622 | 751 | ||||
Property, plant & equipment, net | 378 | 217 | 271 | |||||
Successor [Member] | EMEA [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 287 | 597 | 727 | ||||
Property, plant & equipment, net | 91 | 55 | 68 | |||||
Successor [Member] | Asia Pacific [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 207 | 402 | 451 | ||||
Property, plant & equipment, net | 83 | 76 | 75 | |||||
Successor [Member] | Canada and Latin America [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 75 | 177 | 187 | ||||
Property, plant & equipment, net | 132 | 78 | 110 | |||||
Successor [Member] | Non-US [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 569 | 1,176 | 1,365 | ||||
Property, plant & equipment, net | [2] | $ 306 | $ 209 | $ 253 | ||||
Predecessor [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | $ 1,546 | ||||||
Property, plant & equipment, net | 507 | $ 507 | [3] | |||||
Predecessor [Member] | UNITED STATES | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 519 | ||||||
Predecessor [Member] | EMEA [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 548 | ||||||
Predecessor [Member] | Asia Pacific [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 330 | ||||||
Predecessor [Member] | Canada and Latin America [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | 149 | ||||||
Predecessor [Member] | Non-US [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Sales revenue | [1] | $ 1,027 | ||||||
[1] | Sales are reported in the geographic area in which they originate. No non-U.S. country generated more than 10% of net sales in the years ended December 31, 2015 and December 31, 2014, four months ended December 31, 2013 or eight months ended August 31, 2013. | |||||||
[2] | Of the total non U.S. property, plant and equipment in 2015, $64 million are located in Brazil and $60 million are located in China. Of the total non U.S. property, plant and equipment in 2014, $95 million are located in Brazil and $59 million are located in China. Of the total non U.S. property, plant and equipment in 2013, $113 million are located in Brazil. No other non U.S. country had greater than 10% of property, plant and equipment in 2015, 2014 or 2013. | |||||||
[3] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. |
Note 24 - Emergence from Vol143
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 03, 2014 | May. 20, 2014 | Sep. 03, 2013 | Aug. 23, 2013 | Jul. 18, 2013 | Feb. 01, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 17, 2013 |
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Stock Authorized (in Shares) | 560 | ||||||||||
Preferred Stock, Shares Authorized (in Shares) | 60 | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0 | ||||||||||
Common Stock, Shares Authorized (in Shares) | 500 | ||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.01 | $ 0.01 | |||||||||
Proceeds from Issuance of Other Long-term Debt | $ 669 | ||||||||||
Payments for Administrative Priority or Secured Claims | $ 94 | ||||||||||
Stockholders Percentage of Outstanding Common Stock, Potentially Requiring Securities Offering | 25.00% | ||||||||||
Registration Rights Agreement Condition for Demanding a Shelf Registration Statement, Percentage Ownership | 10.00% | ||||||||||
Registration Rights Agreement, Condition For Demanding a Shelf Registration Statement, Minimum Aggregate Market Value | $ 75 | ||||||||||
Bankruptcy Claims, Amount of Claims Filed | $ 2,800 | ||||||||||
Bankruptcy Claims, Amount of Claims Settled | 29 | ||||||||||
Litigation Settlement, Amount | $ 49 | 18 | |||||||||
Percentage of Liability Above $99 Million | 50.00% | 50.00% | |||||||||
Amended EBP Settlement Agreement Prior to Implementation Amount Held in Separate Trust and Escrow Account | $ 49 | ||||||||||
Other Postretirement Benefits Payments | $ 7.5 | ||||||||||
Debtor Reorganization Items, Provision for Expected Allowed Claims | $ 27 | ||||||||||
Subject To Repayment [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 35 | ||||||||||
Cash Payment [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 200 | ||||||||||
Administrative Claims [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Bankruptcy Claims, Amount Paid to Settle Claims | 15 | ||||||||||
General Unsecured Claim [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Bankruptcy Claims, Amount of Claims Filed | 635 | ||||||||||
Settlement Parties [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Bankruptcy Claims, Amount of Claims Filed | $ 244 | ||||||||||
Paid In Cash [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 525 | ||||||||||
Net Cash Considerations [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 325 | ||||||||||
KPP Note [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 125 | ||||||||||
Historical [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Environmental Expense and Liabilities | $ 99 | ||||||||||
Unsecured Pre-Petition Claim [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Bankruptcy Claims, Amount of Claims Settled | $ 70 | ||||||||||
Exit Facility [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Issuance of Other Long-term Debt | 695 | ||||||||||
ABL Credit Facility [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||||||||||
Issued To Unsecured Creditors And Backstop Parties [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 34 | ||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 11.94 | ||||||||||
Proceeds from Issuance of Common Stock | $ 406 | ||||||||||
Issued to Backstop Parties Payment for Fees [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, Issued for Services (in Shares) | 1.7 | ||||||||||
Backstop Parties [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Stockholders Percentage of Outstanding Common Stock, Potentially Requiring Securities Offering | 10.00% | ||||||||||
Minimum Aggregate Market Value of Potential Stock Issuance | $ 75 | ||||||||||
Common Stock [Member] | Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 6 | ||||||||||
KPP Holdco [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | $ 650 | ||||||||||
Exercise Price of 14.93 [Member] | Common Stock [Member] | Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 2.1 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 14.93 | ||||||||||
Exercise price of 16.12 [Member] | Common Stock [Member] | Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 2.1 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 16.12 | ||||||||||
Intellectual Property [Member] | |||||||||||
Note 24 - Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) [Line Items] | |||||||||||
Proceeds from Sale of Intangible Assets | $ 530 |
Note 25 - Fresh Start Accoun144
Note 25 - Fresh Start Accounting (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May. 20, 2014 | Sep. 03, 2013 | Sep. 03, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 01, 2013 | |||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Maximum Percentage of Voting Shares Received by Previous Shareholders | 50.00% | ||||||||||
Enterprise Value | $ 1,000 | $ 1,000 | |||||||||
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 29.00% | ||||||||||
Short-term Debt, Fair Value | $ 44 | 44 | |||||||||
Capital Lease Obligations | 14 | 14 | |||||||||
Long-term Debt, Fair Value | $ 676 | $ 676 | |||||||||
Long Term Debt Percentage of Par Value | 97.00% | ||||||||||
Pension and Postretirement Expected Cash Contributions Discount Rate | 3.50% | ||||||||||
Share Price (in Dollars per share) | $ 14.11 | $ 14.11 | |||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.67% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||||
Other Liabilities, Noncurrent | $ 18 | $ 18 | $ 278 | $ 324 | |||||||
Deposit Liabilities, Accrued Interest | 7 | 7 | |||||||||
Emergence and Success Fees Paid at Emergence | 9 | ||||||||||
Accrued Professional Fees | 80 | 80 | |||||||||
Litigation Settlement, Amount | $ 49 | 18 | |||||||||
Other Assets, Current | 28 | 30 | |||||||||
Cash Collateral for Borrowed Securities | 15 | 15 | |||||||||
Debt Issuance Cost | 8 | ||||||||||
Deferred Debt Issuance Costs Write Off | 5 | ||||||||||
Deferred Equity Issuance Costs Write Off | 3 | ||||||||||
Accounts Payable, Trade, Current | 195 | 212 | |||||||||
Repayments of Other Debt | 644 | ||||||||||
Short-term Debt | 4 | 4 | |||||||||
Interest Paid | 7 | ||||||||||
Administrative Fees Expense | 10 | ||||||||||
Bankruptcy Claims, Amount of Claims Settled | 29 | 29 | |||||||||
Liabilities Subject to Compromise | 9 | 9 | |||||||||
Long-term Debt, Excluding Current Maturities | 375 | 375 | 675 | 672 | |||||||
Proceeds from Issuance of Other Long-term Debt | 669 | ||||||||||
Proceeds from Other Short-term Debt | 4 | ||||||||||
Warrants Issued Value | 24 | ||||||||||
Inventory, Net | 314 | 349 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | 426 | 524 | |||||||||
Goodwill | $ 88 | 88 | 96 | ||||||||
Intangible Assets, Net (Excluding Goodwill) | 158 | 182 | |||||||||
Intangible Assets Write Off | 43 | 43 | |||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | 235 | 235 | |||||||||
Indefinite-Lived Trade Names | 54 | 54 | |||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 9 | $ 9 | |||||||||
Issued to Holders of General Unsecured Claims [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Share Price (in Dollars per share) | $ 14.11 | $ 14.11 | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 6 | ||||||||||
Issued to Backstop Parties Payment for Fees [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Share Price (in Dollars per share) | $ 14.11 | $ 14.11 | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 1.7 | ||||||||||
Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | [1] | $ 61 | $ 61 | ||||||||
Emergence and Success Fees Paid at Emergence | (9) | ||||||||||
Repayments of Other Debt | 644 | ||||||||||
Liabilities Subject to Compromise | [1] | (2,475) | (2,475) | ||||||||
Fresh Start Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | [2] | 82 | 82 | ||||||||
Long-term Debt, Excluding Current Maturities | 11 | 11 | |||||||||
Inventory, Net | [3] | 67 | 67 | ||||||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | [4] | 220 | 220 | ||||||||
Goodwill | [5] | 32 | 32 | ||||||||
Intangible Assets, Net (Excluding Goodwill) | [6] | 192 | 192 | ||||||||
Predecessor [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | [7] | 318 | 318 | ||||||||
Repayments of Other Debt | $ 375 | ||||||||||
Liabilities Subject to Compromise | [7] | 2,475 | 2,475 | ||||||||
Proceeds from Issuance of Other Long-term Debt | 664 | ||||||||||
Inventory, Net | 435 | [7] | 435 | [7] | 435 | ||||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | 507 | [7] | 507 | [7] | $ 507 | ||||||
Goodwill | [7] | 56 | 56 | ||||||||
Intangible Assets, Net (Excluding Goodwill) | [7] | 43 | 43 | ||||||||
Successor [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Enterprise Value | 1,000 | 1,000 | |||||||||
Other Liabilities, Noncurrent | 408 | 408 | |||||||||
Repayments of Other Debt | 40 | ||||||||||
Inventory, Net | 502 | 502 | $ 502 | ||||||||
Property, plant and equipment, net of accumulated depreciation of $330 and $231, respectively | 727 | 727 | $ 684 | $ 426 | $ 524 | 727 | |||||
Goodwill | 88 | 88 | $ 88 | ||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 235 | $ 235 | |||||||||
The 125 Warrants [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Strike Price (in Dollars per share) | $ 14.93 | $ 14.93 | |||||||||
Warrant Percentage | 125.00% | ||||||||||
Fair Value Assumptions, Expected Volatility Rate | 47.00% | ||||||||||
The 135 Warrants [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Strike Price (in Dollars per share) | $ 16.12 | 16.12 | |||||||||
Warrant Percentage | 135.00% | ||||||||||
Fair Value Assumptions, Expected Volatility Rate | 48.00% | ||||||||||
Rights Offering [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Share Price (in Dollars per share) | $ 11.94 | 11.94 | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 34 | ||||||||||
Rights Offering [Member] | Reflects Increase in Fair Value [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Share Price (in Dollars per share) | $ 14.11 | $ 14.11 | |||||||||
Adjustments to Additional Paid in Capital, Fair Value | $ 34 | ||||||||||
Omnibus Incentive Plan 2013 [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 0.1 | ||||||||||
Omnibus Incentive Plan 2013 [Member] | Successor [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||||||
Write Off of Unamortized Debt Issuance Costs [Member] | Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Assets, Current | [8] | $ (1) | $ (1) | ||||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | [9] | 6 | 6 | ||||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Predecessor [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | [7] | 317 | 317 | ||||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Successor [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | 339 | 339 | |||||||||
Success Fees Accrued Upon Emergence [Member] | Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | [10] | 13 | 13 | ||||||||
Success Fees Accrued Upon Emergence [Member] | Accounts Payable and Accrued Liabilities [Member] | Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | 3 | 3 | |||||||||
Repayment of All Term Loans From Junior DIP Credit Agreement [Member] | Reorganization Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Accounts Payable, Trade, Current | 13 | 13 | |||||||||
Decreased Capitalized Lease Obligations [Member] | Fresh Start Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | 38 | 38 | |||||||||
Decrease Remeasurement of Employee Benefit Obligations [Member] | Fresh Start Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | 19 | 19 | |||||||||
Increase Fair Value Adjustment Asset Retirement Obligations [Member] | Fresh Start Adjustments [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Other Liabilities, Noncurrent | $ 4 | $ 4 | |||||||||
Repayment of All Loans Outstanding Under the 9.75% Senior Secured Notes [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | 9.75% | |||||||||
Repayment of 10.625% Senior Secured Notes [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.625% | 10.625% | |||||||||
Debt Instrument, Unamortized Discount | $ 5 | $ 5 | |||||||||
Junior Dip Credit Agreement Term Loan [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount | 3 | 3 | |||||||||
Technology-Based Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | 131 | 131 | |||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | 7 years | |||||||||
Customer-Related Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 39 | 39 | |||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | 8 years | |||||||||
In Process Research and Development [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||||||||
In Process Research and Development [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 40.00% | ||||||||||
Favorable Contracts and Leasehold Improvements [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 2 | 2 | |||||||||
Minimum [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Enterprise Value | $ 875 | 875 | |||||||||
Minimum [Member] | Sales Revenue, Net [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 0.00% | ||||||||||
Minimum [Member] | Royalty Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 0.50% | ||||||||||
Minimum [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 27.00% | ||||||||||
Minimum [Member] | Technology-Based Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||||
Minimum [Member] | Technology-Based Intangible Assets [Member] | Royalty Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 1.00% | ||||||||||
Minimum [Member] | Technology-Based Intangible Assets [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 29.00% | ||||||||||
Minimum [Member] | Customer-Related Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
Minimum [Member] | Customer-Related Intangible Assets [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 29.00% | ||||||||||
Minimum [Member] | Customer-Related Intangible Assets [Member] | Attrition Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 2.50% | ||||||||||
Maximum [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Enterprise Value | $ 1,400 | $ 1,400 | |||||||||
Maximum [Member] | Sales Revenue, Net [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 3.00% | ||||||||||
Maximum [Member] | Royalty Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 1.00% | ||||||||||
Maximum [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 32.00% | ||||||||||
Maximum [Member] | Technology-Based Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||||
Maximum [Member] | Technology-Based Intangible Assets [Member] | Royalty Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 16.00% | ||||||||||
Maximum [Member] | Technology-Based Intangible Assets [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 34.00% | ||||||||||
Maximum [Member] | Customer-Related Intangible Assets [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||
Maximum [Member] | Customer-Related Intangible Assets [Member] | Cost of Capital Discount Rate [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 38.00% | ||||||||||
Maximum [Member] | Customer-Related Intangible Assets [Member] | Attrition Rates [Member] | |||||||||||
Note 25 - Fresh Start Accounting (Details) [Line Items] | |||||||||||
Concentration Risk, Percentage | 20.00% | ||||||||||
[1] | Refer to explanation #18 for the determination of fair value for equity issued to unsecured creditors. | ||||||||||
[2] | Represents the net decrease in tax assets and tax liabilities associated with adjustments for fresh start accounting. | ||||||||||
[3] | An adjustment of $67 million was recorded to increase the net book value of inventories to their estimated fair value, which was determined as follows: Fair value of finished goods inventory were determined based on the estimated selling price less costs to sell, including disposal and holding period costs, and a reasonable profit margin on the selling and disposal effort. Fair value of work-in-process was determined based on the estimated selling price once completed less total costs to complete the manufacturing effort, costs to sell, including disposal and holding period costs, and a reasonable profit on the remaining manufacturing, selling and disposal effort. Fair value of raw materials was determined based on current replacement costs. | ||||||||||
[4] | An adjustment of $220 million was recorded to increase the net book value of property, plant and equipment to estimated fair value. Fair value was determined as follows: The market, sales comparison or trended cost approach was utilized for land, buildings and building improvements. This approach relies upon recent sales, offerings of similar assets or a specific inflationary adjustment to original purchase price to arrive at a probable selling price. The cost approach was utilized for machinery and equipment. This approach considers the amount required to construct or purchase a new asset of equal utility at current prices, with adjustments in value for physical deterioration, and functional and economic obsolescence. Physical deterioration is an adjustment made in the cost approach to reflect the real operating age of an asset with regard to wear and tear, decay and deterioration that is not prevented by maintenance. Functional obsolescence is the loss in value or usefulness of an asset caused by inefficiencies or inadequacies of the asset, as compared to a more efficient or less costly replacement asset with newer technology. Economic obsolescence is the loss in value or usefulness of an asset due to factors external to the asset, such as the economics of the industry, reduced demand, increased competition or similar factors.The following table summarizes the components of property, plant and equipment, net as of August 31, 2013, and the fair value at September 1, 2013: | ||||||||||
[5] | This adjustment eliminated the Predecessor goodwill balance of $56 million and records Successor goodwill of $88 million, which represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets, as follows: | ||||||||||
[6] | The net adjustment of $192 million reflects the write-off of existing intangibles of $43 million and an adjustment of $235 million to record the fair value of intangibles, determined as follows:a. Trade names of $54 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the trade names ranging from September 1, 2013 to December 31, 2023, including a terminal year with growth rates ranging from 0% to 3%;ii. Royalty rates ranging from .5% to 1% of expected net sales determined with regard to comparable market transactions and profitability analysis;iii. Discount rates ranging from 27% to 32%, which were based on the after-tax weighted-average cost of capital; andiv. Kodak anticipates using its trade name for an indefinite period.b. Technology based intangibles of $131 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the respective technologies for the period ranging from September 1, 2013 to December 31, 2025;ii. Royalty rates ranging from 1% to 16% determined with regard to comparable market transactions and cash flows of the respective technologies;iii. Discount rates ranging from 29% to 34%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 4 to 12 years.c. Customer related intangibles of $39 million were valued using the income approach, specifically the multi-period excess earnings approach based on the following significant assumptions:i. Forecasted revenues and profit margins attributable to the current customer base for the period ranging from September 1, 2013 to December 31, 2024;ii. Attrition rates ranging from 2.5% to 20%;iii. Discount rates ranging from 29% to 38%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 3 to 10 years.d. In-process research and development of $9 million was determined using the income approach, specifically the multi-period excess earnings method based on the following significant assumptions:i. Forecasted revenues attributable to the respective research and development projects for the period of September 1, 2013 to December 31, 2019;ii. Discount rate of 40% based on the after-tax weighted-average cost of capital adjusted for perceived risks inherent in the individual assets; andiii. Economic life of 6 years.e. In addition, the Company recorded the fair value of other intangibles of $2 million primarily related to favorable contracts and leasehold improvements that were favorable relative to available market terms. | ||||||||||
[7] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. | ||||||||||
[8] | Represents the write-off of unamortized debt issuance costs of $1 million related to the Junior DIP Credit Agreement upon repayment in full of all outstanding term loans on the Effective Date. This amount has been included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||||
[9] | Represents $6 million in claims expected to be satisfied in cash that were reclassified from Liabilities subject to compromise. | ||||||||||
[10] | Represents $13 million in success fees accrued upon emergence that have been included in Reorganization items, net in the Consolidated Statement of Operations. |
Note 25 - Fresh Start Accoun145
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Fair Value - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Aug. 31, 2013 |
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Fair Value [Line Items] | |||||
Enterprise value | $ 1,000 | ||||
Plus: Cash and cash equivalents | $ 547 | $ 712 | |||
Fair value of Successor common stock | $ 0 | $ 0 | |||
Shares outstanding at September 3, 2013 (in Shares) | 42,000,000 | 41,900,000 | |||
Successor [Member] | |||||
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Fair Value [Line Items] | |||||
Enterprise value | 1,000 | ||||
Plus: Cash and cash equivalents | $ 547 | $ 712 | $ 844 | 898 | $ 898 |
Less: Other non-operating liabilities | $ 18 | ||||
Shares outstanding at September 3, 2013 (in Shares) | 41,753,211 | ||||
Per share value (in Dollars per share) | $ 14.11 | ||||
Successor [Member] | Estimate of Fair Value Measurement [Member] | |||||
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Fair Value [Line Items] | |||||
Less: Fair value of debt and capitalized lease obligations | $ 734 | ||||
Less: Fair value of pension and other postretirement obligations | 533 | ||||
Less: Fair value of warrants | 24 | ||||
Fair value of Successor common stock | $ 589 |
Note 25 - Fresh Start Accoun146
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Reorganization Value - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Aug. 31, 2013 |
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Reorganization Value [Line Items] | |||||
Enterprise value | $ 1,000 | ||||
Plus: Cash and cash equivalents | $ 547 | $ 712 | |||
Plus: Fair value of noncontrolling interests | 10 | ||||
Successor [Member] | |||||
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Reorganization Value [Line Items] | |||||
Enterprise value | 1,000 | ||||
Plus: Cash and cash equivalents | $ 547 | $ 712 | $ 844 | 898 | $ 898 |
Reorganization value of Successor assets | 3,463 | ||||
Successor [Member] | Estimate of Fair Value Measurement [Member] | |||||
Note 25 - Fresh Start Accounting (Details) - Reconciliation of Enterprise Value to Estimated Reorganization Value [Line Items] | |||||
Plus: Fair value of non-debt liabilities | 2,088 | ||||
Less: Fair value of pension and other postretirement obligations | $ 533 |
Note 25 - Fresh Start Accoun147
Note 25 - Fresh Start Accounting (Details) - Adjustments of Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Sep. 01, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | ||
Current Assets | |||||||||
Cash and cash equivalents | $ 547 | $ 712 | |||||||
Receivables, net | 365 | 414 | |||||||
Inventories, net | 314 | 349 | |||||||
Assets held for sale | 2 | 14 | |||||||
Other current assets | 28 | 30 | |||||||
Total current assets | 1,278 | 1,550 | |||||||
Property, plant & equipment, net | 426 | 524 | |||||||
Goodwill | 88 | 96 | $ 88 | ||||||
Intangible assets, net | 158 | 182 | |||||||
Other long-term assets | 122 | 129 | |||||||
TOTAL ASSETS | 2,138 | 2,556 | |||||||
Current Liabilities | |||||||||
Accounts payable, trade | 195 | 212 | |||||||
Short-term borrowings and current portion of long-term debt | 5 | 5 | |||||||
Other current liabilities | 259 | 372 | |||||||
Liabilities held for sale | 10 | ||||||||
Total current liabilities | 459 | 599 | |||||||
Long-term debt, net of current portion | 675 | 672 | $ 375 | ||||||
Pension and other postretirement liabilities | 623 | 662 | |||||||
Other long-term liabilities | 278 | 324 | 18 | ||||||
Liabilities subject to compromise | 9 | ||||||||
Total liabilities | 2,035 | 2,257 | |||||||
Equity (Deficit) | |||||||||
Common stock | 0 | 0 | |||||||
Additional paid in capital | 633 | 621 | |||||||
Retained earnings (deficit) | (283) | (204) | |||||||
Accumulated other comprehensive loss | (267) | (136) | |||||||
Less: Treasury stock (Predecessor) | (5) | (4) | |||||||
Total Eastman Kodak Company shareholders’ (deficit) equity | 78 | 277 | |||||||
Noncontrolling interests | 25 | 22 | |||||||
Total equity (deficit) | 103 | 299 | |||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 2,138 | 2,556 | |||||||
Predecessor [Member] | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 1,070 | [1] | $ 898 | $ 1,135 | |||||
Restricted cash | [1] | 24 | |||||||
Receivables, net | [1] | 492 | |||||||
Inventories, net | 435 | [1] | 435 | ||||||
Assets held for sale | [1] | 109 | |||||||
Total current assets | [1] | 2,207 | |||||||
Property, plant & equipment, net | 507 | [1] | 507 | ||||||
Goodwill | [1] | 56 | |||||||
Intangible assets, net | [1] | 43 | |||||||
Deferred income taxes | [1] | 22 | |||||||
TOTAL ASSETS | [1] | 3,037 | |||||||
Current Liabilities | |||||||||
Liabilities held for sale | [1] | 45 | |||||||
Total current liabilities | [1] | 1,643 | |||||||
Pension and other postretirement liabilities | [1] | 411 | |||||||
Other long-term liabilities | [1] | 318 | |||||||
Liabilities subject to compromise | [1] | 2,475 | |||||||
Total liabilities | [1] | 5,217 | |||||||
Equity (Deficit) | |||||||||
Retained earnings (deficit) | [1] | 2,446 | |||||||
Accumulated other comprehensive loss | [1] | (1,008) | |||||||
[1] | 3,521 | ||||||||
Less: Treasury stock (Predecessor) | [1] | (5,711) | |||||||
Total Eastman Kodak Company shareholders’ (deficit) equity | [1] | (2,190) | |||||||
Noncontrolling interests | [1] | 10 | |||||||
Total equity (deficit) | (2,180) | [1] | 10 | $ (3,677) | |||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | [1] | $ 3,037 | |||||||
Predecessor [Member] | Successor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Common stock | [1] | ||||||||
Additional paid in capital | [1] | ||||||||
Predecessor [Member] | Predecessor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Common stock | [1] | $ 978 | |||||||
Additional paid in capital | [1] | 1,105 | |||||||
Predecessor [Member] | Expiration of Tax Attributes [Member] | |||||||||
Current Assets | |||||||||
Other current assets | [1] | 77 | |||||||
Predecessor [Member] | Includes Cash Collateralization for Letters of Credit [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [1] | 202 | |||||||
Reorganization Adjustments [Member] | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | [2] | (172) | |||||||
Restricted cash | [3] | 98 | |||||||
Total current assets | (67) | ||||||||
Deferred income taxes | [4] | (21) | |||||||
TOTAL ASSETS | (73) | ||||||||
Current Liabilities | |||||||||
Total current liabilities | (607) | ||||||||
Pension and other postretirement liabilities | [5] | 156 | |||||||
Other long-term liabilities | [5] | 61 | |||||||
Liabilities subject to compromise | [5] | (2,475) | |||||||
Total liabilities | (2,570) | ||||||||
Equity (Deficit) | |||||||||
Retained earnings (deficit) | [6] | (1,671) | |||||||
(3,214) | |||||||||
Less: Treasury stock (Predecessor) | [7] | 5,711 | |||||||
Total Eastman Kodak Company shareholders’ (deficit) equity | 2,497 | ||||||||
Total equity (deficit) | 2,497 | ||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ (73) | ||||||||
Reorganization Adjustments [Member] | Successor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Common stock | [8] | ||||||||
Additional paid in capital | [8] | $ 540 | |||||||
Reorganization Adjustments [Member] | Predecessor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Common stock | [7] | (978) | |||||||
Additional paid in capital | [7] | (1,105) | |||||||
Reorganization Adjustments [Member] | Expiration of Tax Attributes [Member] | |||||||||
Current Assets | |||||||||
Other current assets | [4] | 8 | |||||||
Reorganization Adjustments [Member] | Write Off of Unamortized Debt Issuance Costs [Member] | |||||||||
Current Assets | |||||||||
Other current assets | [9] | (1) | |||||||
Reorganization Adjustments [Member] | Includes Cash Collateralization for Letters of Credit [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [10] | 15 | |||||||
Reorganization Adjustments [Member] | Debt Issuance Costs [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [11] | 8 | |||||||
Reorganization Adjustments [Member] | Write Off of Deferred Debt Issuance Costs [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [12] | (8) | |||||||
Fresh Start Adjustments [Member] | |||||||||
Current Assets | |||||||||
Inventories, net | [13] | 67 | |||||||
Assets held for sale | [14] | 8 | |||||||
Total current assets | 33 | ||||||||
Property, plant & equipment, net | [15] | 220 | |||||||
Goodwill | [16] | 32 | |||||||
Intangible assets, net | [17] | 192 | |||||||
Deferred income taxes | [18] | 55 | |||||||
TOTAL ASSETS | 499 | ||||||||
Current Liabilities | |||||||||
Liabilities held for sale | [14] | (3) | |||||||
Total current liabilities | (25) | ||||||||
Long-term debt, net of current portion | 11 | ||||||||
Pension and other postretirement liabilities | [19] | 178 | |||||||
Other long-term liabilities | [18] | 82 | |||||||
Total liabilities | 193 | ||||||||
Equity (Deficit) | |||||||||
Retained earnings (deficit) | [20] | (775) | |||||||
Accumulated other comprehensive loss | [20] | 1,008 | |||||||
306 | |||||||||
Total Eastman Kodak Company shareholders’ (deficit) equity | 306 | ||||||||
Total equity (deficit) | 306 | ||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 499 | ||||||||
Fresh Start Adjustments [Member] | Successor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Additional paid in capital | [21] | 73 | |||||||
Fresh Start Adjustments [Member] | Expiration of Tax Attributes [Member] | |||||||||
Current Assets | |||||||||
Other current assets | [18] | (42) | |||||||
Fresh Start Adjustments [Member] | Includes Cash Collateralization for Letters of Credit [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [22] | (26) | |||||||
Fresh Start Adjustments [Member] | Debt Issuance Costs [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [23] | (8) | |||||||
Fresh Start Adjustments [Member] | Write Off of Deferred Debt Issuance Costs [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | [19] | 1 | |||||||
Successor [Member] | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 547 | 712 | 844 | 898 | $ 898 | ||||
Restricted cash | 122 | ||||||||
Receivables, net | 492 | ||||||||
Inventories, net | 502 | $ 502 | |||||||
Assets held for sale | 117 | ||||||||
Total current assets | 2,173 | ||||||||
Property, plant & equipment, net | 426 | 524 | 684 | 727 | 727 | ||||
Goodwill | 88 | 88 | |||||||
Intangible assets, net | 235 | ||||||||
Deferred income taxes | 56 | ||||||||
TOTAL ASSETS | 3,463 | 3,463 | |||||||
Current Liabilities | |||||||||
Liabilities held for sale | 42 | ||||||||
Total current liabilities | 1,011 | ||||||||
Pension and other postretirement liabilities | 745 | ||||||||
Other long-term liabilities | 408 | ||||||||
Total liabilities | 2,840 | ||||||||
Equity (Deficit) | |||||||||
613 | |||||||||
Total Eastman Kodak Company shareholders’ (deficit) equity | 613 | ||||||||
Noncontrolling interests | 10 | ||||||||
Total equity (deficit) | $ 103 | $ 299 | $ 648 | 623 | $ 623 | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 3,463 | ||||||||
Successor [Member] | Successor Adjustments [Member] | |||||||||
Equity (Deficit) | |||||||||
Additional paid in capital | 613 | ||||||||
Successor [Member] | Expiration of Tax Attributes [Member] | |||||||||
Current Assets | |||||||||
Other current assets | 42 | ||||||||
Successor [Member] | Includes Cash Collateralization for Letters of Credit [Member] | |||||||||
Current Assets | |||||||||
Other long-term assets | 184 | ||||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Predecessor [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | [1] | 317 | |||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | [24] | 6 | |||||||
Other current liabilities | [25] | 38 | |||||||
Claims Expected to be Satisfied in Cash Reclassified From Liabilities Subject to Compromise [Member] | Successor [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | 339 | ||||||||
Accrued Expenses Related to the Emergence Credit Facilities [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | [26] | 3 | |||||||
Success Fees Accrued Upon Emergence [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | [27] | 13 | |||||||
Repayment of All Term Loans From Junior DIP Credit Agreement [Member] | Predecessor [Member] | |||||||||
Current Liabilities | |||||||||
Short-term borrowings and current portion of long-term debt | [1] | 681 | |||||||
Repayment of All Term Loans From Junior DIP Credit Agreement [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Accounts payable, trade | 13 | ||||||||
Short-term borrowings and current portion of long-term debt | [28] | (641) | |||||||
Repayment of All Term Loans From Junior DIP Credit Agreement [Member] | Successor [Member] | |||||||||
Current Liabilities | |||||||||
Short-term borrowings and current portion of long-term debt | 44 | ||||||||
Principal Short Term Borrowings of Emergence Credit Facility [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Short-term borrowings and current portion of long-term debt | [29] | 4 | |||||||
Accrued and Unpaid Interest Related to the Repayment of Debt [Member] | Predecessor [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | [1] | 600 | |||||||
Accrued and Unpaid Interest Related to the Repayment of Debt [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | [30] | (17) | |||||||
Accrued and Unpaid Interest Related to the Repayment of Debt [Member] | Fresh Start Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | [31] | (8) | |||||||
Accrued and Unpaid Interest Related to the Repayment of Debt [Member] | Successor [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | 586 | ||||||||
Expiration of Tax Attributes [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | [4] | (13) | |||||||
Expiration of Tax Attributes [Member] | Fresh Start Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Other current liabilities | [19] | (14) | |||||||
Repayment of All Loans Outstanding Under the 9.75% Senior Secured Notes [Member] | Predecessor [Member] | |||||||||
Current Liabilities | |||||||||
Long-term debt, net of current portion | [1] | 370 | |||||||
Repayment of All Loans Outstanding Under the 9.75% Senior Secured Notes [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Long-term debt, net of current portion | [32] | (370) | |||||||
Repayment of All Loans Outstanding Under the 9.75% Senior Secured Notes [Member] | Fresh Start Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Long-term debt, net of current portion | [33] | 11 | |||||||
Repayment of All Loans Outstanding Under the 9.75% Senior Secured Notes [Member] | Successor [Member] | |||||||||
Current Liabilities | |||||||||
Long-term debt, net of current portion | 676 | ||||||||
Proceeds From Issuance of Term Loans Under Emergence Credit Facility [Member] | Reorganization Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Long-term debt, net of current portion | [34] | 665 | |||||||
Decrease in Net Deferred Tax Assets Associated With Fresh Start Accounting [Member] | Fresh Start Adjustments [Member] | |||||||||
Current Liabilities | |||||||||
Other long-term liabilities | [35] | $ (53) | |||||||
[1] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. | ||||||||
[2] | Reflects the net cash payments recorded as of the Effective Date from implementation of the Plan: | ||||||||
[3] | Reflects the funding of $80 million to the professional fee escrow account for professional fees accrued at emergence and $18 million related to the EBP Settlement Agreement. Refer to Note 24, "Emergence from Voluntary Reorganization under Chapter 11 Proceedings" for additional information regarding the EBP Settlement Agreement. | ||||||||
[4] | Reflects the expiration of tax attributes, which was fully offset by a corresponding decrease in Kodak's U.S. valuation allowance, as a result of the Debtors' emergence from chapter 11 bankruptcy proceedings. Refer to Note 14, "Income Taxes" for additional information. | ||||||||
[5] | Refer to explanation #18 for the determination of fair value for equity issued to unsecured creditors. | ||||||||
[6] | The net gain on reorganization adjustments has been included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[7] | Reflects the cancellation of Predecessor Company equity to retained earnings. | ||||||||
[8] | Reflects the issuance of 34 million shares of common stock at a per share price of $11.94 in connection with the Rights Offering, 6 million shares of common stock issued to the holders of general unsecured and retiree committee unsecured claims valued at $14.11 per share,1.7 million shares of common stock valued at $14.11 per share issued to the Backstop Parties in connection with the Backstop Commitment Agreement, 0.1 million shares of common stock issued under Kodak's 2013 Omnibus Incentive Plan on the Effective Date, and issuance of warrants valued at $24 million. | ||||||||
[9] | Represents the write-off of unamortized debt issuance costs of $1 million related to the Junior DIP Credit Agreement upon repayment in full of all outstanding term loans on the Effective Date. This amount has been included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[10] | Represents the funding of $15 million in cash collateralization for letters of credit under the ABL Credit Facility. | ||||||||
[11] | Represents $8 million of debt issuance costs incurred related to the Emergence Credit Facilities. | ||||||||
[12] | Represents the write-off of $5 million of deferred debt issuance costs upon repayment in full of all loans outstanding under the 9.75% senior secured notes due 2018 and 10.625% senior secured notes due 2019 and the write-off of $3 million of deferred equity issuance costs. These amounts have been included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[13] | An adjustment of $67 million was recorded to increase the net book value of inventories to their estimated fair value, which was determined as follows: Fair value of finished goods inventory were determined based on the estimated selling price less costs to sell, including disposal and holding period costs, and a reasonable profit margin on the selling and disposal effort. Fair value of work-in-process was determined based on the estimated selling price once completed less total costs to complete the manufacturing effort, costs to sell, including disposal and holding period costs, and a reasonable profit on the remaining manufacturing, selling and disposal effort. Fair value of raw materials was determined based on current replacement costs. | ||||||||
[14] | Represents fair value adjustment to the assets and liabilities of the Company's Personalized Imaging and Document Imaging businesses in delayed close countries. | ||||||||
[15] | An adjustment of $220 million was recorded to increase the net book value of property, plant and equipment to estimated fair value. Fair value was determined as follows: The market, sales comparison or trended cost approach was utilized for land, buildings and building improvements. This approach relies upon recent sales, offerings of similar assets or a specific inflationary adjustment to original purchase price to arrive at a probable selling price. The cost approach was utilized for machinery and equipment. This approach considers the amount required to construct or purchase a new asset of equal utility at current prices, with adjustments in value for physical deterioration, and functional and economic obsolescence. Physical deterioration is an adjustment made in the cost approach to reflect the real operating age of an asset with regard to wear and tear, decay and deterioration that is not prevented by maintenance. Functional obsolescence is the loss in value or usefulness of an asset caused by inefficiencies or inadequacies of the asset, as compared to a more efficient or less costly replacement asset with newer technology. Economic obsolescence is the loss in value or usefulness of an asset due to factors external to the asset, such as the economics of the industry, reduced demand, increased competition or similar factors.The following table summarizes the components of property, plant and equipment, net as of August 31, 2013, and the fair value at September 1, 2013: | ||||||||
[16] | This adjustment eliminated the Predecessor goodwill balance of $56 million and records Successor goodwill of $88 million, which represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets, as follows: | ||||||||
[17] | The net adjustment of $192 million reflects the write-off of existing intangibles of $43 million and an adjustment of $235 million to record the fair value of intangibles, determined as follows:a. Trade names of $54 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the trade names ranging from September 1, 2013 to December 31, 2023, including a terminal year with growth rates ranging from 0% to 3%;ii. Royalty rates ranging from .5% to 1% of expected net sales determined with regard to comparable market transactions and profitability analysis;iii. Discount rates ranging from 27% to 32%, which were based on the after-tax weighted-average cost of capital; andiv. Kodak anticipates using its trade name for an indefinite period.b. Technology based intangibles of $131 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the respective technologies for the period ranging from September 1, 2013 to December 31, 2025;ii. Royalty rates ranging from 1% to 16% determined with regard to comparable market transactions and cash flows of the respective technologies;iii. Discount rates ranging from 29% to 34%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 4 to 12 years.c. Customer related intangibles of $39 million were valued using the income approach, specifically the multi-period excess earnings approach based on the following significant assumptions:i. Forecasted revenues and profit margins attributable to the current customer base for the period ranging from September 1, 2013 to December 31, 2024;ii. Attrition rates ranging from 2.5% to 20%;iii. Discount rates ranging from 29% to 38%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 3 to 10 years.d. In-process research and development of $9 million was determined using the income approach, specifically the multi-period excess earnings method based on the following significant assumptions:i. Forecasted revenues attributable to the respective research and development projects for the period of September 1, 2013 to December 31, 2019;ii. Discount rate of 40% based on the after-tax weighted-average cost of capital adjusted for perceived risks inherent in the individual assets; andiii. Economic life of 6 years.e. In addition, the Company recorded the fair value of other intangibles of $2 million primarily related to favorable contracts and leasehold improvements that were favorable relative to available market terms. | ||||||||
[18] | Represents the net decrease in tax assets and tax liabilities associated with adjustments for fresh start accounting. | ||||||||
[19] | Represents the revaluation of pension and other postretirement obligations. Refer to Note 16, "Retirement plans "and Note 17, "Other postretirement benefits" for additional information. | ||||||||
[20] | Reflects the cumulative impact of fresh start adjustments as discussed above and the elimination of the Predecessor Company's accumulatedother comprehensive loss. | ||||||||
[21] | Reflects the increase in fair value of the 34 million shares of common stock issued in connection with the Rights Offering from $11.94 to $14.11 per share. | ||||||||
[22] | Represents the write-off of deferred costs under various licensing transactions now being reflected in intangible assets. | ||||||||
[23] | Represents the write-off of unamortized debt issuance costs related to the Emergence Credit Facilities. | ||||||||
[24] | Represents $6 million in claims expected to be satisfied in cash that were reclassified from Liabilities subject to compromise. | ||||||||
[25] | Represents $29 million in claims expected to be settled in cash and $9 million of liabilities that have been retained by Kodak in accordance with the Plan that have been reclassified from Liabilities subject to compromise. | ||||||||
[26] | Represents $3 million of accrued expenses related to the Emergence Credit Facilities that have been deferred and recorded as part of Other Current assets. | ||||||||
[27] | Represents $13 million in success fees accrued upon emergence that have been included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[28] | On the Effective Date, the Company repaid in full all term loans outstanding under the Junior DIP Credit Agreement for an aggregate remaining principal amount of approximately $644 million offset by $3 million of unamortized debt discount that was written off upon repayment of the debt and is included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[29] | Represents $4 million of principal amount recorded as short-term borrowings pursuant to the terms of the Emergence Credit Facility. | ||||||||
[30] | On the Effective Date, the Company paid $7 million of accrued and unpaid interest related to the repayment of debt and $10 million in administrative claims that was included within Other current liabilities. | ||||||||
[31] | Represents the revaluation of deferred revenues to the fair value of Kodak's related future performance obligations. | ||||||||
[32] | On the Effective Date, the Company repaid in full all loans outstanding under the 9.75% senior secured notes due 2018 and 10.625% senior secured notes due 2019 for an aggregate principal amount of approximately $375 million offset by $5 million of unamortized debt discount that was written off upon repayment of the debt and is included in Reorganization items, net in the Consolidated Statement of Operations. | ||||||||
[33] | Represents the write-off of unamortized debt discounts related to the Emergence Credit Facilities based on the fair value of debt. | ||||||||
[34] | Upon issuance of the Term Loans under the Emergence Credit Facility, the Company received net proceeds of approximately $669 million, of which $4 million of the principal amount of the loans is recorded as short-term borrowings pursuant to the terms of the Emergence CreditFacility. | ||||||||
[35] | Represents $38 million decrease in capitalized lease obligations determined based on market rents, $19 million decrease related to the remeasurement of employee benefit obligations offset by net $4 million increase in fair value adjustment related to asset retirement obligations and other miscellaneous liabilities. |
Note 25 - Fresh Start Accoun148
Note 25 - Fresh Start Accounting (Details) - Net Cash Payments for Reoganization Adjustments - USD ($) $ in Millions | Sep. 03, 2013 | Sep. 03, 2013 |
Uses: | ||
Repayment of Junior DIP Term Loans | $ 644 | |
Reorganization Adjustments [Member] | ||
Sources: | ||
Net proceeds from Emergence Credit Facilities | $ 664 | |
Proceeds from Rights Offerings | 406 | |
Total sources | 1,070 | |
Uses: | ||
Repayment of Junior DIP Term Loans | 644 | |
Repayment of Second Lien Notes | 375 | |
Claims paid at emergence | 94 | |
Funding of escrow accounts | 113 | |
Other fees and expenses | 16 | |
Total uses | 1,242 | |
Net uses | $ (172) |
Note 25 - Fresh Start Accoun149
Note 25 - Fresh Start Accounting (Details) - Liabilities Subject to Compromise - USD ($) $ in Millions | Sep. 03, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 25 - Fresh Start Accounting (Details) - Liabilities Subject to Compromise [Line Items] | ||||
Liabilities subject to compromise of the Predecessor Company (LSTC) | $ (9) | |||
Liabilities reinstated at emergence: | ||||
Pension and other postretirement liabilities | $ (623) | $ (662) | ||
Environmental obligations | 18 | $ 278 | $ 324 | |
Reorganization Adjustments [Member] | ||||
Note 25 - Fresh Start Accounting (Details) - Liabilities Subject to Compromise [Line Items] | ||||
Liabilities subject to compromise of the Predecessor Company (LSTC) | [1] | 2,475 | ||
Cash payments at emergence from LSTC | (84) | |||
Claims expected to be satisfied in cash | (35) | |||
Liabilities reinstated at emergence: | ||||
Pension and other postretirement liabilities | [1] | (156) | ||
Environmental obligations | [1] | 61 | ||
Other current liabilities | (9) | |||
Total liabilities reinstated at emergence | (226) | |||
Fair value of equity issued to unsecured creditors | (85) | |||
Fair value of warrants issued to unsecured creditors | (24) | |||
Gain on settlement of liabilities subject to compromise | 2,021 | |||
Reorganization Adjustments [Member] | Environmental Liabilities [Member] | ||||
Liabilities reinstated at emergence: | ||||
Environmental obligations | $ (61) | |||
[1] | Refer to explanation #18 for the determination of fair value for equity issued to unsecured creditors. |
Note 25 - Fresh Start Accoun150
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of the Reorganization Adjustments - USD ($) $ in Millions | Sep. 03, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of the Reorganization Adjustments [Line Items] | ||||
Emergence and success fees paid at emergence | $ 9 | |||
Net impact to Retained earnings (deficit) | $ (283) | $ (204) | ||
Reorganization Adjustments [Member] | ||||
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of the Reorganization Adjustments [Line Items] | ||||
Gain on settlement of liabilities subject to compromise | 2,021 | |||
Fair value of shares issued to Backstop Parties and employees | (25) | |||
Write-off of unamortized debt discounts and debt issuance costs | (14) | |||
Success fees accrued at emergence | (13) | |||
Emergence and success fees paid at emergence | (9) | |||
Write-off of deferred equity issuance costs | (3) | |||
Net gain on reoganization adjustments | 1,957 | |||
Cancellation of Predecessor Company equity | (3,628) | |||
Net impact to Retained earnings (deficit) | [1] | $ (1,671) | ||
[1] | The net gain on reorganization adjustments has been included in Reorganization items, net in the Consolidated Statement of Operations. |
Note 25 - Fresh Start Accoun151
Note 25 - Fresh Start Accounting (Details) - Summary of Components of Inventory - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 03, 2013 | Sep. 01, 2013 | Aug. 31, 2013 | |
Inventory [Line Items] | ||||||
Finished goods | $ 177 | $ 204 | ||||
Work in process | 65 | 73 | ||||
Raw materials | 72 | 72 | ||||
Total | $ 314 | $ 349 | ||||
Successor [Member] | ||||||
Inventory [Line Items] | ||||||
Finished goods | $ 280 | |||||
Work in process | 120 | |||||
Raw materials | 102 | |||||
Total | $ 502 | $ 502 | ||||
Predecessor [Member] | ||||||
Inventory [Line Items] | ||||||
Finished goods | $ 235 | |||||
Work in process | 99 | |||||
Raw materials | 101 | |||||
Total | $ 435 | [1] | $ 435 | |||
[1] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. |
Note 25 - Fresh Start Accoun152
Note 25 - Fresh Start Accounting (Details) - Components of Property, Plant and Equipment, Net - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Sep. 01, 2013 | Aug. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||||||
Land | $ 74 | $ 100 | |||||
Buildings and building improvements | 171 | 176 | |||||
Machinery and equipment | 483 | 432 | |||||
Construction in progress | 28 | 47 | |||||
Total | 426 | 524 | |||||
Successor [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Land | $ 114 | ||||||
Buildings and building improvements | 180 | ||||||
Machinery and equipment | 402 | ||||||
Construction in progress | 31 | ||||||
Total | $ 426 | $ 524 | $ 684 | $ 727 | $ 727 | ||
Predecessor [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Land | $ 35 | ||||||
Buildings and building improvements | 189 | ||||||
Machinery and equipment | 252 | ||||||
Construction in progress | 31 | ||||||
Total | $ 507 | [1] | $ 507 | ||||
[1] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. |
Note 25 - Fresh Start Accoun153
Note 25 - Fresh Start Accounting (Details) - Goodwill - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Sep. 01, 2013 |
Goodwill [Line Items] | |||||
Reorganization value of Successor assets | $ 2,138 | $ 2,556 | |||
Reorganization value of Successor assets in excess of fair value - Successor goodwill | $ 88 | $ 96 | $ 88 | ||
Successor [Member] | |||||
Goodwill [Line Items] | |||||
Reorganization value of Successor assets | $ 3,463 | $ 3,463 | |||
Less: Fair value of Successor assets (excluding goodwill) | 3,375 | ||||
Reorganization value of Successor assets in excess of fair value - Successor goodwill | $ 88 | $ 88 |
Note 25 - Fresh Start Accoun154
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of Fresh Start Adjustments - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 03, 2013 | Sep. 01, 2013 | Aug. 31, 2013 | ||
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of Fresh Start Adjustments [Line Items] | ||||||||
Establishment of Successor goodwill | $ 88 | $ 96 | $ 88 | |||||
Elimination of Predecessor goodwill | (88) | (96) | (88) | |||||
Establishment of Successor intangibles | 158 | 182 | ||||||
Elimination of Predecessor intangibles | (158) | (182) | ||||||
Inventory fair value adjustment | 314 | 349 | ||||||
Property, plant & equipment fair value adjustment | 426 | 524 | ||||||
Pension and other postretirement obligations fair value adjustment | (623) | (662) | ||||||
Long-term debt fair value adjustment | (675) | (672) | $ (375) | |||||
Elimination of Predecessor accumulated other comprehensive loss | 267 | 136 | ||||||
Net impact on Retained earnings (deficit) | (283) | (204) | ||||||
Successor [Member] | ||||||||
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of Fresh Start Adjustments [Line Items] | ||||||||
Establishment of Successor goodwill | 88 | $ 88 | ||||||
Elimination of Predecessor goodwill | (88) | (88) | ||||||
Establishment of Successor intangibles | 235 | |||||||
Elimination of Predecessor intangibles | (235) | |||||||
Inventory fair value adjustment | 502 | 502 | ||||||
Property, plant & equipment fair value adjustment | $ 426 | $ 524 | $ 684 | 727 | $ 727 | |||
Pension and other postretirement obligations fair value adjustment | (745) | |||||||
Predecessor [Member] | ||||||||
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of Fresh Start Adjustments [Line Items] | ||||||||
Establishment of Successor goodwill | [1] | 56 | ||||||
Elimination of Predecessor goodwill | [1] | (56) | ||||||
Establishment of Successor intangibles | [1] | 43 | ||||||
Elimination of Predecessor intangibles | [1] | (43) | ||||||
Inventory fair value adjustment | 435 | [1] | $ 435 | |||||
Property, plant & equipment fair value adjustment | 507 | [1] | $ 507 | |||||
Pension and other postretirement obligations fair value adjustment | [1] | (411) | ||||||
Elimination of Predecessor accumulated other comprehensive loss | [1] | 1,008 | ||||||
Net impact on Retained earnings (deficit) | [1] | 2,446 | ||||||
Fresh Start Adjustments [Member] | ||||||||
Note 25 - Fresh Start Accounting (Details) - Cumulative Impact of Fresh Start Adjustments [Line Items] | ||||||||
Establishment of Successor goodwill | [2] | 32 | ||||||
Elimination of Predecessor goodwill | [2] | (32) | ||||||
Establishment of Successor intangibles | [3] | 192 | ||||||
Elimination of Predecessor intangibles | [3] | (192) | ||||||
Inventory fair value adjustment | [4] | 67 | ||||||
Property, plant & equipment fair value adjustment | [5] | 220 | ||||||
Pension and other postretirement obligations fair value adjustment | [6] | (178) | ||||||
Rights offering fair value adjustment | (73) | |||||||
Long-term debt fair value adjustment | (11) | |||||||
Other assets and liabilities fair value adjustments | 53 | |||||||
Net gain on fresh start adjustments | 302 | |||||||
Tax impact on fresh start adjustments | (69) | |||||||
Elimination of Predecessor accumulated other comprehensive loss | [7] | (1,008) | ||||||
Net impact on Retained earnings (deficit) | [7] | $ (775) | ||||||
[1] | On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 27, "Discontinued Operations" for additional information. | |||||||
[2] | This adjustment eliminated the Predecessor goodwill balance of $56 million and records Successor goodwill of $88 million, which represents the reorganizational value of assets in excess of amounts allocated to identified tangible and intangible assets, as follows: | |||||||
[3] | The net adjustment of $192 million reflects the write-off of existing intangibles of $43 million and an adjustment of $235 million to record the fair value of intangibles, determined as follows:a. Trade names of $54 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the trade names ranging from September 1, 2013 to December 31, 2023, including a terminal year with growth rates ranging from 0% to 3%;ii. Royalty rates ranging from .5% to 1% of expected net sales determined with regard to comparable market transactions and profitability analysis;iii. Discount rates ranging from 27% to 32%, which were based on the after-tax weighted-average cost of capital; andiv. Kodak anticipates using its trade name for an indefinite period.b. Technology based intangibles of $131 million were valued using the income approach, specifically the relief from royalty method based on the following significant assumptions:i. Forecasted revenues attributable to the respective technologies for the period ranging from September 1, 2013 to December 31, 2025;ii. Royalty rates ranging from 1% to 16% determined with regard to comparable market transactions and cash flows of the respective technologies;iii. Discount rates ranging from 29% to 34%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 4 to 12 years.c. Customer related intangibles of $39 million were valued using the income approach, specifically the multi-period excess earnings approach based on the following significant assumptions:i. Forecasted revenues and profit margins attributable to the current customer base for the period ranging from September 1, 2013 to December 31, 2024;ii. Attrition rates ranging from 2.5% to 20%;iii. Discount rates ranging from 29% to 38%, based on the after-tax weighted-average cost of capital; andiv. Economic lives ranging from 3 to 10 years.d. In-process research and development of $9 million was determined using the income approach, specifically the multi-period excess earnings method based on the following significant assumptions:i. Forecasted revenues attributable to the respective research and development projects for the period of September 1, 2013 to December 31, 2019;ii. Discount rate of 40% based on the after-tax weighted-average cost of capital adjusted for perceived risks inherent in the individual assets; andiii. Economic life of 6 years.e. In addition, the Company recorded the fair value of other intangibles of $2 million primarily related to favorable contracts and leasehold improvements that were favorable relative to available market terms. | |||||||
[4] | An adjustment of $67 million was recorded to increase the net book value of inventories to their estimated fair value, which was determined as follows: Fair value of finished goods inventory were determined based on the estimated selling price less costs to sell, including disposal and holding period costs, and a reasonable profit margin on the selling and disposal effort. Fair value of work-in-process was determined based on the estimated selling price once completed less total costs to complete the manufacturing effort, costs to sell, including disposal and holding period costs, and a reasonable profit on the remaining manufacturing, selling and disposal effort. Fair value of raw materials was determined based on current replacement costs. | |||||||
[5] | An adjustment of $220 million was recorded to increase the net book value of property, plant and equipment to estimated fair value. Fair value was determined as follows: The market, sales comparison or trended cost approach was utilized for land, buildings and building improvements. This approach relies upon recent sales, offerings of similar assets or a specific inflationary adjustment to original purchase price to arrive at a probable selling price. The cost approach was utilized for machinery and equipment. This approach considers the amount required to construct or purchase a new asset of equal utility at current prices, with adjustments in value for physical deterioration, and functional and economic obsolescence. Physical deterioration is an adjustment made in the cost approach to reflect the real operating age of an asset with regard to wear and tear, decay and deterioration that is not prevented by maintenance. Functional obsolescence is the loss in value or usefulness of an asset caused by inefficiencies or inadequacies of the asset, as compared to a more efficient or less costly replacement asset with newer technology. Economic obsolescence is the loss in value or usefulness of an asset due to factors external to the asset, such as the economics of the industry, reduced demand, increased competition or similar factors.The following table summarizes the components of property, plant and equipment, net as of August 31, 2013, and the fair value at September 1, 2013: | |||||||
[6] | Represents the revaluation of pension and other postretirement obligations. Refer to Note 16, "Retirement plans "and Note 17, "Other postretirement benefits" for additional information. | |||||||
[7] | Reflects the cumulative impact of fresh start adjustments as discussed above and the elimination of the Predecessor Company's accumulatedother comprehensive loss. |
Note 26 - Reorganization Ite155
Note 26 - Reorganization Items, Net (Details) $ in Millions | 8 Months Ended |
Aug. 31, 2013USD ($) | |
Liabilities Subject To Compromise [Member] | |
Note 26 - Reorganization Items, Net (Details) [Line Items] | |
Reorganization Items | $ 84 |
Note 26 - Reorganization Ite156
Note 26 - Reorganization Items, Net (Details) - Reorganization Items, Net - USD ($) $ in Millions | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 26 - Reorganization Items, Net (Details) - Reorganization Items, Net [Line Items] | |||||
Provision for expected allowed claims | $ 27 | ||||
Successor [Member] | |||||
Note 26 - Reorganization Items, Net (Details) - Reorganization Items, Net [Line Items] | |||||
Professional fees | $ 19 | $ 1 | $ 10 | ||
Provision for expected allowed claims | 0 | 0 | (1) | ||
Net gain on reorganization adjustments | 0 | 0 | 0 | ||
Net gain on fresh start adjustments | 0 | 0 | 0 | ||
Other items, net | (3) | 4 | 4 | ||
Reorganization items, net | 16 | 5 | 13 | ||
Cash payments for reorganization items | $ 85 | $ 9 | $ 21 | ||
Predecessor [Member] | |||||
Note 26 - Reorganization Items, Net (Details) - Reorganization Items, Net [Line Items] | |||||
Professional fees | $ 114 | ||||
Provision for expected allowed claims | 133 | ||||
Net gain on reorganization adjustments | (1,957) | ||||
Net gain on fresh start adjustments | (302) | ||||
Other items, net | (14) | ||||
Reorganization items, net | (2,026) | ||||
Cash payments for reorganization items | $ 210 |
Note 27 - Discontinued Opera157
Note 27 - Discontinued Operations (Details) - USD ($) $ in Millions | Sep. 03, 2013 | Mar. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Mar. 17, 2014 |
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Incremental Consideration on Sale of Business | $ 20 | |||||
Payments of Incremental Consideration | $ 13 | |||||
Predecessor [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ (163) | |||||
Interest Expense, Debt | $ 14 | |||||
Predecessor [Member] | Repayment Subject to Certain Adjusted EBITDA [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 35 | |||||
Personalized and Document Imaging Segment [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 325 | |||||
Discontinued Operation, Contingent Consideration | 35 | |||||
Personalized and Document Imaging Segment [Member] | Predecessor [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ (217) | |||||
Non-refundable Consideration [Member] | Predecessor [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 64 | |||||
Unamortized Pension Losses [Member] | Predecessor [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1,500 | |||||
Junior DIP Credit Agreement Term Loan [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Repayments of Debt | $ 200 | |||||
Personalized and Document Imaging Segment [Member] | ||||||
Note 27 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 5 |
Note 27 - Discontinued Opera158
Note 27 - Discontinued Operations (Details) - Major Classes of Assets and Liabilities Related to the Disposition - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 27 - Discontinued Operations (Details) - Major Classes of Assets and Liabilities Related to the Disposition [Line Items] | ||
Current assets held for sale | $ 2 | $ 14 |
Personalized and Document Imaging Segment [Member] | ||
Note 27 - Discontinued Operations (Details) - Major Classes of Assets and Liabilities Related to the Disposition [Line Items] | ||
Inventories, net | 2 | |
Property, plant and equipment, net | 4 | |
Other assets | 6 | |
Current assets held for sale | 12 | |
Trade payables | 1 | |
Current liabilities held for sale | $ 1 |
Note 27 - Discontinued Opera159
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Successor [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | $ 1 | $ 61 | $ 78 | ||||||||||||||||||
(Provision) benefit for income taxes related to discontinued operations | (3) | (5) | (2) | ||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | $ 0 | $ (8) | $ 0 | $ 0 | $ (1) | $ (12) | $ (2) | $ 19 | (8) | 4 | 4 | ||||||||||
Successor [Member] | Personalized and Document Imaging Segment [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | 1 | 61 | 77 | ||||||||||||||||||
Pre-tax (loss) income from discontinued operations | $ (5) | $ 9 | 5 | ||||||||||||||||||
Successor [Member] | Other Discontinued Operations [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | 1 | ||||||||||||||||||||
Pre-tax (loss) income from discontinued operations | $ 1 | ||||||||||||||||||||
Predecessor [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | $ 761 | ||||||||||||||||||||
Pre-tax (loss) income from discontinued operations | $ (163) | ||||||||||||||||||||
(Provision) benefit for income taxes related to discontinued operations | 96 | ||||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | (135) | ||||||||||||||||||||
Predecessor [Member] | Personalized and Document Imaging Segment [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | 738 | ||||||||||||||||||||
Pre-tax (loss) income from discontinued operations | (217) | ||||||||||||||||||||
Predecessor [Member] | Other Discontinued Operations [Member] | |||||||||||||||||||||
Note 27 - Discontinued Operations (Details) - Components of Revenues, Earnings (Loss) From Discontinued Operations, Net of Income Taxes, and Gain on Sale [Line Items] | |||||||||||||||||||||
Total revenues from discontinued operations | 23 | ||||||||||||||||||||
Pre-tax (loss) income from discontinued operations | $ (14) | ||||||||||||||||||||
[1] | Refer to Note 27, "Discontinued Operations", in the Notes to Financial Statements for a discussion regarding discontinued operations. |
Note 28 - Quarterly Sales an160
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Details) [Line Items] | ||||||
Licenses Revenue | $ 51 | |||||
Increase Decrease in Earnings from Continuing Operations | $ 17 | $ (16) | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (2) | $ (16) | $ (2) | $ (16) | ||
$ 17 | ||||||
Licensing Revenue [Member] | ||||||
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Details) [Line Items] | ||||||
Increase Decrease in Earnings from Continuing Operations | $ 51 |
Note 28 - Quarterly Sales an161
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Details) - Quarterly Sales and Earnings Data Ending 2015 - Successor [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
2,015 | ||||||||||||||||||||
Net revenues from continuing operations | $ 467 | $ 446 | $ 458 | $ 427 | $ 532 | $ 568 | $ 528 | $ 488 | ||||||||||||
Gross profit from continuing operations | 119 | 99 | 86 | 77 | 109 | 156 | 102 | 89 | $ 120 | $ 381 | $ 456 | |||||||||
Earnings (loss) from continuing operations | 23 | [1] | (13) | (23) | (54) | (40) | [2] | 31 | [3] | (60) | (53) | |||||||||
(Loss) earnings from discontinued operations (4) | 0 | [4] | (8) | [4] | 0 | [4] | 0 | [4] | (1) | [4] | (12) | [4] | (2) | [4] | 19 | [4] | (8) | 4 | $ 4 | |
Net earnings (loss) attributable to Eastman Kodak Company | $ 24 | $ (22) | $ (24) | $ (58) | $ (42) | $ 17 | $ (62) | $ (36) | $ (81) | $ (80) | $ (123) | |||||||||
Basic and diluted net earnings (loss) per share attributable to Eastman Kodak Company | ||||||||||||||||||||
Continuing operations (in Dollars per share) | $ 0.57 | $ (0.34) | $ (0.57) | $ (1.38) | ||||||||||||||||
Discontinued operations (in Dollars per share) | 0 | (0.19) | 0 | 0 | ||||||||||||||||
Total (in Dollars per share) | $ 0.57 | $ (0.53) | $ (0.57) | $ (1.38) | ||||||||||||||||
[1] | Includes $17 million pre-tax benefit from the change in U.S. vacation benefits, which increased net earnings from continuing operations by $17 million. | |||||||||||||||||||
[2] | Includes pre-tax charge of $16 million from the remeasurement of the Venezuelan subsidiary monetary assets and liabilities, which decreased net earnings from continuing operations by $16 million. | |||||||||||||||||||
[3] | Includes pre-tax licensing revenue of $51 million which increased net earnings from continuing operations by $51 million. | |||||||||||||||||||
[4] | Refer to Note 27, "Discontinued Operations", in the Notes to Financial Statements for a discussion regarding discontinued operations. |
Note 28 - Quarterly Sales an162
Note 28 - Quarterly Sales and Earnings Data (Unaudited) (Details) - Quarterly Sales and Earnings Data Ending 2014 - Successor [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
2,014 | ||||||||||||||||||||
Net revenues from continuing operations (in Dollars) | $ 467 | $ 446 | $ 458 | $ 427 | $ 532 | $ 568 | $ 528 | $ 488 | ||||||||||||
Gross profit from continuing operations (in Dollars) | 119 | 99 | 86 | 77 | 109 | 156 | 102 | 89 | $ 120 | $ 381 | $ 456 | |||||||||
(Loss) earnings from continuing operations (in Dollars) | 23 | [1] | (13) | (23) | (54) | (40) | [2] | 31 | [3] | (60) | (53) | |||||||||
(Loss) earnings from discontinued operations (4) (in Dollars) | 0 | [4] | (8) | [4] | 0 | [4] | 0 | [4] | (1) | [4] | (12) | [4] | (2) | [4] | 19 | [4] | (8) | 4 | $ 4 | |
Net (loss) earnings attributable to Eastman Kodak Company (in Dollars) | $ 24 | $ (22) | $ (24) | $ (58) | $ (42) | $ 17 | $ (62) | $ (36) | $ (81) | $ (80) | $ (123) | |||||||||
Basic net (loss) earnings per share attributable to Eastman Kodak Company | ||||||||||||||||||||
Continuing operations | $ (0.98) | $ 0.70 | $ (1.44) | $ (1.32) | ||||||||||||||||
Discontinued operations | (0.02) | (0.29) | (0.05) | 0.46 | ||||||||||||||||
Total | (1) | 0.41 | (1.49) | (0.86) | ||||||||||||||||
Diluted net (loss) earnings per share attributable to Eastman Kodak Company | ||||||||||||||||||||
Continuing operations | (0.98) | 0.67 | (1.44) | (1.32) | $ (2.04) | $ (1.72) | $ (3.05) | |||||||||||||
Discontinued operations | (0.02) | (0.28) | (0.05) | 0.46 | ||||||||||||||||
Total | $ (1) | $ 0.39 | $ (1.49) | $ (0.86) | $ (1.94) | $ (1.91) | $ (2.95) | |||||||||||||
[1] | Includes $17 million pre-tax benefit from the change in U.S. vacation benefits, which increased net earnings from continuing operations by $17 million. | |||||||||||||||||||
[2] | Includes pre-tax charge of $16 million from the remeasurement of the Venezuelan subsidiary monetary assets and liabilities, which decreased net earnings from continuing operations by $16 million. | |||||||||||||||||||
[3] | Includes pre-tax licensing revenue of $51 million which increased net earnings from continuing operations by $51 million. | |||||||||||||||||||
[4] | Refer to Note 27, "Discontinued Operations", in the Notes to Financial Statements for a discussion regarding discontinued operations. |
Schedule II - Valuation and 163
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Successor [Member] | Allowance for Doubtful Accounts, Current [Member] | ||||
Valuation Allowance [Line Items] | ||||
Beginning Balance | $ 11 | $ 6 | ||
Additions | 4 | 5 | $ 6 | |
Net Deductions and Other | 5 | |||
Ending Balance | 10 | 11 | 6 | |
Successor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Beginning Balance | $ 1,273 | 1,127 | 953 | 1,273 |
Additions | 182 | 257 | 157 | |
Net Deductions and Other | 108 | 83 | 477 | |
Ending Balance | $ 1,201 | $ 1,127 | 953 | |
Predecessor [Member] | Allowance for Doubtful Accounts, Current [Member] | ||||
Valuation Allowance [Line Items] | ||||
Beginning Balance | 30 | 30 | ||
Net Deductions and Other | 8 | |||
Ending Balance | 22 | |||
Predecessor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Beginning Balance | 2,838 | $ 2,838 | ||
Additions | 180 | |||
Net Deductions and Other | 1,745 | |||
Ending Balance | $ 1,273 |