Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000031235 | |
Entity Registrant Name | EASTMAN KODAK CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-00087 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 16-0417150 | |
Entity Address, Address Line One | 343 STATE STREET | |
Entity Address, City or Town | ROCHESTER | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14650 | |
City Area Code | 800 | |
Local Phone Number | 356-3259 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | KODK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,300,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 267 | $ 295 | $ 516 | $ 573 |
Cost of revenues | ||||
Total cost of revenues | 209 | 232 | 409 | 460 |
Gross profit | (58) | (63) | (107) | (113) |
Selling, general and administrative expenses | 47 | 40 | 92 | 74 |
Research and development costs | 8 | 9 | 17 | 18 |
Restructuring costs and other | 0 | 5 | 5 | 6 |
Other operating expense (income), net | 1 | (1) | (16) | 0 |
Earnings from operations before interest expense, pension income excluding service cost component, other expense (income), net and income taxes | 2 | 10 | 9 | 15 |
Interest expense | 15 | 11 | 30 | 22 |
Pension income excluding service cost component | (41) | (41) | (82) | (81) |
Other expense (income), net | 1 | 3 | (1) | (4) |
Earnings from operations before income taxes | 27 | 37 | 62 | 78 |
Provision for income taxes | 1 | 2 | 4 | 10 |
NET EARNINGS | $ 26 | $ 35 | $ 58 | $ 68 |
Basic net earnings per share attributable to Eastman Kodak Company common shareholders (in dollars per share) | $ 0.25 | $ 0.35 | $ 0.56 | $ 0.68 |
Diluted net earnings per share attributable to Eastman Kodak Company common shareholders (in dollars per share) | $ 0.23 | $ 0.32 | $ 0.52 | $ 0.63 |
Weighted average shares — basic (in shares) | 80.1 | 79.4 | 79.9 | 79.3 |
Diluted (in shares) | 92.4 | 93 | 91.9 | 92.7 |
Product [Member] | ||||
Revenues | $ 227 | $ 242 | $ 433 | $ 468 |
Cost of revenues | ||||
Total cost of revenues | 181 | 195 | 349 | 388 |
Service [Member] | ||||
Revenues | 40 | 53 | 83 | 105 |
Cost of revenues | ||||
Total cost of revenues | $ 28 | $ 37 | $ 60 | $ 72 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
NET EARNINGS | $ 26 | $ 35 | $ 58 | $ 68 |
Other comprehensive loss, net of tax: | ||||
Currency translation adjustments | (6) | (11) | (12) | (12) |
Pension and other postretirement benefit plan obligation activity, net of tax | (7) | (123) | (13) | (129) |
Other comprehensive loss, net of tax | (13) | (134) | (25) | (141) |
COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ 13 | $ (99) | $ 33 | $ (73) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 251 | $ 255 |
Trade receivables, net of allowances of $7 and $8, respectively | 139 | 195 |
Inventories, net | 232 | 217 |
Other current assets | 38 | 45 |
Total current assets | 660 | 712 |
Property, plant and equipment, net of accumulated depreciation of $473 and $470, respectively | 177 | 169 |
Goodwill | 12 | 12 |
Intangible assets, net | 22 | 24 |
Operating lease right-of-use assets | 29 | 30 |
Restricted cash | 100 | 110 |
Pension and other postretirement assets | 1,279 | 1,216 |
Other long-term assets | 80 | 82 |
TOTAL ASSETS | 2,359 | 2,355 |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY | ||
Accounts payable, trade | 128 | 125 |
Short-term borrowings and current portion of long-term debt | 1 | 1 |
Current portion of operating leases | 10 | 13 |
Other current liabilities | 139 | 144 |
Total current liabilities | 278 | 283 |
Long-term debt, net of current portion | 453 | 457 |
Pension and other postretirement liabilities | 224 | 237 |
Operating leases, net of current portion | 25 | 24 |
Other long-term liabilities | 204 | 213 |
Total liabilities | 1,184 | 1,214 |
Commitments and Contingencies (Note 6) | ||
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference | 214 | 210 |
Equity (Deficit) | ||
Common stock, $0.01 par value | 0 | 0 |
Additional paid in capital | 1,154 | 1,156 |
Treasury stock, at cost | (12) | (11) |
Accumulated deficit | (437) | (495) |
Accumulated other comprehensive income | 256 | 281 |
Total shareholders’ equity | 961 | 931 |
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY | 2,359 | 2,355 |
Redeemable Preferred Stock [Member] | ||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY | ||
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference | $ 214 | $ 210 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Allowance for trade receivables | $ 7 | $ 8 |
Property, plant, equipment, accumulated depreciation | $ 473 | $ 470 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Redeemable Preferred Stock [Member] | ||
Preferred stock, no par value (in dollars per share) | 0 | 0 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 100 | $ 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash flows from operating activities: | |||
Net earnings | $ 58 | $ 68 | |
Depreciation and amortization | 13 | 16 | |
Pension and postretirement income | (73) | (72) | |
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives | 0 | 2 | |
Non-cash changes in workers' compensation and employee benefit reserves | (1) | 0 | |
Stock based compensation | 4 | 5 | |
Net gain from sale of assets | (17) | (1) | |
(Benefit) provision from deferred income taxes | (1) | 1 | |
Decrease in trade receivables | 51 | 17 | |
(Increase) decrease in miscellaneous receivables | (1) | 7 | |
Increase in inventories | (18) | (11) | |
Decrease in trade payables | (1) | (7) | |
Decrease in liabilities excluding borrowings and trade payables | (22) | (9) | |
Other items, net | 18 | 5 | |
Total adjustments | (48) | (47) | |
Net cash provided by operating activities | 10 | 21 | |
Cash flows from investing activities: | |||
Additions to properties | (19) | (11) | |
Proceeds from sale of assets | 17 | 0 | |
Net cash used in investing activities | (2) | (11) | |
Cash flows from financing activities: | |||
Preferred stock cash dividend payments | (2) | (2) | |
Treasury stock purchases | (1) | 0 | |
Net cash used in financing activities | (20) | (2) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5) | (2) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (17) | 6 | |
Cash, cash equivalents and restricted cash, beginning of period | 377 | 286 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 360 | 292 |
Amended and Restated Term Loan Agreement [Member] | |||
Cash flows from financing activities: | |||
Repayment of Amended and Restated Term Loan Agreement | $ (17) | $ 0 | |
[1]Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash. |
Consolidated Statement of Equit
Consolidated Statement of Equity (Deficit) (Unaudited) - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Preferred Stock [Member] | Total | |
Balance at Dec. 31, 2022 | $ 0 | $ 1,160 | $ (570) | $ 462 | $ (11) | $ 203 | [1] | $ 1,041 |
Net earnings | 0 | 0 | 33 | 0 | 0 | 0 | [1] | 33 |
Currency translation adjustments | 0 | 0 | 0 | (1) | 0 | 0 | [1] | (1) |
Pension and other postretirement liability adjustments | (6) | 0 | [1] | (6) | ||||
Preferred stock cash dividends | 0 | (1) | 0 | 0 | 0 | 0 | (1) | |
Preferred stock in-kind dividends | 0 | (1) | 0 | 0 | 0 | 1 | [1] | (1) |
Preferred stock deemed dividends | 0 | (1) | 0 | 0 | 0 | 1 | [1] | (1) |
Stock-based compensation | 0 | 4 | 0 | 0 | 0 | 0 | [1] | 4 |
Balance at Mar. 31, 2023 | 0 | 1,161 | (537) | 455 | (11) | 205 | [1] | 1,068 |
Balance at Dec. 31, 2022 | 0 | 1,160 | (570) | 462 | (11) | 203 | [1] | 1,041 |
Net earnings | 68 | |||||||
Balance at Jun. 30, 2023 | 0 | 1,159 | (502) | 321 | (11) | 207 | 967 | |
Balance at Mar. 31, 2023 | 0 | 1,161 | (537) | 455 | (11) | 205 | [1] | 1,068 |
Net earnings | 0 | 0 | 35 | 0 | 0 | 0 | 35 | |
Currency translation adjustments | 0 | 0 | 0 | (11) | 0 | 0 | (11) | |
Pension and other postretirement liability adjustments | 0 | 0 | 0 | (123) | 0 | 0 | (123) | |
Preferred stock cash dividends | 0 | (1) | 0 | 0 | 0 | 0 | (1) | |
Preferred stock in-kind dividends | 0 | (2) | 0 | 0 | 0 | 2 | (2) | |
Stock-based compensation | 0 | 1 | 0 | 0 | 0 | 0 | 1 | |
Balance at Jun. 30, 2023 | 0 | 1,159 | (502) | 321 | (11) | 207 | 967 | |
Balance at Dec. 31, 2023 | 0 | 1,156 | (495) | 281 | (11) | 210 | [2] | 931 |
Net earnings | 0 | 0 | 32 | 0 | 0 | 0 | [2] | 32 |
Currency translation adjustments | 0 | 0 | 0 | (6) | 0 | 0 | [2] | (6) |
Pension and other postretirement liability adjustments | 0 | 0 | 0 | (6) | 0 | 0 | [2] | (6) |
Preferred stock cash dividends | 0 | (1) | 0 | 0 | 0 | 0 | (1) | |
Preferred stock in-kind dividends | 0 | (1) | 0 | 0 | 0 | 1 | [2] | (1) |
Preferred stock deemed dividends | 0 | (1) | 0 | 0 | 0 | 1 | [2] | (1) |
Stock-based compensation | 0 | 3 | 0 | 0 | 0 | 0 | [2] | 3 |
Balance at Mar. 31, 2024 | 0 | 1,156 | (463) | 269 | (11) | 212 | [2] | 951 |
Balance at Dec. 31, 2023 | 0 | 1,156 | (495) | 281 | (11) | 210 | [2] | 931 |
Net earnings | 58 | |||||||
Balance at Jun. 30, 2024 | 0 | 1,154 | (437) | 256 | (12) | 214 | 961 | |
Balance at Mar. 31, 2024 | 0 | 1,156 | (463) | 269 | (11) | 212 | [2] | 951 |
Net earnings | 0 | 0 | 26 | 0 | 0 | 0 | 26 | |
Currency translation adjustments | 0 | 0 | 0 | (6) | 0 | 0 | (6) | |
Pension and other postretirement liability adjustments | 0 | 0 | 0 | (7) | 0 | 0 | (7) | |
Preferred stock cash dividends | 0 | (1) | 0 | 0 | 0 | 0 | (1) | |
Preferred stock in-kind dividends | 0 | (2) | 0 | 0 | 0 | 2 | (2) | |
Stock-based compensation | 0 | 1 | 0 | 0 | 0 | 0 | 1 | |
Purchases of treasury stock (1) | 0 | 0 | 0 | 0 | (1) | 0 | (1) | |
Balance at Jun. 30, 2024 | $ 0 | $ 1,154 | $ (437) | $ 256 | $ (12) | $ 214 | $ 961 | |
[1]There are 60 million shares of no-par value preferred stock authorized, 2.1 million of which are issued and outstanding at December 31, 2022. 2.0 million shares of preferred stock were issued and outstanding at December 31, 2021 and 2020.[2]There are 60 million shares of no-par value preferred stock authorized, 2.1 million of which are issued and outstanding at December 31, 2023 and 2022. 2.0 million shares of preferred stock were issued and outstanding at December 31, 2021. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1: BASIS OF PRESENTATION The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10 10 01 X. not 10 December 31, 2023 2023 10 RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS There are no RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2023, 2023 09, 740 2023 09 December 15, 2024 ( January 1, 2025 November 2023, 2023 07, 280 2023 07 not December 15, 2023 ( January 1, 2024 December 15, 2024 ( January 1, 2025 |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Consolidated Statement of Cash Flows: June 30, December 31, (in millions) 2024 2023 Cash and cash equivalents $ 251 $ 255 Restricted cash reported in Other current assets 9 12 Restricted cash 100 110 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 360 $ 377 Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represented amounts that support hedging activities and an escrow of $2 million and $3 million as of June 30, 2024 December 31, 2023 third 2024. Restricted cash included $29 million and $32 million as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 December 31, 2023 |
Note 3 - Inventories, Net
Note 3 - Inventories, Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3: June 30, December 31, (in millions) 2024 2023 Finished goods $ 93 $ 85 Work in process 73 68 Raw materials 66 64 Total $ 232 $ 217 |
Note 4 - Redeemable, Convertibl
Note 4 - Redeemable, Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Temporary Equity Disclosure [Text Block] | NOTE 4: Redeemable convertible preferred stock was as follows: June 30, December 31, (in millions) 2024 2023 Series B preferred stock $ 97 $ 96 Series C preferred stock 117 114 Total $ 214 $ 210 Series B Preferred Stock On February 26, 2021 one million C2W one one not May 28, 2026 Dividend and Other Rights The Series B Preferred Stock has a liquidation preference of $100 per share, and the holders of Series B Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 4.0% per annum. Dividends owed on the Series B Preferred Stock have been declared and paid when due. If dividends on any Series B Preferred Stock are in arrears for six one Conversion Features Each share of Series B Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion rate of 9.5238 shares of Common Stock for each share of Series B Preferred Stock (equivalent to an initial conversion price of $10.50 per share of Common Stock). The initial conversion rate and the corresponding conversion price are subject to certain customary anti-dilution adjustments. If a holder elects to convert any shares of Series B Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series B Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares. Such holder will also be entitled to a payment in respect of accumulated dividends. In addition, the Company will have the right to require holders to convert any shares of Series B Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations. The Company will have the right to cause the mandatory conversion of the Series B Preferred Stock into shares of Common Stock at any time after the initial issuance of the Series B Preferred Stock if the closing price of the Common Stock has equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within a period of 60 consecutive trading days. Embedded Conversion Features The Company allocated $1 June 30, 2024 December 31, 2023 The carrying value of the Series B Preferred Stock is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, May 28, 2026. Series C Preferred Stock On February 26, 2021, not May 28, 2026, two Dividend and Other Rights The Series C Preferred Stock has a liquidation preference of $100 per share, and the holders of Series C Preferred Stock are entitled to cumulative dividends payable quarterly “in‐kind” in the form of additional shares of Series C Preferred Stock at a rate of 5.0% per annum. Dividends owed on the Series C Preferred Stock have been declared and additional Series C shares issued when due. Holders of the Series C Preferred Stock are also entitled to participate in any dividends paid on the Common Stock (other than stock dividends) on an as-converted basis, with such dividends on any shares of the Series C Preferred Stock being payable upon conversion of such shares of Series C Preferred Stock to Common Stock. Conversion Features Each share of Series C Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion price of $10 per share of Common Stock. The initial conversion price and the corresponding conversion rate are subject to certain customary anti-dilution adjustments and to proportional increase in the event the liquidation preference of the Series C Preferred Stock is automatically increased. If a holder elects to convert any shares of Series C Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series C Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares of Common Stock. Such holder will also be entitled to a payment in respect of accumulated dividends and a payment based on the present value of all required remaining dividend payments through May 28, 2026, The Company has the right to cause the mandatory conversion of the Series C Preferred Stock into shares of Common Stock at any time after February 26, 2024 Embedded Conversion Features The Company allocated $2 million of the net proceeds received to a derivative liability based on the aggregate fair value of the embedded conversion feature of the Series C Preferred Stock on the dates of issuance which reduced the original carrying value of the Series C Preferred Stock. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other (expense) income, net in the Consolidated Statement of Operations. The fair value of the Series C Preferred Stock derivative as of both June 30, 2024 December 31, 2023 The carrying value of the Series C Preferred Stock is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date. |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Leases as Lessee and Lessor Disclosure[Text Block] | NOTE 5: Income recognized on operating lease arrangements for the three six June 30, 2024 2023 three six June 30, 2024 three six June 2023 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Lease income - operating leases: Lease income $ 2 $ 2 $ 4 $ 4 Variable lease income 1 2 3 3 Total lease income $ 3 $ 4 $ 7 $ 7 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6: As of June 30, 2024 Kodak’s Brazilian operations are involved in various litigation matters in Brazil and have received or been the subject of numerous governmental assessments related to indirect and other taxes in various stages of litigation, as well as civil litigation and disputes associated with former employees and contract labor. The tax matters, which comprise the majority of the litigation matters, are primarily related to federal and state value-added taxes. Kodak’s Brazilian operations are disputing these matters and intend to vigorously defend its position. Kodak routinely assesses all these matters as to the probability of ultimately incurring a liability in its Brazilian operations and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of June 30, 2024 may In connection with assessments in Brazil, local regulations may June 30, 2024 March 12, 2024 The Company has received five July 28, 2020 ( On May 19, 2021 one August 23, 2021, October 22, 2021. March 17, 2022, On September 2, 2021 one one October 4, 2021 10 January 18, 2022, February 16, 2022, April 15, 2022. September 30, 2022. November 14, 2022, December 27, 2022 December 23, 2022, August 9, 2023, September 26, 2023. October 25, 2023 March 21, 2024. June 20, 2024, July 11, 2024. Additional shareholder derivative lawsuits may no not 8‐K September 16, 2020. first not 10 not no second may The DFC Announcement has also prompted investigations by several congressional committees, the SEC and the New York Attorney General’s office. The Company has cooperated in those investigations. In addition, Kodak is involved in various lawsuits, claims, investigations, remediations and proceedings, including, from time to time, commercial, customs, employment, environmental, tort and health and safety matters, which are being handled and defended in the ordinary course of business. Kodak is also subject, from time to time, to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of Kodak’s products. These matters are in various stages of investigation and litigation and are being vigorously defended. Based on information currently available, Kodak does not |
Note 7 - Guarantees
Note 7 - Guarantees | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Guarantees [Text Block] | NOTE 7: In connection with the settlement of certain of the Company’s historical environmental liabilities at Eastman Business Park, a more than 1,200-acre technology center and industrial complex in Rochester, New York, in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 no no Extended Warranty Arrangements Kodak offers its customers extended warranty arrangements that are generally one may three six December 31, 2023 June 30, 2024, (in millions) Deferred revenue on extended warranties as of December 31, 2023 $ 17 New extended warranty and maintenance arrangements deferred 39 Recognition of extended warranty and maintenance arrangement revenue (41 ) Deferred revenue on extended warranties as of June 30, 2024 $ 15 |
Note 8 - Revenue
Note 8 - Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 8: Disaggregation of Revenue The following tables present revenue disaggregated by major product and geography: Major Product: Three Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 134 $ 6 $ — $ — $ 140 Ongoing service arrangements 39 — — — 39 Total annuities 173 6 — — 179 Equipment & software 13 1 — — 14 Film and chemicals — 65 — — 65 Total Core 186 72 — — 258 Growth products (2) — 1 — — 1 Other (3) — — 4 4 8 Total $ 186 $ 73 $ 4 $ 4 $ 267 Six Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 262 $ 13 $ — $ — $ 275 Ongoing service arrangements 80 — — — 80 Total annuities 342 13 — — 355 Equipment & software 26 1 — — 27 Film and chemicals — 116 — — 116 Total Core 368 130 — — 498 Growth products (2) — 2 — — 2 Other (3) — — 8 8 16 Total $ 368 $ 132 $ 8 $ 8 $ 516 Three Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 148 $ 6 $ — $ — $ 154 Ongoing service arrangements 47 — — — 47 Total annuities 195 6 — — 201 Equipment & software 20 — — — 20 Film and chemicals — 61 — — 61 Total Core 215 67 — — 282 Growth products (2) — 5 — — 5 Other (3) — — 4 4 8 Total $ 215 $ 72 $ 4 $ 4 $ 295 Six Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 292 $ 12 $ — $ — $ 304 Ongoing service arrangements 97 — — — 97 Total annuities 389 12 — — 401 Equipment & software 35 — — — 35 Film and chemicals — 113 — — 113 Total Core 424 125 — — 549 Growth products (2) — 8 — — 8 Other (3) — — 8 8 16 Total $ 424 $ 133 $ 8 $ 8 $ 573 ( 1 Core includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services (“Coating Services”). ( 2 Growth consists of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment. ( 3 Other consists of Intellectual Property Licensing ("IP Licensing") within the Advanced Materials and Chemicals segment, Brand Licensing and Eastman Business Park. Geography ( 1 Three Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 60 $ 58 $ 4 $ 4 $ 126 Canada 4 1 — — 5 North America 64 59 4 4 131 Europe, Middle East and Africa 80 6 — — 86 Asia Pacific 37 8 — — 45 Latin America 5 — — — 5 Total $ 186 $ 73 $ 4 $ 4 $ 267 Six Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 117 $ 105 $ 8 $ 8 $ 238 Canada 7 1 — — 8 North America 124 106 8 8 246 Europe, Middle East and Africa 160 11 — — 171 Asia Pacific 75 15 — — 90 Latin America 9 — — — 9 Total $ 368 $ 132 $ 8 $ 8 $ 516 Three Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 66 $ 59 $ 4 $ 4 $ 133 Canada 5 — — — 5 North America 71 59 4 4 138 Europe, Middle East and Africa 92 5 — — 97 Asia Pacific 46 8 — — 54 Latin America 6 — — — 6 Total $ 215 $ 72 $ 4 $ 4 $ 295 Six Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 132 $ 107 $ 8 $ 8 $ 255 Canada 8 1 — — 9 North America 140 108 8 8 264 Europe, Middle East and Africa 181 10 — — 191 Asia Pacific 91 15 — — 106 Latin America 12 — — — 12 Total $ 424 $ 133 $ 8 $ 8 $ 573 ( 1 Sales are reported in the geographic area in which they originate. Contract Balances The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amount recorded for contract assets at both June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Revenue recognized for both the three six June 30, 2024 2023 2024 2023 June 30, 2024 three six June 30, 2024 June 30, 2023 three six June 30, 2023 Kodak does not one one June 30, 2024 2024, 2025, 2026 2027 |
Note 9 - Other Operating Expens
Note 9 - Other Operating Expense (Income), Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | NOTE 9: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Gain on sale of assets (1) $ — $ (1 ) $ (17 ) $ (1 ) Other 1 — 1 1 Total $ 1 $ (1 ) $ (16 ) $ — ( 1 In the first 2024, |
Note 10 - Other Expense (Income
Note 10 - Other Expense (Income), Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | NOTE 10: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Interest income (1) $ (3 ) $ (1 ) $ (7 ) $ (10 ) Loss on foreign exchange transactions 3 3 6 3 Change in fair value of embedded conversion features derivative liability — 1 — 2 Other 1 — — 1 Total $ 1 $ 3 $ (1 ) $ (4 ) ( 1 The first 2023 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11: Kodak’s income tax provision and effective tax rate were as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Earnings from operations before income taxes $ 27 $ 37 $ 62 $ 78 Effective tax rate 3.7 % 5.4 % 6.5 % 12.8 % Provision for income taxes 1 2 4 10 Provision for income taxes at U.S. statutory tax rate 6 8 13 16 Difference between tax at effective vs. statutory rate $ (5 ) $ (6 ) $ (9 ) $ (6 ) For the three six June 30, 2024, 1 2 3 4 In December 2021, 2 15%. 2024. 2 no three six June 30, 2024. For the three six June 30, 2023, 1 2 3 4 |
Note 12 - Retirement Plans and
Note 12 - Retirement Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 12: Components of the net periodic benefit cost for all major U.S. and non-U.S. defined benefit plans are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) 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 $ 4 $ — $ 4 $ — $ 7 $ 1 $ 7 $ 1 Interest cost 28 4 29 5 55 9 58 10 Expected return on plan assets (63 ) (4 ) (64 ) (5 ) (125 ) (9 ) (128 ) (10 ) Amortization of: Prior service cost 3 — 1 — 6 — 3 — Actuarial (gain) loss (10 ) — (7 ) 1 (19 ) — (14 ) 1 Net pension (income) expense before special termination benefits (38 ) — (37 ) 1 (76 ) 1 (74 ) 2 Special termination benefits (1) — — — — 1 — — — Net pension (income) expense from major plans (38 ) — (37 ) 1 (75 ) 1 (74 ) 2 Other plans — 1 — — — 1 — — Total net pension (income) expense $ (38 ) $ 1 $ (37 ) $ 1 $ (75 ) $ 2 $ (74 ) $ 2 ( 1 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13: Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share computations include any dilutive effect of potential common shares. In periods with a net loss available to common shareholders, 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. A reconciliation of the amounts used to calculate basic and diluted earnings per share for the three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net earnings $ 26 $ 35 $ 58 $ 68 Less: Series B Preferred stock cash dividends (1 ) (1 ) (2 ) (2 ) Less: Series C Preferred stock in-kind dividends (2 ) (2 ) (3 ) (3 ) Less: Preferred stock deemed dividends — — (1 ) (1 ) Less: Earnings attributable to Series C Preferred shareholders (3 ) (4 ) (7 ) (8 ) Net earnings available to common shareholders - basic $ 20 $ 28 $ 45 $ 54 Effect of dilutive securities: Add back: Series B preferred stock cash and deemed dividends $ 1 $ 1 $ 3 $ 2 Add back: Convertible Notes interest expense — 1 $ — 2 Net earnings available to common shareholders - diluted $ 21 $ 30 $ 48 $ 58 Three Months Ended Six Months Ended June 30, June 30, (in millions of shares) 2024 2023 2024 2023 Weighted average shares — basic 80.1 79.4 79.9 79.3 Effect of dilutive securities Unvested restricted stock units 1.7 0.9 1.6 0.8 Employee stock options 1.1 0.7 0.9 0.6 Series B Preferred Stock 9.5 9.5 9.5 9.5 Convertible Notes — 2.5 — 2.5 Weighted average shares — diluted 92.4 93.0 91.9 92.7 The computation of diluted earnings per share for the three six June 30, 2024 1 2 3 six June 30, 2024 the assumed vesting of 0.2 million unvested restricted stock units The computation of diluted earnings per share for the three six June 30, 2023 1 2 3 six June 30, 2023, |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 14: EQUITY The Company has 560 million shares of authorized stock, consisting of: (i) 500 million shares of common stock, par value $0.01 per share and (ii) 60 million shares of preferred stock, no one Common Stock As of June 30, 2024 December 31, 2023 Preferred Stock Series B Preferred stock issued and outstanding as of both June 30, 2024 December 31, 2023 1.0 June 30, 2024 December 31, 2023 Treasury Stock Treasury stock consisted of approximately 1.2 million and 1.0 million shares as of June 30, 2024 December 31, 2023 |
Note 15 - Other Comprehensive L
Note 15 - Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 15: The changes in Other comprehensive loss by component were as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Currency translation adjustments Currency translation adjustments $ (6 ) $ (11 ) $ (12 ) $ (12 ) Pension and other postretirement benefit plan changes Newly established net loss — (117 ) — (117 ) Tax provision — — — — Newly established net (loss) gain and prior service cost, net of tax — (117 ) — (117 ) Reclassification adjustments: Amortization of prior service cost (1) 3 2 6 3 Amortization of actuarial gains (1) (10 ) (8 ) (19 ) (15 ) Total reclassification adjustments (7 ) (6 ) (13 ) (12 ) Tax provision — — — — Reclassification adjustments, net of tax (7 ) (6 ) (13 ) (12 ) Pension and other postretirement benefit plan changes, net of tax (7 ) (123 ) (13 ) (129 ) Other comprehensive loss $ (13 ) $ (134 ) $ (25 ) $ (141 ) ( 1 Reclassified to Total Net Periodic Benefit Cost - refer to Note 12, |
Note 16 - Segment Information
Note 16 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 16: Kodak has three Print five Advanced Materials and Chemicals: four Brand All Other Segment financial information is shown below: Segment Revenues Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Print $ 186 $ 215 $ 368 $ 424 Advanced Materials and Chemicals 73 72 132 133 Brand 4 4 8 8 All Other 4 4 8 8 Total $ 267 $ 295 $ 516 $ 573 Segment Operational EBITDA and Consolidated Earnings from Operations Before Income Taxes Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Print $ — $ 8 $ — $ 14 Advanced Materials and Chemicals 8 11 9 11 Brand 4 3 7 6 Total of reportable segments 12 22 16 31 All other — 1 1 1 Depreciation and amortization (6 ) (8 ) (13 ) (16 ) Restructuring costs and other — (5 ) (5 ) (6 ) Stock based compensation (1 ) (1 ) (4 ) (5 ) Consulting and other costs (1) (1 ) 1 (1 ) 11 Idle costs (2) (1 ) (1 ) (1 ) (1 ) Other operating (expense) income, net (3) (1 ) 1 16 — Interest expense (3) (15 ) (11 ) (30 ) (22 ) Pension income excluding service cost component (3) 41 41 82 81 Other (expense) income, net (3) (1 ) (3 ) 1 4 Consolidated earnings from operations before income taxes $ 27 $ 37 $ 62 $ 78 ( 1 Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs included $1 million and $11 million of income in the three six June 30, 2023, ( 2 Consists of third‐party costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not ( 3 As reported in the Consolidated Statement of Operations. Kodak decreased employee benefit reserves by approximately $1 million in the six June 30, 2024 six June 30, 2024 three June 30, 2024. Kodak decreased employee benefit reserves by approximately $1 million in the three June 30, 2023, six June 30, 2023 $1 Segment Measure of Profit and Loss Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the above table, Operational EBITDA represents the earnings from operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; other operating (expense) income, net and other (expense) income, net. Kodak’s segments are measured using Operational EBITDA both before and after allocation of corporate 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 |
Note 17 - Financial Instruments
Note 17 - Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 17: 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 not Kodak’s foreign currency forward contracts are not June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 The net effect of foreign currency forward contracts in the results of operations is shown in the following table: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net loss from derivatives not designated as hedging instruments $ 3 $ 11 $ 10 $ 12 Kodak had no derivatives designated as hedging instruments for the three six June 30, 2024 2023 In the event of a default under any of the Company’s credit agreements, 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 Fair Value Fair values of Kodak’s foreign currency forward contracts are determined using observable inputs (Level 2 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 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 three six June 30, 2024 The fair values of long-term debt (Level 2 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 5. Rule 10b5 1 (c) Trading Plans None. | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, December 31, (in millions) 2024 2023 Cash and cash equivalents $ 251 $ 255 Restricted cash reported in Other current assets 9 12 Restricted cash 100 110 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 360 $ 377 |
Note 3 - Inventories, Net (Tabl
Note 3 - Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, (in millions) 2024 2023 Finished goods $ 93 $ 85 Work in process 73 68 Raw materials 66 64 Total $ 232 $ 217 |
Note 4 - Redeemable, Converti_2
Note 4 - Redeemable, Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Temporary Equity [Table Text Block] | June 30, December 31, (in millions) 2024 2023 Series B preferred stock $ 97 $ 96 Series C preferred stock 117 114 Total $ 214 $ 210 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lease Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Lease income - operating leases: Lease income $ 2 $ 2 $ 4 $ 4 Variable lease income 1 2 3 3 Total lease income $ 3 $ 4 $ 7 $ 7 |
Note 7 - Guarantees (Tables)
Note 7 - Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (in millions) Deferred revenue on extended warranties as of December 31, 2023 $ 17 New extended warranty and maintenance arrangements deferred 39 Recognition of extended warranty and maintenance arrangement revenue (41 ) Deferred revenue on extended warranties as of June 30, 2024 $ 15 |
Note 8 - Revenue (Tables)
Note 8 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 134 $ 6 $ — $ — $ 140 Ongoing service arrangements 39 — — — 39 Total annuities 173 6 — — 179 Equipment & software 13 1 — — 14 Film and chemicals — 65 — — 65 Total Core 186 72 — — 258 Growth products (2) — 1 — — 1 Other (3) — — 4 4 8 Total $ 186 $ 73 $ 4 $ 4 $ 267 Six Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 262 $ 13 $ — $ — $ 275 Ongoing service arrangements 80 — — — 80 Total annuities 342 13 — — 355 Equipment & software 26 1 — — 27 Film and chemicals — 116 — — 116 Total Core 368 130 — — 498 Growth products (2) — 2 — — 2 Other (3) — — 8 8 16 Total $ 368 $ 132 $ 8 $ 8 $ 516 Three Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 148 $ 6 $ — $ — $ 154 Ongoing service arrangements 47 — — — 47 Total annuities 195 6 — — 201 Equipment & software 20 — — — 20 Film and chemicals — 61 — — 61 Total Core 215 67 — — 282 Growth products (2) — 5 — — 5 Other (3) — — 4 4 8 Total $ 215 $ 72 $ 4 $ 4 $ 295 Six Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total Core products (1) Plates, inks and other consumables $ 292 $ 12 $ — $ — $ 304 Ongoing service arrangements 97 — — — 97 Total annuities 389 12 — — 401 Equipment & software 35 — — — 35 Film and chemicals — 113 — — 113 Total Core 424 125 — — 549 Growth products (2) — 8 — — 8 Other (3) — — 8 8 16 Total $ 424 $ 133 $ 8 $ 8 $ 573 Three Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 60 $ 58 $ 4 $ 4 $ 126 Canada 4 1 — — 5 North America 64 59 4 4 131 Europe, Middle East and Africa 80 6 — — 86 Asia Pacific 37 8 — — 45 Latin America 5 — — — 5 Total $ 186 $ 73 $ 4 $ 4 $ 267 Six Months Ended June 30, 2024 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 117 $ 105 $ 8 $ 8 $ 238 Canada 7 1 — — 8 North America 124 106 8 8 246 Europe, Middle East and Africa 160 11 — — 171 Asia Pacific 75 15 — — 90 Latin America 9 — — — 9 Total $ 368 $ 132 $ 8 $ 8 $ 516 Three Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 66 $ 59 $ 4 $ 4 $ 133 Canada 5 — — — 5 North America 71 59 4 4 138 Europe, Middle East and Africa 92 5 — — 97 Asia Pacific 46 8 — — 54 Latin America 6 — — — 6 Total $ 215 $ 72 $ 4 $ 4 $ 295 Six Months Ended June 30, 2023 Advanced Materials and (in millions) Print Chemicals Brand All Other Total United States $ 132 $ 107 $ 8 $ 8 $ 255 Canada 8 1 — — 9 North America 140 108 8 8 264 Europe, Middle East and Africa 181 10 — — 191 Asia Pacific 91 15 — — 106 Latin America 12 — — — 12 Total $ 424 $ 133 $ 8 $ 8 $ 573 |
Note 9 - Other Operating Expe_2
Note 9 - Other Operating Expense (Income), Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Gain on sale of assets (1) $ — $ (1 ) $ (17 ) $ (1 ) Other 1 — 1 1 Total $ 1 $ (1 ) $ (16 ) $ — |
Note 10 - Other Expense (Inco_2
Note 10 - Other Expense (Income), Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Interest income (1) $ (3 ) $ (1 ) $ (7 ) $ (10 ) Loss on foreign exchange transactions 3 3 6 3 Change in fair value of embedded conversion features derivative liability — 1 — 2 Other 1 — — 1 Total $ 1 $ 3 $ (1 ) $ (4 ) |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Earnings from operations before income taxes $ 27 $ 37 $ 62 $ 78 Effective tax rate 3.7 % 5.4 % 6.5 % 12.8 % Provision for income taxes 1 2 4 10 Provision for income taxes at U.S. statutory tax rate 6 8 13 16 Difference between tax at effective vs. statutory rate $ (5 ) $ (6 ) $ (9 ) $ (6 ) |
Note 12 - Retirement Plans an_2
Note 12 - Retirement Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) 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 $ 4 $ — $ 4 $ — $ 7 $ 1 $ 7 $ 1 Interest cost 28 4 29 5 55 9 58 10 Expected return on plan assets (63 ) (4 ) (64 ) (5 ) (125 ) (9 ) (128 ) (10 ) Amortization of: Prior service cost 3 — 1 — 6 — 3 — Actuarial (gain) loss (10 ) — (7 ) 1 (19 ) — (14 ) 1 Net pension (income) expense before special termination benefits (38 ) — (37 ) 1 (76 ) 1 (74 ) 2 Special termination benefits (1) — — — — 1 — — — Net pension (income) expense from major plans (38 ) — (37 ) 1 (75 ) 1 (74 ) 2 Other plans — 1 — — — 1 — — Total net pension (income) expense $ (38 ) $ 1 $ (37 ) $ 1 $ (75 ) $ 2 $ (74 ) $ 2 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net earnings $ 26 $ 35 $ 58 $ 68 Less: Series B Preferred stock cash dividends (1 ) (1 ) (2 ) (2 ) Less: Series C Preferred stock in-kind dividends (2 ) (2 ) (3 ) (3 ) Less: Preferred stock deemed dividends — — (1 ) (1 ) Less: Earnings attributable to Series C Preferred shareholders (3 ) (4 ) (7 ) (8 ) Net earnings available to common shareholders - basic $ 20 $ 28 $ 45 $ 54 Effect of dilutive securities: Add back: Series B preferred stock cash and deemed dividends $ 1 $ 1 $ 3 $ 2 Add back: Convertible Notes interest expense — 1 $ — 2 Net earnings available to common shareholders - diluted $ 21 $ 30 $ 48 $ 58 Three Months Ended Six Months Ended June 30, June 30, (in millions of shares) 2024 2023 2024 2023 Weighted average shares — basic 80.1 79.4 79.9 79.3 Effect of dilutive securities Unvested restricted stock units 1.7 0.9 1.6 0.8 Employee stock options 1.1 0.7 0.9 0.6 Series B Preferred Stock 9.5 9.5 9.5 9.5 Convertible Notes — 2.5 — 2.5 Weighted average shares — diluted 92.4 93.0 91.9 92.7 |
Note 15 - Other Comprehensive_2
Note 15 - Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Currency translation adjustments Currency translation adjustments $ (6 ) $ (11 ) $ (12 ) $ (12 ) Pension and other postretirement benefit plan changes Newly established net loss — (117 ) — (117 ) Tax provision — — — — Newly established net (loss) gain and prior service cost, net of tax — (117 ) — (117 ) Reclassification adjustments: Amortization of prior service cost (1) 3 2 6 3 Amortization of actuarial gains (1) (10 ) (8 ) (19 ) (15 ) Total reclassification adjustments (7 ) (6 ) (13 ) (12 ) Tax provision — — — — Reclassification adjustments, net of tax (7 ) (6 ) (13 ) (12 ) Pension and other postretirement benefit plan changes, net of tax (7 ) (123 ) (13 ) (129 ) Other comprehensive loss $ (13 ) $ (134 ) $ (25 ) $ (141 ) |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Print $ 186 $ 215 $ 368 $ 424 Advanced Materials and Chemicals 73 72 132 133 Brand 4 4 8 8 All Other 4 4 8 8 Total $ 267 $ 295 $ 516 $ 573 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Print $ — $ 8 $ — $ 14 Advanced Materials and Chemicals 8 11 9 11 Brand 4 3 7 6 Total of reportable segments 12 22 16 31 All other — 1 1 1 Depreciation and amortization (6 ) (8 ) (13 ) (16 ) Restructuring costs and other — (5 ) (5 ) (6 ) Stock based compensation (1 ) (1 ) (4 ) (5 ) Consulting and other costs (1) (1 ) 1 (1 ) 11 Idle costs (2) (1 ) (1 ) (1 ) (1 ) Other operating (expense) income, net (3) (1 ) 1 16 — Interest expense (3) (15 ) (11 ) (30 ) (22 ) Pension income excluding service cost component (3) 41 41 82 81 Other (expense) income, net (3) (1 ) (3 ) 1 4 Consolidated earnings from operations before income taxes $ 27 $ 37 $ 62 $ 78 |
Note 17 - Financial Instrumen_2
Note 17 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net loss from derivatives not designated as hedging instruments $ 3 $ 11 $ 10 $ 12 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash Collateralized Letter Of Credit Facility [Member] | ||
Restricted Cash and Investments, Noncurrent | $ 29 | $ 32 |
Cash Collateralized for Workers Compensation Obligations [Member] | ||
Restricted Cash and Investments, Noncurrent | 63 | 63 |
CHINA | Lucky Hua Guang Graphics Co Ltd [Member] | ||
Restricted Cash and Investments, Current | 2 | 3 |
BRAZIL | ||
Restricted Cash and Investments, Noncurrent | $ 7 | 8 |
UNITED KINGDOM | ||
Restricted Cash and Investments, Noncurrent | $ 5 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | [1] | Dec. 31, 2022 | |
Cash and cash equivalents | $ 251 | $ 255 | ||||
Restricted cash reported in Other current assets | 9 | 12 | ||||
Restricted cash | 100 | 110 | ||||
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows | $ 360 | [1] | $ 377 | $ 292 | $ 286 | |
[1]Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash. |
Note 3 - Inventories, Net - Sch
Note 3 - Inventories, Net - Schedule of Current Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finished goods | $ 93 | $ 85 |
Work in process | 73 | 68 |
Raw materials | 66 | 64 |
Total | $ 232 | $ 217 |
Note 4 - Redeemable, Converti_3
Note 4 - Redeemable, Convertible Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Feb. 26, 2024 | Feb. 26, 2021 | Jun. 30, 2024 | Dec. 31, 2023 | |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||
Series B Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 4% | |||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||
Temporary Equity, Fair Value of Preferred Stock at Issuance | $ 95 | |||
Temporary Equity, Liquidation Preference Per Share (in dollars per share) | $ 100 | |||
Debt Instrument, Convertible, Stock Price Trigger (in dollars per share) | $ 14.5 | |||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 1 | |||
Series B Preferred Stock [Member] | Minimum [Member] | ||||
Temporary Equity, Convertible, Threshold Trading Days (Day) | 45 days | |||
Series B Preferred Stock [Member] | Maximum [Member] | ||||
Temporary Equity, Convertible, Threshold Trading Days (Day) | 60 days | |||
Series C Preferred Stock [Member] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 2 | |||
Series C Preferred Stock [Member] | Other Noncurrent Liabilities [Member] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 1 | $ 1 | ||
Series C Preferred Stock [Member] | After February Twenty Six Two Thousand Twenty Four [Member] | ||||
Temporary Equity, Convertible, Threshold Percentage of Stock Price Trigger | 150% | |||
Series C Preferred Stock [Member] | Minimum [Member] | ||||
Temporary Equity, Convertible, Threshold Trading Days (Day) | 45 days | |||
Series C Preferred Stock [Member] | Maximum [Member] | ||||
Temporary Equity, Convertible, Threshold Trading Days (Day) | 60 days | |||
Repurchase And Exchange Agreement [Member] | Series A Preferred Stock [Member] | ||||
Stock Repurchased During Period, Shares (in shares) | 1,000,000 | |||
Repurchase And Exchange Agreement [Member] | Series B Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 4% | |||
Purchase Agreement [Member] | Series B Preferred Stock [Member] | ||||
Convertible Preferred Stock, Share Conversion, Rate (in shares) | 9.5238 | |||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 10.5 | |||
Purchase Agreement [Member] | Series C Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 5% | |||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||
Temporary Equity, Liquidation Preference Per Share (in dollars per share) | 100 | |||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 10 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,000,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 100 | |||
Proceeds from Issuance or Sale of Equity | $ 100 | |||
Dividend And Other Rights [Member] | Series C Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 5% |
Note 4 - Redeemable, Converti_4
Note 4 - Redeemable, Convertible Preferred Stock - Schedule of Redeemable, Convertible Preferred Stock (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Redeemable, convertible preferred stock | $ 214 | $ 210 |
Series B Preferred Stock [Member] | ||
Redeemable, convertible preferred stock | 97 | 96 |
Series C Preferred Stock [Member] | ||
Redeemable, convertible preferred stock | $ 117 | $ 114 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sales-type Lease, Lease Income | $ 0 | $ 0 | $ 1,000 | $ 0 |
Note 5 - Leases - Summary of In
Note 5 - Leases - Summary of Income Recognized on Lease Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Lease income | $ 2 | $ 2 | $ 4 | $ 4 | |
Variable lease income | [1] | 1 | 2 | 3 | 3 |
Total lease income | $ 3 | $ 4 | $ 7 | $ 7 | |
[1]Variable lease income primarily represents operating costs under real estate leases and incremental variable income based on usage under equipment leases. |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jul. 28, 2020 | |
Restricted Cash | $ 109 | ||
U S International Development Finance Corporation [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 765 | ||
BRAZIL | |||
Restricted Cash and Investments, Noncurrent | 7 | $ 8 | |
Federal And State Value Added Taxes Litigations And Civil Litigation And Disputes With Former Employees [Member] | BRAZIL | |||
Loss Contingency, Accrual, Reserve Maintained | 3 | ||
Aggregate Claims | 85 | ||
Loss Contingency, Estimate of Possible Loss | 5 | ||
Threat of Expropriation of Assets [Member] | BRAZIL | |||
Restricted Cash and Investments, Noncurrent | 7 | ||
Assets, Noncurrent | 39 | ||
Bank Guarantees And Letters Of Credit [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1 | ||
Surety Bond [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 27 | ||
L C Facility Agreement [Member] | |||
Letters of Credit Outstanding, Amount | $ 27 |
Note 7 - Guarantees (Details Te
Note 7 - Guarantees (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) a | |
Warranty Arrangement Period [Member] | |
Extended Warranty Period (Year) | 1 year |
Minimum [Member] | |
Environmental Settlement, Historical Liabilities Trigger Amount | $ | $ 99 |
Extended Warranty Period (Year) | 3 months |
Maximum [Member] | |
Percentage of Liability Above 99 Million | 50% |
Extended Warranty Period (Year) | 6 years |
Eastman Business Park Rochester N Y [Member] | Minimum [Member] | |
Area of Real Estate Property (Acre) | a | 1,200 |
Note 7 - Guarantees - Deferred
Note 7 - Guarantees - Deferred Revenue by Arrangement (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Deferred revenue on extended warranties | $ 100 |
Deferred revenue on extended warranties | 100 |
Extended Warranty Arrangements [Member] | |
Deferred revenue on extended warranties | 17 |
New extended warranty and maintenance arrangements deferred | 39 |
Recognition of extended warranty and maintenance arrangement revenue | (41) |
Deferred revenue on extended warranties | $ 15 |
Note 8 - Revenue 1 (Details Tex
Note 8 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Contract with Customer, Liability | $ 100 | $ 100 | $ 100 | ||
Contract with Customer, Liability, Revenue Recognized | 5 | $ 8 | 25 | $ 28 | |
Contract with Customer, Cash Payments Received for Liabilities That Have Been Deferred | 20 | $ 22 | 25 | $ 27 | |
Revenue, Remaining Performance Obligation, Amount | 92 | 92 | |||
Other Current Assets [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 1 | 1 | 1 | ||
Other Current Liabilities [Member] | |||||
Contract with Customer, Liability | 40 | 40 | 37 | ||
Other Noncurrent Liabilities [Member] | |||||
Contract with Customer, Liability | $ 60 | $ 60 | $ 63 |
Note 8 - Revenue 2 (Details Tex
Note 8 - Revenue 2 (Details Textual) | Jun. 30, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Percentage | 10% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 15% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 10% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 10% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 55% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 8 - Revenues - Disaggregat
Note 8 - Revenues - Disaggregated Revenue by Major Product, Product Portfolio Summary, and Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Revenue | $ 267 | $ 295 | $ 516 | $ 573 | ||||
Core [Member] | ||||||||
Revenue | 258 | 282 | 498 | 549 | ||||
Plates Inks And Other Consumables [Member] | Core [Member] | ||||||||
Revenue | 140 | [1] | 154 | [1] | 275 | 304 | [1] | |
Ongoing Service Arrangements [Member] | Core [Member] | ||||||||
Revenue | 39 | 47 | 80 | 97 | ||||
Annuities [Member] | Core [Member] | ||||||||
Revenue | 179 | 201 | 355 | 401 | ||||
Equipment and Software [Member] | Core [Member] | ||||||||
Revenue | 14 | 20 | 27 | 35 | ||||
Film and Chemicals [Member] | Core [Member] | ||||||||
Revenue | 65 | 61 | 116 | 113 | ||||
Growth Products [Member] | ||||||||
Revenue | 1 | [2] | 5 | [2] | 2 | 8 | [2] | |
Other [Member] | ||||||||
Revenue | 8 | [3] | 8 | [3] | 16 | 16 | [3] | |
UNITED STATES | ||||||||
Revenue | [4] | 126 | 133 | 238 | 255 | |||
CANADA | ||||||||
Revenue | 5 | 5 | 8 | 9 | ||||
North America [Member] | ||||||||
Revenue | 131 | 138 | 246 | 264 | ||||
EMEA [Member] | ||||||||
Revenue | 86 | 97 | 171 | 191 | ||||
Asia Pacific [Member] | ||||||||
Revenue | 45 | 54 | 90 | 106 | ||||
Latin America [Member] | ||||||||
Revenue | 5 | 6 | 9 | 12 | ||||
Print [Member] | ||||||||
Revenue | 186 | 215 | 368 | 424 | ||||
Print [Member] | Core [Member] | ||||||||
Revenue | 186 | 215 | 368 | 424 | ||||
Print [Member] | Plates Inks And Other Consumables [Member] | Core [Member] | ||||||||
Revenue | 134 | [1] | 148 | [1] | 262 | 292 | [1] | |
Print [Member] | Ongoing Service Arrangements [Member] | Core [Member] | ||||||||
Revenue | 39 | 47 | 80 | 97 | ||||
Print [Member] | Annuities [Member] | Core [Member] | ||||||||
Revenue | 173 | 195 | 342 | 389 | ||||
Print [Member] | Equipment and Software [Member] | Core [Member] | ||||||||
Revenue | 13 | 20 | 26 | 35 | ||||
Print [Member] | Film and Chemicals [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Print [Member] | Growth Products [Member] | ||||||||
Revenue | 0 | [2] | 0 | [2] | 0 | 0 | [2] | |
Print [Member] | Other [Member] | ||||||||
Revenue | 0 | [3] | 0 | [3] | 0 | 0 | [3] | |
Print [Member] | UNITED STATES | ||||||||
Revenue | [4] | 60 | 66 | 117 | 132 | |||
Print [Member] | CANADA | ||||||||
Revenue | 4 | 5 | 7 | 8 | ||||
Print [Member] | North America [Member] | ||||||||
Revenue | 64 | 71 | 124 | 140 | ||||
Print [Member] | EMEA [Member] | ||||||||
Revenue | 80 | 92 | 160 | 181 | ||||
Print [Member] | Asia Pacific [Member] | ||||||||
Revenue | 37 | 46 | 75 | 91 | ||||
Print [Member] | Latin America [Member] | ||||||||
Revenue | 5 | 6 | 9 | 12 | ||||
Advanced Materials And Chemicals [Member] | ||||||||
Revenue | 73 | 72 | 132 | 133 | ||||
Advanced Materials And Chemicals [Member] | Core [Member] | ||||||||
Revenue | 72 | 67 | 130 | 125 | ||||
Advanced Materials And Chemicals [Member] | Plates Inks And Other Consumables [Member] | Core [Member] | ||||||||
Revenue | 6 | [1] | 6 | [1] | 13 | 12 | [1] | |
Advanced Materials And Chemicals [Member] | Ongoing Service Arrangements [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Advanced Materials And Chemicals [Member] | Annuities [Member] | Core [Member] | ||||||||
Revenue | 6 | 6 | 13 | 12 | ||||
Advanced Materials And Chemicals [Member] | Equipment and Software [Member] | Core [Member] | ||||||||
Revenue | 1 | 0 | 1 | 0 | ||||
Advanced Materials And Chemicals [Member] | Film and Chemicals [Member] | Core [Member] | ||||||||
Revenue | 65 | 61 | 116 | 113 | ||||
Advanced Materials And Chemicals [Member] | Growth Products [Member] | ||||||||
Revenue | 1 | [2] | 5 | [2] | 2 | 8 | [2] | |
Advanced Materials And Chemicals [Member] | Other [Member] | ||||||||
Revenue | 0 | [3] | 0 | [3] | 0 | 0 | [3] | |
Advanced Materials And Chemicals [Member] | UNITED STATES | ||||||||
Revenue | [4] | 58 | 59 | 105 | 107 | |||
Advanced Materials And Chemicals [Member] | CANADA | ||||||||
Revenue | 1 | 0 | 1 | 1 | ||||
Advanced Materials And Chemicals [Member] | North America [Member] | ||||||||
Revenue | 59 | 59 | 106 | 108 | ||||
Advanced Materials And Chemicals [Member] | EMEA [Member] | ||||||||
Revenue | 6 | 5 | 11 | 10 | ||||
Advanced Materials And Chemicals [Member] | Asia Pacific [Member] | ||||||||
Revenue | 8 | 8 | 15 | 15 | ||||
Advanced Materials And Chemicals [Member] | Latin America [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | ||||||||
Revenue | 4 | 4 | 8 | 8 | ||||
Brand [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Plates Inks And Other Consumables [Member] | Core [Member] | ||||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |
Brand [Member] | Ongoing Service Arrangements [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Annuities [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Equipment and Software [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Film and Chemicals [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Growth Products [Member] | ||||||||
Revenue | 0 | [2] | 0 | [2] | 0 | 0 | [2] | |
Brand [Member] | Other [Member] | ||||||||
Revenue | 4 | [3] | 4 | [3] | 8 | 8 | [3] | |
Brand [Member] | UNITED STATES | ||||||||
Revenue | [4] | 4 | 4 | 8 | 8 | |||
Brand [Member] | CANADA | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | North America [Member] | ||||||||
Revenue | 4 | 4 | 8 | 8 | ||||
Brand [Member] | EMEA [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Asia Pacific [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Brand [Member] | Latin America [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | ||||||||
Revenue | 4 | 4 | 8 | 8 | ||||
All Other [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Plates Inks And Other Consumables [Member] | Core [Member] | ||||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |
All Other [Member] | Ongoing Service Arrangements [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Annuities [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Equipment and Software [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Film and Chemicals [Member] | Core [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Growth Products [Member] | ||||||||
Revenue | 0 | [2] | 0 | [2] | 0 | 0 | [2] | |
All Other [Member] | Other [Member] | ||||||||
Revenue | 4 | [3] | 4 | [3] | 8 | 8 | [3] | |
All Other [Member] | UNITED STATES | ||||||||
Revenue | [4] | 4 | 4 | 8 | 8 | |||
All Other [Member] | CANADA | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | North America [Member] | ||||||||
Revenue | 4 | 4 | 8 | 8 | ||||
All Other [Member] | EMEA [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Asia Pacific [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
All Other [Member] | Latin America [Member] | ||||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||||
[1]Core includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services ("Coating Services").[2]Growth consists of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment.[3]Other consists of Intellectual Property Licensing ("IP Licensing"), Brand Licensing and Eastman Business Park.[4]Sales are reported in the geographic area in which they originate. |
Note 9 - Other Operating Expe_3
Note 9 - Other Operating Expense (Income), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Gain (Loss) on Disposition of Assets | $ 0 | [1] | $ 17 | $ 1 | [1] | $ 17 | [1] | $ 1 | [1] |
[1]In the first quarter of 2024, Kodak sold certain assets in the U.S. and recognized a gain of $17 million. |
Note 9 - Other Operating Expe_4
Note 9 - Other Operating Expense (Income), Net - Summary of Other Operating Income, by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Gain on sale of assets | $ 0 | [1] | $ (17) | $ (1) | [1] | $ (17) | [1] | $ (1) | [1] |
Other | 1 | 0 | 1 | 1 | |||||
Total | $ 1 | $ (1) | $ (16) | $ 0 | |||||
[1]In the first quarter of 2024, Kodak sold certain assets in the U.S. and recognized a gain of $17 million. |
Note 10 - Other Expense (Inco_3
Note 10 - Other Expense (Income), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Investment Income, Interest | [1] | $ 3 | $ 1 | $ 7 | $ 10 | |
Foreign Tax Jurisdiction [Member] | ||||||
Investment Income, Interest | $ 9 | |||||
[1]The first quarter of 2023 includes $9 million of interest income associated with a refund received from a governmental authority in a location outside the U.S. that was previously held by the governmental authority to guarantee tax disputes in that jurisdiction. |
Note 10 - Other Expense (Inco_4
Note 10 - Other Expense (Income), Net - Schedule of Other Charges, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Interest income (1) | [1] | $ (3) | $ (1) | $ (7) | $ (10) |
Loss on foreign exchange transactions | 3 | 3 | 6 | 3 | |
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives | 0 | 1 | 0 | 2 | |
Other | 1 | 0 | 0 | 1 | |
Total | $ 1 | $ 3 | $ (1) | $ (4) | |
[1]The first quarter of 2023 includes $9 million of interest income associated with a refund received from a governmental authority in a location outside the U.S. that was previously held by the governmental authority to guarantee tax disputes in that jurisdiction. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% |
Note 11 - Income Taxes - Schedu
Note 11 - Income Taxes - Schedule of Income Tax Provision and Effective Tax Rate (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings from operations before income taxes | $ 27 | $ 37 | $ 62 | $ 78 |
Effective tax rate | 3.70% | 5.40% | 6.50% | 12.80% |
Provision for income taxes | $ 1 | $ 2 | $ 4 | $ 10 |
Provision for income taxes at U.S. statutory tax rate | 6 | 8 | 13 | 16 |
Difference between tax at effective vs. statutory rate | $ (5) | $ (6) | $ (9) | $ (6) |
Note 12 - Retirement Plans an_3
Note 12 - Retirement Plans and Other Postretirement Benefits - Components of the Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Pension and postretirement income | $ (73,000) | $ (72,000) | |||
UNITED STATES | |||||
Pension and postretirement income | $ (38) | $ (37) | (75) | (74) | |
Foreign Plan [Member] | |||||
Pension and postretirement income | 1 | 1 | 2 | 2 | |
Pension Plan [Member] | UNITED STATES | |||||
Service cost | 4 | 4 | 7 | 7 | |
Interest cost | 28 | 29 | 55 | 58 | |
Expected return on plan assets | (63) | (64) | (125) | (128) | |
Prior service cost | 3 | 1 | 6 | 3 | |
Actuarial (gain) loss | (10) | (7) | (19) | (14) | |
Net pension (income) expense before special termination benefits | (38) | (37) | (76) | (74) | |
Special termination benefits (1) | [1] | 0 | 0 | 1 | 0 |
Pension and postretirement income | (38) | (37) | (75) | (74) | |
Pension Plan [Member] | Foreign Plan [Member] | |||||
Service cost | 0 | 0 | 1 | 1 | |
Interest cost | 4 | 5 | 9 | 10 | |
Expected return on plan assets | (4) | (5) | (9) | (10) | |
Prior service cost | 0 | 0 | 0 | 0 | |
Actuarial (gain) loss | 0 | 1 | 0 | 1 | |
Net pension (income) expense before special termination benefits | 0 | 1 | 1 | 2 | |
Special termination benefits (1) | [1] | 0 | 0 | 0 | 0 |
Pension and postretirement income | 0 | 1 | 1 | 2 | |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||||
Pension and postretirement income | 0 | 0 | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | |||||
Pension and postretirement income | $ 1 | $ 0 | $ 1 | $ 0 | |
[1]The special termination benefits were incurred as a result of Kodak’s restructuring actions and have been included in Restructuring costs and other in the Consolidated Statement of Operations for that period. |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 3.1 | 4.1 | 3.1 | 4.1 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | 0.7 | ||
Series C Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.2 | 1.1 | 1.2 | 1.1 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
NET EARNINGS | $ 26 | $ 32 | $ 35 | $ 33 | $ 58 | $ 68 |
Less: Series B Preferred stock cash dividends | (1) | (1) | (2) | (2) | ||
Less: Series C Preferred stock in-kind dividends | (2) | (2) | (3) | (3) | ||
Less: Preferred stock deemed dividends | 0 | 0 | (1) | (1) | ||
Net earnings available to common shareholders - basic | 20 | 28 | 45 | 54 | ||
Add back: Series B preferred stock cash and deemed dividends | 1 | 1 | 3 | 2 | ||
Add back: Convertible Notes interest expense | 0 | 1 | 0 | 2 | ||
Net earnings available to common shareholders - diluted | $ 21 | $ 30 | $ 48 | $ 58 | ||
Weighted average shares — basic (in shares) | 80.1 | 79.4 | 79.9 | 79.3 | ||
Series B Preferred Stock (in shares) | 9.5 | 9.5 | 9.5 | 9.5 | ||
Convertible Notes (in shares) | 0 | 2.5 | 0 | 2.5 | ||
Weighted average shares — diluted (in shares) | 92.4 | 93 | 91.9 | 92.7 | ||
Series C Preferred Stock [Member] | ||||||
Less: Earnings attributable to Series C Preferred shareholders | $ (3) | $ (4) | $ (7) | $ (8) | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1.7 | 0.9 | 1.6 | 0.8 | ||
Share-Based Payment Arrangement, Option [Member] | ||||||
Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1.1 | 0.7 | 0.9 | 0.6 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Details Textual) - $ / shares shares in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Feb. 26, 2021 |
Stock Authorized (in shares) | 560 | ||
Common Stock, Shares Authorized (in shares) | 500 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized (in shares) | 60 | ||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | ||
Common Stock, Shares, Outstanding (in shares) | 80.3 | 79.6 | |
Treasury Stock, Common, Shares (in shares) | 1.2 | 1 | |
Series B Preferred Stock [Member] | |||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | ||
Preferred Stock, Shares Outstanding (in shares) | 1 | 1 | |
Series C Preferred Stock [Member] | |||
Preferred Stock, Shares Outstanding (in shares) | 1.2 | 1.1 |
Note 15 - Other Comprehensive_3
Note 15 - Other Comprehensive Loss - Changes in Other Comprehensive Income (Loss), by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Currency translation adjustments | $ (6) | $ (11) | $ (12) | $ (12) | |
Newly established net loss | 0 | (117) | 0 | (117) | |
Tax provision | 0 | 0 | 0 | 0 | |
Newly established net (loss) gain and prior service cost, net of tax | 0 | (117) | 0 | (117) | |
Amortization of prior service cost (1) | [1] | 3 | 2 | 6 | 3 |
Amortization of actuarial gains (1) | [1] | (10) | (8) | (19) | (15) |
Total reclassification adjustments | (7) | (6) | (13) | (12) | |
Tax provision | 0 | 0 | 0 | 0 | |
Reclassification adjustments, net of tax | (7) | (6) | (13) | (12) | |
Pension and other postretirement benefit plan changes, net of tax | (7) | (123) | (13) | (129) | |
Other comprehensive loss, net of tax | $ (13) | $ (134) | $ (25) | $ (141) | |
[1]Reclassified to Total Net Periodic Benefit Cost - refer to Note 12, "Retirement Plans and Other Postretirement Benefits". |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) a | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) a | Jun. 30, 2023 USD ($) | |
Number of Reportable Segments | 3 | |||
Increase (Decrease) in Workers' Compensation Liabilities | $ 1,000 | $ 11,000 | ||
Increase (Decrease) in Employee Related Liabilities | $ (1,000) | |||
Increase (Decrease) in Other Employee-Related Liabilities | $ (1,000) | |||
Gross Profit [Member] | ||||
Increase (Decrease) in Employee Related Liabilities | $ 0 | $ 1,000 | ||
Eastman Business Park Rochester N Y [Member] | Minimum [Member] | ||||
Area of Real Estate Property (Acre) | a | 1,200 | 1,200 | ||
Print [Member] | ||||
Number of Business Lines | 5 | |||
Advanced Materials And Chemicals [Member] | ||||
Number of Reportable Segments | 4 |
Note 16 - Segment Information -
Note 16 - Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues | $ 267 | $ 295 | $ 516 | $ 573 | |
Revenue | 267 | 295 | 516 | 573 | |
Depreciation and amortization | (13) | (16) | |||
Restructuring costs and other | 0 | (5) | (5) | (6) | |
Other operating (expense) income, net (3) | (1) | 1 | 16 | 0 | |
Interest expense (3) | (15) | (11) | (30) | (22) | |
Pension income excluding service cost component (3) | 41 | 41 | 82 | 81 | |
Other (expense) income, net (3) | (1) | (3) | 1 | 4 | |
Earnings from operations before income taxes | 27 | 37 | 62 | 78 | |
Continuing Operations [Member] | |||||
Revenues | 267 | 295 | 516 | 573 | |
Revenue | 267 | 295 | 516 | 573 | |
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization | 12 | 22 | 16 | 31 | |
Depreciation and amortization | (6) | (8) | (13) | (16) | |
Restructuring costs and other | [1] | 0 | (5) | (5) | (6) |
Stock based compensation | (1) | (1) | (4) | (5) | |
Consulting and other costs (1) | [2] | (1) | 1 | (1) | 11 |
Idle costs (2) | (1) | (1) | (1) | (1) | |
Other operating (expense) income, net (3) | [1] | (1) | 1 | 16 | 0 |
Interest expense (3) | [1] | (15) | (11) | (30) | (22) |
Pension income excluding service cost component (3) | [1] | 41 | 41 | 82 | 81 |
Other (expense) income, net (3) | [1] | (1) | (3) | 1 | 4 |
Earnings from operations before income taxes | 27 | 37 | 62 | 78 | |
Continuing Operations [Member] | Operating Segments [Member] | Brand [Member] | |||||
Revenues | 4 | 4 | 8 | 8 | |
Revenue | 4 | 4 | 8 | 8 | |
Print [Member] | |||||
Revenues | 186 | 215 | 368 | 424 | |
Revenue | 186 | 215 | 368 | 424 | |
Print [Member] | Continuing Operations [Member] | Operating Segments [Member] | |||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization | 0 | 8 | 0 | 14 | |
Advanced Materials And Chemicals [Member] | |||||
Revenues | 73 | 72 | 132 | 133 | |
Revenue | 73 | 72 | 132 | 133 | |
Advanced Materials And Chemicals [Member] | Continuing Operations [Member] | Operating Segments [Member] | |||||
Revenues | 73 | 72 | 132 | 133 | |
Revenue | 73 | 72 | 132 | 133 | |
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization | 8 | 11 | 9 | 11 | |
Brand [Member] | |||||
Revenues | 4 | 4 | 8 | 8 | |
Revenue | 4 | 4 | 8 | 8 | |
Brand [Member] | Continuing Operations [Member] | Operating Segments [Member] | |||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization | 4 | 3 | 7 | 6 | |
All Other [Member] | |||||
Revenues | 4 | 4 | 8 | 8 | |
Revenue | 4 | 4 | 8 | 8 | |
All Other [Member] | Continuing Operations [Member] | |||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization | $ 0 | $ 1 | $ 1 | $ 1 | |
[1]As reported in the Consolidated Statement of Operations.[2]Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs in the three months ended March 31, 2023 included $10 million of income in representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters. |
Note 17 - Financial Instrumen_3
Note 17 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivatives Hedging Instruments | $ 0 | $ 0 | $ 0 | $ 0 | |
Fair Value, Inputs, Level 2 [Member] | |||||
Long-Term Debt, Fair Value | 362,000 | 362,000 | $ 396,000 | ||
Forward Contracts [Member] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | 3,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 1,000 | 1,000 | 0 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | $ 241,000 | $ 241,000 | $ 279,000 |
Note 17 - Financial Instrumen_4
Note 17 - Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net loss from derivatives not designated as hedging instruments | $ 3 | $ 11 | $ 10 | $ 12 |