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Note 27: Condensed Combined Debtor-In-Possesion Financial Information | 12 Months Ended
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Dec. 31, 2012
Condensed Combined Debtor In Possession Financial Information [Text Block] | NOTE 27: CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. Effective January 1, 2012, the Non-Filing Entities are accounted for as non-consolidated subsidiaries in these financial statements and, as such, their net loss is included as “Equity in loss of non-filing entities, net of tax” in the Debtors’ Statement of Operations and their net assets are included as “Investment in non-filing entities” in the Debtors’ Statement of Financial Position. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors’ financial statements. DEBTORS’ STATEMENT OF OPERATIONS
(in millions) |  | For the Year Ended December 31, 2012 |
Net sales |  |  |
Products |  | $ | 1,558 |
Services |  |  | 356 |
Licensing & royalties |  |  | (48 | )
Total net sales |  | $ | 1,866 |
Cost of sales |  |  |  |
Products |  | $ | 1,627 |
Services |  |  | 310 |
Total cost of sales |  | $ | 1,937 |
Gross profit (loss) |  | $ | (71 | )
Selling, general and administrative expenses |  |  | 417 |
Research and development costs |  |  | 172 |
Restructuring costs and other |  |  | 143 |
Other operating (income) expenses, net |  |  | (38 | )
Loss from continuing operations before interest expense, other income (charges), net, reorganization items, net and income taxes |  |  | (765 | )
Interest expense (contractual interest for the year ended December 31, 2012 of $193) |  |  | 148 |
Loss on early extinguishment of debt, net |  |  | 7 |
Other income (charges), net |  |  | 34 |
Reorganization items, net |  |  | 843 |
Loss from continuing operations before income taxes |  |  | (1,729 | )
Benefit for income taxes |  |  | (369 | )
Loss from continuing operations |  |  | (1,360 | )
Loss from discontinued operations, net of income taxes |  |  | (47 | )
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES |  |  | (1,407 | )
Equity in earnings of non-filing entities, net of tax |  |  | 28 |
NET LOSS ATTRIBUTABLE TO EASTMAN KODAK COMPANY |  | $ | (1,379 | )
DEBTORS’ STATEMENT OF COMPREHENSIVE (LOSS) INCOME
(in millions) | For the Year Ended Decemeber 31, 2012 |
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES | $ | (1,407 | )
Other comprehensive income (loss), net of tax: |  |  |
Realized and unrealized losses from hedging activity, net of tax $2 |  | (1 | )
Reclassification adjustment for hedging-related gains included in net earnings, net of tax of $1 |  | 5 |
Unrealized gain from investment, net of tax of $0 for the year ended December 31, 2012 |  | - |
Currency translation adjustments |  | 1 |
Pension and other postretirement benefit plan obligation activity, net of tax of $255 for the year ended December 31, 2012 |  | 434 |
Total comprehensive loss, net of tax | $ | (968 | )
DEBTORS’ STATEMENT OF RETAINED EARNINGS
(in millions) |  | For the Year Ended December 31, 2012 |
Retained earnings at beginning of period |  | $ | 4,849 |
Net loss |  |  | (1,379 | )
Loss from issuance of treasury stock |  |  | (92 | )
Retained earnings at end of period |  | $ | 3,378 |
DEBTORS’ STATEMENT OF FINANCIAL POSITION
(in millions) ASSETS |  | As of December 31, 2012 |
Current Assets |  |  |
Cash and cash equivalents |  | $ | 337 |
Receivables, net |  |  | 201 |
Receivables and advances from non-filing entities, net |  |  | 159 |
Inventories, net |  |  | 285 |
Deferred income taxes |  |  | 34 |
Other current assets |  |  | 19 |
Total current assets |  |  | 1,035 |
Property, plant and equipment, net of accumulated depreciation of $3,294 |  |  | 426 |
Goodwill |  |  | 144 |
Investment in non-filing entities |  |  | 1,964 |
Other long-term assets |  |  | 17 |
TOTAL ASSETS |  | $ | 3,586 |
LIABILITIES AND EQUITY (DEFICIT) |  |  |  |
Current Liabilities |  |  |  |
Accounts payable, trade |  | $ | 192 |
Short-term borrowings and current portion of long-term debt |  |  | 659 |
Accrued income and other taxes |  |  | 5 |
Other current liabilities |  |  | 488 |
Total current liabilities |  |  | 1,344 |
Long-term debt, net of current portion |  |  | 740 |
Other long-term liabilities |  |  | 293 |
Liabilities subject to compromise |  |  | 2,909 |
Total Liabilities |  |  | 5,286 |
Equity (Deficit) |  |  |  |
Common stock, $2.50 par value |  |  | 978 |
Additional paid in capital |  |  | 1,105 |
Retained earnings |  |  | 3,378 |
Accumulated other comprehensive loss |  |  | (1,415 | )
|  |  | 4,046 |
Less: Treasury stock, at cost |  |  | (5,746 | )
Total Eastman Kodak Company shareholders’ (deficit) equity |  |  | (1,700 | )
Noncontrolling interests |  |  | - |
Total (deficit) equity |  |  | (1,700 | )
TOTAL LIABILITIES AND DEFICIT |  | $ | 3,586 |
DEBTORS’ STATEMENT OF CASH FLOWS
(in millions) |  | For the Year Ended December 31, 2012 |
Cash flows from operating activities: |  |  |
Net loss attributable to debtor entities |  | $ | (1,407 | )
Adjustments to reconcile to net cash used in operating activities: |  |  |  |
Loss from discontinued operations, net of income taxes |  |  | 47 |
Depreciation and amortization |  |  | 150 |
Gain on sales of businesses/assets |  |  | (1 | )
Loss on early extinguishment of debt |  |  | 7 |
Non-cash restructuring costs, asset impairments and other charges |  |  | 16 |
Non-cash reorganization items, net |  |  | 717 |
Benefit for deferred income taxes |  |  | (18 | )
Increase in receivables |  |  | (118 | )
Decrease in inventories |  |  | 12 |
Increase in liabilities excluding borrowings |  |  | 120 |
Other items, net |  |  | 101 |
Total adjustments |  |  | 1,033 |
Net cash used in continuing operations |  |  | (374 | )
Net cash provided by discontinued operations |  |  | 8 |
Net cash used in operating activities |  |  | (366 | )
Cash flows from investing activities: |  |  |  |
Additions to properties |  |  | (27 | )
Proceeds from sales of businesses/assets |  |  | 9 |
Marketable securities - sales |  |  | 95 |
Marketable securities - purchases |  |  | (91 | )
Net cash used in continuing operations |  |  | (14 | )
Net cash provided by discontinued operations |  |  | 24 |
Net cash provided by investing activities |  |  | 10 |
Cash flows from financing activities: |  |  |  |
Proceeds from DIP credit agreement |  |  | 686 |
Repayment of borrowings |  |  | (136 | )
Reorganization items |  |  | (41 | )
Net cash provided by financing activities |  |  | 509 |
Net increase in cash and cash equivalents |  |  | 153 |
Cash and cash equivalents, beginning of year |  |  | 184 |
Cash and cash equivalents, end of year |  | $ | 337 |
The following table reflects pre-petition liabilities that are subject to compromise for the Debtors:
(in millions) |  | As of December 31, 2012 |
Accounts payable |  | $ | 283 |
Debt |  |  | 683 |
Pension obligations |  |  | 785 |
Settlements |  |  | 710 |
Payable and advances to non-filing entities |  |  | 193 |
Other liabilities subject to compromise |  |  | 255 |
Liabilities subject to compromise |  | $ | 2,909 |

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- Definition Entire disclosure of the condensed combined debtor-in-possession financial information. + References No definition available. + Details
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