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Note 21 - Condensed Combined Debtor-In-Possession Financial Information | 3 Months Ended
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Mar. 31, 2013
Condensed Combined Debtor In Possession Financial Information [Text Block] | NOTE 21: 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 earnings (loss) are included as “Equity in earnings (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
|  | Three Months Ended |
(in millions) |  | March 31, 2013 |  |  | March 31, 2012 |
Net sales |  |  |  |  |  |
Products |  | $ | 308 |  |  | $ | 369 |
Services |  |  | 85 |  |  |  | 93 |
Licensing & royalties |  |  | 34 |  |  |  | (58 | )
Total net sales |  | $ | 427 |  |  | $ | 404 |
Cost of sales |  |  |  |  |  |  |  |
Products |  | $ | 301 |  |  | $ | 397 |
Services |  |  | 63 |  |  |  | 83 |
Total cost of sales |  | $ | 364 |  |  | $ | 480 |
Gross profit |  | $ | 63 |  |  | $ | (76 | )
Selling, general and administrative expenses |  |  | 70 |  |  |  | 107 |
Research and development costs |  |  | 31 |  |  |  | 49 |
Restructuring costs and other |  |  | 7 |  |  |  | 62 |
Other operating (income) expenses, net |  |  | (463 | ) |  |  | (2 | )
Earnings (loss) from continuing operations before interest expense, other income (charges), net, reorganization items, net and income taxes |  |  | 418 |  |  |  | (292 | )
Interest expense (contractual interest for the three months ended March 31, 2013 and 2012 of $40 and $46, respectively) |  |  | 28 |  |  |  | 36 |
Loss on early extinguishment of debt |  |  | 6 |  |  |  | 7 |
Other income (charges), net |  |  | 6 |  |  |  | 2 |
Reorganization items, net |  |  | 120 |  |  |  | 88 |
Earnings (loss) from continuing operations before income taxes |  |  | 270 |  |  |  | (421 | )
Benefit for income taxes |  |  | (9 | ) |  |  | (135 | )
Earnings (loss) from continuing operations |  |  | 279 |  |  |  | (286 | )
Loss from discontinued operations, net of income taxes |  |  | - |  |  |  | (41 | )
NET EARNINGS (LOSS) ATTRIBUTABLE TO DEBTOR ENTITIES |  |  | 279 |  |  |  | (327 | )
Equity in earnings (loss) of non-filing entities, net of tax |  |  | 4 |  |  |  | (39 | )
NET EARNINGS (LOSS) ATTRIBUTABLE TO EASTMAN KODAK COMPANY |  | $ | 283 |  |  | $ | (366 | )
DEBTORS’ STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(in millions) |  | Three Months Ended |
|  | March 31, 2013 |  |  | March 31, 2012 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO DEBTOR ENTITIES |  | $ | 279 |  |  | $ | (327 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |
Realized and unrealized gains from hedging activity, net of tax of $0 and $1 for the three months ended March 31, 2013, and 2012, respectively |  |  | - |  |  |  | 2 |
Unrealized gain from investment, net of tax of $0 for the three months ended March 31, 2013 and 2012 |  |  | - |  |  |  | 1 |
Currency translation adjustments |  |  | 1 |  |  |  | 1 |
Pension and other postretirement benefit plan obligation activity, net of tax of $0 and $12 for the three months ended March 31, 2013 and 2012, respectively |  |  | 22 |  |  |  | 20 |
Total comprehensive income (loss), net of tax |  | $ | 302 |  |  | $ | (303 | )
DEBTORS’ STATEMENT OF RETAINED EARNINGS
(in millions) |  | Three Months Ended |
|  | March 31, 2013 |  |  | March 31, 2012 |
Retained earnings at beginning of period |  | $ | 3,378 |  |  | $ | 4,845 |
Net earnings (loss) and change in equity in earnings (loss) of non-filing entities attributable to Debtor Entities |  |  | 306 |  |  |  | (335 | )
Loss from issuance of treasury stock |  |  | (31 | ) |  |  | (60 | )
Retained earnings at end of period |  | $ | 3,653 |  |  | $ | 4,450 |
DEBTORS’ STATEMENT OF FINANCIAL POSITION
(in millions) |  | As of |  |  | As of |
ASSETS |  | March 31, 2013 |  |  | December 31, 2012 |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 407 |  |  | $ | 337 |
Receivables, net |  |  | 197 |  |  |  | 201 |
Receivables and advances from non-filing entities, net |  |  | 163 |  |  |  | 159 |
Inventories, net |  |  | 283 |  |  |  | 285 |
Other current assets |  |  | 56 |  |  |  | 53 |
Total current assets |  |  | 1,106 |  |  |  | 1,035 |
Property, plant and equipment, net of accumulated depreciation of $3,275 and $3,294, respectively |  |  | 391 |  |  |  | 426 |
Goodwill |  |  | 67 |  |  |  | 144 |
Investment in non-filing entities |  |  | 1,989 |  |  |  | 1,964 |
Other long-term assets |  |  | 36 |  |  |  | 17 |
TOTAL ASSETS |  | $ | 3,589 |  |  | $ | 3,586 |
LIABILITIES AND EQUITY (DEFICIT) |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable, trade |  | $ | 184 |  |  | $ | 192 |
Short-term borrowings and current portion of long-term debt |  |  | 822 |  |  |  | 659 |
Other current liabilities |  |  | 371 |  |  |  | 493 |
Total current liabilities |  |  | 1,377 |  |  |  | 1,344 |
Long-term debt, net of current portion |  |  | 370 |  |  |  | 740 |
Other long-term liabilities |  |  | 273 |  |  |  | 293 |
Liabilities subject to compromise |  |  | 2,940 |  |  |  | 2,909 |
Total Liabilities |  |  | 4,960 |  |  |  | 5,286 |
Equity (Deficit) |  |  |  |  |  |  |  |
Common stock, $2.50 par value |  |  | 978 |  |  |  | 978 |
Additional paid in capital |  |  | 1,104 |  |  |  | 1,105 |
Retained earnings |  |  | 3,653 |  |  |  | 3,378 |
Accumulated other comprehensive loss |  |  | (1,393 | ) |  |  | (1,415 | )
|  |  | 4,342 |  |  |  | 4,046 |
Less: Treasury stock, at cost |  |  | (5,713 | ) |  |  | (5,746 | )
Total Eastman Kodak Company shareholders’ deficit |  |  | (1,371 | ) |  |  | (1,700 | )
Noncontrolling interests |  |  | - |  |  |  | - |
Total deficit |  |  | (1,371 | ) |  |  | (1,700 | )
TOTAL LIABILITIES AND DEFICIT |  | $ | 3,589 |  |  | $ | 3,586 |
DEBTORS’ STATEMENT OF CASH FLOWS
|  | Three Months Ended |
(in millions) |  | March 31, 2013 |  |  | March 31, 2012 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings (loss) attributable to debtor entities |  | $ | 279 |  |  | $ | (327 | )
Adjustments to reconcile to net cash used in operating activities: |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes |  |  | - |  |  |  | 41 |
Depreciation and amortization |  |  | 32 |  |  |  | 42 |
Gain on sales of businesses/assets |  |  | (535 | ) |  |  | - |
Loss on early extinguishment of debt |  |  | 6 |  |  |  | 7 |
Non-cash restructuring costs, asset impairments and other charges |  |  | 79 |  |  |  | - |
Non-cash reorganization items, net |  |  | 62 |  |  |  | 39 |
(Benefit) provision for deferred income taxes |  |  | (4 | ) |  |  | 6 |
Increase in receivables |  |  | (3 | ) |  |  | (126 | )
Decrease (increase) in inventories |  |  | 2 |  |  |  | (28 | )
(Decrease) increase in liabilities excluding borrowings |  |  | (149 | ) |  |  | 494 |
Other items, net |  |  | (6 | ) |  |  | (217 | )
Total adjustments |  |  | (516 | ) |  |  | 258 |
Net cash used in continuing operations |  |  | (237 | ) |  |  | (69 | )
Net cash (used in) provided by discontinued operations |  |  | (9 | ) |  |  | 9 |
Net cash used in operating activities |  |  | (246 | ) |  |  | (60 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Additions to properties |  |  | (2 | ) |  |  | (6) |
Proceeds from sales of businesses/assets |  |  | 534 |  |  |  | - |
Marketable securities - sales |  |  | 15 |  |  |  | 28 |
Marketable securities - purchases |  |  | (17 | ) |  |  | (28 | )
Net cash provided by investing activities |  |  | 530 |  |  |  | (6) |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from DIP credit agreements |  |  | 450 |  |  |  | 686 |
Repayment of term loans under Original Senior DIP Credit Agreement |  |  | (664 | ) |  |  | (110 | )
Reorganization items |  |  | - |  |  |  | (33 | )
Net cash (used in) provided by financing activities |  |  | (214 | ) |  |  | 543 |
Effect of exchange rate changes on cash |  |  | - |  |  |  | - |
Net increase in cash and cash equivalents |  |  | 70 |  |  |  | 477 |
Cash and cash equivalents, beginning of period |  |  | 337 |  |  |  | 184 |
Cash and cash equivalents, end of period |  | $ | 407 |  |  | $ | 661 |
The following table reflects pre-petition liabilities that are subject to compromise for the Debtors:
|  | As of |  |  | As of |
(in millions) |  | March 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Accounts payable |  | $ | 281 |  |  | $ | 283 |
Debt |  |  | 683 |  |  |  | 683 |
Pension obligations |  |  | 749 |  |  |  | 785 |
Settlements |  |  | 802 |  |  |  | 710 |
Payables and advances to non-filing entities |  |  | 194 |  |  |  | 193 |
Other liabilities subject to compromise |  |  | 231 |  |  |  | 255 |
Liabilities subject to compromise |  | $ | 2,940 |  |  | $ | 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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