<SEC-DOCUMENT>0001564590-16-025151.txt : 20161118
<SEC-HEADER>0001564590-16-025151.hdr.sgml : 20161118
<ACCEPTANCE-DATETIME>20160913142804
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001564590-16-025151
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EASTMAN KODAK CO
		CENTRAL INDEX KEY:			0000031235
		STANDARD INDUSTRIAL CLASSIFICATION:	PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
		IRS NUMBER:				160417150
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		343 STATE ST
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14650-0910
		BUSINESS PHONE:		7167244000

	MAIL ADDRESS:	
		STREET 1:		343 STATE STREET
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14650
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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kodk-corresp_20151231.htm
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<p style="margin-bottom:0pt;margin-top:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;"></font>&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 13<font style="color:#000000;">,</font> 2016</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities and Exchange Commission</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Division of Corporation Finance</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100 F Street, N.E.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C.&#160;&#160;20549</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Attention:</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:12pt;">Amanda Ravitz, Assistant Director Office of the Electronics and Machinery</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regarding:</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:12pt;">Eastman Kodak Company</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:17.71%;text-indent:-1.04%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 10-K for the Fiscal Year Ended December 31, 2015 </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16.67%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filed March 15, 2016</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16.67%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 10-Q for the Quarterly Period Ended June 30, 2016 </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16.67%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filed August 9, 2016</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16.67%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 8-K Filed August 9, 2016 </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16.67%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">File No. 1-0087</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Please find attached Eastman Kodak Company&#8217;s response to the staff&#8217;s letter to me dated September 1, 2016.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.17%;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If you have any questions, please call Eric Samuels, Controller and Chief Accounting Officer at (585) 724-9025 or Sharon Underberg, <font style="color:#000000;">General Counsel, Secretary &amp; Senior Vice President </font>at (585)781-5824.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;">Sincerely,</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;">Eastman Kodak Company</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;">/s/ Jeffrey J. Clarke</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;"></font>Jeffrey J. Clarke </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:48.96%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;">Chief </font>Executive Officer</p>
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<p style="margin-bottom:0pt;margin-top:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;"></font>&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with its response to the staff&#8217;s comments, Eastman Kodak Company (the Company or Kodak) acknowledges the following:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="font-family:Arial;">The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="font-family:Arial;">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="font-family:Arial;">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The staff&#8217;s comments are noted below in bold. The Company&#8217;s responses are directly below each of the staff&#8217;s comments.&nbsp;&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2015</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Detailed Results of Operations, page 36</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">We note the disclosure in footnote 4 to the table on page 37. Please describe to us the circumstances that led to Kodak changing the timing of when U.S. employees earn their vacation benefits and discuss how you applied the applicable U.S. GAAP guidance in reducing the related accrual. Further, revise this section in future filings to discuss this event and other similar material events impacting your results of operations in the reported periods. Refer to Item 303(a)(3)(1) of Regulation S-K. </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="d3e19362-108361__SL6409833-108361"></a><a name="d3e19362-108361__SL6409834-108361"></a><a name="d3e19362-108361__SL6409835-108361"></a>During the fourth quarter of 2015 Kodak amended its vacation plan for U.S. employees as a cost cutting measure.&nbsp;&nbsp;Prior to the fourth quarter change U.S. employees were fully vested in the current year&#8217;s vacation on January 1 provided they had been employed during the prior year.&nbsp;&nbsp;<font style="Background-color:#FFFFFF;">Under the previous vacation policy the Company would accrue ratably for vacation during the year before the vesting occurred (the requisite service period) as all of the criteria of&#160;</font><font style="Background-color:#FFFFFF;">Financial Accounting Standards Board Accounting Standard Codification (ASC) </font><a href="#FASB_COD_710_10_25_1"><font style="text-decoration:none;Background-color:#FFFFFF;color:#auto;">710 </font><font style="font-style:italic;text-decoration:none;Background-color:#FFFFFF;color:#auto;">Compensation</font><font style="text-decoration:none;Background-color:#FFFFFF;color:#auto;"> </font><font style="font-style:italic;text-decoration:none;Background-color:#FFFFFF;color:#auto;">&#8211; General </font><font style="text-decoration:none;Background-color:#FFFFFF;color:#auto;">710-10-25-1</font><font style="Background-color:#FFFFFF;">&#160;</font></a>were met (the Company&#8217;s<a name="d3e19362-108361__SL6409833-108361"></a> obligation relating to employees' rights to receive compensation for future absences was attributable to employees' services already rendered, the obligation related to rights that vest and <a name="d3e19362-108361__SL6409834-108361"></a>accumulate, <a name="d3e19362-108361__SL6409835-108361"></a>payment of the compensation was probable, and the amount could be reasonably estimated).</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2015, Kodak communicated to affected U.S. employees they would not earn their 2016 annual vacation entitlement in 2015.&nbsp;&nbsp;Instead, employees would begin earning their 2016 vacation entitlement ratably over 2016 as they provide service.&nbsp;&nbsp;The change reduced the vacation benefit obligation of the Company as no vacation was earned by U.S. employees during 2015 (with the exception of employees in states prohibiting the reduction).&nbsp;&nbsp;Therefore, in the fourth quarter of 2015 Kodak reduced its accrual for the vacation benefit obligation as the criterion of ASC 710-10-25-1 were no longer met relative to vacation benefits of affected U.S. employees which had been accrued during 2015.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As filed, the disclosure in footnote 4 to the table on page 37 notes the overall income statement impact of $17 million which was a result of the reduction in the accrual.&nbsp;&nbsp;The reduction in the accrual impacted gross profit, selling, general and administrative expenses (SG&amp;A) and research and development costs (R&amp;D).&nbsp;&nbsp;The $9 million impact on consolidated gross profit is disclosed within the Results of Operations section discussing current year gross profit (pages 38 &#8211; 39).&nbsp;&nbsp;In future filings, Kodak will expand the footnote disclosure to the table to the following:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.33%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br></font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the fourth quarter of 2015, Kodak changed the timing of when </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affected </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. employees earn their vacation benefits which reduced </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Kodak&#8217;s obligation </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to employees and </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the related accrual </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by $1</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as of December&#160;31, 2015.&nbsp;&nbsp;</font><font style="color:#000000;"> The </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reduction in the accrual </font><font style="color:#000000;">impact</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ed gross profit by $</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million, </font><font style="color:#000000;">SG&amp;A </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by $</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </font><font style="color:#000000;">R&amp;D </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by $</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, and discontinued operations by $1 million</font><font style="color:#000000;">.&nbsp;&nbsp;</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is focused on cost reduction actions, i<font style="color:#000000;">ncluding headcount reductions and savings from benefit changes,&#160;as a means </font>to offset the impact of revenue declines on earnings and cash flows.&nbsp;&nbsp;<font style="color:#000000;">Kodak will disclose in future filings, if material, similar events impacting its results of operations in accordance with Item 303(a)(3)(i) of Regulation S-K. </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Sources of Liquidity, page 46</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">We note your reference to stricter loan covenant requirements in the fifth paragraph of this section. It is unclear whether this language refers solely to the secured leverage covenants discussed in the third paragraph of this section. Please advise whether other loan covenants have also been made stricter and, if so, in what respects. </p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The reference to stricter loan covenant requirements in the fifth paragraph of the Sources of Liquidity section refers to the secured leverage ratio covenant in both the Senior Secured First Lien Term Credit Agreement (First Lien Term Credit Agreement) and the Senior Secured Second Lien Term Credit Agreement (Second Lien Term Credit Agreement).&nbsp;&nbsp;Similar to the disclosed terms under the more restrictive First Lien Term Credit Agreement secured leverage ratio, the maximum secured leverage ratio permitted under the Second Lien Term Credit Agreement declined on June 30, 2015 from 3.90:1 to 3.40:1 and declined again on December 31, 2015 from 3.40:1 to 2.90:1, with no further adjustments for the remainder of the agreement.&nbsp;&nbsp;No other loan covenants have become stricter over the term of the loan agreements.&nbsp;&nbsp;In future filings, Kodak will clarify the disclosure to specifically indicate the reference is to the secured leverage ratio covenants discussed in the fourth paragraph of the Sources of Liquidity section.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Form 10-Q for the Quarterly Period Ended June 30, 2016 </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Item 1. Financial Statements </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Note 17. Segment Information </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Change in Segment Measure of Profit and Loss, page 18</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">We note that in the first quarter of 2016 you changed your segment performance measure to exclude certain costs. We note that you also changed your segment performance measure in the third quarter of 2015 to include a gain. Please explain to us in detail the reasons for these changes. Tell us how recurring changes in the measure of segment performance would be consistent with the objectives of ASC 280 and would facilitate the consistency and comparability of the management approach discussed in ASC 280-10-05. Lastly, tell us how you considered ASC 280-10-50-27 when making your revised presentations. </p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">ASC 280 </font><font style="font-style:italic;Background-color:#FFFFFF;">Segment Reporting </font><font style="Background-color:#FFFFFF;">280-10-50-27 indicates the amount of each segment item reported shall be the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to the segment and assessing its performance.&#160; Kodak&#8217;s business continues to be in transition with some components of the business in decline and some geared toward growth.&nbsp;&nbsp;As you would expect, Kodak&#8217;s CODM takes changing circumstances into account when measuring the performance of the business and making decisions regarding resource allocation.</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.33%;"><font style="margin-left:36pt;"></font>&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="Background-color:#FFFFFF;">Circumstances which occurred in the first quarter of 2016 and the third quarter of 2015 led Kodak</font><font style="Background-color:#FFFFFF;">&#8217;s CODM to change the measure used to assess segment performance.&nbsp;&nbsp;</font><font style="Background-color:#FFFFFF;">The specific reasons for each of these changes in segment performance measures follows:</font></p>
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:2pt;font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:2pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="font-family:Arial;">During the first quarter of 2016 Kodak changed its segment measure of profit and loss to exclude overhead costs no longer absorbed by Prosper discontinued operations.&nbsp;&nbsp;ASC 205-20 </font><font style="font-style:italic;font-family:Arial;">Presentation of Financial Statements: Discontinued Operations</font><font style="font-family:Arial;"> 205-20-45-9</font><font style="color:#0070C0;font-family:Arial;"> </font><font style="font-family:Arial;">indicates</font><font style="color:#0070C0;font-family:Arial;"> </font><font style="font-family:Arial;">general corporate overhead expenses are</font><font style="color:#0070C0;font-family:Arial;"> </font><font style="font-family:Arial;">not permitted to be allocated to discontinued operations.&nbsp;&nbsp;The Prosper business first qualified as a discontinued operation in the first quarter of 2016</font><font style="font-family:Arial Narrow;">.&nbsp;&nbsp;</font><font style="font-family:Arial;">Therefore, beginning in the first quarter of 2016 indirect expenses were no longer being allocated to the Prosper business.&nbsp;&nbsp;Prior period results of the Prosper business were recast to reclassify indirect expenses which had been allocated to the Prosper business to continuing operations for comparability.&nbsp;&nbsp;However, Kodak&#8217;s CODM continued to assess segment performance and allocate resources to each of the segments based on the current performance measure excluding indirect costs which would have been allocated to the Prosper business rather than re-allocating those indirect expenses to the segments being presented in continuing operations.&nbsp;&nbsp;The expectation is those unallocated indirect costs will be diminished in the periods leading up to and following the disposal of the business.&nbsp;&nbsp;The actual impact of the change is disclosed for each period in the segment reconciliation.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="font-family:Arial;">During the first quarter of 2016 Kodak changed its segment measure of profit and loss to exclude manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production.&nbsp;&nbsp;</font><font style="Background-color:#FFFFFF;font-family:Arial;">As disclosed in the Company&#8217;s 2015 Form 10-K, Kodak decided, in the first quarter of 2016, to cease its development of silver metal mesh touch screen technology and focus on the development of Kodak&#8217;s copper mesh touch screen technology.&nbsp;&nbsp;The Micro 3D Printing and Packaging segment</font><font style="Background-color:#FFFFFF;font-family:Arial Narrow;"> </font><font style="Background-color:#FFFFFF;font-family:Arial;">had been utilizing some capacity of the Company&#8217;s film manufacturing assets in the production of silver metal mesh touch screens, thereby reducing film manufacturing costs reported in the Consumer and Film segment measure.&nbsp;&nbsp;</font><font style="font-family:Arial;">During 2015 manufacturing costs absorbed by silver metal mesh touch screen production were reported in the Micro 3D Printing and Packaging segment measure.&nbsp;&nbsp;Given the decision to cease development of the silver metal mesh touch screen technology no film manufacturing costs will be absorbed by the Micro 3D Printing and Packaging segment in 2016.&nbsp;&nbsp;However, Kodak&#8217;s CODM continues to assess the </font><font style="Background-color:#FFFFFF;font-family:Arial;">Consumer and Film</font><font style="font-family:Arial;"> segment&#8217;s performance excluding manufacturing costs originally planned to be absorbed by silver metal mesh touch screen production.&nbsp;&nbsp;The change is expected to impact the full year 2016 segment measure by approximately $3 million.&nbsp;&nbsp;The impact of the change to the recast full year 2015 and 2014 segment measure is $2 million and $1 million, respectively.&nbsp;&nbsp;The actual impact of the change is disclosed for each period in the segment reconciliation.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:10pt;"><font style="Background-color:#FFFFFF;font-family:Arial;">During the third quarter of 2015 a gain was recognized related to assets that were acquired for no monetary consideration as a part of the termination of the relationship with Unipixel.&#160; The assets acquired are used in the development of copper mesh touch screen technology and were acquired as a direct result of negotiations regarding the termination of the business partnership.&nbsp;&nbsp;The gain was reported in Other operating income (expense), net in the Consolidated Statement of Operations.&#160;&#160;Other operating income (expense), net as reported in the Consolidated Statement of Operations is typically excluded from the segment measure.&#160;&#160;However, given the gain resulted from the acquisition of assets being used in the business and because the assets were acquired as a result of the transition of the business model the CODM assessed the Micro 3D Printing and Packaging segment&#8217;s performance for the year and made decisions regarding allocating resources to the segment utilizing the segment&#8217;s measure including the gain.&nbsp;&nbsp; The change affected third quarter of 2015 segment earnings by $3 million.</font></p></td></tr></table></div>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="Background-color:#FFFFFF;">The objective and basic principles of</font><font style="Background-color:#FFFFFF;">&#160;</font><a href="#englishexternalusgaap280topic_280"><font style="text-decoration:none;Background-color:#FFFFFF;color:#auto;">ASC 280</font></a><font style="Background-color:#FFFFFF;">&#160;</font><font style="Background-color:#FFFFFF;">are to provide information about the different types of business activities a reporting entity engages in and the different e</font><font style="Background-color:#FFFFFF;">conomic environments in which it operates. This information is intended to help users of the financial statements (1)&#160;better understand the reporting entity&#8217;s performance, (2)&#160;better assess its prospects for future net cash flows, and (3)&#160;make more informe</font><font style="Background-color:#FFFFFF;">d judgments about the reporting entity as a whole.&nbsp;&nbsp;As required by ASC 280 Kodak uses the management approach noted in ASC 280-10-05 to report its segment information.&nbsp;&nbsp;The management approach </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">facilitates consistent descriptions of a public entity in its a</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">nnual report and various other published information.</font><font style="font-size:12pt;font-family:Times New Roman;"> </font><font style="Background-color:#FFFFFF;">Changes in Kodak&#8217;s segment measures were driven by the occurrence of specific circumstances which affected the way Kodak&#8217;s CODM assessed the performance of the Company and of each of its segments along </font><font style="Background-color:#FFFFFF;">with its prospects for future net cash flows.&nbsp;&nbsp;The Company recast prior period amounts for comparability of the segment measure, disclosed the impact of changes to the segment measure, and disclosed the nature of all items reconciling segment earnings to e</font><font style="Background-color:#FFFFFF;">arnings from continuing operations.&nbsp;&nbsp;Therefore, the Company believes its segment disclosure is </font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">consistent with the objectives of ASC 280 and would facilitate the consistency and comparability of the management approach discussed in ASC 280-10-05</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, including</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> periods in which the segment measure changed</font><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASC 280-10-50-27 notes the amount of each segment item reported shall be the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing a public entity&#8217;s general purpose financial statements and allocations of revenues, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment&#8217;s profit or loss that is used by the chief operating decision maker.&nbsp;&nbsp;As noted above, the segment measure reported in Kodak&#8217;s financial statements is the measure reported to Kodak&#8217;s CODM.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Form 8-K Filed August 9, 2016 </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">4.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">We note that the segment earnings measure reported in your financial statements pursuant to ASC 280 is Operational EBITDA after allocation of corporate SG&amp;A expenses. In this filing you also present Operational EBITDA before corporate costs for each segment and for Total EK. Please revise future filings to clearly label these measures as non-GAAP and to provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K. </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In future filings, Kodak will clearly identify and label Operational EBITDA before Corporate Costs for each segment and for the total Company as non-GAAP measures and provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">5.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">We note that you present Total EK Operational EBITDA. In future filings, please identify and label the measure as non-GAAP and provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K. Refer to Question 104.04 of our Compliance and Disclosure Interpretations on Non-GAAP Financial Measures found at https://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total EK Operational EBITDA as presented in the table in Exhibit 99.1 is the same measure as Operational EBITDA also used within Exhibit 99.1.&nbsp;&nbsp;In future filings Kodak will clearly identify and label Total EK Operational EBITDA as a non-GAAP measure and provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K.</p>
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