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Note 26 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2016
Disclosure Text Block [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 26: DISCONTINUED OPERATIONS Discontinued operations of Kodak include the Prosper Business and the PI/DI Business (excluding the consumer film business, for which Kodak entered into an ongoing supply arrangement with one or more parties). KODAK PROSPER Enterprise Inkjet Business In March 2016 Kodak announced that it is in talks with prospective buyers about offers to purchase its KODAK PROSPER Enterprise Inkjet business (the “Prosper Business”). The results of operations of the Prosper Business are classified as discontinued operations in the Consolidated Statement of Operations for all periods presented. Additionally, the assets and liabilities associated with the Prosper Business are classified as held for sale in the Consolidated Statement of Financial Position as of December 31, 2016 and 2015. Kodak anticipates the sale of the Prosper Business will close by the end of the third quarter of 2017. The results of operations of the Prosper Business are presented in the following table:
|  | Year Ended December 31, |
(in millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Revenues |  | $ | 94 |  |  | $ | 89 |  |  | $ | 70 |
Cost of sales |  |  | 75 |  |  |  | 86 |  |  |  | 74 |
Selling, general and administrative expenses |  |  | 26 |  |  |  | 22 |  |  |  | 26 |
Research and development expenses |  |  | 20 |  |  |  | 17 |  |  |  | 30 |
Restructuring costs and other |  |  | - |  |  |  | 1 |  |  |  | 3 |
Loss from discontinued operations, before income taxes |  |  | (27 | ) |  |  | (37 | ) |  |  | (63 | )
Provision for income taxes |  |  | (1 | ) |  |  | (2 | ) |  |  | — |
Loss from discontinued operations, net of income taxes |  | $ | (28 | ) |  | $ | (39 | ) |  | $ | (63 | )
The following table presents the aggregate carrying amount of major assets and liabilities of the Prosper Business:
(in millions) |  | 2016 |  |  | 2015 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  |  | $ | 1 |
Receivables, net |  |  | 11 |  |  |  | 15 |
Inventories, net |  |  | 35 |  |  |  | 51 |
Property, plant and equipment, net |  |  | 44 |  |  |  | 32 |
Intangible assets, net |  |  | 37 |  |  |  | 38 |
Other assets |  |  | 4 |  |  |  | 4 |
Assets of business held for sale |  | $ | 132 |  |  | $ | 141 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable, trade |  | $ | 7 |  |  | $ | 9 |
Current portion of long-term debt |  |  | 1 |  |  |  | 1 |
Other current liabilities |  |  | 14 |  |  |  | 12 |
Long-term debt, net of current portion |  |  | 3 |  |  |  | 2 |
Pension and other postretirement liabilities |  |  | 3 |  |  |  | 4 |
Other long-term liabilities |  |  | 2 |  |  |  | 1 |
Liabilities of business held for sale |  | $ | 30 |  |  | $ | 29 |
A dedicated entity of the Prosper Business had intercompany liabilities with Kodak of approximately $4 million as of December 31, 2016 that are part of the proposed transaction but are not reflected in the table above as these amounts have been eliminated in deriving the consolidated financial statements. There were no intercompany amounts that are part of the proposed transaction as of December 31, 2015. Current assets held for sale as of both December 31, 2016 and 2015 in the Consolidated Statement of Financial Position included $2 million of items under contract for sale not associated with the Prosper Business or the PI/DI Business. The following table presents cash flow information associated with the Prosper Business:
|  | Year Ended December 31, |
(in millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Depreciation |  | $ | 2 |  |  | $ | 6 |  |  | $ | 4 |
Amortization |  |  | 1 |  |  |  | 4 |  |  |  | 4 |
Capital expenditures |  |  | 5 |  |  |  | 3 |  |  |  | 1 |
Depreciation and amortization of long-lived assets of the Prosper Business included in discontinued operations ceased on April 1, 2016. Personalized Imaging and Document Imaging Businesses On September 3, 2013, Kodak consummated the sale of certain assets and the assumption of certain liabilities of the PI/DI Business to the trustee of the U. K. pension plan (and/or its subsidiaries, collectively the “KPP Purchasing Parties”) for net cash consideration of $325 million. Up to $35 million in aggregate of the purchase price is subject to repayment if the PI/DI Business does not achieve certain annual adjusted EBITDA targets over the four-year period ending December 31, 2018. The PI/DI Business did not achieve the adjusted annual EBITDA target for 2015. As a result, $4 million of the purchase price, representing the maximum amount that could be owed for 2015, was paid in 2016. Certain assets and liabilities of the PI/DI Business in certain jurisdictions were not transferred at the initial closing on September 3, 2013, but were transferred at a series of deferred closings. The final deferred closing occurred in September 2015. Kodak operated the PI/DI Business related to the deferred closing jurisdictions, subject to certain covenants, until the applicable deferred closing occurred, and delivered to (or received from) a KPP subsidiary at each deferred closing a true-up payment that reflected the actual economic benefit (or detriment) to the PI/DI Business in the applicable deferred closing jurisdiction(s) from the time of the initial closing through the time of the applicable deferred closing. Up to the time of the deferred closing, the results of the operations of the PI/DI Business were being reported as Loss from discontinued operations, net of income taxes in the Consolidated Statement of Operations. On March 17, 2014, the KPP Purchasing Parties agreed to pay Kodak $20 million of incremental consideration ($13 million was paid in March 2014 and the remainder was paid in March 2015) in lieu of working capital adjustments. The significant components of revenues and (loss) earnings from discontinued operations, net of income taxes are as follows:
|  | Year Ended December 31, |
(in millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Revenues from Personalized Imaging and Document Imaging |  | $ | — |  |  | $ | 1 |  |  | $ | 61 |
Pre-tax (loss) earnings from Personalized Imaging and Document Imaging |  | $ | (2 | ) |  | $ | (5 | ) |  | $ | 9 |
Provision for income taxes related to discontinued operations |  |  | — |  |  |  | (3 | ) |  |  | (5 | )
(Loss) earnings from discontinued operations, net of income taxes |  | $ | (2 | ) |  | $ | (8 | ) |  | $ | 4 |
Direct operating expenses of the discontinued operations are included in the results of discontinued operations. Indirect expenses that were historically allocated to the discontinued operations have been included in the results of continuing operations. Prior period results have been reclassified to conform to the current period presentation.

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