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Note 9 - Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Lease Related Assets and Liabilities on Balance Sheet | The table below presents the lease-related assets and liabilities on the balance sheet:
|  | Classification in the |  | June 30, |
(in millions) |  | Consolidated Statement of Financial Position |  | 2019 |
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 44 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 5 |
Total lease assets |  |  |  | $ | 49 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current portion of operating leases |  | $ | 26 |
Finance |  | Short-term borrowings and current portion of long-term debt |  |  | 1 |
Noncurrent |  |  |  |  |  |
Operating |  | Operating leases, net of current portion |  |  | 28 |
Finance |  | Long-term debt, net of current portion |  |  | 3 |
Total lease liabilities |  |  |  | $ | 58 |
Weighted-average remaining lease term |  |  |  |
Operating |  |  |  | 5 years |
Finance (1) |  |  |  | 332 years |
Weighted-average discount rate |  |  |  |
Operating (2) |  |  |  |  | 16.50 | %
Finance |  |  |  |  | 6.87 | %
| (1) | One finance lease has a remaining term of 968 years. The weighted-average lease term excluding the lease with a remaining term of 968 years is 4 years.
| (2) | Upon adoption of ASC 842, Kodak’s incremental borrowing rate used for existing operating leases was established at January 1, 2019.
Information Related to Lease Costs For finance and Operating Leases | The table below presents certain information related to the lease costs for finance and operating leases. Lease costs are presented gross of sublease income. See Kodak as Lessor section below for income from subleases.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions) |  | 2019 |  |  | 2019 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets |  | $ | 1 |  |  | $ | 2 |
Interest on lease liabilities |  |  | — |  |  |  | — |
Operating lease cost |  |  | 6 |  |  |  | 13 |
Variable lease cost |  |  | 2 |  |  |  | 3 |
Total lease cost |  | $ | 9 |  |  | $ | 18 |
Schedule of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions) |  | 2019 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 6 |  |  | $ | 13 |
Operating cash flow for finance leases |  |  | — |  |  |  | — |
Financing cash flow for finance leases |  |  | — |  |  |  | 1 |
|  | $ | 6 |  |  | $ | 14 |
Summary of Undiscounted Cash Flows for Next Five Years and Thereafter to Finance Lease Liabilities and Operating Lease Liabilities Recorded on Balance Sheet | The table below reconciles the undiscounted cash flows for the next five years and thereafter to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.
(in millions) |  | Operating Leases |  |  | Finance Leases |
Q3 - Q4 2019 |  | $ | 12 |  |  | $ | 1 |
2020 |  |  | 25 |  |  |  | 1 |
2021 |  |  | 9 |  |  |  | 1 |
2022 |  |  | 6 |  |  |  | 1 |
2023 |  |  | 5 |  |  |  | — |
Thereafter |  |  | 29 |  |  |  | 113 |
Total minimum lease payments |  |  | 86 |  |  |  | 117 |
Less: amount of lease payments representing interest |  |  | 32 |  |  |  | (113 | )
Present value of future minimum lease payments |  |  | 54 |  |  |  | 4 |
Less: current obligations under leases |  |  | (26 | ) |  |  | (1 | )
Long-term lease obligations |  | $ | 28 |  |  | $ | 3 |
Summary of Future Minimum Contractual Lease Payments For Operating Leases | Future minimum contractual lease payments for operating leases having initial or remaining noncancelable lease terms in excess of one year as of December 31, 2018 were as follows:
(in millions) |  | At December 31, 2018 |
2019 |  | $ | 20 |
2020 |  |  | 21 |
2021 |  |  | 13 |
2022 |  |  | 3 |
2023 |  |  | 3 |
Thereafter |  |  | 7 |
|  | $ | 67 |
Summary of Undiscounted Cash Flows to Be Received for Net Investment in Sales-type Leases | The table below reconciles the undiscounted cash flows to be received for the next five years and thereafter to the net investment in sales-type leases recorded on the balance sheet:
(in millions) |  |  |  |
Q3 - Q4 2019 |  | $ | 1 |
2020 |  |  | 2 |
2021 |  |  | 1 |
2022 and thereafter |  |  | 1 |
Total minimum lease payments |  |  | 5 |
Less: unearned interest |  |  | (1 | )
Less: allowance for doubtful accounts |  |  | — |
Net investment in sales-type leases |  | $ | 4 |
Summary of Undiscounted Cash Flows to Be Received for Operating Leases | Undiscounted cash flows to be received for the next five years and thereafter for operating leases and subleases are:
(in millions) |  |  |  |
Q3 - Q4 2019 |  | $ | 7 |
2020 |  |  | 8 |
2021 |  |  | 7 |
2022 |  |  | 6 |
2023 |  |  | 4 |
Thereafter |  |  | 18 |
Total minimum lease payments |  | $ | 50 |
Equipment Subject to Operating Leases and Related Accumulated Depreciation | Equipment subject to operating leases and the related accumulated depreciation were as follows:
|  | June 30, |  |  | December 31, |
(in millions) |  | 2019 |  |  | 2018 |
Equipment subject to operating leases |  | $ | 37 |  |  | $ | 34 |
Accumulated depreciation |  |  | (22 | ) |  |  | (19 | )
Equipment subject to operating leases, net |  | $ | 15 |  |  | $ | 15 |
Summary of Income Recognized on Lease Arrangements | Income recognized on operating lease arrangements for the quarter and six months ended June 30, 2019 is presented below (income recognized for sales-type lease arrangements is $0 million)):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions) |  | 2019 |  |  | 2019 |
Lease income - operating leases: |  |  |  |  |  |  |  |
Lease income |  | $ | 2 |  |  | $ | 4 |
Sublease income |  |  | 2 |  |  |  | 4 |
Variable lease income |  |  | 1 |  |  |  | 2 |
Total lease income |  | $ | 5 |  |  | $ | 10 |

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