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Note 23 - Discontinued Operations | 6 Months Ended
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Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations | NOTE 23: DISCONTINUED OPERATIONS Discontinued operations of Kodak include the former Flexographic Packaging segment comprised of Kodak’s Flexographic Packaging Business (“FPD”). Kodak consummated the sale of certain assets of FPD to the Purchaser on April 8, 2019 for net cash consideration at closing, in addition to the assumption by Purchaser of certain liabilities of FPD, of $320 million, pursuant to the Stock and Asset Purchase Agreement (“SAPA”) signed in November 2018 and amended in March 2019. Assets and liabilities of FPD in China were transferred at a deferred closing on July 1, 2019 for net cash consideration of $5.9 million at closing and a promissory note for $1.4 million in addition to the assumption by Purchaser of certain liabilities of FPD, in accordance with the SAPA. Kodak operated FPD in China, subject to certain covenants, until the deferred closing occurred. The promissory note was reduced by a true-up payment of $0.2 million owed by Kodak to the Purchaser which reflected the actual economic benefit attributable to the operation of FPD in China from the time of the initial closing through the time of the deferred closing. Kodak recognized an after- tax gain on the sale of FPD of $207 million in the quarter ended June 30, 2019 and $212 million in the year ended December 31, 2019. The results of operations of FPD are classified as discontinued operations in the Consolidated Statement of Operations for all periods presented. 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. The results of operations of FPD are presented below:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenues |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 44 |
Cost of revenues |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 28 |
Selling, general and administrative expenses |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 10 |
Research and development costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
Gain on divestiture |  |  | — |  |  |  | (210 | ) |  |  | — |  |  |  | (210 | )
Income from discontinued operations before taxes |  |  | — |  |  |  | 211 |  |  |  | — |  |  |  | 207 |
Provision for income taxes |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 6 |
Income from discontinued operations |  | $ | — |  |  | $ | 207 |  |  | $ | — |  |  | $ | 201 |
After the initial closing, Kodak was required to use a portion of the proceeds from the sale of FPD to repay $312 million of the loans under the Term Credit Agreement. Interest expense on debt that was required to be repaid as a result of the sale was allocated to discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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