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Note 18 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Loss before Income Tax, Domestic and Foreign | The components of (Loss) earnings from continuing operations before income taxes and the related provision for U.S. and other income taxes were as follows (in millions):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(Loss) earnings from continuing operations before income taxes: |  |  |  |  |  |  |  |
U.S. |  | $ | (388 | ) |  | $ | (68 | )
Outside the U.S. |  |  | 12 |  |  |  | 8 |
Total |  | $ | (376 | ) |  | $ | (60 | )
U.S. income taxes: |  |  |  |  |  |  |  |
Current benefit |  | $ | — |  |  | $ | — |
Deferred provision |  |  | 2 |  |  |  | — |
Income taxes outside the U.S.: |  |  |  |  |  |  |  |
Current (benefit) provision |  |  | (3 | ) |  |  | 7 |
Deferred provision |  |  | 169 |  |  |  | 24 |
Total provision |  | $ | 168 |  |  | $ | 31 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes computed using the U.S. federal income tax rate and the provision for income taxes for continuing operations were as follows (in millions):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Amount computed using the statutory rate |  | $ | (79 | ) |  | $ | (13 | )
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |
Unremitted foreign earnings |  |  | 2 |  |  |  | (1 | )
Operations outside the U.S. |  |  | 3 |  |  |  | 22 |
Legislative tax law and rate changes |  |  | (11 | ) |  |  | 1 |
Valuation allowance |  |  | 220 |  |  |  | 11 |
Tax settlements and adjustments, including interest |  |  | (43 | ) |  |  | 2 |
Embedded derivative liability |  |  | 81 |  |  |  | 9 |
Other, net |  |  | (5 | ) |  |  | — |
Provision from income taxes |  | $ | 168 |  |  | $ | 31 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities were as follows (in millions):
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Deferred tax assets |  |  |  |  |  |  |  |
Pension and postretirement obligations |  | $ | 25 |  |  | $ | 39 |
Restructuring programs |  |  | 2 |  |  |  | 2 |
Leasing |  |  | 4 |  |  |  | 1 |
Foreign tax credit |  |  | 358 |  |  |  | 355 |
Inventories |  |  | 9 |  |  |  | 8 |
Investment tax credit |  |  | 42 |  |  |  | 46 |
Employee deferred compensation |  |  | 26 |  |  |  | 24 |
Depreciation |  |  | 36 |  |  |  | 41 |
Research and development costs |  |  | 40 |  |  |  | 56 |
Tax loss carryforwards |  |  | 480 |  |  |  | 325 |
Other deferred revenue |  |  | 2 |  |  |  | 2 |
Other |  |  | 89 |  |  |  | 86 |
Total deferred tax assets |  | $ | 1,113 |  |  | $ | 985 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Goodwill/intangibles |  | $ | 10 |  |  | $ | 11 |
Unremitted foreign earnings |  |  | 22 |  |  |  | 19 |
Total deferred tax liabilities |  |  | 32 |  |  |  | 30 |
Net deferred tax assets before valuation allowance |  |  | 1,081 |  |  |  | 955 |
Valuation allowance |  |  | 1,112 |  |  |  | 821 |
Net deferred tax (liabilities) assets |  | $ | (31 | ) |  | $ | 134 |
Schedule of Components of Income Tax Expense (Benefit) | Deferred tax (liabilities) assets are reported in the following components within the Consolidated Statement of Financial Position (in millions):
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Deferred income taxes |  | $ | — |  |  | $ | 147 |
Other long-term liabilities |  |  | (31 | ) |  |  | (13 | )
Net deferred tax (liabilities) assets |  | $ | (31 | ) |  | $ | 134 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of Kodak’s liability for income taxes associated with unrecognized tax benefits is as follows (in millions):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Balance as of January 1 |  | $ | 54 |  |  | $ | 57 |
Tax positions related to the current year: |  |  |  |  |  |  |  |
Additions |  |  | — |  |  |  | — |
Tax positions related to prior years: |  |  |  |  |  |  |  |
Additions |  |  | 2 |  |  |  | 1 |
Reductions |  |  | (42 | ) |  |  | (1 | )
Settlements with taxing jurisdictions |  |  | (6 | ) |  |  | (3 | )
Balance as of December 31 |  | $ | 8 |  |  | $ | 54 |

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