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Note 11 - Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
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 |  | December 31, |
(in millions) |  | Consolidated Statement of Financial Position |  | 2020 |  |  | 2019 |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 48 |  |  | $ | 49 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 4 |  |  |  | 5 |
Total lease assets |  |  |  | $ | 52 |  |  | $ | 54 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Operating |  | Current portion of operating leases |  | $ | 12 |  |  | $ | 12 |
Finance |  | Short-term borrowings and current portion of long-term debt |  |  | 1 |  |  |  | 1 |
Noncurrent |  |  |  |  |  |  |  |  |  |
Operating |  | Operating leases, net of current portion |  |  | 49 |  |  |  | 48 |
Finance |  | Long-term debt, net of current portion |  |  | 3 |  |  |  | 4 |
Total lease liabilities |  |  |  | $ | 65 |  |  | $ | 65 |
Weighted-average remaining lease term |  |  |  |  |  |  |  |
Operating |  |  |  |  |  |  |  | 6 years |
Finance (1) |  |  |  |  |  |  |  | 393 years |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating (2) |  |  |  |  |  |  |  |  | 13.81 | %
Finance |  |  |  |  |  |  |  |  | 6.86 | %
| (1) | One finance lease has a remaining term of 967 years. The weighted-average lease term excluding the lease with a remaining term of 967 years is 4 years.
| (2) | Upon adoption of ASC 842, Kodak’s incremental borrowing rate of 16.50% as of January 1, 2019 was used for existing operating leases.
Information Related to Lease Expense For finance and Operating Leases | The table below presents certain information related to the lease expense for finance and operating leases. Lease expense is presented gross of sublease income. See “Kodak as Lessor” section below for income from subleases.
|  | Year Ended December 31, |
(in millions) |  | 2020 |  |  | 2019 |
Finance lease expense |  |  |  |  |  |  |  |
Amortization of leased assets |  | $ | 1 |  |  | $ | 3 |
Interest on lease liabilities |  |  | — |  |  |  | — |
Operating lease expense |  |  | 21 |  |  |  | 25 |
Variable lease expense (1) |  |  | 9 |  |  |  | 10 |
Total lease expense |  | $ | 31 |  |  | $ | 38 |
| (1) | Variable lease expense is related to real estate leases and primarily includes taxes, insurance and operating costs.
Schedule of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases.
|  | Year Ended December 31, |
(in millions) |  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 22 |  |  | $ | 25 |
Operating cash flow for finance leases |  |  | — |  |  |  | — |
Financing cash flow for finance leases |  |  | 1 |  |  |  | 2 |
|  | $ | 23 |  |  | $ | 27 |
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 |
2021 |  | $ | 19 |  |  | $ | 1 |
2022 |  |  | 21 |  |  |  | 1 |
2023 |  |  | 11 |  |  |  | 1 |
2024 |  |  | 10 |  |  |  | — |
2025 |  |  | 6 |  |  |  | — |
Thereafter |  |  | 28 |  |  |  | 121 |
Total minimum lease payments |  |  | 95 |  |  |  | 124 |
Less: amount of lease payments representing interest |  |  | (34 | ) |  |  | (120 | )
Present value of future minimum lease payments |  |  | 61 |  |  |  | 4 |
Less: current obligations under leases |  |  | 12 |  |  |  | 1 |
Long-term lease obligations |  | $ | 49 |  |  | $ | 3 |
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 in the Consolidated Statement of Financial Position:
(in millions) |  |  |  |
2021 |  | $ | 2 |
2022 |  |  | 2 |
2023 |  |  | 1 |
2024 and thereafter |  |  | 1 |
Total minimum lease payments |  |  | 6 |
Less: unearned interest |  |  | (1 | )
Less: allowance for doubtful accounts |  |  | — |
Net investment in sales-type leases |  | $ | 5 |
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) |  |  |  |
2021 |  | $ | 7 |
2022 |  |  | 5 |
2023 |  |  | 4 |
2024 |  |  | 4 |
2025 |  |  | 1 |
Thereafter |  |  | 7 |
Total minimum lease payments |  | $ | 28 |
Summary of Income Recognized on Lease Arrangements | Income recognized on lease arrangements for the years ended December 31, 2020 and 2019 is presented below:
|  | Year Ended December 31, |
(in millions) |  | 2020 |  |  | 2019 |
Lease income - sales-type leases |  | $ | 1 |  |  | $ | — |
Lease income - operating leases |  |  | 8 |  |  |  | 9 |
Sublease income |  |  | 2 |  |  |  | 6 |
Variable lease income (1) |  |  | 5 |  |  |  | 6 |
Total lease income |  | $ | 16 |  |  | $ | 21 |
| (1) | Variable lease income primarily represents operating costs under real estate leases and incremental variable income based on usage under equipment leases.
Equipment Subject to Operating Leases and Related Accumulated Depreciation | Equipment subject to operating leases and the related accumulated depreciation were as follows:
|  | As of December 31, |
(in millions) |  | 2020 |  |  | 2019 |
Equipment subject to operating leases |  | $ | 24 |  |  | $ | 29 |
Accumulated depreciation |  |  | (19 | ) |  |  | (20 | )
Equipment subject to operating leases, net |  | $ | 5 |  |  | $ | 9 |

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