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Note 9 - Revenue

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 9: REVENUE

Disaggregation of Revenue

The following tables present revenue disaggregated by major product and geography:

Major Product:

Three Months Ended
June 30, 2023
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
Core products (1)
Plates, inks and other consumables		$	148			$	6			$	—			$	—			$	154
Ongoing service arrangements			47				—				—				—				47
Total annuities			195				6				—				—				201
Equipment & software			20				—				—				—				20
Film and chemicals			—				61				—				—				61
Total Core			215				67				—				—				282
Growth products (2)			—				5				—				—				5
Other (3)			—				—				4				4				8
Total		$	215			$	72			$	4			$	4			$	295

Six Months Ended
June 30, 2023
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
Core products (1)
Plates, inks and other consumables		$	292			$	12			$	—			$	—			$	304
Ongoing service arrangements			97				—				—				—				97
Total annuities			389				12				—				—				401
Equipment & software			35				—				—				—				35
Film and chemicals			—				113				—				—				113
Total Core			424				125				—				—				549
Growth products (2)			—				8				—				—				8
Other (3)			—				—				8				8				16
Total		$	424			$	133			$	8			$	8			$	573

Three Months Ended
June 30, 2022
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
Core products (1)
Plates, inks and other consumables		$	182			$	6			$	—			$	—			$	188
Ongoing service arrangements			52				—				—				—				52
Total annuities			234				6				—				—				240
Equipment & software			18				—				—				—				18
Film and chemicals			—				51				—				—				51
Total Core			252				57				—				—				309
Growth products (2)			—				4				—				—				4
Other (3)			—				—				4				4				8
Total		$	252			$	61			$	4			$	4			$	321

Six Months Ended
June 30, 2022
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
Core products (1)
Plates, inks and other consumables		$	343			$	13			$	—			$	—			$	356
Ongoing service arrangements			105				—				—				—				105
Total annuities			448				13				—				—				461
Equipment & software			32				—				—				—				32
Film and chemicals			—				95				—				—				95
Total Core			480				108				—				—				588
Growth products (2)							7												7
Other (3)			—				—				8				8				16
Total		$	480			$	115			$	8			$	8			$	611

⁽¹⁾ Core includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services (“Coating Services”).

⁽²⁾ Growth consists of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment.

⁽³⁾ Other consists of Intellectual Property Licensing ("IP Licensing"), Brand Licensing and Eastman Business Park. 

Geography ^(1):

Three Months Ended
June 30, 2023
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
United States		$	66			$	59			$	4			$	4			$	133
Canada			5				—				—				—				5
North America			71				59				4				4				138
Europe, Middle East and Africa			92				5				—				—				97
Asia Pacific			46				8				—				—				54
Latin America			6				—				—				—				6
Total		$	215			$	72			$	4			$	4			$	295

Six Months Ended
June 30, 2023
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
United States		$	132			$	107			$	8			$	8			$	255
Canada			8				1				—				—				9
North America			140				108				8				8				264
Europe, Middle East and Africa			181				10				—				—				191
Asia Pacific			91				15				—				—				106
Latin America			12				—				—				—				12
Total		$	424			$	133			$	8			$	8			$	573

Three Months Ended
June 30, 2022
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
United States		$	73			$	46			$	4			$	4			$	127
Canada			5				1				—				—				6
North America			78				47				4				4				133
Europe, Middle East and Africa			117				5				—				—				122
Asia Pacific			49				9				—				—				58
Latin America			8				—				—				—				8
Total		$	252			$	61			$	4			$	4			$	321

Six Months Ended
June 30, 2022
						Advanced
						Materials
						and
(in millions)		Print				Chemicals				Brand				All Other				Total
United States		$	135			$	86			$	8			$	8			$	237
Canada			10				1				—				—				11
North America			145				87				8				8				248
Europe, Middle East and Africa			220				9				—				—				229
Asia Pacific			98				19				—				—				117
Latin America			17				—				—				—				17
Total		$	480			$	115			$	8			$	8			$	611

⁽¹⁾ Sales are reported in the geographic area in which they originate.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amount recorded for contract assets at both  June 30, 2023 and December 31, 2022 was $1 million and is reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to prepaid service contracts, upfront payments for certain equipment purchases or prepaid royalties on intellectual property arrangements. The amount recorded for contract liabilities in the Consolidated Statement of Financial Position at  June 30, 2023 and December 31, 2022 was $52 million and $51 million, respectively, of which $42 million and $40 million, respectively, was reported in Other current liabilities and $10 million and $11 million, respectively, was reported in Other long-term liabilities.

Revenue recognized for the three and six months ended June 30, 2023 and 2022 that was included in the contract liability balance at the beginning of the year was $8 million and $28 million, respectively, in 2023 and $12 million and $29 million, respectively, in 2022 and primarily represented revenue from prepaid service contracts and equipment revenue recognition. Contract liabilities as of June 30, 2023 included $22 million and $27 million of cash payments received during the three and six months ended June 30, 2023, respectively. Contract liabilities as of  June 30, 2022 included $22 million and $33 million of cash payments received during the three and six months ended June 30, 2022, respectively. 

Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed. Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of June 30, 2023, there was approximately $45 million of unrecognized revenue from unsatisfied performance obligations. Approximately 25% of the revenue from unsatisfied performance obligations is expected to be recognized in the remainder of 2023, 25% in 2024, 15% in 2025 and 35% thereafter.

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The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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