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Note 4 - Long-term Liabilities

9 Months Ended

Sep. 30, 2023

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block]

NOTE 4: LONG-TERM LIABILITIES

	*September 30,*		*December 31,*
(in millions)	*2023*		*2022*
Workers' compensation	$	55	$	59
Asset retirement obligations		43		43
Deferred taxes		27		27
Deferred brand licensing revenue ⁽¹⁾		64		11
Environmental liabilities		8		8
Embedded conversion options derivative liability		2		4
Other		18		19
Total	$	217	$	171

⁽¹⁾

During the current year quarter of 2023, Kodak entered into multiple long-term brand licensing arrangements and recorded deferred revenue of approximately $57 million, of which $54 million is recorded in Other long-term liabilities and $3 million in Other current liabilities on the Consolidated Statement of Financial Position. Kodak received approximately $8 million of cash proceeds related to these licensing arrangements during the third quarter and approximately $44 million and $5 million, respectively was recorded as an offset in Trade Receivables, net and Other long-term assets on the Consolidated Statement of Financial Position. Kodak will recognize the total deferred revenue amount ratably over the term of the respective arrangements, ranging from five to twenty years. While the arrangements include up-front payments, Kodak determined that the contracts did not have a significant financing component.

The Other component above consists of other miscellaneous long‐term liabilities that, individually, were less than 5% of the total liabilities component in the accompanying Consolidated Statement of Financial Position and therefore have been aggregated in accordance with Regulation S‐X.