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Note 11 - Income Taxes | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 11: INCOME TAXES Kodak’s income tax provision (benefit) and effective tax rate were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Earnings from operations before income taxes |  | $ | 21 |  |  | $ | — |  |  | $ | 83 |  |  | $ | 78 |
Effective tax rate |  |  | 14.3 | % |  |  | — |  |  |  | 8.4 | % |  |  | 10.3 | %
Provision (benefit) for income taxes |  |  | 3 |  |  |  | (2 | ) |  |  | 7 |  |  |  | 8 |
Provision for income taxes at U.S. statutory tax rate |  |  | 4 |  |  |  | 0 |  |  |  | 17 |  |  |  | 16 |
Difference between tax at effective vs. statutory rate |  | $ | (1 | ) |  | $ | (2 | ) |  | $ | (10 | ) |  | $ | (8 | )
For the three and nine months ended September 30, 2024, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., (3) a provision associated with foreign withholding taxes on undistributed earnings and (4) changes in audit reserves. In December 2021, the Organisation for Economic Cooperation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Many participating countries enacted changes which take effect in 2024. After considering the applicable tax law changes in the Pillar 2 implementation, Kodak determined there was no material impact to its tax provision for the three and nine months ended September 30, 2024. For the three months ended September 30, 2023, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., and (3) a benefit associated with foreign withholding taxes on undistributed earnings. For the nine months ended September 30, 2023, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., (3) a benefit associated with foreign withholding taxes on undistributed earnings and (4) changes in audit reserves, including a settlement with a taxing authority in a location outside the U.S.

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