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Note 12 - Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 12: INCOME TAXES Kodak’s income tax provision and effective tax rate were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(dollars in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
(Loss) earnings from operations before income taxes |  | $ | (24 | ) |  | $ | 27 |  |  | $ | (29 | ) |  | $ | 62 |
Effective tax rate |  |  | (8.3 | )% |  |  | 3.7 | % |  |  | (13.8 | )% |  |  | 6.5 | %
Provision for income taxes |  |  | 2 |  |  |  | 1 |  |  |  | 4 |  |  |  | 4 |
(Benefit) provision for income taxes at U.S. statutory tax rate |  |  | (5 | ) |  |  | 6 |  |  |  | (6 | ) |  |  | 13 |
Difference between tax at effective vs. statutory rate |  | $ | 7 |  |  | $ | (5 | ) |  | $ | 10 |  |  | $ | (9 | )
For the three and six months ended June 30, 2025, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% was primarily attributable to: (1) the movement of 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 provision associated with foreign withholding taxes on undistributed earnings. For the three and six months ended June 30, 2024, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% was 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. 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 took effect in 2024. Following the review of the relevant tax law changes introduced through Pillar 2 implementation, Kodak determined that these new regulations did not have a material impact to its tax provision for the three and six months ended June 30, 2025 and 2024. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. Kodak is currently assessing its impact on the Company's consolidated financial statements.

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