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Note 12 - Income Taxes | 9 Months Ended
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Sep. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(dollars in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Earnings (loss) from operations before income taxes |  | $ | 16 |  |  | $ | 21 |  |  | $ | (13 | ) |  | $ | 83 |
Effective tax rate |  |  | 18.8 | % |  |  | 14.3 | % |  |  | (53.8 | )% |  |  | 8.4 | %
Provision for income taxes |  |  | 3 |  |  |  | 3 |  |  |  | 7 |  |  |  | 7 |
Provision (benefit) for income taxes at U.S. statutory tax rate |  |  | 3 |  |  |  | 4 |  |  |  | (3 | ) |  |  | 17 |
Difference between tax at effective vs. statutory rate |  | $ | — |  |  | $ | (1 | ) |  | $ | 10 |  |  | $ | (10 | )
For the three and nine months ended September 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 jurisdictional mix of earnings (2) the movement of valuation allowances associated with changes in net deferred tax assets from current earnings and losses and (3) a provision associated with foreign withholding taxes on undistributed earnings. 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% 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 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 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 nine months ended September 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. The OBBBA did not have a material impact on Kodak's financial statements for the three and nine months ended September 30, 2025, and Kodak is still assessing the potential impact on future periods.

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