XML 57 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3 - Fresh Start Accounting (Tables)
 9 Months Ended
Sep. 30, 2013
Note 3 - Fresh Start Accounting (Tables) [Line Items]  
Reconciliation of Enterprise Value to Estimated Fair Value [Table Text Block]
Enterprise value
  $ 1,000  
Plus: Cash and cash equivalents
    898  
Less: Other non-operating liabilities
    18  
Less: Fair value of debt and capitalized lease obligations
    734  
Less: Fair value of pension and other postretirement obligations
    533  
Less: Fair value of warrants
    24  
Fair value of Successor common stock
  $ 589  
         
Shares outstanding at September 3, 2013
    41,753,211  
Per share value
  $ 14.11  
Reconciliation of Enterprise Value to Estimated Reorganization Value [Table Text Block]
Enterprise value
  $ 1,000  
Plus: Cash and cash equivalents
    898  
Plus: Fair value of noncontrolling interests
    10  
Plus: Fair value of non-debt liabilities
    2,088  
Less: Fair value of pension and other postretirement obligations
    533  
Reorganization value of Successor assets
  $ 3,463  
         
Schedule of Cash Payments for Reorganization Adjustments [Table Text Block]
Sources:
           
Net proceeds from Emergence Credit Facilities
  $ 664        
Proceeds from Rights Offerings
    406        
Total sources
          $ 1,070  
Uses:
               
Repayment of Junior DIP Term Loans
  $ 644          
Repayment of Second Lien Notes
    375          
Claims paid at emergence
    94          
Funding of escrow accounts
    113          
Other fees and expenses
    16          
Total uses
            1,242  
Net uses
          $ (172 )
                 
Reorganization Liabilities Subject to Compromise [Table Text Block]
Liabilities subject to compromise (LSTC)
        $ 2,475  
Cash payments at emergence from  LSTC
          (84 )
Claims expected to be satisfied in cash
          (35 )
Liabilities reinstated at emergence:
             
  Pension and other postretirement liabilities
    (156 )        
  Environmental obligations
    (61 )        
  Other current liabilities
    (9 )        
     Total liabilities reinstated at emergence
            (226 )
Fair value of equity issued to unsecured creditors
            (85 )
Fair value of warrants issued to unsecured creditors
             (24 )
Gain on settlement of liabilities subject to compromise
          $ 2,021  
                 
Schedule of Cumulative Impact of Reorganization Adjustments [Table Text Block]
Gain on settlement of liabilities subject to compromise
  $ 2,021  
Fair value of shares issued to Backstop Parties and employees
    (25 )
Write-off of unamortized debt discounts and debt issuance costs
    (14 )
Success fees accrued at emergence
    (13 )
Emergence and success fees paid at emergence
    (9 )
Write-off of deferred equity issuance costs
    (3 )
  Net gain on reoganization adjustments
    1,957  
Cancellation of Predecessor Company equity
     (3,628 )
Net impact to Retained earnings (deficit)
  $ (1,671 )
         
Schedule of Inventory, Current [Table Text Block]
   
Successor
   
Predecessor
 
(in millions)
 
As of
September 30, 2013
   
As of
December 31, 2012
 
Finished goods
  $ 266     $ 236  
Work in process
    110       87  
Raw materials
    93       97  
Total
  $ 469     $ 420  
Property, Plant and Equipment [Table Text Block]
   
Successor
   
Predecessor
 
(in millions)
 
As of
September 30, 2013
   
As of
December 31, 2012
 
Land
  $ 120     $ 39  
Buildings and building improvements
    181       1,156  
Machinery and equipment
    404       3,138  
Construction in progress
    35       28  
      740       4,361  
Accumulated depreciation
    (17 )     (3,754 )
Property, plant and equipment, net
  $ 723     $ 607  
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block]
Buildings and building improvements 1 -
38
Land improvements   1 -
20
Leasehold improvements                                1 -
10
Equipment 1 -
20
Tooling                                                              1 -
3
Furniture and fixtures 1 -
10
Schedule of Goodwill [Table Text Block]
(in millions)
 
Graphics, Entertainment and Commercial Films Segment
   
Digital Printing and Enterprise Segment
   
Consolidated Total
 
Balance as of December 31, 2012 (Predecessor):
  $ 115     $ 17     $ 132  
Impairment
    (77 )     -       (77 )
Currency translation adjustments
    1       -       1  
Balance as of August 31, 2013 (Predecessor):
  $ 39     $ 17     $ 56  
                         
Impact of fresh start accounting
  $ 22     $ 10     $ 32  
Balance as of September 30, 2013 (Successor):
  $ 61     $ 27     $ 88  
Cumulative Impact of Fresh Start Adjustments [Table Text Block]
(in millions)
 
     
Establishment of Successor goodwill
  $ 88  
Elimination of Predecessor goodwill
    (56 )
Establishment of Successor intangibles
    235  
Elimination of Predecessor intangibles
    (43 )
Inventory fair value adjustment
    67  
Property, plant & equipment fair value adjustment
    220  
Pension and other postretirement obligations fair value adjustment
    (178 )
Rights offering fair value adjustment
    (73 )
Long-term debt fair value adjustment
    (11 ) 
Other assets and liabilities fair value adjustments
    53  
  Net gain on fresh start adjustments
    302  
Tax impact on fresh start adjustments
    (69 )
Elimination of Predecessor accumulated other comprehensive loss
    (1,008 )
Net impact on Retained earnings (deficit)
  $ (775 )
Reorganization and Fresh Start Adjustments [Member]
  
Note 3 - Fresh Start Accounting (Tables) [Line Items]  
Condensed Balance Sheet [Table Text Block]
(in millions)
 
Predecessor Company (a)
   
Reorganization Adjustments
   
Fresh Start Adjustments
   
Successor Company
 
ASSETS
                                   
Current Assets
                                   
Cash and cash equivalents
  $ 1,070     $ (172 )     (1 )   $ -           $ 898  
Restricted cash
    24       98       (2 )     -             122  
Receivables, net
    492       -               -             492  
Inventories, net
    435       -               67       (21 )     502  
Assets held for sale
    109       -               8       (22 )     117  
Other current assets
    77       8       (3 )     (42 )     (23 )     42  
              (1 )     (4 )                        
Total current assets
    2,207       (67 )             33               2,173  
Property, plant & equipment, net
    507       -               220       (24 )     727  
Goodwill
    56       -               32       (25 )     88  
Intangible assets, net
    43       -               192       (26 )     235  
Deferred income taxes
    22       (21 )     (3 )     55       (23 )     56  
Other long-term assets
    202       15       (5 )     (26 )     (27 )     184  
              8       (6 )     (8 )     (28 )        
              (8 )     (7 )     1       (29 )        
TOTAL ASSETS
  $ 3,037     $ (73 )           $ 499             $ 3,463  
LIABILITIES AND EQUITY (DEFICIT)
                                               
Current Liabilities
                                               
Accounts payable, trade
  $ 317     $ 6       (8 )   $ -             $ 339  
              3       (9 )                        
              13       (10 )                        
Short-term borrowings and current portion of long-term debt
    681       (641 )     (11 )     -               44  
              4       (12 )                        
Other current liabilities
    600       (17 )     (13 )     (8 )     (30 )     586  
              (13 )     (3 )     (14 )     (29 )        
              38       (14 )                        
Liabilities held for sale
    45       -               (3 )     (22 )     42  
Total current liabilities
    1,643       (607 )             (25 )             1,011  
Long-term debt, net of current portion
    370       (370 )     (15 )     11       (31 )     676  
              665       (16 )                        
Pension and other postretirement liabilities
    411       156       (17 )     178       (29 )     745  
Other long-term liabilities
    318       61       (17 )     82       (23 )     408  
                              (53 )     (32 )        
Liabilities subject to compromise
    2,475       (2,475 )     (17 )     -               -  
Total liabilities
    5,217       (2,570 )             193               2,840  
                                                 
Equity (Deficit)
                                               
Common stock (Successor)
    -       -       (18 )     -               -  
Additional paid in capital (Successor)
    -       540       (18 )     73       (33 )     613  
Common stock (Predecessor)
    978       (978 )     (19 )     -               -  
Additional paid in capital (Predecessor)
    1,105       (1,105 )     (19 )     -               -  
Retained earnings (deficit)
    2,446       (1,671 )     (20 )     (775 )     (34 )     -  
Accumulated other comprehensive loss
    (1,008 )     -               1,008       (34 )     -  
      3,521       (3,214 )             306               613  
Less: Treasury stock (Predecessor)
    (5,711 )     5,711       (19 )     -               -  
Total Eastman Kodak Company shareholders' (deficit) equity
    (2,190 )     2,497               306               613  
Noncontrolling interests
    10       -               -               10  
Total equity (deficit)
    (2,180 )     2,497               306               623  
TOTAL LIABILITIES AND EQUITY (DEFICIT)
  $ 3,037     $ (73 )           $ 499             $ 3,463  
                                                 
                                                 
Schedule of Goodwill [Table Text Block]
   
Successor
 
 
(in millions)
 
As of
September 1, 2013
 
Reorganization value of Successor assets
    3,463  
Less: Fair value of Successor assets (excluding goodwill)
    3,375  
Reorganization value of Successor assets in excess of fair value - Successor goodwill
  $ 88  
         
As of August 31, 2013 and Fair Value at September 1, 2013 [Member]
  
Note 3 - Fresh Start Accounting (Tables) [Line Items]  
Schedule of Inventory, Current [Table Text Block]
   
Successor
   
Predecessor
 
(in millions)
 
As of
September 1, 2013
   
As of
August 31, 2013
 
Finished goods
  $ 280     $ 235  
Work in process
    120       99  
Raw materials
    102       101  
Total
  $ 502     $ 435  
                 
Property, Plant and Equipment [Table Text Block]
   
Successor
   
Predecessor
 
(in millions)
 
As of
September 1, 2013
   
As of
August 31, 2013
 
Land
  $ 114     $ 35  
Buildings and building improvements
    180       189  
Machinery and equipment
    402       252  
Construction in progress
    31       31  
Total
  $ 727     $ 507