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Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2021

The table below presents the lease-related assets and liabilities on the balance sheet:

	Classification in the	December 31,
(in millions)	Consolidated Statement of Financial Position	2021		2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	47	$	48
Finance lease assets	Property, plant and equipment, net		1		4
Total lease assets		$	48	$	52

Liabilities
Current
Operating	Current portion of operating leases	$	13	$	12
Finance	Short-term borrowings and current portion of long-term debt		—		1
Noncurrent
Operating	Operating leases, net of current portion		45		49
Finance	Long-term debt, net of current portion		1		3
Total lease liabilities		$	59	$	65

Weighted-average remaining lease term
Operating				5 years
Finance				2 years
Weighted-average discount rate
Operating					11.91	%
Finance					5.56	%

The table below presents certain information related to the lease expense for finance and operating leases. Lease expense is presented gross of sublease income. See “Kodak as Lessor” section below for income from subleases.

	Year Ended December 31,
(in millions)	2021		2020		2019
Finance lease expense
Amortization of leased assets	$	1	$	1	$	3
Interest on lease liabilities		—		—		—
Operating lease expense		19		21		25
Variable lease expense ⁽¹⁾		9		9		10
Total lease expense	$	29	$	31	$	38

⁽¹⁾

^{Variable lease expense is related to real estate leases and primarily includes taxes, insurance and operating costs.}

Schedule of Supplemental Cash Flow Information Related to Leases

The table below presents supplemental cash flow information related to leases.

	Year Ended December 31,
(in millions)	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	21	$	22	$	25
Operating cash flow for finance leases		—		—		—
Financing cash flow for finance leases		1		1		2
	$	22	$	23	$	27

Summary of Undiscounted Cash Flows for Next Five Years and Thereafter to Finance Lease Liabilities and Operating Lease Liabilities Recorded on Balance Sheet

The table below reconciles the undiscounted cash flows for the next five years and thereafter to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

(in millions)	Operating Leases			Finance Leases
2022	$	18		$	1
2023		20			—
2024		11			—
2025		7			—
2026		6			—
Thereafter		24			—
Total minimum lease payments		86			1
Less: amount of lease payments representing interest		(28	)		—
Present value of future minimum lease payments		58			1
Less: current obligations under leases		13			—
Long-term lease obligations	$	45		$	1

Summary of Undiscounted Cash Flows to Be Received for Net Investment in Sales-type Leases

The table below reconciles the undiscounted cash flows to be received for the next five years and thereafter to the net investment in sales-type leases recorded in the Consolidated Statement of Financial Position:

(in millions)
2022	$	3
2023		2
2024		1
2025 and thereafter		1
Total minimum lease payments		7
Less: unearned interest		(1	)
Less: allowance for doubtful accounts		—
Net investment in sales-type leases	$	6

Summary of Undiscounted Cash Flows to Be Received for Operating Leases

Undiscounted cash flows to be received for the next five years and thereafter for operating leases and subleases are:

(in millions)
2022	$	8
2023		7
2024		5
2025		2
2026		1
Thereafter		8
Total minimum lease payments	$	31

Summary of Income Recognized on Lease Arrangements

Income recognized on lease arrangements for the years ended December 31, 2021, 2020 and 2019 is presented below:

	Year Ended December 31,
(in millions)	2021		2020		2019
Lease income - sales-type leases	$	3	$	1	$	—
Lease income - operating leases		8		8		9
Sublease income		—		2		6
Variable lease income ⁽¹⁾		5		5		6
Total lease income	$	16	$	16	$	21

⁽¹⁾

^{Variable lease income primarily represents operating costs under real estate leases and incremental variable income based on usage under equipment leases.}

Equipment Subject to Operating Leases and Related Accumulated Depreciation

Equipment subject to operating leases and the related accumulated depreciation were as follows:

	As of December 31,
(in millions)	2021			2020
Equipment subject to operating leases	$	21		$	24
Accumulated depreciation		(18	)		(19	)
Equipment subject to operating leases, net	$	3		$	5