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0000031235 EASTMAN KODAK CO false --12-31 Q3 2023 7 7 458 450 0 0 100 100 0.01 0.01 5 6 5 5 20 0.01 58 3.50 37.5 37.5 50 1000000 1 1 1 1 1 1 3 6 1 0.25 1 1 1 21.0 2013 2014 2015 2016 2017 2015 2016 2017 2018 9 1.1 25 1.0 1.1 7 10 0 1.0 1.1 1.1 0.9 4 2 3 1 0 0 0 1 false false false false Refer to Note 20, "Financial Instruments". Consists of third-party costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. Core includes the Print business, Motion Picture, Industrial Film and Chemicals, and excludes coating and product commercialization services (“Coating Services”) and analytical services within the Advanced Materials and Chemicals segment. Restructuring costs and other for the three and nine months ended September 30, 2023 included $1 million and $7 million, respectively, which were reported as Restructuring costs and other in the Consolidated Statement of Operations. The remaining $2 million in each period represented inventory write-downs and were reported as Cost of revenues in the accompanying Consolidated Statement of Operations. During the third quarter of 2023, Kodak entered into multiple long-term brand licensing arrangements and recorded additional deferred revenue of approximately $57 million, of which $54 million is recorded in Other long-term liabilities and $3 million in Other current liabilities on the Consolidated Statement of Financial Position. Kodak received approximately $8 million of cash proceeds related to these licensing arrangements during the third quarter and approximately $44 million and $5 million, respectively was recorded as an offset in Trade Receivables, net and Other long-term assets on the Consolidated Statement of Financial Position. Kodak will recognize the total deferred revenue amount ratably over the term of the respective arrangements, ranging from five to twenty years. Kodak determined that the contracts did not have a significant financing component. Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash. Includes interest income associated with a refund received in the first quarter of 2023 from a governmental authority in a location outside the U.S. that was previously held in order to guarantee potential tax disputes in that jurisdiction. Growth consists of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment. Reclassified to Total Net Periodic Benefit Cost - refer to Note 13, "Retirement Plans and Other Postretirement Benefits". As reported in the Consolidated Statement of Operations. Represents purchases of common stock to satisfy tax withholding obligations. Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs includes $1 million and $12 million of income in the three and nine months ended September 30, 2023, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters. Kodak received $17 million of insurance reimbursement proceeds in the first nine months of 2023, of which $5 million was recorded in Other current assets in the Consolidated Statement of Financial Position as of December 31, 2022. Other consists of Intellectual Property Licensing ("IP Licensing"), Brand Licensing and Eastman Business Park. Sales are reported in the geographic area in which they originate. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

         Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended:   

September 30, 2023

or

         Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from            to            

Commission File Number

1-00087

EASTMAN KODAK COMPANY
(Exact name of registrant as specified in its charter)
  
New Jersey16-0417150
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
  
343 STATE STREET, ROCHESTER, New York14650
(Address of principal executive offices)(Zip Code)
(800) 356-3259
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Common

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

KODK

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒          No ☐

 

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

 

As of November 1, 2023, the registrant had 79,552,966 shares of common stock, par value $0.01 per share, outstanding.

 



 

 

EASTMAN KODAK COMPANY

Form 10-Q

 

September 30, 2023

 

Table of Contents

 

    Page
  Part I.Financial Information  
     

Item 1.

Financial Statements

3
 

Consolidated Statement of Operations (Unaudited)

3

 

Consolidated Statement of Comprehensive (Loss) Income (Unaudited)

4

 

Consolidated Statement of Financial Position (Unaudited)

5

 

Consolidated Statement of Cash Flows (Unaudited)

6

 

Consolidated Statement of Equity (Deficit) (Unaudited)

7

 

Notes to Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

 

Liquidity and Capital Resources

47

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

     
  Part II. Other Information  
     
Item 5. Other Information 53

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 6.

Exhibits

54

 

Index to Exhibits

54

 

Signatures

56

 

 

 

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

 

(in millions, except per share data)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues

                               

Sales

  $ 220     $ 234     $ 688     $ 734  

Services

    49       55       154       166  

Total revenues

    269       289       842       900  

Cost of revenues

                               

Sales

    183       208       571       662  

Services

    36       38       108       111  

Total cost of revenues

    219       246       679       773  

Gross profit

    50       43       163       127  

Selling, general and administrative expenses

    40       39       114       123  

Research and development costs

    7       8       25       26  

Restructuring costs and other

    1       3       7       3  

Earnings (loss) from operations before interest expense, pension income excluding service cost component, loss on extinguishment of debt, other charges (income), net and income taxes

    2       (7 )     17       (25 )

Interest expense

    14       10       36       29  

Pension income excluding service cost component

    (41 )     (20 )     (122 )     (77 )

Loss on extinguishment of debt

    27             27        

Other charges (income), net

    2             (2 )     2  

Earnings from operations before income taxes

          3       78       21  

(Benefit) provision for income taxes

    (2 )     1       8       2  

NET EARNINGS

  $ 2     $ 2     $ 70     $ 19  
                                 

Basic net (loss) earnings per share attributable to Eastman Kodak Company common shareholders

  $     $ (0.01 )   $ 0.68     $ 0.11  

Diluted net (loss) earnings per share attributable to Eastman Kodak Company common shareholders

  $     $ (0.01 )   $ 0.64     $ 0.11  
                                 

Number of common shares used in basic and diluted net earnings per share

                               

Basic

    79.5       79.0       79.3       78.9  

Diluted

    79.5       79.0       90.5       80.7  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

 

(in millions)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

NET EARNINGS

  $ 2     $ 2     $ 70     $ 19  

Other comprehensive (loss) income, net of tax:

                               

Currency translation adjustments

    (3 )     (1 )     (15 )     (6 )

Pension and other postretirement benefit plan obligation activity, net of tax

    (6 )     2       (135 )     112  

Other comprehensive (loss) income, net of tax

    (9 )     1       (150 )     106  

COMPREHENSIVE (LOSS) INCOME, NET OF TAX

  $ (7 )   $ 3     $ (80 )   $ 125  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

 

  

September 30,

  

December 31,

 

(in millions)

 

2023

  

2022

 

ASSETS

        

Cash and cash equivalents

 $246  $217 

Trade receivables, net of allowances of $7 in both periods

  191   177 

Inventories, net

  239   237 

Other current assets

  34   48 

Current assets held for sale

  2   2 

Total current assets

  712   681 

Property, plant and equipment, net of accumulated depreciation of $458 and $450, respectively

  161   154 

Goodwill

  12   12 

Intangible assets, net

  25   28 

Operating lease right-of-use assets

  33   39 

Restricted cash

  119   62 

Pension and other postretirement assets

  1,212   1,233 

Other long-term assets

  83   76 

TOTAL ASSETS

 $2,357  $2,285 
         

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

        

Accounts payable, trade

 $124  $134 

Short-term borrowings and current portion of long-term debt

  1   1 

Current portion of operating leases

  13   15 

Other current liabilities

  131   143 

Current liabilities held for sale

  2    

Total current liabilities

  271   293 

Long-term debt, net of current portion

  451   316 

Pension and other postretirement liabilities

  225   230 

Operating leases, net of current portion

  26   31 

Other long-term liabilities

  217   171 

Total liabilities

  1,190   1,041 
         

Commitments and Contingencies (Note 8)

          
         

Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference

  208   203 
         

Equity

        

Common stock, $0.01 par value

      

Additional paid in capital

  1,158   1,160 

Treasury stock, at cost

  (11)  (11)

Accumulated deficit

  (500)  (570)

Accumulated other comprehensive income

  312   462 

Total shareholders’ equity

  959   1,041 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

 $2,357  $2,285 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

    Nine Months Ended  
    September 30,  

(in millions)

  2023     2022  

Cash flows from operating activities:

               

Net earnings

  $ 70     $ 19  

Adjustments to reconcile to net cash provided by (used in) operating activities:

               

Depreciation and amortization

    23       22  

Pension income

    (109 )     (64 )

Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives

    2       (1 )

Non-cash changes in workers' compensation and employee benefit reserves

    (3 )     (13 )

Stock based compensation

    6       4  

Gain on sale of assets

    (1 )      

Loss on extinguishment of debt

    27        

Decrease in deferred taxes

          (3 )

Increase in trade receivables

    (16 )     (7 )

Decrease in miscellaneous receivables

    10       1  

Increase in inventories

    (4 )     (74 )

(Decrease) increase in trade payables

    (15 )     5  

Increase (decrease) in liabilities excluding borrowings and trade payables

    23       (26 )

Other items, net

    8       7  

Total adjustments

    (49 )     (149 )

Net cash provided by (used in) operating activities

    21       (130 )

Cash flows from investing activities:

               

Additions to properties

    (15 )     (19 )

Purchase of equity interest

          (25 )

Net cash used in investing activities

    (15 )     (44 )

Cash flows from financing activities:

               

Net proceeds from Amended and Restated Term Loan Agreement

    435        

Net proceeds from Original Term Loan Credit Agreement

          49  

Repayment of Original Term Loan Credit Agreement

    (316 )      

Repayment of Convertible Notes

    (28 )      

Other debt acquisition costs

    (1 )      

Preferred stock cash dividend payments

    (3 )     (3 )

Treasury stock purchases

          (1 )

Net cash provided by financing activities

    87       45  

Effect of exchange rate changes on cash, cash equivalents and restricted cash

    (5 )     (14 )

Net increase (decrease) in cash, cash equivalents and restricted cash

    88       (143 )

Cash, cash equivalents and restricted cash, beginning of period

    286       423  

Cash, cash equivalents and restricted cash, end of period

  $ 374     $ 280  

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)

 

(in millions)

 

   

Nine-Month Period Ending September 30, 2023

 
   

Eastman Kodak Company Common Shareholders

         
   

Common Stock

   

Additional Paid in Capital

   

Accumulated Deficit

   

Accumulated Other Comprehensive Income

   

Treasury Stock

   

Total

   

Redeemable Convertible Preferred Stock

 

Equity (deficit) as of December 31, 2022

  $     $ 1,160     $ (570 )   $ 462     $ (11 )   $ 1,041     $ 203  

Net earnings

                33                   33        

Other comprehensive (loss) income, (net of tax):

                                                       

Currency translation adjustments

                      (1 )           (1 )      

Pension and other postretirement liability adjustments

                      (6 )           (6 )      

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (1 )                       (1 )     1  

Preferred stock deemed dividends

          (1 )                       (1 )     1  

Stock-based compensation

          4                         4        

Equity (deficit) as of March 31, 2023

  $     $ 1,161     $ (537 )   $ 455     $ (11 )   $ 1,068     $ 205  

Net earnings

                35                   35        

Other comprehensive (loss) income (net of tax):

                                                       

Currency translation adjustments

                      (11 )           (11 )      

Pension and other postretirement liability adjustments

                      (123 )           (123 )      

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (2 )                       (2 )     2  

Stock-based compensation

          1                         1        

Equity (deficit) as of June 30, 2023

  $     $ 1,159     $ (502 )   $ 321     $ (11 )   $ 967     $ 207  

Net earnings

                2                   2        

Other comprehensive (loss) income (net of tax):

                                                       

Currency translation adjustments

                      (3 )           (3 )      

Pension and other postretirement liability adjustments

                      (6 )           (6 )      

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (1 )                       (1 )     1  

Stock-based compensation

          1                         1        

Equity (deficit) as of September 30, 2023

  $     $ 1,158     $ (500 )   $ 312     $ (11 )   $ 959     $ 208  

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited) (contd)

 

(in millions)

 

   

Nine-Month Period Ending September 30, 2022

 
   

Eastman Kodak Company Common Shareholders

         
   

Common Stock

   

Additional Paid in Capital

   

Accumulated Deficit

   

Accumulated Other Comprehensive Income

   

Treasury Stock

   

Total

   

Redeemable Convertible Preferred Stock

 

Equity (deficit) as of December 31, 2021

  $     $ 1,166     $ (596 )   $ 221     $ (10 )   $ 781     $ 196  

Net loss

                (3 )                 (3 )      

Other comprehensive income (net of tax):

                                                       

Currency translation adjustments

                      5             5        

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (1 )                       (1 )     1  

Preferred stock deemed dividends

          (1 )                       (1 )     1  

Stock-based compensation

          2                         2        

Equity (deficit) as of March 31, 2022

  $     $ 1,165     $ (599 )   $ 226     $ (10 )   $ 782     $ 198  

Net earnings

                20                   20        

Other comprehensive (loss) income (net of tax):

                                                       

Currency translation adjustments

                      (10 )           (10 )      

Pension and other postretirement liability adjustments

                      110             110        

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (1 )                       (1 )     1  

Stock-based compensation

          1                         1        

Equity (deficit) as of June 30, 2022

  $     $ 1,164     $ (579 )   $ 326     $ (10 )   $ 901     $ 199  

Net earnings

                2                   2        

Other comprehensive (loss) income (net of tax):

                                                       

Currency translation adjustments

                      (1 )           (1 )      

Pension and other postretirement liability adjustments

                      2             2        

Preferred stock cash dividends

          (1 )                       (1 )      

Preferred stock in-kind dividends

          (2 )                       (2 )     2  

Stock-based compensation

          1                         1        

Treasury stock purchases (1)

                            (1 )     (1 )      

Equity (deficit) as of September 30, 2022

  $     $ 1,162     $ (577 )   $ 327     $ (11 )   $ 901     $ 201  

 

(1) Represents purchases of common stock to satisfy tax withholding obligations.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

EASTMAN KODAK COMPANY

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

 

NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS

 

BASIS OF PRESENTATION

 

The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company and all companies directly or indirectly controlled, either through majority ownership or otherwise (“Kodak” or the “Company”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

 

Reclassifications

 

Certain amounts from previous periods have been reclassified to conform to the current period classification due to Kodak's new organization structure as of February 2023.  Refer to Note 18, "Segment Information" and Note 10, "Revenue" for additional information.

 

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

 

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016‐13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016‐13 (as amended by ASUs 2018‐19, 2019‐04, 2019‐05, 2019‐10, 2019‐11, 2020‐02, 2020‐03 and 2022‐02) requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available‐for‐sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU is effective for Kodak for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 ( January 1, 2023 for Kodak). Kodak adopted the new standard on January 1, 2023 using the modified retrospective approach and it did not have a material impact on Kodak’s consolidated financial statements. 

 

Allowance for Credit Losses

Kodak records allowance for credit losses for the current expected credit losses inherent in the asset over its expected life.  The allowance for credit losses is maintained based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount.  Kodak records a specific reserve for individual accounts when Kodak becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position.  

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

There are no recently issued accounting pronouncements that are applicable to Kodak.

 

[9]

 
 

NOTE 2: CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Consolidated Statement of Cash Flows:

 

  

September 30,

  

December 31,

 

(in millions)

 

2023

  

2022

 

Cash and cash equivalents

 $246  $217 

Restricted cash reported in Other current assets

  9   7 

Restricted cash

  119   62 

Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows

 $374  $286 

 

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represented amounts that support hedging activities.

 

Restricted cash included $32 million and $44 million as of September 30, 2023 and December 31, 2022, respectively, representing the cash collateral required to be posted by the Company under the Letter of Credit Facility (“L/C Cash Collateral”). In addition, restricted cash as of September 30, 2023 included $68 million representing cash collateral supporting the Company’s undiscounted actuarial workers’ compensation obligations with the New York State Workers’ Compensation Board ("NYS WCB"). Restricted cash as of both  September 30, 2023 and December 31, 2022 also included an escrow of $5 million in China to secure various ongoing obligations under the agreements for a strategic relationship with Lucky HuaGuang Graphics Co. Ltd., $6 million of security posted related to Brazilian legal contingencies and $5 million of cash collateral posted in the United Kingdom for a letter of credit for aluminum purchases.

 

 

NOTE 3: INVENTORIES, NET

 

   

September 30,

   

December 31,

 

(in millions)

 

2023

   

2022

 

Finished goods

  $ 104     $ 98  

Work in process

    70       64  

Raw materials

    65       75  

Total

  $ 239     $ 237  

 

 

NOTE 4: LONG-TERM LIABILITIES

 

  

September 30,

  

December 31,

 

(in millions)

 

2023

  

2022

 

Workers' compensation

 $55  $59 

Asset retirement obligations

  43   43 

Deferred taxes

  27   27 

Deferred brand licensing revenue (1)

  64   11 

Environmental liabilities

  8   8 

Embedded conversion options derivative liability

  2   4 

Other

  18   19 

Total

 $217  $171 

 

(1)During the current year quarter of 2023, Kodak entered into multiple long-term brand licensing arrangements and recorded deferred revenue of approximately $57 million, of which $54 million is recorded in Other long-term liabilities and $3 million in Other current liabilities on the Consolidated Statement of Financial Position.  Kodak received approximately $8 million of cash proceeds related to these licensing arrangements during the third quarter and approximately $44 million and $5 million, respectively was recorded as an offset in Trade Receivables, net and Other long-term assets on the Consolidated Statement of Financial Position.  Kodak will recognize the total deferred revenue amount ratably over the term of the respective arrangements, ranging from five to twenty years.  While the arrangements include up-front payments, Kodak determined that the contracts did not have a significant financing component.

 

The Other component above consists of other miscellaneous long‐term liabilities that, individually, were less than 5% of the total liabilities component in the accompanying Consolidated Statement of F