Kodak 2004 Annual Report Download - page 28
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Financials
26
E A S T M A N K OD A K C O M PA N Y
discussionintheRestructuringCostsandOthersectionofMD&AandNote
16,“RestructuringCostsandOther.”
Chargesof$50million($34millionaftertax)relatedtoventure
investmentimpairmentsandotherassetwrite-offsincurredinthesecond,
thirdandfourthquarters.SeeMD&AandNote7,“Investments,”forfurther
discussionofventureinvestmentimpairments.
Incometaxbenefitsof$121million,includinga$45milliontax
benefitrelatedtotheclosureofthePictureVisionsubsidiaryinthesecond
quarter,a$46millionbenefitfromthelossrealizedontheliquidationofa
Japanesephotofinishingoperationssubsidiaryinthethirdquarter,an$8
millionbenefitfromafourthquarterpropertydonationanda$22million
benefitrelatingtothedeclineintheyear-over-yearoperationaleffectivetax
rate.
RESTRUCTURINGCOSTSAND
OTHER
Currently,theCompanyisbeingadverselyimpactedbytheprogressing
digitalsubstitution.AstheCompanycontinuestoadjustitsoperatingmodel
inlightofchangingbusinessconditions,itisprobablethatongoingcost
reductionactivitieswillberequiredfromtimetotime.
Inaccordancewiththis,theCompanyperiodicallyannouncesplanned
restructuringprograms(Programs),whichoftenconsistofanumberof
restructuringinitiatives.TheseProgramannouncementsprovideestimated
rangesrelatingtothenumberofpositionstobeeliminatedandthetotal
restructuringchargestobeincurred.Theactualchargesforinitiatives
underaProgramarerecordedintheperiodinwhichtheCompanycommits
toformalizedrestructuringplansorexecutesthespecificactionscontem-
platedbytheProgramandallcriteriaforrestructuringchargerecognition
undertheapplicableaccountingguidancehavebeenmet.