Kodak 2007 Annual Report Download - page 66
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65
The Company has determined the pro forma loss from continuing operations, net loss, and corresponding per share information as if the provisions of FIN
47 had been adopted prior to January 1, 2005. The pro forma information is as follows:
(in millions, except per share data) 2005
Loss from continuing operations
As reported $ (1,657)
Pro forma $ (1,664)
Loss from continuing operations, per basic and diluted share
As reported $ (5.76)
Pro forma $ (5.78)
Net loss
As reported $ (1,261)
Pro forma $ (1,211)
Net loss, per basic and diluted share
As reported $ (4.38)
Pro forma $ (4.21)
Number of shares used in loss per share
Basic 287.9
Diluted 287.9
As of December 31, 2007 and 2006, the Company has recorded approximately $64 million and $92 million, respectively, of asset retirement obligations
within other long-term liabilities in the accompanying Consolidated Statement of Financial Position. The Company’s asset retirement obligations primar-
ily relate to asbestos contained in buildings that the Company owns. In many of the countries in which the Company operates, environmental regula-
tions exist that require the Company to handle and dispose of asbestos in a special manner if a building undergoes major renovations or is demolished.
Otherwise, the Company is not required to remove the asbestos from its buildings. The Company records a liability equal to the estimated fair value of its
obligation to perform asset retirement activities related to the asbestos, computed using an expected present value technique, when sufficient information
exists to calculate the fair value. The Company does not have a liability recorded related to every building that contains asbestos because the Company
cannot estimate the fair value of its obligation for certain buildings due to a lack of sufficient information about the range of time over which the obligation
may be settled through demolition, renovation or sale of the building.
The following table provides asset retirement obligation activity:
For the Year Ended December 31,
(in millions) 2007 2006 2005
Asset retirement obligations as of January 1 $ 92 $ 73 $ 7
Liabilities incurred in the current period (including the adoption of FIN 47 in 2005) 24 34 64
Liabilities settled in the current period (55) (30) —
Accretion expense 3 16 2
Other — (1) —
Asset retirement obligations as of December 31 $ 64 $ 92 $ 73