Kodak 2011 Annual Report Download - page 71

associated with its financial instruments and derivative instruments. The changes to the ASC as a result of this update are effective for periods beginning
on or after January 1, 2013 (January 1, 2013 for the Company) and must be shown retrospectively for all comparative periods presented. This guidance
requires new disclosures only, and will have no impact on the Company’s Consolidated Financial Statements.
In September 2011, the FASB issued ASU No. 2011-08, “Intangibles-Goodwill and Other (ASC Topic 350) – Testing Goodwill for Impairment.”
ASU No.
2011-08 amends the impairment test for goodwill by allowing companies to first assess qualitative factors to determine if it is more likely than not that
goodwill might be impaired and whether it is necessary to perform the current two-step goodwill impairment test. The changes to the ASC as a result of
this update are effective prospectively for interim and annual periods beginning after December 15, 2011 (January 1, 2012 for the Company). Adoption of
this guidance will not impact the Company’s Consolidated Financial Statements.
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (ASC Topic 220) - Presentation of Comprehensive Income.” ASU No. 2011-
05 eliminates the option to present the components of other comprehensive income as part of the statement of equity and requires an entity to present the
total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement
of comprehensive income or in two separate but consecutive statements. Subsequently, the FASB issued ASU No. 2011-12, “
Comprehensive Income (ASC
Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive
Income in Accounting Standards Update No. 2011-05.” ASU 2011-12 defers indefinitely the provision within ASU 2011-05 requiring entities to present
reclassification adjustments out of accumulated other comprehensive income (AOCI) by component in both the income statement and the statement in
which other comprehensive income (OCI) is presented. ASU 2011-12 does not change the other provisions instituted within ASU 2011-05. The
amendments of both ASUs are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011 (January
1, 2012 for the Company). The guidance requires changes in presentation only and will have no impact on the Company's Consolidated Financial
Statements.
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (ASC Topic 820) - Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 amends current fair value measurement and disclosure guidance
to include increased transparency around valuation inputs and investment categorization. The changes to the ASC as a result of this update are effective
prospectively for interim and annual periods beginning after December 15, 2011 (January 1, 2012 for the Company). The adoption of this guidance will not
have a significant impact on the Company’s Consolidated Financial Statements.
NOTE 3: RECEIVABLES, NET
Approximately $191 million and $224 million of the total trade receivable amounts as of December 31, 2011 and 2010, respectively, are expected to
be settled through customer deductions in lieu of cash payments. Such deductions represent rebates owed to the customer and are included in Other
current liabilities in the accompanying Consolidated Statement of Financial Position at each respective balance sheet date.
As of December 31,
(in millions) 2011 2010
Trade receivables
$
996
$
1,074
Miscellaneous receivables
107
122
Total (net of allowances of $51 and $77 as of December 31, 2011 and 2010, respectively)
$
1,103
$
1,196
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