Kodak 2011 Annual Report Download - page 90

NOTE 16: INCOME TAXES
The components of (loss) earnings from continuing operations before income taxes and the related (benefit) provision for U.S. and other income taxes
were as follows:
The differences between income taxes computed using the U.S. federal income tax rate and the provision (benefit) for income taxes for continuing
operations were as follows:
During 2011, the Company determined that it is more likely than not that a portion of the deferred tax assets outside the U.S. would not be realized and
accordingly, recorded a provision of $53 million associated with the establishment of a valuation allowance on those deferred tax assets.
During 2010, based on additional positive evidence regarding past earnings and projected future taxable income from operating activities, the
Company determined that it is more likely than not that a portion of the deferred tax assets outside the U.S. would be
For the Year Ended December 31,
(in millions)
2011
2010
2009
(Loss) earnings from continuing
operations before income taxes:
U.S.
$
(760
)
$
(487
)
$
(410
)
Outside the U.S.
2
(74
)
293
Total
$
(758
)
$
(561
)
$
(117
)
U.S. income taxes:
Current (benefit) provision
$
(378
)
$
(2
)
$
8
Deferred provision (benefit)
241
2
(7
)
Income taxes outside the U.S.:
Current provision
55
192
113
Deferred provision (benefit)
106
(76
)
-
State and other income taxes:
Current benefit
(22
)
(2
)
(1
)
Deferred provision
7
-
2
Total provision
$
9
$
114
$
115
For the Year Ended December 31,
(in millions) 2011 2010 2009
Amount computed using the statutory
rate
$
(265
)
$
(196
)
$
(41
)
Increase (reduction) in taxes
resulting from:
State and other income taxes, net of
federal
1
1
1
Unremitted foreign earnings
393
-
-
Impact of goodwill impairment
-
217
-
Operations outside the U.S.
40
130
45
Legislative rate changes
20
10
-
Valuation allowance
(33
)
(46
)
117
Tax settlements and adjustments,
including interest
(149
)
3
(4
)
Other, net
2
(5
)
(3
)
Provision for income taxes
$
9
$
114
$
115
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