Kodak 2013 Annual Report Download - page 98
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Table of Contents
In January 2012, Kodak terminated all its existing hedges at a loss of $5 million. These hedges were designated as secured agreements under
the Second Amended and Restated Credit Agreement and needed to be settled prior to the termination of that facility in conjunction with the
Company’s DIP Credit Agreement. Hedge gains and losses related to these silver forward contracts were reclassified into Cost of sales in the
Consolidated Statement of Operations as the related silver containing products were sold to third parties. These gains or losses transferred to
Cost of sales are generally offset by increased or decreased costs of silver purchased in the open market. At December 31, 2013, there were no
existing gains or losses to be reclassified to Cost of sales within the next twelve months.
PAGE 92