Kodak 2014 Annual Report Download - page 126

Download and view the complete annual report

Please find page 126 of the 2014 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

The following table summarizes the major classes of assets and liabilities related to the disposition of the Business which have been segregated and reported as part of Current
assets held for sale and Current liabilities held for sale in the Consolidated Statement of Financial Position:
Discontinued operations of Kodak include the Business (excluding the consumer film business, for which Kodak has entered into an ongoing supply arrangement with one or
more KPP Purchasing Parties), digital capture and devices business (exited in the third quarter of 2012), Kodak Gallery (exited in the third quarter of 2012), and other
miscellaneous businesses.
The significant components of revenues and earnings (loss) from discontinued operations, net of income taxes are as follows:
Kodak was required to use a portion of the proceeds from the divestiture of the Business to repay $200 million of the Junior DIP Credit Agreement. Interest expense on the
debt that was required to be repaid as a result of the sale of the Business has therefore been allocated to discontinued operations ($14 million and $19 million for the eight
months ended August 31, 2013 and year ended December 31, 2012, respectively).
Depreciation and amortization of long-lived assets of the Business included in discontinued operations ceased as of July 1, 2013.
Direct operating expenses of the discontinued operations are included in the results of discontinued operations. Indirect expenses that were historically allocated to the
discontinued operations have been included in the results of continuing operations. Prior period results have been reclassified to conform to the current period presentation.
(in millions)
As of
December 31,
2014
As of
December 31,
2013
Receivables, net
$
-
$
16
Inventories, net
2
62
Property, plant and equipment, net
4
10
Other assets
6
7
Current assets held for sale
$
12
$
95
Trade payables
$
1
$
24
Miscellaneous payables and accruals
-
14
Current liabilities held for sale
$
1
$
38
Successor
Predecessor
Year Ended
December 31,
2014
Four Months
Ended
December 31,
2013
Eight Months
Ended
August 31,
2013
Year Ended
December 31,
2012
(in millions)
Revenues from Personalized and Document Imaging
$
61
$
77
$
738
$
1,350
Revenues from Digital Capture and Devices operations
-
-
6
36
Revenues from Kodak Gallery operations
-
-
-
29
Revenues from other discontinued operations
-
1
17
50
Total revenues from discontinued operations
$
61
$
78
$
761
$
1,465
Pre
-
tax earnings (loss) from Personalized and Document Imaging
$
9
$
5
$
(217
)
$
51
Pre
-
tax earnings (loss) from Digital Capture and Devices operations
-
1
2
(78
)
Pre
-
tax earnings (loss) from Kodak Gallery operations
-
-
1
4
Pre
-
tax (loss) earnings from other discontinued operations
-
-
(17
)
(7
)
(Provision) benefit for income taxes related to discontinued operations
(5
)
(2
)
96
(12
)
Earnings (loss) from discontinued operations, net of income taxes
$
4
$
4
$
(135
)
$
(42
)
123