Kodak 2014 Annual Report Download - page 37

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Reorganization Items, Net
For details, refer to Note 26, “Reorganization Items, Net.”
Income Tax Provision (Benefit)
Current Year
The change in Kodak’s effective tax rate from continuing operations for 2014 as compared to 2013 is primarily attributable to: (1) a provision as a result of losses generated
within the U.S. for which no benefit was recognized, partially offset by a benefit as a result of income in certain jurisdictions outside the U.S. for which no provision was
recognized due to management’s conclusion that it was more likely than not that the tax benefits would not be realized in the twelve months ending December 31, 2014, (2) a
benefit as a result of income within the U.S. and in certain jurisdictions outside the U.S. for which no provision was recognized due to management’s conclusion that it was
more likely than not that the tax benefits would not be realized in the combined year to date period ended December 31, 2013, (3) a provision as a result of the establishment
of a deferred tax asset valuation allowance in certain jurisdictions outside the U.S. in the combined year to date period ended December 31, 2013, (4) a benefit as a result of tax
accounting impacts related to items reported in Accumulated other comprehensive income in the Consolidated Statement of Financial Position as of December 31, 2013, (5) a
benefit associated with the tax impact of the goodwill impairment recognized in the combined year to date period ended December 31, 2013, (6) a provision associated with
withholding taxes on foreign dividends paid in the combined year to date period ended December 31, 2013, (7) an decrease associated with foreign withholding taxes on
undistributed earnings, (8) a provision associated with withholding taxes on the sale of intellectual property in the combined year to date period ended December 31, 2013, (9)
a benefit as a result of Kodak reaching a settlement with a taxing authority in a location outside the U.S. related to withholding taxes in the twelve months ended December 31,
2014 and (10) a benefit as a result of Kodak reaching an settlement in a location outside the U.S. for the period ended December 31, 2014.
(in millions)
Successor
Predecessor
Year Ended
December 31,
2014
Four Months
Ended
December
31, 2013
Eight Months
Ended
August 31,
2013
Year Ended
December 31,
2012
(Loss) earnings from continuing operations before income taxes
$
(112
)
$
(74
)
$
2,356
$
(1,610
)
Provision (benefit) for income taxes
10
8
155
(273
)
Effective tax rate
(9
%)
(11
%)
7
%
17
%
(Benefit) provision for income taxes @ 35%
(39
)
(25
)
825
(564
)
Difference between tax @ effective vs statutory rate
49
33
(670
)
291
(in millions)
Year Ended December 31,
2014
2013
(Combined)
2012
(Loss) earnings from continuing operations before income taxes
$
(112
)
$
2,282
$
(1,610
)
Provision (benefit) for income taxes
10
163
(273
)
Effective tax rate
(9
%)
7
%
17
%
(Benefit) provision for income taxes @ 35%
(39
)
799
(564
)
Difference between tax @ effective vs statutory rate
49
(636
)
291
36