Kodak 2014 Annual Report Download - page 82
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Deferred tax assets (liabilities) are reported in the following components within the Consolidated Statement of Financial Position:
As of December 31, 2014, Kodak had available domestic and foreign net operating loss carry-forwards for income tax purposes of approximately $1,352 million, of which
approximately $417 million have an indefinite carry-forward period. The remaining $935 million expire between the years 2015 and 2034. As of December 31, 2014, Kodak
had unused foreign tax credits and investment tax credits of $258 million and $100 million, respectively, with various expiration dates through 2029. Utilization of post-
emergence net operating losses and tax credits may be subject to limitations in the event of significant changes in stock ownership of the Company in the future.
The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has a deferred tax liability (net of related foreign tax
credits) of $159 million and $213 million on the foreign subsidiaries’ undistributed earnings as of December 31, 2014 and 2013, respectively. Kodak has recorded a
deferred tax liability of $17 million and $23 million for the potential foreign withholding taxes on the undistributed earnings as of December 31, 2014 and 2013,
respectively.
Kodak’s valuation allowance as of December 31, 2014 was $1,127 million. Of this amount, $315 million was attributable to Kodak’s net deferred tax assets outside
the U.S. of $400 million, and $812 million related to Kodak’s net deferred tax assets in the U.S. of $769 million, for which Kodak believes it is not more likely than not
that the assets will be realized.
Kodak’s valuation allowance as of December 31, 2013 was $953 million. Of this amount, $373 million was attributable to Kodak’s net deferred tax assets outside the
U.S. of $470 million, and $580 million related to Kodak’s net deferred tax assets in the U.S. of $538 million, for which Kodak believes it is not more likely than not
that the assets will be realized.
The net deferred tax assets in excess of the valuation allowance of approximately $42 million and $55 million as of December 31, 2014 and December 31, 2013,
respectively, relate primarily to net operating loss carry-forwards, certain tax credits, and pension related tax benefits for which Kodak believes it is more likely than
not that the assets will be realized.
As of December 31,
(in millions)
2014
2013
Deferred income taxes (current)
$
31
$
48
Deferred income taxes (non
-
current)
38
54
Other current liabilities
(1
)
(3
)
Other long
-
term liabilities
(26
)
(44
)
Net deferred tax assets
$
42
$
55
79