Kodak 2015 Annual Report Download - page 34

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As of December 31,
(in millions) 2015 2014
Deferred tax assets
Pension and postretirement obligations $ 187 $ 221
Restructuring programs 3 5
Foreign tax credit 314 258
Inventories 14 20
Investment tax credit 80 100
Employee deferred compensation 46 43
Depreciation 62 45
Research and development costs 188 232
Tax loss carryforwards 380 355
Other deferred revenue 13 13
Other 112 111
Total deferred tax assets $ 1,399 $ 1,403
Deferred tax liabilities
Leasing $ 1 $ 7
Goodwill/Intangibles 49 51
Unremitted foreign earnings 121 176
Total deferred tax liabilities 171 234
Net deferred tax assets before valuation allowance 1,228 1,169
Valuation allowance 1,201 1,127
Net deferred tax assets $ 27 $ 42
Deferred tax assets (liabilities) are reported in the following components within the Consolidated Statement of Financial Position:
As of December 31,
(in millions) 2015 2014
Deferred income taxes (current) $ 22 $ 31
Deferred income taxes (non-current) 23 38
Other current liabilities — (1)
Other long-term liabilities (18) (26)
Net deferred tax assets $ 27 $ 42
As of December 31, 2015, Kodak had available domestic and foreign net operating loss carry-forwards for income tax purposes of approximately $1,565 million, of
which approximately $481 million have an indefinite carry-forward period. The remaining $1,084 million expire between the years 2016 and 2035. As of
December 31, 2015, Kodak had unused foreign tax credits and investment tax credits of $314 million and $80 million, respectively, with various expiration dates
through 2030. 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.
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