Kodak 2015 Annual Report Download - page 74

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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:
As of December 31,
(in millions) 2015 2014
Inventories, net $ — $ 2
Property, plant and equipment, net — 4
Other assets — 6
Current assets held for sale $ — $ 12
Trade payables $ — $ 1
Current liabilities held for sale $ — $ 1
Discontinued operations of Kodak include the Business (excluding the consumer film business, for which Kodak entered into an ongoing supply arrangement with
one or more KPP Purchasing Parties) and other miscellaneous businesses.
The significant components of revenues and earnings (loss) from discontinued operations, net of income taxes are as follows:
Successor Predecessor
Year Ended
December 31,
2015
Year Ended
December 31,
2014
Four Months
Ended
December 31,
2013
Eight Months
Ended
August 31,
2013
(in millions)
Revenues from Personalized and Document Imaging $ 1 $ 61 $ 77 $ 738
Revenues from other discontinued operations — — 1 23
Total revenues from discontinued operations $ 1 $ 61 $ 78 $ 761
Pre-tax (loss) earnings from Personalized and Document
Imaging $ (5) $ 9 $ 5 $ (217)
Pre-tax loss from other discontinued operations — — 1 (14)
(Provision) benefit for income taxes related to
discontinued operations (3) (5) (2) 96
Earnings (loss) from discontinued operations, net of
income taxes $ (8) $ 4 $ 4 $ (135)
The $5 million in pre-tax loss recognized in 2015 represents costs incurred related to the final deferred closing.
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 for the
eight months ended August 31, 2013).
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.
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