Company: KODK
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001193125-25-269608
Chunk: 8

Company: EASTMAN KODAK CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 8
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NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTSBASIS OF PRESENTATIONThe consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company and all companies directly or indirectly controlled, either through majority ownership or otherwise (“Kodak” or the “Company”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).RECLASSIFICATIONSCertain amounts from previous periods have been reclassified to conform to the current period classification of paid-in-kind interest expense in the Consolidated Statement of Cash Flows. GOING CONCERNAs disclosed in the Company’s quarterly report on Form 10‐Q for the quarter ended June 30, 2025, Kodak had debt coming due within twelve months and its plans to adequately fund its debt obligations at that time were not solely within the Company’s control and therefore were not deemed “probable” under U.S. GAAP. As of the date of issuance of these consolidated interim financial statements, the Company has extended the maturity dates of the Term Loans (defined below) and the L/C Facility Agreement (defined below). In addition, as of the date of issuance of these consolidated interim financial statements, Kodak has settled approximately $2.1 billion of pension obligations under the Kodak Retirement Income Plan (“KRIP”) and will transfer the remaining liabilities of approximately $15 million for missing participants to the Pension Benefit Guaranty Corporation (“PBGC”) by the end of November 2025. Upon completing the transfer of these remaining liabilities to the PBGC, all pension obligations under KRIP will be fully settled and the excess pension assets will be distributed to the Company and the Kodak Cash Balance Plan, given the authority of the Plan Sponsor (Kodak) to distribute such assets.