Company: KODK
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040256
Chunk: 141

Company: EASTMAN KODAK CO
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1B
Chunk 141
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24
        )
         
        $
        (27
        )
       
       Deferred tax liabilities are reported in the following component within the Consolidated Statement of Financial Position: 

        As of December 31,

        (in millions)
         
        2024

        2023

        Other long-term liabilities
         
        $
        (24
        )
         
        $
        (27
        )

        Net deferred tax liabilities
         
        $
        (24
        )
         
        $
        (27
        )
       
       As of December 31, 2024, Kodak had available domestic and foreign net operating loss ("NOL") carryforwards for income tax purposes of approximately $2,228 million, of which approximately $1,062 million have an indefinite carryforward period. The $1,062 million with an indefinite carryforward period includes $218 million of U.S interest carryforward. The remaining $1,166 million that do not have an indefinite carryforward period expire between the years 2025 and 2043. Kodak also had foreign tax and investment 

88

tax credit carryforwards of $134 million and $21 million, respectively, which expire between 2025 and 2039. A total of $97 million of the foreign tax credit carryforwards will expire in 2025 if left unutilized. If written off, these tax attributes are expected to be fully offset by a corresponding decrease in Kodak's valuation allowance, resulting in no net tax provision.As of December 31, 2024, approximately $147 million of unused foreign tax credits expired and were written off. The write-off of these tax attributes was fully offset by a corresponding reduction in Kodak’s valuation allowance, which resulted in no net tax provision. As of December 31, 2024, Kodak had available $10 million of tax credits related to its research and development activities. These credits expire between 2034 and 2043. A full valuation allowance has been recorded on these credits.Kodak’s ability to utilize its U.S. NOLs and tax credits may be subject to limitations imposed by Section 382 of the Internal Revenue Code. Section 382 limits the utilization of NOLs in the event of significant changes in the stock ownership of the Company. An ownership change occurs if, among other things, the aggregate ownership of stockholders owning five percent of Kodak’s stock increases by more than 50 percentage points over a three-year