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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net earnings (loss) $ 26 $ 24 $ (541)
Adjustments to reconcile to net cash used in operating activities:      
Depreciation and amortization 29 31 37
Pension and other postretirement income (77) (83) (77)
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives [1] (3) (7) 382
Asset impairments [2] 1 0 3
Stock based compensation 5 7 15
Non-cash changes in workers' compensation and other employee benefit reserves (15) (4) 4
Net losses (gains) on sales of businesses/assets 0 1 (10)
Loss on early extinguishment of debt 0 0 2
(Benefit) provision for deferred income taxes (3) (1) 160
(Increase) decrease in trade receivables (12) (5) 33
(Increase) decrease in inventories (31) (19) 12
(Decrease) increase in trade accounts payable (12) 38 (36)
Decrease in liabilities excluding borrowings (36) (29) (26)
Other items, net 12 0 7
Total adjustments (142) (71) 506
Net cash used in operating activities (116) (47) (35)
Cash flows from investing activities:      
Additions to properties (31) (21) (17)
Purchase of preferred equity interest (25) 0 0
Net proceeds from sales of businesses/assets, net 0 1 2
Net proceeds from return of equity investment 0 0 2
Net cash used in investing activities (56) (20) (13)
Cash flows from financing activities:      
Net proceeds from the Term Loan Credit Agreement 49 215 0
Proceeds from issuance of Convertible Notes 0 25 0
Net proceeds from the sale of common stock 0 10 0
Debt issuance costs 0 (2) 0
Proceeds from stock option exercises 0 0 33
Preferred stock dividend payments (4) (7) (22)
Treasury stock purchases (1) (1) 0
Finance lease payments (1) (1) (1)
Net cash provided by financing activities 43 238 10
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8) (4) 4
Net (decrease) increase in cash, cash equivalents and restricted cash (137) 167 (34)
Cash, cash equivalents and restricted cash, beginning of period 423 [3] 256 [3] 290
Cash, cash equivalents and restricted cash, end of period (1) [3] 286 423 256
Cash paid for interest and income taxes was:      
Interest (net of portion capitalized of $3 million in 2022 and $0 in both 2021 and 2020) 23 14 8
Income taxes (net of refunds) 6 2 8
Series C Preferred Stock [Member]      
Cash flows from financing activities:      
Net proceeds from Series C Preferred Stock 0 99 0
Series A Preferred Stock [Member]      
Cash flows from financing activities:      
Repurchase of Series A Preferred Stock $ 0 $ (100) $ 0
[1] Refer to Note 14, “Financial Instruments”.
[2] In the fourth quarter of 2022 and first quarter of 2020, Kodak recorded impairment charges of $1 million and $3 million related to the Kodak trade name. Refer to Note 6, “Goodwill and Other Intangible Assets”.
[3] Refer to Note 2, “Cash, Cash Equivalents and Restricted Cash” for the components of cash, cash equivalents and restricted cash.