Eastman Kodak(KODK) - 2023 Q4 - Annual Report

Revenue Segmentation - Prepress Solutions accounted for 56%, 59%, and 57% of Kodak's total net revenue for the years ended December 31, 2023, 2022, and 2021, respectively[26]. - Kodak's Advanced Materials and Chemicals segment generated approximately 34% of total segment revenues from Kodak Alaris in 2023, compared to 32% in both 2022 and 2021[27]. - The Industrial Film and Chemicals business accounted for 18%, 15%, and 14% of Kodak's total net revenue for the years ended December 31, 2023, 2022, and 2021, respectively[33]. Strategic Partnerships and Innovations - Kodak established a strategic relationship with Lucky HuaGuang Graphics Co. Ltd in September 2019 to expand the plates market in China, with a supply agreement expiring in Q3 2024[24]. - Kodak's PROSPER business includes press systems and components based on Continuous Inkjet Technologies, contributing to recurring revenue from ink and equipment service[21]. - Kodak's Software business added a cloud-based PRINERGY On Demand Platform in 2022, enhancing its production workflow solutions[24]. - Kodak ceased manufacturing NEXFINITY printers in December 2022 but continues to offer consumables and service for the installed base[30]. - Kodak's research and development efforts focus on obtaining patents to protect its innovations, contributing to its competitive advantage in various technologies[37]. Workforce and Sustainability - Kodak employs approximately 4,000 employees across 34 countries as of the end of 2023, emphasizing the importance of a skilled workforce[44]. - Kodak aims to drive sustainability by developing products that minimize resource use and reduce costs over time[42]. Financial Risks and Management - Kodak is exposed to changes in foreign currency exchange rates, commodity prices, and interest rates, which may adversely affect its financial position[339]. - A 10% stronger U.S. dollar at December 31, 2023 would decrease the fair value of open foreign currency forward contracts by $12 million[341]. - The fair value of Kodak's fixed-rate debt would change by approximately$5 million with a 10% change in market interest rates at December 31, 2023[342]. - Kodak's maximum credit exposure at December 31, 2023 was not significant, managed through high-quality counterparties[343]. - Kodak utilizes foreign currency forward contracts to hedge existing foreign currency denominated assets and liabilities[339]. - The majority of Kodak's debt is fixed rate, which is sensitive to changes in interest rates[342]. - Kodak does not utilize financial instruments for trading or speculative purposes[339]. - Long-term debt is primarily used to finance long-term investments, while short-term debt meets working capital needs[340]. - Kodak has procedures to monitor credit exposure amounts and requires specific minimum credit standards for counterparties[343]. - A 10% change in market interest rates would change the fair value of Kodak's debt by approximately $2 million at December 31, 2022[342].