Kodak 2003 Annual Report Download - page 23
Download and view the complete annual report
Please find page 23 of the 2003 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
26 -
27 -
28 -
29 -
30 -
31 -
32 -
33 -
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
 |
 |
Financials
23
RESTRUCTURING COSTS AND OTHER
Currently, the Company is being adversely impacted by the progressing
digital substitution. As the Company continues to adjust its operating
model in light of changing business conditions, it is probable that ongoing
cost reduction activities will be required from time to time.
In accordance with this, the Company periodically announces
planned restructuring programs (Programs), which often consist of a num-
ber of restructuring initiatives. These Program announcements provide
estimated ranges relating to the number of positions to be eliminated and
the total restructuring charges to be incurred. The actual charges for ini-
tiatives under a Program are recorded in the period in which the Company
commits to formalized restructuring plans or executes the specific actions
contemplated by the Program and all criteria for restructuring charge
recognition under the applicable accounting guidance have been met.
Restructuring Programs Summary
The activity in the accrued restructuring balances and the non-cash
charges incurred in relation to all of the restructuring programs described
below was as follows for fiscal 2003:
Balance Cash Non-cash Balance
(in millions) Dec. 31, 2002 Costs Incurred Adjustments Payments Settlements Dec. 31, 2003
Q3 2003 Program:
Severance reserve $ — $ 231 $ — $ (51) $ — $ 180
Exit costs reserve — 40 — (28) — 12
Total reserve $ — $ 271 $ — $ (79) $ — $ 192
Long-lived asset impairments $ — $ 109 $ — $ — $ (109) $ —
Accelerated depreciation
and inventory write-downs — 22 — — (22) —
Q1 2003 Program:
Severance reserve $ — $ 67 $ — $ (44) $ — $ 23
Exit costs reserve — 8 — (4) — 4
Total reserve $ — $ 75 $ — $ (48) $ — $ 27
Long-lived asset impairments $ — $ 5 $ — $ — $ (5) $ —
Accelerated depreciation
and inventory write-downs — 25 — — (25) —
Phogenix:
Exit costs reserve $ — $9 $— $— $— $9
Long-lived asset impairments — 6 — — (6) —
Inventory write-downs — 2 — — (2) —
Q4 2002 Program:
Severance reserve $ 53 $ 21 $ — $ (62) $ — $ 12
Exit costs reserve 17 — — (9) — 8
Total reserve $ 70 $ 21 $ — $ (71) $ — $ 20
Accelerated depreciation
and inventory write-downs $ — $ 24 $ — $ — $ (24) $ —
2001 Programs:
Severance reserve $ 67 $ — $ (12) $ (49) $ — $ 6
Exit costs reserve 18 — — (5) — 13
Total reserve $ 85 $ — $ (12) $ (54) $ — $ 19
Total of all
restructuring programs $ 155 $ 569 $ (12) $ (252) $ (193) $ 267