Substantially all U.S. employees are covered by a noncontributory defined benefit plan, the Kodak Retirement Income Plan (“KRIP” or the "U.S. Plan"), which is funded by Company contributions to an irrevocable trust fund. The funding policy for KRIP is to contribute amounts sufficient to meet minimum funding requirements as determined by employee benefit and tax laws plus any additional amounts the Company determines to be appropriate. Assets in the trust fund are held for the sole benefit of participating employees and retirees. The projected benefit obligation for the U.S. Plan was measured using actuarial techniques that incorporate management’s assumption for the discount rate, as well as other assumptions.

For U.S. employees hired prior to March 1999, KRIP’s benefits were generally based on a formula recognizing length of service and final average earnings. KRIP included a separate cash balance formula for all U.S. employees hired after February 1999, as well as employees hired prior to that date who opted into the cash balance formula during a special election period. Effective January 1, 2015 the KRIP was amended to provide that all participants accrue benefits under a single, revised cash balance formula (the “Cash Balance Plan”). The Cash Balance Plan credits employees’ hypothetical accounts with an amount equal to a specified percentage of their pay, plus an interest crediting rate based on the 30-year Treasury bond rate. In May 2022, KRIP was amended to increase the employees’ crediting rates from 9% or 10% of pay based on employee classification to 12% or 13% of pay, retroactive to January 1, 2022. The plan amendment also provided a one-time service credit to eligible employees’ cash balance accounts. In May 2023, KRIP was amended to provide another one-time service credit to eligible employees’ cash balance accounts.

During 2024 the Company, in conjunction with the KRIP Committee, implemented various actions designed to preserve and maximize the value of KRIP’s over-funding by reducing investment risk and improving the overall liquidity of KRIP. During the first quarter of 2024, the KRIP Committee outsourced the investment management of KRIP to NEPC, LLC ("NEPC"). Effective April 1, 2024, the KRIP Committee approved an updated investment policy that modified the target asset allocations by allocating a greater portion of KRIP’s assets to lower risk investments as well as interest rate hedging investments which aim to manage the liability interest rate risk associated with KRIP's liabilities. As contemplated by the updated investment policy, NEPC subsequently initiated the redemption of a substantial majority of KRIP’s hedge fund investments and expanded its interest rate hedging strategy with a portion of those proceeds.

On November 20, 2024, the Kodak Retirement Income Plan Trust (the “Trust”), in its capacity as holder of assets for the benefit of KRIP, entered into a Purchase and Sale Agreement (the “Agreement”) with Mastercard Foundation (the “Buyer”) related to the sale

of a portion of KRIP's private equity and certain other illiquid investments (collectively, "KRIP Illiquid Assets"). Pursuant to the Agreement, on December 31, 2024, the Trust sold to the Buyer (the “Mastercard Closing”) KRIP Illiquid Assets for a cash purchase price of $510 million, which was received at the Mastercard Closing.

Subsequent to the entry into the Agreement, the Trust entered into Purchase and Sale Agreements similar to the Agreement (collectively, the “Other Agreements” and, together with the Agreement, the “Sale Agreements”) with four other investors for a portion of the remaining KRIP Illiquid Assets. Pursuant to the Other Agreements, on December 31, 2024 (together with the Mastercard Closing, the “Closings”) the Trust sold to these investors KRIP Illiquid Assets for a purchase price of $49 million, of which $33 million was received in cash on December 31, 2024, $7 million was received in cash in January 2025 and $9 million is payable on a deferred basis on December 31, 2025.

The total aggregate net asset value ("NAV") of the KRIP Illiquid assets as of December 31, 2023 that were sold pursuant to the Sale Agreements was approximately $840 million. KRIP received net distributions in 2024 related to these assets of approximately $43 million and cash proceeds at the Closings of $543 million. The $7 million cash received in January 2025 and the $9 million of deferred proceeds was recorded as a receivable as of December 31, 2024. As a result, the loss on the sale of KRIP Illiquid Assets sold pursuant to the Sale Agreements was approximately $238 million as of December 31, 2024.

On January 21, 2025, the Board of Directors of Kodak approved the termination of KRIP effective March 31, 2025, and no further benefits will accrue under KRIP following such date. In addition, the Board of Directors approved a defined benefit retirement plan (the “Kodak Cash Balance Plan”) as a replacement for KRIP which became effective on March 1, 2025 for new hires and becomes effective on April 1, 2025 for current employees. The benefits under the Kodak Cash Balance Plan are substantially the same as those under the cash balance feature of KRIP.

Many subsidiaries and branches operating outside the U.S. have defined benefit retirement plans covering substantially all employees. Contributions by Kodak for these plans are typically deposited under government or other fiduciary-type arrangements. Retirement benefits are generally based on contractual agreements that provide for benefit formulas using years of service and/or compensation prior to retirement. The actuarial assumptions used for these plans, which include the discount rate, expected return on plan assets (for funded plans) as well as other assumptions, reflect the diverse economic environments within the various countries in which Kodak operates.

Information on the major funded and unfunded U.S. and Non-U.S. defined benefit pension plans is presented below. The information for the U.S. for all years presented relates to KRIP. The composition of the major Non-U.S. plans may vary from year to year. If the major Non-U.S. plan composition changes, prior year data is conformed to ensure comparability.

The measurement date used to determine the pension obligation for all funded and unfunded U.S. and Non-U.S. defined benefit plans is December 31.


	Year Ended						Year Ended
	December 31, 2024						December 31, 2023
(in millions)	U.S.			Non-U.S.			U.S.			Non-U.S.
Change in Benefit Obligation
Projected benefit obligation at beginning of period	$	2,386		$	588		$	2,482		$	577
Service cost		13			2			13			2
Interest cost		109			18			117			20
Benefit payments		(269	)		(41	)		(283	)		(43	)
Plan Amendments		—			—			29			—
Actuarial (gain) loss		(56	)		(12	)		28			12
Special termination benefits		1			—			—			—
Currency adjustments		—			(9	)		—			20
Projected benefit obligation at end of period	$	2,184		$	546		$	2,386		$	588

Change in Plan Assets
Fair value of plan assets at beginning of period	$	3,546		$	528		$	3,659		$	526
Actual Return on plan assets		(149	)		5			170			25
Employer contributions		—			5			—			6
Benefit payments		(269	)		(41	)		(283	)		(43	)
Currency adjustments		—			(3	)		—			14
Fair value of plan assets at end of period	$	3,128		$	494		$	3,546		$	528

Over (under) funded status at end of period	$	944		$	(52	)	$	1,160		$	(60	)

Accumulated benefit obligation at end of period	$	2,181		$	538		$	2,384		$	579

An actuarial gain of $56 million related to the U.S. Plan's projected benefit obligation ("PBO") was recognized in 2024, primarily driven by an increase in the discount rate ($83 million), partially offset by a loss associated with unfavorable demographic experience ($22 million), as well as a loss associated with an increase in the cash balance interest crediting rate ($5 million). In 2023, a PBO actuarial loss of $28 million was recognized for the U.S. Plan primarily driven by a decrease in the discount rate ($40 million), partially offset by a gain associated with favorable mortality experience ($12 million). Additionally, a prior service cost was recognized as a result of a plan amendment ($29 million) in 2023. The Non-U.S. PBO actuarial gain of $12 million recognized in 2024 was driven by lower inflation assumptions ($8 million), increases in discount rates ($1 million) and favorable demographic experience ($3 million). The Non-U.S. PBO actuarial loss of $12 million recognized in 2023 was driven by decreases in discount rates ($20 million) and unfavorable demographic experience ($1 million), partially offset by gains associated with lower inflation assumptions ($9 million).

The actual return on plan assets for the U.S. Plan was a loss of $149 million for the year ended December 31, 2024, which was driven by the loss on the sale of KRIP Illiquid Assets of $238 million partially offset by strong performance of debt securities and hedge funds. The actual return on plan assets for the year ended December 31, 2023 was $170 million, which reflected strong performance of debt securities and certain hedge fund investments. The total net realized losses from derivative investments for 2024 and 2023 were approximately $18 million and $1 million, respectively. Refer to discussion below on derivative instruments for further information.

Other changes in major plan assets and benefit obligations recognized in Other comprehensive (loss) income are as follows:


	Year Ended December 31,
	2024						2023						2022
(in millions)	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Newly established (loss) gain	$	(341	)	$	(2	)	$	(115	)	$	(7	)	$	149		$	120
Newly established prior service cost		—			—			(29	)		—			(28	)		—
Amortization of:
Prior service cost (credit)		12			—			9			—			(3	)		—
Net actuarial (gain) loss		(37	)		2			(30	)		1			—			10
Total (loss) income recognized in Other comprehensive (loss) income	$	(366	)	$	—		$	(165	)	$	(6	)	$	118		$	130

For the year ended December 31, 2024, the U.S. loss consisted of the PBO actuarial gain of $56 million and an asset actuarial loss of $397 million as actual asset returns were less than expected returns primarily due to the sale of the KRIP Illiquid Assets as discussed above, and the Non-U.S. loss consisted of the PBO actuarial gain of $12 million offset by asset actuarial losses of $14 million as actual asset returns were less than expected returns. For the year ended December 31, 2023, the U.S. loss consisted of the PBO actuarial loss of $28 million and an asset actuarial loss of $87 million as actual asset returns were less than expected returns and the Non-U.S. loss consisted of the PBO actuarial loss of $12 million partially offset by asset actuarial gains of $5 million as actual asset returns exceeded expected returns.

Pension (income) expense for all defined benefit plans included:


	Year Ended December 31,
	2024						2023						2022
(in millions)	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Major defined benefit plans:
Service cost	$	13		$	2		$	13		$	2		$	13		$	3
Interest cost		109			18			117			20			80			9
Expected return on plan assets		(248	)		(19	)		(257	)		(20	)		(178	)		(14	)
Amortization of:
Prior service cost (credit)		12			—			9			—			(3	)		—
Actuarial (gain) loss		(37	)		2			(30	)		1			—			10
Pension (income) expense before special termination benefits		(151	)		3			(148	)		3			(88	)		8
Special termination benefits		1			—						—			2			—
Net pension (income) expense for major defined benefit plans		(150	)		3			(148	)		3			(86	)		8
Other plans including unfunded plans		—			(8	)		—			1			—			—
Net pension (income) expense	$	(150	)	$	(5	)	$	(148	)	$	4		$	(86	)	$	8

The special termination benefits were incurred as a result of Kodak’s restructuring actions and, therefore, have been included in Restructuring costs and other in the Consolidated Statement of Operations for those periods.

The weighted-average assumptions used to determine net pension (income) expense for all the major funded and unfunded U.S. and Non-U.S. defined benefit plans were as follows:


	Year Ended December 31,
	2024						2023						2022
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Effective rate for service cost		4.88	%		3.11	%		5.04	%		3.44	%		3.45	%		1.60	%
Effective rate for interest cost		4.85	%		3.43	%		5.02	%		3.80	%		2.97	%		1.20	%
Salary increase rate		1.50	%		2.46	%		1.00	%		2.71	%		1.00	%		2.39	%
Expected rate of return on plan assets		7.10	%		3.93	%		7.50	%		4.16	%		5.30	%		2.67	%
Interest crediting rate for cash balance plan		4.00	%	NA				3.85	%	NA				2.58	%	NA

The expected return on plan assets (“EROA”) is a long-term rate of return which is based on a combination of formal asset and liability studies that include forward-looking return expectations given the current asset allocation.

Kodak uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected cash outflows.

The investment strategy underlying the asset allocation for the pension assets is to achieve an optimal return on assets with an acceptable level of risk while providing for the long-term liabilities and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plans. This is primarily achieved by investing in a broad portfolio constructed of various asset classes including equity, debt, real estate, private equity, hedge funds and other assets and instruments. As part of KRIP’s strategy to reduce investment risk and improve the overall liquidity of the plan, KRIP transferred a significant portion of its assets to lower risk investments in 2024. In addition, the U.S. Plan uses derivative investments primarily to hedge liability interest rate risk to U.S. government bonds. As part of the change in investment strategy in 2024, KRIP expanded its interest rate hedging strategy. Other investment objectives include maintaining broad diversification between and within asset classes and investment managers and managing asset volatility relative to plan liabilities.

Every three years, or when market conditions have changed materially, each of Kodak’s major pension plans will undertake an asset allocation or asset and liability modeling study. The asset allocation and expected return on the plans’ assets are individually set to provide for benefits and other cash obligations within each country’s legal investment constraints.

Actual allocations may vary from the target asset allocations due to market value fluctuations, the length of time it takes to implement changes in strategy, and the timing of cash contributions and cash requirements of the plans. The asset allocations are monitored and are rebalanced in accordance with the policy set forth for each plan.

Kodak evaluates its defined benefit plans’ asset portfolios for the existence of significant concentrations of risk. Types of concentrations that are evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, individual fund and single investment manager. The most significant concentrations of risk are with two investment management firms (Loomis Sayles and Income Research + Management) which each managed 14% of plan assets as of December 31, 2024, and 10% of plan assets as of December 31, 2023.

As a result of the change in KRIP’s investment strategy in 2024, the sale of a significant portion of KRIP’s Illiquid Assets and the timing of hedge fund redemptions, the debt securities, cash and cash equivalents and hedge funds investment categories at December 31, 2024 were outside of the previously established target allocations. Due to timing of asset sales and hedge fund redemptions, certain amounts included in the cash and cash equivalents target are recorded as receivables at year-end. The investment allocation is likely to be further adjusted during 2025 in connection with the termination of KRIP.

The U.S. Plan derivative instruments consist primarily of direct investments in exchange traded futures contracts. Government bond exposure is obtained via U.S. government bond futures. Foreign currency futures contracts are used to partially hedge foreign currency risk.

As of December 31, 2024 and 2023, the notional amount for exchange traded futures contracts was approximately $574 million and $384 million, respectively. Realized gains and losses from these derivative investments are included in the actual return on plan assets balance. The total fair value of these derivative instruments at December 31, 2024 and 2023 was $(5) million and $1 million, respectively, which represents the unrealized losses and gains on these contracts and is included in the derivative line items in the table of plan assets below. The U.S. defined benefit pension plan is required to maintain cash on deposit to collateralize its obligations under its futures contracts. As of the years ended December 31, 2024 and 2023, approximately $5 million and $9 million, respectively, was on deposit in cash and Treasury bills to fulfill these requirements and is included in the cash and cash equivalents asset class in the table below.

The U.S. Plan has invested in a diversified portfolio of hedge funds that may utilize derivative instruments to execute their investment strategy. Any gains or losses, as well as changes in the fair value of derivative investments held by a hedge fund, are included in the hedge fund’s NAV.

Kodak’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the NAV per share expedient. Kodak’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value of assets and their placement within the fair value hierarchy levels.

The fair value of Kodak’s U.S. defined benefit pension plan assets at December 31, 2024 and 2023 by asset class is presented in the tables below:

U.S. Plan


	December 31, 2024
	Quoted Prices
	in Active
	Markets for			Significant		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs		Measured at
(in millions)	(Level 1)			(Level 2)		(Level 3)		NAV		Total
Cash and cash equivalents (1)	$	843		$	—	$	—	$	—	$	843

Debt Securities: (2)
Government bonds					482		—		—		482
Investment grade bonds		—			836		—		—		836

Other:
Hedge funds		—			—		—		689		689
Private equity		—			—		—		167		167
Derivatives with unrealized losses		(5	)		—		—		—		(5	)
	$	838		$	1,318	$	—	$	856	$	3,012
Net receivables (3)											116
Total										$	3,128

U.S. Plan


	December 31, 2023
	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Measured at
(in millions)	(Level 1)		(Level 2)		(Level 3)		NAV		Total
Cash and cash equivalents (1)	$	120	$	—	$	—	$	—	$	120

Debt Securities: (2)
Government bonds		—		32		—		—		32
Investment grade bonds		—		682		—		—		682

Real estate		—		—		—		18		18

Other:
Hedge funds		—		—		—		1,552		1,552
Private equity		—		—		3		1,094		1,097
Derivatives with unrealized gains		1								1
	$	121	$	714	$	3	$	2,664	$	3,502
Net receivables (3)										44
Total									$	3,546

Kodak performs an investment-by-investment analysis to determine if the investment meets the requirements to be measured at NAV. For investments with lagged pricing, Kodak uses the latest available net asset values and considers expected return and other relevant material events for the year-end valuation of these investments.

The total fair value, unfunded commitments and redemption provisions for the U.S. defined benefit pension plan’s investments valued at NAV are as follows:

        Investments Valued at NAV at December 31, 2024

       

         
        Unfunded

        Redemption

        Redemption

        (in millions)

        Fair Value

        Commitments

        Frequency

        Notice Period

Private equity

167

24

N/A

N/A

Hedge Funds

689

—

Bi-Monthly, Monthly, Quarterly, 
Semi-Annual, and Annual

5-365 days

Total

856

24

        Total

        Investments Valued at NAV at December 31, 2023

       

         
        Unfunded

        Redemption

        Redemption

        (in millions)

        Fair Value

        Commitments

        Frequency

        Notice Period

Real estate

18

—

N/A

N/A

Private equity

1,094

172

N/A

N/A

Hedge Funds

1,552

—

Bi-Monthly, Monthly, Quarterly, 
Semi-Annual, and Annual

5-365 days

Total

2,664

172

Real estate investments primarily included investments in limited partnerships that invest in office, industrial, retail and apartment properties. Investments were primarily valued by the fund manager based on independent appraisals, discounted cash flow models, cost and comparable market transactions. During 2024, Kodak sold its real estate investments as part of the sale of KRIP’s Illiquid Assets.

Private equity investments are primarily comprised of direct limited partnerships and fund-of-fund investments that invest in distressed investments, venture capital, leveraged buyouts and special situations. Private equity investments are valued by the fund manager primarily based on independent appraisals, discounted cash flow models, cost, and comparable market transactions. The term of each fund is typically 10 or more years and the fund’s investors do not have an option to redeem their interest in the fund. The investors in the fund receive distributions through the liquidation of the underlying investments in the fund.

In 2023, the U.S. Plan invested in a portfolio of hedge funds to supplement the return generated by its exchange traded futures contracts, as well as in a separate portfolio of hedge funds where the objective was to seek a higher absolute return. Hedge fund investments were made through direct investments in individual hedge funds. The hedge fund investments substantially consisted of a diversified portfolio of hedge funds that use equity, debt, commodity, currency strategies and derivative instruments. The U.S. defined benefit pension plan evaluated several factors for investing in hedge funds including investment strategy, return, risk, liquidity, correlation to other funds and the number of funds to achieve a diversified portfolio of hedge funds. Regarding the portion

of hedge funds intended to supplement the return generated by its exchange traded futures contracts, the U.S. Plan maintained cash and Treasury bills as liquidity reserves that served as variation margin for these futures contracts. Approximately $77 million of cash liquidity reserves associated with these hedge funds as of December 31, 2023 is included in the cash and cash equivalents asset class in the table above.

In 2024, based on the change in investment strategy designed to preserve and maximize the value of KRIP’s over-funding by reducing investment risk and improving the overall liquidity of KRIP, the U.S. Plan began liquidating its hedge fund investments. Of the $689 million of hedge fund investments remaining at December 31, 2024, $534 million has been or is expected to be redeemed in 2025. The remainder is required to be redeemed over a five-year period.

Hedge funds are typically valued by each fund’s third-party fund administrator based upon the valuation of the underlying securities and instruments, primarily by applying a market or income valuation methodology as appropriate depending on the specific type of security or instrument held.

The tables below summarize Kodak’s U.S. Plan investments in hedge funds by type for those investments valued at NAV:

U.S. Plan:


	Summarized Asset Information
	December 31, 2024

			Redemption	Redemption
(in millions)	Net Asset Value		Frequency	Notice Period
Multi-strategy hedge funds	$	204	Quarterly	45-90 days
Relative value hedge funds		185	Bi-monthly, Quarterly	6-120 days
Directional hedge funds		52	Monthly	5 days
Equity long/short hedge funds		125	Monthly, Quarterly	45-90 days
Sector specialist hedge funds		44	Quarterly, Semi-Annually	60-90 days
Long-biased hedge funds		79	Quarterly, Annually	60-90 days
	$	689


	Summarized Asset Information
	December 31, 2023

			Redemption	Redemption
(in millions)	Net Asset Value		Frequency	Notice Period
Multi-strategy hedge funds	$	509	Quarterly	45-90 days
Relative value hedge funds		342	Bi-monthly, Quarterly	6-120 days
Directional hedge funds		143	Monthly	5 days
Equity long/short hedge funds		264	Monthly, Quarterly	45-90 days
Sector specialist hedge funds		120	Quarterly, Semi-Annually	60-90 days
Long-biased hedge funds		160	Quarterly, Annually	60-90 days
Event driven hedge funds		14	Quarterly	90 days
	$	1,552

Hedge funds typically have the right to restrict redemption requests beyond Kodak’s control. In these cases, redemptions may extend beyond the general redemption terms outlined in the table above. Certain hedge fund investments have no redemption rights and will become liquid only upon sale by the hedge fund managers. As of the year ended December 31, 2023, these investments represented approximately 1% of the hedge funds investments valued at NAV. As of December 31, 2024, these investments were fully liquidated.

Approximately 5% of total U.S. Plan assets as of December 31, 2024 are invested in private equity funds, where the U.S. Plan receives distributions through the liquidation of the underlying investments. Liquidity of U.S. Plan assets is managed to minimize the likelihood that these investments would need to be sold to cover benefit payments, derivative losses, or any other short-term need.

The total unfunded commitments, if and when they are called over the term of each investment, are expected to be funded by the available liquidity in the U.S. Plan consistent with historical experience.

The fair value of Kodak’s major non-U.S. defined benefit pension plans assets at December 31, 2024 and 2023 by asset class are presented in the tables below:

Major Non-U.S. Plans


	December 31, 2024
	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Measured at
(in millions)	(Level 1)		(Level 2)		(Level 3)		NAV		Total
Cash and cash equivalents	$	43	$	—	$	—	$	—	$	43

Equity securities		32		—		—		—		32

Debt securities:
Investment grade bonds		34		48		—		—		82
Global high yield & emerging market debt		1		—		—		—		1

Real estate		—		—		—		10		10

Other:
Private equity		—		—		—		28		28
Insurance contracts		—		26		272		—		298
	$	110	$	74	$	272	$	38	$	494

Major Non-U.S. Plans


	December 31, 2023
	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Measured at
(in millions)	(Level 1)		(Level 2)		(Level 3)		NAV		Total
Cash and cash equivalents	$	13	$	—	$	—	$	—	$	13

Equity securities		33		—		—		—		33

Debt securities:
Investment grade bonds		35		45		—		—		80
Global high yield & emerging market debt		2		—		—		—		2

Real estate		—		—		—		11		11

Other:
Hedge Funds		—		—		—		29		29
Private equity		—		—		—		42		42
Insurance contracts		—		30		287		—		317
Derivatives with unrealized gains		1								1
	$	84	$	75	$	287	$	82	$	528

For Kodak’s major non-U.S. defined benefit pension plans, equity investments are invested broadly in local equity, developed international and emerging markets. Fixed income investments are comprised primarily of government and investment grade corporate bonds. Real estate investments primarily include investments in limited partnerships that invest in office, industrial, and retail properties. Global Balanced Asset Allocation investments are commingled funds that hold a diversified portfolio of passive market exposures, including equities, debt, currencies and commodities. Hedge fund investments are comprised of a diversified portfolio of hedge funds using equity, debt, commodity and currency instruments. Private equity investments are comprised of limited partnerships and fund-of-fund investments that invest in distressed investments, venture capital and leveraged buyouts. Insurance contracts are typically annuities from life insurance companies covering specific pension obligations.

For investments in real estate and private equity funds, the investors do not have an option to redeem their interest in the fund. The investors in the fund receive distributions through the liquidation of the underlying investments in the fund. There are no material unfunded commitments as of December 31, 2024 and 2023.

Of the December 31, 2024 and 2023 investments shown in the major Non-U.S. plans table above, there are no material derivative exposures.

The following is a reconciliation of the beginning and ending balances of level 3 assets of Kodak’s major U.S. defined benefit pension plan:


	U.S.
			Net Realized and Unrealized Gains
					Relating to
	Balance at		Relating to		Assets		Net Purchases,			Balance at
	January 1,		Assets		Sold During the		Sales and			December 31,
(in millions)	2024		Still Held		Period		Settlements			2024
Private Equity		3		—		—		(3	)		—
Total	$	3	$	—	$	—	$	(3	)	$	—


	U.S.
			Net Realized and Unrealized Gains
					Relating to
	Balance at		Relating to		Assets		Net Purchases,		Balance at
	January 1,		Assets		Sold During the		Sales and		December 31,
(in millions)	2023		Still Held		Period		Settlements		2023
Private Equity		3		—		—		—		3
Total	$	3	$	—	$	—	$	—	$	3


	U.S.
			Net Realized and Unrealized Gains
					Relating to
	Balance at		Relating to		Assets		Net Purchases,		Balance at
	January 1,		Assets		Sold During the		Sales and		December 31,
(in millions)	2022		Still Held		Period		Settlements		2022
Private Equity		—		—		—		3		3
Total	$	—	$	—	$	—	$	3	$	3

The following is a reconciliation of the beginning and ending balances of level 3 assets of Kodak’s major non-U.S. defined benefit pension plans:


	Non - U.S.
			Net Realized and Unrealized Gains
						Relating to
	Balance at		Relating to			Assets		Net Purchases,		Balance at
	January 1,		Assets			Sold During the		Sales and		December 31,
(in millions)	2024		Still Held			Period		Settlements		2024
Insurance Contracts		287		(15	)		—		—		272
Total	$	287	$	(15	)	$	—	$	—	$	272


	Non - U.S.
			Net Realized and Unrealized Gains
						Relating to
	Balance at		Relating to			Assets		Net Purchases,		Balance at
	January 1,		Assets			Sold During the		Sales and		December 31,
(in millions)	2023		Still Held			Period		Settlements		2023
Insurance Contracts		289		(2	)		—		—		287
Total	$	289	$	(2	)	$	—	$	—	$	287


	Non - U.S.
			Net Realized and Unrealized Gains
						Relating to
	Balance at		Relating to			Assets		Net Purchases,		Balance at
	January 1,		Assets			Sold During the		Sales and		December 31,
(in millions)	2022		Still Held			Period		Settlements		2022
Insurance Contracts		342		(53	)		—		—		289
Total	$	342	$	(53	)	$	—	$	—	$	289