Note 20 - Other Postretirement Benefits

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Other Postretirement Benefits

NOTE 20: OTHER POSTRETIREMENT BENEFITS

In Canada, Kodak provides medical, dental, life insurance, and survivor income benefits to eligible retirees. The plan is closed to new participants. Information on the Canada other postretirement benefit plan is presented below.

The measurement date used to determine the net benefit obligation for the Canada other postretirement benefit plan is December 31.

Changes in Kodak’s benefit obligation and funded status were as follows:

	Year Ended December 31,
(in millions)	2024			2023
Net benefit obligation at beginning of period	$	43		$	43
Interest cost		1			2
Actuarial loss		1			—
Benefit payments		(2	)		(2	)
Net benefit obligation at end of period	$	43		$	43
Underfunded status at end of period		(43	)		(43	)

Amounts recognized in the Consolidated Statement of Financial Position consist of:

	As of December 31,
(in millions)	2024		2023
Other current liabilities	$	3	$	3
Pension and other postretirement liabilities		40		40
	$	43	$	43

Amounts recognized in Accumulated other comprehensive (loss) income consist of:

	As of December 31,
(in millions)	2024		2023
Net actuarial gain	$	8	$	10

Changes in benefit obligations recognized in Other comprehensive (loss) income consist of:

	Year Ended December 31,
(in millions)	2024			2023
Newly established loss	$	(1	)	$	—
Amortization of:
Net actuarial gain		(1	)		(1	)
Total loss recognized in Other comprehensive (loss) income	$	(2	)	$	(1	)

Other postretirement benefit cost included:

	Year Ended December 31,
(in millions)	2024			2023			2022
Components of net postretirement benefit cost:
Service cost	$	—		$	—		$	—
Interest cost		1			2			1
Amortization of:
Actuarial gain		(1	)		(1	)		—
Other postretirement benefit cost from continuing operations	$	—		$	1		$	1

The weighted-average assumptions used to determine the net benefit obligations were as follows:

	As of December 31,
	2024			2023
Discount rate		4.51	%		4.64	%
Salary increase rate		1.90	%		1.85	%

The weighted-average assumptions used to determine the net postretirement benefit cost were as follows:

	Year Ended December 31,
	2024			2023			2022
Effective rate for interest cost		4.67	%		5.13	%		2.53	%
Salary increase rate		1.85	%		2.10	%		1.85	%

The weighted-average assumed healthcare cost trend rates used to compute the other postretirement amounts were as follows:

	2024			2023
Healthcare cost trend		6.24	%		5.73	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		3.47	%		3.32	%
Year that the rate reaches the ultimate trend rate		2038			2040

The following other postretirement benefits, which reflect expected future service, are expected to be paid:

(in millions)
2025	$	2
2026		2
2027		2
2028		2
2029		2
2030 - 2034		11