Note 19 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Components of the Pension Obligation

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

Weighted-average Assumptions Used to Determine Benefit Obligation Amounts

The weighted-average assumptions used to determine the benefit obligation amounts for all major funded and unfunded U.S. and Non-U.S. defined benefit plans were as follows:

	As of December 31,
	2024						2023						2022
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Discount rate		5.45	%		3.49	%		4.92	%		3.47	%		5.13	%		3.93	%
Salary increase rate		1.00	%		2.29	%		1.50	%		2.06	%		1.00	%		2.71	%
Interest crediting rate for cash balance plan		4.75	%	NA				4.00	%	NA				4.00	%	NA

Amounts Recognized in Consolidated Statement of Financial Position

Amounts recognized in the Consolidated Statement of Financial Position for all major funded and unfunded U.S. and Non-U.S. defined benefit plans are as follows:

	As of December 31,
	2024					2023
(in millions)	U.S.		Non-U.S.			U.S.		Non-U.S.
Pension and other postretirement assets	$	944	$	32		$	1,160	$	42
Pension and other postretirement liabilities		—		(84	)		—		(102	)
Net amount recognized	$	944	$	(52	)	$	1,160	$	(60	)

PBO in Excess of Plan Assets

Information with respect to the major funded and unfunded U.S. and Non-U.S. defined benefit plans with a PBO in excess of the fair value of plan assets is as follows:

	As of December 31,
	2024				2023
(in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Projected benefit obligation	$	—	$	194	$	—	$	406
Fair value of plan assets		—		110		—		304

Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation

Information with respect to the major funded and unfunded U.S. and Non-U.S. defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets is as follows:

	As of December 31,
	2024				2023
(in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Accumulated benefit obligation	$	—	$	187	$	—	$	397
Fair value of plan assets		—		110		—		304

Amounts Recognized in Accumulated Other Comprehensive (Loss) Income

Amounts recognized in accumulated other comprehensive (loss) income in shareholders’ equity for all major funded and unfunded U.S. and Non-U.S. defined benefit plans consist of:

	As of December 31,
	2024						2023
(in millions)	U.S.			Non-U.S.			U.S.			Non-U.S.
Prior service (cost) credit	$	(33	)	$	1		$	(45	)	$	2
Net actuarial gain (loss)		71			(52	)		449			(52	)
Total	$	38		$	(51	)	$	404		$	(50	)

Changes in Major Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)

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

Pension Income From Continuing Operations For All Defined Benefit Plans

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

Weighted-average Assumptions Used to Determine Net Pension

he 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

Weighted-average Asset Allocation By Assets Category

The Company’s weighted-average asset allocations for its major U.S. defined benefit pension plan by asset category, are as follows:

	As of December 31,
	2024			2023			2024 Target
Asset Category
Debt securities		42	%		20	%	62-82%
Real estate		0	%		0	%	0%
Cash and cash equivalents		31	%		5	%	0-10%
Private equity		5	%		31	%	0-35%
Hedge funds		22	%		44	%	0%
Total		100	%		100	%

Kodak’s weighted-average asset allocations for its major Non-U.S. defined benefit pension plans by asset category, are as follows:

	As of December 31,
	2024			2023			2024 Target
Asset Category
Equity securities		6	%		6	%	0-10%
Debt securities		17	%		16	%	15-25%
Real estate		2	%		2	%	0-5%
Cash and cash equivalents		9	%		2	%	0-5%
Hedge Funds		0	%		6	%	0%
Private equity		6	%		8	%	0-10%
Insurance contracts		60	%		60	%	25-75%
Total		100	%		100	%

Fair Value Measurement of Plan Assets

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

Assets not utilizing the NAV per share expedient are valued as follows:

(1)Cash and cash equivalents are primarily held in short term investment funds and are used for benefit and fee payments, as well as for margin and liquidity requirements associated with the U.S. Plan’s derivative instrument contracts.

(2)Debt securities are valued using a market-based pricing model that utilizes standard valuation techniques that maximize the use of relevant observable inputs, including market prices for similar assets.

(3)Net receivables as of December 31, 2024 and 2023 represent amounts associated with redemption of hedge funds net of payables for purchases of investments. As of December 31, 2024, Net receivables also included $16 million of proceeds associated with the sale of KRIP Illiquid Assets.

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

Summary of Total Fair Value, Unfunded Commitments and Redemption Provisions for U.S. Defined Benefit Pension

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

Reconciliation of Beginning and Ending Balances of Assets Measured With Significant Unobservable Inputs

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

Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans

The following pension benefit payments, which reflect expected future service, are expected to be paid:

(in millions)	U.S.		Non-U.S.
2025	$	253	$	40
2026		242		39
2027		232		38
2028		221		37
2029		210		36
2030 - 2034		894		163

Hedge Funds [Member]

Retirement Benefits [Abstract]

Summary of Total Fair Value, Unfunded Commitments and Redemption Provisions for U.S. Defined Benefit Pension

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