Note 13 - Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Derivatives Not Designated as Hedging Instruments

The net effect of foreign currency forward contracts in the results of operations is shown in the following table:

	Year Ended December 31,
(in millions)	2021			2020			2019
Net (gain) loss from derivatives not designated as hedging    instruments	$	(1	)	$	(11	)	$	4

Derivative Liability Key Inputs in Determination of Fair Value for Embedded Conversion Features

The following tables present the key inputs in the determination of fair value for the embedded conversion features:

2021 Convertible Notes:

	Valuation Date
	December 31,			February 26,
	2021			2021
Total value of embedded derivative liability (in millions)	$	4		$	12
Kodak's closing stock price	$	4.68		$	8.62
Expected stock price volatility		36.00	%		70.00	%
Risk free rate		1.17	%		0.80	%
Implied credit spread on the 2021 Convertible Notes		18.89	%		18.25	%

Series B Preferred Stock:

	Valuation Date
	December 31,			February 26,
	2021			2021
Total value of embedded derivative liability (in millions)	$	1		$	1
Kodak's closing stock price	$	4.68		$	8.62
Expected stock price volatility		36.00	%		70.00	%
Risk free rate		1.17	%		0.80	%
Implied credit spread on the Series B Preferred Stock		19.39	%		19.75	%

Series C Preferred Stock:

	Valuation Date
	December 31,			March 30,			February 26,
	2021			2021			2021
				(Inception - Final Sale)			(Inception - Initial Sale)
Total value of embedded derivative liability (in millions)	$	2		$	1		$	1
Kodak's closing stock price	$	4.68		$	8.05		$	8.62
Expected stock price volatility		36.00	%		70.00	%		70.00	%
Risk free rate		1.17	%		0.94	%		0.80	%
Implied credit spread on the Series C Preferred Stock		21.39	%		21.75	%		21.75	%

Series A Preferred Stock:

	Valuation Date
	February 26, 2021			December 31, 2020
Total value of embedded derivative liability (in millions)	$	11		$	9
Kodak's closing stock price		8.62			8.14
Expected stock price volatility		137.53	%		133.44	%
Risk free rate		0.07	%		0.10	%
Yield on the Series A Preferred Stock		14.02	%		11.97	%

2019 Convertible Notes:

	Valuation Date
	September 30,			August 3,
	2020			2020
Total value of embedded derivative liability immediately    prior to extinguishment (in millions)	$	9		$	429
Value of embedded derivative liability that expired (in millions)	$	9		$	416
Value of remaining embedded derivative liability (in millions)	$	—		$	13
Kodak's closing stock price (1)		8.82			16.91
Risk free rate		0.12	%		0.12	%
Implied credit spread on the 2019 Convertible Notes		8.93	%		9.47	%

^{(1) The closing stock price was used for the September 30, 2020 valuation.  The weighted average stock price based on the time of day the shares were transferred was used for the August 3, 2020 valuation.}