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Note 19 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Projected Benefit Obligations

Obligations and Funded Status:

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 December 31, 2021						Year Ended December 31, 2020
(in millions)	U.S.			Non-U.S.			U.S.			Non-U.S.
Change in Benefit Obligation
Projected benefit obligation at beginning of period	$	3,476		$	912		$	3,475		$	834
Service cost		11			3			11			3
Interest cost		47			5			86			9
Benefit payments		(318	)		(48	)		(277	)		(47	)
Actuarial (gain) loss		(86	)		21			299			39
Settlements		—			—			(121	)		—
Special termination benefits		2			—			3			—
Currency adjustments		—			(77	)		—			74
Projected benefit obligation at end of period	$	3,132		$	816		$	3,476		$	912

Change in Plan Assets
Fair value of plan assets at beginning of period	$	3,707		$	696		$	3,610		$	661
Gain on plan assets		716			32			495			20
Employer contributions		—			7			—			7
Benefit payments		(318	)		(48	)		(277	)		(47	)
Settlements		—			—			(121	)		—
Currency adjustments		—			(61	)		—			55
Fair value of plan assets at end of period	$	4,105		$	626		$	3,707		$	696

Over (under) funded status at end of period	$	973		$	(190	)	$	231		$	(216	)

Accumulated benefit obligation at end of period	$	3,130		$	800		$	3,473		$	903

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,
	2021						2020						2019
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Discount rate		2.54	%		1.48	%		2.09	%		1.01	%		2.97	%		1.44	%
Salary increase rate		1.00	%		2.39	%		3.50	%		1.56	%		3.50	%		1.72	%
Interest crediting rate for cash balance plan		2.00	%	NA				1.75	%	NA				2.50	%	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 (in millions):

	As of December 31,
	2021					2020
	U.S.		Non-U.S.			U.S.		Non-U.S.
Pension and other postretirement assets	$	973	$	36		$	231	$	16
Pension and other postretirement liabilities		—		(226	)		—		(232	)
Net amount recognized	$	973	$	(190	)	$	231	$	(216	)

Major Funded and Unfunded Defined Benefit Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets

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

`	As of December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Projected benefit obligation	$	—	$	575	$	—	$	618
Fair value of plan assets		—		349		—		386

Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets

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 (in millions):

	As of December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Accumulated benefit obligation	$	—	$	560	$	—	$	609
Fair value of plan assets		—		349		—		386

Amounts Recognized in Accumulated Other Comprehensive Income (Loss) in Shareholders' Equity For All Major Funded and Unfunded Defined Benefit Plans

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

	As of December 31,
	2021					2020
	U.S.		Non-U.S.			U.S.			Non-U.S.
Prior service credit	$	6	$	2		$	13		$	2
Net actuarial gain (loss)		445		(177	)		(220	)		(182	)
Total	$	451	$	(175	)	$	(207	)	$	(180	)

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 income (loss) are as follows (in millions):

	Year Ended December 31,
	2021						2020						2019
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Newly established gain (loss)	$	635		$	(4	)	$	—		$	(38	)	$	16		$	(30	)
Amortization of:
Prior service credit		(7	)		—			(7	)		—			(7	)		—
Net actuarial loss		30			9			15			7			—			5
Curtailment gain recognized in expense		—			—			—			—			(2	)		—
Net loss recognized in expense due to settlement		—			—			9			—			—			—
Total income (loss) recognized in Other comprehensive income	$	658		$	5		$	17		$	(31	)	$	7		$	(25	)

Pension Income From Continuing Operations For All Defined Benefit Plans

Pension Income:

Pension income for all defined benefit plans included (in millions):

	Year Ended December 31,
	2021						2020						2019
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Major defined benefit plans:
Service cost	$	11		$	3		$	11		$	3		$	10		$	3
Interest cost		47			5			86			9			122			13
Expected return on plan assets		(167	)		(15	)		(196	)		(19	)		(214	)		(22	)
Amortization of:
Prior service credit		(7	)		—			(7	)		—			(7	)		—
Actuarial loss		30			9			15			7			—			5
Pension income before special termination benefits		(86	)		2			(91	)		—			(89	)		(1	)
Special termination benefits		2			—			3			—			3			—
Curtailment gains		—			—			—			—			(2	)		—
Settlement losses		—			—			9			—			—			—
Net pension income for major defined benefit plans		(84	)		2			(79	)		—			(88	)		(1	)
Other plans including unfunded plans		—			(2	)		—			1			—			(3	)
Net pension (income), expense	$	(84	)	$	—		$	(79	)	$	1		$	(88	)	$	(4	)

Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses

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,
	2021						2020						2019
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Effective rate for service cost		2.11	%		1.17	%		2.97	%		1.48	%		4.03	%		2.47	%
Effective rate for interest cost		1.42	%		0.70	%		2.58	%		1.19	%		3.75	%		1.89	%
Salary increase rate		3.50	%		1.56	%		3.50	%		1.72	%		3.50	%		2.06	%
Expected long-term rate of return on plan assets		5.20	%		2.56	%		6.00	%		3.27	%		6.50	%		3.46	%
Interest crediting rate for cash balance plan		1.75	%	NA				2.50	%	NA				2.50	%	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,
	2021			2020			2021 Target
Asset Category
Equity securities		5	%		7	%	2-8%
Debt securities		11	%		12	%	9-15%
Real estate		1	%		1	%	0%
Cash and cash equivalents		5	%		5	%	0-10%
Global balanced asset allocation funds		8	%		14	%	5-11%
Private equity		26	%		21	%	15-21%
Hedge funds ⁽¹⁾		44	%		40	%	49-61%
Total		100	%		100	%

⁽¹⁾

^{The 2021 target for hedge funds includes a policy allocation to U.S. government bonds that is obtained via treasury futures contracts.}

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,
	2021			2020			2021 Target
Asset Category
Equity securities		6	%		5	%	0-10%
Debt securities		17	%		26	%	10-20%
Real estate		2	%		2	%	0-5%
Cash and cash equivalents		2	%		2	%	0-5%
Global balanced asset allocation funds		0	%		6	%	0%
Hedge Funds		5	%		7	%	0-10%
Private equity		7	%		4	%	0-10%
Insurance contracts		61	%		48	%	25-75%
Total		100	%		100	%

Fair Value Measurement of Plan Assets

U.S. Plan

December 31, 2021

	U.S.
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at NAV		Total
Cash and cash equivalents	$	202	$	—	$	—	$	—	$	202

Global equity securities funds		—		—		—		201		201

Debt Securities:
Investment grade bonds		—		440		—		—		440

Real estate		—		—		—		36		36

Global balanced asset allocation funds		—		—		—		327		327

Other:
Hedge funds		—		6		—		1,801		1,807
Private Equity		—		—				1,082		1,082
Derivatives with unrealized gains		10		—		—		—		10
	$	212	$	446	$	—	$	3,447	$	4,105

U.S. Plan

December 31, 2020

	U.S.
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at NAV		Total
Cash and cash equivalents	$	197		$	—	$	—	$	—	$	197

Global equity securities funds		—			—		—		254		254

Debt Securities:
Investment grade bonds		—			446		—		—		446

Real estate		—			—		—		37		37

Global balanced asset allocation funds		—			—		—		514		514

Other:
Hedge funds		—			5		—		1,485		1,490
Private Equity		—			—		5		768		773
Derivatives with unrealized gains		3			—		—		—		3
Derivatives with unrealized losses		(7	)		—		—		—		(7	)
	$	193		$	451	$	5	$	3,058	$	3,707

Major Non-U.S. Plans

December 31, 2021

	Non - U.S.
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at NAV		Total
Cash and cash equivalents	$	13	$	—	$	—	$	—	$	13

Equity securities		38		—		—		—		38

Debt securities:
Investment grade bonds		49		56		—		—		105
Global high yield & emerging market debt		2		—		—		—		2

Real estate		—		—		—		12		12

Other:
Hedge Funds		—		—		—		32		32
Private equity		—		—		—		42		42
Insurance contracts		—		40		342		—		382
	$	102	$	96	$	342	$	86	$	626

Major Non-U.S. Plans

December 31, 2020

	Non - U.S.
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at NAV		Total
Cash and cash equivalents	$	10	$	—	$	—	$	7	$	17

Equity securities		36		—		—		—		36

Debt securities:
Investment grade bonds		87		90		—		—		177
Global high yield & emerging market debt		2		—		—		—		2

Real estate		—		—		—		12		12

Global balanced asset allocation funds		—		—		—		38		38

Other:
Hedge funds		—		—		—		48		48
Private equity		—		—		—		30		30
Insurance contracts		—		45		291		—		336
	$	135	$	135	$	291	$	135	$	696

Summary of Fair Value, Unfunded Commitments and Redemption Provisions for U.S. Defined Pension Plan's Investments Value at NAV

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, 2021
(in millions):	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Global equity securities fund	$	201	$	—	Monthly, Quarterly	6-90 days
Real estate		36		—	N/A	N/A
Global balanced asset allocation funds		327		—	Monthly	6-15 days
Private equity		1,082		262	N/A	N/A
Hedge Funds		1,801		26	Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual	5-365 days
Total	$	3,447	$	288

Investments Valued at NAV at December 31, 2020
(in millions):	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Global equity securities fund	$	254	$	—	Monthly, Quarterly	6-90 days
Real estate		37		—	N/A	N/A
Global balanced asset allocation funds		514		—	Monthly	6-15 days
Private equity		768		268	N/A	N/A
Hedge Funds		1,485		—	Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual	5-365 days
Total	$	3,058	$	268

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. and non-U.S. defined benefit pension plans:

	U.S.
			Net Realized and Unrealized Gains
(in millions)	Balance at January 1, 2021		Relating to Assets Still Held			Relating to Assets Sold During the Period		Net Purchases, Sales and Settlements			Balance at December 31, 2021
Private Equity		5		(5	)		—		—			—
Total	$	5	$	(5	)	$	—	$	—		$	—

	U.S.
			Net Realized and Unrealized Gains
(in millions)	Balance at January 1, 2020		Relating to Assets Still Held			Relating to Assets Sold During the Period		Net Purchases, Sales and Settlements			Balance at December 31, 2020
Private Equity		7		(2	)		—		—			5
Total	$	7	$	(2	)	$	—	$	—		$	5

	U.S.
			Net Realized and Unrealized Gains
(in millions)	Balance at January 1, 2019		Relating to Assets Still Held			Relating to Assets Sold During the Period		Net Purchases, Sales and Settlements			Balance at December 31, 2019
Private Equity		6		2			—		(1	)		7
Total	$	6	$	2		$	—	$	(1	)	$	7

	Non - U.S.
			Net Realized and Unrealized Gains
	Balance at January 1, 2021 ⁽¹⁾		Relating to Assets Still Held			Relating to Assets Sold During the Period		Net Purchases, Sales and Settlements		Balance at December 31, 2021
Insurance Contracts		291		(37	)		—		88		342
Total	$	291	$	(37	)	$	—	$	88	$	342

	Non - U.S.
			Net Realized and Unrealized Gains
	Balance at January 1, 2020		Relating to Assets Still Held			Relating to Assets Sold During the Period		Net Purchases, Sales and Settlements		Balance at December 31, 2020
Insurance Contracts		273		18			—		—		291
Total	$	273	$	18		$	—	$	—	$	291

⁽¹⁾

^{During 2020 the Company reclassified certain investments from Level 2 to Level 3.}

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.
2022	$	285	$	47
2023		270		46
2024		259		45
2025		247		45
2026		234		44
2027 - 2031		994		202

Hedge Funds [Member]

Defined Benefit Plan Disclosure [Line Items]

Summary of Fair Value, Unfunded Commitments and Redemption Provisions for U.S. Defined Pension Plan's Investments Value at NAV

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

U.S. Plan:

December 31, 2021

(in millions)	Net Asset Value		Redemption Frequency	Redemption Notice Period
Multi-strategy hedge funds	$	653	Monthly, Quarterly	15-90 days
Relative value hedge funds		354	Bi-monthly, Quarterly	6-365 days
Directional hedge funds		260	Bi-monthly, Quarterly	5-30 days
Equity long/short hedge funds		225	Quarterly	45-90 days
Sector specialist hedge funds		107	Quarterly	90 days
Long-biased hedge funds		138	Quarterly, Annually	60-75 days
Event driven hedge funds		64	Quarterly	90 days
	$	1,801

December 31, 2020

(in millions)	Net Asset Value		Redemption Frequency	Redemption Notice Period
Multi-strategy hedge funds	$	530	Monthly, Quarterly	15-90 days
Relative value hedge funds		312	Bi-monthly, Quarterly	6-365 days
Directional hedge funds		222	Bi-monthly, Quarterly	5-30 days
Equity long/short hedge funds		207	Quarterly	45-90 days
Long-biased hedge funds		121	Quarterly, Annually	60-75 days
Event driven hedge funds		93	Quarterly	90 days
	$	1,485