Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 08, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EASTMAN KODAK COMPANY | ||
Entity Central Index Key | 0000031235 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 548 | ||
Entity Common Stock Shares Outstanding | 78,739,304 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | KODK | ||
Security Exchange Name | NYSE | ||
ICFR Auditor Attestation Flag | true | ||
Entity File Number | 1-00087 | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 16-0417150 | ||
Entity Address, Address Line One | 343 STATE STREET | ||
Entity Address, City or Town | ROCHESTER | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14650 | ||
City Area Code | 585 | ||
Local Phone Number | 724-4000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young | ||
Auditor Location | Rochester, New York, USA | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total net revenues | [1] | $ 1,150 | $ 1,029 | $ 1,242 |
Total cost of revenues | 986 | 894 | 1,060 | |
Gross profit | 164 | 135 | 182 | |
Selling, general and administrative expenses | 177 | 172 | 211 | |
Research and development costs | 33 | 34 | 42 | |
Restructuring costs and other | 6 | 17 | 16 | |
Other operating (income) expense, net | (6) | (14) | 15 | |
Loss from continuing operations before interest expense, pension income excluding service cost component, loss on early extinguishment of debt, other (income) charges, net and income taxes | (46) | (74) | (102) | |
Interest expense | 33 | 12 | 16 | |
Pension income excluding service cost component | (102) | (98) | (104) | |
Loss on early extinguishment of debt | 2 | |||
Other (income) charges, net | (5) | 386 | 46 | |
Earnings (loss) from continuing operations before income taxes | 28 | (376) | (60) | |
Provision for income taxes | 4 | 168 | 31 | |
Earnings (loss) from continuing operations | 24 | (544) | (91) | |
Earnings from discontinued operations, net of income taxes | 3 | 207 | ||
NET EARNINGS (LOSS) | $ 24 | $ (541) | $ 116 | |
Basic earnings (loss) per share attributable to Eastman Kodak Company common shareholders: | ||||
Continuing operations | $ 0.28 | $ (9.83) | $ (2.58) | |
Discontinued operations | 0 | 0.06 | 4.81 | |
Total | 0.28 | (9.77) | 2.23 | |
Diluted earnings (loss) per share attributable to Eastman Kodak Company common shareholders: | ||||
Continuing operations | 0.27 | (9.83) | (2.58) | |
Discontinued operations | 0 | 0.06 | 4.81 | |
Total | $ 0.27 | $ (9.77) | $ 2.23 | |
Number of common shares used in basic and diluted earnings (loss) per share | ||||
Basic | 78.4 | 57.4 | 43 | |
Diluted | 80.5 | 57.4 | 43 | |
Product [Member] | ||||
Total net revenues | $ 925 | $ 806 | $ 979 | |
Total cost of revenues | 830 | 743 | 877 | |
Service [Member] | ||||
Total net revenues | 225 | 223 | 263 | |
Total cost of revenues | $ 156 | $ 151 | $ 183 | |
[1] |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET EARNINGS (LOSS) | $ 24 | $ (541) | $ 116 |
Other comprehensive loss, net: | |||
Currency translation adjustments and other | 6 | (16) | 6 |
Pension and other postretirement benefit plan obligation activity, net of tax | 661 | (13) | (12) |
Other comprehensive loss, net attributable to Eastman Kodak Company | 667 | (29) | (6) |
COMPREHENSIVE INCOME (LOSS), NET | $ 691 | $ (570) | $ 110 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 362 | $ 196 | |
Trade receivables, net of allowances of $7 and $10 | 175 | 177 | |
Inventories, net | 219 | 206 | |
Other current assets | 49 | 46 | |
Current assets held for sale | 2 | 2 | |
Total current assets | 807 | 627 | |
Property, plant and equipment, net | [1] | 140 | 152 |
Goodwill | 12 | 12 | |
Intangible assets, net | 34 | 39 | |
Operating lease right-of-use assets | 47 | 48 | |
Restricted cash | 54 | 53 | |
Pension and other postretirement assets | 1,022 | 262 | |
Other long-term assets | 55 | 55 | |
TOTAL ASSETS | 2,171 | 1,248 | |
LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY | |||
Accounts payable, trade | 153 | 118 | |
Short-term borrowings and current portion of long-term debt | 1 | 2 | |
Current portion of operating leases | 13 | 12 | |
Other current liabilities | 142 | 164 | |
Total current liabilities | 309 | 296 | |
Long-term debt, net of current portion | 253 | 17 | |
Pension and other postretirement liabilities | 382 | 406 | |
Operating leases, net of current portion | 45 | 49 | |
Other long-term liabilities | 205 | 212 | |
Total liabilities | 1,194 | 980 | |
Commitments and contingencies (Note 11) | |||
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference | 196 | 191 | |
Equity | |||
Common stock, $0.01 par value | |||
Additional paid in capital | 1,166 | 1,152 | |
Treasury stock, at cost | (10) | (9) | |
Accumulated deficit | (596) | (620) | |
Accumulated other comprehensive income (loss) | 221 | (446) | |
Total equity | 781 | 77 | |
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY | $ 2,171 | $ 1,248 | |
[1] | Long-lived assets are comprised of property, plant and equipment, net. |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Position (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for trade receivables | $ 7 | $ 10 |
Common stock, par value | $ 0.01 | $ 0.01 |
Convertible Preferred Stock [Member] | ||
Preferred stock, no par value | 0 | 0 |
Preferred stock, liquidation preference per share | $ 100 | $ 100 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Deficit) - USD ($) $ in Millions | Total | Cumulative Effect of Adoption of New Lease Accounting Guidance [Member] | Series A [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Cumulative Effect of Adoption of New Lease Accounting Guidance [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member]Series A [Member] | Series B Redeemable Convertible Preferred Stock | Series C Redeemable Convertible Preferred Stock | ||
Equity (deficit) at Dec. 31, 2018 | $ (3) | $ 5 | $ 617 | $ (200) | $ 5 | $ (411) | $ (9) | ||||||||
Equity (deficit) at Dec. 31, 2018 | [1] | $ 173 | |||||||||||||
Net earnings (loss) | 116 | 116 | |||||||||||||
Currency translation adjustments | 6 | 6 | |||||||||||||
Pension and other postretirement liability adjustments | (12) | (12) | |||||||||||||
Series A Preferred Stock cash dividends | (11) | (11) | |||||||||||||
Preferred stock deemed dividends | (9) | (9) | |||||||||||||
Redeemable preferred stock deemed dividends | [1] | 9 | |||||||||||||
Stock-based compensation | 7 | 7 | |||||||||||||
Equity (deficit) at Dec. 31, 2019 | 99 | 604 | (79) | (417) | (9) | ||||||||||
Equity (deficit) at Dec. 31, 2019 | [1] | 182 | |||||||||||||
Net earnings (loss) | (541) | (541) | |||||||||||||
Currency translation adjustments | (16) | (16) | |||||||||||||
Pension and other postretirement liability adjustments | (13) | (13) | |||||||||||||
Preferred stock cash and accrued dividends | $ (11) | $ (11) | |||||||||||||
Series A Preferred Stock cash dividends | (11) | ||||||||||||||
Preferred stock deemed dividends | (9) | $ (9) | $ (9) | ||||||||||||
Redeemable preferred stock deemed dividends | [1] | $ 9 | |||||||||||||
Conversion of 2019 Convertible Notes | 520 | 520 | |||||||||||||
Stock option exercises | 29 | 29 | |||||||||||||
Stock-based compensation | 19 | 19 | |||||||||||||
Equity (deficit) at Dec. 31, 2020 | 77 | 1,152 | (620) | (446) | (9) | ||||||||||
Equity (deficit) at Dec. 31, 2020 | 191 | 191 | [1] | ||||||||||||
Net earnings (loss) | 24 | 24 | |||||||||||||
Currency translation adjustments | 6 | 6 | |||||||||||||
Pension and other postretirement liability adjustments | 661 | 661 | |||||||||||||
Repurchase of Redeemable Convertible Preferred Stock | [1] | (100) | |||||||||||||
Exchange of Series A Preferred Stock | 92 | 92 | (92) | [1] | |||||||||||
Expiration of Series A embedded derivative | 11 | 11 | |||||||||||||
Issuance of convertible, redeemable preferred stock | $ 93 | $ 97 | |||||||||||||
Issuance of convertible, redeemableSeries B Preferred Stock, net | (95) | (95) | |||||||||||||
Issuance of common stock | 10 | 10 | |||||||||||||
Preferred stock cash and accrued dividends | (4) | (4) | |||||||||||||
Series A Preferred Stock cash dividends | (4) | ||||||||||||||
Preferred stock deemed dividends | (3) | (3) | |||||||||||||
Redeemable preferred stock deemed dividends | [1] | 3 | |||||||||||||
Preferred stock in-kind dividends | (4) | (4) | |||||||||||||
Redeemable preferred stock in-kind dividends | [1] | 4 | |||||||||||||
Treasury stock purchases | (1) | (1) | |||||||||||||
Stock-based compensation | 7 | 7 | |||||||||||||
Equity (deficit) at Dec. 31, 2021 | 781 | $ 1,166 | $ (596) | $ 221 | $ (10) | ||||||||||
Equity (deficit) at Dec. 31, 2021 | $ 196 | $ 196 | [1] | ||||||||||||
[1] | There are 60 million shares of no par value preferred stock authorized, 2 million of which are issued and outstanding. |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Deficit) (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Stockholders Equity [Abstract] | |||
Preferred stock, Shares Authorized | 60,000,000 | 60,000,000 | 60,000,000 |
Preferred stock, No Par Value | $ 0 | $ 0 | $ 0 |
Preferred stock, shares issued | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | 2,000,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Cash flows from operating activities: | ||||||
Net earnings (loss) | $ 24 | $ (541) | $ 116 | |||
Adjustments to reconcile to net cash (used in) provided by operating activities: | ||||||
Depreciation and amortization | 31 | 37 | 55 | |||
Pension and other postretirement income | (83) | (77) | (91) | |||
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives | [1] | (7) | 382 | 42 | ||
Asset impairments | [2],[3] | 3 | 6 | |||
Stock based compensation | 7 | 15 | 7 | |||
Non-cash changes in workers' compensation and postemployment reserves | (4) | 4 | 3 | |||
Net losses (gains) on sales of businesses/assets | 1 | (10) | (201) | |||
Loss on early extinguishment of debt | 2 | |||||
(Benefit) provision for deferred income taxes | (1) | 160 | 21 | |||
(Increase) decrease in trade receivables | (5) | 33 | 21 | |||
(Increase) decrease in inventories | (19) | 12 | 11 | |||
Increase (decrease) in trade accounts payable | 38 | (36) | 25 | |||
Decrease in liabilities excluding borrowings | (29) | (26) | (10) | |||
Other items, net | 7 | 7 | ||||
Total adjustments | (71) | 506 | (104) | |||
Net cash (used in) provided by operating activities | (47) | (35) | 12 | |||
Cash flows from investing activities: | ||||||
Additions to properties | (21) | (17) | (15) | |||
Net proceeds from sales of businesses/assets, net | 1 | 2 | 326 | |||
Net proceeds from return of equity investment | 2 | |||||
Net cash (used in) provided by investing activities | (20) | (13) | 311 | |||
Cash flows from financing activities: | ||||||
Net proceeds from the Term Loan Credit Agreement | 215 | |||||
Proceeds from issuance of Convertible Notes | 25 | 98 | ||||
Net proceeds from Series C Preferred Stock | 99 | |||||
Net proceeds from the sale of common stock | 10 | |||||
Repurchase of Series A Preferred Stock | (100) | |||||
Debt issuance costs | (2) | |||||
Repayment of emergence credit facilities | (395) | |||||
Proceeds from other borrowings | 14 | |||||
Proceeds from stock option exercises | 33 | |||||
Preferred stock dividend payments | (7) | (22) | (3) | |||
Treasury stock purchases | (1) | |||||
Payment of contingent consideration related to the sale of a business | (10) | |||||
Repayment of other borrowings | (1) | |||||
Finance lease payments | (1) | (1) | (2) | |||
Net cash provided by (used in) financing activities | 238 | 10 | (298) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | 4 | (2) | |||
Net increase (decrease) in cash, cash equivalents, restricted cash and cash in assets held for sale | 167 | (34) | 23 | |||
Cash, cash equivalents, restricted cash and cash in assets held for sale, beginning of period | 256 | [4] | 290 | [4] | 267 | |
Cash, cash equivalents and restricted cash, end of period | [4] | 423 | 256 | 290 | ||
Cash paid for interest and income taxes was: | ||||||
Interest | 14 | 8 | 21 | |||
Income taxes (net of refunds) | $ 2 | $ 8 | $ 17 | |||
[1] | Refer to Note 13, “Financial Instruments”. | |||||
[2] | ||||||
[3] | In the fourth quarter of 2019, Kodak determined the carrying value of one building no longer in use exceeded its fair value and recorded an impairment charge of $2 million. | |||||
[4] |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | NOTE 1: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ACCOUNTING PRINCIPLES The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The following is a description of the significant accounting policies of Kodak. BASIS OF CONSOLIDATION The consolidated financial statements include the accounts of EKC and all companies directly or indirectly controlled by EKC, either through majority ownership or otherwise. Kodak consolidates variable interest entities if Kodak has a controlling financial interest and is determined to be the primary beneficiary of the entity. RECLASSIFICATIONS Certain amounts for prior periods have been reclassified to conform to the current period classification in the disaggregated revenue information for the Advanced Materials and Chemicals segment and Brand segment in Note 17, “Revenue” and the classification of hedge funds included in the U.S. pension plan table of assets in Note 19, “Retirement Plans”. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at year end and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. FOREIGN CURRENCY For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: assets and liabilities at year-end exchange rates; revenue, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rates. For those subsidiaries for which the local currency is the functional currency, the resulting translation adjustment is recorded as a component of Accumulated other comprehensive loss in the accompanying Consolidated Statement of Financial Position. For certain other subsidiaries and branches outside the U.S., operations are conducted primarily in U.S. dollars, which is therefore the functional currency. Monetary assets and liabilities of these foreign subsidiaries and branches, which are recorded in local currency, are remeasured at year-end exchange rates, while the related revenue, expense, and gain and loss accounts, which are recorded in local currency, are remeasured at average exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, and gain and loss accounts, are remeasured at historical exchange rates. Adjustments that result from the remeasurement of the assets and liabilities of these subsidiaries are included in Other (income) charges, net in the accompanying Consolidated Statement of Operations. The effects of foreign currency transactions, including related hedging activities, are included in Other (income) charges, net, in the accompanying Consolidated Statement of Operations. CASH EQUIVALENTS All highly liquid investments with a remaining maturity of three months or less at date of purchase are considered to be cash equivalents. INVENTORIES Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined by the average cost method, which approximates current cost. Kodak provides inventory reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at cost, net of accumulated depreciation. Kodak capitalizes additions and improvements while maintenance and repairs are charged to expense as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to Other operating (income) expense, net in the Consolidated Statement of Operations. Kodak calculates depreciation expense using the straight-line method over the assets’ estimated useful lives, which are as follows: Estimated Useful Lives Buildings and building improvements 5-40 Land improvements 4-20 Leasehold improvements 3-20 Equipment 3-20 Tooling 1-3 Furniture and fixtures 5-10 Kodak depreciates leasehold improvements over the shorter of the lease term or the assets’ estimated useful life. GOODWILL Goodwill is not amortized but is required to be assessed for impairment at least annually and whenever events or changes in circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying amount. When testing goodwill for impairment, Kodak may assess qualitative factors for some or all of its reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If Kodak determines based on this qualitative test of impairment that it is more likely than not that a reporting unit’s fair value is less than its carrying amount or elects to bypass the qualitative assessment for some or all of its reporting units, then a quantitative goodwill impairment test is performed. The amount of goodwill impairment, if any, is calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Refer to Note 5, “Goodwill and Other Intangible Assets”. WORKERS’ COMPENSATION Kodak self-insures and participates in high-deductible insurance programs with retention and per occurrence deductible levels for claims related to workers’ compensation. The estimated liability for workers’ compensation is based on actuarially estimated, discounted cost of claims, including claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and the amounts are adjusted based on actual claim experience, settlements, claim development trends, changes in state regulations and judicial interpretations. Refer to Note 6, “Other Current Liabilities” and Note 7, “Other Long-Term Liabilities” for the estimated liabilities. Amounts recoverable from insurance companies or third parties are estimated using historical experience and estimates of future recoveries. Estimated recoveries are not offset against the related accrual. The amount recorded for the estimated recoveries at December 31, 2021 and 2020 was $20 million and $21 million, respectively, of which $18 million is reported in Other long-term assets in the Consolidated Statement of Financial Position each year. The remaining $2 million and $3 million, respectively, is reported in Other current assets in the Consolidated Statement of Financial Position. LEASES Kodak as lessee Kodak determines if an arrangement is a lease at inception. The primary criteria used to classify transactions as operating or finance leases are: (1) whether the ownership transfers at the end of the lease, (2) whether the lease term is equal to or greater than 75% of the economic life of the asset, and (3) whether the present value of the minimum lease payments is equal to or greater than 90% of the fair value of the asset at inception of the lease. Kodak does not have leases that include assets of a specialized nature, generally does not provide residual value guarantees or have any leases for which the exercise of end-of-lease purchase options is reasonably assured at lease inception. Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the operating lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The ROU assets are adjusted for prepayments and lease incentives. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Lease agreements may include options to extend or terminate the lease at Kodak’s discretion, which are included in the determination of the lease term when they are reasonably certain to be exercised. Kodak’s lease agreements are primarily for real estate space and vehicles. Arrangements for goods and services are assessed to determine if the arrangement contains a lease at its inception. Operating leases are included within Operating lease right-of-use assets, Current portion of operating leases and Operating leases, net of current portion in the Consolidated Statement of Financial Position. Finance leases are included in Property, plant and equipment, net, Short-term borrowings and current portion of long-term debt and Long-term debt, net of current portion in the Consolidated Statement of Financial Position. When available, the rate implicit in the lease is used to discount lease payments to present value; however, many leases do not provide a readily determinable implicit rate. Therefore, Kodak applies its incremental borrowing rate to discount the lease payments at lease commencement. The incremental borrowing rate is the rate of interest that EKC would have to pay to borrow, on a collateralized basis, over a similar term. Renewal options and/or termination options are factored into the determination of lease payments if considered probable. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. The lease agreements have both lease and non-lease components. Kodak does not separate lease and non-lease components of contracts for real estate leases but does separate lease and non-lease components for equipment leases. Kodak as Lessor Kodak places its own equipment at customer sites under sales-type and operating lease arrangements. Arrangements classified as sales-type leases with revenue recognition at inception generally transfer title to the equipment by the end of the lease term or have a lease term that is for a major part of the remaining economic life of the equipment; and collectability is considered probable. Leases meeting the sales-type lease criteria with variable lease payments that do not depend upon a reference rate or index are classified as operating leases if they would otherwise result in a day-one loss. If the arrangement meets the criteria for a sales-type lease but collectability is not considered probable, Kodak will not derecognize the asset and will record all payments received as a liability until the earlier of collectability becoming probable or the termination of the lease. Arrangements that do not meet the sales-type lease criteria are classified as operating leases with revenue recognized over the term. Contracts with customers may include multiple performance obligations including equipment, optional software licenses and service agreements. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Equipment subject to operating leases is included in Property, plant and equipment, net in the Consolidated Statement of Financial Position and is depreciated to estimated residual value over its expected useful life. Equipment operating lease terms and depreciable lives generally vary from 3 to 7 years. The Eastman Business Park segment’s core operations are to lease real estate. Kodak also leases underutilized portions of other real estate properties to third parties under both operating lease and sublease agreements. Payments received under operating lease agreements as part of the Eastman Business Park segment are recognized on a straight-line basis over the term and are reported in Revenues in the Consolidated Statement of Operations. Payments received under lease and sublease agreements for underutilized space are recognized on a straight-line basis and reported as cost reductions in Cost of revenues, SG&A expenses, R&D costs and Other charges, net. Renewal options and/or termination options are factored into the determination of lease payments if considered probable. Kodak does not separate lease and non-lease components of contracts for real estate leases but does separate lease and non-lease components for equipment leases. REVENUE Kodak’s revenue transactions include sales of products (such as components and consumables for use in Kodak and other manufacturers’ equipment, film-based products and specialty materials and chemicals), equipment, software, services, integrated solutions, intellectual property and brand licensing, and real estate management activities. Revenue from services includes extended warranty, customer support and maintenance agreements, consulting, training and education. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration Kodak expects to be entitled to in exchange for those goods or services. For product sales (such as plates, film, inks, specialty materials and chemicals and other consumables) revenue is recognized when control has transferred from Kodak to the buyer, which may be upon shipment or upon delivery to the customer site, based on contract terms or legal requirements in certain jurisdictions. Service revenue is recognized using the time-based method ratably over the contractual period as it best depicts when the customer receives the benefit from the service. Service revenue for time and materials-based agreements is recognized as services are performed. Equipment is generally dependent on, and interrelated with, the underlying operating system (firmware) and cannot function without the operating system. In these cases, the hardware and software license are accounted for as a single performance obligation. Contracts with customers may include multiple performance obligations including equipment and optional software licenses and service agreements. Service agreements generally have initial term of one year subject to annual renewals and may be prepaid or paid over-time. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Kodak applies the residual allocation method for sales of certain complex, highly customized equipment due to significant variability in pricing. Standalone selling prices are based on the observable prices of the products or services when sold separately or by using expected cost-plus margin when directly observable prices are not available. The Company reassesses its standalone selling prices at least annually. For non-complex equipment installations and software sales (Prepress and PROSPER Components and Software) revenue is recognized when control of each distinct performance obligation has transferred from Kodak to the buyer, which is generally met when the equipment or software is delivered and installed at the customer site as delivery and installation generally occur within the same period. For complex equipment installations or integrated software solutions (PROSPER Presses, Electrophotographic Printing Solutions Printers, Software) revenue is deferred until receipt of customer acceptance and control has transferred to the buyer. Software licenses are sold both in bundled equipment arrangements as discussed above or on a stand-alone basis (Software). Perpetual licenses are usually sold with post-contract support services (“PCS”) which are considered distinct performance obligations as the customer’s use of the existing software is not dependent upon future upgrades. Kodak recognizes software revenue at the time that the customer obtains control over the software which generally occurs upon installation while revenue allocated to the PCS is recognized over the service period. The Company also sells SaaS arrangements with revenue recognized over the contract term. In service arrangements such as consulting where final acceptance by the customer is required, revenue is deferred until all acceptance criteria have been met and Kodak has a legal right to payment. Kodak’s licensing revenue is comprised of software licenses as discussed above, licenses to use functional intellectual property (e.g. patents and technical know-how) and licenses to use symbolic intellectual property (e.g. brand names and trademarks) (Advanced Materials and Chemicals and Brand businesses). The timing and the amount of revenue recognized from the licensing of intellectual property depends upon a variety of factors, including the nature of the performance obligations (functional vs. symbolic licenses), specific terms of each agreement, and the payment terms. Aside from software licenses discussed above, Kodak’s functional licenses generally provide the right to use functional intellectual property; therefore, non-sales/usage-based revenue is recognized when the customer has the right to use the intellectual property while sales and usage-based royalties are recognized in the period the related sales and usage occurs. Revenue for symbolic licenses such as brand licenses are recognized over time. Real estate management revenue consists primarily of income from tenant leases, including rent and utilities, as well as facility management services and hosting onsite events . Usage based revenue is recognized as earned while tenant lease income is recognized on a straight-line basis over the lease term (Refer to Leases; Kodak as Lessor above). Deferred revenue is recorded when cash payments are received in advance of satisfying performance obligations such as deposits required in advance on equipment orders, prepaid service contracts, prepaid tenant lease income or prepaid royalties on intellectual property arrangements. Interest expense is imputed for payments received greater than one year in advance of performance. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Kodak applies the practical expedient with respect to implied financial components and only imputes interest for payment terms greater than one year. Sales and usage-based taxes are excluded from revenues. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. Kodak estimates these amounts based on the expected amount to be provided to customers. Incremental direct costs of obtaining a contract consist of sales commissions. Kodak expenses sales commissions when incurred if the amortization period would be one year or less. Capitalized sales commissions are amortized on a straight-line basis over the life of the contract. These costs are recorded in Selling, general and administrative expenses in the Consolidated Statement of Operations. Kodak accrues the estimated cost of post-sale obligations, including basic product warranties, at the time of revenue recognition. Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed. Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of December 31, 2021, there was approximately $70 million of unrecognized revenue from unsatisfied performance obligations. Approximately 30% of the revenue from unsatisfied performance obligations is expected to be recognized in 2022, 25% in 2023, 15% in 2024 and 30% ther RESEARCH AND DEVELOPMENT COSTS R&D costs, which include costs incurred in connection with new product development, fundamental and exploratory research, process improvement, product use technology and product accreditation, are expensed in the period in which they are incurred. ADVERTISING Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statement of Operations. Advertising expenses amounted to $2 million for each of the years ended 2021 and 2020 and $5 million for the year ended December 31, 2019. SHIPPING AND HANDLING COSTS Amounts charged to customers and costs incurred by Kodak related to shipping and handling are included in net revenue and cost of revenues, respectively. IMPAIRMENT OF LONG-LIVED ASSETS The carrying values of long-lived assets, other than goodwill and intangible assets with indefinite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group). If the sum of the expected undiscounted cash flows from the use of and eventual disposition of such asset group is less than the carrying value of the asset group a loss is recognized to the extent the carrying value of the asset group exceeds its fair value. Kodak determines fair value through quoted market prices in active markets or, if quoted market prices are unavailable, through the performance of internal analyses of discounted cash flows. The remaining useful lives of long-lived assets are reviewed in connection with the assessment of recoverability of long-lived assets and the ongoing strategic review of the business and operations. If the review indicates that the remaining useful life of the long-lived asset has changed significantly, the depreciation on that asset is adjusted to facilitate full cost recovery over its revised estimated remaining useful life. The carrying values of indefinite-lived intangible assets are evaluated for potential impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note 5, “Goodwill and Other Intangible Assets.” INCOME TAXES Kodak recognizes deferred tax liabilities and assets for the expected future tax consequences of operating losses, credit carry-forwards and temporary differences between the carrying amounts and tax basis of Kodak’s assets and liabilities. Kodak records a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. For discussion of the amounts and components of the valuation allowances as of December 31, 2021 and 2020, refer to Note 17, “Income Taxes.” The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has recognized a deferred tax liability (net of related foreign tax credits) on the foreign subsidiaries’ undistributed earnings. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05, “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments”. Under this ASU, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842 and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years for all public business entities (January 1, 2022 for Kodak). Entities that have adopted Topic 842 before the issuance date of this update have the option to apply the amendments in this update either (1) retrospectively to leases that commenced or were modified on or after the adoption of ASU 2016-02, “Leases (Topic 842)” or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Earlier application is permitted. Kodak adopted this ASU prospectively on October 1, 2021. The adoption did not have an impact on Kodak’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies accounting for convertible instruments. More convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted EPS calculation in certain circumstances. The ASU is effective January 1, 2024 for Kodak. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2020. The ASU allows entities to use either a modified retrospective or full retrospective transition method. Kodak adopted this ASU on January 1, 2021 using the modified retrospective method, under which companies apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. The adoption of this standard had no impact on Kodak’s financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which removes certain exceptions related to intra-period tax allocations and deferred tax accounting on outside basis differences in foreign subsidiaries and equity method investments. Additionally, it provides other simplifying measures for the accounting for income taxes. The new standard is effective for fiscal years beginning after December 15, 2020 (January 1, 2021 for Kodak). Kodak adopted this ASU prospectively on January 1, 2021 and it did not have any impact on Kodak’s consolidated financial statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05, 2019-10, 2019-11, 2020-02 and 2020-03) requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU is effective for Kodak for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, (January 1, 2023 for Kodak). Early adoption is permitted. Kodak is currently evaluating the impact of this ASU. |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | NOTE 2: CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statement of Financial Position that sums to the total of such amounts shown in the Statement of Cash Flows: As of December 31, (in millions) 2021 2020 Cash and cash equivalents $ 362 $ 196 Restricted cash reported in Other current assets 7 7 Restricted cash 54 53 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 423 $ 256 Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represents amounts that support hedging activities. Restricted cash includes $45 million as of December 31, 2021 representing the cash collateral required to be posted by the Company under the Letter of Credit Facility (“L/C Cash Collateral”). Restricted cash included $35 million as of December 31, 2020 supporting compliance with the Excess Availability threshold under the ABL Credit Agreement, as defined therein (Refer to Note 8, “Debt and Finance Leases” for information on the Restricted cash supporting the L/C Cash Collateral and the Excess Availability threshold). In addition, Restricted cash as of December 31, 2021 and 2020 includes an escrow of $4 million and $12 million, respectively, in China to secure various ongoing obligations under the agreements for the strategic relationship with Lucky HuaGuang Graphics Co. Ltd. Long-term restricted cash also includes $3 million and $4 million of security posted related to Brazilian legal contingencies as of December 31, 2021 and 2020, respectively. |
Note 3 - Inventories, Net
Note 3 - Inventories, Net | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | NOTE 3: INVENTORIES, NET As of December 31, (in millions) 2021 2020 Finished goods $ 94 $ 97 Work in process 65 54 Raw materials 60 55 Total $ 219 $ 206 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | NOTE 4: PROPERTY, PLANT AND EQUIPMENT, NET As of December 31, (in millions) 2021 2020 Land $ 49 $ 55 Buildings and building improvements 130 131 Machinery and equipment 387 388 Construction in progress 15 8 581 582 Accumulated depreciation (441 ) (430 ) Property, plant and equipment, net $ 140 $ 152 Depreciation expense was $26 million, $32 million and $48 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying value of goodwill by reportable segment. (in millions) Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Consolidated Total As of December 31, 2019 Goodwill $ 56 $ 6 $ 14 $ — $ 76 Accumulated impairment losses (56 ) — (8 ) — (64 ) Balance as of December 31, 2019 — 6 6 — 12 Goodwill reallocation — — (6 ) 6 — Balance as of December 31, 2020 — 6 — 6 12 Impairment — — — — — As of December 31, 2021 — 6 — 6 12 Goodwill 56 6 8 6 76 Accumulated impairment losses (56 ) — (8 ) — (64 ) Balance as of December 31, 2021 $ — $ 6 $ — $ 6 $ 12 The Digital Printing segment has three goodwill reporting units: Electrophotographic Printing Solutions; Prosper and Versamark; and Software. The Advanced Materials and Chemicals segment has two goodwill reporting units: Motion Picture and Industrial Films and Chemicals; and Advanced Materials and Functional Printing. The Traditional Printing segment and Brand segment each have one goodwill reporting unit. As of December 31, 2021, goodwill is only recorded in the Brand and Software reporting units. Kodak performed interim tests of impairment for goodwill as of June 30, 2020 due to the uncertainty regarding the negative impact of the COVID-19 pandemic on its operations, and as of March 31, 2020, due to the decline in market capitalization as of that date since the last goodwill impairment test (December 31, 2019) and the uncertainty regarding the negative impact of the COVID-19 pandemic at that time. Based on the results of the June 30, 2020 and March 31, 2020 analyses, no impairment of goodwill was indicated. No interim impairment test for goodwill was performed as of September 30, 2020. No interim impairment tests for goodwill were required to be performed for any interim periods in the years ended December 31, 2021 or 2019. Based upon the results of Kodak’s December 31, 2021 and 2020 annual impairment tests, no impairment of goodwill is indicated. As of December 31, 2021 and 2020 the Brand reporting unit had negative carrying values. The gross carrying amount and accumulated amortization by major intangible asset category as of December 31, 2021 and 2020 were as follows: As of December 31, 2021 Weighted Average Gross Carrying Accumulated Remaining (in millions) Amount Amortization Net Amortization Period Technology-based $ 99 $ 84 $ 15 4 years Kodak trade name 18 — 18 Indefinite life Customer-related 9 8 1 2 years Total $ 126 $ 92 $ 34 As of December 31, 2020 Weighted Average Gross Carrying Accumulated Remaining (in millions) Amount Amortization Net Amortization Period Technology-based $ 99 $ 80 $ 19 5 years Kodak trade name 18 — 18 Indefinite life Customer-related 11 9 2 3 years Total $ 128 $ 89 $ 39 The annual and interim impairment tests of the Kodak trade name use the income approach, specifically the relief from royalty method. Based upon the results of Kodak’s annual December 31, 2021 and 2020 impairment tests, no impairment of the Kodak trade name was indicated. In the first quarter of 2020, due to the uncertainty regarding the negative impact of the COVID-19 pandemic at that time, Kodak performed an interim test of impairment for the Kodak trade name. Based on the result of the interim impairment test, Kodak concluded the carrying value of the Kodak trade name exceeded its fair value. Pre-tax impairment charges of $3 million are included in Other operating (income) expense, net for the year ended December 31, 2020 in the Consolidated Statement of Operations. Kodak also performed an interim test of impairment for the Kodak trade name as of June 30, 2020 due to the uncertainty regarding the negative impact of the COVID-19 pandemic. Based on the result of the interim impairment test as of June 30, 2020, Kodak concluded the fair value of the Kodak trade name exceeded its’ carrying value resulting in no additional impairment. No interim impairment test for the Kodak tradename was performed as of September 30, 2020. No interim impairment tests for the Kodak tradename were required to be performed for any interim periods in the years ended December 31, 2021 or 2019. In the fourth quarter of 2019, Kodak concluded the carrying value of the Kodak trade name exceeded its fair value. Pre-tax impairment charges of $4 million are included in Other operating (income) expense, net in the Consolidated Statement of Operations. Amortization expense related to intangible assets was $5 million for both the years ended December 31, 2021 and 2020 and $7 million for the year ended December 31, 2019. Estimated future amortization expense related to intangible assets that are currently being amortized as of December 31, 2021 was as follows: (in millions) 2022 $ 5 2023 4 2024 4 2025 3 Total $ 16 |
Note 6 - Other Current Liabilit
Note 6 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | NOTE 6: OTHER CURRENT LIABILITIES As of December 31, (in millions) 2021 2020 Deferred revenue and customer deposits $ 43 $ 46 Employment-related liabilities 34 35 Customer rebates 21 21 Workers' compensation 7 9 Restructuring liabilities 5 11 Accrued interest 5 — Preferred Stock dividends payable 1 3 Embedded conversion option derivative liability — 9 Other 26 30 Total $ 142 $ 164 The customer rebate amounts will potentially be settled through customer deductions applied to outstanding trade receivables in lieu of cash payments. The Other component above consists of other miscellaneous current liabilities that, individually, were less than 5% of the total current liabilities component within the Consolidated Statement of Financial Position, and therefore have been aggregated in accordance with Regulation S-X. |
Note 7 - Other Long-term Liabil
Note 7 - Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Noncurrent [Abstract] | |
Other Long-term Liabilities | NOTE 7: OTHER LONG-TERM LIABILITIES As of December 31, (in millions) 2021 2020 Workers' compensation $ 83 $ 89 Asset retirement obligations 42 41 Deferred taxes 29 31 Deferred brand licensing revenue 14 17 Environmental liabilities 9 9 Embedded conversion option derivative liabilities 7 — Other 21 25 Total $ 205 $ 212 The Other component above consists of other miscellaneous long-term liabilities that, individually, were less than 5% of the total liabilities component in the accompanying Consolidated Statement of Financial Position, and therefore have been aggregated in accordance with Regulation S-X. |
Note 8 - Debt And Finance Lease
Note 8 - Debt And Finance Leases | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Finance Leases | NOTE 8: DEBT AND FINANCE LEASES Debt and finance leases and related maturities and interest rates were as follows at December 31, 2021 and 2020: As of December 31, 2021 2020 (in millions) Type Maturity Weighted-Average Effective Interest Rate Carrying Value Carrying Value Current portion: RED-Rochester, LLC 2033 11.42% $ 1 $ 1 Finance leases Various — 1 1 2 Non-current portion: Term notes 2026 13.85% 224 — Convertible debt 2026 17.26% 15 — RED-Rochester, LLC 2033 11.42% 12 12 Finance leases Various Various 1 3 Other debt Various Various 1 2 253 17 $ 254 $ 19 Annual maturities of debt and finance leases outstanding at December 31, 2021 were as follows: (in millions) Carrying Value Maturity Value 2022 $ 1 $ 1 2023 2 2 2024 1 1 2025 1 1 2026 240 308 2027 and thereafter 9 9 Total $ 254 $ 322 Term Loan Credit Agreement On February 26, 2021, the Company entered into a Credit Agreement (the “Term Loan Credit Agreement”) with certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) as lenders (the “Term Loan Lenders”) and Alter Domus (US) LLC, as administrative agent. Pursuant to the Term Loan Credit Agreement, the Term Loan Lenders provided the Company with (i) an initial term loan in the amount of $225 million, which was drawn in full on the same date, and (ii) a commitment to provide delayed draw term loans in an aggregate principal amount of up to $50 million on or before February 26, 2023 (collectively, the “Term Loans”). Net proceeds from the Term Loan Credit Agreement were $215 million ($225 million aggregate principal less $10 million in debt transaction costs). The Term Loans have a five-year The Term Loans bear interest at a rate of 8.5% per annum payable quarterly in cash and 4.0% per annum Paid-In-Kind interest (“PIK”) or in cash, at the Company’s option, for an aggregate interest rate of 12.5% per annum. The Company elected the 4.0% per annum in PIK which is added to the carrying value of the debt through the term. Interest expense is recorded using the effective interest method. The Term Loans are guaranteed by the Company and certain of its domestic subsidiaries (the “Subsidiary Guarantors”), and are secured by (i) a first priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) not constituting ABL Priority Collateral or L/C Cash Collateral (see below for definitions of ABL Priority Collateral and L/C Cash Collateral), including 100 % of the stock of material U.S. subsidiaries and 65 % of the stock of material foreign subsidiaries (the “Term Loan Priority Collateral”) and (ii) a third priority lien on the ABL Priority Collateral and L/C Cash Collateral. The aggregate carrying value of the Term Loan Priority Collateral, ABL Priority Collateral and L/C Cash Collateral as of December 31, 2021 was $ 2,328 million. The Term Loan Credit Agreement limits, among other things, the ability of the Company and its Restricted Subsidiaries (as defined in the Term Loan Credit Agreement) to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments (including dividend payments, et al.) and (v) make investments. The Term Loan Credit Agreement does not include a financial maintenance covenant or any subjective acceleration clauses. The Term Loan Credit Agreement does contain customary affirmative covenants including delivery of certain of the Company’s financial statements and customary event of default provisions, including a cross-default provision that would give rise to an event of default if there is a default under or acceleration of “Material Indebtedness”. Material Indebtedness includes obligations having a principal amount of at least $25 million and obligations under the ABL Facility or Letter of Credit Facility. On an annual basis, the Company will prepay, within 10 business days following the filing of annual Form 10-K, outstanding Loans in an amount equal to Excess Cash Flow (“ECF”) as defined in the Term Loan Credit Agreement provided no such prepayment is required if such prepayment would cause U.S. liquidity to be less than $85 million. For the year ended December 31, 2021 ECF was a negative amount, therefore no prepayment is required in 2022. Board Rights Agreement On February 26, 2021, in connection with the execution of the Term Loan Credit Agreement, the Company entered into a letter agreement with KLIM (the “Board Rights Agreement”). Pursuant to the Board Rights Agreement, the Company’s Board of Directors (“Board”) appointed an individual designated by KLIM as a member of the Board effective April 1, 2021. The individual appointed was elected to serve a one-year Until KLIM ceases to hold at least 50% of the original principal amount of the Term Loans and commitments under the Term Loan Credit Agreement, at any time that KLIM’s designated director is not serving on the Board, KLIM will have the right to designate a non-voting observer to the Board. Such observer will have the right to attend meetings of the Board and, under certain circumstances, committees and subcommittees of the Board and to receive information and materials made available to the Board, in each case, subject to certain restrictions and exceptions. Securities Purchase Agreement On February 26, 2021, the Company and the Term Loan Lenders (the “Buyers”), entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) pursuant to which the Company sold to the Buyers (i) an aggregate of 1,000,000 shares (the “Purchased Shares”) of the Company’s common stock (“Common Stock”) for a purchase price of $10.00 in cash per share for an aggregate purchase price of $10 million and (ii) $25 million aggregate principal amount of the Company’s newly issued 5.0% unsecured convertible promissory notes due May 28, 2026 (the “2021 Convertible Notes”) in a private placement transaction. The issuance and sale of the Purchased Shares and 2021 Convertible Notes were consummated on February 26, 2021. 2021 Convertible Notes The 2021 Convertible Notes bear interest at a rate of 5.0% per annum, which will be payable in cash on the maturity date and in additional shares of Common Stock on any conversion date. The payment of interest only at the maturity date has the same effect as delivering additional debt instruments to the Holders of the 2021 Convertible Notes and therefore is considered PIK. Therefore, PIK will be added to the carrying value of the debt through the term and interest expense will be recorded using the effective interest method. The maturity date of the 2021 Convertible Notes is May 28, 2026. Conversion Features The Buyers will have the right to elect at any time to convert the 2021 Convertible Notes into shares of Common Stock at an initial conversion rate equal to 100 shares of Common Stock per each $1,000 principal amount of the 2021 Convertible Notes (based on an initial conversion price equal to $10.00 per share of Common Stock). The conversion rate and conversion price will be subject to certain customary anti-dilution adjustments. If the closing price of the Common Stock equals or exceeds $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within any period of 60 consecutive trading days, the Company will have the right to cause the mandatory conversion of the 2021 Convertible Notes into shares of Common Stock. In the event of certain fundamental transactions, the Buyers will have the right, within a period of 30 days following the occurrence of such transaction (“Holder Fundamental Transaction Election Period”), to elect to either require prepayment of the 2021 Convertible Notes at par plus accrued and unpaid interest or convert all or a portion of the 2021 Convertible Notes into shares of Common Stock at the conversion rate then in effect plus any additional shares based on the price per share of Common Stock in connection with the fundamental transaction, or to receive the shares of a successor entity, if any. Embedded Derivatives The 2021 Convertible Notes were considered more akin to a debt-type instrument and the economic characteristics and risks of the embedded conversion features are not considered clearly and closely related to the 2021 Convertible Notes. Accordingly, these embedded features were bifurcated from the 2021 Convertible Notes and separately accounted for on a combined basis at fair value as a single derivative liability. Kodak allocated $12 million of the net proceeds received to a derivative liability based on the aggregate fair value of the embedded features on the date of issuance which reduced the net carrying value of the 2021 Convertible Notes. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other (income) charges, net in the Consolidated Statement of Operations. The fair value of the Convertible Notes embedded derivative as of December 31, 2021 was a liability of $4 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 13, “Financial Instruments” for information on the valuation of the derivative. The carrying value of the 2021 Convertible Notes at December 31, 2021 and the time of issuance was $15 million and $13 million ($25 million aggregate gross proceeds less $12 million allocated to the derivative liability), respectively. The estimated fair value of the 2021 Convertible Notes as of December 31, 2021 was $18 million (Level 3). The carrying value is being accreted to the aggregate principal amount using the effective interest method from the date of issuance through the maturity date. Securities Registration Rights Agreement On February 26, 2021, the Company and the Buyers entered into a Registration Rights Agreement (the “Securities Registration Rights Agreement”) providing the Buyers with registration rights in respect of the Purchased Shares and the Common Stock issuable upon conversion of the 2021 Convertible Notes. The Securities Registration Rights Agreement contains other customary terms and conditions, including certain customary indemnification obligations; however, the Securities Registration Rights Agreement does not obligate the Company to facilitate an underwritten offering of the registered Common Stock by the Buyers. Amended and Restated ABL Credit Agreement On September 3, 2013, the Company entered into an Asset Based Revolving Credit Agreement (the “Original ABL Credit Agreement”). On May 26, 2016, the Company and the subsidiaries of the Company that are guarantors (the “Subsidiary Guarantors”) entered into an Amended and Restated Credit Agreement (the “ABL Credit Agreement”) with the lenders party thereto, Bank of America, N.A., as administrative and collateral agent, and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as joint lead arrangers and joint bookrunners, which amended and restated the Original ABL Credit Agreement. The ABL Credit Agreement provided that the Lenders make available asset-based revolving loans (the “ABL Loans”) and letters of credit in an aggregate amount of up to $150 million, subject to the Borrowing Base. On January 27, 2020 Kodak exercised its right under the ABL Credit Agreement to permanently reduce lender commitments from $150 million to $120 million. As a result, the minimum Excess Availability decreased to $15 million from the previous minimum of $18.75 million. On March 27, 2020, the Company and the Subsidiary Guarantors entered into Amendment No. 3 to the ABL Credit Agreement (the “Amendment”) with the lenders party thereto (the “Lenders”), Bank of America, N.A., as administrative and collateral agent, and Bank of America, N.A. and each of the parties to the ABL Credit Agreement as lenders. Each of the capitalized but undefined terms used in the context of describing the ABL Credit Agreement and the Amendment has the meaning ascribed to such term in the ABL Credit Agreement and the Amendment. The Amendment decreased the available ABL Loans and letters of credit from an aggregate amount of up to $120 million to $110 million, subject to the Borrowing Base. As a result of the additional reduction in lender commitments, the minimum Excess Availability decreased to $13.75 million from the previous amount of $15 million. The Amendment also changed Equipment Availability from (i) the lesser of 75% of Net Orderly Liquidation Value of Eligible Equipment or $6 million to (ii) the lesser of 70% of Net Orderly Liquidation Value of Eligible Equipment or $14.75 million as of March 31, 2020. The $14.75 million amount decreases by $1 million per quarter starting on July 1, 2020 until maturity or the amount is decreased to $0, whichever comes first. On February 26, 2021, the Company and the Subsidiary Guarantors entered into a fourth amendment to the ABL Credit Agreement (as amended in 2021, the “Amended ABL Credit Agreement”), among the Company, the Subsidiary Guarantors, the lenders party thereto, Bank of America, N.A., as agent (the “Agent”), and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as arrangers, with the Agent and the Required Lenders. Each of the capitalized and undefined terms has the meaning ascribed to such term in the ABL Credit Agreement. The Amended ABL Credit Agreement amends the ABL Credit Agreement to, among other things, (i) extend the maturity date to February 26, 2024 or the date that is 90 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loans, 2021 Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancings of any of the foregoing and (ii) decrease the aggregate amount of commitments from $110 million to $90 million. Commitments under the Amended ABL Credit Agreement continue to be able to be used in the form of revolving loans or letters of credit. The Company issued approximately $46 million letters of credit under the Amended ABL Credit Agreement as of December 31, 2021 and $90 million letters of credit under the ABL Credit Agreement as of December 31, 2020. The revolving loans bear interest at the rate of LIBOR plus 3.50%-4.00% per annum (subject to provisions providing for a replacement benchmark rate upon the discontinuation of LIBOR) or a floating Base Rate (as defined in the Amended ABL Credit Agreement) plus 2.50%-3.00% per annum, based on Excess Availability (as defined in the Amended ABL Credit Agreement). The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum amount available is less than or equal to 50% or greater than 50%, respectively. The Company will pay a letter of credit fee of 3.50%-4.00% per annum, based on Excess Availability, on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit. Obligations under the Amended ABL Credit Agreement continue to be secured by: (i) a first priority lien on assets of the Company and the Subsidiary Guarantors constituting cash (other than L/C Cash Collateral, as defined below), accounts receivable, inventory, machinery and equipment and certain other assets (the “ABL Priority Collateral”) and (ii) a second priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) other than the ABL Priority Collateral, including the L/C cash collateral and 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries. The Amended ABL Credit Agreement continues to limit, among other things, the ability of the Company and its Restricted Subsidiaries (as defined in the Amended ABL Credit Agreement) to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments. The Amended ABL Credit Agreement leaves in place customary affirmative covenants, including delivery of certain of the Company’s financial statements set forth therein. Under the Amended ABL Credit Agreement the Company is required to maintain Minimum Liquidity of at least $80 million, which is tested at the end of each quarter. Minimum Liquidity was $250 million at December 31, 2021. If Minimum Liquidity falls below $80 million an Event of Default would occur. The Agent would have the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the Amended ABL Credit Agreement to be due and payable. Under both the Amended ABL Credit Agreement and the ABL Credit Agreement the Company is required to maintain Excess Availability above 12.5% of lender commitments ($11.25 million and $13.75 million as of December 31, 2021 and 2020, respectively), which is tested at the end of each month. Excess Availability was $27 million and $20 million as of December 31, 2021 and 2020, respectively. If Excess Availability falls below 12.5 % of lender commitments a Fixed Charge Coverage Ratio Trigger Event would occur. During any Fixed Charge Coverage Ratio Trigger Event, the Company would be required to maintain a Fixed Charge Coverage Ratio of greater than or equal to 1.0 to 1.0. If Excess Availability falls below 12.5 % of lender commitments, Kodak may, in addition to the requirement to be in compliance with the minimum Fixed Charge Coverage Ratio, become subject to cash dominion control. Since Excess Availability was greater than 12.5 % of lender commitments at December 31, 2021 and 2020 , Kodak was not required to have a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0. The Amended ABL Credit Agreement removed Eligible Cash from the Borrowing Base. Therefore, amounts funded into the Eligible Cash account will no longer increase Excess Availability for purposes of compliance reporting. As of December 31, 2020, to maintain Excess Availability of greater than 12.5% of lender commitments, Kodak funded $35 million to the Eligible Cash account held with the ABL Credit Agreement Administrative Agent, which was classified as Restricted Cash in the Consolidated Statement of Financial Position. If Excess Availability falls below 12.5% of lender commitments and the Fixed Charge Coverage Ratio is less than 1.0 to 1.0, an Event of Default would occur and the Agent has the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the Amended ABL Credit Agreement to be due and payable. Each existing direct or indirect U.S. subsidiary of the Company (other than Immaterial Subsidiaries, Unrestricted Subsidiaries and certain other subsidiaries) has provided an unconditional guarantee (and any such future subsidiaries must provide an unconditional guarantee) of the obligations of the Company under the Credit Agreements. Obligations under the Amended ABL Credit Agreement are secured by: i) a first priority lien on assets of the Company and the Subsidiary Guarantors constituting cash (other than L/C Cash Collateral, as defined below), accounts receivable, inventory, machinery and equipment and certain other assets (the “ABL Priority Collateral”) and (ii) a second priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) other than the ABL Priority Collateral, including 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries. Obligations under the ABL Credit Agreement were secured by: i) a first priority lien on assets of the Company and the Subsidiary Guarantors constituting cash, accounts receivable, inventory, machinery and equipment, 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries and certain other assets (the “ABL Collateral”). The aggregate carrying value of the ABL Collateral as of December 31, 2020 was $1,412 million Under the terms of the ABL Credit Agreement, the Company may designate Restricted Subsidiaries as Unrestricted Subsidiaries provided the aggregate sales of all Unrestricted Subsidiaries are less than 7.5% of the consolidated sales of Kodak and the aggregate assets of all Unrestricted Subsidiaries are less than 7.5% of Kodak’s consolidated assets. Further, on a pro forma basis at the time of designation and immediately after giving effect thereto, Excess Availability must be at least $30 million and the pro forma Fixed Charge Coverage Ratio must be no less than 1.0 to 1.0. Upon designation of Unrestricted Subsidiaries, the Company is required to provide to the Lenders reconciling statements to eliminate all financial information pertaining to Unrestricted Subsidiaries which is included in its annual and quarterly consolidated financial statements. I n March 2018, the Company designated five subsidiaries as Unrestricted Subsidiaries: Kodak PE Tech, LLC, Kodak LB Tech, LLC, Kodak Realty, Inc, Kodakit Singapore Pte. Limited and KP Services (Jersey) Ltd. This action allowed the Company to better position assets which may be monetized in the future and address costs related to underutilized properties. In 2020 Kodak discontinued the operation of Kodakit Singapore Pte. Limited and sold Kodak LB Tech, LLC in an intercompany transaction. Under the Amended ABL Credit Agreement the Company designated three subsidiaries as Unrestricted Subsidiaries: Kodak PE Tech, LLC, Kodak Realty, Inc, and KP Services (Jersey) Ltd. The Amended ABL Credit Agreement limit s , among other things, the Company’s and the Subsidiary Guarantors’ ability to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments (including dividend payments, et al.) and (v) make investments. In addition to other customary affirmative covenants, the Amended ABL Credit Agreement provide s for a periodic delivery by the Company of its various financial statements as set forth in the Amended ABL Credit Agreement. Events of default under the ABL Credit Agreement include, among others, failure to pay any principal, interest or other amount due under the applicable agreement, breach of specific covenants and a change of control of the Company. Upon an event of default, the lenders may declare the outstanding obligations under the Amended ABL Credit Agreement to be immediately due and payable and exercise other rights and remedies provided for in the agreement. Letter of Credit Facility Agreement On February 26, 2021, the Company and the Subsidiary Guarantors entered into a Letter of Credit Facility Agreement (the “L/C Facility Agreement”, and together with the Term Loan Credit Agreement and the Amended ABL Credit Agreement the “Credit Agreements”) among the Company, the Subsidiary Guarantors, the lenders party thereto (the “L/C Lenders”), Bank of America, N.A., as agent, and Bank of America, N.A., as issuing bank. Pursuant to the L/C Facility Agreement, the L/C Lenders committed to issue letters of credit on the Company’s behalf in an aggregate amount of up to $50 million, provided that the Company posts cash collateral in an amount greater than or equal to 103% of the aggregate amount of letters of credit issued and outstanding at any given time (the “L/C Cash Collateral”). The term of the L/C Facility Agreement is three years, subject to the same automatic springing maturity as the Amended ABL Credit Agreement. The Company issued approximately $44 million letters of credit under the L/C Facility Agreement as of December 31, 2021. The balance on deposit in the L/C Cash Collateral account as of December 31, 2021 is approximately $45 million, of which $14 million was deposited into the L/C Cash Collateral account from proceeds of the financing transactions described herein and the remainder of which was cash collateral previously used to secure letters of credit under the ABL Credit Agreement. The L/C Facility Agreement has the same requirement to maintain Minimum Liquidity of $80 million as is contained in the Amended ABL Credit Agreement. The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum commitments is less than or equal to 50% or greater than 50% of such commitments, respectively. The Company will pay a letter of credit fee of 3.75% per annum on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit. Amounts drawn under any letter of credit will be reimbursed from the L/C Cash Collateral. If not so reimbursed, and not otherwise repaid by the Company to the applicable L/C Lenders, such amounts will accrue interest, to be paid monthly, at a floating Base Rate (as defined in the L/C Facility Agreement) plus 2.75% per annum until repaid. As with the Amended ABL Credit Agreement and the ABL Credit Agreement, the L/C Facility Agreement also requires the Company to maintain Excess Availability above 12.5% of lender commitments. If Excess Availability falls below 12.5% of lender commitments a Fixed Charge Coverage Ratio Trigger Event would occur under the L/C Facility Agreement as well as the Amended ABL Credit Agreement and the ABL Credit Agreement. During any Fixed Charge Coverage Ratio Trigger Event, the Company would be required to maintain a Fixed Charge Coverage Ratio of greater than or equal to 1.0 to 1.0. The Company’s obligations under the L/C Facility Agreement are guaranteed by the Subsidiary Guarantors and are secured by (i) a first priority lien on the L/C Cash Collateral, (ii) a second priority lien on the ABL Priority Collateral and (iii) a third priority lien on the Term Loan Priority Collateral. RED-Rochester, LLC In January 2019 Kodak entered into a series of agreements with RED-Rochester, LLC (“RED”), which provides utilities to Eastman Business Park. Kodak received a payment of $14 million from RED. Kodak is required to pay a minimum annual payment to RED of approximately $2 million regardless of utility usage. Kodak is accounting for the $14 million payment from RED as debt. The minimum payments required under the agreement from Kodak to RED will be reported as a reduction of the debt and interest expense using the effective interest method. The debt payments to RED continue until August 2033. 2019 Convertible Notes On May 20, 2019, the Company and Longleaf Partners Small Cap Fund, C2W Partners Master Fund Limited and Deseret Mutual Pension Trust, which are investment funds managed by Southeastern Asset Management, Inc. (the “2019 Notes Purchasers”), entered into a Notes Purchase Agreement pursuant to which the Company agreed to issue and sell to the Notes Purchasers, and the Notes Purchasers agreed to purchase from the Company, $100 million aggregate principal amount of the Company’s 2019 Convertible Notes due 2021. The transaction closed on May 24, 2019. The proceeds were used to repay the remaining first lien term loans outstanding ($83 million) under the Company’s term credit agreement, which was terminated with the repayment. The remaining proceeds were used for general corporate purposes. The maturity date of the 2019 Convertible Notes was November 1, 2021. The 2019 Convertible Notes interest rate was 5.00% per annum, payable in cash on their maturity date (PIK interest) and, at the option of the Company, in either cash or additional shares of Common Stock on any conversion date. Therefore, PIK was added to the carrying value of the debt through the term and interest expense was recorded using the effective interest method. On July 29, 2020, the Company received conversion notices from holders of the 2019 Convertible Notes exercising their rights to convert an aggregate of $95 million of principal amount of the 2019 Convertible Notes (the “Initial Converted Notes”) into shares of the Company’s common stock, par value $.01 per share (“Common Stock”). Under the terms of the 2019 Convertible Notes, the conversion date of the Initial Converted Notes was July 29, 2020 (the “Initial Conversion Date”) and the Company was obligated to deliver an aggregate of 29,922,956 shares of Common Stock (the “Initial Conversion Shares”) to the holders of the Initial Converted Notes within five trading days after the Initial Conversion Date. The Company issued the Initial Conversion Shares on August 3, 2020 and paid the $5.6 million of accumulated interest on the Initial Converted Notes in cash. As a result, the Company’s obligations under the Initial Converted Notes were fully discharged and the remaining outstanding principal amount of the 2019 Convertible Notes was $5 million. On September 30, 2020, the Company announced its election to mandatorily convert the remaining $5 million outstanding principal amount of the 2019 Convertible Notes (the “Mandatory Converted Notes”) into shares of Common Stock. The conversion of the Mandatory Converted Notes was effective on September 30, 2020 (the “Mandatory Conversion Date”). The Company issued 1,574,892 shares of Common Stock to the holder of the Mandatory Converted Notes on September 30, 2020 (the “Mandatory Conversion Shares”). The Company paid the accrued interest on the Mandatory Converted Notes in the form of cash and interest ceased to accrue on the Mandatory Converted Notes on the Mandatory Conversion Date. As a result of the conversion of all the 2019 Convertible Notes, the lien granted by the Company on certain of its assets to secure the 2019 Convertible Notes was released. Embedded Derivatives The 2019 Convertible Notes were considered more akin to a debt-type instrument and the economic characteristics and risks of the embedded conversion features and term extension at the Company’s option were not considered clearly and closely related to the 2019 Convertible Notes. Accordingly, these embedded features were bifurcated from the 2019 Convertible Notes and separately accounted for on a combined basis at fair value as a single derivative liability. The carrying value of the 2019 Convertible Loss on Early Extinguishment The calculation of the loss on early extinguishment of debt is shown below: (in millions) Fair value of Initial Conversion Shares $ 506 Fair value of Mandatory Conversion Shares 13 Carrying value of 2019 Convertible Notes (92 ) Fair value of pro-rata share of embedded derivatives at Initial Conversion Date (416 ) Fair value of pro-rata share of embedded derivatives at Mandatory Conversion Date (9 ) Total $ 2 |
Note 9 - Redeemable, Convertibl
Note 9 - Redeemable, Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable, Convertible Preferred Stock | NOTE 9: REDEEMABLE, CONVERTIBLE PREFERRED STOCK On November 15, 2016, the Company issued 2,000,000 shares of 5.50% Series A Preferred Stock, no par value per share, for an aggregate purchase price of $200 million, or $100 per share pursuant to a Series A Preferred Stock Purchase Agreement (the “Series A Purchase Agreement”) with Southeastern Asset Management, Inc. (“Southeastern”) and Longleaf Partners Small-Cap Fund, C2W Partners Master Fund Limited and Deseret Mutual Pension Trust, which are investment funds managed by Southeastern (such investment funds, collectively, the “Series A Purchasers”), dated November 7, 2016. The Company received net proceeds of $198 million after issuance costs. The Company classified the Series A Preferred Stock as temporary equity in the Consolidated Statement of Financial Position. Redemption Features If any shares of Series A Preferred Stock had not been converted prior to the fifth anniversary of the initial issuance of the Series A Preferred Stock, the Company would have been required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends. As the Company concluded that the Series A Preferred Stock was considered more akin to a debt-type instrument, the redemption feature was considered to be clearly and closely related to the host contract and therefore was not required to be separated from the Series A Preferred Stock. Repurchase and Exchange Agreement On February 26, 2021 the Company entered into a Series A Preferred Stock Repurchase and Exchange Agreement (the “Repurchase and Exchange Agreement”) with Southeastern and the Purchasers. The Company repurchased one million shares of the Series A Preferred Stock under the terms of the Repurchase and Exchange Agreement for $100,641,667, representing the liquidation value of the Series A Preferred Stock plus accrued and unpaid dividends. In addition, the Company and the Purchasers agreed to exchange the remaining one million shares of Series A Preferred Stock held by the Purchasers for shares of the Company’s newly created 4.0% Series B Convertible Preferred Stock, no Embedded Conversion Features Each share of Series A Preferred Stock was convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion rate of 5.7471 (equivalent to an initial conversion price of $17.40 per share of Common Stock). If a holder elected to convert any shares of Series A Preferred Stock during a specified period in connection with a fundamental change (as defined in the Certificate of Designations), the conversion rate would have been adjusted under certain circumstances and such holder would also have been entitled to a payment in respect of accumulated dividends. If a holder elected to convert any shares of Series A Preferred Stock during a specified period following a reorganization event (as defined in the Certificate of Designations), such holder could have elected to have the conversion rate adjusted. In addition, the Company had the right to require holders to convert any shares of Series A Preferred Stock in connection with certain reorganization events, in which case the conversion rate would have been adjusted under certain circumstances. If shares of Series A Preferred Stock were not converted in connection with a reorganization event, such shares would have become convertible into the exchanged property from the reorganization event. The Company had the right to convert Series A Preferred Stock into Common Stock at any time after the second anniversary of the initial issuance if the closing price of the Common Stock equaled or exceeded 125 percent of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, with the last trading day of such 60 day period ending on the trading day immediately preceding the business day on which the Company issues a press release announcing the mandatory conversion. Kodak allocated $43 million of the net proceeds from the issuance of the Series A Stock to a derivative liability based on the aggregate fair value of the embedded conversion features on the date of issuance, which reduced the net carrying value of the Series A Preferred Stock (see Note 13, “Financial Instruments”). The carrying value of the Series A Preferred Stock at the time of issuance, $155 million ($200 million aggregate gross proceeds less $43 million allocated to the derivative liability and $2 million in transaction costs), was being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, November 15, 2021. Extinguishment of Series A Preferred Stock The carrying value, including the fair value of the embedded derivative liability, of the Series A Preferred Stock prior to extinguishment approximated $203 million. Upon repurchase and exchange of the Series A Preferred Stock, Kodak recorded $8 million as a deemed dividend to Additional paid in capital in the Consolidated Statement of Financial Position, representing the difference between the fair value of consideration transferred and the carrying value of the Series A Preferred Stock. Dividend and Other Rights The holders of Series A Preferred Stock were entitled to cumulative dividends payable quarterly in cash at a rate of 5.50% per annum. Until the third quarter of 2018 all dividends owed on the Series A Preferred Stock were declared and paid when due. No quarterly dividend was declared in the third or fourth quarters of 2018 or the first and second quarters of 2019. After the second quarter of 2019, quarterly cash dividends were declared each quarter and were paid when due. In July 2020, the Company declared and paid the four quarterly dividends that were in arrears. The total amount of dividends in arrears was $11 million. Series B Preferred Stock The fair value of the Series B Preferred Stock at the time of issuance approximated $95 million. The Company has classified the Series B Preferred Stock as temporary equity in the Consolidated Statement of Financial Position. Dividend and Other Rights On February 25, 2021, the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Series B Certificate of Designations”) which established the designation, number of shares, rights, preferences and limitations of the Series B Preferred Stock which became effective upon filing. The Series B Preferred Stock ranks senior to the Common Stock and pari passu with the Series C Preferred Stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Series B Preferred Stock has a liquidation preference of $100 per share, and the holders of Series B Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 4.0% per annum. If dividends on any Series B Preferred Stock are in arrears for six or more consecutive or non-consecutive dividend periods, the holders of the Series B Preferred Stock will be entitled to nominate one director at the next annual shareholder meeting and all subsequent shareholder meetings until all accumulated dividends on such Series B Preferred Stock have been paid or set aside. Dividends owed on the Series B Preferred Stock have been declared and paid when due. Holders of Series B Preferred Stock will have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company. Conversion Features Each share of Series B Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion rate of 9.5238 shares of Common Stock for each share of Series B Preferred Stock (equivalent to an initial conversion price of $10.50 per share of Common Stock). The initial conversion rate and the corresponding conversion price will be subject to certain customary anti-dilution adjustments. If a holder elects to convert any shares of Series B Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series B Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares. Such holder will also be entitled to a payment in respect of accumulated dividends. In addition, the Company will have the right to require holders to convert any shares of Series B Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations. The Company will have the right to cause the mandatory conversion of the Series B Preferred Stock into shares of Common Stock at any time after the initial issuance of the Series B Preferred Stock if the closing price of the Common Stock has equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within a period of 60 consecutive trading days. Embedded Conversion Features The Company concluded that the Series B Preferred Stock was more akin to a debt-type instrument and that the economic characteristics and risks of the conversion option upon a fundamental change by the holder was not considered clearly and closely related to the Series B Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from the Series B Preferred Stock and is being separately accounted for as a derivative. The Company allocated $1 million to the derivative liability based on the aggregate fair value of the embedded conversion feature on the date of issuance which reduced the original carrying value of the Series B Preferred Stock. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other (income) charges, net in the Consolidated Statement of Operations. The fair value of the Series B Preferred Stock embedded derivative as of December 31, 2021 was a liability of $1 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 13, “Financial Instruments” for information on the valuation of the derivative. The carrying value of the Series B Preferred Stock at the time of issuance, $93 million ($95 million fair value of Series B Preferred Stock on February 26, 2021 less $1 million allocated to the derivative liability and $1 million of transaction costs) is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, May 28, 2026. Redemption Features If any shares of Series B Preferred Stock have not been converted prior to May 28, 2026 (the “Redemption Date”), the Company is required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends. As the Company concluded that the Series B Preferred Stock is considered more akin to a debt-type instrument, the redemption feature is considered to be clearly and closely related to the host contract and therefore was not required to be separated from the Series B Preferred Stock. Series C Preferred Stock Purchase Agreement On February 26, 2021, the Company and GO EK Ventures IV, LLC (the “Investor”) entered into a Series C Preferred Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor, and the Investor agreed to purchase from the Company, an aggregate of 1,000,000 shares of the Company’s newly created 5.0% Series C Convertible Preferred Stock, no Dividend and Other Rights On February 25, 2021, the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Series C Certificate of Designations”) which established the designation, number of shares, rights, preferences and limitations of the Series C Preferred Stock and became effective upon filing. The Series C Preferred Stock ranks senior to the Common Stock and pari passu with the Series B Preferred Stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Series C Preferred Stock has an initial liquidation preference of $100 per share, and holders of Series C Preferred Stock are entitled to cumulative dividends payable quarterly “in-kind” in the form of additional shares of Series C Preferred Stock at a rate of 5.0% per annum. If dividends on the Series C Preferred Stock are not declared and paid for any given fiscal quarter, the liquidation preference is automatically increased by the amount of such unpaid dividends. Holders of the Series C Preferred Stock will also be entitled to participate in any dividends paid on the Common Stock (other than stock dividends) on an as-converted basis, with such dividends on any shares of the Series C Preferred Stock being payable upon conversion of such shares of Series C Preferred Stock to Common Stock. Dividends owed on the Series C Preferred Stock have been declared and additional Series C shares issued when due. Holders of Series C Preferred Stock are entitled to vote together with the holders of the Common Stock as a single class, in each case, on an as-converted basis, except where a separate class vote is required by law. Holders of Series C Preferred Stock have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company. Pursuant to the Purchase Agreement, the Investor has the right to nominate one director at each annual or special meeting of the Company’s shareholders until the earlier of the third anniversary of the execution of the Purchase Agreement and such time as the Investor and its Affiliates (as defined in the Purchase Agreement) do not hold at least a majority of the Series C Preferred Stock purchased under the Purchase Agreement. The Investor’s nominee pursuant to this right was elected at the Company’s annual meeting held on May 19, 2021 to serve a one-year term. Conversion Features Each share of Series C Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion price of $10 per share of Common Stock. The initial conversion price and the corresponding conversion rate will be subject to certain customary anti-dilution adjustments and to proportional increase in the event the liquidation preference of the Series C Preferred Stock is automatically increased as described above. If a holder elects to convert any shares of Series C Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series C Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares of Common Stock. Such holder will also be entitled to a payment in respect of accumulated dividends and a payment based on the present value of all required remaining dividend payments through May 28, 2026, the mandatory redemption date. Such additional payments will be payable at the Company’s option in cash or in additional shares of Common Stock. In addition, the Company will have the right to require holders to convert any shares of Series C Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations. The Company will have the right to cause the mandatory conversion of the Series C Preferred Stock into shares of Common Stock (i) at any time after February 26, 2023 if the closing price of the Common Stock has equaled or exceeded 200% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, or (ii) at any time after February 26, 2024 if the closing price of the Common Stock has equaled or exceeded 150% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days. Embedded Conversion Features The Company concluded that the Series C Preferred Stock is more akin to a debt-type instrument and that the economic characteristics and risks of the conversion option upon a fundamental change by the holder is not considered clearly and closely related to the Series C Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from the Series C Preferred Stock and separately accounted for as a derivative. The Company allocated $2 million of the net proceeds received to the derivative liability based on the aggregate fair value of the embedded conversion features on the dates of issuance which reduced the original carrying value of the Series C Preferred Stock. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other (income) charges, net in the Consolidated Statement of Operations. The fair value of the Series C Preferred Stock derivative as of December 31, 2021 was a liability of $2 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 13, “Financial Instruments” for information on the valuation of the derivative. The carrying value of the Series C Preferred Stock at the time of issuance, $97 million ($100 million aggregate gross proceeds less $2 million allocated to the derivative liability and $1 million in transaction costs) is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date. Redemption Features If any shares of Series C Preferred Stock have not been converted prior to the Redemption Date, the Company is required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends thereon; provided that the holders of the Series C Preferred Stock have the right to extend such redemption date by up to two years. As the Company concluded that the Series C Preferred Stock is more akin to a debt-type instrument, the redemption feature is considered to be clearly and closely related to the host contract and therefore was not required to be separated from the Series C Preferred Stock. Series C Registration Rights Agreement On February 26, 2021, the Company and the Investor entered into a Registration Rights Agreement (the “Series C Registration Rights Agreement”) which provides the Investor with customary registration rights in respect of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock. The Series C Registration Rights Agreement contains other customary terms and conditions, including certain customary indemnification obligations. |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 10: LEASES Kodak as lessee The table below presents the lease-related assets and liabilities on the balance sheet: Classification in the December 31, (in millions) Consolidated Statement of Financial Position 2021 2020 Assets Operating lease assets Operating lease right-of-use assets $ 47 $ 48 Finance lease assets Property, plant and equipment, net 1 4 Total lease assets $ 48 $ 52 Liabilities Current Operating Current portion of operating leases $ 13 $ 12 Finance Short-term borrowings and current portion of long-term debt — 1 Noncurrent Operating Operating leases, net of current portion 45 49 Finance Long-term debt, net of current portion 1 3 Total lease liabilities $ 59 $ 65 Weighted-average remaining lease term Operating 5 years Finance 2 years Weighted-average discount rate Operating 11.91 % Finance 5.56 % Lease Costs The table below presents certain information related to the lease expense for finance and operating leases. Lease expense is presented gross of sublease income. See “Kodak as Lessor” section below for income from subleases. Year Ended December 31, (in millions) 2021 2020 2019 Finance lease expense Amortization of leased assets $ 1 $ 1 $ 3 Interest on lease liabilities — — — Operating lease expense 19 21 25 Variable lease expense (1) 9 9 10 Total lease expense $ 29 $ 31 $ 38 (1) Other Information The table below presents supplemental cash flow information related to leases. Year Ended December 31, (in millions) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 21 $ 22 $ 25 Operating cash flow for finance leases — — — Financing cash flow for finance leases 1 1 2 $ 22 $ 23 $ 27 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for the next five years and thereafter to the finance lease liabilities and operating lease liabilities recorded on the balance sheet. (in millions) Operating Leases Finance Leases 2022 $ 18 $ 1 2023 20 — 2024 11 — 2025 7 — 2026 6 — Thereafter 24 — Total minimum lease payments 86 1 Less: amount of lease payments representing interest (28 ) — Present value of future minimum lease payments 58 1 Less: current obligations under leases 13 — Long-term lease obligations $ 45 $ 1 At December 31, 2021 leases that had not yet commenced were not significant. Kodak as Lessor Kodak’s net investment in sales-type leases as of December 31, 2021 and 2020 was $6 million and $5 million, respectively. The current portion of the net investment in sales-type leases is included in Other current assets in the Consolidated Statement of Financial Position. The portion of the net investment in sales-type leases due after one year is included in Other long-term assets. The table below reconciles the undiscounted cash flows to be received for the next five years and thereafter to the net investment in sales-type leases recorded in the Consolidated Statement of Financial Position: (in millions) 2022 $ 3 2023 2 2024 1 2025 and thereafter 1 Total minimum lease payments 7 Less: unearned interest (1 ) Less: allowance for doubtful accounts — Net investment in sales-type leases $ 6 Undiscounted cash flows to be received for the next five years and thereafter for operating leases and subleases are: (in millions) 2022 $ 8 2023 7 2024 5 2025 2 2026 1 Thereafter 8 Total minimum lease payments $ 31 Income recognized on lease arrangements for the years ended December 31, 2021, 2020 and 2019 is presented below: Year Ended December 31, (in millions) 2021 2020 2019 Lease income - sales-type leases $ 3 $ 1 $ — Lease income - operating leases 8 8 9 Sublease income — 2 6 Variable lease income (1) 5 5 6 Total lease income $ 16 $ 16 $ 21 (1) Equipment subject to operating leases and the related accumulated depreciation were as follows: As of December 31, (in millions) 2021 2020 Equipment subject to operating leases $ 21 $ 24 Accumulated depreciation (18 ) (19 ) Equipment subject to operating leases, net $ 3 $ 5 Equipment subject to operating leases, net is included in Property, plant and equipment, net in the Consolidated Statement of Financial Position. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11: COMMITMENTS AND CONTINGENCIES Asset Retirement Obligations Kodak’s asset retirement obligations primarily relate to asbestos contained in buildings that Kodak owns. In many of the countries in which Kodak operates, environmental regulations exist that require Kodak to handle and dispose of asbestos in a special manner if a building undergoes major renovations or is demolished. Otherwise, Kodak is not required to remove the asbestos from its buildings. Kodak records a liability equal to the estimated fair value of its obligation to perform asset retirement activities related to the asbestos, computed using an expected present value technique, when sufficient information exists to calculate the fair value. Kodak does not have a liability recorded related to every building that contains asbestos because Kodak cannot estimate the fair value of its obligation for certain buildings due to a lack of sufficient information about the range of time over which the obligation may be settled through demolition, renovation or sale of the building. The following table provides asset retirement obligation activity (in millions): For the Year Ended December 31, 2021 2020 Asset Retirement Obligations at start of period $ 41 $ 48 Liabilities incurred in the current period — 1 Liabilities settled in the current period — (9 ) Accretion expense — 1 Revision in estimated cash flows 1 — Asset Retirement Obligations at end of period $ 42 $ 41 Other Commitments and Contingencies As of December 31, 2021 the Company had outstanding letters of credit of $46 million and $44 million issued under the Amended ABL Credit Agreement and the L/C Facility Agreement, respectively, as well as bank guarantees and letters of credit of $2 million, surety bonds in the amount of $28 million, and restricted cash of $61 million, primarily related to cash collateral for the outstanding letters of credit under the L/C Facility Agreement, to ensure the payment of possible casualty and workers compensation claims, environmental liabilities, legal contingencies, rental payments, and to support various customs, hedging, tax and trade activities. The restricted cash is recorded in Current assets and Restricted cash in the Consolidated Statement of Financial Position. Kodak’s Brazilian operations are involved in various litigation matters and have received or been the subject of numerous governmental assessments related to indirect and other taxes in various stages of litigation, as well as civil litigation and disputes associated with former employees and contract labor. The tax matters, which comprise the majority of the litigation matters, are primarily related to federal and state value-added taxes and income taxes. Kodak’s Brazilian operations are disputing these matters and intend to vigorously defend their position. Kodak routinely assesses these matters as to the probability of ultimately incurring a liability in its Brazilian operations and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of December 31, 2021, Kodak’s Brazilian Operations maintained accruals of approximately $2 million for claims aggregating approximately $114 million inclusive of interest and penalties where appropriate and the unreserved portion of these contingencies, inclusive of any related interest and penalties, for which there was at least a reasonable possibility that a loss may be incurred, amounted to approximately $4 million. In connection with assessments in Brazil, local regulations may require Kodak to post security for a portion of the amounts in dispute. As of December 31, 2021, Kodak has posted security composed of $3 million of pledged cash reported within Restricted cash in the Consolidated Statement of Financial Position and liens on certain Brazilian assets with a net book value of approximately $39 million. Generally, any encumbrances on the Brazilian assets would be removed to the extent the matter is resolved in Kodak's favor. On July 28, 2020, the U.S. International Development Finance Corporation (the “DFC”) announced (the “DFC Announcement”) the signing of a non-binding letter of interest to provide a subsidiary of the Company with a potential $765 million loan (the “DFC Loan”) to support the launch of Kodak Pharmaceuticals, an initiative that would manufacture pharmaceutical ingredients for essential generic drugs (the “DFC Pharmaceutical Project”). On August 13, 2020 Tiandong Tang commenced a class action lawsuit against the Company, its Executive Chairman and Chief Executive Officer and its Chief Financial Officer in Federal District Court in the District of New Jersey, and on August 26, 2020 Jimmie A. McAdams and Judy P. McAdams commenced a class action lawsuit against the Company and its Executive Chairman and Chief Executive Officer in Federal District Court in the Southern District of New York (collectively, the “Securities Class Actions”). The Securities Class Actions seek damages and other relief based on alleged violations of federal securities laws in the context of the DFC Announcement of the potential DFC Loan and DFC Pharmaceutical Project. The Securities Class Actions were transferred to the Federal District Court for the Western District of New York and were consolidated into a single proceeding (the “Consolidated Securities Class Action”) on June 22, 2021. Les Investissements Kiz Inc. and UAT Trading Service, Inc. were appointed by the court to serve as lead plaintiff for the Consolidated Securities Class Action on August 2, 2021, and the lead plaintiff filed an amended consolidated complaint on October 1, 2021 which added Kodak’s General Counsel and current and former members of its Board of Directors as additional defendants. The Company and individual defendants filed motions to dismiss the Consolidated Securities Class Action on December 14, 2021, and the lead plaintiff filed an opposition to the motions to dismiss on February 28, 2022. The Company intends to continue to vigorously defend itself against the Consolidated Securities Class Action. On December 29, 2020 Robert Garfield commenced a class action lawsuit against the Company and current and former members of its Board of Directors in the Superior Court of Mercer County, New Jersey seeking equitable relief and damages in favor of the Company based on alleged breaches of fiduciary duty by the Company’s Board of Directors associated with alleged false and misleading proxy statement disclosures (including the successor New York lawsuit discussed below, the “Fiduciary Class Action”). The Company and each of the individual defendants filed motions to dismiss the Fiduciary Class Action on April 13, 2021. The plaintiff in the Fiduciary Class Action voluntarily dismissed the Fiduciary Class Action without prejudice on May 26, 2021 and filed a lawsuit substantially similar to the dismissed New Jersey lawsuit in the Supreme Court of the State of New York in Monroe County on October 27, 2021, this time on behalf of a purported class of beneficial and record owners of stock of the Company as of March 26, 2020 who continue to own such stock through the present. The Company and individual defendants filed motions to dismiss the Fiduciary Class Action on January 19, 2022. The Company intends to continue to vigorously defend itself against the Fiduciary Class Action. The Company has also received five requests under New Jersey law demanding, among other things, that the Company take certain actions in response to alleged breaches of fiduciary duty relating to option grants and securities transactions in the context of the DFC Announcement and alleged proxy statement disclosure deficiencies (the “Derivative Demands”). On May 19, 2021 Louis Peters, one of the persons making a Derivative Demand (“Peters”), commenced a derivative lawsuit on behalf of the Company against certain officers and current and former directors of the Company and the Company as a nominal defendant in the Supreme Court of the State of New York in Monroe County seeking damages and equitable relief based on alleged breaches of fiduciary duty and unjust enrichment resulting from stock trades, option grants and a charitable contribution in the context of the DFC Announcement of the potential DFC Loan and DFC Pharmaceutical Project (the “State Derivative Lawsuit”). The plaintiff filed an amended complaint in the State Derivative Lawsuit on August 23, 2021, and the Company and individual defendants filed motions to dismiss (or alternatively, in the case of the Company, a motion for summary judgment) in the State Derivative Lawsuit on October 22, 2021. The parties have agreed to stay the State Derivative Lawsuit pending the resolution of the Federal Derivative Lawsuit described below, which stay is subject to Court approval. On September 2, 2021 Herbert Silverberg, another person making a Derivative Demand (“Silverberg”), commenced a derivative lawsuit on behalf of the Company against one current and one former director of the Company and the Company as a nominal defendant in the Federal District Court for the Western District of New York seeking damages and equitable relief on a basis overlapping with the State Derivative Lawsuit and alleged proxy statement misrepresentations and omissions. On October 4, 2021 Peters commenced a derivative lawsuit on behalf of the Company against the same parties named in the State Derivative Lawsuit in the Federal District Court for the Western District of New York seeking damages and equitable relief on a basis overlapping with the State Derivative Lawsuit and alleged violations of Section 10(b) of the Exchange Act. The Federal derivative lawsuits filed by Silverberg and Peters were consolidated into a single proceeding (the “Federal Derivative Lawsuit”) on January 18, 2022, and Peters was appointed as lead plaintiff in the Federal Derivative Lawsuit. An amended consolidated complaint combining the allegations contained in the Federal derivative lawsuits filed by Silverberg and Peters was filed in the Federal Derivative Lawsuit on February 16, 2022. Additional shareholder derivative lawsuits may be brought based on the other Derivative Demands (any such lawsuits, collectively with the State Derivative Lawsuit, the Federal Derivative Lawsuit and the Fiduciary Class Action, the “Fiduciary Matters”). The Company, acting through a Special Committee of Independent Directors, previously determined that there was no merit to the claims alleged by the Derivative Demands made through the time of its determination (except with respect to the charitable contribution, which was not fully considered by the Special Committee). See the Company’s Current Report on Form 8-K filed with the SEC on September 16, 2020. The Company, acting through a separate Special Litigation Committee of Independent Directors, concurred with the first Special Committee’s findings and further concluded it is not in the Company’s interest to bring or allow any other shareholder to assert any of the claims alleged by the State Derivative Lawsuit or Federal Derivative Lawsuit (with the exception of the Peters claim purportedly arising under Section 10(b) of the Exchange Act, which was not addressed as no demand was made with respect to such claim). The second Special Litigation Committee will carefully review any other additional complaints constituting Fiduciary Matters which may be filed. The DFC Announcement has also prompted investigations by several congressional committees, the SEC and the New York Attorney General’s office. The Company has cooperated in those investigations. As previously reported, the Attorney General of the State of New York (the “NYAG”) has threatened to file a lawsuit against the Company and its Chief Executive Officer alleging violations of New York State’s Martin Act (the “Threatened Claim”). In connection with the Threatened Claim, on June 15, 2021 the Supreme Court of the State of New York in New York County issued an order providing for additional document production by the Company to the NYAG and the taking by the NYAG of investigative testimony of the Company’s Chief Executive Officer and General Counsel. The Company has completed its document production and its officers provided the testimony as contemplated by such order on October 8, 2021 and October 1, 2021, respectively. The Company is in preliminary discussions with the NYAG regarding a potential resolution of the Threatened Claim; however, there can be no assurance that those discussions will lead to a resolution. If the Threatened Claim is not resolved and is ultimately brought by the NYAG, the Company intends to vigorously defend itself against the Threatened Claim. In addition, Kodak is involved in various lawsuits, claims, investigations, remediations and proceedings, including, from time to time, commercial, customs, employment, environmental, tort and health and safety matters, which are being handled and defended in the ordinary course of business. Kodak is also subject, from time to time, to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of Kodak’s products. These matters are in various stages of investigation and litigation and are being vigorously defended. Based on information currently available, Kodak does not believe that it is probable that the outcomes in any of these matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations. Litigation is inherently unpredictable, and judgments could be rendered or settlements entered that could adversely affect Kodak’s operating results or cash flows in a particular period. Kodak routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. |
Note 12 - Guarantees
Note 12 - Guarantees | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Guarantees | NOTE 12: GUARANTEES In accordance with the terms of a settlement agreement concerning certain of the Company’s historical environmental liabilities at EBP, in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 million with no limitation to the maximum potential future payments. There is no liability recorded related to this guarantee. Indemnifications Kodak may, in certain instances, indemnify third parties when it sells businesses and real estate, and in the ordinary course of business with its customers, suppliers, service providers and business partners. Additionally, Kodak indemnifies officers and directors who are, or were, serving at Kodak’s request in such capacities. Historically, costs incurred to settle claims related to these indemnifications have not been material to Kodak’s financial position, results of operations or cash flows. Further, the fair value of any right to indemnification granted during the year ended December 31, 2021 was not material to Kodak’s financial position, results of operations or cash flows. Extended Warranty Arrangements Kodak offers its customers extended warranty arrangements that are generally one year, but may range from three months to six years after the original warranty period. Kodak provides repair services and routine maintenance under these arrangements. Kodak has not separated the extended warranty costs from the routine maintenance service costs, as it is not practicable to do so. Therefore, these costs have been aggregated in the discussion that follows. The change in Kodak's deferred revenue balance in relation to these extended warranty and maintenance arrangements, which is reflected in Other current liabilities in the accompanying Consolidated Statement of Financial Position, was as follows: (in millions) Deferred revenue on extended warranties as of December 31, 2019 $ 21 New extended warranty and maintenance arrangements 91 Recognition of extended warranty and maintenance arrangement revenue (93 ) Deferred revenue on extended warranties as of December 31, 2020 19 New extended warranty and maintenance arrangements 90 Recognition of extended warranty and maintenance arrangement revenue (90 ) Deferred revenue on extended warranties as of December 31, 2021 $ 19 Costs incurred under these extended warranty and maintenance arrangements for the years ended December 31, 2021, 2020 and 2019 amounted to $82 million, $88 million and $105 million, respectively. |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | NOTE 13: FINANCIAL INSTRUMENTS Kodak, as a result of its global operating and financing activities, is exposed to changes in foreign currency exchange rates and interest rates, which may adversely affect its results of operations and financial position. Kodak manages such exposures, in part, with derivative financial instruments. Foreign currency forward contracts are used to mitigate currency risk related to foreign currency denominated assets and liabilities, as well as forecasted foreign currency denominated intercompany assets. Kodak’s exposure to changes in interest rates results from its investing and borrowing activities used to meet its liquidity needs. Kodak does not utilize financial instruments for trading or other speculative purposes. Kodak’s foreign currency forward contracts are not designated as hedges and are marked to market through net earnings (loss) at the same time that the exposed assets and liabilities are re-measured through net earnings (loss) (both in Other (income) charges, net in the Consolidated Statement of Operations). The notional amount of such contracts open at December 31, 2021 and 2020 was approximately $322 million and $361 million, respectively. The majority of the contracts of this type held by Kodak at December 31, 2021 and 2020 were denominated in euros, Chinese renminbi and Japanese yen. 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 Kodak had no derivatives designated as hedging instruments for the years ended December 31, 2021 and 2020. Kodak’s derivative counterparties are high-quality investment or commercial banks with significant experience with such instruments. Kodak manages exposure to counterparty credit risk by requiring specific minimum credit standards and diversification of counterparties. Kodak has procedures to monitor the credit exposure amounts. The maximum credit exposure at December 31, 2021 was not significant to Kodak. In the event of a default under the Company’s Credit Agreements, or a default under any derivative contract or similar obligation of Kodak, subject to certain minimum thresholds, the derivative counterparties would have the right, although not the obligation, to require immediate settlement of some or all open derivative contracts at their then-current fair value, but with liability positions netted against asset positions with the same counterparty. As discussed in Note 8, “Debt and Finance Leases”, the Company concluded that the 2021 Convertible Notes are more akin to a debt-type instrument and that the economic characteristics and risks of the embedded conversion features are not considered clearly and closely related to the 2021 Convertible Notes. The embedded conversion features not considered clearly and closely related are the conversion at the option of the holder (“Optional Conversion”), the mandatory conversion by Kodak (“Mandatory Conversion”) and the conversion in the event of a fundamental transaction by the holder at the then applicable conversion rate (“Fundamental Change”). Accordingly, these embedded conversion features were bifurcated from the 2021 Convertible Notes and separately accounted for on a combined basis as a single derivative asset or liability. The derivative was in a liability position at December 31, 2021 and was reported in Other long-term liabilities in the Consolidated Statement of Financial Position. The derivative is being accounted for at fair value with changes in fair value included in Other (income) charges, net in the Consolidated Statement of Operations. As discussed in Note 9, “Redeemable, Convertible, Preferred Stock”, the Company concluded that the Series B Preferred Stock and the Series C Preferred Stock are more akin to a debt-type instrument and that the economic characteristics and risks of the conversion in the event of a Fundamental Change is not considered clearly and closely related to the Series B and Series C Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from both the Series B and Series C Preferred Stock and are separately accounted for as a derivative asset or liability. Both derivatives were in a liability position at December 31, 2021 and were reported in Other long-term liabilities in the Consolidated Statement of Financial Position. The derivatives are being accounted for at fair value with changes in fair value included in Other (income) charges, net in the Consolidated Statement of Operations. The Company concluded that the Series A Preferred Stock was more akin to a debt-type instrument and that the economic characteristics and risks of the embedded conversion features, except where the conversion price was increased to the liquidation preference, were not considered clearly and closely related to the Series A Preferred Stock. The embedded conversion features not considered clearly and closely related were the conversion at the option of the holder, the ability of Kodak to automatically convert the stock after the second anniversary of issuance and the conversion in the event of a fundamental change or reorganization (“Fundamental Change or Reorganization Conversion”). Accordingly, these embedded conversion features were bifurcated from the Series A Preferred Stock and separately accounted for on a combined basis as a single derivative asset or liability. The embedded conversion features were revalued as of February 26, 2021 when the Company repurchased one million shares of Series A Preferred Stock and exchanged the remaining one million shares of Series A Preferred Stock for Series B Preferred Stock. The revaluation as of February 26, 2021 resulted in the recognition of $ 2 million of net expense which was included in Other (income) charges, net in the Consolidated Statement of Operations. With the repurchase and exchange of the shares of the Series A Preferred Stock the embedded conversion features derivative liability expired. The derivative was in a liability position at December 31, 2020 and was reported in Other current liabilities in the Consolidated Statement of Financial Position. The derivative was being accounted for at fair value with changes in fair value included in Other (income) charges, net in the Consolidated Statement of Operations. As discussed in Note 8, “Debt and Finance Leases ”, Fair Value Fair values of Kodak’s foreign currency forward contracts are determined using observable inputs (Level 2 fair value measurements) and are based on the present value of expected future cash flows (an income approach valuation technique) considering the risks involved and using discount rates appropriate for the duration of the contracts. The gross fair value of foreign currency forward contracts in an asset position are reported in Other current assets in the Consolidated Statement of Financial Position and the gross fair value of foreign currency contracts in a liability position are reported in Other current liabilities. The gross fair value of foreign currency forward contracts in an asset position as of December 31, 2021 and 2020 was $0 million and $1 million, respectively. The gross fair value of the foreign currency forward contracts in a liability position as of December 31, 2021 and 2020 was $0 million in both periods. The fair value of the embedded conversion features derivatives was calculated using unobservable inputs (Level 3 fair measurements). The value of the embedded derivatives associated with the 2021 Convertible Notes and Series A, Series B and Series C Preferred Stock was calculated using a binomial lattice model. Except for the fair value determined at the time of conversion, the fair value of the embedded conversion features and term extension option for the 2019 Convertible Notes derivatives was calculated using unobservable inputs (Level 3 fair measurements). The value of the Optional Conversion feature associated with the 2019 Convertible Notes was calculated using a binomial lattice model. The value of the term extension option reflected the probability weighted average value of the 2019 Convertible Notes using the original maturity date and a hypothetical extended maturity date, with all other contractual terms unchanged. The fair value of the embedded conversion features and term extension option for the 2019 Convertible Notes were revalued as of the conversion dates, August 3, 2020 and September 30, 2020. The fair value of the embedded derivative at each conversion date was calculated based on the fair value of the shares issued less the fair value of debt. The fair value of shares issued is based on the weighted average stock price at the time of day the shares were transferred for August 3, 2020, and the closing stock price as of September 30, 2020. The fair value of debt is based on pricing models based on the value of related cash flows discounted at current market interest rates. 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 Fundamental Change Conversion values at issuance were calculated as the difference between the total value of the 2021 Convertible Notes, Series B or Series C Preferred Stock, as applicable, and the sum of the net present value of the cash flows if the 2021 Convertible Notes are repaid at their maturity or the Series B and Series C Preferred Stock is redeemed on its redemption date and the values of the other embedded derivatives. The Fundamental Change Conversion value reduces the value of the embedded conversion features derivative liability. Other than events which alter the likelihood of a fundamental change, the value of the Fundamental Change Conversion reflects the value as of the issuance date, amortized for the passage of time. The calculation of the Fundamental Change and Reorganization Conversion values for the 2019 Convertible Notes and Series A Preferred Stock was the same as the calculation described above for the Fundamental Change Conversion values for the 2021 Convertible Notes and Series B and C Preferred Stock. The fair values of long-term borrowings were $269 million and $17 million at December 31, 2021 and 2020, respectively. Fair values of long-term borrowings (Level 2 fair value measurements) are determined by reference to quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates. Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. There were no transfers between levels of the fair value hierarchy during the year ended December 31, 2021. The carrying values of cash and cash equivalents, restricted cash and the current portion of long-term borrowings approximate their fair values. |
Note 14 - Revenue
Note 14 - Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 14: REVENUE Disaggregation of Revenue The following tables present revenue disaggregated by major product, portfolio summary and geography. Major product: Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 530 $ 69 $ 24 $ — $ — $ 623 Ongoing service arrangements (1) 79 134 6 — — 219 Total Annuities 609 203 30 — — 842 Equipment & Software 50 46 — — — 96 Film and chemicals — — 180 — — 180 Other (2) — — 2 15 15 32 Total $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 463 $ 64 $ 21 $ — $ — $ 548 Ongoing service arrangements (1) 80 131 3 — — 214 Total Annuities 543 195 24 — — 762 Equipment & Software 49 46 — — — 95 Film and chemicals — — 137 — — 137 Other (2) — — 11 13 11 35 Total $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 572 $ 83 $ 13 $ — $ — $ 668 Ongoing service arrangements (1) 86 155 — — — 241 Total Annuities 658 238 13 — — 909 Equipment & Software 56 55 — — — 111 Film and chemicals — — 169 — — 169 Other (2) 13 — 18 12 10 53 Total $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) (2) Product Portfolio Summary: Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 217 $ 142 $ — $ — $ — $ 359 Strategic other businesses (2) 442 58 211 15 15 741 Planned declining businesses (3) — 49 1 — — 50 $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 162 $ 135 $ 3 $ — $ — $ 300 Strategic other businesses (2) 430 52 159 13 11 665 Planned declining businesses (3) — 54 10 — — 64 $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 180 $ 140 $ 3 $ — $ — $ 323 Strategic other businesses (2) 547 78 172 12 10 819 Planned declining businesses (3) — 75 25 — — 100 $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) (2) (3) Geography (1) : Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 135 $ 109 $ 152 $ 15 $ 15 $ 426 Canada 12 8 2 — — 22 North America 147 117 154 15 15 448 Europe, Middle East and Africa 302 85 17 — — 404 Asia Pacific 181 43 41 — — 265 Latin America 29 4 — — — 33 Total Sales $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 121 $ 106 $ 115 $ 13 $ 11 $ 366 Canada 14 8 1 — — 23 North America 135 114 116 13 11 389 Europe, Middle East and Africa 257 86 12 — — 355 Asia Pacific 171 37 43 — — 251 Latin America 29 4 1 — — 34 Total Sales $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 162 $ 147 $ 122 $ 12 $ 10 $ 453 Canada 13 8 2 — — 23 North America 175 155 124 12 10 476 Europe, Middle East and Africa 300 87 21 — — 408 Asia Pacific 208 44 54 — — 306 Latin America 44 7 1 — — 52 Total Sales $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) Contract Balances The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amounts recorded for contract assets are reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to prepaid service contracts, upfront payments for certain equipment purchases or prepaid royalties on intellectual property arrangements. The amounts recorded for contract liabilities are reported in Other current liabilities and Other long-term liabilities in the Consolidated Statement of Financial Position. Contract assets and liabilities consisted of the following: As of December 31, (in millions) 2021 2020 Contract assets $ 3 $ 2 Contract liabilities - current 43 47 Contract liabilities - long-term 14 17 Total $ 57 $ 64 Activity in deferred revenue accounts consisted of: Year Ended December 31, (in millions) 2021 2020 2019 Beginning liabilities recognized in revenue $ 37 $ 43 $ 34 Cash payments received, net of revenue recognized 28 41 47 |
Note 15 - Other Operating (Inco
Note 15 - Other Operating (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Expense Income Net [Abstract] | |
Other Operating (Income) Expense, Net | NOTE 15: OTHER OPERATING (INCOME) EXPENSE, NET Year Ended December 31, (in millions) 2021 2020 2019 Expense (income): Legal settlements $ (7 ) $ — $ — Loss (gain) related to the sales of assets (1), (2) 1 (10 ) 14 Transition services agreement income — (6 ) (6 ) Asset impairments (3), (4) — 3 6 Other — (1 ) 1 Total $ (6 ) $ (14 ) $ 15 (1) (2) (3) (4) In the fourth quarter of 2019, Kodak determined the carrying value of one building no longer in use exceeded its fair value and recorded an impairment charge of $2 million. |
Note 16 - OTHER (INCOME) CHARGE
Note 16 - OTHER (INCOME) CHARGES, NET | 12 Months Ended |
Dec. 31, 2021 | |
Other Income And Expenses [Abstract] | |
OTHER (INCOME) CHARGES, NET | NOTE 16: OTHER (INCOME) CHARGES, NET Year Ended December 31, (in millions) 2021 2020 2019 Change in fair value of embedded conversion features derivative (1) $ (7 ) $ 382 $ 42 Loss on foreign exchange transactions 2 5 3 Other — (1 ) 1 Total $ (5 ) $ 386 $ 46 (1) Refer to Note 13, “Financial Instruments”. |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17: INCOME TAXES The components of earnings (loss) from continuing operations before income taxes and the related provision for U.S. and other income taxes were as follows (in millions): Year Ended December 31, 2021 2020 2019 Earnings (Loss) earnings from continuing operations before income taxes: U.S. $ (12 ) $ (388 ) $ (68 ) Outside the U.S. 40 12 8 Total $ 28 $ (376 ) $ (60 ) U.S. income taxes: Current benefit $ — $ — $ — Deferred (benefit) provision (1 ) 2 — Income taxes outside the U.S.: Current provision (benefit) 4 (3 ) 7 Deferred provision 1 169 24 Total provision $ 4 $ 168 $ 31 The differences between income taxes computed using the U.S. federal income tax rate and the provision for income taxes for continuing operations were as follows (in millions): Year Ended December 31, 2021 2020 2019 Amount computed using the statutory rate $ 6 $ (79 ) $ (13 ) Increase (reduction) in taxes resulting from: Unremitted foreign earnings (1 ) 2 (1 ) Operations outside the U.S. 8 3 22 Legislative tax law and rate changes (28 ) (11 ) 1 Valuation allowance 20 220 11 Tax settlements and adjustments, including interest (1 ) (43 ) 2 Embedded derivative liability (1 ) 81 9 Other, net 1 (5 ) — Provision from income taxes $ 4 $ 168 $ 31 The significant components of deferred tax assets and liabilities were as follows (in millions): As of December 31, 2021 2020 Deferred tax assets Pension and postretirement obligations $ — $ 25 Restructuring programs 1 2 Leasing 3 4 Foreign tax credit 358 358 Inventories 10 9 Investment tax credit 33 42 Employee deferred compensation 26 26 Depreciation 37 36 Research and development costs 42 40 Tax loss carryforwards 499 480 Other deferred revenue 2 2 Other 85 89 Total deferred tax assets before valuation allowances $ 1,096 $ 1,113 Valuation allowances (934 ) (1,112 ) Total net deferred tax assets $ 162 $ 1 Deferred tax liabilities Pension and postretirement obligations $ (162 ) $ — Goodwill/intangibles (9 ) (10 ) Unremitted foreign earnings (20 ) (22 ) Total deferred tax liabilities (191 ) (32 ) Net deferred tax liabilities $ (29 ) $ (31 ) Deferred tax liabilities are reported in the following component within the Consolidated Statement of Financial Position (in millions): As of December 31, 2021 2020 Other long-term liabilities (29 ) (31 ) Net deferred tax liabilities $ (29 ) $ (31 ) As of December 31, 2021, Kodak had available domestic and foreign NOL carry-forwards for income tax purposes of approximately $2,058 million, of which approximately $866 million have an indefinite carry-forward period. The remaining $1,192 million expire between the years 2022 and 2038. As of December 31, 2021, Kodak had unused foreign tax credits and investment tax credits of $358 million and $33 million, respectively, with various expiration dates through 2035. Utilization of NOL carry-forwards and tax credits may be subject to limitations in the event of significant changes in stock ownership of the Company in the future. Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of NOL carryforwards, other tax carryforwards, and certain built-in losses as defined under that Section, upon an ownership change. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in Kodak’s stock by more than 50 percentage points over a three-year Kodak had deferred tax liabilities of $20 million and $22 million for potential taxes on the undistributed earnings, including foreign withholding taxes, Kodak’s valuation allowance as of December 31, 2021 was $934 million. Of this amount, $360 million was attributable to Kodak’s net deferred tax assets outside the U.S. of $351 million, and $574 million related to Kodak’s net deferred tax assets in the U.S. of $554 million, for which Kodak believes it is not more likely than not that the assets will be realized. Kodak’s valuation allowance as of December 31, 2020 was $1,112 million. Of this amount, $374 million was attributable to Kodak’s net deferred tax assets outside the U.S. of $364 million, and $738 million related to Kodak’s net deferred tax assets in the U.S. of $717 million, for which Kodak believes it is not more likely than not that the assets will be realized. As of March 31, 2020, Kodak determined that it was more likely than not that deferred tax assets outside the U.S. which were not offset with valuation allowances as of March 31, 2020 would not be realized due to reductions in estimates of future profitability as a result of the COVID-19 pandemic in locations outside the U.S. Accordingly, Kodak recorded a provision of $167 million associated with the establishment of a valuation allowance on those deferred tax assets. Accounting for Uncertainty in Income Taxes A reconciliation of the beginning and ending amount of Kodak’s liability for income taxes associated with unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance as of January 1 $ 8 $ 54 $ 57 Tax positions related to the current year: Additions — — — Tax positions related to prior years: Additions — 2 1 Reductions (1 ) (42 ) (1 ) Settlements with taxing jurisdictions (3 ) (6 ) (3 ) Balance as of December 31 $ 4 $ 8 $ 54 Kodak’s policy regarding interest and/or penalties related to income tax matters is to recognize such items as a component of provision for income taxes. Kodak had approximately $11 million and $14 million of interest and penalties associated with uncertain tax benefits accrued as of December 31, 2021 and 2020, respectively. Kodak had uncertain tax benefits of approximately $15 million and $22 million as of December 31, 2021 and 2020, respectively, that, if recognized, would affect the effective income tax rate. Kodak has classified certain income tax liabilities as current or noncurrent based on management’s estimate of when these liabilities will be settled. The current liabilities are recorded in Other current liabilities in the Consolidated Statement of Financial Position. Noncurrent income tax liabilities are recorded in Other long-term liabilities in the Consolidated Statement of Financial Position. It is reasonably possible that the liability associated with Kodak’s unrecognized tax benefits will increase or decrease within the next twelve months. These changes may be the result of settling ongoing audits or the expiration of statutes of limitations. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although management believes that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on the earnings of Kodak. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a positive impact on earnings. During 2021 Kodak agreed to terms with a taxing authority outside the U.S. and settled open tax audits for years through 2014. For these years Kodak originally recorded liabilities for unrecognized tax positions (“UTPs”) totaling $3 million (plus interest of approximately $4 million) which were substantially offset by prepaid assets. During 2020, Kodak agreed to terms with the IRS and settled the federal audit for calendar years 2013 and 2014. For these years, Kodak originally recorded a federal UTP totaling $41 million, which was fully offset by tax attributes. This settlement resulted in an increase in net deferred tax assets and was fully offset by a corresponding increase in Kodak’s U.S. valuation allowance, resulting in no net tax benefit. During 2019, Kodak reached a settlement outside of the U.S. and settled an audit for calendar years 2005-2008. Kodak originally recorded liabilities for UTPs totaling $3 million (plus interest of approximately $3 million). Kodak paid $2 million in 2019 as result of this settlement and paid the remaining $4 million in April 2020. Kodak is subject to taxation and files income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. Kodak has substantially concluded all U.S. federal income tax matters for years through 2017 and state income tax matters for years through 2015 with the respective tax authorities. With respect to countries outside the U.S., Kodak has substantially concluded all material foreign income tax matters through 2013 with respective foreign tax jurisdiction authorities. |
Note 18 - Restructuring Costs a
Note 18 - Restructuring Costs and Other | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs and Other | NOTE 18: RESTRUCTURING COSTS AND OTHER Kodak recognizes the need to continually rationalize its workforce and streamline its operations in the face of ongoing business and economic changes. Charges for restructuring initiatives are recorded in the period in which Kodak commits to a formalized restructuring plan, or executes the specific actions contemplated by the plan and all criteria for liability recognition under the applicable accounting guidance have been met. The activity incurred in relation to restructuring programs during the three years ended December 31, 2021 were as follows (in millions): Severance Reserve (1) Exit Costs Reserve (1) Total Balance as of December 31, 2018 $ 6 $ 2 $ 8 Charges 16 — 16 Utilization/cash payments (8 ) (1 ) (9 ) Other adjustments & reclasses (2) (3 ) — (3 ) Balance as of December 31, 2019 11 1 12 Charges 16 1 17 Utilization/cash payments (14 ) (1 ) (15 ) Other adjustments & reclasses (2) (3 ) — (3 ) Balance as of December 31, 2020 10 1 11 Charges 6 — 6 Utilization/cash payments (10 ) — (10 ) Other adjustments & reclasses (2) (2 ) — (2 ) Balance as of December 31, 2021 $ 4 $ 1 $ 5 (1) The severance and exit costs reserves require the outlay of cash. Any long-lived asset impairments and inventory write-downs would represent non-cash items. (2) The $2 2019 Activity Restructuring actions taken in 2019 were initiated to reduce Kodak’s cost structure as part of its commitment to drive sustainable profitability and included various targeted reductions in manufacturing, service, sales, research and development, and other administrative functions. As a result of these actions, for the year ended December 31, 2019 Kodak recorded $16 million of charges which were reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The 2019 severance costs related to the elimination of approximately 220 positions, including approximately 150 administrative, 65 manufacturing/service, and 5 research and development positions. The geographic composition of these positions included approximately 90 in the U.S. and Canada and 130 throughout the rest of the world. 2020 Activity Restructuring actions taken in 2020 were initiated to reduce Kodak’s cost structure as part of its commitment to drive sustainable profitability and included various targeted reductions in manufacturing, service, sales and other administrative functions. As a result of these actions, for the year ended December 31, 2020 Kodak recorded $17 million of charges which were reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The 2020 severance costs related to the elimination of approximately 250 positions, including approximately 160 administrative and 90 manufacturing/service positions. The geographic composition of these positions included approximately 140 in the U.S. and Canada and 110 throughout the rest of the world. 2021 Activity Restructuring actions taken in 2021 were initiated to reduce Kodak’s cost structure as part of its commitment to drive sustainable profitability and included various targeted reductions in manufacturing, service, sales and other administrative functions. As a result of these actions, for the year ended December 31, 2021 Kodak recorded $6 million of charges which were reported as Restructuring costs and other in the accompanying Consolidated Statement of Operations. The 2021 severance costs related to the elimination of approximately 130 positions, including approximately 70 administrative and 60 manufacturing/service positions. The geographic composition of these positions included approximately 70 in the U.S. and Canada and 60 throughout the rest of the world. As a result of these initiatives, the majority of the severance liabilities as of December 31, 2021 will be paid during periods through the end of the second quarter of 2022. The exit cost reserves primarily relate to a liability for which timing of the payment is uncertain. |
Note 19 - Retirement Plans
Note 19 - Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | NOTE 19: RETIREMENT PLANS Substantially all U.S. employees are covered by a noncontributory defined benefit plan, the Kodak Retirement Income Plan (“KRIP”), 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. 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 interest based on the 30-year Treasury bond rate. The crediting rates are currently either 9% or 10% of pay based on employee classification. 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 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. 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 An actuarial gain of $86 million for the U.S. was recognized in 2021 driven by an increase in the discount rate ($105 million), partially offset by losses due to changes in mortality and other demographic assumptions. In 2020, an actuarial loss of $299 million was recognized for the U.S. Plan driven primarily by a decrease in the discount rate ($276 million). The Non-U.S. actuarial loss recognized in 2021 was driven primarily by changes in inflation and other demographic assumptions partially offset by an increase in discount rates, whereas the loss in 2020 was driven primarily by changes in discount rates. The U.S. recognized a gain on plan assets for the years ended December 31, 2021 and 2020 of $716 million and $495 million, respectively. The gain for 2021 reflects higher expected returns for the U.S. private equity and hedge fund portfolios, and the gain for 2020 reflects strong stock and bond market performance as well as realized gains recorded from derivative investments held by the U.S. The total net realized (losses) gains from these derivative investments for 2021 and 2020 was approximately ($23) million and $159 million, respectively. Refer to discussion below on derivative instruments for further information. The settlement amount of $121 million for the U.S. for the year ended December 31, 2020 represents lump sum payments from KRIP. 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 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 ) 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 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 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 ) 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 ) For the year ended December 31, 2021, the U.S. gain was driven primarily by asset actuarial gains ($549 million) and the projected benefit obligation actuarial gain of $86 million. 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 ) The $2 million curtailment gain for the year ended December 31, 2019 was incurred as a result of the sale of FPD. In addition, the amounts shown in Other Plans for the year ended December 31, 2019 include $5 million of settlement gains due to the transfer of non-major, non-U.S. pension liabilities as a result of the sale of FPD. These amounts are included in Earnings from discontinued operations, net of income taxes in the Consolidated Statement of Operations. The $9 million settlement loss for the year ended December 31, 2020 was incurred as a result of lump sum payments from KRIP. The special termination benefits for each of the years ended December 31, 2021, 2020 and 2019 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, 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 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. Plan Asset Investment Strategy 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. In addition, the U.S. Plan uses derivative investments primarily to hedge liability interest rate risk to U.S. government bonds. Other investment objectives include maintaining broad diversification between and within asset classes, 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. Plan Asset Risk Management 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. As of December 31, 2021 there were no significant concentrations (defined as greater than 10% of plan assets) of risk in Kodak’s defined benefit plan assets. , 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) 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 % Derivative Investments The U.S. defined benefit pension plan derivative instruments consist 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, 2021 and 2020, the notional amount for exchange traded futures contracts approximated $1.0 billion and $1.7 billion, respectively. Realized gains and losses from these derivative investments are included in the gain on plan assets balance. The total fair value of these derivative instruments at December 31, 2021 and 2020 was $10 million and ($4) million, respectively, which represents the unrealized gains and losses 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 December 31, 2021 and 2020, approximately $ 17 million and $40 million in cash, respectively, was on deposit to fulfill these requirements and is included in the cash and cash equivalents asset class in the table below. The U.S. Plan invests 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 the hedge fund are included in the hedge fund’s net asset value. Fair Value Measurements 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 net asset value (“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, 2021 and 2020 by asset class are presented in the tables below: 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 Assets not utilizing the NAV per share expedient are valued as follows: (1) (2) Investments Valued at NAV 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, 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 Global Equity Securities Funds hold a broad diversified portfolio of U.S. equity, developed international equity, and emerging markets equity securities. These investments are primarily valued by the fund administrator based on a market or income valuation methodology depending on the specific type of security or instrument held. Real estate investments primarily include investments in limited partnerships that invest in office, industrial, retail and apartment properties. Investments are primarily valued by the fund manager 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 but receive distributions through the liquidation of the underlying investments. The Global Balanced Asset Allocation Fund investments are commingled funds that hold a diversified portfolio of passive market exposures, including equities, debt, currencies and commodities that uses an equal risk parity allocation strategy. These investments are primarily valued by the fund manager based on a market or income valuation methodology depending on the specific type of security or instrument held. 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. The U.S. Plan invests 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 is to seek a higher absolute return. Hedge fund investments are made through direct investments in individual hedge funds. The hedge fund investments substantially consist of a diversified portfolio of hedge funds that use equity, debt, commodity, currency strategies and derivative instruments. The U.S. defined benefit pension plan evaluates 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. 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 U.S. defined benefit pension plan maintains cash liquidity reserves that serve as variation margin for the U. S. Treasury futures contracts directly held by the U. S. Plan to hedge it’s liability duration. Approximately $87 million and $89 million of cash liquidity reserves associated with hedge funds as of December 31, 2021 and 2020, respectively, are included in the cash and cash equivalents asset class in the table above. 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 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 both December 31, 2021 and 2020, these investments represented approximately 5 Liquidity Approximately 27% of total U.S. defined benefit pension plan assets as of December 31, 2021 are invested in real estate funds, private equity funds and other investments where the Company receives distributions through the liquidation of the underlying investments. Liquidity of U.S. defined benefit pension 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. defined benefit pension plan consistent with historical experience. The fair value of Kodak’s major Non-U.S. defined benefit pension plans assets at December 31, 2021 and 2020 by asset class are presented in the tables below: 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 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. 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, 2021 and 2020. Of the December 31, 2021 and 2020 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. 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) 3. 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 |
Note 20 - Other Postretirement
Note 20 - Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
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. In the U.K., Kodak provides medical benefits to eligible retirees. The other postretirement benefit plans in Canada and the U.K. are closed to new participants. Information on the Canada and U.K. other postretirement benefit plans is presented below. The measurement date used to determine the net benefit obligation for Kodak's other postretirement benefit plans is December 31. Changes in Kodak’s benefit obligation and funded status were as follows (in millions): Year Ended December 31, 2021 2020 Net benefit obligation at beginning of period $ 63 $ 63 Interest cost 1 1 Plan participants’ contributions 1 1 Actuarial loss (6 ) 1 Benefit payments (3 ) (3 ) Net benefit obligation at end of period 56 63 Underfunded status at end of period (56 ) (63 ) Amounts recognized in the Consolidated Statement of Financial Position consist of (in millions): As of December 31, 2021 2020 Other current liabilities $ (3 ) $ (3 ) Pension and other postretirement liabilities (53 ) (60 ) $ (56 ) $ (63 ) Amounts recognized in Accumulated other comprehensive loss consist of (in millions): As of December 31, 2021 2020 Net actuarial gain $ 10 $ 4 Changes in benefit obligations recognized in Other comprehensive loss (income) consist of (in millions): Year Ended December 31, 2021 2020 Newly established (gain) loss $ (6 ) $ 1 Total gain recognized in Other comprehensive income $ (6 ) $ 1 Other postretirement benefit cost included: Year Ended December 31, 2021 2020 2019 Components of net postretirement benefit cost: Service cost $ — $ — $ — Interest cost 1 1 2 Amortization of: Actuarial gain — — (1 ) Other postretirement benefit cost from continuing operations $ 1 $ 1 $ 1 The weighted-average assumptions used to determine the net benefit obligations were as follows: As of December 31, 2021 2020 Discount rate 2.79 % 2.21 % Salary increase rate 1.85 % 1.80 % The weighted-average assumptions used to determine the net postretirement benefit cost were as follows: Year Ended December 31, 2021 2020 2019 Effective rate for interest cost 1.71 % 2.67 % 3.26 % Salary increase rate 1.70 % 1.80 % 2.35 % The weighted-average assumed healthcare cost trend rates used to compute the other postretirement amounts were as follows: 2021 2020 Healthcare cost trend 5.48 % 5.33 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 3.38 % 3.14 % Year that the rate reaches the ultimate trend rate 2040 2039 The following other postretirement benefits, which reflect expected future service, are expected to be paid (in millions): 2022 $ 3 2023 3 2024 3 2025 3 2026 3 2027-2031 15 |
Note 21 - Earnings Per Share
Note 21 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 21: EARNINGS PER SHARE Basic earnings per share are calculated using the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share calculations include any dilutive effect of potential common shares. In periods with a net loss from continuing operations, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share. A reconciliation of the amounts used to calculate basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 follows (in millions): Year Ended December 31, (in millions) 2021 2020 2019 Income (loss) from continuing operations attributable to Eastman Kodak Company $ 24 $ (544 ) $ (91 ) Less: Preferred Stock cash and accrued dividends (4 ) (11 ) (11 ) Less: Preferred Stock in-kind dividends (4 ) - - Less: Preferred Stock deemed dividends (3 ) (9 ) (9 ) Plus: Expiration of Series A embedded derivative 11 - - Less: Earnings attributable to Series C Preferred shareholders (2 ) — — Income (loss) from continuing operations available to common shareholders - basic and diluted $ 22 $ (564 ) $ (111 ) Net income (loss) attributable to Eastman Kodak Company $ 24 $ (541 ) $ 116 Less: Preferred Stock cash and accrued dividends (4 ) (11 ) (11 ) Less: Preferred Stock in-kind dividends (4 ) — — Less: Preferred Stock deemed dividends (3 ) (9 ) (9 ) Plus: Expiration of Series A embedded derivative 11 — — Less: Earnings attributable to Series C Preferred shareholders (2 ) — — Net income (loss) available to common shareholders - basic and diluted $ 22 $ (561 ) $ 96 Weighted-average common shares outstanding - basic 78.4 57.4 43.0 Effect of dilutive securities: Unvested restricted stock units 0.1 — — Stock options 2.0 — — Weighted-average common shares outstanding - diluted 80.5 57.4 43.0 The computation of diluted earnings per share for the year ended December 31, 2021 excluded the impact of (1) the assumed conversion of $25 million of 2021 Convertible Notes, (2) the assumed conversion of 1.0 million shares of Series B Preferred Stock, (3) the assumed conversion of 1.0 million shares of Series C Preferred Stock, (4) the assumed exercise of 2.9 million outstanding employee stock options because they would have been anti-dilutive. As a result of the loss from continuing operations available to common shareholders for the years ended December 31, 2020 and 2019, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak reported earnings from continuing operations available to common shareholders for the years ended December 31, 2020 and 2019, the calculation of diluted earnings per share would have included the assumed conversion of 0.6 million unvested restricted stock units for both periods and 0.7 million stock options for the year ended December 31, 2020. The computation of diluted earnings per share for the years ended December 31, 2020 and 2019 excluded the impact of (1) the assumed conversion of 2.0 million shares of Series A Preferred Stock, and (2) the assumed conversion of 4.0 million and 6.8 million outstanding employee stock options, respectively, because they would have been anti-dilutive. The computation of diluted earnings per share for the year ended December 31, 2019 also excluded the assumed conversion of $100 million of 2019 Convertible Notes because the effects would have been anti-dilutive. |
Note 22 - Stock-based Compensat
Note 22 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | NOTE 22: STOCK-BASED COMPENSATION Kodak’s stock incentive plan is the 2013 Omnibus Incentive Plan (the “2013 Plan”). The 2013 Plan is administered by the Compensation, Nominating and Governance Committee of the Board of Directors. Officers, directors and employees of the Company and its consolidated subsidiaries are eligible to receive awards. Stock options are generally non-qualified, are at exercise prices equal to or greater than the closing price of Kodak’s stock on the date of grant and expire seven years after the grant date. Stock-based compensation awards granted under Kodak’s stock incentive plan are generally subject to a three-year The maximum number of shares of common stock available for grant under the 2013 Plan is 13.0 million. For stock option grants awarded on or prior to May 19, 2021, for the number of shares available for grant under the 2013 Plan, a stock option counted as a fraction of a share, based on the fair market value of the stock option relative to the closing stock price on the date of grant. For stock option awards granted after May 19, 2021, a stock option counts as one share. Each restricted stock unit and restricted stock award counts as one share. The total number of shares of common stock registered for issuance under the 2013 Plan is approximately 13.5 million. In addition, under the 2013 Plan, the maximum number of shares available for the grant of incentive stock options is 2.0 million shares. The maximum number of shares as to which stock options or stock appreciation rights may be granted to any one person under the 2013 Plan in any calendar year is 2.5 million shares. The maximum number of awards that may be granted to any non-employee director under the 2013 Plan in any calendar year may not exceed a number of awards with a grant date fair value of $450,000, computed as of the grant date. Compensation expense is recognized on a straight-line basis over the service or performance period for each separately vesting tranche of the award and is adjusted for actual forfeitures before vesting. Kodak assesses the likelihood that performance-based shares will be earned based on the probability of meeting the performance criteria. For those performance-based awards that are deemed probable of achievement, expense is recorded, and for those awards that are deemed not probable of achievement, no expense is recorded. Kodak assesses the probability of achievement each quarter. Restricted Stock Units and Restricted Stock awards Restricted stock units and restricted stock awards are payable in shares of the Company common stock upon vesting. The fair value is based on the closing market price of the Company’s stock on the grant date. Compensation cost related to restricted stock units and restricted stock awards was $5 million, $1 million and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The weighted average grant date fair value of restricted stock units and awards granted for the years ended December 31, 2021, 2020 and 2019 was $8.50, $2.91 and $2.93, respectively. The total fair value of restricted stock units and awards that vested was $6 million for the year ended December 31, 2021 and $2 million for both the years ended December 31, 2020 and 2019. As of December 31, 2021, there was $4 million of unrecognized compensation cost related to restricted stock units. The cost is expected to be recognized over a weighted average period of 1.6 years. The following table summarizes information about restricted stock unit and award activity for the year ended December 31, 2021: Number of Restricted Stock Units/Awards Weighted-Average Grant Date Fair Values Outstanding on December 31, 2020 380,960 $ 3.31 Granted 1,112,741 $ 8.50 Vested 616,549 $ 5.88 Forfeited 4,275 $ 3.90 Outstanding on December 31, 2021 872,877 $ 8.10 Stock Options The following table summarizes information about stock option activity for the year ended December 31, 2021: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value ($ millions) Outstanding on December 31, 2020 7,724,426 $ 8.10 Expired 438,538 $ 22.01 Exercised 44,581 $ 3.90 Forfeited 6,858 $ 3.90 Outstanding on December 31, 2021 7,234,449 $ 7.29 3.59 $ 5 Exercisable on December 31, 2021 6,861,191 $ 7.40 3.56 $ 4 Expected to vest December 31, 2021 373,258 $ 5.21 4.13 $ — The aggregate intrinsic value represents the total pretax intrinsic value that option holders would have received had all option holders exercised their options on the last trading day of the year. The aggregate intrinsic value is the difference between the Kodak closing stock price on the last trading day of the year and the exercise price, multiplied by the number of in-the-money options. On February 26, 2021 James V. Continenza, Executive Chairman and Chief Executive Officer of Kodak, and the Company entered into an Executive Chairman and CEO Agreement (the “New Employment Agreement”). The New Employment Agreement is effective for a three-year period beginning on February 26, 2021. Pursuant to the New Employment Agreement, Mr. Continenza will not have the right to exercise any stock options granted to him in February 2019 or July 2020 to the extent that, after giving effect to the issuance of the Company’s common stock resulting from such exercise, Mr. Continenza (together with his affiliates and any person acting as a group), would beneficially own more than 4.99% of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). The Beneficial Ownership Limitation shall cease and be of no further force and effect upon a Change of Control (as such term is defined in the Company’s Amended and Restated 2013 Omnibus Incentive Plan). The restrictions on the exercisability of previous stock option awards are a modification of the original awards. As the February 2019 and July 2020 stock options were fully vested prior to the modification date and there was no incremental value provided in the modification, no additional compensation expense was recognized. Also pursuant to the New Employment Agreement, Mr. Continenza was granted 200,000 fully vested restricted stock units. The Company recognized $2 million of stock-based compensation expense associated with the grant of restricted stock units. The Company issued stock-based compensation grants for 2.4 million stock options on July 27, 2020. The terms of 1.8 million of the options awarded on July 27, 2020 provided for immediate vesting or vesting upon conversion of the 2019 Convertible Notes. As 100% of the 2019 Convertible Notes were converted during the three months ended September 30, 2020, the 1.8 million options with accelerated vesting terms vested in that same period. The remaining 0.6 million options provide for vesting terms of between two and three years. The valuation of the stock options granted on July 27, 2020 resulted in approximately $12.6 million of compensation expense being reported in Selling, general and administrative expenses in the Consolidated Statement of Operations in the year ended December 31, 2021. There were less than 1 million options exercised in the year ended December 31, 2021, approximately 2.0 million options exercised in the year ended December 31, 2020 and no options exercised in the year ended December 31, 2019. The options exercised in 2020 included 0.3 million options exercised by ex-employees of Kodak that had previously been forfeited. The Company issued shares to the ex-employees in exchange for proceeds based on the exercise prices of the forfeited options. The Company is accounting for the exercise of the forfeited options as a modification of the original awards. The Company recovered $3.6 million during the three months ended December 31, 2020 from certain of the ex-employees and received a $2.0 million refund of withholding taxes on behalf of those ex-employees in the year ended December 31, 2021. The Company recognized compensation expense of approximately $5.1 million in the three months ended September 30, 2020 related to the 0.3 million previously forfeited options, representing the fair value of the shares issued to the ex-employees less the exercise proceeds received from the ex-employees. Stock compensation expense, reported in Selling, general and administrative expenses in the Consolidated Statement of Operations, was reduced by $4.6 million in the three months ended December 31, 2020, representing the cash received for certain of the erroneous grants and the refund of withholding taxes due on behalf of the ex-employees. Income recognized in excess of the original stock compensation expense recorded for each individual grant (approximately $1.0 million) was recognized in Other operating (income) expense, net in the Consolidated Statement of Operations. The weighted average grant date fair value of options granted for the years ended December 31, 2020 and 2019 was $5.86 and $1.73, respectively. There were no options granted in the year ended December 31, 2021. The total fair value of options that vested during the years ended December 31, 2021, 2020 and 2019 was $2 million, $13 million and $7 million, respectively. Compensation cost related to stock options for the years ended December 31, 2021, 2020 and 2019 was $2 million, $14 million and $5 million, respectively. As of December 31, 2021, there was $1.0 million of unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 1.2 years. Other than for the awards granted on July 27, 2020, Kodak utilizes the Black-Scholes option valuation model to estimate the fair value of stock options. The expected term of options granted is the period of time the options are expected to be outstanding and is calculated using a simplified method based on the option’s vesting period and original contractual term. The Company uses the historical volatility of the Company’s stock to estimate expected volatility. The risk-free rate was based on the yield on U.S. Treasury notes with a term equal to the option’s expected term. The following inputs were used for the valuation of option grants issued in each year (there were no stock option grants issued in the year ended December 31, 2021): Year Ended December 31, 2020 2019 Weighted-average fair value of options granted $ 1.50 $ 1.73 Weighted-average risk-free interest rate 2.43% 2.47% Expected option lives 3.7 years 4.5 years Weighted-average volatility 98% 90% Expected dividend yield 0.00% 0.00% Given the volatility of the Company’s stock price in the third quarter of 2020, the Company utilized a lattice-based valuation model to value the time-based vesting awards granted July 27, 2020 and a Monte Carlo simulation valuation model to value the options granted on July 27, 2020 which vested upon conversion of the 2019 Convertible Notes. The following inputs were used in the lattice-based valuation of the July 27, 2020 option grants: July 27, 2020 Option Awards Weighted-average fair value of options granted $ 6.57 Range of risk-free interest rates 0.11% - 0.30% Weighted-average term 5.57 years Weighted-average volatility 98% Weighted-average expected dividend yield 0.00% |
Note 23 - Shareholders' Equity
Note 23 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 23: SHAREHOLDERS’ EQUITY The Company has 560 million shares of authorized stock, consisting of: (i) 500 million shares of common stock, par value $0.01 per share and (ii) 60 million shares of preferred stock, no par value, issuable in one or more series. As of December 31, 2021 there were 78.7 million shares of common stock outstanding, 1.0 million shares of Series B preferred stock issued and outstanding and 1.0 million shares of Series C preferred stock issued and outstanding. As of December 31, 2020 there were 77.2 million shares of common stock outstanding and 2.0 million shares of Series A preferred stock issued and outstanding. Treasury Stock Treasury stock consisted of approximately 0.8 million shares and 0.7 million shares at December 31, 2021 and 2020, respectively. Registration Statements On August 10, 2021, the Company filed a Registration Statement on Form S-3 (Registration No. 254352) to register for possible resale from time to time of up to 44,490,032 shares of common stock, subject to adjustments for stock splits, stock dividends and reclassifications and similar transactions (the “Resale Shares”). The Company registered the Resale Shares to satisfy its obligations under the following agreements: (1) A registration rights agreement (the “Backstop Registration Rights Agreement”), dated as of September 3, 2013, between the Company and GSO Capital Partners LP, on behalf of various managed funds, BlueMountain Capital Management, LLC, on behalf of various managed funds, George Karfunkel, United Equities Commodities Company, Momar Corporation and Contrarian Capital Management, LLC, on behalf of Contrarian Funds, LLC, which, prior to the expiration of the Backstop Registration Rights Agreement on October 16, 2021, required the registration of certain shares of common stock. (2) A Series A Preferred Stock repurchase and exchange agreement, dated as of February 26, 2021, with Southeastern Asset Management, Inc. (“Southeastern”) and Longleaf Partners Small-Cap Fund, C2W Partners Master Fund Limited and Deseret Mutual Pension Trust, which are investment funds managed by Southeastern (such investment funds, collectively, the “Purchasers”), extending the registration rights provided under a registration rights agreement, dated as of November 15, 2016, with Southeastern and the Purchasers, to shares of our common stock issuable upon conversion of 1,000,000 shares of Series B Preferred Stock (as defined herein) issued thereunder. (3) A registration rights agreement, dated as of May 24, 2019, with the Purchasers, providing the Purchasers with registration rights in respect of 31,497,850 shares of our common stock issuable upon conversion of our 5.00% Secured Convertible Notes due 2021 issued pursuant to a notes purchase agreement, dated as of May 20, 2019, with the Purchasers. (4) A registration rights agreement, dated as of February 26, 2021, with GO EK Ventures IV, LLC (the “Investor”), a fund managed by Grand Oaks Capital, providing the Investor with registration rights in respect of shares of our common stock issuable upon conversion of 1,000,000 shares of Series C Preferred Stock (as defined herein) issued pursuant to a Series C Preferred Stock purchase agreement, dated as of February 26, 2021, with the Investor; and (5) A securities registration rights agreement, dated as of February 26, 2021, with certain funds affiliated with Kennedy Lewis Investment Management LLC (the “Buyers”), providing the Buyers with registration rights in respect of (i) 1,000,000 shares of our common stock and (ii) shares of our common stock issuable upon conversion of $25,000,000 aggregate principal amount of our 5.0% unsecured convertible promissory notes due May 28, 2026, in each case, issued in a private placement transaction pursuant to a securities purchase agreement, dated as of February 26, 2021, with the Buyers On August 10, 2021, the Company filed a shelf Registration Statement on Form S-3 (Registration No. 254353) for the offer and sale of securities from time to time in one or more offerings of up to $500,000,000 of common stock, preferred stock, debt securities, warrants, depositary shares, purchase contracts, guarantees and units. The Company would file a prospectus supplement to include the specific terms of any offering or sale under this shelf registration statement. At December 31, 2021 the Company had not made any offerings or sales of securities pursuant to this registration statement. |
Note 24 - Other Comprehensive L
Note 24 - Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Other Comprehensive Loss | NOTE 24: OTHER COMPREHENSIVE LOSS The changes in Other comprehensive loss by component, were as follows: Year Ended December 31, (in millions) 2021 2020 2019 Currency translation adjustments Currency translation adjustments $ 6 $ (16 ) $ 3 Amount transferred to net income due to the sale of an investment in a foreign entity — — 3 Currency translation adjustments and other 6 (16 ) 6 Pension and other postretirement benefit plan changes Newly established net actuarial gain (loss) 632 (34 ) (14 ) Tax benefit — — 9 Newly established net actuarial loss, net of tax 632 (34 ) (5 ) Reclassification adjustments: Amortization of prior service credit (a) (7 ) (7 ) (8 ) Amortization of actuarial losses (a) 37 19 4 Recognition of gains (losses) due to settlements and curtailments (a) (1 ) 9 (2 ) Total reclassification adjustments 29 21 (6 ) Tax provision — — (1 ) Reclassification adjustments, net of tax 29 21 (7 ) Pension and other postretirement benefit plan changes, net of tax 661 (13 ) (12 ) Other comprehensive loss $ 667 $ (29 ) $ (6 ) (a) Reclassified to Pension income - refer to Note 19, "Retirement Plans" and Note 20, "Other Postretirement Benefits" for additional information. |
Note 25 - Accumulated Other Com
Note 25 - Accumulated Other Comprehensive Income Loss | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income Loss | NOTE 25: ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS Accumulated other comprehensive income (loss) is composed of the following: As of December 31, (in millions) 2021 2020 Currency translation adjustments $ (100 ) $ (106 ) Pension and other postretirement benefit plan changes 321 (340 ) Ending balance $ 221 $ (446 ) |
Note 26 - Segment Information
Note 26 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 26: SEGMENT INFORMATION Kodak has four reportable segments: Traditional Printing, Digital Printing, Advanced Materials and Chemicals and Brand. A description of Kodak’s reportable segments follows. Traditional Printing: The Traditional Printing segment is comprised of Prepress Solutions. Digital Printing : The Digital Printing segment is comprised of four lines of business: the Electrophotographic Printing Solutions business, the Prosper business, the Versamark business and the Software business. Advanced Materials and Chemicals : The Advanced Materials and Chemicals segment is comprised of four lines of business: Industrial Film and Chemicals, Motion Picture, Advanced Materials and Functional Printing and KSB. KSB was sold to Swiss Post Solutions in December 2020. Brand : The Brand segment contains the brand licensing business. All Other : All Other is comprised of the operations of the Eastman Business Park, a more than 1,200 acre technology center and industrial complex. Segment financial information is shown below. Asset information by segment is not disclosed as this information is not separately identified and reported to the Chief Operating Decision Maker. Net Revenues from Continuing Operations by Reportable Segment Year Ended December 31, 2021 2020 2019 (in millions) Traditional Printing $ 659 $ 592 $ 727 Digital Printing 249 241 293 Advanced Materials and Chemicals 212 172 200 Brand 15 13 12 Total of reportable segments 1,135 1,018 1,232 Other 15 11 10 Consolidated total $ 1,150 $ 1,029 $ 1,242 Segment Measure of Profit and Loss Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the table below, Operational EBITDA represents the earnings (loss) from continuing operations before income taxes excluding non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs; stock-based compensation expense; consulting and other costs; idle costs; the former CEO separation agreement compensation; other operating income, net (unless otherwise indicated); interest expense; loss on early extinguishment of debt and other income (charges), net. Kodak’s segments are measured using Operational EBITDA both before and after allocation of corporate selling, general and administrative expenses (“SG&A”). The segment earnings measure reported is after allocation of corporate SG&A as this most closely aligns with U.S. GAAP. Research and development activities not directly related to the other segments are reported within the Advanced Materials and Chemicals segment. Segment Operational EBITDA and Consolidated Income (Loss) from Continuing Operations Before Income Taxes Year Ended December 31, (in millions) 2021 2020 2019 Traditional Printing $ 9 $ 21 $ 48 Digital Printing (5 ) (10 ) (9 ) Advanced Materials and Chemicals (6 ) (23 ) (34 ) Brand 13 11 8 Total of reportable segments 11 (1 ) 13 Other 2 1 (1 ) Depreciation and amortization (31 ) (37 ) (55 ) Restructuring costs and other (6 ) (17 ) (16 ) Stock-based compensation (7 ) (15 ) (7 ) Consulting and other costs (1) (19 ) (9 ) (7 ) Idle costs (2) (2 ) (3 ) (5 ) Former CEO separation agreement compensation — — (2 ) Other operating income (expense), net, excluding income from transition services agreement (3) 6 7 (22 ) Interest expense (4) (33 ) (12 ) (16 ) Pension income excluding service cost component (4) 102 98 104 Loss on early extinguishment of debt (4) — (2 ) — Other income (charges), net (4) 5 (386 ) (46 ) Consolidated earnings (loss) from continuing operations before income taxes $ 28 $ (376 ) $ (60 ) (1) Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives, investigations and litigation. (2) Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. (3) $6 million of income from the transition services agreement with the Purchaser was recognized in both the years ended December 31, 2020 and 2019. No income was recognized in the year ended December 31, 2021. The income was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure. (4) As reported in the Consolidated Statement of Operations. Kodak decreased workers’ compensation reserves by approximately $4 million in 2021 driven by changes in discount rates. The decrease in reserves in 2021 impacted gross profit by approximately $3 million and SG&A by approximately $1 million. Kodak increased employee benefit reserves by approximately $4 million in 2020 reflecting an increase in workers’ compensation reserves ($7 million) partially offset by a decrease in postemployment benefit reserves ($3 million). The increase in reserves in 2020 impacted gross profit and SG&A each by approximately $2 million. In 2019 workers’ compensation reserves increased by approximately $3 million. The increase in reserves in 2019 impacted gross profit by approximately $2 million and SG&A by approximately $1 million. Amortization and depreciation expense by segment are not included in the segment measure of profit and loss but are regularly provided to the Chief Operating Decision Maker. ( in millions Year Ended December 31, Intangible asset amortization expense from continuing operations: 2021 2020 2019 Traditional Printing $ — $ 1 $ 2 Digital Printing 4 3 4 Brand 1 1 1 Consolidated total $ 5 $ 5 $ 7 ( in millions Year Ended December 31, Depreciation expense from continuing operations: 2021 2020 2019 Traditional Printing $ 14 $ 19 $ 28 Digital Printing 6 7 10 Advanced Materials and 3D Printing 5 5 6 Other 1 1 4 Consolidated total $ 26 $ 32 $ 48 (in millions) Year Ended December 31, Long-lived assets (1) 2021 2020 The United States $ 81 $ 78 Europe, Middle East and Africa 14 22 Asia Pacific 4 5 Canada and Latin America 41 47 Non-U.S. countries total (2) 59 74 Consolidated total $ 140 $ 152 (1) Long-lived assets are comprised of property, plant and equipment, net. (2) Of the total non-U.S. property, plant and equipment in 2021, $39 million are located in Brazil. Of the total non-U.S. property, plant and equipment in 2020, $43 million was located in Brazil. Major Customers No single customer represented 10% or more of Kodak’s total net revenue in any year presented. |
Note 27 - Related Party
Note 27 - Related Party | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party | NOTE 27: RELATED PARTY Kodak’s Executive Chairman and Chief Executive Officer serves on the board of a company that purchased $3 million of products in 2019. At December 31, 2021, the company owed Kodak $0 million. |
Note 28 - Discontinued Operatio
Note 28 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 28: DISCONTINUED OPERATIONS Flexographic Packaging segment Discontinued operations of Kodak include the former Flexographic Packaging segment comprised of Kodak’s Flexographic Packaging Business (“FPD”). Kodak consummated the sale of certain assets of FPD to MIR Bidco, SA (the “Purchaser”) on April 8, 2019 for net cash consideration at closing, in addition to the assumption by Purchaser of certain liabilities of FPD, of $ 320 million, pursuant to the Stock and Asset Purchase Agreement (“SAPA”) signed in November 2018 and amended in March 2019. Assets and liabilities of FPD in China were transferred at a deferred closing on July 1, 2019 for net cash consideration of $ 5.9 million at closing and a promissory note for $ 1.4 million in addition to the assumption by Purchaser of certain liabilities of FPD, in accordance with the SAPA. Kodak operated FPD in China, subject to certain covenants, until the deferred closing occurred. The promissory note was reduced by a true-up payment of $ 0.2 million owed by Kodak to the Purchaser which reflected the actual economic benefit attributable to the operation of FPD in China from the time of the initial closing through the time of the deferred closing. The divested business has the right to use Kodak’s corporate brand for a 10-year period related to Covered Products (as defined in the SAPA) for no additional consideration. Therefore, $10 million of consideration received for the sale of FPD was recognized as deferred revenue related to the brand license. The deferred revenue is reported in Long-term liabilities in the Consolidated Statement of Financial Condition and will be recognized as revenue over the term of the license. Proceeds were allocated between the sale of FPD and the brand license based on their relative fair values. Kodak recognized an after- tax gain on the sale of FPD of $212 million in the year ended December 31, 2019. Simultaneously with entering into the SAPA, the Company and the Purchaser entered into an Earn-out Agreement, pursuant to which the Company will be entitled to an aggregate of up to $35 million in additional cash consideration if FPD achieves agreed EBITDA targets for 2018 ($10 million earn-out), 2019 ($10 million earn-out) and 2020 ($15 million earn-out). None of the EBITDA targets were achieved. On April 16, 2019 the Purchaser paid Kodak $15 million as a prepayment for services and products to be provided by Kodak to the Purchaser. The Purchaser had the option to satisfy its payment obligations to Kodak through a reduction of the prepayment balance or in cash. As of December 31, 2021, the remaining prepayment balance was $0 million. The results of operations of FPD are classified as discontinued operations in the Consolidated Statement of Operations. Direct operating expenses of the discontinued operations are included in the results of discontinued operations. Indirect expenses that were historically allocated to the discontinued operations have been included in the results of continuing operations. The results of operations of the Business for the year ended December 31, 2019 are presented below: Year Ended December 31, (in millions) 2019 Revenues $ 44 Cost of sales 28 Selling, general and administrative expenses 10 Research and development expenses 2 Interest expense 7 Gain on divestiture (214 ) Earnings from continuing operations before income taxes 211 Provision for income taxes 4 Earnings (loss) from discontinued operations $ 207 Interest was allocated to discontinued operations based on an estimated debt paydown of the Term Credit Agreement. Earnings from discontinued operations in the Consolidated Statement of Operations for December 31, 2020 includes earnings of $3 million associated with businesses disposed of in previous years. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Principles | ACCOUNTING PRINCIPLES The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The following is a description of the significant accounting policies of Kodak. |
Basis of Consolidation | BASIS OF CONSOLIDATION The consolidated financial statements include the accounts of EKC and all companies directly or indirectly controlled by EKC, either through majority ownership or otherwise. Kodak consolidates variable interest entities if Kodak has a controlling financial interest and is determined to be the primary beneficiary of the entity. |
Reclassifications | RECLASSIFICATIONS Certain amounts for prior periods have been reclassified to conform to the current period classification in the disaggregated revenue information for the Advanced Materials and Chemicals segment and Brand segment in Note 17, “Revenue” and the classification of hedge funds included in the U.S. pension plan table of assets in Note 19, “Retirement Plans”. |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at year end and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. |
Foreign Currency | FOREIGN CURRENCY For most subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: assets and liabilities at year-end exchange rates; revenue, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rates. For those subsidiaries for which the local currency is the functional currency, the resulting translation adjustment is recorded as a component of Accumulated other comprehensive loss in the accompanying Consolidated Statement of Financial Position. For certain other subsidiaries and branches outside the U.S., operations are conducted primarily in U.S. dollars, which is therefore the functional currency. Monetary assets and liabilities of these foreign subsidiaries and branches, which are recorded in local currency, are remeasured at year-end exchange rates, while the related revenue, expense, and gain and loss accounts, which are recorded in local currency, are remeasured at average exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, and gain and loss accounts, are remeasured at historical exchange rates. Adjustments that result from the remeasurement of the assets and liabilities of these subsidiaries are included in Other (income) charges, net in the accompanying Consolidated Statement of Operations. The effects of foreign currency transactions, including related hedging activities, are included in Other (income) charges, net, in the accompanying Consolidated Statement of Operations. |
Cash Equivalents | CASH EQUIVALENTS All highly liquid investments with a remaining maturity of three months or less at date of purchase are considered to be cash equivalents. |
Inventories | INVENTORIES Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined by the average cost method, which approximates current cost. Kodak provides inventory reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at cost, net of accumulated depreciation. Kodak capitalizes additions and improvements while maintenance and repairs are charged to expense as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to Other operating (income) expense, net in the Consolidated Statement of Operations. Kodak calculates depreciation expense using the straight-line method over the assets’ estimated useful lives, which are as follows: Estimated Useful Lives Buildings and building improvements 5-40 Land improvements 4-20 Leasehold improvements 3-20 Equipment 3-20 Tooling 1-3 Furniture and fixtures 5-10 Kodak depreciates leasehold improvements over the shorter of the lease term or the assets’ estimated useful life. |
Goodwill | GOODWILL Goodwill is not amortized but is required to be assessed for impairment at least annually and whenever events or changes in circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying amount. When testing goodwill for impairment, Kodak may assess qualitative factors for some or all of its reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If Kodak determines based on this qualitative test of impairment that it is more likely than not that a reporting unit’s fair value is less than its carrying amount or elects to bypass the qualitative assessment for some or all of its reporting units, then a quantitative goodwill impairment test is performed. The amount of goodwill impairment, if any, is calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Refer to Note 5, “Goodwill and Other Intangible Assets”. |
Workers Compensation | WORKERS’ COMPENSATION Kodak self-insures and participates in high-deductible insurance programs with retention and per occurrence deductible levels for claims related to workers’ compensation. The estimated liability for workers’ compensation is based on actuarially estimated, discounted cost of claims, including claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and the amounts are adjusted based on actual claim experience, settlements, claim development trends, changes in state regulations and judicial interpretations. Refer to Note 6, “Other Current Liabilities” and Note 7, “Other Long-Term Liabilities” for the estimated liabilities. Amounts recoverable from insurance companies or third parties are estimated using historical experience and estimates of future recoveries. Estimated recoveries are not offset against the related accrual. The amount recorded for the estimated recoveries at December 31, 2021 and 2020 was $20 million and $21 million, respectively, of which $18 million is reported in Other long-term assets in the Consolidated Statement of Financial Position each year. The remaining $2 million and $3 million, respectively, is reported in Other current assets in the Consolidated Statement of Financial Position. |
Leases | LEASES Kodak as lessee Kodak determines if an arrangement is a lease at inception. The primary criteria used to classify transactions as operating or finance leases are: (1) whether the ownership transfers at the end of the lease, (2) whether the lease term is equal to or greater than 75% of the economic life of the asset, and (3) whether the present value of the minimum lease payments is equal to or greater than 90% of the fair value of the asset at inception of the lease. Kodak does not have leases that include assets of a specialized nature, generally does not provide residual value guarantees or have any leases for which the exercise of end-of-lease purchase options is reasonably assured at lease inception. Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the operating lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The ROU assets are adjusted for prepayments and lease incentives. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Lease agreements may include options to extend or terminate the lease at Kodak’s discretion, which are included in the determination of the lease term when they are reasonably certain to be exercised. Kodak’s lease agreements are primarily for real estate space and vehicles. Arrangements for goods and services are assessed to determine if the arrangement contains a lease at its inception. Operating leases are included within Operating lease right-of-use assets, Current portion of operating leases and Operating leases, net of current portion in the Consolidated Statement of Financial Position. Finance leases are included in Property, plant and equipment, net, Short-term borrowings and current portion of long-term debt and Long-term debt, net of current portion in the Consolidated Statement of Financial Position. When available, the rate implicit in the lease is used to discount lease payments to present value; however, many leases do not provide a readily determinable implicit rate. Therefore, Kodak applies its incremental borrowing rate to discount the lease payments at lease commencement. The incremental borrowing rate is the rate of interest that EKC would have to pay to borrow, on a collateralized basis, over a similar term. Renewal options and/or termination options are factored into the determination of lease payments if considered probable. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. The lease agreements have both lease and non-lease components. Kodak does not separate lease and non-lease components of contracts for real estate leases but does separate lease and non-lease components for equipment leases. Kodak as Lessor Kodak places its own equipment at customer sites under sales-type and operating lease arrangements. Arrangements classified as sales-type leases with revenue recognition at inception generally transfer title to the equipment by the end of the lease term or have a lease term that is for a major part of the remaining economic life of the equipment; and collectability is considered probable. Leases meeting the sales-type lease criteria with variable lease payments that do not depend upon a reference rate or index are classified as operating leases if they would otherwise result in a day-one loss. If the arrangement meets the criteria for a sales-type lease but collectability is not considered probable, Kodak will not derecognize the asset and will record all payments received as a liability until the earlier of collectability becoming probable or the termination of the lease. Arrangements that do not meet the sales-type lease criteria are classified as operating leases with revenue recognized over the term. Contracts with customers may include multiple performance obligations including equipment, optional software licenses and service agreements. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Equipment subject to operating leases is included in Property, plant and equipment, net in the Consolidated Statement of Financial Position and is depreciated to estimated residual value over its expected useful life. Equipment operating lease terms and depreciable lives generally vary from 3 to 7 years. The Eastman Business Park segment’s core operations are to lease real estate. Kodak also leases underutilized portions of other real estate properties to third parties under both operating lease and sublease agreements. Payments received under operating lease agreements as part of the Eastman Business Park segment are recognized on a straight-line basis over the term and are reported in Revenues in the Consolidated Statement of Operations. Payments received under lease and sublease agreements for underutilized space are recognized on a straight-line basis and reported as cost reductions in Cost of revenues, SG&A expenses, R&D costs and Other charges, net. Renewal options and/or termination options are factored into the determination of lease payments if considered probable. Kodak does not separate lease and non-lease components of contracts for real estate leases but does separate lease and non-lease components for equipment leases. |
Revenue | REVENUE Kodak’s revenue transactions include sales of products (such as components and consumables for use in Kodak and other manufacturers’ equipment, film-based products and specialty materials and chemicals), equipment, software, services, integrated solutions, intellectual property and brand licensing, and real estate management activities. Revenue from services includes extended warranty, customer support and maintenance agreements, consulting, training and education. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration Kodak expects to be entitled to in exchange for those goods or services. For product sales (such as plates, film, inks, specialty materials and chemicals and other consumables) revenue is recognized when control has transferred from Kodak to the buyer, which may be upon shipment or upon delivery to the customer site, based on contract terms or legal requirements in certain jurisdictions. Service revenue is recognized using the time-based method ratably over the contractual period as it best depicts when the customer receives the benefit from the service. Service revenue for time and materials-based agreements is recognized as services are performed. Equipment is generally dependent on, and interrelated with, the underlying operating system (firmware) and cannot function without the operating system. In these cases, the hardware and software license are accounted for as a single performance obligation. Contracts with customers may include multiple performance obligations including equipment and optional software licenses and service agreements. Service agreements generally have initial term of one year subject to annual renewals and may be prepaid or paid over-time. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Kodak applies the residual allocation method for sales of certain complex, highly customized equipment due to significant variability in pricing. Standalone selling prices are based on the observable prices of the products or services when sold separately or by using expected cost-plus margin when directly observable prices are not available. The Company reassesses its standalone selling prices at least annually. For non-complex equipment installations and software sales (Prepress and PROSPER Components and Software) revenue is recognized when control of each distinct performance obligation has transferred from Kodak to the buyer, which is generally met when the equipment or software is delivered and installed at the customer site as delivery and installation generally occur within the same period. For complex equipment installations or integrated software solutions (PROSPER Presses, Electrophotographic Printing Solutions Printers, Software) revenue is deferred until receipt of customer acceptance and control has transferred to the buyer. Software licenses are sold both in bundled equipment arrangements as discussed above or on a stand-alone basis (Software). Perpetual licenses are usually sold with post-contract support services (“PCS”) which are considered distinct performance obligations as the customer’s use of the existing software is not dependent upon future upgrades. Kodak recognizes software revenue at the time that the customer obtains control over the software which generally occurs upon installation while revenue allocated to the PCS is recognized over the service period. The Company also sells SaaS arrangements with revenue recognized over the contract term. In service arrangements such as consulting where final acceptance by the customer is required, revenue is deferred until all acceptance criteria have been met and Kodak has a legal right to payment. Kodak’s licensing revenue is comprised of software licenses as discussed above, licenses to use functional intellectual property (e.g. patents and technical know-how) and licenses to use symbolic intellectual property (e.g. brand names and trademarks) (Advanced Materials and Chemicals and Brand businesses). The timing and the amount of revenue recognized from the licensing of intellectual property depends upon a variety of factors, including the nature of the performance obligations (functional vs. symbolic licenses), specific terms of each agreement, and the payment terms. Aside from software licenses discussed above, Kodak’s functional licenses generally provide the right to use functional intellectual property; therefore, non-sales/usage-based revenue is recognized when the customer has the right to use the intellectual property while sales and usage-based royalties are recognized in the period the related sales and usage occurs. Revenue for symbolic licenses such as brand licenses are recognized over time. Real estate management revenue consists primarily of income from tenant leases, including rent and utilities, as well as facility management services and hosting onsite events . Usage based revenue is recognized as earned while tenant lease income is recognized on a straight-line basis over the lease term (Refer to Leases; Kodak as Lessor above). Deferred revenue is recorded when cash payments are received in advance of satisfying performance obligations such as deposits required in advance on equipment orders, prepaid service contracts, prepaid tenant lease income or prepaid royalties on intellectual property arrangements. Interest expense is imputed for payments received greater than one year in advance of performance. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Kodak applies the practical expedient with respect to implied financial components and only imputes interest for payment terms greater than one year. Sales and usage-based taxes are excluded from revenues. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. Kodak estimates these amounts based on the expected amount to be provided to customers. Incremental direct costs of obtaining a contract consist of sales commissions. Kodak expenses sales commissions when incurred if the amortization period would be one year or less. Capitalized sales commissions are amortized on a straight-line basis over the life of the contract. These costs are recorded in Selling, general and administrative expenses in the Consolidated Statement of Operations. Kodak accrues the estimated cost of post-sale obligations, including basic product warranties, at the time of revenue recognition. Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed. Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of December 31, 2021, there was approximately $70 million of unrecognized revenue from unsatisfied performance obligations. Approximately 30% of the revenue from unsatisfied performance obligations is expected to be recognized in 2022, 25% in 2023, 15% in 2024 and 30% ther |
Research and Development Costs | RESEARCH AND DEVELOPMENT COSTS R&D costs, which include costs incurred in connection with new product development, fundamental and exploratory research, process improvement, product use technology and product accreditation, are expensed in the period in which they are incurred. |
Advertising | ADVERTISING Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statement of Operations. Advertising expenses amounted to $2 million for each of the years ended 2021 and 2020 and $5 million for the year ended December 31, 2019. |
Shipping and Handling Costs | SHIPPING AND HANDLING COSTS Amounts charged to customers and costs incurred by Kodak related to shipping and handling are included in net revenue and cost of revenues, respectively. |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS The carrying values of long-lived assets, other than goodwill and intangible assets with indefinite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying values may not be recoverable. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group). If the sum of the expected undiscounted cash flows from the use of and eventual disposition of such asset group is less than the carrying value of the asset group a loss is recognized to the extent the carrying value of the asset group exceeds its fair value. Kodak determines fair value through quoted market prices in active markets or, if quoted market prices are unavailable, through the performance of internal analyses of discounted cash flows. The remaining useful lives of long-lived assets are reviewed in connection with the assessment of recoverability of long-lived assets and the ongoing strategic review of the business and operations. If the review indicates that the remaining useful life of the long-lived asset has changed significantly, the depreciation on that asset is adjusted to facilitate full cost recovery over its revised estimated remaining useful life. The carrying values of indefinite-lived intangible assets are evaluated for potential impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note 5, “Goodwill and Other Intangible Assets.” |
Income Taxes | INCOME TAXES Kodak recognizes deferred tax liabilities and assets for the expected future tax consequences of operating losses, credit carry-forwards and temporary differences between the carrying amounts and tax basis of Kodak’s assets and liabilities. Kodak records a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. For discussion of the amounts and components of the valuation allowances as of December 31, 2021 and 2020, refer to Note 17, “Income Taxes.” The undistributed earnings of Kodak’s foreign subsidiaries are not considered permanently reinvested. Kodak has recognized a deferred tax liability (net of related foreign tax credits) on the foreign subsidiaries’ undistributed earnings. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05, “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments”. Under this ASU, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842 and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years for all public business entities (January 1, 2022 for Kodak). Entities that have adopted Topic 842 before the issuance date of this update have the option to apply the amendments in this update either (1) retrospectively to leases that commenced or were modified on or after the adoption of ASU 2016-02, “Leases (Topic 842)” or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Earlier application is permitted. Kodak adopted this ASU prospectively on October 1, 2021. The adoption did not have an impact on Kodak’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies accounting for convertible instruments. More convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted EPS calculation in certain circumstances. The ASU is effective January 1, 2024 for Kodak. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2020. The ASU allows entities to use either a modified retrospective or full retrospective transition method. Kodak adopted this ASU on January 1, 2021 using the modified retrospective method, under which companies apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. The adoption of this standard had no impact on Kodak’s financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which removes certain exceptions related to intra-period tax allocations and deferred tax accounting on outside basis differences in foreign subsidiaries and equity method investments. Additionally, it provides other simplifying measures for the accounting for income taxes. The new standard is effective for fiscal years beginning after December 15, 2020 (January 1, 2021 for Kodak). Kodak adopted this ASU prospectively on January 1, 2021 and it did not have any impact on Kodak’s consolidated financial statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05, 2019-10, 2019-11, 2020-02 and 2020-03) requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU is effective for Kodak for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, (January 1, 2023 for Kodak). Early adoption is permitted. Kodak is currently evaluating the impact of this ASU. |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Property Plant and Equipment Estimated Useful Lives | Kodak calculates depreciation expense using the straight-line method over the assets’ estimated useful lives, which are as follows: Estimated Useful Lives Buildings and building improvements 5-40 Land improvements 4-20 Leasehold improvements 3-20 Equipment 3-20 Tooling 1-3 Furniture and fixtures 5-10 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statement of Financial Position that sums to the total of such amounts shown in the Statement of Cash Flows: As of December 31, (in millions) 2021 2020 Cash and cash equivalents $ 362 $ 196 Restricted cash reported in Other current assets 7 7 Restricted cash 54 53 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 423 $ 256 |
Note 3 - Inventories, Net (Tabl
Note 3 - Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | As of December 31, (in millions) 2021 2020 Finished goods $ 94 $ 97 Work in process 65 54 Raw materials 60 55 Total $ 219 $ 206 |
Note 4 - Property, Plant and _2
Note 4 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | As of December 31, (in millions) 2021 2020 Land $ 49 $ 55 Buildings and building improvements 130 131 Machinery and equipment 387 388 Construction in progress 15 8 581 582 Accumulated depreciation (441 ) (430 ) Property, plant and equipment, net $ 140 $ 152 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Table [Text Block] | |
Carrying Value of Goodwill by Reportable Segments | (in millions) Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Consolidated Total As of December 31, 2019 Goodwill $ 56 $ 6 $ 14 $ — $ 76 Accumulated impairment losses (56 ) — (8 ) — (64 ) Balance as of December 31, 2019 — 6 6 — 12 Goodwill reallocation — — (6 ) 6 — Balance as of December 31, 2020 — 6 — 6 12 Impairment — — — — — As of December 31, 2021 — 6 — 6 12 Goodwill 56 6 8 6 76 Accumulated impairment losses (56 ) — (8 ) — (64 ) Balance as of December 31, 2021 $ — $ 6 $ — $ 6 $ 12 |
Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Category | The gross carrying amount and accumulated amortization by major intangible asset category as of December 31, 2021 and 2020 were as follows: As of December 31, 2021 Weighted Average Gross Carrying Accumulated Remaining (in millions) Amount Amortization Net Amortization Period Technology-based $ 99 $ 84 $ 15 4 years Kodak trade name 18 — 18 Indefinite life Customer-related 9 8 1 2 years Total $ 126 $ 92 $ 34 As of December 31, 2020 Weighted Average Gross Carrying Accumulated Remaining (in millions) Amount Amortization Net Amortization Period Technology-based $ 99 $ 80 $ 19 5 years Kodak trade name 18 — 18 Indefinite life Customer-related 11 9 2 3 years Total $ 128 $ 89 $ 39 |
Estimated Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense related to intangible assets that are currently being amortized as of December 31, 2021 was as follows: (in millions) 2022 $ 5 2023 4 2024 4 2025 3 Total $ 16 |
Note 6 - Other Current Liabil_2
Note 6 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Current [Abstract] | |
Summary of Other Current Liabilities | As of December 31, (in millions) 2021 2020 Deferred revenue and customer deposits $ 43 $ 46 Employment-related liabilities 34 35 Customer rebates 21 21 Workers' compensation 7 9 Restructuring liabilities 5 11 Accrued interest 5 — Preferred Stock dividends payable 1 3 Embedded conversion option derivative liability — 9 Other 26 30 Total $ 142 $ 164 |
Note 7 - Other Long-term Liab_2
Note 7 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Noncurrent [Abstract] | |
Summary of Other Long-term Liabilities | As of December 31, (in millions) 2021 2020 Workers' compensation $ 83 $ 89 Asset retirement obligations 42 41 Deferred taxes 29 31 Deferred brand licensing revenue 14 17 Environmental liabilities 9 9 Embedded conversion option derivative liabilities 7 — Other 21 25 Total $ 205 $ 212 |
Note 8 - Debt And Finance Lea_2
Note 8 - Debt And Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Finance Leases and Related Maturities and Interest Rates | Debt and finance leases and related maturities and interest rates were as follows at December 31, 2021 and 2020: As of December 31, 2021 2020 (in millions) Type Maturity Weighted-Average Effective Interest Rate Carrying Value Carrying Value Current portion: RED-Rochester, LLC 2033 11.42% $ 1 $ 1 Finance leases Various — 1 1 2 Non-current portion: Term notes 2026 13.85% 224 — Convertible debt 2026 17.26% 15 — RED-Rochester, LLC 2033 11.42% 12 12 Finance leases Various Various 1 3 Other debt Various Various 1 2 253 17 $ 254 $ 19 |
Schedule of Maturities of Debt and Finance Leases Outstanding | Annual maturities of debt and finance leases outstanding at December 31, 2021 were as follows: (in millions) Carrying Value Maturity Value 2022 $ 1 $ 1 2023 2 2 2024 1 1 2025 1 1 2026 240 308 2027 and thereafter 9 9 Total $ 254 $ 322 |
Loss on Early Extinguishment of Debt | The calculation of the loss on early extinguishment of debt is shown below: (in millions) Fair value of Initial Conversion Shares $ 506 Fair value of Mandatory Conversion Shares 13 Carrying value of 2019 Convertible Notes (92 ) Fair value of pro-rata share of embedded derivatives at Initial Conversion Date (416 ) Fair value of pro-rata share of embedded derivatives at Mandatory Conversion Date (9 ) Total $ 2 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Related Assets and Liabilities on Balance Sheet | The table below presents the lease-related assets and liabilities on the balance sheet: Classification in the December 31, (in millions) Consolidated Statement of Financial Position 2021 2020 Assets Operating lease assets Operating lease right-of-use assets $ 47 $ 48 Finance lease assets Property, plant and equipment, net 1 4 Total lease assets $ 48 $ 52 Liabilities Current Operating Current portion of operating leases $ 13 $ 12 Finance Short-term borrowings and current portion of long-term debt — 1 Noncurrent Operating Operating leases, net of current portion 45 49 Finance Long-term debt, net of current portion 1 3 Total lease liabilities $ 59 $ 65 Weighted-average remaining lease term Operating 5 years Finance 2 years Weighted-average discount rate Operating 11.91 % Finance 5.56 % |
Information Related to Lease Expense For finance and Operating Leases | The table below presents certain information related to the lease expense for finance and operating leases. Lease expense is presented gross of sublease income. See “Kodak as Lessor” section below for income from subleases. Year Ended December 31, (in millions) 2021 2020 2019 Finance lease expense Amortization of leased assets $ 1 $ 1 $ 3 Interest on lease liabilities — — — Operating lease expense 19 21 25 Variable lease expense (1) 9 9 10 Total lease expense $ 29 $ 31 $ 38 (1) |
Schedule of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases. Year Ended December 31, (in millions) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 21 $ 22 $ 25 Operating cash flow for finance leases — — — Financing cash flow for finance leases 1 1 2 $ 22 $ 23 $ 27 |
Summary of Undiscounted Cash Flows for Next Five Years and Thereafter to Finance Lease Liabilities and Operating Lease Liabilities Recorded on Balance Sheet | The table below reconciles the undiscounted cash flows for the next five years and thereafter to the finance lease liabilities and operating lease liabilities recorded on the balance sheet. (in millions) Operating Leases Finance Leases 2022 $ 18 $ 1 2023 20 — 2024 11 — 2025 7 — 2026 6 — Thereafter 24 — Total minimum lease payments 86 1 Less: amount of lease payments representing interest (28 ) — Present value of future minimum lease payments 58 1 Less: current obligations under leases 13 — Long-term lease obligations $ 45 $ 1 |
Summary of Undiscounted Cash Flows to Be Received for Net Investment in Sales-type Leases | The table below reconciles the undiscounted cash flows to be received for the next five years and thereafter to the net investment in sales-type leases recorded in the Consolidated Statement of Financial Position: (in millions) 2022 $ 3 2023 2 2024 1 2025 and thereafter 1 Total minimum lease payments 7 Less: unearned interest (1 ) Less: allowance for doubtful accounts — Net investment in sales-type leases $ 6 |
Summary of Undiscounted Cash Flows to Be Received for Operating Leases | Undiscounted cash flows to be received for the next five years and thereafter for operating leases and subleases are: (in millions) 2022 $ 8 2023 7 2024 5 2025 2 2026 1 Thereafter 8 Total minimum lease payments $ 31 |
Summary of Income Recognized on Lease Arrangements | Income recognized on lease arrangements for the years ended December 31, 2021, 2020 and 2019 is presented below: Year Ended December 31, (in millions) 2021 2020 2019 Lease income - sales-type leases $ 3 $ 1 $ — Lease income - operating leases 8 8 9 Sublease income — 2 6 Variable lease income (1) 5 5 6 Total lease income $ 16 $ 16 $ 21 (1) |
Equipment Subject to Operating Leases and Related Accumulated Depreciation | Equipment subject to operating leases and the related accumulated depreciation were as follows: As of December 31, (in millions) 2021 2020 Equipment subject to operating leases $ 21 $ 24 Accumulated depreciation (18 ) (19 ) Equipment subject to operating leases, net $ 3 $ 5 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Asset Retirement Obligation Activity | The following table provides asset retirement obligation activity (in millions): For the Year Ended December 31, 2021 2020 Asset Retirement Obligations at start of period $ 41 $ 48 Liabilities incurred in the current period — 1 Liabilities settled in the current period — (9 ) Accretion expense — 1 Revision in estimated cash flows 1 — Asset Retirement Obligations at end of period $ 42 $ 41 |
Note 12 - Guarantees (Tables)
Note 12 - Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Deferred Revenue, by Arrangement | (in millions) Deferred revenue on extended warranties as of December 31, 2019 $ 21 New extended warranty and maintenance arrangements 91 Recognition of extended warranty and maintenance arrangement revenue (93 ) Deferred revenue on extended warranties as of December 31, 2020 19 New extended warranty and maintenance arrangements 90 Recognition of extended warranty and maintenance arrangement revenue (90 ) Deferred revenue on extended warranties as of December 31, 2021 $ 19 Activity in deferred revenue accounts consisted of: Year Ended December 31, (in millions) 2021 2020 2019 Beginning liabilities recognized in revenue $ 37 $ 43 $ 34 Cash payments received, net of revenue recognized 28 41 47 |
Note 13 - Financial Instrumen_2
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) |
Note 14 - Revenue (Tables)
Note 14 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated Revenue by Major Product, Product Portfolio Summary and Geography | The following tables present revenue disaggregated by major product, portfolio summary and geography. Major product: Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 530 $ 69 $ 24 $ — $ — $ 623 Ongoing service arrangements (1) 79 134 6 — — 219 Total Annuities 609 203 30 — — 842 Equipment & Software 50 46 — — — 96 Film and chemicals — — 180 — — 180 Other (2) — — 2 15 15 32 Total $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 463 $ 64 $ 21 $ — $ — $ 548 Ongoing service arrangements (1) 80 131 3 — — 214 Total Annuities 543 195 24 — — 762 Equipment & Software 49 46 — — — 95 Film and chemicals — — 137 — — 137 Other (2) — — 11 13 11 35 Total $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Plates, inks and other consumables $ 572 $ 83 $ 13 $ — $ — $ 668 Ongoing service arrangements (1) 86 155 — — — 241 Total Annuities 658 238 13 — — 909 Equipment & Software 56 55 — — — 111 Film and chemicals — — 169 — — 169 Other (2) 13 — 18 12 10 53 Total $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) (2) Product Portfolio Summary: Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 217 $ 142 $ — $ — $ — $ 359 Strategic other businesses (2) 442 58 211 15 15 741 Planned declining businesses (3) — 49 1 — — 50 $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 162 $ 135 $ 3 $ — $ — $ 300 Strategic other businesses (2) 430 52 159 13 11 665 Planned declining businesses (3) — 54 10 — — 64 $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total Growth engines (1) $ 180 $ 140 $ 3 $ — $ — $ 323 Strategic other businesses (2) 547 78 172 12 10 819 Planned declining businesses (3) — 75 25 — — 100 $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) (2) (3) Geography (1) : Year Ended December 31, 2021 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 135 $ 109 $ 152 $ 15 $ 15 $ 426 Canada 12 8 2 — — 22 North America 147 117 154 15 15 448 Europe, Middle East and Africa 302 85 17 — — 404 Asia Pacific 181 43 41 — — 265 Latin America 29 4 — — — 33 Total Sales $ 659 $ 249 $ 212 $ 15 $ 15 $ 1,150 Year Ended December 31, 2020 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 121 $ 106 $ 115 $ 13 $ 11 $ 366 Canada 14 8 1 — — 23 North America 135 114 116 13 11 389 Europe, Middle East and Africa 257 86 12 — — 355 Asia Pacific 171 37 43 — — 251 Latin America 29 4 1 — — 34 Total Sales $ 592 $ 241 $ 172 $ 13 $ 11 $ 1,029 Year Ended December 31, 2019 Traditional Printing Digital Printing Advanced Materials and Chemicals Brand Other Total United States $ 162 $ 147 $ 122 $ 12 $ 10 $ 453 Canada 13 8 2 — — 23 North America 175 155 124 12 10 476 Europe, Middle East and Africa 300 87 21 — — 408 Asia Pacific 208 44 54 — — 306 Latin America 44 7 1 — — 52 Total Sales $ 727 $ 293 $ 200 $ 12 $ 10 $ 1,242 (1) |
Schedule of Contract Assets and Liabilities | Contract assets and liabilities consisted of the following: As of December 31, (in millions) 2021 2020 Contract assets $ 3 $ 2 Contract liabilities - current 43 47 Contract liabilities - long-term 14 17 Total $ 57 $ 64 |
Deferred Revenue, by Arrangement | (in millions) Deferred revenue on extended warranties as of December 31, 2019 $ 21 New extended warranty and maintenance arrangements 91 Recognition of extended warranty and maintenance arrangement revenue (93 ) Deferred revenue on extended warranties as of December 31, 2020 19 New extended warranty and maintenance arrangements 90 Recognition of extended warranty and maintenance arrangement revenue (90 ) Deferred revenue on extended warranties as of December 31, 2021 $ 19 Activity in deferred revenue accounts consisted of: Year Ended December 31, (in millions) 2021 2020 2019 Beginning liabilities recognized in revenue $ 37 $ 43 $ 34 Cash payments received, net of revenue recognized 28 41 47 |
Note 15 - Other Operating (In_2
Note 15 - Other Operating (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Expense Income Net [Abstract] | |
Summary of Other Operating (Income) Expense, by Component | Year Ended December 31, (in millions) 2021 2020 2019 Expense (income): Legal settlements $ (7 ) $ — $ — Loss (gain) related to the sales of assets (1), (2) 1 (10 ) 14 Transition services agreement income — (6 ) (6 ) Asset impairments (3), (4) — 3 6 Other — (1 ) 1 Total $ (6 ) $ (14 ) $ 15 (1) (2) (3) (4) In the fourth quarter of 2019, Kodak determined the carrying value of one building no longer in use exceeded its fair value and recorded an impairment charge of $2 million. |
Note 16 - OTHER (INCOME) CHAR_2
Note 16 - OTHER (INCOME) CHARGES, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Charges, Net | Year Ended December 31, (in millions) 2021 2020 2019 Change in fair value of embedded conversion features derivative (1) $ (7 ) $ 382 $ 42 Loss on foreign exchange transactions 2 5 3 Other — (1 ) 1 Total $ (5 ) $ 386 $ 46 (1) Refer to Note 13, “Financial Instruments”. |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings (Loss) before Income Tax, Domestic and Foreign | The components of earnings (loss) from continuing operations before income taxes and the related provision for U.S. and other income taxes were as follows (in millions): Year Ended December 31, 2021 2020 2019 Earnings (Loss) earnings from continuing operations before income taxes: U.S. $ (12 ) $ (388 ) $ (68 ) Outside the U.S. 40 12 8 Total $ 28 $ (376 ) $ (60 ) U.S. income taxes: Current benefit $ — $ — $ — Deferred (benefit) provision (1 ) 2 — Income taxes outside the U.S.: Current provision (benefit) 4 (3 ) 7 Deferred provision 1 169 24 Total provision $ 4 $ 168 $ 31 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes computed using the U.S. federal income tax rate and the provision for income taxes for continuing operations were as follows (in millions): Year Ended December 31, 2021 2020 2019 Amount computed using the statutory rate $ 6 $ (79 ) $ (13 ) Increase (reduction) in taxes resulting from: Unremitted foreign earnings (1 ) 2 (1 ) Operations outside the U.S. 8 3 22 Legislative tax law and rate changes (28 ) (11 ) 1 Valuation allowance 20 220 11 Tax settlements and adjustments, including interest (1 ) (43 ) 2 Embedded derivative liability (1 ) 81 9 Other, net 1 (5 ) — Provision from income taxes $ 4 $ 168 $ 31 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities were as follows (in millions): As of December 31, 2021 2020 Deferred tax assets Pension and postretirement obligations $ — $ 25 Restructuring programs 1 2 Leasing 3 4 Foreign tax credit 358 358 Inventories 10 9 Investment tax credit 33 42 Employee deferred compensation 26 26 Depreciation 37 36 Research and development costs 42 40 Tax loss carryforwards 499 480 Other deferred revenue 2 2 Other 85 89 Total deferred tax assets before valuation allowances $ 1,096 $ 1,113 Valuation allowances (934 ) (1,112 ) Total net deferred tax assets $ 162 $ 1 Deferred tax liabilities Pension and postretirement obligations $ (162 ) $ — Goodwill/intangibles (9 ) (10 ) Unremitted foreign earnings (20 ) (22 ) Total deferred tax liabilities (191 ) (32 ) Net deferred tax liabilities $ (29 ) $ (31 ) |
Schedule of Component of Income Tax Expense (Benefit) | Deferred tax liabilities are reported in the following component within the Consolidated Statement of Financial Position (in millions): As of December 31, 2021 2020 Other long-term liabilities (29 ) (31 ) Net deferred tax liabilities $ (29 ) $ (31 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of Kodak’s liability for income taxes associated with unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance as of January 1 $ 8 $ 54 $ 57 Tax positions related to the current year: Additions — — — Tax positions related to prior years: Additions — 2 1 Reductions (1 ) (42 ) (1 ) Settlements with taxing jurisdictions (3 ) (6 ) (3 ) Balance as of December 31 $ 4 $ 8 $ 54 |
Note 18 - Restructuring Costs_2
Note 18 - Restructuring Costs and Other (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs and Other | The activity incurred in relation to restructuring programs during the three years ended December 31, 2021 were as follows (in millions): Severance Reserve (1) Exit Costs Reserve (1) Total Balance as of December 31, 2018 $ 6 $ 2 $ 8 Charges 16 — 16 Utilization/cash payments (8 ) (1 ) (9 ) Other adjustments & reclasses (2) (3 ) — (3 ) Balance as of December 31, 2019 11 1 12 Charges 16 1 17 Utilization/cash payments (14 ) (1 ) (15 ) Other adjustments & reclasses (2) (3 ) — (3 ) Balance as of December 31, 2020 10 1 11 Charges 6 — 6 Utilization/cash payments (10 ) — (10 ) Other adjustments & reclasses (2) (2 ) — (2 ) Balance as of December 31, 2021 $ 4 $ 1 $ 5 (1) The severance and exit costs reserves require the outlay of cash. Any long-lived asset impairments and inventory write-downs would represent non-cash items. (2) The $2 |
Note 19 - Retirement Plans (Tab
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) 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) 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 |
Note 20 - Other Postretiremen_2
Note 20 - Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Schedule of Changes in the Company's Benefit Obligation and Funded Status | Year Ended December 31, 2021 2020 Net benefit obligation at beginning of period $ 63 $ 63 Interest cost 1 1 Plan participants’ contributions 1 1 Actuarial loss (6 ) 1 Benefit payments (3 ) (3 ) Net benefit obligation at end of period 56 63 Underfunded status at end of period (56 ) (63 ) |
Schedule of Amounts from Other Post-retirement Plan Recognized in Balance Sheet | As of December 31, 2021 2020 Other current liabilities $ (3 ) $ (3 ) Pension and other postretirement liabilities (53 ) (60 ) $ (56 ) $ (63 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | As of December 31, 2021 2020 Net actuarial gain $ 10 $ 4 |
Schedule of Other Post-retirement Plan Recognized in Other Comprehensive (Income) Loss | Year Ended December 31, 2021 2020 Newly established (gain) loss $ (6 ) $ 1 Total gain recognized in Other comprehensive income $ (6 ) $ 1 |
Schedule of Other Post-retirement Plan, Net Benefit Costs | Year Ended December 31, 2021 2020 2019 Components of net postretirement benefit cost: Service cost $ — $ — $ — Interest cost 1 1 2 Amortization of: Actuarial gain — — (1 ) Other postretirement benefit cost from continuing operations $ 1 $ 1 $ 1 |
Schedule of Assumptions Used to Calculate Other Post-retirement Plan, Net Benefit Obligation | As of December 31, 2021 2020 Discount rate 2.79 % 2.21 % Salary increase rate 1.85 % 1.80 % |
Schedule of Assumptions Used to Calculate Other Post-retirement Plan Net Benefit Costs | Year Ended December 31, 2021 2020 2019 Effective rate for interest cost 1.71 % 2.67 % 3.26 % Salary increase rate 1.70 % 1.80 % 2.35 % |
Other Post-retirement Benefits, Schedule of Health Care Cost Trend Rates | 2021 2020 Healthcare cost trend 5.48 % 5.33 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 3.38 % 3.14 % Year that the rate reaches the ultimate trend rate 2040 2039 |
Schedule of Expected Other Post-retirement Benefit Payments | 2022 $ 3 2023 3 2024 3 2025 3 2026 3 2027-2031 15 |
Note 21 - Earnings Per Share (T
Note 21 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Basic and Diluted Earnings Per Share | A reconciliation of the amounts used to calculate basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 follows (in millions): Year Ended December 31, (in millions) 2021 2020 2019 Income (loss) from continuing operations attributable to Eastman Kodak Company $ 24 $ (544 ) $ (91 ) Less: Preferred Stock cash and accrued dividends (4 ) (11 ) (11 ) Less: Preferred Stock in-kind dividends (4 ) - - Less: Preferred Stock deemed dividends (3 ) (9 ) (9 ) Plus: Expiration of Series A embedded derivative 11 - - Less: Earnings attributable to Series C Preferred shareholders (2 ) — — Income (loss) from continuing operations available to common shareholders - basic and diluted $ 22 $ (564 ) $ (111 ) Net income (loss) attributable to Eastman Kodak Company $ 24 $ (541 ) $ 116 Less: Preferred Stock cash and accrued dividends (4 ) (11 ) (11 ) Less: Preferred Stock in-kind dividends (4 ) — — Less: Preferred Stock deemed dividends (3 ) (9 ) (9 ) Plus: Expiration of Series A embedded derivative 11 — — Less: Earnings attributable to Series C Preferred shareholders (2 ) — — Net income (loss) available to common shareholders - basic and diluted $ 22 $ (561 ) $ 96 Weighted-average common shares outstanding - basic 78.4 57.4 43.0 Effect of dilutive securities: Unvested restricted stock units 0.1 — — Stock options 2.0 — — Weighted-average common shares outstanding - diluted 80.5 57.4 43.0 |
Note 22 - Stock-based Compens_2
Note 22 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Restricted Stock Unit and Award Activity | The following table summarizes information about restricted stock unit and award activity for the year ended December 31, 2021: Number of Restricted Stock Units/Awards Weighted-Average Grant Date Fair Values Outstanding on December 31, 2020 380,960 $ 3.31 Granted 1,112,741 $ 8.50 Vested 616,549 $ 5.88 Forfeited 4,275 $ 3.90 Outstanding on December 31, 2021 872,877 $ 8.10 |
Stock Option Activity | The following table summarizes information about stock option activity for the year ended December 31, 2021: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value ($ millions) Outstanding on December 31, 2020 7,724,426 $ 8.10 Expired 438,538 $ 22.01 Exercised 44,581 $ 3.90 Forfeited 6,858 $ 3.90 Outstanding on December 31, 2021 7,234,449 $ 7.29 3.59 $ 5 Exercisable on December 31, 2021 6,861,191 $ 7.40 3.56 $ 4 Expected to vest December 31, 2021 373,258 $ 5.21 4.13 $ — |
Valuation of Option Grants | The following inputs were used for the valuation of option grants issued in each year (there were no stock option grants issued in the year ended December 31, 2021): Year Ended December 31, 2020 2019 Weighted-average fair value of options granted $ 1.50 $ 1.73 Weighted-average risk-free interest rate 2.43% 2.47% Expected option lives 3.7 years 4.5 years Weighted-average volatility 98% 90% Expected dividend yield 0.00% 0.00% The following inputs were used in the lattice-based valuation of the July 27, 2020 option grants: July 27, 2020 Option Awards Weighted-average fair value of options granted $ 6.57 Range of risk-free interest rates 0.11% - 0.30% Weighted-average term 5.57 years Weighted-average volatility 98% Weighted-average expected dividend yield 0.00% |
Note 24 - Other Comprehensive_2
Note 24 - Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Changes in Other Comprehensive Loss, by Component | The changes in Other comprehensive loss by component, were as follows: Year Ended December 31, (in millions) 2021 2020 2019 Currency translation adjustments Currency translation adjustments $ 6 $ (16 ) $ 3 Amount transferred to net income due to the sale of an investment in a foreign entity — — 3 Currency translation adjustments and other 6 (16 ) 6 Pension and other postretirement benefit plan changes Newly established net actuarial gain (loss) 632 (34 ) (14 ) Tax benefit — — 9 Newly established net actuarial loss, net of tax 632 (34 ) (5 ) Reclassification adjustments: Amortization of prior service credit (a) (7 ) (7 ) (8 ) Amortization of actuarial losses (a) 37 19 4 Recognition of gains (losses) due to settlements and curtailments (a) (1 ) 9 (2 ) Total reclassification adjustments 29 21 (6 ) Tax provision — — (1 ) Reclassification adjustments, net of tax 29 21 (7 ) Pension and other postretirement benefit plan changes, net of tax 661 (13 ) (12 ) Other comprehensive loss $ 667 $ (29 ) $ (6 ) (a) Reclassified to Pension income - refer to Note 19, "Retirement Plans" and Note 20, "Other Postretirement Benefits" for additional information. |
Note 25 - Accumulated Other C_2
Note 25 - Accumulated Other Comprehensive Income Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) is composed of the following: As of December 31, (in millions) 2021 2020 Currency translation adjustments $ (100 ) $ (106 ) Pension and other postretirement benefit plan changes 321 (340 ) Ending balance $ 221 $ (446 ) |
Note 26 - Segment Information (
Note 26 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2021 2020 2019 (in millions) Traditional Printing $ 659 $ 592 $ 727 Digital Printing 249 241 293 Advanced Materials and Chemicals 212 172 200 Brand 15 13 12 Total of reportable segments 1,135 1,018 1,232 Other 15 11 10 Consolidated total $ 1,150 $ 1,029 $ 1,242 Year Ended December 31, (in millions) 2021 2020 2019 Traditional Printing $ 9 $ 21 $ 48 Digital Printing (5 ) (10 ) (9 ) Advanced Materials and Chemicals (6 ) (23 ) (34 ) Brand 13 11 8 Total of reportable segments 11 (1 ) 13 Other 2 1 (1 ) Depreciation and amortization (31 ) (37 ) (55 ) Restructuring costs and other (6 ) (17 ) (16 ) Stock-based compensation (7 ) (15 ) (7 ) Consulting and other costs (1) (19 ) (9 ) (7 ) Idle costs (2) (2 ) (3 ) (5 ) Former CEO separation agreement compensation — — (2 ) Other operating income (expense), net, excluding income from transition services agreement (3) 6 7 (22 ) Interest expense (4) (33 ) (12 ) (16 ) Pension income excluding service cost component (4) 102 98 104 Loss on early extinguishment of debt (4) — (2 ) — Other income (charges), net (4) 5 (386 ) (46 ) Consolidated earnings (loss) from continuing operations before income taxes $ 28 $ (376 ) $ (60 ) (1) Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives, investigations and litigation. (2) Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. (3) $6 million of income from the transition services agreement with the Purchaser was recognized in both the years ended December 31, 2020 and 2019. No income was recognized in the year ended December 31, 2021. The income was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure. (4) As reported in the Consolidated Statement of Operations. ( in millions Year Ended December 31, Intangible asset amortization expense from continuing operations: 2021 2020 2019 Traditional Printing $ — $ 1 $ 2 Digital Printing 4 3 4 Brand 1 1 1 Consolidated total $ 5 $ 5 $ 7 ( in millions Year Ended December 31, Depreciation expense from continuing operations: 2021 2020 2019 Traditional Printing $ 14 $ 19 $ 28 Digital Printing 6 7 10 Advanced Materials and 3D Printing 5 5 6 Other 1 1 4 Consolidated total $ 26 $ 32 $ 48 |
Long-lived Assets by Geographic Areas | (in millions) Year Ended December 31, Long-lived assets (1) 2021 2020 The United States $ 81 $ 78 Europe, Middle East and Africa 14 22 Asia Pacific 4 5 Canada and Latin America 41 47 Non-U.S. countries total (2) 59 74 Consolidated total $ 140 $ 152 (1) Long-lived assets are comprised of property, plant and equipment, net. (2) Of the total non-U.S. property, plant and equipment in 2021, $39 million are located in Brazil. Of the total non-U.S. property, plant and equipment in 2020, $43 million was located in Brazil. |
Note 28 - Discontinued Operat_2
Note 28 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Flexographic Packaging Segment [Member] | |
Discontinued Operations for Business | The results of operations of the Business for the year ended December 31, 2019 are presented below: Year Ended December 31, (in millions) 2019 Revenues $ 44 Cost of sales 28 Selling, general and administrative expenses 10 Research and development expenses 2 Interest expense 7 Gain on divestiture (214 ) Earnings from continuing operations before income taxes 211 Provision for income taxes 4 Earnings (loss) from discontinued operations $ 207 |
Note 1 - Property, Plant and Eq
Note 1 - Property, Plant and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 40 years |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 4 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 20 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 3 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 20 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 20 years |
Tools, Dies and Molds [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 1 year |
Tools, Dies and Molds [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 3 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment Estimated Useful Lives [Line Items] | |
Property, plant, and equipment, estimated useful lives | 10 years |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Estimated recoveries | $ 20 | $ 21 | |
Operating or finance lease classification criteria description | The primary criteria used to classify transactions as operating or finance leases are: (1) whether the ownership transfers at the end of the lease, (2) whether the lease term is equal to or greater than 75% of the economic life of the asset, and (3) whether the present value of the minimum lease payments is equal to or greater than 90% of the fair value of the asset at inception of the lease. | ||
Advertising Expense | $ 2 | 2 | $ 5 |
Minimum [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Revenue recognition payment terms | 30 days | ||
Interest for payment terms | 1 year | ||
Minimum [Member] | Equipment Subject to Operating Leases [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Revenue recognition payment terms | 60 days | ||
Maximum [Member] | Equipment Subject to Operating Leases [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Other Long-Term Assets [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Estimated recoveries | $ 18 | 18 | |
Other Current Assets [Member] | |||
Basis Of Presentation And Recent Accounting Pronouncements [Line Items] | |||
Estimated recoveries | $ 2 | $ 3 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual 1) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Unrecognized revenue from unsatisfied performance obligations | $ 70 |
Unsatisfied performance obligations, expected to be recognized | 30.00% |
Unsatisfied performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Unsatisfied performance obligations, expected to be recognized | 25.00% |
Unsatisfied performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Unsatisfied performance obligations, expected to be recognized | 15.00% |
Unsatisfied performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Unsatisfied performance obligations, expected to be recognized | 30.00% |
Unsatisfied performance obligations, expected timing of satisfaction |
Note 2 - Schedule of Reconcilia
Note 2 - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | ||
Cash And Cash Equivalents [Abstract] | |||||||
Cash and cash equivalents | $ 362 | $ 196 | |||||
Restricted cash reported in Other current assets | 7 | 7 | |||||
Restricted cash | 54 | 53 | |||||
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows | $ 423 | [1] | $ 256 | [1] | $ 290 | $ 267 | |
[1] |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Collateralized Letter of Credit Facility [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 45 | |
ABL Credit Agreement [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 35 | |
China [Member] | Lucky HuaGuang Graphics Co Ltd [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Escrow deposit | 4 | 12 |
Brazil [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 3 | $ 4 |
Note 3 - Inventories (Details)
Note 3 - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 94 | $ 97 |
Work in process | 65 | 54 |
Raw materials | 60 | 55 |
Total | $ 219 | $ 206 |
Note 4 - Property, Plant and _3
Note 4 - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |||
Land | $ 49 | $ 55 | |
Buildings and building improvements | 130 | 131 | |
Machinery and equipment | 387 | 388 | |
Construction in progress | 15 | 8 | |
Property, plant and equipment, gross | 581 | 582 | |
Accumulated depreciation | (441) | (430) | |
Property, plant and equipment, net | [1] | $ 140 | $ 152 |
[1] | Long-lived assets are comprised of property, plant and equipment, net. |
Note 4 - Property, Plant and _4
Note 4 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 26 | $ 32 | $ 48 |
Note 5 - Carrying Value of Good
Note 5 - Carrying Value of Goodwill by Reportable Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill | $ 76,000,000 | $ 76,000,000 | $ 76,000,000 | |
Accumulated impairment losses | (64,000,000) | (64,000,000) | (64,000,000) | |
Impairment | 0 | 0 | $ 0 | 0 |
Balance | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 |
Balance | 12,000,000 | 12,000,000 | ||
Goodwill | 76,000,000 | |||
Accumulated impairment losses | (64,000,000) | |||
Traditional Printing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 56,000,000 | 56,000,000 | 56,000,000 | |
Accumulated impairment losses | (56,000,000) | (56,000,000) | (56,000,000) | |
Goodwill | 56,000,000 | |||
Accumulated impairment losses | (56,000,000) | |||
Digital Printing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 6,000,000 | 6,000,000 | 6,000,000 | |
Impairment | 0 | |||
Balance | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 |
Balance | 6,000,000 | 6,000,000 | ||
Goodwill | 6,000,000 | |||
Advanced Materials and Chemicals [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 14,000,000 | 14,000,000 | 14,000,000 | |
Accumulated impairment losses | (8,000,000) | (8,000,000) | (8,000,000) | |
Impairment | 0 | |||
Goodwill reallocation | (6,000,000) | |||
Balance | $ 6,000,000 | $ 6,000,000 | 6,000,000 | |
Goodwill | 8,000,000 | |||
Accumulated impairment losses | (8,000,000) | |||
Brand [Member] | ||||
Goodwill [Line Items] | ||||
Impairment | 0 | |||
Goodwill reallocation | 6,000,000 | |||
Balance | 6,000,000 | |||
Balance | 6,000,000 | $ 6,000,000 | ||
Goodwill | $ 6,000,000 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Goodwill And Other Intangible Assets [Line Items] | |||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 | |||
Interim impairment test | $ 0 | 0 | $ 0 | ||||
Amortization of Intangible Assets | $ 5,000,000 | 5,000,000 | 7,000,000 | ||||
Trade Names [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 0 | |||||
Other Operating (Income) Expense, Net [Member] | Trade Names [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,000,000 | $ 4,000,000 | $ 3,000,000 | $ 4,000,000 | |||
Digital Printing [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Number of Reporting Units | 3 | ||||||
Goodwill, Impairment Loss | $ 0 | ||||||
Advanced Materials and Chemicals [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Number of Reporting Units | 2 | ||||||
Goodwill, Impairment Loss | $ 0 | ||||||
Traditional Printing [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Number of Reporting Units | 1 | ||||||
Brand [Member] | |||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||
Number of Reporting Units | 1 | ||||||
Goodwill, Impairment Loss | $ 0 |
Note 5 - Gross Carrying Amount
Note 5 - Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Category (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 92 | $ 89 |
Intangible Assets Net | 16 | |
Intangible assets gross | 126 | 128 |
Intangible assets net | 34 | 39 |
Trade Names [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18 | 18 |
Technology-Based Intangible Assets [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 99 | 99 |
Accumulated Amortization | 84 | 80 |
Intangible Assets Net | $ 15 | $ 19 |
Weighted-Average Amortization Period | 4 years | 5 years |
Customer-Related Intangible Assets [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9 | $ 11 |
Accumulated Amortization | 8 | 9 |
Intangible Assets Net | $ 1 | $ 2 |
Weighted-Average Amortization Period | 2 years | 3 years |
Note 5 - Estimated Future Amort
Note 5 - Estimated Future Amortization Expense Related to Intangible Assets (Details) $ in Millions | Dec. 31, 2021USD ($) |
Intangible Assets Gross Excluding Goodwill [Abstract] | |
2022 | $ 5 |
2023 | 4 |
2024 | 4 |
2025 | 3 |
Intangible Assets Net | $ 16 |
Note 6 - Other Current Liabil_3
Note 6 - Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Liabilities [Abstract] | ||
Deferred revenue and customer deposits | $ 43 | $ 46 |
Employment-related liabilities | 34 | 35 |
Customer rebates | 21 | 21 |
Workers' compensation | 7 | 9 |
Restructuring liabilities | 5 | 11 |
Accrued interest | 5 | |
Preferred Stock dividends payable | 1 | 3 |
Embedded conversion option derivative liability | 7 | 9 |
Other | 26 | 30 |
Total | $ 142 | $ 164 |
Note 6 - Other Current Liabil_4
Note 6 - Other Current Liabilities (Details Textual) | Dec. 31, 2021 |
Maximum [Member] | |
Other Current Liabilities [Line Items] | |
Percentage of total current liabilities | 5.00% |
Note 7 - Summary of Other Long-
Note 7 - Summary of Other Long-term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Summary Of Other Long Term Liabilities [Abstract] | ||
Workers' compensation | $ 83 | $ 89 |
Asset retirement obligations | 42 | 41 |
Deferred taxes | 29 | 31 |
Deferred brand licensing revenue | 14 | 17 |
Environmental liabilities | 9 | 9 |
Embedded conversion option derivative liability | 7 | 9 |
Other | 21 | 25 |
Total | $ 205 | $ 212 |
Note 7 - Other Long-term Liab_3
Note 7 - Other Long-term Liabilities (Details Textual) | Dec. 31, 2021 |
Maximum [Member] | |
Other Long-term Liabilities [Line Items] | |
Percentage of other long-tern Liabilities | 5.00% |
Note 8 - Debt and Finance Lea_3
Note 8 - Debt and Finance Leases (Details Textual) | Feb. 26, 2021USD ($)$ / sharesshares | Aug. 03, 2020USD ($) | Jul. 29, 2020USD ($)d$ / sharesshares | May 24, 2019USD ($) | May 20, 2019USD ($) | Sep. 03, 2013USD ($) | Sep. 30, 2020USD ($)shares | Jan. 31, 2019USD ($) | Mar. 31, 2018Subsidiary | Dec. 31, 2021USD ($)Subsidiary$ / shares | Dec. 31, 2020USD ($)Subsidiary$ / shares | Dec. 31, 2019USD ($)Subsidiary | Feb. 25, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 27, 2020USD ($) | Mar. 26, 2020USD ($) | Jan. 27, 2020USD ($) | Jan. 26, 2020USD ($) | |
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Proceeds from issuance of debt | $ 215,000,000 | ||||||||||||||||||
Aggregate carrying value of collateral | 2,328,000,000 | ||||||||||||||||||
Net proceeds from the sale of common stock | 10,000,000 | ||||||||||||||||||
Fair value of derivative liability | $ 7,000,000 | $ 9,000,000 | |||||||||||||||||
Percentage of Stock of Material Domestic Subsidiaries Securing Credit Agreement | 100.00% | 100.00% | |||||||||||||||||
Percentage of Stock of Material First Tier Foreign Subsidiaries Securing Credit Agreement | 65.00% | 65.00% | |||||||||||||||||
ABL Collateral, Carrying Value | 1,412,000,000 | ||||||||||||||||||
Number of subsidiaries designated as unrestricted subsidiaries | Subsidiary | 5 | 5 | |||||||||||||||||
Total sales | [1] | $ 1,150,000,000 | $ 1,029,000,000 | $ 1,242,000,000 | |||||||||||||||
Percentage of aggregate sales of unrestricted subsidiaries to consolidated sales of entity | 1.00% | 1.00% | 1.00% | ||||||||||||||||
Aggregate assets of designated subsidiaries | $ 2,171,000,000 | $ 1,248,000,000 | |||||||||||||||||
Percentage of aggregate assets of unrestricted subsidiaries to consolidated assets of entity | 1.00% | 1.00% | |||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||
Letter of Credit [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Line of credit facility fee payment description | The Company will pay a letter of credit fee of 3.50%-4.00% per annum, based on Excess Availability, on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit. | ||||||||||||||||||
Convertible Notes Embedded Derivative [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Net proceeds received to derivative liability | $ 12,000,000 | ||||||||||||||||||
Fair value of derivative liability | $ 4,000,000 | ||||||||||||||||||
2021 Convertible Notes [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Proceeds from issuance of debt | $ 25,000,000 | ||||||||||||||||||
Debt instrument interest rate | 5.00% | 5.00% | |||||||||||||||||
Debt instrument, aggregate principal amount | $ 25,000,000 | ||||||||||||||||||
Debt instrument, maturity date | May 28, 2026 | May 28, 2026 | |||||||||||||||||
Initial conversion rate, number of shares of common stock per each principal amount of Convertible Notes | shares | 100 | ||||||||||||||||||
Debt instrument, principal amount of conversion calculation | $ 1,000 | ||||||||||||||||||
Initial conversion price per share of common stock | $ / shares | $ 10 | ||||||||||||||||||
Convertible notes, terms of conversion features | The Buyers will have the right to elect at any time to convert the 2021 Convertible Notes into shares of Common Stock at an initial conversion rate equal to 100 shares of Common Stock per each $1,000 principal amount of the 2021 Convertible Notes (based on an initial conversion price equal to $10.00 per share of Common Stock). The conversion rate and conversion price will be subject to certain customary anti-dilution adjustments. | ||||||||||||||||||
Closing price of Common Stock equals or exceeds | $ / shares | $ 14.50 | ||||||||||||||||||
Holder fundamental transaction election period | 30 days | ||||||||||||||||||
Carrying value of stock at issuance | $ 13,000,000 | $ 15,000,000 | |||||||||||||||||
Fair value of derivative liability | 12,000,000 | ||||||||||||||||||
Estimated fair value of the convertible notes | 18,000,000 | ||||||||||||||||||
2019 Convertible Notes [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Proceeds from issuance of debt | $ 100,000,000 | ||||||||||||||||||
Debt instrument interest rate | 5.00% | ||||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | ||||||||||||||||||
Debt instrument, maturity date | Nov. 1, 2021 | ||||||||||||||||||
Net proceeds received to derivative liability | $ 14,000,000 | ||||||||||||||||||
Carrying value of stock at issuance | $ 84,000,000 | ||||||||||||||||||
Fair value of derivative liability | $ 14,000,000 | ||||||||||||||||||
Convertible notes, due | 2021 | ||||||||||||||||||
Principal amount of debt converted to equity | $ 95,000,000 | ||||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | ||||||||||||||||||
Converted notes, conversion date | Jul. 29, 2020 | ||||||||||||||||||
Debt instrument convertible trading days | d | 5 | ||||||||||||||||||
Conversion shares, issuance date | Aug. 3, 2020 | ||||||||||||||||||
Accumulated interest on initial converted notes | $ 5,600,000 | ||||||||||||||||||
Remaining debt face amount | $ 5,000,000 | ||||||||||||||||||
Transaction costs | $ 2,000,000 | ||||||||||||||||||
2019 Convertible Notes [Member] | Common Stock [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Initial conversion rate, number of shares of common stock per each principal amount of Convertible Notes | shares | 29,922,956 | ||||||||||||||||||
Mandatory Converted Notes [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, aggregate principal amount | $ 5,000,000 | ||||||||||||||||||
Converted notes, conversion date | Sep. 30, 2020 | ||||||||||||||||||
Mandatory Converted Notes [Member] | Common Stock [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Initial conversion rate, number of shares of common stock per each principal amount of Convertible Notes | shares | 1,574,892 | ||||||||||||||||||
U.S. [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Total sales | [1] | $ 426,000,000 | $ 366,000,000 | $ 453,000,000 | |||||||||||||||
RED-Rochester, LLC [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Payment received under the agreement | $ 14,000,000 | ||||||||||||||||||
Minimum payments required under the agreement | 2,000,000 | ||||||||||||||||||
Debt amount under the agreement | $ 14,000,000 | ||||||||||||||||||
Debt Instrument Maturity Month and Year | 2033-08 | 2033-08 | |||||||||||||||||
Term Loan Credit Agreement | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt amount under the agreement | 225,000,000 | ||||||||||||||||||
Long-term debt, maximum additional proceeds | 50,000,000 | ||||||||||||||||||
Proceeds from issuance of debt | 215,000,000 | ||||||||||||||||||
Debt transaction costs | $ 10,000,000 | ||||||||||||||||||
Long-term debt, term | 5 years | ||||||||||||||||||
Debt instrument interest rate | 12.50% | ||||||||||||||||||
Term Loan Credit Agreement | Board Rights Agreement | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Term period for which individual is appointed | 1 year | ||||||||||||||||||
Term Loan Credit Agreement | Securities Purchase Agreement [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Common stock, shares, issued | shares | 1,000,000 | ||||||||||||||||||
Common stock, shares, issued price | $ / shares | $ 10 | ||||||||||||||||||
Net proceeds from the sale of common stock | $ 10,000,000 | ||||||||||||||||||
Term Loan Credit Agreement | Term Loan [Member] | Paid-In-Cash Interest [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument interest rate | 8.50% | ||||||||||||||||||
Term Loan Credit Agreement | Term Loan [Member] | Paid-In-Kind Interest [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument interest rate | 4.00% | ||||||||||||||||||
Term Loan Credit Agreement | U.S. [Member] | Subsidiaries [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of material stock | 100.00% | ||||||||||||||||||
Term Loan Credit Agreement | Foreign [Member] | Subsidiaries [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of material stock | 65.00% | ||||||||||||||||||
Term Credit Agreement [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Prepayment of principal amount | $ 83,000,000 | ||||||||||||||||||
Minimum [Member] | 2021 Convertible Notes [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Trading days | 45 days | ||||||||||||||||||
Minimum [Member] | Term Loans And Commitments Under Term Loan Credit Agreement | Board Rights Agreement | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of original principal amount | 50.00% | ||||||||||||||||||
Maximum [Member] | 2021 Convertible Notes [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Trading days | 60 days | ||||||||||||||||||
ABL Credit Agreement [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Excess availability below which the fixed charge coverage ratio is triggered | 12.50% | ||||||||||||||||||
Lender commitments, threshold trigger, excess availability amount | $ 13,750,000 | $ 13,750,000 | $ 15,000,000 | $ 18,750,000 | |||||||||||||||
Excess availability percentage of lender commitments threshold triggering cash dominion control | 12.50% | ||||||||||||||||||
Long-term line of credit | $ 90,000,000 | ||||||||||||||||||
Excess availability amount | 20,000,000 | ||||||||||||||||||
Excess availability, calculation, percentage of eligible equipment | 70.00% | 75.00% | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | $ 110,000,000 | $ 110,000,000 | $ 120,000,000 | $ 150,000,000 | ||||||||||||||
Equipment availability, net orderly liquidation amount | $ 14,750,000 | $ 6,000,000 | |||||||||||||||||
Decrease in excess availability net orderly liquidation equipment amount | $ 1,000,000 | ||||||||||||||||||
Debt instrument, amendment description | The $14.75 million amount decreases by $1 million per quarter starting on July 1, 2020 until maturity or the amount is decreased to $0, whichever comes first. | ||||||||||||||||||
Excess availability amount | $ 20,000,000 | ||||||||||||||||||
Number of subsidiaries designated as unrestricted subsidiaries | Subsidiary | 3 | 3 | |||||||||||||||||
ABL Credit Agreement [Member] | Unrestricted Subsidiaries [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Total sales | $ 7,000,000 | $ 6,000,000 | $ 12,000,000 | ||||||||||||||||
Aggregate assets of designated subsidiaries | $ 13,000,000 | 15,000,000 | |||||||||||||||||
ABL Credit Agreement [Member] | U.S. [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Maximum liquidity required | $ 85,000,000 | ||||||||||||||||||
ABL Credit Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Proforma fixed charge coverage ratio | 1 | ||||||||||||||||||
ABL Credit Agreement [Member] | Minimum [Member] | Pro Forma [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Excess availability amount | $ 30,000,000 | ||||||||||||||||||
ABL Credit Agreement [Member] | Maximum [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of aggregate consolidated sales to qualify Restricted Subsidiaries to be designated as Unrestricted Subsidiaries | 7.50% | ||||||||||||||||||
Percentage of aggregate consolidated assets to qualify Restricted Subsidiaries to be designated as Unrestricted Subsidiaries | 7.50% | ||||||||||||||||||
ABL Credit Agreement [Member] | Restricted Cash [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Eligible cash | $ 35,000,000 | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Fixed charged coverage ratio required | 0.010 | ||||||||||||||||||
Excess availability below which the fixed charge coverage ratio is triggered | 12.50% | ||||||||||||||||||
Lender commitments, threshold trigger, excess availability amount | $ 11,250,000 | ||||||||||||||||||
Excess availability percentage of lender commitments threshold triggering cash dominion control | 12.50% | ||||||||||||||||||
Long-term line of credit | $ 46,000,000 | ||||||||||||||||||
Excess availability amount | $ 27,000,000 | ||||||||||||||||||
Debt instrument, maturity date | Feb. 26, 2024 | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 90,000,000 | ||||||||||||||||||
Credit facility, maturity date | The Amended ABL Credit Agreement amends the ABL Credit Agreement to, among other things, (i) extend the maturity date to February 26, 2024 or the date that is 90 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loans, 2021 Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancings of any of the foregoing | ||||||||||||||||||
Unused line fee payment description | The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum amount available is less than or equal to 50% or greater than 50%, respectively. | ||||||||||||||||||
Minimum liquidity value, required to maintain at end of each quarter | $ 80,000,000 | ||||||||||||||||||
Minimum liquidity current balance | 250,000,000 | ||||||||||||||||||
Excess availability amount | 27,000,000 | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of unused fee payment | 50.00% | ||||||||||||||||||
Percentage of letter of credit fee | 3.50% | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Minimum [Member] | Base Rate [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Maximum [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Percentage of unused fee payment | 50.00% | ||||||||||||||||||
Percentage of letter of credit fee | 4.00% | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 4.00% | ||||||||||||||||||
Amended ABL Credit Agreement [Member] | Maximum [Member] | Base Rate [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||
Letter of Credit Facility Agreement [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||||
Unused line fee payment description | The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum commitments is less than or equal to 50% or greater than 50% of such commitments, respectively. | ||||||||||||||||||
Percentage of unused fee payment | 50.00% | ||||||||||||||||||
Line of credit facility fee payment description | The Company will pay a letter of credit fee of 3.75% per annum on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit. | ||||||||||||||||||
Percentage of letter of credit fee | 3.75% | ||||||||||||||||||
Minimum percentage of aggregate cash collateral | 103.00% | ||||||||||||||||||
Credit facility term | 3 years | ||||||||||||||||||
Letters of Credit issued | 44,000,000 | ||||||||||||||||||
Letter of credit cash collateral | 45,000,000 | ||||||||||||||||||
Proceeds of the financing transactions deposited in cash collateral account | $ 14,000,000 | ||||||||||||||||||
Minimum liquidity requirement | $ 80,000,000 | ||||||||||||||||||
Letter of Credit Facility Agreement [Member] | Base Rate [Member] | |||||||||||||||||||
Debt And Capital Leases [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||||||||||||
[1] |
Note 8 - Debt and Finance Lea_4
Note 8 - Debt and Finance Leases and Related Maturities and Interest Rates (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Carrying Value | $ 254 | $ 19 |
Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1 | 2 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 253 | 17 |
RED-Rochester, LLC [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2033 | |
Weighted-Average Effective Interest Rate | 11.42% | |
Carrying Value | $ 1 | 1 |
RED-Rochester, LLC [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2033 | |
Weighted-Average Effective Interest Rate | 11.42% | |
Carrying Value | $ 12 | 12 |
Finance leases [Member] | Current Portion, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 1 | |
Finance leases [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 1 | 3 |
Term Notes [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2026 | |
Weighted-Average Effective Interest Rate | 13.85% | |
Carrying Value | $ 224 | |
2021 Convertible Notes [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2026 | |
Weighted-Average Effective Interest Rate | 17.26% | |
Carrying Value | $ 15 | |
Other Debt [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 1 | $ 2 |
Note 8 - Annual Maturities of L
Note 8 - Annual Maturities of Long-Term Debt and Finance Leases (Details) $ in Millions | Dec. 31, 2021USD ($) |
Annual Maturities Of Long Term Debt [Abstract] | |
2022 | $ 1 |
2023 | 2 |
2024 | 1 |
2025 | 1 |
2026 | 240 |
2027 and thereafter | 9 |
Total | 254 |
2022 | 1 |
2023 | 2 |
2024 | 1 |
2025 | 1 |
2026 | 308 |
2027 and thereafter | 9 |
Total | $ 322 |
Note 8 - Loss on Early Extingui
Note 8 - Loss on Early Extinguishment of Debt (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Extinguishment Of Debt Disclosures [Abstract] | |
Fair value of Initial Conversion Shares | $ 506 |
Fair value of Mandatory Conversion Shares | 13 |
Carrying value of 2019 Convertible Notes | (92) |
Fair value of pro-rata share of embedded derivatives at Initial Conversion Date | (416) |
Fair value of pro-rata share of embedded derivatives at Mandatory Conversion Date | (9) |
Total | $ 2 |
Note 9 - Redeemable, Converti_2
Note 9 - Redeemable, Convertible Preferred Stock (Details Textual) - USD ($) | Mar. 30, 2021 | Feb. 26, 2021 | Feb. 25, 2021 | Nov. 15, 2016 | Jul. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||||||||||||
Net proceeds from Series A Preferred Stock | $ 99,000,000 | |||||||||||
Payments for repurchase of preferred stock | $ 100,000,000 | |||||||||||
Preferred stock, No Par Value | $ 0 | $ 0 | $ 0 | |||||||||
Series A Redeemable Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Net proceeds from Series A Preferred Stock | $ 198,000,000 | |||||||||||
Series A Redeemable Preferred Stock [Member] | Purchase Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Preferred stock, number of shares issued | 2,000,000 | |||||||||||
Percentage of cash dividend payable on preferred stock | 5.50% | |||||||||||
Gross proceeds from issuance of shares | $ 200,000,000 | |||||||||||
Preferred stock, liquidation preference per share | $ 100 | |||||||||||
Purchase agreement date | Nov. 7, 2016 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Percentage of cash dividend payable on preferred stock | 5.50% | |||||||||||
Preferred stock, redemption price per share | $ 100 | |||||||||||
Stock repurchased | 1,000,000 | |||||||||||
Common stock price equal or exceeds preferred stock conversion price percentage | 125.00% | |||||||||||
Preferred stock conversion description | The Company had the right to convert Series A Preferred Stock into Common Stock at any time after the second anniversary of the initial issuance if the closing price of the Common Stock equaled or exceeded 125 percent of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, with the last trading day of such 60 day period ending on the trading day immediately preceding the business day on which the Company issues a press release announcing the mandatory conversion. | |||||||||||
Net proceeds received to derivative liability | $ 43,000,000 | |||||||||||
Carrying value of preferred stock at issuance | 155,000,000 | |||||||||||
Gross proceeds from preferred stock | 200,000,000 | |||||||||||
Fair value of derivative liability | 43,000,000 | |||||||||||
Transaction costs | $ 2,000,000 | |||||||||||
Preferred stock, redemption date | Nov. 15, 2021 | |||||||||||
Preferred stock prior to extinguishment carrying value including fair value of embedded derivative liability | $ 203,000,000 | |||||||||||
Temporary equity deemed preferred stock dividends | $ 8,000,000 | |||||||||||
Dividends | $ 11,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Series A Preferred Stock [Member] | Purchase Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Initial conversion rate of preferred stock to common stock | 5.7471 | |||||||||||
Initial conversion price of preferred stock per share of common stock | $ 17.40 | |||||||||||
Series A Preferred Stock [Member] | Repurchase and Exchange Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Stock repurchased | 1,000,000 | |||||||||||
Payments for repurchase of preferred stock | $ 100,641,667 | |||||||||||
Stock exchanged during period shares | 1,000,000 | |||||||||||
Dividends paid | $ 641,667 | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Percentage of cash dividend payable on preferred stock | 4.00% | |||||||||||
Preferred stock, liquidation preference per share | $ 100 | |||||||||||
Preferred stock, redemption price per share | $ 100 | |||||||||||
Preferred stock conversion description | The Company will have the right to cause the mandatory conversion of the Series B Preferred Stock into shares of Common Stock at any time after the initial issuance of the Series B Preferred Stock if the closing price of the Common Stock has equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within a period of 60 consecutive trading days. | |||||||||||
Carrying value of preferred stock at issuance | 93,000,000 | |||||||||||
Fair value of derivative liability | 1,000,000 | |||||||||||
Transaction costs | $ 1,000,000 | |||||||||||
Preferred stock, redemption date | May 28, 2026 | |||||||||||
Temporary equity fair value of preferred stock at the time of issuance | $ 95,000,000 | |||||||||||
Common stock price equal or exceeds preferred stock conversion price | $ 14.50 | |||||||||||
Fair value allocated to derivative liability | $ 1,000,000 | |||||||||||
Series B Preferred Stock [Member] | Other Long-Term Liabilities [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Fair value of derivative liability | $ 1,000,000 | |||||||||||
Series B Preferred Stock [Member] | Purchase Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Initial conversion rate of preferred stock to common stock | 9.5238 | |||||||||||
Initial conversion price of preferred stock per share of common stock | $ 10.50 | |||||||||||
Series B Preferred Stock [Member] | Repurchase and Exchange Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Percentage of cash dividend payable on preferred stock | 4.00% | |||||||||||
Preferred stock, number of shares issued | 1,000,000 | |||||||||||
Preferred stock, No Par Value | ||||||||||||
Temporary equity exchange basis | one-for-one | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Preferred stock, redemption price per share | 100 | |||||||||||
Preferred stock conversion description | The Company will have the right to cause the mandatory conversion of the Series C Preferred Stock into shares of Common Stock (i) at any time after February 26, 2023 if the closing price of the Common Stock has equaled or exceeded 200% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, or (ii) at any time after February 26, 2024 if the closing price of the Common Stock has equaled or exceeded 150% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days. | |||||||||||
Net proceeds received to derivative liability | $ 2,000,000 | |||||||||||
Carrying value of preferred stock at issuance | 97,000,000 | |||||||||||
Fair value of derivative liability | 2,000,000 | |||||||||||
Transaction costs | $ 1,000,000 | |||||||||||
Preferred Stock Right To Extend Redemption Date Term | 2 years | |||||||||||
Series C Preferred Stock [Member] | After February 26, 2023 [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Common stock price equal or exceeds preferred stock conversion price percentage | 200.00% | |||||||||||
Series C Preferred Stock [Member] | After February 26, 2024 [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Common stock price equal or exceeds preferred stock conversion price percentage | 150.00% | |||||||||||
Series C Preferred Stock [Member] | Other Long-Term Liabilities [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Fair value of derivative liability | $ 2,000,000 | |||||||||||
Series C Preferred Stock [Member] | Purchase Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Preferred stock, number of shares issued | 250,000 | 750,000 | ||||||||||
Preferred stock, liquidation preference per share | 100 | |||||||||||
Purchase agreement date | Feb. 26, 2021 | |||||||||||
Preferred stock, No Par Value | ||||||||||||
Initial conversion price of preferred stock per share of common stock | $ 10 | |||||||||||
Gross proceeds from preferred stock | $ 25,000,000 | $ 75,000,000 | ||||||||||
Preferred stock, redemption date | May 28, 2026 | |||||||||||
Preferred stock, number of shares issued | 1,000,000 | |||||||||||
Gross proceeds owed on issuance of preferred stock | $ 100,000,000 | |||||||||||
Percentage of in-kind dividend payable on preferred stock | 5.00% | |||||||||||
Series C Preferred Stock [Member] | Dividend and Other Rights [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Percentage of in-kind dividend payable on preferred stock | 5.00% | |||||||||||
Preferred stock, liquidation preference | $ 100 |
Note 10 - Summary of Lease Rela
Note 10 - Summary of Lease Related Assets and Liabilities on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease assets | $ 47 | $ 48 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating lease assets | Operating lease assets |
Finance lease assets | $ 1 | $ 4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Total lease assets | $ 48 | $ 52 |
Current | ||
Operating | $ 13 | $ 12 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating | Operating |
Finance | $ 1 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | us-gaap:DebtLongtermAndShorttermCombinedAmount | us-gaap:DebtLongtermAndShorttermCombinedAmount |
Noncurrent | ||
Operating | $ 45 | $ 49 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating | Operating |
Finance | $ 1 | $ 3 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Short-term borrowings and current portion of long-term debt | Short-term borrowings and current portion of long-term debt |
Total lease liabilities | $ 59 | $ 65 |
Weighted-average remaining lease term | ||
Operating | 5 years | |
Finance | 2 years | |
Weighted-average discount rate | ||
Operating | 11.91% | |
Finance | 5.56% |
Note 10 - Schedule of Informati
Note 10 - Schedule of Information Related to Lease Expense for Finance and Operating Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Finance lease expense | ||||
Amortization of leased assets | $ 1 | $ 1 | $ 3 | |
Operating lease expense | 19 | 21 | 25 | |
Variable lease expense | [1] | 9 | 9 | 10 |
Total lease expense | $ 29 | $ 31 | $ 38 | |
[1] |
Note 10 - Schedule of Supplemen
Note 10 - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows for operating leases | $ 21 | $ 22 | $ 25 |
Financing cash flow for finance leases | 1 | 1 | 2 |
Cash paid for amounts included in measurement of lease liabilities | $ 22 | $ 23 | $ 27 |
Note 10 - Summary of Undiscount
Note 10 - Summary of Undiscounted Cash Flows for Next Five Years and Thereafter to Finance Lease Liabilities and Operating Lease Liabilities Recorded on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Leases, 2021 | $ 18 | |
Operating Leases, 2022 | 20 | |
Operating Leases, 2023 | 11 | |
Operating Leases, 2024 | 7 | |
Operating Leases, 2025 | 6 | |
Operating Leases, Thereafter | 24 | |
Operating Leases, Total minimum lease payments | 86 | |
Operating Leases, Less: amount of lease payments representing interest | (28) | |
Operating Leases, Present value of future minimum lease payments | 58 | |
Operating Leases, Less: current obligations under leases | 13 | $ 12 |
Operating Leases, Long-term lease obligations | 45 | 49 |
Finance Leases, 2021 | 1 | |
Finance Leases, Total minimum lease payments | 1 | |
Finance Leases, Present value of future minimum lease payments | 1 | |
Finance Leases, Less: current obligations under leases | 1 | |
Finance Leases, Long-term lease obligations | $ 1 | $ 3 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lessor Lease Description [Line Items] | ||
Net investment in sales-type leases | $ 6 | $ 5 |
Minimum [Member] | ||
Lessor Lease Description [Line Items] | ||
Net investment in sales-type leases period | 1 year |
Note 10 - Summary of Undiscou_2
Note 10 - Summary of Undiscounted Cash Flows to Be Received for Net Investment in Sales-type Leases (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Leases Future Minimum Payments Receivable [Abstract] | ||
2022 | $ 3 | |
2023 | 2 | |
2024 | 1 | |
2025 and thereafter | 1 | |
Total minimum lease payments | 7 | |
Less: unearned interest | (1) | |
Net investment in sales-type leases | $ 6 | $ 5 |
Note 10 - Summary of Undiscou_3
Note 10 - Summary of Undiscounted Cash Flows to Be Received for Operating Leases and Subleases (Details) $ in Millions | Dec. 31, 2021USD ($) |
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract] | |
2022 | $ 8 |
2023 | 7 |
2024 | 5 |
2025 | 2 |
2026 | 1 |
Thereafter | 8 |
Total minimum lease payments | $ 31 |
Note 10 - Summary of Income Rec
Note 10 - Summary of Income Recognized on Lease Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Income [Abstract] | |||
Lease income - sales-type leases | $ 3 | $ 1 | |
Lease income - operating leases | 8 | 8 | $ 9 |
Sublease income | 2 | 6 | |
Variable lease income | 5 | 5 | 6 |
Total lease income | $ 16 | $ 16 | $ 21 |
Note 10 - Equipment Subject to
Note 10 - Equipment Subject to Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Equipment Subject To Operating Leases [Abstract] | ||
Equipment subject to operating leases | $ 21 | $ 24 |
Accumulated depreciation | (18) | (19) |
Equipment subject to operating leases, net | $ 3 | $ 5 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details) - Asset Retirement Obligation Activity - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation Activity [Abstract] | ||
Asset Retirement Obligations at start of period | $ 41 | $ 48 |
Liabilities incurred in the current period | 1 | |
Liabilities settled in the current period | (9) | |
Accretion expense | 1 | |
Revision in estimated cash flows | 1 | |
Asset Retirement Obligations at end of period | $ 42 | $ 41 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Feb. 26, 2021 | Dec. 31, 2020 | Jul. 28, 2020 | |
Commitments And Contingencies [Line Items] | ||||
Total restricted cash | $ 61,000,000 | |||
DFC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 765,000,000 | |||
BRAZIL | ||||
Commitments And Contingencies [Line Items] | ||||
Restricted cash | 3,000,000 | $ 4,000,000 | ||
Federal and State Value added Taxes Litigations and Civil Litigation and Disputes with Former Employees [Member] | BRAZIL | ||||
Commitments And Contingencies [Line Items] | ||||
Loss Contingency maintained accruals | 2,000,000 | |||
Loss contingency aggregate accrual | 114,000,000 | |||
Loss Contingency, Estimate of Possible Loss | 4,000,000 | |||
Threat of Expropriation of Assets [Member] | BRAZIL | ||||
Commitments And Contingencies [Line Items] | ||||
Restricted cash | 3,000,000 | |||
Assets, Noncurrent | 39,000,000 | |||
Amended ABL Credit Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Long-term line of credit | 46,000,000 | |||
Line of credit facility, maximum borrowing capacity | $ 90,000,000 | |||
L/C Facility Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Long-term line of credit | 44,000,000 | |||
Bank Guarantees and Letters of Credit [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000,000 | |||
Surety Bond [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 28,000,000 |
Note 12 - Guarantees (Details T
Note 12 - Guarantees (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Guarantee Obligations [Line Items] | |||
Product Warranty Expense | $ 82,000,000 | $ 88,000,000 | $ 105,000,000 |
Warranty Arrangements Period [Member] | |||
Guarantee Obligations [Line Items] | |||
Extended Warranty Period | 1 year | ||
Amended Eastman Business Park Settlement Agreement [Member] | |||
Guarantee Obligations [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 0 | ||
Maximum [Member] | |||
Guarantee Obligations [Line Items] | |||
Environmental Settlement Historical Liabilities Trigger Amount | $ 99,000,000 | ||
Percentage of Liability Above 99 Million | 50.00% | ||
Extended Warranty Period | 6 years | ||
Minimum [Member] | |||
Guarantee Obligations [Line Items] | |||
Extended Warranty Period | 3 months |
Note 12 - Guarantees (Details)
Note 12 - Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantee Obligations [Line Items] | ||
Deferred revenue on extended warranties | $ 64 | |
Deferred revenue on extended warranties | 57 | $ 64 |
Extended Warranty Arrangements [Member] | ||
Guarantee Obligations [Line Items] | ||
Deferred revenue on extended warranties | 19 | 21 |
New extended warranty and maintenance arrangements | 90 | 91 |
Recognition of extended warranty and maintenance arrangement revenue | (90) | (93) |
Deferred revenue on extended warranties | $ 19 | $ 19 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments (Details Textual) - USD ($) shares in Millions, $ in Millions | Feb. 26, 2021 | Aug. 03, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Embedded conversion features and term extension option expense | $ 407 | |||
Remaining embedded conversion features and term extension option net expense | $ 9 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Long-term Debt, Fair Value | $ 269 | $ 17 | ||
Forward Contracts [Member] | ||||
Gross fair value of foreign currency in an asset position | 0 | 1 | ||
Gross fair value of foreign currency in a liability position | 0 | 0 | ||
Series A Preferred Stock | ||||
Stock repurchased | 1 | |||
Preferred stock, number of shares exchanged | 1 | |||
Series A Preferred Stock | Other Charges (income) Net [Member] | ||||
Net expense | $ 2 | |||
Series B Preferred Stock [Member] | ||||
Preferred stock, number of shares exchanged | 1 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Asset, Notional Amount | 322 | 361 | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives Hedging Instruments | $ 0 | $ 0 |
Note 13 - Derivatives Not Desig
Note 13 - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments Owned At Fair Value [Abstract] | |||
Net (gain) loss from derivatives not designated as hedging instruments | $ (1) | $ (11) | $ 4 |
Note 13 - Derivative Liability
Note 13 - Derivative Liability Key Inputs in Determination of Fair Value for Embedded Conversion Features (Details) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)$ / shares | Mar. 30, 2021USD ($)$ / shares | Feb. 26, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Aug. 03, 2020USD ($)$ / shares |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Embedded conversion option derivative liability | $ 7 | $ 9 | ||||
2021 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Embedded conversion option derivative liability | $ 4 | $ 12 | ||||
Kodak's closing stock price | $ / shares | $ 4.68 | $ 8.62 | ||||
2021 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 36 | 70 | ||||
2021 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Risk Free Rate [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 1.17 | 0.80 | ||||
2021 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Implied Credit Spread [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 18.89 | 18.25 | ||||
Series B Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Kodak's closing stock price | $ / shares | $ 4.68 | $ 8.62 | ||||
Total value of embedded derivative liability | $ 1 | $ 1 | ||||
Series B Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 36 | 70 | ||||
Series B Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Risk Free Rate [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 1.17 | 0.80 | ||||
Series B Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Implied Credit Spread [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 19.39 | 19.75 | ||||
2019 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Kodak's closing stock price | $ / shares | $ 8.82 | $ 16.91 | ||||
Total value of embedded derivative liability | $ 9 | $ 429 | ||||
Value of embedded derivative liability that expired (in millions) | $ 9 | 416 | ||||
Value of remaining embedded derivative liability (in millions) | $ 13 | |||||
2019 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Risk Free Rate [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 0.12 | 0.12 | ||||
2019 Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Implied Credit Spread [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 8.93 | 9.47 | ||||
Series C Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Kodak's closing stock price | $ / shares | $ 4.68 | $ 8.05 | $ 8.62 | |||
Total value of embedded derivative liability | $ 2 | $ 1 | $ 1 | |||
Series C Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 36 | 70 | 70 | |||
Series C Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Risk Free Rate [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 1.17 | 0.94 | 0.80 | |||
Series C Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Implied Credit Spread [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 21.39 | 21.75 | 21.75 | |||
Series A Preferred Stock | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Kodak's closing stock price | $ / shares | $ 8.62 | $ 8.14 | ||||
Total value of embedded derivative liability | $ 11 | $ 9 | ||||
Series A Preferred Stock | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 137.53 | 133.44 | ||||
Series A Preferred Stock | Fair Value, Inputs, Level 3 [Member] | Risk Free Rate [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 0.07 | 0.10 | ||||
Series A Preferred Stock | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Yield [Member | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||||
Alternate measurement input percentage | 14.02 | 11.97 |
Note 14 - Disaggregated Revenue
Note 14 - Disaggregated Revenue - Major Product (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | $ 1,150 | $ 1,029 | $ 1,242 |
Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 659 | 592 | 727 |
Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 249 | 241 | 293 |
Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 212 | 172 | 200 |
Brand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 13 | 12 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 11 | 10 |
Plates, Inks And Other Consumables [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 623 | 548 | 668 | |
Plates, Inks And Other Consumables [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 530 | 463 | 572 | |
Plates, Inks And Other Consumables [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 69 | 64 | 83 | |
Plates, Inks And Other Consumables [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 24 | 21 | 13 | |
Ongoing service arrangements [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [2] | 219 | 214 | 241 |
Ongoing service arrangements [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [2] | 79 | 80 | 86 |
Ongoing service arrangements [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [2] | 134 | 131 | 155 |
Ongoing service arrangements [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [2] | 6 | 3 | |
Total Annuities [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 842 | 762 | 909 | |
Total Annuities [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 609 | 543 | 658 | |
Total Annuities [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 203 | 195 | 238 | |
Total Annuities [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 30 | 24 | 13 | |
Equipment And Software [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 96 | 95 | 111 | |
Equipment And Software [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 50 | 49 | 56 | |
Equipment And Software [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 46 | 46 | 55 | |
Film And Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 180 | 137 | 169 | |
Film And Chemicals [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 180 | 137 | 169 | |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [3] | 32 | 35 | 53 |
Other [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [3] | 13 | ||
Other [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [3] | 2 | 11 | 18 |
Other [Member] | Brand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [3] | 15 | 13 | 12 |
Other [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [3] | $ 15 | $ 11 | $ 10 |
[1] | ||||
[2] | ||||
[3] |
Note 14 - Disaggregated Reven_2
Note 14 - Disaggregated Revenue - Product Portfolio Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | $ 1,150 | $ 1,029 | $ 1,242 | |||
Traditional Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | 659 | 592 | 727 | |||
Digital Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | 249 | 241 | 293 | |||
Advanced Materials and Chemicals [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | 212 | 172 | 200 | |||
Brand [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | 15 | 13 | 12 | |||
Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [1] | 15 | 11 | 10 | |||
Growth Engines [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | 359 | [2] | 300 | [2] | 323 | [3] | |
Growth Engines [Member] | Traditional Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | 217 | [2] | 162 | [2] | 180 | [3] | |
Growth Engines [Member] | Digital Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | 142 | [2] | 135 | [2] | 140 | [3] | |
Growth Engines [Member] | Advanced Materials and Chemicals [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | 3 | [2] | 3 | [3] | |||
Strategic Other Businesses | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 741 | 665 | 819 | |||
Strategic Other Businesses | Traditional Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 442 | 430 | 547 | |||
Strategic Other Businesses | Digital Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 58 | 52 | 78 | |||
Strategic Other Businesses | Advanced Materials and Chemicals [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 211 | 159 | 172 | |||
Strategic Other Businesses | Brand [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 15 | 13 | 12 | |||
Strategic Other Businesses | Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [4] | 15 | 11 | 10 | |||
Planned Declining Businesses | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [5] | 50 | 64 | 100 | |||
Planned Declining Businesses | Digital Printing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [5] | 49 | 54 | 75 | |||
Planned Declining Businesses | Advanced Materials and Chemicals [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total sales | [5] | $ 1 | $ 10 | $ 25 | |||
[1] | |||||||
[2] | |||||||
[3] | |||||||
[4] | |||||||
[5] |
Note 14 - Disaggregated Reven_3
Note 14 - Disaggregated Revenue - Geography (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | $ 1,150 | $ 1,029 | $ 1,242 |
Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 659 | 592 | 727 |
Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 249 | 241 | 293 |
Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 212 | 172 | 200 |
Brand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 13 | 12 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 11 | 10 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 426 | 366 | 453 |
U.S. [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 135 | 121 | 162 |
U.S. [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 109 | 106 | 147 |
U.S. [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 152 | 115 | 122 |
U.S. [Member] | Brand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 13 | 12 |
U.S. [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 11 | 10 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 22 | 23 | 23 |
Canada [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 12 | 14 | 13 |
Canada [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 8 | 8 | 8 |
Canada [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 2 | 1 | 2 |
North America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 448 | 389 | 476 |
North America [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 147 | 135 | 175 |
North America [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 117 | 114 | 155 |
North America [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 154 | 116 | 124 |
North America [Member] | Brand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 13 | 12 |
North America [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 15 | 11 | 10 |
Europe, Middle East and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 404 | 355 | 408 |
Europe, Middle East and Africa [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 302 | 257 | 300 |
Europe, Middle East and Africa [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 85 | 86 | 87 |
Europe, Middle East and Africa [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 17 | 12 | 21 |
Asia Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 265 | 251 | 306 |
Asia Pacific [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 181 | 171 | 208 |
Asia Pacific [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 43 | 37 | 44 |
Asia Pacific [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 41 | 43 | 54 |
Latin America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 33 | 34 | 52 |
Latin America [Member] | Traditional Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | 29 | 29 | 44 |
Latin America [Member] | Digital Printing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | $ 4 | 4 | 7 |
Latin America [Member] | Advanced Materials and Chemicals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | [1] | $ 1 | $ 1 | |
[1] |
Note 14 - Disaggregated Reven_4
Note 14 - Disaggregated Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue and customer deposits | $ 43 | $ 46 |
Total | 57 | 64 |
Current Assets [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Contract assets | 3 | 2 |
Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue and customer deposits | 43 | 47 |
Long-Term Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Contract liabilities - long-term | $ 14 | $ 17 |
Note 14 - Disaggregated Reven_5
Note 14 - Disaggregated Revenue - Schedule of Activity in Deferred Revenue Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |||
Beginning liabilities recognized in revenue | $ 37 | $ 43 | $ 34 |
Cash payments received, net of revenue recognized | $ 28 | $ 41 | $ 47 |
Note 15 - Summary of Other Oper
Note 15 - Summary of Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Expense (income): | ||||
Legal settlements | $ (7) | |||
Loss (gain) related to the sales of assets | [1],[2] | 1 | $ (10) | $ 14 |
Transition services agreement income | (6) | (6) | ||
Asset impairments | [3],[4] | 3 | 6 | |
Other | (1) | 1 | ||
Total | $ (6) | $ (14) | $ 15 | |
[1] | ||||
[2] | ||||
[3] | ||||
[4] | In the fourth quarter of 2019, Kodak determined the carrying value of one building no longer in use exceeded its fair value and recorded an impairment charge of $2 million. |
Note 15 - Summary of Other Op_2
Note 15 - Summary of Other Operating (Income) Expense, Net (Parentheticals) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Income Expense Net [Line Items] | ||||||
Gain on sale of property | $ 9,000,000 | |||||
Loss on sale of shares | $ 12,000,000 | |||||
Trade Names [Member] | ||||||
Other Operating Income Expense Net [Line Items] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | ||||
Other Operating Expense (Income) [Member] | Building [Member] | ||||||
Other Operating Income Expense Net [Line Items] | ||||||
Impairment charge on tangible asset | $ 2,000,000 | |||||
Other Operating Expense (Income) [Member] | Trade Names [Member] | ||||||
Other Operating Income Expense Net [Line Items] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,000,000 | $ 4,000,000 | $ 3,000,000 | $ 4,000,000 |
Note 16 - OTHER (INCOME) CHAR_3
Note 16 - OTHER (INCOME) CHARGES, NET (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Other Income And Expenses [Abstract] | ||||
Change in fair value of embedded conversion features derivative | [1] | $ (7) | $ 382 | $ 42 |
Loss on foreign exchange transactions | 2 | 5 | 3 | |
Other | (1) | 1 | ||
Total | $ (5) | $ 386 | $ 46 | |
[1] | Refer to Note 13, “Financial Instruments”. |
Note 17 - Components of Earning
Note 17 - Components of Earnings (Loss) From Continuing Operations and Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings (Loss) earnings from continuing operations before income taxes: | |||
U.S. | $ (12) | $ (388) | $ (68) |
Outside the U.S. | 40 | 12 | 8 |
Earnings (loss) from continuing operations before income taxes | 28 | (376) | (60) |
U.S. income taxes: | |||
Deferred (benefit) provision | (1) | 2 | |
Income taxes outside the U.S.: | |||
Current provision (benefit) | 4 | (3) | 7 |
Deferred provision | 1 | 169 | 24 |
Total provision | $ 4 | $ 168 | $ 31 |
Note 17 - Income Tax Provision
Note 17 - Income Tax Provision (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Amount computed using the statutory rate | $ 6 | $ (79) | $ (13) |
Increase (reduction) in taxes resulting from: | |||
Unremitted foreign earnings | (1) | 2 | (1) |
Operations outside the U.S. | 8 | 3 | 22 |
Legislative tax law and rate changes | (28) | (11) | 1 |
Valuation allowance | 20 | 220 | 11 |
Tax settlements and adjustments, including interest | (1) | (43) | 2 |
Embedded derivative liability | (1) | 81 | 9 |
Other, net | 1 | (5) | |
Total provision | $ 4 | $ 168 | $ 31 |
Note 17 - Deferred Tax Assets a
Note 17 - Deferred Tax Assets and Liabilities Significant Components (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Pension and postretirement obligations | $ 25 | |
Restructuring programs | $ 1 | 2 |
Leasing | 3 | 4 |
Foreign tax credit | 358 | 358 |
Inventories | 10 | 9 |
Investment tax credit | 33 | 42 |
Employee deferred compensation | 26 | 26 |
Depreciation | 37 | 36 |
Research and development costs | 42 | 40 |
Tax loss carryforwards | 499 | 480 |
Other deferred revenue | 2 | 2 |
Other | 85 | 89 |
Total deferred tax assets before valuation allowances | 1,096 | 1,113 |
Valuation allowances | 934 | 1,112 |
Total net deferred tax assets | 162 | 1 |
Deferred tax liabilities | ||
Pension and postretirement obligations | (162) | |
Goodwill/intangibles | (9) | (10) |
Unremitted foreign earnings | (20) | (22) |
Total deferred tax liabilities | (191) | (32) |
Net deferred tax liabilities | $ (29) | $ (31) |
Note 17 - Component of Deferred
Note 17 - Component of Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Other long-term liabilities | $ (29) | $ (31) |
Net deferred tax liabilities | $ (29) | $ (31) |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Income Taxes [Line Items] | |||||
Operating Loss Carryforwards | $ 2,058 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 866 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,192 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 358 | $ 358 | |||
Accumulated Deferred Investment Tax Credit | $ 33 | ||||
Operating Loss Carryforwards Limitations Minimum Ownership Change Percentage | 50.00% | ||||
Operating Loss Carryforwards Limitations Ownership Change Period | 3 years | ||||
Provision for tax on undistributed earnings including foreign withholding tax | $ 20 | 22 | |||
Deferred Tax Assets, Valuation Allowance | 934 | 1,112 | |||
Deferred Tax Assets, Net of Valuation Allowance | 162 | 1 | |||
Income Tax Examination, Penalties and Interest Accrued | 11 | 14 | |||
Uncertain Tax Benefits | 15 | 22 | |||
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Provision associated with establishment of valuation allowance on deferred tax assets | $ 167 | ||||
Foreign Tax Authority [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 360 | 374 | |||
Deferred Tax Assets, Net of Valuation Allowance | 351 | 364 | |||
Liability for Uncertain Tax Positions, Current | 3 | $ 3 | |||
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued | 4 | 3 | |||
Unrecognized tax benefits, settlements paid | $ 4 | $ 2 | |||
Domestic Tax Authority [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 574 | 738 | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 554 | 717 | |||
Domestic Tax Authority [Member] | IRS [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Liability for Uncertain Tax Positions, Current | $ 41 |
Note 17 - Reconciliation of Unr
Note 17 - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Balance as of January 1 | $ 8 | $ 54 | $ 57 |
Tax positions related to prior years: | |||
Additions | 2 | 1 | |
Reductions | (1) | (42) | (1) |
Settlements with taxing jurisdictions | (3) | (6) | (3) |
Balance as of December 31 | $ 4 | $ 8 | $ 54 |
Note 18 - Restructuring Costs_3
Note 18 - Restructuring Costs and Other - Restructuring Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning Balance | $ 11 | $ 12 | $ 8 | |
Charges | 6 | 17 | 16 | |
Utilization/cash payments | (10) | (15) | (9) | |
Other adjustments & reclasses | [1] | (2) | (3) | (3) |
Ending Balance | 5 | 11 | 12 | |
Severance Reserve [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning Balance | [2] | 10 | 11 | 6 |
Charges | [2] | 6 | 16 | 16 |
Utilization/cash payments | [2] | (10) | (14) | (8) |
Other adjustments & reclasses | [1],[2] | (2) | (3) | (3) |
Ending Balance | [2] | 4 | 10 | 11 |
Exit Costs Reserve [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Beginning Balance | [2] | 1 | 1 | 2 |
Charges | [2] | 1 | ||
Utilization/cash payments | [2] | (1) | (1) | |
Ending Balance | [2] | $ 1 | $ 1 | $ 1 |
[1] | The $2 | |||
[2] | The severance and exit costs reserves require the outlay of cash. Any long-lived asset impairments and inventory write-downs would represent non-cash items. |
Note 18 - Restructuring Costs_4
Note 18 - Restructuring Costs and Other - Restructuring Liabilities (Details) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Restructuring And Related Activities [Abstract] | ||||
Other adjustments & reclasses | [1] | $ 2 | $ 3 | $ 3 |
Severance Costs | $ 2 | $ 3 | $ 3 | |
[1] | The $2 |
Note 18 - Restructuring Costs_5
Note 18 - Restructuring Costs and Other (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Position | Dec. 31, 2020USD ($)Position | Dec. 31, 2019USD ($)Position | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Costs | $ | $ 6 | $ 17 | $ 16 |
Restructuring and Related Cost, Number of Positions Eliminated | 130 | 250 | 220 |
US and Canada [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 70 | 140 | 90 |
World Excluding US and Canada [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 60 | 110 | 130 |
Administrative Positions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 70 | 160 | 150 |
Manufacturing Service Positions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 60 | 90 | 65 |
Research and Development Positions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 5 | ||
Restructuring costs and other [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Costs | $ | $ 6 | $ 17 | $ 16 |
Note 19 - Retirement Plans - (D
Note 19 - Retirement Plans - (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Line Items] | |||
Cash and cash equivalents | $ 362 | $ 196 | |
U.S. [Member] | |||
Retirement Plans [Line Items] | |||
Actuarial gain (loss) | 549 | ||
Plan asset risk management percentage | 12.00% | ||
Notional amount | 1,000 | $ 1,700 | |
Fair value of derivative instruments | 10 | (4) | |
Cash and cash equivalents | $ 17 | $ 40 | |
Term of each funds | 10 or more years | ||
Option to redeem interests in the fund | false | ||
Redemption restrictions percentage | 5.00% | 5.00% | |
Target asset allocations | 27.00% | ||
U.S. [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Hedge Funds [Member] | |||
Retirement Plans [Line Items] | |||
Cash liquidity reserves | $ 87 | $ 89 | |
Non-US [Member] | Government Bond Exposure Obtained Through Derivatives [Member] | |||
Retirement Plans [Line Items] | |||
Percentage of securities exposure obtained through derivatives | 0.00% | 0.00% | |
Cash Balance Plan [Member] | |||
Retirement Plans [Line Items] | |||
Defined Benefit Plan Contributions By Employer Minimum Percentage Of Employee Salary | 9.00% | ||
Defined Benefit Plan Contributions By Employer Maximum Percentage Of Employee Salary | 10.00% | ||
Defined benefit plan, Settlement amount | $ 121 | ||
Settlement losses | 9 | ||
Defined Benefit Plans [Member] | U.S. [Member] | |||
Retirement Plans [Line Items] | |||
Actuarial gain (loss) | $ 86 | (299) | |
Defined benefit plan increase (decrease) in discount rate | 105 | (276) | |
Gain on plan assets | 716 | 495 | |
Gains (losses) on derivative instruments, net | (23) | 159 | |
Defined benefit plan, Settlement amount | 121 | ||
Curtailment gains | $ 2 | ||
Settlement losses | 9 | ||
Defined Benefit Plans [Member] | Non-US [Member] | |||
Retirement Plans [Line Items] | |||
Actuarial gain (loss) | (21) | (39) | |
Gain on plan assets | $ 32 | $ 20 | |
Curtailment gains | $ 5 |
Note 19 - Major Funded and Unfu
Note 19 - Major Funded and Unfunded Defined Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. [Member] | |||
Change in Benefit Obligation | |||
Actuarial (gain) loss | $ (549) | ||
Change in Plan Assets | |||
Over (under) funded status at end of period | 973 | $ 231 | |
Non-US [Member] | |||
Change in Plan Assets | |||
Over (under) funded status at end of period | (190) | (216) | |
Defined Benefit Plans [Member] | U.S. [Member] | |||
Change in Benefit Obligation | |||
Projected benefit obligation at beginning of period | 3,476 | 3,475 | |
Service cost | 11 | 11 | $ 10 |
Interest cost | 47 | 86 | 122 |
Benefit payments | (318) | (277) | |
Actuarial (gain) loss | (86) | 299 | |
Settlements | (121) | ||
Special termination benefits | 2 | 3 | |
Projected benefit obligation at end of period | 3,132 | 3,476 | 3,475 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of period | 3,707 | 3,610 | |
Gain on plan assets | 716 | 495 | |
Benefit payments | (318) | (277) | |
Settlements | (121) | ||
Fair value of plan assets at end of period | 4,105 | 3,707 | 3,610 |
Over (under) funded status at end of period | 973 | 231 | |
Accumulated benefit obligation at end of period | 3,130 | 3,473 | |
Defined Benefit Plans [Member] | Non-US [Member] | |||
Change in Benefit Obligation | |||
Projected benefit obligation at beginning of period | 912 | 834 | |
Service cost | 3 | 3 | 3 |
Interest cost | 5 | 9 | 13 |
Benefit payments | (48) | (47) | |
Actuarial (gain) loss | 21 | 39 | |
Currency adjustments | (77) | 74 | |
Projected benefit obligation at end of period | 816 | 912 | 834 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of period | 696 | 661 | |
Gain on plan assets | 32 | 20 | |
Employer contributions | 7 | 7 | |
Benefit payments | (48) | (47) | |
Currency adjustments | (61) | 55 | |
Fair value of plan assets at end of period | 626 | 696 | $ 661 |
Over (under) funded status at end of period | (190) | (216) | |
Accumulated benefit obligation at end of period | $ 800 | $ 903 |
Note 19 - Weighted-average Assu
Note 19 - Weighted-average Assumptions Used to Determine Benefit Obligation Amounts (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. [Member] | |||
Weighted Average Assumptions Used To Determine Benefit Obligation Amounts [Line Items] | |||
Discount rate | 2.54% | 2.09% | 2.97% |
Salary increase rate | 1.00% | 3.50% | 3.50% |
Interest crediting rate for cash balance plan | 2.00% | 1.75% | 2.50% |
Non-US [Member] | |||
Weighted Average Assumptions Used To Determine Benefit Obligation Amounts [Line Items] | |||
Discount rate | 1.48% | 1.01% | 1.44% |
Salary increase rate | 2.39% | 1.56% | 1.72% |
Note 19 - Amounts Recognized in
Note 19 - Amounts Recognized in Consolidated Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Amounts Recognized In Consolidated Statement Of Financial Position [Line Items] | ||
Pension and other postretirement assets | $ 1,022 | $ 262 |
Pension and other postretirement liabilities | (382) | (406) |
U.S. [Member] | ||
Amounts Recognized In Consolidated Statement Of Financial Position [Line Items] | ||
Pension and other postretirement assets | 973 | 231 |
Net amount recognized | 973 | 231 |
Non-US [Member] | ||
Amounts Recognized In Consolidated Statement Of Financial Position [Line Items] | ||
Pension and other postretirement assets | 36 | 16 |
Pension and other postretirement liabilities | (226) | (232) |
Net amount recognized | $ (190) | $ (216) |
Note 19 - Major Funded and Un_2
Note 19 - Major Funded and Unfunded Defined Benefit Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Non-US [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Major Funded and Unfunded Defined Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets [Line Items] | ||
Projected benefit obligation | $ 575 | $ 618 |
Fair value of plan assets | $ 349 | $ 386 |
Note 19 - Major Funded and Un_3
Note 19 - Major Funded and Unfunded Defined Benefit Plans With Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Non-US [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Major Funded And Unfunded Defined Benefit Plans With Accumulated Benefit Obligation In Excess Of Plan Assets [Line Items] | ||
Accumulated benefit obligation | $ 560 | $ 609 |
Fair value of plan assets | $ 349 | $ 386 |
Note 19 - Amounts Recognized _2
Note 19 - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) in Shareholders' Equity For All Major Funded and Unfunded Defined Benefit Plans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. [Member] | ||
Amounts Recognized In Accumulated Other Comprehensive Loss For All Major Funded And Unfunded Defined Benefit Plans [Line Items] | ||
Prior service credit | $ 6 | $ 13 |
Net actuarial gain (loss) | 445 | (220) |
Total | 451 | (207) |
Non-US [Member] | ||
Amounts Recognized In Accumulated Other Comprehensive Loss For All Major Funded And Unfunded Defined Benefit Plans [Line Items] | ||
Prior service credit | 2 | 2 |
Net actuarial gain (loss) | (177) | (182) |
Total | $ (175) | $ (180) |
Note 19 - Changes in Major Plan
Note 19 - Changes in Major Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Changes In Plan Assets And Benefit Recognized In Other Comprehensive Income Loss [Line Items] | ||||
Newly established gain (loss) | $ 632 | $ (34) | $ (14) | |
Amortization of: | ||||
Prior service credit | [1] | (7) | (7) | (8) |
Net actuarial loss | [1] | (37) | (19) | (4) |
Curtailment gain recognized in expense | 1 | (9) | 2 | |
U.S. [Member] | ||||
Changes In Plan Assets And Benefit Recognized In Other Comprehensive Income Loss [Line Items] | ||||
Newly established gain (loss) | 635 | 16 | ||
Amortization of: | ||||
Prior service credit | (7) | (7) | (7) | |
Net actuarial loss | 30 | 15 | ||
Curtailment gain recognized in expense | (2) | |||
Net loss recognized in expense due to settlement | 9 | |||
Total income (loss) recognized in Other comprehensive income | 658 | 17 | 7 | |
Non-US [Member] | ||||
Changes In Plan Assets And Benefit Recognized In Other Comprehensive Income Loss [Line Items] | ||||
Newly established gain (loss) | (4) | (38) | (30) | |
Amortization of: | ||||
Net actuarial loss | 9 | 7 | 5 | |
Total income (loss) recognized in Other comprehensive income | $ 5 | $ (31) | $ (25) | |
[1] | Reclassified to Pension income - refer to Note 19, "Retirement Plans" and Note 20, "Other Postretirement Benefits" for additional information. |
Note 19 - Pension Income From C
Note 19 - Pension Income From Continuing Operations For All Defined Benefit Plans (Details) - Defined Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. [Member] | |||
Pension Income Expense From Continuing And Discontinued Operations For Major Defined Benefit Plans [Line Items] | |||
Service cost | $ 11 | $ 11 | $ 10 |
Interest cost | 47 | 86 | 122 |
Expected return on plan assets | (167) | (196) | (214) |
Prior service credit | (7) | (7) | (7) |
Actuarial loss | 30 | 15 | |
Pension income before special termination benefits | (86) | (91) | (89) |
Special termination benefits | 2 | 3 | 3 |
Curtailment gains | (2) | ||
Settlement losses | 9 | ||
Net pension income for major defined benefit plans | (84) | (79) | (88) |
Net pension (income), expense | (84) | (79) | (88) |
Non-US [Member] | |||
Pension Income Expense From Continuing And Discontinued Operations For Major Defined Benefit Plans [Line Items] | |||
Service cost | 3 | 3 | 3 |
Interest cost | 5 | 9 | 13 |
Expected return on plan assets | (15) | (19) | (22) |
Actuarial loss | 9 | 7 | 5 |
Pension income before special termination benefits | 2 | (1) | |
Curtailment gains | (5) | ||
Net pension income for major defined benefit plans | 2 | (1) | |
Other plans including unfunded plans | $ (2) | 1 | (3) |
Net pension (income), expense | $ 1 | $ (4) |
Note 19 - Weighted-average As_2
Note 19 - Weighted-average Assumptions Used to Determine Net Pension (Income) Expenses (Details) - Defined Benefit Plans [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. [Member] | |||
Weighted Average Assumptions Used To Determine Net Pension Income Expenses [Line Items] | |||
Effective rate for service cost | 2.11% | 2.97% | 4.03% |
Effective rate for interest cost | 1.42% | 2.58% | 3.75% |
Salary increase rate | 3.50% | 3.50% | 3.50% |
Expected long-term rate of return on plan assets | 5.20% | 6.00% | 6.50% |
Interest crediting rate for cash balance plan | 1.75% | 2.50% | 2.50% |
Non-US [Member] | |||
Weighted Average Assumptions Used To Determine Net Pension Income Expenses [Line Items] | |||
Effective rate for service cost | 1.17% | 1.48% | 2.47% |
Effective rate for interest cost | 0.70% | 1.19% | 1.89% |
Salary increase rate | 1.56% | 1.72% | 2.06% |
Expected long-term rate of return on plan assets | 2.56% | 3.27% | 3.46% |
Note 19 - Weighted-average Asse
Note 19 - Weighted-average Asset Allocation By Assets Category (Details) | Dec. 31, 2021 | Dec. 31, 2020 | |
Major US Plans [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 100.00% | 100.00% | |
Major US Plans [Member] | Equity Securities [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 5.00% | 7.00% | |
Major US Plans [Member] | Equity Securities [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 2.00% | ||
Major US Plans [Member] | Equity Securities [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 8.00% | ||
Major US Plans [Member] | Debt Securities [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 11.00% | 12.00% | |
Major US Plans [Member] | Debt Securities [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 9.00% | ||
Major US Plans [Member] | Debt Securities [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 15.00% | ||
Major US Plans [Member] | Real Estate [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 1.00% | 1.00% | |
Target asset allocations | 0.00% | ||
Major US Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 5.00% | 5.00% | |
Major US Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major US Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 10.00% | ||
Major US Plans [Member] | Global Balanced Asset Allocation Funds [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 8.00% | 14.00% | |
Major US Plans [Member] | Global Balanced Asset Allocation Funds [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 5.00% | ||
Major US Plans [Member] | Global Balanced Asset Allocation Funds [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 11.00% | ||
Major US Plans [Member] | Private Equity [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 26.00% | 21.00% | |
Major US Plans [Member] | Private Equity [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 15.00% | ||
Major US Plans [Member] | Private Equity [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 21.00% | ||
Major US Plans [Member] | Hedge Funds [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | [1] | 44.00% | 40.00% |
Major US Plans [Member] | Hedge Funds [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | [1] | 49.00% | |
Major US Plans [Member] | Hedge Funds [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | [1] | 61.00% | |
Major Non-U.S. Plans [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 100.00% | 100.00% | |
Major Non-U.S. Plans [Member] | Equity Securities [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 6.00% | 5.00% | |
Major Non-U.S. Plans [Member] | Equity Securities [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Equity Securities [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 10.00% | ||
Major Non-U.S. Plans [Member] | Debt Securities [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 17.00% | 26.00% | |
Major Non-U.S. Plans [Member] | Debt Securities [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 10.00% | ||
Major Non-U.S. Plans [Member] | Debt Securities [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 20.00% | ||
Major Non-U.S. Plans [Member] | Real Estate [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 2.00% | 2.00% | |
Major Non-U.S. Plans [Member] | Real Estate [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Real Estate [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 5.00% | ||
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 2.00% | 2.00% | |
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 5.00% | ||
Major Non-U.S. Plans [Member] | Global Balanced Asset Allocation Funds [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 0.00% | 6.00% | |
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Private Equity [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 7.00% | 4.00% | |
Major Non-U.S. Plans [Member] | Private Equity [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Private Equity [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 10.00% | ||
Major Non-U.S. Plans [Member] | Hedge Funds [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 5.00% | 7.00% | |
Major Non-U.S. Plans [Member] | Hedge Funds [Member] | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 0.00% | ||
Major Non-U.S. Plans [Member] | Hedge Funds [Member] | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 10.00% | ||
Major Non-U.S. Plans [Member] | Insurance Contracts | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Asset allocations | 61.00% | 48.00% | |
Major Non-U.S. Plans [Member] | Insurance Contracts | Minimum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 25.00% | ||
Major Non-U.S. Plans [Member] | Insurance Contracts | Maximum [Member] | |||
Weighted Average Asset Allocation By Assets Category [Line Items] | |||
Target asset allocations | 75.00% | ||
[1] |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurement of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major US Plans [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | $ 4,105 | $ 3,707 | |||
Major US Plans [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 212 | 193 | |||
Major US Plans [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 446 | 451 | |||
Major US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 5 | $ 7 | $ 6 | ||
Major US Plans [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 3,447 | 3,058 | |||
Major US Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 202 | 197 | |||
Major US Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 202 | 197 | |||
Major US Plans [Member] | Equity Securities [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 201 | 254 | |||
Major US Plans [Member] | Equity Securities [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 201 | 254 | |||
Major US Plans [Member] | Investment Grade Bonds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 440 | 446 | |||
Major US Plans [Member] | Investment Grade Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 440 | 446 | |||
Major US Plans [Member] | Real Estate [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 36 | 37 | |||
Major US Plans [Member] | Real Estate [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 36 | 37 | |||
Major US Plans [Member] | Global Balanced Asset Allocation Funds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 327 | 514 | |||
Major US Plans [Member] | Global Balanced Asset Allocation Funds [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 327 | 514 | |||
Major US Plans [Member] | Hedge Funds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 1,807 | 1,490 | |||
Major US Plans [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 6 | 5 | |||
Major US Plans [Member] | Hedge Funds [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 1,801 | 1,485 | |||
Major US Plans [Member] | Private Equity [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 1,082 | 773 | |||
Major US Plans [Member] | Private Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 5 | 7 | $ 6 | ||
Major US Plans [Member] | Private Equity [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 1,082 | 768 | |||
Major US Plans [Member] | Derivatives with Unrealized Gains [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 10 | 3 | |||
Major US Plans [Member] | Derivatives with Unrealized Gains [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 10 | 3 | |||
Major US Plans [Member] | Derivatives with Unrealized Losses [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | (7) | ||||
Major US Plans [Member] | Derivatives with Unrealized Losses [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | (7) | ||||
Major Non-U.S. Plans [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 626 | 696 | |||
Major Non-U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 102 | 135 | |||
Major Non-U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 96 | 135 | |||
Major Non-U.S. Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 342 | 291 | [1] | 273 | |
Major Non-U.S. Plans [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 86 | 135 | |||
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 13 | 17 | |||
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 13 | 10 | |||
Major Non-U.S. Plans [Member] | Defined Benefit Plan, Cash and Cash Equivalents | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 7 | ||||
Major Non-U.S. Plans [Member] | Equity Securities [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 38 | 36 | |||
Major Non-U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 38 | 36 | |||
Major Non-U.S. Plans [Member] | Investment Grade Bonds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 105 | 177 | |||
Major Non-U.S. Plans [Member] | Investment Grade Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 49 | 87 | |||
Major Non-U.S. Plans [Member] | Investment Grade Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 56 | 90 | |||
Major Non-U.S. Plans [Member] | Real Estate [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 12 | 12 | |||
Major Non-U.S. Plans [Member] | Real Estate [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 12 | 12 | |||
Major Non-U.S. Plans [Member] | Global Balanced Asset Allocation Funds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 38 | ||||
Major Non-U.S. Plans [Member] | Global Balanced Asset Allocation Funds [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 38 | ||||
Major Non-U.S. Plans [Member] | Hedge Funds [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 32 | 48 | |||
Major Non-U.S. Plans [Member] | Hedge Funds [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 32 | 48 | |||
Major Non-U.S. Plans [Member] | Private Equity [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 42 | 30 | |||
Major Non-U.S. Plans [Member] | Private Equity [Member] | Measured at NAV [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 42 | 30 | |||
Major Non-U.S. Plans [Member] | Global High Yield And Emerging Market Debt | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 2 | 2 | |||
Major Non-U.S. Plans [Member] | Global High Yield And Emerging Market Debt | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 2 | 2 | |||
Major Non-U.S. Plans [Member] | Insurance Contracts | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 382 | 336 | |||
Major Non-U.S. Plans [Member] | Insurance Contracts | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | 40 | 45 | |||
Major Non-U.S. Plans [Member] | Insurance Contracts | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Measurement Of Plan Assets [Line Items] | |||||
Fair Value of Plan Assets | $ 342 | $ 291 | [1] | $ 273 | |
[1] | 3. |
Note 19 - Summary of Total Fair
Note 19 - Summary of Total Fair Value, Unfunded Commitments and Redemption Provisions for U.S. Defined Benefit Pension Plan's Investments (Details) - U.S. [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 3,447 | $ 3,058 |
Unfunded Commitments | 288 | 268 |
Global Equity Securities Fund [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 201 | $ 254 |
Redemption Frequency | Monthly, Quarterly | Monthly, Quarterly |
Global Equity Securities Fund [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 6 days | 6 days |
Global Equity Securities Fund [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 90 days | 90 days |
Real Estate [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 36 | $ 37 |
Redemption Frequency | N/A | N/A |
Global Balanced Asset Allocation Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 327 | $ 514 |
Redemption Frequency | Monthly | Monthly |
Global Balanced Asset Allocation Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 6 days | 6 days |
Global Balanced Asset Allocation Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 15 days | 15 days |
Private Equity [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 1,082 | $ 768 |
Unfunded Commitments | $ 262 | $ 268 |
Redemption Frequency | N/A | N/A |
Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 1,801 | $ 1,485 |
Unfunded Commitments | $ 26 | |
Redemption Frequency | Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual | Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual |
Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 5 days | 5 days |
Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 365 days | 365 days |
Note 19 - Summary of U.S. Defin
Note 19 - Summary of U.S. Defined Benefit Pension Plan Investments in Hedge Funds by Type for Those Investments Values at NAV (Details) - U.S. [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 3,447 | $ 3,058 |
Multi-Strategy Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 653 | $ 530 |
Redemption Frequency | Monthly, Quarterly | Monthly, Quarterly |
Multi-Strategy Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 15 days | 15 days |
Multi-Strategy Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 90 days | 90 days |
Relative Value Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 354 | $ 312 |
Redemption Frequency | Bi-monthly, Quarterly | Bi-monthly, Quarterly |
Relative Value Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 6 days | 6 days |
Relative Value Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 365 days | 365 days |
Directional Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 260 | $ 222 |
Redemption Frequency | Bi-monthly, Quarterly | Bi-monthly, Quarterly |
Directional Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 5 days | 5 days |
Directional Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 30 days | 30 days |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 225 | $ 207 |
Redemption Frequency | Quarterly | Quarterly |
Equity Long/Short Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 45 days | 45 days |
Equity Long/Short Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 90 days | 90 days |
Sector Specialist Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 107 | |
Redemption Frequency | Quarterly | |
Redemption Notice Period | 90 days | |
Long-Biased Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 138 | $ 121 |
Redemption Frequency | Quarterly, Annually | Quarterly, Annually |
Long-Biased Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 60 days | 60 days |
Long-Biased Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 75 days | 75 days |
Event Driven Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 64 | $ 93 |
Redemption Frequency | Quarterly | Quarterly |
Redemption Notice Period | 90 days | 90 days |
Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Net Asset Value | $ 1,801 | $ 1,485 |
Redemption Frequency | Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual | Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual |
Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 5 days | 5 days |
Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period | 365 days | 365 days |
Note 19 - Reconciliation of Beg
Note 19 - Reconciliation of Beginning and Ending Balances of Assets Measured With Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Major US Plans [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | $ 3,707 | ||||
Fair value of plan assets at end of period | 4,105 | $ 3,707 | |||
Major US Plans [Member] | Private Equity [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 773 | ||||
Fair value of plan assets at end of period | 1,082 | 773 | |||
Major US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 5 | 7 | $ 6 | ||
Net Realized and Unrealized Gains Relating to Assets Still Held | (5) | (2) | 2 | ||
Net Purchases, Sales and Settlements | (1) | ||||
Fair value of plan assets at end of period | 5 | 7 | |||
Major US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | Private Equity [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 5 | 7 | 6 | ||
Net Realized and Unrealized Gains Relating to Assets Still Held | (5) | (2) | 2 | ||
Net Purchases, Sales and Settlements | (1) | ||||
Fair value of plan assets at end of period | 5 | 7 | |||
Major Non-U.S. Plans [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 696 | ||||
Fair value of plan assets at end of period | 626 | 696 | |||
Major Non-U.S. Plans [Member] | Private Equity [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 30 | ||||
Fair value of plan assets at end of period | 42 | 30 | |||
Major Non-U.S. Plans [Member] | Insurance Contracts | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 336 | ||||
Fair value of plan assets at end of period | 382 | 336 | |||
Major Non-U.S. Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 291 | [1] | 273 | ||
Net Realized and Unrealized Gains Relating to Assets Still Held | (37) | 18 | |||
Net Purchases, Sales and Settlements | 88 | ||||
Fair value of plan assets at end of period | 342 | 291 | [1] | 273 | |
Major Non-U.S. Plans [Member] | Fair Value, Inputs, Level 3 [Member] | Insurance Contracts | |||||
Pension Income Expense from Continuing and Discontinued Operations for Major Defined Benefit Plans [Line Items] | |||||
Fair value of plan assets at beginning of period | 291 | [1] | 273 | ||
Net Realized and Unrealized Gains Relating to Assets Still Held | (37) | 18 | |||
Net Purchases, Sales and Settlements | 88 | ||||
Fair value of plan assets at end of period | $ 342 | $ 291 | [1] | $ 273 | |
[1] | 3. |
Note 19 - Pension Benefit Payme
Note 19 - Pension Benefit Payments Which Reflects Future Services Expected to Be Paid From the Plans (Details) $ in Millions | Dec. 31, 2021USD ($) |
Major US Plans [Member] | |
Pension Benefit Payments Which Reflects Future Services Expected To Be Paid From Plans [Line Items] | |
2022 | $ 285 |
2023 | 270 |
2024 | 259 |
2025 | 247 |
2026 | 234 |
2027 - 2031 | 994 |
Major Non-U.S. Plans [Member] | |
Pension Benefit Payments Which Reflects Future Services Expected To Be Paid From Plans [Line Items] | |
2022 | 47 |
2023 | 46 |
2024 | 45 |
2025 | 45 |
2026 | 44 |
2027 - 2031 | $ 202 |
Note 20 - Changes in the Compan
Note 20 - Changes in the Company's Benefit Obligation and Funded Status (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in the Company's Benefit Obligation and Funded Status [Line Items] | |||
Projected benefit obligation at beginning of period | $ 63 | $ 63 | |
Interest cost | 1 | 1 | $ 2 |
Plan participants’ contributions | 1 | 1 | |
Actuarial (gain) loss | (6) | 1 | |
Benefit payments | (3) | (3) | |
Projected benefit obligation at end of period | 56 | 63 | $ 63 |
Underfunded status at end of period | $ (56) | $ (63) |
Note 20 - Amounts Recognized in
Note 20 - Amounts Recognized in the Consolidated Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Amounts Recognized In Consolidated Statement Of Financial Position [Line Items] | ||
Pension and other postretirement liabilities | $ (382) | $ (406) |
Other Postretirement Benefits Plan [Member] | ||
Amounts Recognized In Consolidated Statement Of Financial Position [Line Items] | ||
Other current liabilities | (3) | (3) |
Pension and other postretirement liabilities | (53) | (60) |
Other benefit plan liabilities | $ (56) | $ (63) |
Note 20 - Amounts Recognized _2
Note 20 - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Postretirement Benefits Plan [Member] | ||
Amounts Recognized In Accumulated Other Comprehensive Loss [Line Items] | ||
Net actuarial gain (loss) | $ 10 | $ 4 |
Note 20 - Changes in Benefit Ob
Note 20 - Changes in Benefit Obligations Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes In Benefit Obligations Recognized In Other Comprehensive Loss Income [Line Items] | |||
Newly established (gain) loss | $ (6) | $ 1 | |
Total gain recognized in Other comprehensive income | (661) | 13 | $ 12 |
Other Postretirement Benefits Plan [Member] | |||
Changes In Benefit Obligations Recognized In Other Comprehensive Loss Income [Line Items] | |||
Total gain recognized in Other comprehensive income | $ (6) | $ 1 |
Note 20 - Other Post Retirement
Note 20 - Other Post Retirement Benefit Cost from Continuing Operations (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of net postretirement benefit cost: | |||
Interest cost | $ 1 | $ 1 | $ 2 |
Amortization of: | |||
Actuarial gain | (1) | ||
Net pension (income), expense | $ 1 | $ 1 | $ 1 |
Note 20 - Weighted-average Assu
Note 20 - Weighted-average Assumptions Used to Determine the Net Benefit Obligations (Details) - Other Postretirement Benefits Plan [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Assumptions Used To Determine Net Benefit Obligations [Line Items] | ||
Discount rate | 2.79% | 2.21% |
Salary increase rate | 1.85% | 1.80% |
Note 20 - Weighted-average As_2
Note 20 - Weighted-average Assumption Used to Determine Net Post-retirement Benefit Cost (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Assumption Used To Determine Net Postretirement Benefit Cost [Line Items] | |||
Effective rate for interest cost | 1.71% | 2.67% | 3.26% |
Salary increase rate | 1.70% | 1.80% | 2.35% |
Note 20 - Weighted-average As_3
Note 20 - Weighted-average Assumed Healthcare Cost Trend Rates Used to Compute Other Post-retirement Amounts (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Assumed Healthcare Cost Trend Rates Used To Compute Other Postretirement Amounts [Line Items] | ||
Healthcare cost trend | 5.48% | 5.33% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 3.38% | 3.14% |
Year that the rate reaches the ultimate trend rate | 2040 | 2039 |
Note 20 - Other Post-retirement
Note 20 - Other Post-retirement Benefits Which Reflects Expected Future Services Expected to Be Paid (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | Dec. 31, 2021USD ($) |
Other Postretirement Benefits Which Reflects Expected Future Services Expected To Be Paid [Line Items] | |
2022 | $ 3 |
2023 | 3 |
2024 | 3 |
2025 | 3 |
2026 | 3 |
2027-2031 | $ 15 |
Note 21 - Summary of Reconcilia
Note 21 - Summary of Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Basic [Line Items] | |||
Income (loss) from continuing operations attributable to Eastman Kodak Company | $ 24 | $ (544) | $ (91) |
Series A Preferred Stock cash dividends | (4) | (11) | (11) |
Preferred stock in-kind dividends | (4) | ||
Preferred stock deemed dividends | (3) | (9) | (9) |
Income (loss) from continuing operations available to common shareholders - basic and diluted | 22 | (564) | (111) |
NET EARNINGS (LOSS) | 24 | (541) | 116 |
Net income (loss) available to common shareholders - basic and diluted | $ 22 | $ (561) | $ 96 |
Basic | 78.4 | 57.4 | 43 |
Effect of dilutive securities: | |||
Diluted | 80.5 | 57.4 | 43 |
Unvested Restricted Stock Units [Member] | |||
Effect of dilutive securities: | |||
Effect of dilutive securities | 0.1 | ||
Effect of dilutive securities | 0.1 | ||
Stock Options [Member] | |||
Effect of dilutive securities: | |||
Effect of dilutive securities | 2 | ||
Effect of dilutive securities | 2 | ||
Series A Preferred Stock | |||
Earnings Per Share Basic [Line Items] | |||
Plus: Expiration of Series A embedded derivative | $ 11 | ||
Series C Preferred Stock [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Less: Earnings attributable to Series C Preferred shareholders | $ (2) |
Note 21 - Earnings Per Share (D
Note 21 - Earnings Per Share (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Series A Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 2 | 2 | |
Series B Preferred Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1 | ||
Series C Preferred Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1 | ||
Convertible Notes [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount, value | $ 25 | $ 100 | |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Dilutive securities included from computation of earnings per share, amount | 0.6 | 0.6 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 2.9 | 4 | 6.8 |
Dilutive securities excluded in computation of earnings per share, amount | 0.7 |
Note 22 - Stock-based Compens_3
Note 22 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 26, 2021 | Jul. 27, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Stock Based Compensation [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, stock options, expected to vest | 373,258 | ||||||
Options exercised | 44,581 | ||||||
Stock option exercises | $ 29,000,000 | ||||||
Weighted-average fair value of options granted | $ 1.50 | $ 1.73 | |||||
Weighted-average volatility | 98.00% | 90.00% | |||||
Weighted-average expected dividend yield | 0.00% | 0.00% | |||||
Other Operating Expense (Income) [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Income recognized in excess of stock compensation expense for individual grant | $ 1,000,000 | ||||||
Restricted Stock Units and Restricted Stock Awards [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Weighted average grant date fair value | $ 8.50 | $ 2.91 | $ 2.93 | ||||
Fair value of restricted stock units and awards vested | $ 6,000,000 | $ 2,000,000 | $ 2,000,000 | ||||
Number of Restricted Units/Awards, Granted | 1,112,741 | ||||||
Employee Stock Option [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||
Allocated Share-based Compensation Expense | $ 2,000,000 | $ 14,000,000 | $ 5,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,000,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||||||
Share-based compensation arrangement by share-based payment award, stock options, grants | 2,400,000 | 0 | |||||
Share-based compensation arrangement by share-based payment award, stock options, vested | 1,800,000 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting, percentage | 100.00% | ||||||
Share-based compensation arrangement by share-based payment award, accelerated vesting, number | 1,800,000 | ||||||
Share-based compensation arrangement by share-based payment award, stock options, expected to vest | 600,000 | ||||||
Options exercised | 2,000,000 | 0 | |||||
Stock issued during period shares stock options exercised during period previously been forfeited | 300,000 | 300,000 | |||||
Refund of withholding taxes on behalf of ex-employees | $ 2,000,000 | ||||||
Amount recovered from ex-employees | $ 3,600,000 | ||||||
Compensation expense associated with stock options exercised by ex-employees been forfeited | $ 5,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.86 | $ 1.73 | |||||
Stock options granted | 2,400,000 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,000,000 | $ 13,000,000 | $ 7,000,000 | ||||
Employee Stock Option [Member] | Lattice Based Valuation | |||||||
Stock Based Compensation [Line Items] | |||||||
Weighted-average fair value of options granted | $ 6.57 | ||||||
Range of risk-free interest rates | 0.11% | ||||||
Range of risk-free interest rates | 0.30% | ||||||
Weighted-average term | 5 years 6 months 25 days | ||||||
Weighted-average volatility | 98.00% | ||||||
Weighted-average expected dividend yield | 0.00% | ||||||
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Compensation expense associated with cash received for erroneous grants and refund of tax withholding | $ 4,600,000 | ||||||
Employee Stock Option [Member] | Awarded on July 27, 2020 [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Allocated Share-based Compensation Expense | 12,600,000 | ||||||
Employee Stock Option [Member] | Maximum [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Stock option exercises | $ 1,000,000 | ||||||
Employee Stock Option [Member] | Minimum [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Omnibus Incentive Plan 2013 [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Number Of Shares Registered for Issuance | 13,500,000 | ||||||
Share-based compensation arrangement by share-based payment award shares available for grant description | For stock option grants awarded on or prior to May 19, 2021, for the number of shares available for grant under the 2013 Plan, a stock option counted as a fraction of a share, based on the fair market value of the stock option relative to the closing stock price on the date of grant. | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Fair Value of Awards Per Non-Employee Director | $ 450,000 | ||||||
Omnibus Incentive Plan 2013 [Member] | Maximum [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 13,000,000 | ||||||
Omnibus Incentive Plan 2013 [Member] | Incentive Stock Options [Member] | Maximum [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,000,000 | ||||||
Omnibus Incentive Plan 2013 [Member] | Stock Options and Stock Appreciation Rights [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | 2,500,000 | ||||||
Omnibus Incentive Plan 2013 [Member] | Unvested Restricted Stock Awards [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 5,000,000 | $ 1,000,000 | $ 2,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,000,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||||||
New Employment Agreement [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Maximum percentage of issued and outstanding shares of common stock ownable | 4.99% | ||||||
Incremental value provided in modification | $ 0 | ||||||
Additional compensation expense recognized | 0 | ||||||
New Employment Agreement [Member] | Restricted Stock Units [Member] | |||||||
Stock Based Compensation [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 2,000,000 | ||||||
New Employment Agreement [Member] | Restricted Stock Units [Member] | Executive Chairman And Chief Executive Officer | |||||||
Stock Based Compensation [Line Items] | |||||||
Number of Restricted Units/Awards, Granted | 200,000 |
Note 22 - Restricted Stock Unit
Note 22 - Restricted Stock Unit And Award Activity (Details) - Restricted Stock Units and Restricted Stock Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Unit Activity [Line Items] | |||
Number of Restricted Units/Awards, Outstanding | 380,960 | ||
Number of Restricted Units/Awards, Granted | 1,112,741 | ||
Number of Restricted Units/Awards, Vested | 616,549 | ||
Number of Restricted Units/Awards, Forfeited | 4,275 | ||
Number of Restricted Units/Awards, Outstanding | 872,877 | 380,960 | |
Weighted-Average Grant Date Fair Values, Outstanding | $ 3.31 | ||
Weighted-Average Grant Date Fair Values, Granted | 8.50 | $ 2.91 | $ 2.93 |
Weighted-Average Grant Date Fair Values, Vested | 5.88 | ||
Weighted-Average Grant Date Fair Values, Forfeited | 3.90 | ||
Weighted-Average Grant Date Fair Values, Outstanding | $ 8.10 | $ 3.31 |
Note 22 - Stock Option Activity
Note 22 - Stock Option Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Stock Option Activity [Abstract] | |
Shares Under Option, Outstanding | shares | 7,724,426 |
Shares Under Option, Expired | shares | 438,538 |
Shares Under Option, Exercised | shares | 44,581 |
Shares Under Option, Forfeited | shares | 6,858 |
Shares Under Option, Outstanding | shares | 7,234,449 |
Shares Under Option, Exercisable | shares | 6,861,191 |
Shares Under Option, Expected to vest | shares | 373,258 |
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | $ 8.10 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 22.01 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 3.90 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 3.90 |
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | 7.29 |
Weighted Average Exercise Price Per Share, Exercisable | $ / shares | 7.40 |
Weighted Average Exercise Price Per Share, Expected to vest | $ / shares | $ 5.21 |
Weighted Average Remaining Contractual Life, Outstanding | 3 years 7 months 2 days |
Weighted Average Remaining Contractual Life, Exercisable | 3 years 6 months 21 days |
Weighted Average Remaining Contractual Life, Expected to vest | 4 years 1 month 17 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 5 |
Aggregate Intrinsic Value, Exercisable | $ | $ 4 |
Note 22 - Share-based Payment A
Note 22 - Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||
Weighted-average fair value of options granted | $ 1.50 | $ 1.73 |
Weighted-average risk-free interest rate | 2.43% | 2.47% |
Expected option lives | 3 years 8 months 12 days | 4 years 6 months |
Weighted-average volatility | 98.00% | 90.00% |
Expected dividend yield | 0.00% | 0.00% |
Note 23 - Shareholders' Equity
Note 23 - Shareholders' Equity (Details Textual) | Aug. 10, 2021USD ($)shares | Feb. 26, 2021USD ($)shares | May 24, 2019shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Nov. 15, 2016shares |
Shareholders Equity [Line Items] | |||||||
Stock Authorized | 560,000,000 | ||||||
Common Stock, Shares Authorized | 500,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Shares Authorized | 60,000,000 | 60,000,000 | 60,000,000 | ||||
Preferred Stock, No Par Value | $ / shares | $ 0 | $ 0 | $ 0 | ||||
Common Stock, Shares, Outstanding | 78,700,000 | 77,200,000 | |||||
Preferred Stock, Shares Outstanding | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Preferred Stock, Shares Issued | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Treasury Stock, Shares | 800,000 | 700,000 | |||||
Registration Rights Agreement [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Purchase agreement date | Feb. 26, 2021 | May 24, 2019 | |||||
Registration Rights Agreement [Member] | 5.00% Secured Convertible Notes Due 2021 [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock issuable upon conversion | 31,497,850 | ||||||
Debt instrument interest rate | 5.00% | ||||||
Registration Rights Agreement [Member] | 5.0% Unsecured Convertible Promissory Notes Due May 28, 2026 [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock issuable upon conversion | 1,000,000 | ||||||
Debt instrument interest rate | 5.00% | ||||||
Principal amount convertible note | $ | $ 25,000,000 | ||||||
Maximum [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Number of shares registered for resale through registration statements | 44,490,032 | ||||||
Securities registered for offer and sale through registration statements | $ | $ 500,000,000 | ||||||
Series B Preferred Stock [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Preferred Stock, Shares Outstanding | 1,000,000 | ||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Preferred Stock, Shares Outstanding | 1,000,000 | ||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||
Series C Preferred Stock [Member] | Registration Rights Agreement [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Initial conversion rate of preferred stock to common stock | 1,000,000 | ||||||
Series A Preferred Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Preferred Stock, Shares Outstanding | 2,000,000 | ||||||
Preferred Stock, Shares Issued | 2,000,000 | ||||||
Series A Preferred Stock | Registration Rights Agreement [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Purchase agreement date | Feb. 26, 2021 | ||||||
Initial conversion rate of preferred stock to common stock | 1,000,000 |
Note 24 - Changes in Other Comp
Note 24 - Changes in Other Comprehensive Loss, by Component (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||
Currency translation adjustments | $ 6 | $ (16) | $ 3 | |
Amount transferred to net income due to the sale of an investment in a foreign entity | 3 | |||
Currency translation adjustments and other | 6 | (16) | 6 | |
Newly established net actuarial gain (loss) | 632 | (34) | (14) | |
Tax benefit | 9 | |||
Newly established net actuarial loss, net of tax | 632 | (34) | (5) | |
Amortization of prior service credit | [1] | (7) | (7) | (8) |
Amortization of actuarial losses | [1] | 37 | 19 | 4 |
Recognition of gains (losses) due to settlements and curtailments | (1) | 9 | (2) | |
Total reclassification adjustments | 29 | 21 | (6) | |
Tax provision | (1) | |||
Reclassification adjustments, net of tax | 29 | 21 | (7) | |
Pension and other postretirement benefit plan changes, net of tax | 661 | (13) | (12) | |
Other comprehensive loss, net attributable to Eastman Kodak Company | $ 667 | $ (29) | $ (6) | |
[1] | Reclassified to Pension income - refer to Note 19, "Retirement Plans" and Note 20, "Other Postretirement Benefits" for additional information. |
Note 25 - Components of Accumul
Note 25 - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Currency translation adjustments | $ (100) | $ (106) |
Pension and other postretirement benefit plan changes | 321 | (340) |
Ending balance | $ 221 | $ (446) |
Note 26 - Segment Information_2
Note 26 - Segment Information (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)aSegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 4 | ||
Increase (decrease) in employee benefit reserves | $ 4 | ||
Increase (decrease) in postemployment benefit reserves | (3) | ||
Increase (Reduction) in reserves impacted | $ (4) | 7 | $ 3 |
Revenue percentage | 10.00% | ||
Gross Profit [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) in employee benefit reserves | $ 3 | 2 | 2 |
Selling, General and Administrative Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) in employee benefit reserves | $ 1 | $ 2 | $ 1 |
Eastman Business Park [Member] | Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Area of Real Estate Property | a | 1,200 |
Note 26 - Revenues and Loss fro
Note 26 - Revenues and Loss from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | $ 1,150 | $ 1,029 | $ 1,242 |
Depreciation and amortization | (31) | (37) | (55) | |
Restructuring costs and other | (6) | (17) | (16) | |
Interest expense | (33) | (12) | (16) | |
Pension income excluding service cost component | 102 | 98 | 104 | |
Loss on early extinguishment of debt | (2) | |||
Other income (charges), net | 5 | (386) | (46) | |
Intangible asset amortization | 5 | 5 | 7 | |
Depreciation expense | 26 | 32 | 48 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [2] | 32 | 35 | 53 |
Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,150 | 1,029 | 1,242 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 11 | (1) | 13 | |
Depreciation and amortization | (31) | (37) | (55) | |
Restructuring costs and other | (6) | (17) | (16) | |
Stock-based compensation | (7) | (15) | (7) | |
Consulting and other costs | [3] | (19) | (9) | (7) |
Idle costs | [4] | (2) | (3) | (5) |
Former CEO separation agreement compensation | (2) | |||
Other operating income (expense), net, excluding income from transition services agreement | [5] | 6 | 7 | (22) |
Interest expense | [6] | (33) | (12) | (16) |
Pension income excluding service cost component | [6] | 102 | 98 | 104 |
Loss on early extinguishment of debt | [6] | (2) | ||
Other income (charges), net | [6] | 5 | (386) | (46) |
Consolidated earnings (loss) from continuing operations before income taxes | 28 | (376) | (60) | |
Intangible asset amortization | 5 | 5 | 7 | |
Depreciation expense | 26 | 32 | 48 | |
Continuing Operations [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,135 | 1,018 | 1,232 | |
Continuing Operations [Member] | Traditional Printing [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 659 | 592 | 727 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 9 | 21 | 48 | |
Intangible asset amortization | 1 | 2 | ||
Depreciation expense | 14 | 19 | 28 | |
Continuing Operations [Member] | Digital Printing [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 249 | 241 | 293 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | (5) | (10) | (9) | |
Intangible asset amortization | 4 | 3 | 4 | |
Depreciation expense | 6 | 7 | 10 | |
Continuing Operations [Member] | Advanced Materials and Chemicals [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 212 | 172 | 200 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | (6) | (23) | (34) | |
Continuing Operations [Member] | Brand [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15 | 13 | 12 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 13 | 11 | 8 | |
Intangible asset amortization | 1 | 1 | 1 | |
Continuing Operations [Member] | Other [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15 | 11 | 10 | |
Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization | 2 | 1 | (1) | |
Depreciation expense | 1 | 1 | 4 | |
Continuing Operations [Member] | Advanced Materials and 3D Printing Technology [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation expense | $ 5 | $ 5 | $ 6 | |
[1] | ||||
[2] | ||||
[3] | Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives, investigations and litigation. | |||
[4] | Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. | |||
[5] | $6 million of income from the transition services agreement with the Purchaser was recognized in both the years ended December 31, 2020 and 2019. No income was recognized in the year ended December 31, 2021. The income was reported in Other operating (income) expense, net in the Consolidated Statement of Operations. Other operating (income) expense, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure. | |||
[6] | As reported in the Consolidated Statement of Operations. |
Note 26 - Revenues and Loss f_2
Note 26 - Revenues and Loss from Continuing Operations (Details) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Continuing Operations [Member] | MIR Bidco, SA [Member] | Other Operating (Income) Expense, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from transition services agreement with purchaser | $ 0 | $ 6,000,000 | $ 6,000,000 |
Note 26 - Revenue From External
Note 26 - Revenue From External Customers and Long-Lived Assets, By Geographical Areas (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | $ 140 | $ 152 |
U.S. [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | 81 | 78 |
EMEA [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | 14 | 22 |
Asia Pacific [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | 4 | 5 |
Canada and Latin America [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | 41 | 47 |
Non-US [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1],[2] | $ 59 | $ 74 |
[1] | Long-lived assets are comprised of property, plant and equipment, net. | ||
[2] | Of the total non-U.S. property, plant and equipment in 2021, $39 million are located in Brazil. Of the total non-U.S. property, plant and equipment in 2020, $43 million was located in Brazil. |
Note 26 - Long-Lived Assets, By
Note 26 - Long-Lived Assets, By Geographical Areas (Details) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | [1] | $ 140 | $ 152 |
Brazil [Member] | |||
Schedule of Long Lived Assets by Geographical Areas [Line Items] | |||
Property, plant & equipment, net | $ 39 | $ 43 | |
[1] | Long-lived assets are comprised of property, plant and equipment, net. |
Note 27 - Related Party (Detail
Note 27 - Related Party (Details Textual) - Executive Chairman [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Amount of products purchased | $ 3 | |
Amount due to related party | $ 0 |
Note 28 - Discontinued Operat_3
Note 28 - Discontinued Operations (Details Textual) - USD ($) | Jul. 01, 2019 | Apr. 16, 2019 | Apr. 08, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 |
Discontinued Operations [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Earnings from discontinued operation associated with business disposal | $ 3,000,000 | |||||
Flexographic Packaging Segment [Member] | Stock and Asset Purchase Agreement (SAPA) [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Disposal group including discontinued operation consideration allocated to deferred revenue for brand license | $ 10,000,000 | |||||
Discontinued operations, divested business right to use period | 10 years | |||||
Flexographic Packaging Segment [Member] | MIR Bidco, SA [Member] | Stock and Asset Purchase Agreement (SAPA) [Member] | ||||||
Discontinued Operations [Line Items] | ||||||
Disposal group including discontinued operation consideration | $ 320,000,000 | |||||
Discontinued operation consideration payment for deferred closing | $ 5,900,000 | |||||
Disposal group including discontinued operation promissory notes | 1,400,000 | |||||
Disposal group including discontinued operation economic benefit from operation in china | $ 200,000 | |||||
Gain recognized after-tax on divestiture | $ 212,000,000 | |||||
Maximum additional cash consideration upon achievement of EBITDA targets under earn-out agreement | 35,000,000 | |||||
Discontinued operation earn out EBITDA targets contingent consideration for 2018 | 10,000,000 | |||||
Discontinued operation earn out EBITDA targets contingent consideration for 2019 | 10,000,000 | |||||
Discontinued operation earn out EBITDA targets contingent consideration for 2020 | $ 15,000,000 | |||||
Prepayment for services and products | $ 15,000,000 | |||||
Remaining prepayment balance | $ 0 |
Note 28 - Discontinued Operat_4
Note 28 - Discontinued Operations for Business (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Discontinued Operations [Line Items] | ||||
Revenues | [1] | $ 1,150 | $ 1,029 | $ 1,242 |
Cost of sales | 986 | 894 | 1,060 | |
Selling, general and administrative expenses | 177 | 172 | 211 | |
Research and development costs | 33 | 34 | 42 | |
Interest expense | 33 | 12 | 16 | |
Provision for income taxes | $ 4 | 168 | 31 | |
Earnings (loss) from discontinued operations | $ 3 | 207 | ||
Flexographic Packaging Segment [Member] | ||||
Discontinued Operations [Line Items] | ||||
Revenues | 44 | |||
Cost of sales | 28 | |||
Selling, general and administrative expenses | 10 | |||
Research and development costs | 2 | |||
Interest expense | 7 | |||
Gain on divestiture | (214) | |||
Earnings from continuing operations before income taxes | 211 | |||
Provision for income taxes | 4 | |||
Earnings (loss) from discontinued operations | $ 207 | |||
[1] |