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Note 14 - Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
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) |  | 2020 |  |  | 2019 |
Net (gain) loss from derivatives not designated as hedging instruments |  | $ | (11 | ) |  | $ | 4 |
Derivative Liability Key Inputs in Determination of Fair Value for Embedded Conversion Features and Termination Option | The following table presents the key inputs in the determination of fair value for the embedded conversion features and termination option derivatives at each conversion date:
|  | 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 |  | $ | — |  |  | $ | 13 |
Kodak's stock price (1) |  | $ | 8.82 |  |  | $ | 16.91 |
Risk free rate |  |  | 0.12 | % |  |  | 0.12 | %
Yield on the Convertible Notes |  |  | 8.93 | % |  |  | 9.47 | %
| (1) | The closing stock price was used for the September 30, 2020 valuation. The weighted average stock price based on the time of day the shares were transferred was used for the August 3, 2020 valuation. |
The following tables present the key inputs in the determination of fair value for the embedded conversion features and termination option derivatives. Convertible Notes:
|  | Valuation Date |
|  | December 31, |
|  | 2019 |
Total value of embedded derivative liability (in millions) |  | $ | 51 |
Kodak's closing stock price |  |  | 4.65 |
Expected stock price volatility |  |  | 104.61 | %
Risk free rate |  |  | 1.58 | %
Yield on the Convertible Notes |  |  | 11.52 | %
Series A Preferred Stock:
|  | Valuation Date |
|  | December 31, |
|  | 2020 |  |  | 2019 |
Total value of embedded derivative liability (in millions) |  | $ | 9 |  |  | $ | 1 |
Kodak's closing stock price |  |  | 8.14 |  |  |  | 4.65 |
Expected stock price volatility |  |  | 133.44 | % |  |  | 104.61 | %
Risk free rate |  |  | 0.10 | % |  |  | 1.58 | %
Yield on the preferred stock |  |  | 11.97 | % |  |  | 16.27 | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
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