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Note 14 - Financial Instruments (Tables)

12 Months Ended

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.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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