<SEC-DOCUMENT>0001564590-21-050840.txt : 20220329
<SEC-HEADER>0001564590-21-050840.hdr.sgml : 20220329
<ACCEPTANCE-DATETIME>20211014154736
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001564590-21-050840
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EASTMAN KODAK CO
		CENTRAL INDEX KEY:			0000031235
		STANDARD INDUSTRIAL CLASSIFICATION:	PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
		IRS NUMBER:				160417150
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		343 STATE ST
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14650-0910
		BUSINESS PHONE:		5857244000

	MAIL ADDRESS:	
		STREET 1:		343 STATE STREET
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14650
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">October 14, 2021</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities and Exchange Commission</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Division of Corporation Finance</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Office of Life Sciences</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100 F Street, N.E.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D. C.&nbsp;&nbsp;20549</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Terence O&#8217;Brien, Branch Chief</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Al Pavot, Staff Accountant</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regarding:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EASTMAN KODAK COMPANY</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 10-K filed March 16, 2021</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 10-Q filed August 10, 2021</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">File No.&nbsp;&nbsp;001-00087</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Please find attached Eastman Kodak Company&#8217;s response to the staff&#8217;s letter addressed to Roger Byrd, General Counsel of Eastman Kodak Company dated October 4, 2021.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If you have any questions, please do not hesitate to call me at (585) 726-3576 or David E. Bullwinkle, Chief Financial Officer, at (585) 726-3471.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sincerely,</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Eastman Kodak Company</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">/s/ Richard T. Michaels</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Richard T. Michaels </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:72.82%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Accounting Officer and Corporate Controller</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with its response to the staff&#8217;s comments, Eastman Kodak Company (the &#8220;Company&#8221;) acknowledges the following:</p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p></td></tr></table></div>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p></td></tr></table></div>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p></td></tr></table></div>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The staff&#8217;s comments are noted below in bold. The Company&#8217;s responses are directly below each of the staff&#8217;s comments.&#160;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Correspondence filed September 13, 2021</font></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Pensions and Other Postretirement Benefits, page 31</font></p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;">1.</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="font-weight:normal;color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">Please expand the disclosure on page 31 to address the historical accuracy of your specific plan asset fair value estimates. Given the apparent absence of a readily determinable fair value for the vast majority of your Major U.S. Pension Plan Assets, it is not clear whether a material portion of such assets have historically been sold at amounts significantly different from the corresponding net asset value per share amounts disclosed in your filings.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-top:1pt;margin-bottom:0pt;margin-left:3.73%;margin-right:5.6%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk82420149"></a><a name="_Hlk82420184"></a><font style="text-decoration:underline;">Response:</font><font style="font-weight:normal;">&nbsp;&nbsp;Approximately $2.5 billion and $2.4 billion of the Company&#8217;s Major U.S. Pension Plan Assets valued at net asset value (&#8220;NAV&#8221;) as of December 31, 2020 and 2019, respectively, have redemption rights.&nbsp;&nbsp;Investments of this type can be and historically have been redeemed by the Plan at NAV as of the date of redemption.&nbsp;&nbsp;The remaining investments valued at NAV ($0.8 billion for each period) consist of private equity funds, real estate funds and certain closed-end funds.&nbsp;&nbsp;The investors do not have an option to redeem their interest in these funds but rather receive distributions from time to time through the liquidation of the underlying investments in the funds. Secondary sales of a material portion of the Plan&#8217;s investments in these funds are infrequent.&nbsp;&nbsp;In 2020 and 2019, immaterial portions of these funds were sold for values not significantly different from NAV.&nbsp;&nbsp;</font></p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;">2.</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="font-weight:normal;color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">It appears from your disclosure on page 91 that a substantial portion of the assets characterized as Equity and Debt Securities presented in the table on page 88 are actually derivative instruments and not stocks or bonds. The distinction appears relevant since your loss exposure on derivative instruments may be materially different than your loss exposure on holdings of stocks or bonds. Further, the presentation of "Derivatives" line items in the table could be confusing since the corresponding dollar amounts exclude almost all of your actual derivatives holdings.&nbsp;&nbsp;Please revise.</font></p></td>
<td valign="top" style="width:1.04%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Response:</font><font style="font-weight:normal;">&nbsp;&nbsp;The term &#8220;derivative linked investments&#8221; referred to in the Company&#8217;s response letter dated September 13, 2021 and used in the Company&#8217;s 2020 Form 10-K are not derivative instruments but rather consist substantially of hedge funds. The derivative line items included in the table on page 91 represent the total fair value of the Plan&#8217;s derivative instruments consisting of futures contracts.&nbsp;&nbsp;In future Form 10-K filings, the Company will separately disclose hedge funds from equity and debt securities in the fair value measurements table and discontinue using the term derivative linked investments when describing the nature of these investments.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:98.13%;">
<tr>
<td valign="top" style="width:3.73%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;">3.</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><a name="_Hlk81806939"></a><font style="Background-color:#auto;text-decoration:none;"></font><font style="font-weight:normal;color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">Please clarify for us how you determined that your derivatives holdings lack a readily determinable fair value as contemplated by ASC 820-10-15-4. The guidance in ASC 815-10-35 may be relevant.</font></p></td>
<td valign="top" style="width:1.87%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk81807882"></a><font style="text-decoration:underline;">Response:</font><font style="font-weight:normal;"><a name="_Hlk81807882"></a>&nbsp;&nbsp;As noted in the response above, the derivative linked investments are not derivative instruments but rather consist substantially of hedge funds and these investments meet the criteria of ASC 820-10-15-4 to use NAV as a practical expedient.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:98.13%;">
<tr>
<td valign="top" style="width:3.73%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;letter-spacing:0pt;">4.</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="font-weight:normal;color:#000000;"></font><font style="font-size:10pt;font-family:Arial;color:#000000;">It remains unclear whether your loss exposure on these derivatives could materially exceed the carrying value of the investments. Please provide a disclosure that clarifies this issue and identifies all known factors that could precipitate material losses in your existing derivatives portfolio such as increases in interest rates, decreases in company-specific or sector-specific equity prices, etc. For example, your proposed disclosure does not indicate whether a material increase in interest rates would reasonably be expected to generate a material net loss on the derivative contracts owned by the Plan at the Balance Sheet date. See Section 501.02 of the Financial Reporting Codification.</font></p></td>
<td valign="top" style="width:1.87%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:9pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:2.28%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Response:</font><font style="font-weight:normal;">&nbsp;&nbsp;The Company&#8217;s existing derivatives portfolio consists of futures contracts entered into for the purpose of hedging liability discount rate exposure to government bonds (the notional amount of these futures contracts as of December 31, 2020 and 2019 is $1.6 billion). Therefore, a change in interest rates is the primary factor that could precipitate material losses in the Company&#8217;s existing derivatives portfolio.&nbsp;&nbsp;For example, a 25-basis point increase in interest rates would cause a loss from the government bond derivatives of approximately $30 million.&nbsp;&nbsp;However, as disclosed on page 32 in the Company&#8217;s 2020 Form 10-K, a 25-basis point increase in the discount rate used to measure the projected benefit obligation (&#8220;PBO&#8221;) of the U.S. Plan would cause a $74 million decrease in the PBO. Accordingly, while an increase in interest rates would expose the Company&#8217;s derivative investments included in the U.S. Plan to losses, it would also likely result in an offsetting decrease in the U.S. Plan&#8217;s PBO.&nbsp;&nbsp; </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disclosure similar to the preceding paragraph will also be included in future Form 10-K filings. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.73%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
