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Note 20 - Other Postretirement Benefits | 12 Months Ended
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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 |

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
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