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Note 19 - Retirement Plans (Tables) | 12 Months Ended
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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) | The 2021 target for hedge funds includes a policy allocation to U.S. government bonds that is obtained via treasury futures contracts.
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) | During 2020 the Company reclassified certain investments from Level 2 to Level 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 |  |  |  |  |

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