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Note 13 - Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | 2021 |  |  | 2020 |  |  | 2019 |
Net (gain) loss from derivatives not designated as hedging instruments |  | $ | (1 | ) |  | $ | (11 | ) |  | $ | 4 |
Derivative Liability Key Inputs in Determination of Fair Value for Embedded Conversion Features | The following tables present the key inputs in the determination of fair value for the embedded conversion features: 2021 Convertible Notes:
|  | Valuation Date |
|  | December 31, |  |  | February 26, |
|  | 2021 |  |  | 2021 |
Total value of embedded derivative liability (in millions) |  | $ | 4 |  |  | $ | 12 |
Kodak's closing stock price |  | $ | 4.68 |  |  | $ | 8.62 |
Expected stock price volatility |  |  | 36.00 | % |  |  | 70.00 | %
Risk free rate |  |  | 1.17 | % |  |  | 0.80 | %
Implied credit spread on the 2021 Convertible Notes |  |  | 18.89 | % |  |  | 18.25 | %
Series B Preferred Stock:
|  | Valuation Date |
|  | December 31, |  |  | February 26, |
|  | 2021 |  |  | 2021 |
Total value of embedded derivative liability (in millions) |  | $ | 1 |  |  | $ | 1 |
Kodak's closing stock price |  | $ | 4.68 |  |  | $ | 8.62 |
Expected stock price volatility |  |  | 36.00 | % |  |  | 70.00 | %
Risk free rate |  |  | 1.17 | % |  |  | 0.80 | %
Implied credit spread on the Series B Preferred Stock |  |  | 19.39 | % |  |  | 19.75 | %
Series C Preferred Stock:
|  | Valuation Date |
|  | December 31, |  |  | March 30, |  |  | February 26, |
|  | 2021 |  |  | 2021 |  |  | 2021 |
|  |  |  |  |  | (Inception - Final Sale) |  |  | (Inception - Initial Sale) |
Total value of embedded derivative liability (in millions) |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Kodak's closing stock price |  | $ | 4.68 |  |  | $ | 8.05 |  |  | $ | 8.62 |
Expected stock price volatility |  |  | 36.00 | % |  |  | 70.00 | % |  |  | 70.00 | %
Risk free rate |  |  | 1.17 | % |  |  | 0.94 | % |  |  | 0.80 | %
Implied credit spread on the Series C Preferred Stock |  |  | 21.39 | % |  |  | 21.75 | % |  |  | 21.75 | %
Series A Preferred Stock:
|  | Valuation Date |
|  | February 26, 2021 |  |  | December 31, 2020 |
Total value of embedded derivative liability (in millions) |  | $ | 11 |  |  | $ | 9 |
Kodak's closing stock price |  |  | 8.62 |  |  |  | 8.14 |
Expected stock price volatility |  |  | 137.53 | % |  |  | 133.44 | %
Risk free rate |  |  | 0.07 | % |  |  | 0.10 | %
Yield on the Series A Preferred Stock |  |  | 14.02 | % |  |  | 11.97 | %
2019 Convertible Notes:
|  | 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 (in millions) |  | $ | — |  |  | $ | 13 |
Kodak's closing stock price (1) |  |  | 8.82 |  |  |  | 16.91 |
Risk free rate |  |  | 0.12 | % |  |  | 0.12 | %
Implied credit spread on the 2019 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. |

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