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Note 13 - Retirement Plans and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2022
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans and Other Postretirement Benefits

NOTE 13: RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS

 

Components of the net periodic benefit cost for all major U.S. and non-U.S. defined benefit plans are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

(in millions)

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

Major defined benefit

   plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

3

 

 

$

1

 

 

$

2

 

 

$

1

 

 

$

6

 

 

$

2

 

 

$

5

 

 

$

2

 

Interest cost

 

 

17

 

 

 

2

 

 

 

12

 

 

 

1

 

 

 

32

 

 

 

4

 

 

 

24

 

 

 

2

 

Expected return on plan assets

 

 

(44

)

 

 

(3

)

 

 

(42

)

 

 

(4

)

 

 

(88

)

 

 

(7

)

 

 

(84

)

 

 

(7

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service credit

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

(3

)

 

 

—

 

Actuarial loss

 

 

—

 

 

 

2

 

 

 

8

 

 

 

2

 

 

 

—

 

 

 

5

 

 

 

15

 

 

 

4

 

Net pension (income) expense

   from major plans

 

 

(25

)

 

 

2

 

 

 

(21

)

 

 

—

 

 

 

(53

)

 

 

4

 

 

 

(43

)

 

 

1

 

Total net pension (income) expense

 

$

(25

)

 

$

2

 

 

$

(21

)

 

$

—

 

 

$

(53

)

 

$

4

 

 

$

(43

)

 

$

1

 

 

The Kodak Retirement Income Plan (“KRIP”) was remeasured on May 31, 2022 due to a plan amendment.  The plan amendment increased the employees’ crediting rates from 9% or 10% of pay based on employee classification to 12% or 13% of pay, retroactive to January 1, 2022.  The plan amendment also provided a one-time service credit to eligible employees’ cash balance accounts.

 

As a result of the remeasurement, KRIP’s projected benefit obligation decreased $345 million primarily driven by an increase in the discount rate ($376 million) partially offset by the impacts from the plan amendments ($28 million) and changes in other demographic assumptions ($3 million).  The discount rate assumption used in the May 31, 2022 remeasurement was 4.16% compared to 2.54% used in the December 31, 2021 remeasurement.  The remeasurement decreased the fair value of KRIP’s plan assets by $236 million. The expected long-term rate of return on plan assets assumption used in the May 31, 2022 remeasurement was unchanged from the rate used in the previous year-end remeasurement (5.20%).  The net impact of the remeasurement increased the U.S. Plan’s funded status by $109 million.