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Note 20 - Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

NOTE 20: OTHER POSTRETIREMENT BENEFITS

In Canada, Kodak provides medical, dental, life insurance, and survivor income benefits to eligible retirees.  The plan is closed to new participants. Information on the Canada other postretirement benefit plan is presented below.

The measurement date used to determine the net benefit obligation for the Canada other postretirement benefit plan is December 31.

Changes in Kodak’s benefit obligation and funded status were as follows (in millions):

		Year Ended December 31,
(in millions)			2023				2022
Net benefit obligation at beginning of period		$	43			$	52
Interest cost			2				1
Actuarial gain			—				(7	)
Benefit payments			(2	)			(3	)
Net benefit obligation at end of period		$	43			$	43
Underfunded status at end of period			(43	)			(43	)

Amounts recognized in the Consolidated Statement of Financial Position consist of (in millions):

		As of December 31,
(in millions)			2023				2022
Other current liabilities		$	(3	)		$	(3	)
Pension and other postretirement liabilities			(40	)			(40	)
		$	(43	)		$	(43	)

Amounts recognized in Accumulated other comprehensive income consist of (in millions):

		As of December 31,
(in millions)			2023				2022
Net actuarial gain		$	10			$	11

Changes in benefit obligations recognized in Other comprehensive loss (income) consist of (in millions):

		Year Ended December 31,
(in millions)			2023				2022
Newly established gain		$	—			$	7
Total gain recognized in Other comprehensive loss (income)		$	—			$	7

Other postretirement benefit cost included:

		Year Ended December 31,
(in millions)			2023				2022				2021
Components of net postretirement benefit cost:
Service cost		$	—			$	—			$	—
Interest cost			2				1				1
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,
		2023				2022
Discount rate			4.64	%			5.15	%
Salary increase rate			1.85	%			2.10	%

The weighted-average assumptions used to determine the net postretirement benefit cost were as follows:

		Year Ended December 31,
		2023				2022				2021
Effective rate for interest cost			5.13	%			2.53	%			1.81	%
Salary increase rate			2.10	%			1.85	%			1.70	%

The weighted-average assumed healthcare cost trend rates used to compute the other postretirement amounts were as follows:

		2023				2022
Healthcare cost trend			5.73	%			5.64	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			3.32	%			3.57	%
Year that the rate reaches the ultimate trend rate		2040				2043

The following other postretirement benefits, which reflect expected future service, are expected to be paid (in millions):

2024		$	3
2025			3
2026			3
2027			3
2028			3
2029 - 2033			12

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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
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//712/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 712
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481565/712-10-50-2

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