0001564590-21-043080 | 10-Q | XBRL Viewer

Note 6 - Redeemable, Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

NOTE 6: REDEEMABLE, CONVERTIBLE PREFERRED STOCK

Redeemable convertible preferred stock was as follows at June 30, 2021 and December 31, 2020:

	June 30,		December 31,
(in millions)	2021		2020
Series A preferred stock	$	—	$	191
Series B preferred stock		94		—
Series C preferred stock		99		—
Total	$	193	$	191

Series A Preferred Stock

On November 15, 2016, the Company issued 2,000,000 shares of Series A Preferred Stock for an aggregate purchase price of $200 million, or $100 per share, pursuant to a Series A Preferred Stock Purchase Agreement with Southeastern Asset Management, Inc. (“Southeastern”) and Longleaf Partners Small-Cap Fund, C2W Partners Master Fund Limited and Deseret Mutual Pension Trust, which are investment funds managed by Southeastern (such investment funds, collectively, the “Purchasers”), dated November 7, 2016. The Company classified the Series A Preferred Stock as temporary equity in the Consolidated Statement of Financial Position.

Repurchase and Exchange Agreement

On February 26, 2021 the Company entered into a Series A Preferred Stock Repurchase and Exchange Agreement (the “Repurchase and Exchange Agreement”) with Southeastern and the Purchasers. The Company repurchased one million shares of the Series A Preferred Stock under the terms of the Repurchase and Exchange Agreement for $100,641,667, representing the liquidation value of the Series A Preferred Stock plus accrued and unpaid dividends. In addition, the Company and the Purchasers agreed to exchange the remaining one million shares of Series A Preferred Stock held by the Purchasers for shares of the Company’s newly created 4.0% Series B Convertible Preferred Stock, no par value (the “Series B Preferred Stock”) on a one-for-one basis plus accrued and unpaid dividends of $641,667. The exchange of shares of Series A Preferred Stock for shares of Series B Preferred Stock is a noncash financing activity.

Embedded Conversion Features

Kodak allocated $43 million of the net proceeds from the issuance of the Series A Stock to a derivative liability based on the aggregate fair value of the embedded conversion features on the date of issuance, which reduced the net carrying value of the Series A Preferred Stock (see Note 20, “Financial Instruments”). The carrying value of the Series A Preferred Stock at the time of issuance, $155 million ($200 million aggregate gross proceeds less $43 million allocated to the derivative liability and $2 million in transaction costs), was being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, November 15, 2021.

Extinguishment of Series A Preferred Stock

The carrying value, including the fair value of the embedded derivative liability, of the Series A Preferred Stock prior to extinguishment approximated $203 million. Upon repurchase and exchange of the Series A Preferred Stock, Kodak recorded $8 million as a deemed dividend to Additional paid in capital in the Consolidated Statement of Financial Position, representing the difference between the fair value of consideration transferred and the carrying value of the Series A Preferred Stock.

Dividend and Other Rights

The holders of Series A Preferred Stock were entitled to cumulative dividends payable quarterly in cash at a rate of 5.50% per annum.

Series B Preferred Stock

The fair value of the Series B Preferred Stock at the time of issuance approximated $95 million. The Company has classified the Series B Preferred Stock as temporary equity in the Consolidated Statement of Financial Position.

Dividend and Other Rights

On February 25, 2021, the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Series B Certificate of Designations”) which established the designation, number of shares, rights, preferences and limitations of the Series B Preferred Stock which became effective upon filing. The Series B Preferred Stock ranks senior to the Common Stock and pari passu with the Series C Preferred Stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Series B Preferred Stock has a liquidation preference of $100 per share, and the holders of Series B Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 4.0% per annum. If dividends on any Series B Preferred Stock are in arrears for six or more consecutive or non-consecutive dividend periods, the holders of the Series B Preferred Stock will be entitled to nominate one director at the next annual shareholder meeting and all subsequent shareholder meetings until all accumulated dividends on such Series B Preferred Stock have been paid or set aside. Dividends owed on the Series B Preferred Stock have been declared and paid when due. Holders of Series B Preferred Stock will have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company.

Conversion Features

Each share of Series B Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion rate of 9.5238 shares of Common Stock for each share of Series B Preferred Stock (equivalent to an initial conversion price of $10.50 per share of Common Stock). The initial conversion rate and the corresponding conversion price will be subject to certain customary anti-dilution adjustments. If a holder elects to convert any shares of Series B Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series B Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares. Such holder will also be entitled to a payment in respect of accumulated dividends. In addition, the Company will have the right to require holders to convert any shares of Series B Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations.

The Company will have the right to cause the mandatory conversion of the Series B Preferred Stock into shares of Common Stock at any time after the initial issuance of the Series B Preferred Stock if the closing price of the Common Stock has equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within a period of 60 consecutive trading days.

Embedded Conversion Features

The Company concluded that the Series B Preferred Stock is considered more akin to a debt-type instrument and that the economic characteristics and risks of the conversion option upon a fundamental change by the holder was not considered clearly and closely related to the Series B Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from the Series B Preferred Stock and separately accounted for at fair value as a derivative. The Company allocated $1 million to the derivative liability based on the aggregate fair value of the embedded conversion feature on the date of issuance which reduced the original carrying value of the Series B Preferred Stock. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other charges (income), net in the Consolidated Statement of Operations. The fair value of the Series B Preferred Stock embedded derivative as of June 30, 2021 was a liability of $1 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 20, “Financial Instruments” for information on the valuation of the derivative.

The carrying value of the Series B Preferred Stock at the time of issuance, $93 million ($95 million fair value of Series B Preferred Stock on February 26, 2021 less $1 million allocated to the derivative liability and $1 million of transaction costs) is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, May 28, 2026.

Redemption Features

If any shares of Series B Preferred Stock have not been converted prior to May 28, 2026 (the “Redemption Date”), the Company is required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends. As the Company concluded that the Series B Preferred Stock is considered more akin to a debt-type instrument, the redemption feature is considered to be clearly and closely related to the host contract and therefore was not required to be separated from the Series B Preferred Stock.

Series C Preferred Stock

Purchase Agreement

On February 26, 2021, the Company and GO EK Ventures IV, LLC (the “Investor”) entered into a Series C Preferred Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor, and the Investor agreed to purchase from the Company, an aggregate of 1,000,000 shares of the Company’s newly created 5.0% Series C Convertible Preferred Stock, no par value per share (the

“Series C Preferred Stock”), for a purchase price of $100 per share, representing $100 million of gross proceeds to the Company. The initial issuance and sale of 750,000 shares ($75 million gross proceeds) closed on February 26, 2021, and the final issuance and sale of the remaining 250,000 shares ($25 million gross proceeds) closed on March 30, 2021 after expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Investor is a fund managed by Grand Oaks Capital. The Company intends to use the proceeds from the sale of the Series C Preferred Stock for general corporate purposes including the funding of growth initiatives. The Company has classified the Series C Preferred Stock as temporary equity in the Consolidated Statement of Financial Position.

Dividend and Other Rights

On February 25, 2021, the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Series C Certificate of Designations”) which established the designation, number of shares, rights, preferences and limitations of the Series C Preferred Stock and became effective upon filing. The Series C Preferred Stock ranks senior to the Common Stock and pari passu with the Series B Preferred Stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Series C Preferred Stock has an initial liquidation preference of $100 per share, and holders of Series C Preferred Stock are entitled to cumulative dividends payable quarterly “in-kind” in the form of additional shares of Series C Preferred Stock at a rate of 5.0% per annum. If dividends on the Series C Preferred Stock are not declared and paid for any given fiscal quarter, the liquidation preference is automatically increased by the amount of such unpaid dividends. Holders of the Series C Preferred Stock will also be entitled to participate in any dividends paid on the Common Stock (other than stock dividends) on an as-converted basis, with such dividends on any shares of the Series C Preferred Stock being payable upon conversion of such shares of Series C Preferred Stock to Common Stock. Dividends owed on the Series C Preferred Stock have been declared and additional Series C shares issued when due.

Holders of Series C Preferred Stock are entitled to vote together with the holders of the Common Stock as a single class, in each case, on an

as-converted basis, except where a separate class vote is required by law. Holders of Series C Preferred Stock have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company.

Pursuant to the Purchase Agreement, the Investor has the right to nominate one (1) director at each annual or special meeting of the Company’s shareholders until the earlier of the third anniversary of the execution of the Purchase Agreement and such time as the Investor and its Affiliates (as defined in the Purchase Agreement) do not hold at least a majority of the Series C Preferred Stock purchased under the Purchase Agreement. The Investor’s nominee pursuant to this right was elected at the Company’s annual meeting held on May 19, 2021 to serve a one-year term.

Conversion Features

Each share of Series C Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion price of $10 per share of Common Stock. The initial conversion price and the corresponding conversion rate will be subject to certain customary anti-dilution adjustments and to proportional increase in the event the liquidation preference of the Series C Preferred Stock is automatically increased as described above. If a holder elects to convert any shares of Series C Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series C Certificate of Designations), such holder can elect to have the conversion rate adjusted and can elect to receive a cash payment in lieu of shares for a portion of the shares of Common Stock. Such holder will also be entitled to a payment in respect of accumulated dividends and a payment based on the present value of all required remaining dividend payments through May 28, 2026, the mandatory redemption date. Such additional payments will be payable at the Company’s option in cash or in additional shares of Common Stock. In addition, the Company will have the right to require holders to convert any shares of Series C Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations.

The Company will have the right to cause the mandatory conversion of the Series C Preferred Stock into shares of Common Stock (i) at any time after February 26, 2023 if the closing price of the Common Stock has equaled or exceeded 200% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, or (ii) at any time after February 26, 2024 if the closing price of the Common Stock has equaled or exceeded 150% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days.

Embedded Conversion Features

The Company concluded that the Series C Preferred Stock is considered more akin to a debt-type instrument and that the economic characteristics and risks of the conversion option upon a fundamental change by the holder is not considered clearly and closely related to the Series C Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from the Series C Preferred Stock and separately accounted for as a derivative. The Company allocated $2 million of the net proceeds received to the derivative liability based on the aggregate fair value of the embedded conversion features on the dates of issuance which reduced the original carrying value of the Series C Preferred Stock. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other charges (income), net in the Consolidated Statement of Operations. The fair value of the Series C Preferred Stock derivative as of June 30, 2021 was a liability of $2 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 20, “Financial Instruments” for information on the valuation of the derivative.

The carrying value of the Series C Preferred Stock at the time of issuance, $97 million ($100 million aggregate gross proceeds less $2 million allocated to the derivative liability and $1 million in transaction costs) is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date.

Redemption Features

If any shares of Series C Preferred Stock have not been converted prior to the Redemption Date, the Company is required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends thereon; provided that the holders of the Series C Preferred Stock have the right to extend such redemption date by up to two years. As the Company concluded that the Series C Preferred Stock is considered more akin to a debt-type instrument, the redemption feature is considered to be clearly and closely related to the host contract and therefore was not required to be separated from the Series C Preferred Stock.

Series C Registration Rights Agreement

On February 26, 2021, the Company and the Investor entered into a Registration Rights Agreement (the “Series C Registration Rights Agreement”) which provides the Investor with customary registration rights in respect of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock. The Series C Registration Rights Agreement contains other customary terms and conditions, including certain customary indemnification obligations.

Note 7 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Income recognized for sales-type lease arrangements	$ 0	$ 0	$ 1	$ 0

Note 20 - Derivative Liability Key Inputs in Determination of Fair Value for Embedded Conversion Features (Details) - Fair Value, Inputs, Level 3 [Member] $ / shares in Units, $ in Millions	Jun. 30, 2021 USD ($) $ / shares	Mar. 30, 2021 USD ($) $ / shares	Feb. 26, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Series C Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total value of embedded derivative liability \| $	$ 2	$ 1	$ 1
Kodak's closing stock price \| $ / shares	$ 8.32	$ 8.05	$ 8.62
Series A Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total value of embedded derivative liability \| $			$ 11	$ 9
Kodak's closing stock price \| $ / shares			$ 8.62	$ 8.14
Expected stock price volatility [Member] \| Series C Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	51.50	70.00	70.00
Expected stock price volatility [Member] \| Series A Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage			137.53	133.44
Risk Free Rate [Member] \| Series C Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	0.86	0.94	0.80
Risk Free Rate [Member] \| Series A Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage			0.07	0.10
Implied Credit Spread [Member] \| Series C Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	21.07	21.75	21.75
Implied Credit Spread [Member] \| Series A Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage			14.02	11.97
Convertible Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total value of embedded derivative liability \| $	$ 10		$ 12
Kodak's closing stock price \| $ / shares	$ 8.32		$ 8.62
Convertible Notes [Member] \| Expected stock price volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	51.50		70.00
Convertible Notes [Member] \| Risk Free Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	0.86		0.80
Convertible Notes [Member] \| Implied Credit Spread [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	17.57		18.25
Series B Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total value of embedded derivative liability \| $	$ 1		$ 1
Kodak's closing stock price \| $ / shares	$ 8.32		$ 8.62
Series B Preferred Stock [Member] \| Expected stock price volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	51.50		70.00
Series B Preferred Stock [Member] \| Risk Free Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	0.86		0.80
Series B Preferred Stock [Member] \| Implied Credit Spread [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternate measurement input percentage	19.07		19.75

Note 16 - Stock-based Compensation	6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	NOTE 16: STOCK-BASED COMPENSATION On February 26, 2021 James V. Continenza, Executive Chairman and Chief Executive Officer of Kodak, and the Company entered into an Executive Chairman and CEO Agreement (the “New Employment Agreement”). The New Employment Agreement is effective for a three-year period beginning on February 26, 2021. Pursuant to the New Employment Agreement, Mr. Continenza will not have the right to exercise any stock options granted to him in February 2019 or July 2020 to the extent that, after giving effect to the issuance of the Company’s common stock resulting from such exercise, Mr. Continenza (together with his affiliates and any person acting as a group), would beneficially own more than 4.99% of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). The Beneficial Ownership Limitation shall cease and be of no further force and effect upon a Change of Control (as such term is defined in the Company’s Amended and Restated 2013 Omnibus Incentive Plan). The restrictions on the exercisability of previous stock option awards is a modification of the original awards. As the February 2019 and July 2020 stock options were fully vested prior to the modification date and there was no incremental value provided in the modification, no additional compensation expense was recognized. Also pursuant to the New Employment Agreement, Mr. Continenza was granted 200,000 fully vested restricted stock units. The Company recognized $2 million of stock-based compensation expense associated with the grant of restricted stock units.

Note 16 - Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

NOTE 16: STOCK-BASED COMPENSATION

On February 26, 2021 James V. Continenza, Executive Chairman and Chief Executive Officer of Kodak, and the Company entered into an Executive Chairman and CEO Agreement (the “New Employment Agreement”). The New Employment Agreement is effective for a three-year period beginning on February 26, 2021. Pursuant to the New Employment Agreement, Mr. Continenza will not have the right to exercise any stock options granted to him in February 2019 or July 2020 to the extent that, after giving effect to the issuance of the Company’s common stock resulting from such exercise, Mr. Continenza (together with his affiliates and any person acting as a group), would beneficially own more than 4.99% of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). The Beneficial Ownership Limitation shall cease and be of no further force and effect upon a Change of Control (as such term is defined in the Company’s Amended and Restated 2013 Omnibus Incentive Plan). The restrictions on the exercisability of previous stock option awards is a modification of the original awards. As the February 2019 and July 2020 stock options were fully vested prior to the modification date and there was no incremental value provided in the modification, no additional compensation expense was recognized. Also pursuant to the New Employment Agreement, Mr. Continenza was granted 200,000 fully vested restricted stock units. The Company recognized $2 million of stock-based compensation expense associated with the grant of restricted stock units.

Note 17 - Shareholders' Equity	6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 17: SHAREHOLDERS’ EQUITY The Company has 560 million shares of authorized stock, consisting of: (i) 500 million shares of common stock, par value $0.01 per share and (ii) 60 million shares of preferred stock, no par value, issuable in one or more series. Common Stock As of June 30, 2021 and December 31, 2020, there were 78.5 million and 77.2 million shares of common stock outstanding, respectively. In the three months ended March 31, 2021 the Company issued 1.0 million shares of common stock pursuant to the Securities Purchase Agreement. Refer to Note 5, “Debt and Finance Leases” for information on the Securities Purchase Agreement. Preferred Stock Preferred stock issued and outstanding as of June 30, 2021 consisted of 1.0 million shares of Series B Preferred Stock and 1.0 million shares of Series C Preferred Stock. Preferred stock issued and outstanding as of December 31, 2020 consisted of 2.0 million shares of Series A Preferred Stock. Refer to Note 6, “Redeemable, Convertible Preferred Stock” for information on the changes in preferred stock. Treasury Stock Treasury stock consisted of approximately 0.8 million shares and 0.7 million shares as of June 30, 2021 and December 31, 2020, respectively.

Note 17 - Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

NOTE 17: SHAREHOLDERS’ EQUITY

The Company has 560 million shares of authorized stock, consisting of: (i) 500 million shares of common stock, par value $0.01 per share and (ii) 60 million shares of preferred stock, no par value, issuable in one or more series.

Common Stock

As of June 30, 2021 and December 31, 2020, there were 78.5 million and 77.2 million shares of common stock outstanding, respectively. In the three months ended March 31, 2021 the Company issued 1.0 million shares of common stock pursuant to the Securities Purchase Agreement. Refer to Note 5, “Debt and Finance Leases” for information on the Securities Purchase Agreement.

Preferred Stock

Preferred stock issued and outstanding as of June 30, 2021 consisted of 1.0 million shares of Series B Preferred Stock and 1.0 million shares of Series C Preferred Stock. Preferred stock issued and outstanding as of December 31, 2020 consisted of 2.0 million shares of Series A Preferred Stock. Refer to Note 6, “Redeemable, Convertible Preferred Stock” for information on the changes in preferred stock.

Treasury Stock

Treasury stock consisted of approximately 0.8 million shares and 0.7 million shares as of June 30, 2021 and December 31, 2020, respectively.

Note 13 - Income Taxes - Schedule of Income Tax Provision and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Earnings (loss) from operations before income taxes	$ 19	$ (4)	$ 26	$ 50
Effective tax rate	15.80%	(25.00%)	15.40%	332.00%
Provision for income taxes	$ 3	$ 1	$ 4	$ 166
Provision (benefit) for income taxes at U.S. statutory tax rate	4	(1)	5	11
Difference between tax at effective vs. statutory rate	$ (1)	$ 2	$ (1)	$ 155

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Cash flows from operating activities:

Net income (loss)

$ 22

$ (116)

Adjustments to reconcile to net cash used in operating activities:

Depreciation and amortization

Pension income

(42)

(43)

Change in fair value of embedded derivatives in the Series A, Series B and Series C Preferred Stock and Convertible Notes

^[1]

(49)

Net gain on sales of assets

(9)

Asset impairments

^[2]

Stock based compensation

Non-cash changes in workers' compensation reserves

(3)

Provision for deferred income taxes

160

Decrease in trade receivables

Increase in inventories

(30)

(17)

Increase in trade payables

(50)

Decrease in liabilities excluding borrowings and trade payables

(20)

(31)

Other items, net

Total adjustments

(43)

Net cash used in operating activities

(21)

(64)

Cash flows from investing activities:

Additions to properties

(5)

(9)

Net proceeds from sales of assets/businesses

Net proceeds from return on equity investment

Net cash used in investing activities

(5)

Cash flows from financing activities:

Net proceeds from Term Loan Credit Agreement

215

Net proceeds from Convertible Notes

Net proceeds from Series C Preferred Stock

Proceeds from sale of common stock

Repurchase of Series A Preferred Stock

(100)

Debt issuance costs

(2)

Preferred stock cash dividend payments

(5)

(6)

Treasury stock purchases

(1)

Net cash provided by (used in) financing activities

241

(6)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(2)

(3)

Net increase (decrease) in cash, cash equivalents and restricted cash

213

(78)

Cash, cash equivalents and restricted cash, beginning of period

256

290

Cash, cash equivalents and restricted cash, end of period

$ 469

$ 212

[1]	Refer to Note 20, “Financial Instruments”.
[2]	In the first quarter of 2020 Kodak recorded a pre-tax impairment charge of the Kodak trade name.

Note 2 - Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2021

Cash And Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

NOTE 2: CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Statement of Cash Flows:

	June 30,		December 31,
(in millions)	2021		2020
Cash and cash equivalents	$	395	$	196
Restricted cash reported in Other current assets		8		7
Restricted cash		66		53
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	469	$	256

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represents amounts that support hedging activities.

Restricted cash includes $46 million as of June 30, 2021 representing the cash collateral required to be posted by the Company under the Letter of Credit Facility (“L/C Cash Collateral”). Restricted cash included $35 million as of December 31, 2020, supporting compliance with the Excess Availability threshold under the ABL Credit Agreement, as defined therein (Refer to Note 5, “Debt and Finance Leases” for information on the Restricted cash supporting the L/C Cash Collateral and the Excess Availability threshold). In addition, Restricted cash as of June 30, 2021 and December 31, 2020 includes an escrow of $15 million and $12 million, respectively, in China to secure various ongoing obligations under the agreements for the strategic relationship with Lucky HuaGuang Graphics Co. Ltd. Restricted cash also included $3 million and $4 million of security posted related to Brazilian legal contingencies as of June 30, 2021 and December 31, 2020, respectively.

Note 20 - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial Instruments Owned At Fair Value [Abstract]
Net (gain) loss from derivatives not designated as hedging instruments	$ (1)	$ (1)	$ 2	$ (2)

Note 14 - Component of the Net Periodic benefit Cost - (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Income Expense From Continuing And Discontinued Operations For Major Defined Benefit Plans [Line Items]
Total net pension (income) expense			$ (42)	$ (43)
Defined Benefit Plans [Member] \| U.S. [Member]
Pension Income Expense From Continuing And Discontinued Operations For Major Defined Benefit Plans [Line Items]
Service cost	$ 2	$ 3	5	6
Interest cost	12	22	24	43
Expected return on plan assets	(42)	(49)	(84)	(98)
Prior service credit	(1)	(1)	(3)	(3)
Actuarial loss	8	3	15	7
Net pension (income) expense before special termination benefits	(21)	(22)	(43)	(45)
Special termination benefits				1
Net pension (income) expense from major plans	(21)	(22)	(43)	(44)
Total net pension (income) expense	(21)	(22)	(43)	(44)
Defined Benefit Plans [Member] \| Non-US [Member]
Pension Income Expense From Continuing And Discontinued Operations For Major Defined Benefit Plans [Line Items]
Service cost	1	1	2	2
Interest cost	1	2	2	4
Expected return on plan assets	(4)	(4)	(7)	(9)
Actuarial loss	$ 2	$ 1	4	3
Net pension (income) expense before special termination benefits			1
Net pension (income) expense from major plans			1
Other plans				1
Total net pension (income) expense			$ 1	$ 1

Note 11 - Summary of Other Operating Income, Net (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Expense (income):

Legal settlements

$ (6)

$ (7)

Gain on sale of assets

^[1]

$ (1)

$ (9)

Asset impairments

^[2]

Transition services agreement income

(2)

(4)

Total

$ (6)

$ (3)

$ (7)

$ (10)

[1]	In March 2020 Kodak sold a property in the U.S.
[2]	In the first quarter of 2020 Kodak recorded a pre-tax impairment charge of the Kodak trade name.

Note 19 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Traditional Printing	$	169	$	119	$	317	$	273
Digital Printing		62		52		126		117
Advanced Materials and Chemicals		54		38		100		80
Brand		3		2		6		5
All Other		3		2		7		5
Consolidated total	$	291	$	213	$	556	$	480

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Traditional Printing	$	6		$	1		$	11		$	2
Digital Printing		—			(3	)		—			(5	)
Advanced Materials and Chemicals		1			(7	)		(3	)		(16	)
Brand		3			2			5			4
Total of reportable segments		10			(7	)		13			(15	)
All Other		1			1			1			—
Depreciation and amortization		(8	)		(10	)		(16	)		(20	)
Restructuring costs and other		—			(1	)		(1	)		(8	)
Stock based compensation		(1	)		—			(4	)		(1	)
Consulting and other costs ⁽¹⁾		(4	)		(1	)		(9	)		(1	)
Idle costs ⁽²⁾		—			(1	)		(1	)		(1	)
Other operating income, net, excluding income from transition services agreement ⁽³⁾		6			—			7			6
Interest expense ⁽⁴⁾		(10	)		(4	)		(14	)		(8	)
Pension income excluding service cost component ⁽⁴⁾		26			27			51			53
Other (charges) income net ⁽⁴⁾		(1	)		(8	)		(1	)		45
Consolidated income (loss) from operations before income taxes	$	19		$	(4	)	$	26		$	50

⁽¹⁾

Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and investigations.

⁽²⁾

Consists of costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.

⁽³⁾

$2 million and $4 million of income from the transition services agreement with the purchaser of Kodak’s Flexographic Packaging Business was recognized in the three and six months ended June 30, 2020, respectively. No income has been recognized in 2021. The income was reported in Other operating income, net in the Consolidated Statement of Operations. Other operating income, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure.

⁽⁴⁾

As reported in the Consolidated Statement of Operations.

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Feb. 21, 2020
Schedule Of Income Taxes [Line Items]
U.S. corporate income tax rate	21.00%	21.00%		21.00%	21.00%
Valuation Allowance of Deferred Tax Assets [Member]
Schedule Of Income Taxes [Line Items]
Provision associated with establishment of valuation allowance on deferred tax assets			$ 167		$ 167
Foreign Tax Authority [Member]
Schedule Of Income Taxes [Line Items]
Liability for Uncertain Tax Positions, Current						$ 3
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued						$ 4
Domestic Tax Authority [Member] \| IRS [Member]
Schedule Of Income Taxes [Line Items]
Liability for Uncertain Tax Positions, Current							$ 41

Note 19 - Revenues and Loss from Operations (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Continuing Operations [Member] \| MIR Bidco, SA [Member] \| Other Operating (Expense) Income, Net [Member]
Segment Reporting Information [Line Items]
Income from transition services agreement with purchaser	$ 0	$ 2	$ 0	$ 4

Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 16	$ (5)	$ 22	$ (116)
Other comprehensive income (loss), net of tax:
Currency translation adjustments	4	(4)	3	(16)
Pension and other postretirement benefit plan obligation activity, net of tax	8	9	14	12
Other comprehensive income (loss), net of tax	12	$ 5	17	(4)
COMPREHENSIVE INCOME (LOSS), NET OF TAX	$ 28		$ 39	$ (120)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 9 - Guarantees (Details) $ in Millions	6 Months Ended
Note 9 - Guarantees (Details) $ in Millions	Jun. 30, 2021 USD ($)
Guarantee Obligations [Line Items]
Deferred revenue on extended warranties	$ 64
Deferred revenue on extended warranties	61
Extended Warranty Arrangements [Member]
Guarantee Obligations [Line Items]
Deferred revenue on extended warranties	19
New extended warranty and maintenance arrangements deferred	45
Recognition of extended warranty and maintenance arrangement revenue	(45)
Deferred revenue on extended warranties	$ 19

Note 10 - Disaggregated Revenue - Major Product (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

$ 291

$ 213

$ 556

$ 480

Plates, Inks And Other Consumables [Member]

Disaggregation Of Revenue [Line Items]

Total sales

156

110

299

260

Ongoing service arrangements [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

110

106

Total Annuities [Member]

Disaggregation Of Revenue [Line Items]

Total sales

211

160

409

366

Equipment And Software [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Film And Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

169

119

317

273

Traditional Printing [Member] | Plates, Inks And Other Consumables [Member]

Disaggregation Of Revenue [Line Items]

Total sales

135

256

216

Traditional Printing [Member] | Ongoing service arrangements [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

Traditional Printing [Member] | Total Annuities [Member]

Disaggregation Of Revenue [Line Items]

Total sales

155

110

296

257

Traditional Printing [Member] | Equipment And Software [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

126

117

Digital Printing [Member] | Plates, Inks And Other Consumables [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Digital Printing [Member] | Ongoing service arrangements [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

Digital Printing [Member] | Total Annuities [Member]

Disaggregation Of Revenue [Line Items]

Total sales

100

Digital Printing [Member] | Equipment And Software [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

100

Advanced Materials and Chemicals [Member] | Plates, Inks And Other Consumables [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Advanced Materials and Chemicals [Member] | Ongoing service arrangements [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

Advanced Materials and Chemicals [Member] | Total Annuities [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Advanced Materials and Chemicals [Member] | Film And Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

Advanced Materials and Chemicals [Member] | Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

Brand [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Brand [Member] | Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

All Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

All Other [Member] | Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

$ 3

$ 2

$ 7

$ 5

[1]	Sales are reported in the geographic area in which they originate.
[2]	Service revenue in the Consolidated Statement of Operations includes the ongoing service revenue shown above as well as revenue from project-based document management and managed print services businesses, which is included in Other above.
[3]	Other includes revenue from professional services, non-recurring engineering services, print and managed media services, tenant rent and related property management services and licensing.

Note 10 - Disaggregated Revenue - Product Portfolio Summary (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

$ 291

$ 213

$ 556

$ 480

Growth Engines [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

173

137

Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

191

142

358

313

Planned Declining Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[4]

Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

169

119

317

273

Traditional Printing [Member] | Growth Engines [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

100

Traditional Printing [Member] | Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

116

217

202

Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

126

117

Digital Printing [Member] | Growth Engines [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[2]

Digital Printing [Member] | Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

Digital Printing [Member] | Planned Declining Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[4]

Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

100

Advanced Materials and Chemicals [Member] | Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

100

Advanced Materials and Chemicals [Member] | Planned Declining Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[4]

Brand [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Brand [Member] | Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

All Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

All Other [Member] | Strategic Other Businesses [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[3]

$ 3

$ 2

$ 7

$ 5

[1]	Sales are reported in the geographic area in which they originate.
[2]	Growth engines consist of Sonora in the Traditional Printing segment, PROSPER and Software in the Digital Printing segment, and Advanced Materials and Functional Printing in the Advanced Materials and Chemicals segment, excluding intellectual property (“IP”) licensing.
[3]	Strategic other businesses include plates in the Traditional Printing segment; Computer to Plate (“CTP”) equipment and related service and Nexpress and related toner business in the Digital Printing segment and Motion Picture and Industrial Film and Chemicals (including external inks) and IP licensing in the Advanced Materials and Chemicals segment and the Brand segment.
[4]	Planned declining businesses are product lines where the decision has been made to stop new product development and manage an orderly expected decline in the installed product and annuity base or are otherwise not strategic to Kodak. These product families consist of Kodak Services for Business in the Advanced Materials and Chemicals segment and Versamark and Digimaster in the Digital Printing segment.

Note 12 - Other Charges (Income), Net (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Other Income And Expenses [Abstract]

Loss on foreign exchange transactions

$ 1

$ 3

$ 1

$ 5

Change in fair value of embedded conversion features derivative liability

^[1]

(1)

(49)

Other

(1)

Total

$ 1

$ 8

$ 1

$ (45)

[1]	Refer to Note 20, “Financial Instruments”.

Note 2 - Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2021

Cash And Cash Equivalents [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

	June 30,		December 31,
(in millions)	2021		2020
Cash and cash equivalents	$	395	$	196
Restricted cash reported in Other current assets		8		7
Restricted cash		66		53
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	469	$	256

Note 5 - Debt and Finance Leases (Details Textual)				6 Months Ended
Note 5 - Debt and Finance Leases (Details Textual)	Mar. 30, 2021	Feb. 26, 2021 USD ($) $ / shares shares	May 24, 2019 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Feb. 25, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt And Capital Leases [Line Items]
Proceeds from issuance of debt				$ 215,000,000
Proceeds from sale of common stock				$ 10,000,000
Percentage of Stock of Material Domestic Subsidiaries Securing Credit Agreement				100.00%
Percentage of Stock of Material First Tier Foreign Subsidiaries Securing Credit Agreement				65.00%
Amended and Restated ABL Credit Agreement [Member]
Debt And Capital Leases [Line Items]
Debt instrument, maturity date				Feb. 26, 2024
Credit facility, maturity date				The Amended ABL Credit Agreement amends the ABL Credit Agreement to, among other things, (i) extend the maturity date to February 26, 2024 or the date that is 90 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loan Credit Agreement, Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancings of any of the foregoing
Line of credit facility, maximum borrowing capacity		$ 90,000,000			$ 110,000,000
Long-term line of credit				$ 42,000,000		$ 90,000,000
Minimum liquidity value, required to maintain at end of each quarter				80,000,000
Minimum liquidity current balance				$ 274,000,000
Excess availability percentage of lender commitments threshold triggering cash dominion control				12.50%		12.50%
Excess availability below which fixed charge coverage ratio is triggered				12.50%		12.50%
Fixed charged coverage ratio required				1.0		1.0
Lender commitments, threshold trigger, excess availability amount				$ 11,250,000		$ 13,750,000
Excess availability amount				$ 39,000,000		20,000,000
Amended Credit Facility [Member]
Debt And Capital Leases [Line Items]
Unused line fee payment description	The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum amount available is less than or equal to 50% or greater than 50%, respectively.
Amended Credit Facility [Member] \| Letter of Credit [Member]
Debt And Capital Leases [Line Items]
Line of credit facility fee payment description	The Company will pay a letter of credit fee of 3.50%-4.00% per annum, based on Excess Availability, on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit.
ABL Credit Agreement [Member] \| Restricted Cash [Member]
Debt And Capital Leases [Line Items]
Eligible cash						$ 35,000,000
Letter of Credit Facility Agreement [Member]
Debt And Capital Leases [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Minimum percentage of aggregate cash collateral		103.00%
Credit facility term				3 years
Letters of Credit issued				$ 45,000,000
Letter of credit cash collateral				46,000,000
Proceeds of the financing transactions deposited in cash collateral account				14,000,000
Minimum liquidity requirement				80,000,000
Convertible Notes Embedded Derivative [Member]
Debt And Capital Leases [Line Items]
Net proceeds received to derivative liability				12,000,000
Fair value of derivative liability				$ 10,000,000
Board Rights Agreement
Debt And Capital Leases [Line Items]
Term period for which individual is appointed		1 year
Securities Purchase Agreement [Member]
Debt And Capital Leases [Line Items]
Common stock, shares, issued \| shares		1,000,000		1,000,000.0
Common stock, shares, issued price \| $ / shares		$ 10.00
Proceeds from sale of common stock		$ 10,000,000
Minimum [Member] \| Amended and Restated ABL Credit Agreement [Member]
Debt And Capital Leases [Line Items]
Percentage of unused fee payment		50.00%
Percentage of letter of credit fee		3.50%
Minimum [Member] \| Amended and Restated Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt And Capital Leases [Line Items]
Debt instrument, basis spread on variable rate		3.50%
Minimum [Member] \| Amended and Restated Credit Facility [Member] \| Base Rate [Member]
Debt And Capital Leases [Line Items]
Debt instrument, basis spread on variable rate		2.50%
Maximum [Member] \| Amended and Restated ABL Credit Agreement [Member]
Debt And Capital Leases [Line Items]
Percentage of unused fee payment		50.00%
Percentage of letter of credit fee		4.00%
Maximum [Member] \| Amended and Restated Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt And Capital Leases [Line Items]
Debt instrument, basis spread on variable rate		4.00%
Maximum [Member] \| Amended and Restated Credit Facility [Member] \| Base Rate [Member]
Debt And Capital Leases [Line Items]
Debt instrument, basis spread on variable rate		3.00%
Term Loans and Commitments under Term Loan Credit Agreement [Member] \| Minimum [Member] \| Board Rights Agreement
Debt And Capital Leases [Line Items]
Percentage of original principal amount		50.00%
Convertible Notes [Member]
Debt And Capital Leases [Line Items]
Proceeds from issuance of debt			$ 25,000,000
Debt instrument interest rate		5.00%		5.00%
Debt instrument, aggregate principal amount				$ 25,000,000
Debt instrument, maturity date		May 28, 2026		May 28, 2026
Initial conversion rate, number of shares of common stock per each principal amount of Convertible Notes \| shares				100
Debt instrument, principal amount of conversion calculation				$ 1,000
Initial conversion price per share of common stock \| $ / shares				$ 10.00
Convertible notes, terms of conversion features				The Buyers will have the right to elect at any time to convert the Convertible Notes into shares of Common Stock at an initial conversion rate equal to 100 shares of Common Stock per each $1,000 principal amount of the Convertible Notes (based on an initial conversion price equal to $10.00 per share of Common Stock). The conversion rate and conversion price will be subject to certain customary anti-dilution adjustments. If the closing price of the Common Stock equals or exceeds $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within any period of 60 consecutive trading days, the Company will have the right to cause the mandatory conversion of the Convertible Notes into shares of Common Stock. In the event of certain fundamental transactions, the Buyers will have the right, within a period of 30 days following the occurrence of such transaction (“Holder Fundamental Transaction Election Period”), to elect to either require prepayment of the Convertible Notes at par plus accrued and unpaid interest or convert all or a portion of the Convertible Notes into shares of Common Stock at the conversion rate then in effect plus any additional shares based on the price per share of Common Stock in connection with the fundamental transaction, or to receive the shares of a successor entity, if any.
Closing price of Common Stock equals or exceeds \| $ / shares				$ 14.50
Holder fundamental transaction election period				30 days
Carrying value of stock at issuance				$ 13,000,000
Fair value of derivative liability				12,000,000
Estimated fair value of the convertible notes				$ 25,000,000
Convertible Notes [Member] \| Minimum [Member]
Debt And Capital Leases [Line Items]
Trading days				45 days
Convertible Notes [Member] \| Maximum [Member]
Debt And Capital Leases [Line Items]
Trading days				60 days
Term Loan Credit Agreement
Debt And Capital Leases [Line Items]
Long-term debt		$ 225,000,000
Long-term debt, maximum additional proceeds		50,000,000
Proceeds from issuance of debt		215,000,000
Long term debt aggregate principal amount		225,000,000
Debt transaction costs		$ 10,000,000
Long-term debt, term		5 years
Debt instrument interest rate		12.50%
Term Loan Credit Agreement \| Term Loan [Member] \| Paid-In-Cash Interest [Member]
Debt And Capital Leases [Line Items]
Debt instrument interest rate		8.50%
Term Loan Credit Agreement \| Term Loan [Member] \| Paid-In-Kind Interest [Member]
Debt And Capital Leases [Line Items]
Debt instrument interest rate		4.00%
Term Loan Credit Agreement \| U.S. [Member] \| Subsidiaries [Member]
Debt And Capital Leases [Line Items]
Percentage of material stock		100.00%
Term Loan Credit Agreement \| Foreign [Member] \| Subsidiaries [Member]
Debt And Capital Leases [Line Items]
Percentage of material stock		65.00%

Note 7 - Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of Income Recognized on Lease Arrangements

Income recognized on operating lease arrangements for the three and six months ended June 30, 2021 and 2020 is presented below. Income recognized for sales-type lease arrangements is $0 million and $1 million for the three and six months ended June 30, 2021, respectively and $0 million for both the three and six months ended June 30, 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Lease income - operating leases:
Lease income	$	2	$	2	$	4	$	4
Sublease income		—		—		—		2
Variable lease income		1		1		2		2
Total lease income	$	3	$	3	$	6	$	8

Note 14 - Retirement Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans and Other Postretirement Benefits

NOTE 14: 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,
	2021						2020						2021						2020
(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	$	2		$	1		$	3		$	1		$	5		$	2		$	6		$	2
Interest cost		12			1			22			2			24			2			43			4
Expected return on plan assets		(42	)		(4	)		(49	)		(4	)		(84	)		(7	)		(98	)		(9	)
Amortization of:
Prior service credit		(1	)		—			(1	)		—			(3	)		—			(3	)		—
Actuarial loss		8			2			3			1			15			4			7			3
Net pension (income) expense before special termination benefits		(21	)		—			(22	)		—			(43	)		1			(45	)		—
Special termination benefits		—			—			—			—			—			—			1			—
Net pension (income) expense from major plans		(21	)		—			(22	)		—			(43	)		1			(44	)		—
Other plans		—			—			—			—			—			—			—			1
Total net pension (income) expense	$	(21	)	$	—		$	(22	)	$	—		$	(43	)	$	1		$	(44	)	$	1

For the six months ended June 30, 2020 the special termination benefits were incurred as a result of Kodak’s restructuring actions and have been included in Restructuring costs and other in the Consolidated Statement of Operations for that period.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 11 - Other Operating Income, Net

6 Months Ended

Jun. 30, 2021

Other Operating Expense Income Net [Abstract]

Other Operating Income, Net

NOTE 11: OTHER OPERATING INCOME, NET

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Expense (income):
Legal settlements	$	(6	)	$	—		$	(7	)	$	—
Gain on sale of assets ⁽¹⁾		—			(1	)		—			(9	)
Asset impairments⁽²⁾		—			—			—			3
Transition services agreement income		—			(2	)		—			(4	)
Total	$	(6	)	$	(3	)	$	(7	)	$	(10	)

⁽¹⁾

In March 2020 Kodak sold a property in the U.S.

⁽²⁾

In the first quarter of 2020 Kodak recorded a pre-tax impairment charge of the Kodak trade name.

Note 4 - Other Long-term Assets

6 Months Ended

Jun. 30, 2021

Other Assets Noncurrent Disclosure [Abstract]

Other Long-term Assets

NOTE 4: OTHER LONG-TERM ASSETS

	June 30,		December 31,
(in millions)	2021		2020
Pension assets	$	319	$	262
Estimated workers' compensation recoveries		17		18
Long-term receivables		12		11
Other		27		26
Total	$	375	$	317

The Other component above consists of other miscellaneous long-term assets that, individually, were less than 5% of the total assets component within the Consolidated Statement of Financial Position as of the end of the preceding year, and therefore have been aggregated in accordance with Regulation S-X.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Entity Registrant Name	EASTMAN KODAK COMPANY
Entity Central Index Key	0000031235
Trading Symbol	KODK
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		78,573,655
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-00087
Entity Tax Identification Number	16-0417150
Entity Address, Address Line One	343 STATE STREET
Entity Address, City or Town	ROCHESTER
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14650
City Area Code	585
Local Phone Number	724-4000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	NJ
Document Quarterly Report	true
Document Transition Report	false

Consolidated Statement of Equity (Deficit) (Unaudited) - USD ($)
$ in Millions

Total

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Loss [Member]

Treasury Stock [Member]

Redeemable Convertible Preferred Stock [Member]

Convertible Redeemable Series B Preferred Stock [Member]

Convertible Redeemable Series C Preferred Stock [Member]

Series B [Member]

Series A [Member]

Additional Paid-in Capital [Member]

Equity (deficit) at Dec. 31, 2019

$ 99

$ 604

$ (79)

$ (417)

$ (9)

Equity (deficit) at Dec. 31, 2019

$ 182

Net income (loss)

(111)

Currency translation adjustments

(12)

Pension and other postretirement liability adjustments

Preferred stock cash dividends

$ (3)

Preferred stock deemed dividends

(2)

Redeemable preferred stock deemed dividends

(2)

Stock-based compensation

Equity (deficit) at Mar. 31, 2020

(25)

600

(190)

(426)

(9)

Equity (deficit) at Mar. 31, 2020

184

Equity (deficit) at Dec. 31, 2019

604

(79)

(417)

(9)

Equity (deficit) at Dec. 31, 2019

182

Net income (loss)

(116)

Equity (deficit) at Jun. 30, 2020

(30)

595

(195)

(421)

(9)

Equity (deficit) at Jun. 30, 2020

186

Equity (deficit) at Mar. 31, 2020

(25)

600

(190)

(426)

(9)

Equity (deficit) at Mar. 31, 2020

184

Net income (loss)

(5)

Currency translation adjustments

(4)

Pension and other postretirement liability adjustments

Preferred stock cash dividends

(3)

Preferred stock deemed dividends

(2)

$ (2)

Equity (deficit) at Jun. 30, 2020

(30)

595

(195)

(421)

(9)

Equity (deficit) at Jun. 30, 2020

186

Equity (deficit) at Dec. 31, 2020

1,152

(620)

(446)

(9)

Equity (deficit) at Dec. 31, 2020

191

Net income (loss)

Currency translation adjustments

(1)

Pension and other postretirement liability adjustments

Repurchase of Redeemable Convertible Preferred Stock

(100)

Exchange of Series A preferred stock

(92)

Expiration of Series A preferred stock embedded derivative

Issuance of convertible, redeemable Series B preferred stock, net

(95)

Issuance of convertible, redeemable preferred stock, net of offering costs

$ 93

$ 97

Issuance of common stock

Preferred stock cash dividends

(1)

Preferred stock deemed dividends

(2)

Redeemable preferred stock deemed dividends

(2)

Series C Preferred stock in-kind dividends

(1)

Redeemable preferred stock in-kind dividends

Purchase of treasury stock

^[1]

(1)

Stock-based compensation

Equity (deficit) at Mar. 31, 2021

104

1,169

(614)

(441)

(10)

Equity (deficit) at Mar. 31, 2021

192

Equity (deficit) at Dec. 31, 2020

1,152

(620)

(446)

(9)

Equity (deficit) at Dec. 31, 2020

191

$ 191

Net income (loss)

Equity (deficit) at Jun. 30, 2021

130

1,167

(598)

(429)

(10)

Equity (deficit) at Jun. 30, 2021

193

$ 94

Equity (deficit) at Mar. 31, 2021

104

1,169

(614)

(441)

(10)

Equity (deficit) at Mar. 31, 2021

192

Net income (loss)

Currency translation adjustments

Pension and other postretirement liability adjustments

Preferred stock cash dividends

(2)

Series C Preferred stock in-kind dividends

(1)

Redeemable preferred stock in-kind dividends

Stock-based compensation

Equity (deficit) at Jun. 30, 2021

130

$ 1,167

$ (598)

$ (429)

$ (10)

Equity (deficit) at Jun. 30, 2021

$ 193

$ 94

[1]	Represents purchases of common stock to satisfy tax withholding obligations.

Note 10 - Revenue

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

NOTE 10: REVENUE

Disaggregation of Revenue

The following tables present revenue disaggregated by major product, portfolio summary and geography.

Major Product:

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	135	$	16	$	5	$	—	$	—	$	156
Ongoing service arrangements ⁽¹⁾		20		33		2		—		—		55
Total annuities		155		49		7		—		—		211
Equipment & software		14		13		—		—		—		27
Film and chemicals		—		—		47		—		—		47
Other⁽²⁾		—		—		—		3		3		6
Total	$	169	$	62	$	54	$	3	$	3	$	291


Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	256	$	33	$	10	$	—	$	—	$	299
Ongoing service arrangements ⁽¹⁾		40		67		3		—		—		110
Total annuities		296		100		13		—		—		409
Equipment & software		21		26		—		—		—		47
Film and chemicals		—		—		86		—		—		86
Other ₍₂₎		—		—		1		6		7		14
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	90	$	12	$	8	$	—	$	—	$	110
Ongoing service arrangements ⁽¹⁾		20		29		1		—		—		50
Total annuities		110		41		9		—		—		160
Equipment & software		9		11		—		—		—		20
Film and chemicals		—		—		26		—		—		26
Other⁽²⁾		—		—		3		2		2		7
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	216	$	31	$	13	$	—	$	—	$	260
Ongoing service arrangements ⁽¹⁾		41		64		1		—		—		106
Total annuities		257		95		14		—		—		366
Equipment & software		16		22		—		—		—		38
Film and chemicals		—		—		61		—		—		61
Other⁽²⁾		—		—		5		5		5		15
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾	Service revenue in the Consolidated Statement of Operations includes the ongoing service revenue shown above as well as revenue from project-based document management and managed print services businesses, which is included in Other above.

⁽²⁾	Other includes revenue from professional services, non-recurring engineering services, print and managed media services, tenant rent and related property management services and licensing.

Product Portfolio Summary:

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines ⁽¹⁾	$	53	$	36	$	—	$	—	$	—	$	89
Strategic other businesses ⁽²⁾		116		15		54		3		3		191
Planned declining businesses ⁽³⁾		—		11		—		—		—		11
Total	$	169	$	62	$	54	$	3	$	3	$	291

Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines ⁽¹⁾	$	100	$	73		—		—	$	—	$	173
Strategic other businesses ⁽²⁾		217		28		100		6		7		358
Planned declining businesses ⁽³⁾		—		25		—		—		—		25
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines⁽¹⁾	$	27	$	30	$	—	$	—	$	—	$	57
Strategic other businesses ⁽²⁾		92		10		36		2		2		142
Planned declining businesses ⁽³⁾		—		12		2		—		—		14
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines⁽¹⁾	$	71	$	66	$	—	$	—	$	—	$	137
Strategic other businesses ⁽²⁾		202		25		76		5		5		313
Planned declining businesses ⁽³⁾		—		26		4		—		—		30
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾	Growth engines consist of Sonora in the Traditional Printing segment, PROSPER and Software in the Digital Printing segment, and Advanced Materials and Functional Printing in the Advanced Materials and Chemicals segment, excluding intellectual property (“IP”) licensing.

⁽²⁾

Strategic other businesses include plates in the Traditional Printing segment; Computer to Plate (“CTP”) equipment and related service and Nexpress and related toner business in the Digital Printing segment and Motion Picture and Industrial Film and Chemicals (including external inks) and IP licensing in the Advanced Materials and Chemicals segment and the Brand segment.

⁽³⁾

Planned declining businesses are product lines where the decision has been made to stop new product development and manage an orderly expected decline in the installed product and annuity base or are otherwise not strategic to Kodak. These product families consist of Kodak Services for Business in the Advanced Materials and Chemicals segment and Versamark and Digimaster in the Digital Printing segment.

Geography ^(1):

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	36	$	26	$	38	$	3	$	3	$	106
Canada		4		2		1		—		—		7
North America		40		28		39		3		3		113
Europe, Middle East and Africa		76		22		5		—		—		103
Asia Pacific		46		11		10		—		—		67
Latin America		7		1		—		—		—		8
Total	$	169	$	62	$	54	$	3	$	3	$	291

Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	65	$	53	$	71	$	6	$	7	$	202
Canada		6		5		1		—		—		12
North America		71		58		72		6		7		214
Europe, Middle East and Africa		144		41		8		—		—		193
Asia Pacific		88		25		20		—		—		133
Latin America		14		2		—		—		—		16
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	26	$	24	$	25	$	2	$	2	$	79
Canada		3		1		1		—		—		5
North America		29		25		26		2		2		84
Europe, Middle East and Africa		49		18		2		—		—		69
Asia Pacific		36		8		10		—		—		54
Latin America		5		1		—		—		—		6
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	61	$	52	$	55	$	5	$	5	$	178
Canada		6		3		1		—		—		10
North America		67		55		56		5		5		188
Europe, Middle East and Africa		117		42		5		—		—		164
Asia Pacific		75		18		19		—		—		112
Latin America		14		2		—		—		—		16
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾

Sales are reported in the geographic area in which they originate.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amounts recorded for contract assets at both June 30, 2021 and December 31, 2020 were $2 million and are reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to prepaid service contracts, upfront payments for certain equipment purchases or prepaid royalties on intellectual property arrangements. The amounts recorded for contract liabilities at June 30, 2021 and December 31, 2020 were $61 million and $64 million, respectively, of which $45 million and $47 million are reported in Other current liabilities, respectively, and $16 million and $17 million, respectively, are reported in Other long-term liabilities in the Consolidated Statement of Financial Position.

Revenue recognized for the three and six months ended June 30, 2021 and 2020 that was included in the contract liability balance at the beginning of the year was $6 million and $31 million in 2021, respectively, and $5 million and $31 million in 2020, respectively, and primarily represented revenue from prepaid service contracts and equipment revenue recognition. Contract liabilities as of June 30, 2021 included $22 million and $26 million of cash payments received during the three and six months ended June 30, 2021, respectively. Contract liabilities as of June 30, 2020 included $19 million and $21 million of cash payments received during the three and six months ended June 30, 2020, respectively.

Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed. Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of June 30, 2021, there was approximately $70 million of unrecognized revenue from unsatisfied performance obligations. Approximately 15% of the revenue from unsatisfied performance obligations is expected to be recognized in the remainder of 2021, 30% in 2022, 30% in 2023 and 2024 and 25% thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 5 - Annual Maturities of Long-Term Debt and Finance Leases (Details) $ in Millions	Jun. 30, 2021 USD ($)
Annual Maturities Of Long Term Debt [Abstract]
Q3 -Q4 2021	$ 1
2022	2
2023	1
2024	1
2025	1
2026 and thereafter	245
Total	251
Q3 -Q4 2021	1
2022	2
2023	1
2024	1
2025	1
2026 and thereafter	319
Total	$ 325

Note 15 - Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 15: EARNINGS PER SHARE

Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share include any dilutive effect of potential common shares. In periods with a net loss available to common shareholders, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share.

A reconciliation of the amounts used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Net income (loss)	$	16		$	(5	)	$	22		$	(116	)
Less: Series B preferred stock cash and deemed dividends		(1	)		—			(2	)		—
Less: Series C preferred stock in-kind and deemed dividends		(2	)		—			(2	)		—
Less: Series A preferred stock cash and deemed dividends		—			(5	)		(3	)		(10	)
Plus: Expiration of Series A preferred stock embedded derivative		—			—			11			—
Net income (loss) available to common shareholders - basic	$	13		$	(10	)	$	26		$	(126	)

Effect of dilutive securities:
Add back: Series B preferred stock cash and deemed dividends	$	1		$	—		$	2			—
Add back: Series C preferred stock cash and deemed dividends		2			—			2			—
Net income (loss) available to common shareholders - diluted	$	16		$	(10	)	$	30		$	(126	)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions of shares)	2021		2020		2021		2020
Weighted average shares — basic		78.5		43.7		78.2		43.7
Effect of dilutive securities
Series B preferred stock		9.5		—		6.5		—
Series C preferred stock		10.0		—		6.4		—
Employee stock options		2.0		—		2.2		—
Unvested restricted stock units		0.6		—		0.6		—
Weighted average shares — diluted		100.6		43.7		93.9		43.7

The computation of diluted earnings per share for the three and six months ended June 30, 2021 excluded the impact of (1) the assumed conversion of $25 million of Convertible Notes issued in 2021, (2) the assumed exercise of 3.2 million of outstanding employee stock options in both periods and (3) the assumed vesting of 0.3 million unvested restricted stock units in both periods because the effects would have been anti-dilutive.

As a result of the net loss available to common shareholders for the three and six months ended June 30, 2020, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak reported income available to common shareholders for the three and six months ended June 30, 2020 the calculation of diluted earnings per share for both periods would have included the assumed vesting of 0.5 million unvested restricted stock units.

The computation of diluted earnings per share for the three and six months ended June 30, 2020 also excluded the impact of (1) the assumed conversion of 2.0 million shares of Series A Preferred Stock, (2) the assumed exercise of 7.1 million outstanding employee stock options in both periods and (3) the assumed conversion of $100 million of Convertible Notes issued in 2019 because the effects would have been anti-dilutive.

Note 4 - Other Long-term Assets (Details Textual)	Jun. 30, 2021
Maximum [Member]
Other Long-term Assets [Line Items]
Percentage of other long-term assets	5.00%

Note 9 - Guarantees

6 Months Ended

Jun. 30, 2021

Guarantees [Abstract]

Guarantees

NOTE 9: GUARANTEES

In connection with the settlement of certain of the Company’s historical environmental liabilities at Eastman Business Park, a more than 1,200-acre technology center and industrial complex in Rochester, New York, in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 million with no limitation to the maximum potential future payments. There is no liability recorded for this guarantee.

Extended Warranty Arrangements

Kodak offers its customers extended warranty arrangements that are generally one year, but may range from three months to six years after the original warranty period. The change in Kodak’s deferred revenue balance in relation to these extended warranty and maintenance arrangements from December 31, 2020 to June 30, 2021, which is reflected in Other current liabilities in the accompanying Consolidated Statement of Financial Position, was as follows:

(in millions)
Deferred revenue on extended warranties as of December 31, 2020	$	19
New extended warranty and maintenance arrangements deferred		45
Recognition of extended warranty and maintenance arrangement revenue		(45	)
Deferred revenue on extended warranties as of June 30, 2021	$	19

Note 6 - Redeemable, Convertible Preferred Stock (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Total	$ 193	$ 191
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Total		$ 191
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Total	94
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Total	$ 99

Note 10 - Revenue (Details Textual 1) $ in Millions	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Disaggregation Of Revenue [Line Items]
Unrecognized revenue from unsatisfied performance obligations	$ 70
Unsatisfied performance obligations, expected to be recognized	15.00%
Unsatisfied performance obligations, expected timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligations, expected to be recognized	30.00%
Unsatisfied performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligations, expected to be recognized	30.00%
Unsatisfied performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligations, expected to be recognized	30.00%
Unsatisfied performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Disaggregation Of Revenue [Line Items]
Unsatisfied performance obligations, expected to be recognized	25.00%
Unsatisfied performance obligations, expected timing of satisfaction

Note 14 - Retirement Plans and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Component of the Net Periodic benefit Cost

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,
	2021						2020						2021						2020
(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	$	2		$	1		$	3		$	1		$	5		$	2		$	6		$	2
Interest cost		12			1			22			2			24			2			43			4
Expected return on plan assets		(42	)		(4	)		(49	)		(4	)		(84	)		(7	)		(98	)		(9	)
Amortization of:
Prior service credit		(1	)		—			(1	)		—			(3	)		—			(3	)		—
Actuarial loss		8			2			3			1			15			4			7			3
Net pension (income) expense before special termination benefits		(21	)		—			(22	)		—			(43	)		1			(45	)		—
Special termination benefits		—			—			—			—			—			—			1			—
Net pension (income) expense from major plans		(21	)		—			(22	)		—			(43	)		1			(44	)		—
Other plans		—			—			—			—			—			—			—			1
Total net pension (income) expense	$	(21	)	$	—		$	(22	)	$	—		$	(43	)	$	1		$	(44	)	$	1

Note 4 - Schedule of Other Long-Term Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Assets Noncurrent Disclosure [Abstract]
Pension assets	$ 319	$ 262
Estimated workers' compensation recoveries	17	18
Long-term receivables	12	11
Other	27	26
Total	$ 375	$ 317

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Note 12 - Other Charges (Income), Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Schedule of Other Charges (Income), Net

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2021			2020		2021		2020
Loss on foreign exchange transactions	$	1		$	3	$	1	$	5
Change in fair value of embedded conversion features derivative liability ⁽¹⁾		(1	)		4		—		(49	)
Other		1			1		—		(1	)
Total	$	1		$	8	$	1	$	(45	)

⁽¹⁾

^{Refer to Note 20, “Financial Instruments”.}

Note 15 - Summary of Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share Basic [Line Items]
Net income (loss)	$ 16	$ 6	$ (5)	$ (111)	$ 22	$ (116)
Net income (loss) available to common shareholders - basic	13		(10)		26	(126)
Effect of dilutive securities:
Net income (loss) available to common shareholders - diluted	$ 16		$ (10)		$ 30	$ (126)
Basic	78.5		43.7		78.2	43.7
Effect of dilutive securities
Weighted average shares — diluted	100.6		43.7		93.9	43.7
Series B Preferred Stock [Member]
Effect of dilutive securities
Effect of dilutive securities	9.5				6.5
Series C Preferred Stock [Member]
Effect of dilutive securities
Effect of dilutive securities	10.0				6.4
Employee Stock Option [Member]
Effect of dilutive securities
Effect of dilutive securities	2.0				2.2
Unvested Restricted Stock Units [Member]
Effect of dilutive securities
Effect of dilutive securities	0.6				0.6
Series B Preferred Stock [Member]
Earnings Per Share Basic [Line Items]
Less: preferred stock cash and deemed dividends	$ (1)				$ (2)
Effect of dilutive securities:
Add back: preferred stock cash and deemed dividends	1				2
Series C Preferred Stock [Member]
Earnings Per Share Basic [Line Items]
Less: preferred stock in-kind and deemed dividends	(2)				(2)
Effect of dilutive securities:
Add back: preferred stock cash and deemed dividends	$ 2				2
Series A Preferred Stock [Member]
Earnings Per Share Basic [Line Items]
Less: preferred stock cash and deemed dividends			$ (5)		(3)	$ (10)
Plus: Expiration of Series A preferred stock embedded derivative					11
Effect of dilutive securities:
Add back: preferred stock cash and deemed dividends			$ 5		$ 3	$ 10

Note 3 - Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

	June 30,		December 31,
(in millions)	2021		2020
Finished goods	$	115	$	97
Work in process		62		54
Raw materials		57		55
Total	$	234	$	206

Note 18 - Changes in Other Comprehensive Income (Loss), by Component (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Currency translation adjustments

$ 4

$ (4)

$ 3

$ (16)

Newly established net actuarial (loss) gain

(1)

Newly established net actuarial (loss) gain, net of tax

(1)

Amortization of prior service credit

^[1]

(2)

(4)

Amortization of actuarial losses

^[1]

Recognition of losses (gains) due to curtailments and settlements

Total reclassification adjustments

Tax provision

(1)

Reclassification adjustments, net of tax

Pension and other postretirement benefit plan changes, net of tax

Other comprehensive income (loss), net of tax

$ 12

$ 5

$ 17

$ (4)

[1]	Reclassified to Total Net Periodic Benefit Cost - refer to Note 14, "Retirement Plans and Other Postretirement Benefits".

Note 5 - Debt And Finance Leases (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt and Finance Leases and Related Maturities and Interest Rates

Debt and finance leases and related maturities and interest rates were as follows at June 30, 2021 and December 31, 2020:

(in millions)	Type	Maturity	Weighted-Average Effective Interest Rate	June 30, 2021		December 31, 2020
Current portion:
	RED-Rochester, LLC	2033	11.46%	$	1	$	1
	Finance leases	Various	Various		1		1
					2		2
Non-current portion:
	Term note	2026	13.91%		219		—
	Convertible debt	2026	17.28%		14		—
	RED-Rochester, LLC	2033	11.46%		12		12
	Finance leases	Various	Various		3		3
	Other debt	Various	Various		1		2
					249		17
				$	251	$	19

Schedule of Maturities of Debt and Finance Leases Outstanding

Annual maturities of debt and finance leases outstanding at June 30, 2021 were as follows:

	Carrying Value		Maturity Value
Q3 -Q4 2021	$	1	$	1
2022		2		2
2023		1		1
2024		1		1
2025		1		1
2026 and thereafter		245		319
Total	$	251	$	325

Note 20 - Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

NOTE 20: FINANCIAL INSTRUMENTS

Kodak, as a result of its global operating and financing activities, is exposed to changes in foreign currency exchange rates and interest rates, which may adversely affect its results of operations and financial position. Kodak manages such exposures, in part, with derivative financial instruments. Foreign currency forward contracts are used to mitigate currency risk related to foreign currency denominated assets and liabilities. Kodak’s exposure to changes in interest rates results from its investing and borrowing activities used to meet its liquidity needs. Kodak does not utilize financial instruments for trading or other speculative purposes.

Kodak’s foreign currency forward contracts are not designated as hedges and are marked to market through net income (loss) at the same time that the exposed assets and liabilities are remeasured through net income (loss) (both in Other income, net in the Consolidated Statement of Operations). The notional amount of such contracts open at June 30, 2021 and December 31, 2020 was approximately $330 million and $361 million, respectively. The majority of the contracts of this type held by Kodak as of June 30, 2021 and December 31, 2020 are denominated in euros, Chinese renminbi and Japanese yen.

The net effect of foreign currency forward contracts in the results of operations is shown in the following table:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021		2020
Net (gain) loss from derivatives not designated as hedging instruments	$	(1	)	$	(1	)	$	2	$	(2	)

Kodak had no derivatives designated as hedging instruments for the three and six months ended June 30, 2021 and 2020.

In the event of a default under the Company’s Credit Agreements, or a default under any derivative contract or similar obligation of Kodak, subject to certain minimum thresholds, the derivative counterparties would have the right, although not the obligation, to require immediate settlement of some or all open derivative contracts at their then-current fair value, but with liability positions netted against asset positions with the same counterparty.

As discussed in Note 5, “Debt and Finance Leases”, the Company concluded that the Convertible Notes are considered more akin to a debt-type instrument and that the economic characteristics and risks of the embedded conversion features are not considered clearly and closely related to the Convertible Notes. The embedded conversion features not considered clearly and closely related are the conversion at the option of the holder (“Optional Conversion”), the mandatory conversion by Kodak (“Mandatory Conversion”) and the conversion in the event of a fundamental transaction by the holder at the then applicable conversion rate (“Fundamental Change”). Accordingly, these embedded conversion features were bifurcated from the Convertible Notes and separately accounted for on a combined basis as a single derivative asset or liability. The derivative was in a liability position at June 30, 2021 and was reported in Other long-term liabilities in the Consolidated Statement of Financial Position. The derivative is being accounted for at fair value with changes in fair value reported in Other charges (income), net in the Consolidated Statement of Operations.

As discussed in Note 6, “Redeemable, Convertible, Preferred Stock”, the Company concluded that the Series B Preferred Stock and the Series C Preferred Stock are considered more akin to a debt-type instrument and that the economic characteristics and risks of the conversion in the event of a Fundamental Change is not considered clearly and closely related to the Series B and Series C Preferred Stock. Accordingly, this embedded conversion feature was bifurcated from both the Series B and Series C Preferred Stock and both are separately accounted for as a single derivative asset or liability. Both derivatives were in a liability position at June 30, 2021 and were reported in Other long-term liabilities in the Consolidated Statement of Financial Position. The derivatives are being accounted for at fair value with changes in fair value reported in Other charges (income), net in the Consolidated Statement of Operations.

As discussed in Note 6, “Redeemable, Convertible, Preferred Stock”, the Company concluded that the Series A Preferred Stock was considered more akin to a debt-type instrument and that the economic characteristics and risks of the embedded conversion features, except where the conversion price was increased to the liquidation preference, were not considered clearly and closely related to the Series A Preferred Stock. The embedded conversion features not considered clearly and closely related are the conversion at the option of the holder (“Optional Conversion”); the ability of Kodak to automatically convert the stock after the second anniversary of issuance (“Mandatory Conversion”) and the conversion in the event of a fundamental change or reorganization (“Fundamental Change or Reorganization Conversion”). Accordingly, these embedded conversion features were bifurcated from the Series A Preferred Stock and separately accounted for on a combined basis as a single derivative asset or liability. The embedded conversion features were revalued as of February 26, 2021 when the Company repurchased one million of the Series A Preferred Stock and exchanged the remaining one million shares of Series A Preferred Stock for Series B Preferred Stock. The revaluation as of February 26, 2021 resulted in the recognition of $2 million of net expense which was reported in Other charges (income), net in the Consolidated Statement of Operations. With the repurchase and exchange of the shares of the Series A Preferred Stock the embedded conversion features derivative liability expired.

The derivative was in a liability position at December 31, 2020 and was reported in Other current liabilities in the Consolidated Statement of Financial Position. The derivative was being accounted for at fair value with changes in fair value being reported in Other charges (income), net in the Consolidated Statement of Operations.

Fair Value

Fair values of Kodak’s foreign currency forward contracts are determined using observable inputs (Level 2 fair value measurements) and are based on the present value of expected future cash flows (an income approach valuation technique) considering the risks involved and using discount rates appropriate for the duration of the contracts. The gross fair value of foreign currency forward contracts in an asset position are reported in Other current assets and the gross fair value of foreign currency forward contracts in a liability position are reported in Other current liabilities in the Consolidated Statement of Financial Position. The gross fair value of forward contracts in an asset position as of June 30, 2021 and December 31, 2020 was $1 million for both periods. The gross fair value of foreign currency forward contracts in a liability position as of June 30, 2021 and December 31, 2020 was $1 million and $0 million, respectively.

Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. There were no transfers between levels of the fair value hierarchy during the three and six months ended June 30, 2021.

The fair value of the embedded conversion features derivatives was calculated using unobservable inputs (Level 3 fair measurements). The value of the embedded derivatives associated with the Convertible Notes and Series A, Series B and Series C Preferred Stock were calculated using a binomial lattice model.

The following tables present the key inputs in the determination of fair value for the embedded conversion features:

Convertible Notes:

	Valuation Date
				February 26,
	June 30,			2021
	2021			(Inception)
Total value of embedded derivative liability ($ millions)	$	10		$	12
Kodak's closing stock price	$	8.32		$	8.62
Expected stock price volatility		51.50	%		70.00	%
Risk free rate		0.86	%		0.80	%
Implied credit spread on the Convertible Notes		17.57	%		18.25	%

Series B Preferred Stock:

	Valuation Date
				February 26,
	June 30,			2021
	2021			(Inception)
Total value of embedded derivative liability ($ millions)	$	1		$	1
Kodak's closing stock price	$	8.32		$	8.62
Expected stock price volatility		51.50	%		70.00	%
Risk free rate		0.86	%		0.80	%
Implied credit spread on the preferred stock		19.07	%		19.75	%

Series C Preferred Stock:

	Valuation Date
				March 30,			February 26,
				2021			2021
	June 30, 2021			(Inception - Final Sale)			(Inception - Initial Sale)
Total value of embedded derivative liability ($ millions)	$	2		$	1		$	1
Kodak's closing stock price	$	8.32		$	8.05		$	8.62
Expected stock price volatility		51.50	%		70.00	%		70.00	%
Risk free rate		0.86	%		0.94	%		0.80	%
Implied credit spread on the preferred stock		21.07	%		21.75	%		21.75	%

Series A Preferred Stock:

	Valuation Date
	February 26,			December 31,
	2021			2020
Total value of embedded derivative liability ($ 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	%
Implied credit spread on the preferred stock		14.02	%		11.97	%

The Fundamental Change values at issuance were calculated as the difference between the total value of the Convertible Notes, Series B or Series C Preferred Stock, as applicable, and the sum of the net present value of the cash flows if the Convertible Notes are repaid at their maturity date or Series B and Series C Preferred Stock are redeemed on their redemption date and the values of the other embedded derivatives. The Fundamental Change values reduce the value of the embedded conversion features derivative liability. Other than events that alter the likelihood of a fundamental change or reorganization event, the value of the Fundamental Change reflects the value as of the issuance date, amortized for the passage of time.

The fair values of long-term debt (Level 2 fair value measurements) are determined by reference to quoted market prices of similar instruments, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates. The fair values of long-term borrowings were $277 million and $17 million at June 30, 2021 and December 31, 2020, respectively.

The carrying values of cash and cash equivalents, restricted cash and the current portion of long-term debt approximate their fair values at both June 30, 2021 and December 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 19 - Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 19: SEGMENT INFORMATION

Kodak has four reportable segments: Traditional Printing, Digital Printing, Advanced Materials and Chemicals and Brand. A description of Kodak’s reportable segments follows.

Traditional Printing: The Traditional Printing segment is comprised of Prepress Solutions.

Digital Printing: The Digital Printing segment is comprised of four lines of business: the Electrophotographic Printing Solutions business, the Prosper business, the Versamark business and the Kodak Software business.

Advanced Materials and Chemicals: The Advanced Materials and Chemicals segment is comprised of four lines of business: Industrial Film and Chemicals, Motion Picture, Advanced Materials and Functional Printing and Kodak Services for Business. Kodak Services for Business was sold to Swiss Post Solutions in December 2020.

Brand: The Brand segment contains the brand licensing business.

All Other: All Other is comprised of the operations of the Eastman Business Park, a more than 1,200-acre technology center and industrial complex.

Segment financial information is shown below:

Segment Revenues

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Traditional Printing	$	169	$	119	$	317	$	273
Digital Printing		62		52		126		117
Advanced Materials and Chemicals		54		38		100		80
Brand		3		2		6		5
All Other		3		2		7		5
Consolidated total	$	291	$	213	$	556	$	480

Segment Operational EBITDA and Consolidated Income (Loss) from Operations Before Income Taxes

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Traditional Printing	$	6		$	1		$	11		$	2
Digital Printing		—			(3	)		—			(5	)
Advanced Materials and Chemicals		1			(7	)		(3	)		(16	)
Brand		3			2			5			4
Total of reportable segments		10			(7	)		13			(15	)
All Other		1			1			1			—
Depreciation and amortization		(8	)		(10	)		(16	)		(20	)
Restructuring costs and other		—			(1	)		(1	)		(8	)
Stock based compensation		(1	)		—			(4	)		(1	)
Consulting and other costs ⁽¹⁾		(4	)		(1	)		(9	)		(1	)
Idle costs ⁽²⁾		—			(1	)		(1	)		(1	)
Other operating income, net, excluding income from transition services agreement ⁽³⁾		6			—			7			6
Interest expense ⁽⁴⁾		(10	)		(4	)		(14	)		(8	)
Pension income excluding service cost component ⁽⁴⁾		26			27			51			53
Other (charges) income net ⁽⁴⁾		(1	)		(8	)		(1	)		45
Consolidated income (loss) from operations before income taxes	$	19		$	(4	)	$	26		$	50

⁽¹⁾

Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and investigations.

⁽²⁾

⁽³⁾

⁽⁴⁾

As reported in the Consolidated Statement of Operations.

Kodak decreased workers’ compensation reserves by approximately $3 million in the second quarter of 2021 driven by changes in discount rates. The decrease in reserves in the second quarter of 2021 impacted gross profit by approximately $2 million and selling, general and administrative expenses (“SG&A”) by approximately $1 million.

Segment Measure of Profit and Loss

Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”).

As demonstrated in the above table, Operational EBITDA represents the earnings (loss) from operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs; stock-based compensation expense; consulting and other costs; idle costs; other operating income, net (unless otherwise indicated); interest expense and other (charges) income, net.

Kodak’s segments are measured using Operational EBITDA both before and after allocation of corporate SG&A. The segment earnings measure reported is after allocation of corporate SG&A as this most closely aligns with U.S. GAAP. Research and Development activities not directly related to the other segments are reported within the Advanced Materials and Chemicals segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note 6 - Redeemable, Convertible Preferred Stock (Details Textual) - USD ($)					6 Months Ended
	Mar. 30, 2021	Feb. 26, 2021	Feb. 25, 2021	Nov. 15, 2016	Jun. 30, 2021
Temporary Equity [Line Items]
Payments for repurchase of preferred stock					$ 100,000,000
Preferred stock, par value					$ 0
Series A Redeemable Preferred Stock [Member] \| Purchase Agreement [Member]
Temporary Equity [Line Items]
Preferred stock, number of shares issued				2,000,000
Gross proceeds from issuance of shares				$ 200,000,000
Preferred stock, liquidation preference per share				$ 100
Purchase agreement date				Nov. 07, 2016
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred stock, liquidation preference per share			$ 100
Percentage of cash dividend payable on preferred stock			4.00%
Carrying value of preferred stock at issuance		$ 93,000,000
Fair value of derivative liability		1,000,000
Transaction costs		$ 1,000,000
Preferred stock, redemption date		May 28, 2026
Temporary equity fair value of preferred stock at the time of issuance		$ 95,000,000
Common stock price equal or exceeds preferred stock conversion price		$ 14.50
Preferred stock conversion description					The Company will have the right to cause the mandatory conversion of the Series B Preferred Stock into shares of Common Stock at any time after the initial issuance of the Series B Preferred Stock if the closing price of the Common Stock has equaled or exceeded $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within a period of 60 consecutive trading days.
Fair value allocated to derivative liability					$ 1,000,000
Preferred stock, redemption price per share					$ 100
Series B Preferred Stock [Member] \| Other Long-Term Liabilities [Member]
Temporary Equity [Line Items]
Fair value of derivative liability					$ 1,000,000
Series B Preferred Stock [Member] \| Purchase Agreement [Member]
Temporary Equity [Line Items]
Initial conversion rate of preferred stock to common stock		9.5238
Initial conversion price of preferred stock per share of common stock		$ 10.50
Series B Preferred Stock [Member] \| Repurchase and Exchange Agreement [Member]
Temporary Equity [Line Items]
Preferred stock, number of shares issued		1,000,000
Percentage of cash dividend payable on preferred stock		4.00%
Preferred stock, par value
Temporary equity exchange basis		one-for-one
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Stock repurchased		1,000,000
Percentage of cash dividend payable on preferred stock				5.50%
Net proceeds received to derivative liability				$ 43,000,000
Carrying value of preferred stock at issuance				155,000,000
Gross proceeds from preferred stock				200,000,000
Fair value of derivative liability				43,000,000
Transaction costs				$ 2,000,000
Preferred stock, redemption date				Nov. 15, 2021
Preferred stock prior to extinguishment carrying value including fair value of embedded derivative liability		$ 203,000,000
Temporary equity deemed preferred stock dividends		$ 8,000,000
Series A Preferred Stock [Member] \| Repurchase and Exchange Agreement [Member]
Temporary Equity [Line Items]
Stock repurchased		1,000,000
Payments for repurchase of preferred stock		$ 100,641,667
Stock exchanged during period shares		1,000,000
Accrued and unpaid dividends		$ 641,667
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Net proceeds received to derivative liability		2,000,000
Carrying value of preferred stock at issuance		97,000,000
Fair value of derivative liability		2,000,000
Transaction costs		$ 1,000,000
Preferred stock conversion description					The Company will have the right to cause the mandatory conversion of the Series C Preferred Stock into shares of Common Stock (i) at any time after February 26, 2023 if the closing price of the Common Stock has equaled or exceeded 200% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days, or (ii) at any time after February 26, 2024 if the closing price of the Common Stock has equaled or exceeded 150% of the then-effective conversion price for 45 trading days within a period of 60 consecutive trading days.
Preferred stock, redemption price per share			$ 100
Preferred stock, right to extend redemption date term		2 years
Series C Preferred Stock [Member] \| After February 26, 2023 [Member]
Temporary Equity [Line Items]
Common stock price equal or exceeds preferred stock conversion price percentage					200.00%
Series C Preferred Stock [Member] \| After February 26, 2024 [Member]
Temporary Equity [Line Items]
Common stock price equal or exceeds preferred stock conversion price percentage					150.00%
Series C Preferred Stock [Member] \| Other Long-Term Liabilities [Member]
Temporary Equity [Line Items]
Fair value of derivative liability					$ 2,000,000
Series C Preferred Stock [Member] \| Purchase Agreement [Member]
Temporary Equity [Line Items]
Preferred stock, number of shares issued	250,000	750,000
Preferred stock, liquidation preference per share			$ 100
Preferred stock, number of shares issued		1,000,000
Preferred stock, par value
Gross proceeds from preferred stock	$ 25,000,000	$ 75,000,000
Preferred stock, redemption date			May 28, 2026
Initial conversion price of preferred stock per share of common stock			$ 10
Gross proceeds owed on issuance of preferred stock		$ 100,000,000
Percentage of in-kind dividend payable on preferred stock			5.00%
Series C Preferred Stock [Member] \| Dividend and Other Rights [Member]
Temporary Equity [Line Items]
Percentage of in-kind dividend payable on preferred stock			5.00%
Preferred stock, liquidation preference			$ 100
Series C Preferred Stock [Member] \| Registration Rights Agreement [Member]
Temporary Equity [Line Items]
Purchase agreement date		Feb. 26, 2021

Note 2 - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 395	$ 196
Restricted cash reported in Other current assets	8	7
Restricted cash	66	53
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 469	$ 256	$ 212	$ 290

Note 3 - Inventories, Net

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories, Net

NOTE 3: INVENTORIES, NET

	June 30,		December 31,
(in millions)	2021		2020
Finished goods	$	115	$	97
Work in process		62		54
Raw materials		57		55
Total	$	234	$	206

Note 11 - Other Operating Income, Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Operating Expense Income Net [Abstract]

Summary of Other Operating Income, by Component

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Expense (income):
Legal settlements	$	(6	)	$	—		$	(7	)	$	—
Gain on sale of assets ⁽¹⁾		—			(1	)		—			(9	)
Asset impairments⁽²⁾		—			—			—			3
Transition services agreement income		—			(2	)		—			(4	)
Total	$	(6	)	$	(3	)	$	(7	)	$	(10	)

⁽¹⁾

In March 2020 Kodak sold a property in the U.S.

⁽²⁾

In the first quarter of 2020 Kodak recorded a pre-tax impairment charge of the Kodak trade name.

Note 4 - Other Long-term Assets (Tables)

6 Months Ended

Jun. 30, 2021

Other Assets Noncurrent Disclosure [Abstract]

Schedule of Other Long-Term Assets

	June 30,		December 31,
(in millions)	2021		2020
Pension assets	$	319	$	262
Estimated workers' compensation recoveries		17		18
Long-term receivables		12		11
Other		27		26
Total	$	375	$	317

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	May 19, 2021	Jun. 30, 2021	Dec. 31, 2020	Jul. 28, 2020
Commitments And Contingencies [Line Items]
Total restricted cash		$ 74,000,000
Number of days within which individual defendants has to respond to plaintiff on amended complaint after its filing	60 days
DFC [Member]
Commitments And Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity				$ 765,000,000
BRAZIL
Commitments And Contingencies [Line Items]
Restricted Cash		3,000,000	$ 4,000,000
Federal and State Value added Taxes Litigations and Civil Litigation and Disputes with Former Employees [Member] \| BRAZIL
Commitments And Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		4,000,000
Threat of Expropriation of Assets [Member] \| BRAZIL
Commitments And Contingencies [Line Items]
Restricted Cash		3,000,000
Assets, Noncurrent		45,000,000
Amended ABL Credit Agreement [Member]
Commitments And Contingencies [Line Items]
Long-term line of credit		42,000,000
L/C Facility Agreement [Member]
Commitments And Contingencies [Line Items]
Long-term line of credit		45,000,000
Bank Guarantees and Letters of Credit [Member]
Commitments And Contingencies [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted		2,000,000
Surety Bond [Member]
Commitments And Contingencies [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 29,000,000

Note 1 - Basis of Presentation and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Recent Accounting Pronouncements

NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS

BASIS OF PRESENTATION

The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company (“EKC” or the “Company”) and all companies directly or indirectly controlled, either through majority ownership or otherwise (collectively, “Kodak”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).

Reclassifications

Certain amounts for prior periods have been reclassified to conform to the current period classification in the disaggregated revenue information for the Advanced Materials and Chemicals segment.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies accounting for convertible instruments. More convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted EPS calculation in certain circumstances. The ASU is effective January 1, 2024 for Kodak. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2020. The ASU allows entities to use either a modified retrospective or full retrospective transition method. Kodak adopted this ASU on January 1, 2021 using the modified retrospective method, under which companies apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. The adoption of this standard had no impact on Kodak’s financial statements.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which removes certain exceptions related to intra-period tax allocations and deferred tax accounting on outside basis differences in foreign subsidiaries and equity method investments. Additionally, it provides other simplifying measures for the accounting for income taxes. The new standard is effective for fiscal years beginning after December 15, 2020 (January 1, 2021 for Kodak). Kodak adopted this ASU prospectively on January 1, 2021 and it did not have any impact on Kodak’s consolidated financial statements.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In July 2021, the FASB issued ASU 2021-05, “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments”. Under this ASU, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842 and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years for all public business entities (January 1, 2022 for Kodak). Entities that have adopted Topic 842 before the issuance date of this Update have the option to apply the amendments in this Update either (1) retrospectively to leases that commenced or were modified on or after the adoption of ASU 2016-02, “Leases (Topic 842)” or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Earlier application is permitted. Kodak is currently evaluating the impact of this ASU.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” . ASU 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05, 2019-10, 2019-11, 2020-02 and 2020-03) requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU is effective January 1, 2023 for Kodak, and interim periods within that fiscal year. Early adoption is permitted. Kodak is currently evaluating the impact of this ASU.

Note 16 - Stock-based Compensation (Details Textual) - New Employment Agreement [Member]	Feb. 26, 2021 USD ($) shares
Stock Based Compensation [Line Items]
Incremental value provided in modification	$ 0
Additional compensation expense recognized	0
Stock-based compensation expense	$ 2,000,000
Minimum [Member]
Stock Based Compensation [Line Items]
Percentage of issued and outstanding shares of common stock owned	4.99%
Executive Chairman And Chief Executive Officer \| Restricted Stock Units [Member]
Stock Based Compensation [Line Items]
Fully vested shares granted \| shares	200,000

Note 5 - Debt and Finance Leases and Related Maturities and Interest Rates (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value	$ 251	$ 19
Current Portion, Long-term Debt [Member]
Debt Instrument [Line Items]
Carrying Value	2	2
Long-term Debt [Member]
Debt Instrument [Line Items]
Carrying Value	$ 249	17
RED-Rochester, LLC [Member] \| Current Portion, Long-term Debt [Member]
Debt Instrument [Line Items]
Maturity	2033
Weighted-Average Effective Interest Rate	11.46%
Carrying Value	$ 1	1
RED-Rochester, LLC [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Maturity	2033
Weighted-Average Effective Interest Rate	11.46%
Carrying Value	$ 12	12
Finance leases [Member] \| Current Portion, Long-term Debt [Member]
Debt Instrument [Line Items]
Carrying Value	1	1
Finance leases [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Carrying Value	$ 3	3
Term Note [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Maturity	2026
Weighted-Average Effective Interest Rate	13.91%
Carrying Value	$ 219
Convertible Debt [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Maturity	2026
Weighted-Average Effective Interest Rate	17.28%
Carrying Value	$ 14
Other Debt [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Carrying Value	$ 1	$ 2

Note 7 - Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

NOTE 7: LEASES

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Lease income - operating leases:
Lease income	$	2	$	2	$	4	$	4
Sublease income		—		—		—		2
Variable lease income		1		1		2		2
Total lease income	$	3	$	3	$	6	$	8

Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Cash Collateralized Letter of Credit Facility [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 46
ABL Credit Agreement [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash		$ 35
Brazil [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	3	4
China [Member] \| Lucky HuaGuang Graphics Co Ltd [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Escrow deposit	$ 15	$ 12

Note 15 - Earnings Per Share (Details Textual) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Series A [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		2.0		2.0
Convertible Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, value	$ 25	$ 100	$ 25	$ 100
Employee Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3.2	7.1	3.2	7.1
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities included to the computation of earnings per share, amount	0.3	0.5	0.3	0.5

Note 12 - Other Charges (Income), Net

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Other Charges (Income), Net

NOTE 12: OTHER CHARGES (INCOME), NET

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2021			2020		2021		2020
Loss on foreign exchange transactions	$	1		$	3	$	1	$	5
Change in fair value of embedded conversion features derivative liability ⁽¹⁾		(1	)		4		—		(49	)
Other		1			1		—		(1	)
Total	$	1		$	8	$	1	$	(45	)

⁽¹⁾

^{Refer to Note 20, “Financial Instruments”.}

Note 10 - Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Disaggregated Revenue by Major Product, Product Portfolio Summary and Geography

The following tables present revenue disaggregated by major product, portfolio summary and geography.

Major Product:

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	135	$	16	$	5	$	—	$	—	$	156
Ongoing service arrangements ⁽¹⁾		20		33		2		—		—		55
Total annuities		155		49		7		—		—		211
Equipment & software		14		13		—		—		—		27
Film and chemicals		—		—		47		—		—		47
Other⁽²⁾		—		—		—		3		3		6
Total	$	169	$	62	$	54	$	3	$	3	$	291


Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	256	$	33	$	10	$	—	$	—	$	299
Ongoing service arrangements ⁽¹⁾		40		67		3		—		—		110
Total annuities		296		100		13		—		—		409
Equipment & software		21		26		—		—		—		47
Film and chemicals		—		—		86		—		—		86
Other ₍₂₎		—		—		1		6		7		14
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	90	$	12	$	8	$	—	$	—	$	110
Ongoing service arrangements ⁽¹⁾		20		29		1		—		—		50
Total annuities		110		41		9		—		—		160
Equipment & software		9		11		—		—		—		20
Film and chemicals		—		—		26		—		—		26
Other⁽²⁾		—		—		3		2		2		7
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Plates, inks and other consumables	$	216	$	31	$	13	$	—	$	—	$	260
Ongoing service arrangements ⁽¹⁾		41		64		1		—		—		106
Total annuities		257		95		14		—		—		366
Equipment & software		16		22		—		—		—		38
Film and chemicals		—		—		61		—		—		61
Other⁽²⁾		—		—		5		5		5		15
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾	Service revenue in the Consolidated Statement of Operations includes the ongoing service revenue shown above as well as revenue from project-based document management and managed print services businesses, which is included in Other above.

⁽²⁾	Other includes revenue from professional services, non-recurring engineering services, print and managed media services, tenant rent and related property management services and licensing.

Product Portfolio Summary:

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines ⁽¹⁾	$	53	$	36	$	—	$	—	$	—	$	89
Strategic other businesses ⁽²⁾		116		15		54		3		3		191
Planned declining businesses ⁽³⁾		—		11		—		—		—		11
Total	$	169	$	62	$	54	$	3	$	3	$	291

Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines ⁽¹⁾	$	100	$	73		—		—	$	—	$	173
Strategic other businesses ⁽²⁾		217		28		100		6		7		358
Planned declining businesses ⁽³⁾		—		25		—		—		—		25
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines⁽¹⁾	$	27	$	30	$	—	$	—	$	—	$	57
Strategic other businesses ⁽²⁾		92		10		36		2		2		142
Planned declining businesses ⁽³⁾		—		12		2		—		—		14
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
Growth engines⁽¹⁾	$	71	$	66	$	—	$	—	$	—	$	137
Strategic other businesses ⁽²⁾		202		25		76		5		5		313
Planned declining businesses ⁽³⁾		—		26		4		—		—		30
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾	Growth engines consist of Sonora in the Traditional Printing segment, PROSPER and Software in the Digital Printing segment, and Advanced Materials and Functional Printing in the Advanced Materials and Chemicals segment, excluding intellectual property (“IP”) licensing.

⁽²⁾

⁽³⁾

Geography ^(1):

Three Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	36	$	26	$	38	$	3	$	3	$	106
Canada		4		2		1		—		—		7
North America		40		28		39		3		3		113
Europe, Middle East and Africa		76		22		5		—		—		103
Asia Pacific		46		11		10		—		—		67
Latin America		7		1		—		—		—		8
Total	$	169	$	62	$	54	$	3	$	3	$	291

Six Months Ended
June 30, 2021

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	65	$	53	$	71	$	6	$	7	$	202
Canada		6		5		1		—		—		12
North America		71		58		72		6		7		214
Europe, Middle East and Africa		144		41		8		—		—		193
Asia Pacific		88		25		20		—		—		133
Latin America		14		2		—		—		—		16
Total	$	317	$	126	$	100	$	6	$	7	$	556

Three Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	26	$	24	$	25	$	2	$	2	$	79
Canada		3		1		1		—		—		5
North America		29		25		26		2		2		84
Europe, Middle East and Africa		49		18		2		—		—		69
Asia Pacific		36		8		10		—		—		54
Latin America		5		1		—		—		—		6
Total	$	119	$	52	$	38	$	2	$	2	$	213

Six Months Ended
June 30, 2020

(in millions)	Traditional Printing		Digital Printing		Advanced Materials and Chemicals		Brand		All Other		Total
United States	$	61	$	52	$	55	$	5	$	5	$	178
Canada		6		3		1		—		—		10
North America		67		55		56		5		5		188
Europe, Middle East and Africa		117		42		5		—		—		164
Asia Pacific		75		18		19		—		—		112
Latin America		14		2		—		—		—		16
Total	$	273	$	117	$	80	$	5	$	5	$	480

⁽¹⁾

Sales are reported in the geographic area in which they originate.

Note 18 - Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Other Comprehensive Income (Loss)

NOTE 18: OTHER COMPREHENSIVE INCOME (LOSS)

The changes in Other comprehensive income (loss), by component, were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Currency translation adjustments	$	4		$	(4	)	$	3		$	(16	)
Pension and other postretirement benefit plan changes
Newly established net actuarial (loss) gain		—			5			(1	)		6
Tax Provision		—			—			—			—
Newly established net actuarial (loss) gain, net of tax		—			5			(1	)		6
Reclassification adjustments:
Amortization of prior service credit ⁽¹⁾		(2	)		(2	)		(4	)		(4	)
Amortization of actuarial losses ⁽¹⁾		10			5			19			10
Recognition of losses (gains) due to curtailments and settlements		—			1			—			1
Total reclassification adjustments		8			4			15			7
Tax provision		—			—			—			(1	)
Reclassification adjustments, net of tax		8			4			15			6
Pension and other postretirement benefit plan changes, net of tax		8			9			14			12
Other comprehensive income (loss)	$	12		$	5		$	17		$	(4	)

⁽¹⁾

^{Reclassified to Total Net Periodic Benefit Cost - refer to Note 14, "Retirement Plans and Other Postretirement Benefits".}

Note 6 - Redeemable, Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Summary of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock was as follows at June 30, 2021 and December 31, 2020:

	June 30,		December 31,
(in millions)	2021		2020
Series A preferred stock	$	—	$	191
Series B preferred stock		94		—
Series C preferred stock		99		—
Total	$	193	$	191

Basis of Presentation and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company (“EKC” or the “Company”) and all companies directly or indirectly controlled, either through majority ownership or otherwise (collectively, “Kodak”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).
Reclassifications	Reclassifications Certain amounts for prior periods have been reclassified to conform to the current period classification in the disaggregated revenue information for the Advanced Materials and Chemicals segment.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies accounting for convertible instruments. More convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted EPS calculation in certain circumstances. The ASU is effective January 1, 2024 for Kodak. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2020. The ASU allows entities to use either a modified retrospective or full retrospective transition method. Kodak adopted this ASU on January 1, 2021 using the modified retrospective method, under which companies apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. The adoption of this standard had no impact on Kodak’s financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which removes certain exceptions related to intra-period tax allocations and deferred tax accounting on outside basis differences in foreign subsidiaries and equity method investments. Additionally, it provides other simplifying measures for the accounting for income taxes. The new standard is effective for fiscal years beginning after December 15, 2020 (January 1, 2021 for Kodak). Kodak adopted this ASU prospectively on January 1, 2021 and it did not have any impact on Kodak’s consolidated financial statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In July 2021, the FASB issued ASU 2021-05, “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments”. Under this ASU, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842 and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years for all public business entities (January 1, 2022 for Kodak). Entities that have adopted Topic 842 before the issuance date of this Update have the option to apply the amendments in this Update either (1) retrospectively to leases that commenced or were modified on or after the adoption of ASU 2016-02, “Leases (Topic 842)” or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Earlier application is permitted. Kodak is currently evaluating the impact of this ASU. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” . ASU 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05, 2019-10, 2019-11, 2020-02 and 2020-03) requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, the ASU requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU is effective January 1, 2023 for Kodak, and interim periods within that fiscal year. Early adoption is permitted. Kodak is currently evaluating the impact of this ASU.

Note 13 - Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13: INCOME TAXES

Kodak’s income tax provision and effective tax rate were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Earnings (loss) from operations before income taxes	$	19		$	(4	)	$	26		$	50
Effective tax rate		15.8	%		(25.0	)%		15.4	%		332.0	%
Provision for income taxes		3			1			4			166
Provision (benefit) for income taxes at U.S. statutory tax rate		4			(1	)		5			11
Difference between tax at effective vs. statutory rate	$	(1	)	$	2		$	(1	)	$	155

For the three months ended June 30, 2021, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses and (2) the results from operations in jurisdictions outside the U.S.

For the six months ended June 30, 2021, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S., (3) a benefit associated with foreign withholding taxes on undistributed earnings and (4) changes in audit reserves, including a settlement with a taxing authority in a location outside the U.S.

During the quarter ended March 31, 2021, Kodak agreed to terms with a taxing authority outside the U.S. and settled open tax audits for years through 2014. For these years, Kodak originally recorded liabilities for unrecognized tax positions totaling $3 million (plus interest of approximately $4 million), which were substantially offset by pre-paid assets.

For the three months ended June 30, 2020, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses, (2) the results from operations in jurisdictions outside the U.S. and (3) a provision associated with foreign withholding taxes on undistributed earnings.

For the six months ended June 30, 2020, the difference between Kodak’s effective tax rate and the U.S. statutory rate of 21.0% is primarily attributable to: (1) a provision of $167 million associated with the establishment of valuation allowances in certain outside U.S. jurisdictions, (2) the impact related to existing valuation allowances associated with changes in net deferred tax assets from current earnings and losses and (3) the results from operations in jurisdictions outside the U.S.

Kodak establishes valuation allowances for deferred income tax assets in accordance with U.S. GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, Kodak considers the scheduled reversal of deferred tax liabilities and assets, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.

As of March 31, 2020, Kodak determined that it was more likely than not that deferred tax assets outside the U.S. which were not offset with valuation allowances as of March 31, 2020 would not be realized due to reductions in estimates of future profitability as a result of the COVID-19 pandemic in locations outside the U.S. Accordingly, Kodak recorded a provision of $167 million associated with the establishment of a valuation allowance on those deferred tax assets.

Additionally, on February 21, 2020, Kodak agreed to terms with the IRS and settled the federal audit for calendar years 2013 and 2014. For these years, Kodak originally recorded a federal unrecognized tax position totaling $41 million, which was fully offset by tax attributes. This settlement resulted in an increase in net deferred tax assets and was fully offset by a corresponding increase in Kodak’s U.S. valuation allowance, resulting in no net tax benefit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 395	$ 196
Trade receivables, net of allowances of $9 and $10, respectively	174	177
Inventories, net	234	206
Other current assets	43	46
Current assets held for sale	2	2
Total current assets	848	627
Property, plant and equipment, net of accumulated depreciation of $438 and $430, respectively	148	152
Goodwill	12	12
Intangible assets, net	36	39
Operating lease right-of-use assets	49	48
Restricted cash	66	53
Other long-term assets	375	317
TOTAL ASSETS	1,534	1,248
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Accounts payable, trade	145	118
Short-term borrowings and current portion of long-term debt	2	2
Current portion of operating leases	18	12
Other current liabilities	144	164
Total current liabilities	309	296
Long-term debt, net of current portion	249	17
Pension and other postretirement liabilities	391	406
Operating leases, net of current portion	43	49
Other long-term liabilities	219	212
Total liabilities	1,211	980
Commitments and Contingencies (Note 8)
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference	193	191
Equity
Common stock, $0.01 par value
Additional paid in capital	1,167	1,152
Treasury stock, at cost	(10)	(9)
Accumulated deficit	(598)	(620)
Accumulated other comprehensive loss	(429)	(446)
Total shareholders’ equity	130	77
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY	1,534	1,248
Convertible Preferred Stock [Member]
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference	$ 193	$ 191

Note 20 - Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021		2020
Net (gain) loss from derivatives not designated as hedging instruments	$	(1	)	$	(1	)	$	2	$	(2	)

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:

Convertible Notes:

	Valuation Date
				February 26,
	June 30,			2021
	2021			(Inception)
Total value of embedded derivative liability ($ millions)	$	10		$	12
Kodak's closing stock price	$	8.32		$	8.62
Expected stock price volatility		51.50	%		70.00	%
Risk free rate		0.86	%		0.80	%
Implied credit spread on the Convertible Notes		17.57	%		18.25	%

Series B Preferred Stock:

	Valuation Date
				February 26,
	June 30,			2021
	2021			(Inception)
Total value of embedded derivative liability ($ millions)	$	1		$	1
Kodak's closing stock price	$	8.32		$	8.62
Expected stock price volatility		51.50	%		70.00	%
Risk free rate		0.86	%		0.80	%
Implied credit spread on the preferred stock		19.07	%		19.75	%

Series C Preferred Stock:

	Valuation Date
				March 30,			February 26,
				2021			2021
	June 30, 2021			(Inception - Final Sale)			(Inception - Initial Sale)
Total value of embedded derivative liability ($ millions)	$	2		$	1		$	1
Kodak's closing stock price	$	8.32		$	8.05		$	8.62
Expected stock price volatility		51.50	%		70.00	%		70.00	%
Risk free rate		0.86	%		0.94	%		0.80	%
Implied credit spread on the preferred stock		21.07	%		21.75	%		21.75	%

Series A Preferred Stock:

	Valuation Date
	February 26,			December 31,
	2021			2020
Total value of embedded derivative liability ($ 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	%
Implied credit spread on the preferred stock		14.02	%		11.97	%

Note 15 - Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Reconciliation of Basic and Diluted Earnings Per Share

A reconciliation of the amounts used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Net income (loss)	$	16		$	(5	)	$	22		$	(116	)
Less: Series B preferred stock cash and deemed dividends		(1	)		—			(2	)		—
Less: Series C preferred stock in-kind and deemed dividends		(2	)		—			(2	)		—
Less: Series A preferred stock cash and deemed dividends		—			(5	)		(3	)		(10	)
Plus: Expiration of Series A preferred stock embedded derivative		—			—			11			—
Net income (loss) available to common shareholders - basic	$	13		$	(10	)	$	26		$	(126	)

Effect of dilutive securities:
Add back: Series B preferred stock cash and deemed dividends	$	1		$	—		$	2			—
Add back: Series C preferred stock cash and deemed dividends		2			—			2			—
Net income (loss) available to common shareholders - diluted	$	16		$	(10	)	$	30		$	(126	)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions of shares)	2021		2020		2021		2020
Weighted average shares — basic		78.5		43.7		78.2		43.7
Effect of dilutive securities
Series B preferred stock		9.5		—		6.5		—
Series C preferred stock		10.0		—		6.4		—
Employee stock options		2.0		—		2.2		—
Unvested restricted stock units		0.6		—		0.6		—
Weighted average shares — diluted		100.6		43.7		93.9		43.7

Consolidated Statement of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Total revenues

^[1]

$ 291

$ 213

$ 556

$ 480

Total cost of revenues

243

192

468

423

Gross profit

Selling, general and administrative expenses

Research and development costs

Restructuring costs and other

Other operating income, net

(6)

(3)

(7)

(10)

Earnings (loss) from operations before interest expense, pension income excluding service cost component, other charges (income), net and income taxes

(19)

(10)

(40)

Interest expense

Pension income excluding service cost component

(26)

(27)

(51)

(53)

Other charges (income), net

(45)

Earnings (loss) from operations before income taxes

(4)

Provision for income taxes

166

Net income (loss)

$ 16

$ (5)

$ 22

$ (116)

Basic net income (loss) per share attributable to Eastman Kodak Company common shareholders

$ 0.17

$ (0.23)

$ 0.33

$ (2.88)

Diluted net income (loss) per share attributable to Eastman Kodak Company common shareholders

$ 0.16

$ (0.23)

$ 0.32

$ (2.88)

Number of common shares used in basic and diluted net income (loss) per share

Basic

78.5

43.7

78.2

43.7

Diluted

100.6

43.7

93.9

43.7

Product [Member]

Total revenues

$ 234

$ 163

$ 443

$ 373

Total cost of revenues

204

159

389

350

Service [Member]

Total revenues

113

107

Total cost of revenues

$ 39

$ 33

$ 79

$ 73

[1]	Sales are reported in the geographic area in which they originate.

Note 13 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision and Effective Tax Rate

Kodak’s income tax provision and effective tax rate were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Earnings (loss) from operations before income taxes	$	19		$	(4	)	$	26		$	50
Effective tax rate		15.8	%		(25.0	)%		15.4	%		332.0	%
Provision for income taxes		3			1			4			166
Provision (benefit) for income taxes at U.S. statutory tax rate		4			(1	)		5			11
Difference between tax at effective vs. statutory rate	$	(1	)	$	2		$	(1	)	$	155

Consolidated Statement of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Allowance for trade receivables	$ 9	$ 10
Property, plant and equipment, accumulated depreciation	$ 438	$ 430
Common stock, par value	$ 0.01	$ 0.01
Convertible Series A Preferred Stock [Member]
Preferred stock, no par value	0	0
Preferred stock, liquidation preference per share	$ 100	$ 100

Note 7 - Summary of Income Recognized on Operating Lease Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease income - operating leases:
Lease income	$ 2	$ 2	$ 4	$ 4
Sublease income				2
Variable lease income	1	1	2	2
Total lease income	$ 3	$ 3	$ 6	$ 8

Note 17 - Shareholders' Equity (Details Textual) - $ / shares	Jun. 30, 2021	Feb. 26, 2021	Dec. 31, 2020
Shareholders Equity [Line Items]
Stock Authorized	560,000,000
Common Stock, Shares Authorized	500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	60,000,000
Preferred Stock, No Par Value	$ 0
Common Stock, Shares, Outstanding	78,500,000		77,200,000
Treasury Stock, Shares	800,000		700,000
Securities Purchase Agreement [Member]
Shareholders Equity [Line Items]
Common stock, shares, issued	1,000,000.0	1,000,000
Series A [Member]
Shareholders Equity [Line Items]
Preferred Stock Shares Outstanding			2,000,000.0
Preferred Stock Shares Issued			2,000,000.0
Series B Preferred Stock [Member]
Shareholders Equity [Line Items]
Preferred Stock Shares Outstanding	1,000,000.0
Preferred Stock Shares Issued	1,000,000.0
Series C Preferred Stock [Member]
Shareholders Equity [Line Items]
Preferred Stock Shares Outstanding	1,000,000.0
Preferred Stock Shares Issued	1,000,000.0

Note 3 - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 115	$ 97
Work in process	62	54
Raw materials	57	55
Total	$ 234	$ 206

Note 19 - Revenues and Loss from Operations (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Segment Reporting Information [Line Items]

Revenues

^[1]

$ 291

$ 213

$ 556

$ 480

Depreciation and amortization

(16)

(20)

Restructuring costs and other

(1)

(8)

Interest expense

(10)

(4)

(14)

(8)

Pension income excluding service cost component

Other (charges) income net

(1)

(8)

(1)

Earnings (loss) from operations before income taxes

(4)

Continuing Operations [Member]

Segment Reporting Information [Line Items]

Revenues

291

213

556

480

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

(7)

(15)

Depreciation and amortization

(8)

(10)

(16)

(20)

Restructuring costs and other

(1)

(8)

Stock based compensation

(1)

(4)

(1)

Consulting and other costs

^[2]

(4)

(1)

(9)

(1)

Idle costs

^[3]

(1)

Other operating income, net, excluding income from transition services agreement

^[4]

Interest expense

^[5]

(10)

(4)

(14)

(8)

Pension income excluding service cost component

^[5]

Other (charges) income net

^[5]

(1)

(8)

(1)

Earnings (loss) from operations before income taxes

(4)

Continuing Operations [Member] | Traditional Printing [Member] | Operating Segments

Segment Reporting Information [Line Items]

Revenues

169

119

317

273

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

Continuing Operations [Member] | Digital Printing [Member] | Operating Segments

Segment Reporting Information [Line Items]

Revenues

126

117

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

(3)

(5)

Continuing Operations [Member] | Advanced Materials and Chemicals [Member] | Operating Segments

Segment Reporting Information [Line Items]

Revenues

100

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

(7)

(3)

(16)

Continuing Operations [Member] | Brand [Member] | Operating Segments

Segment Reporting Information [Line Items]

Revenues

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

Continuing Operations [Member] | All Other [Member] | Operating Segments

Segment Reporting Information [Line Items]

Revenues

$ 5

Earnings (losses) Before Interest, Taxes, Depreciation, and Amortization

$ 1

[1]	Sales are reported in the geographic area in which they originate.
[2]	Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and investigations.
[3]	Consists of costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.
[4]	$2 million and $4 million of income from the transition services agreement with the purchaser of Kodak’s Flexographic Packaging Business was recognized in the three and six months ended June 30, 2020, respectively. No income has been recognized in 2021. The income was reported in Other operating income, net in the Consolidated Statement of Operations. Other operating income, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure.
[5]	As reported in the Consolidated Statement of Operations.

Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8: COMMITMENTS AND CONTINGENCIES

As of June 30, 2021, the Company had outstanding letters of credit of $42 million and $45 million issued under the Amended ABL Credit Agreement and the L/C Facility Agreement, respectively, as well as bank guarantees and letters of credit of $2 million, surety bonds in the amount of $29 million, and restricted cash of $74 million, primarily related to cash collateral for the outstanding letters of credit under the L/C Facility Agreement, to ensure payment of possible casualty and workers’ compensation claims, legal contingencies, hedging activities, environmental liabilities, rental payments and to support various customs, tax and trade activities.

Kodak’s Brazilian operations are involved in various litigation matters in Brazil and have received or been the subject of numerous governmental assessments related to indirect and other taxes in various stages of litigation, as well as civil litigation and disputes associated with former employees and contract labor. The tax matters, which comprise the majority of the litigation matters, are primarily related to federal and state value-added taxes. Kodak’s Brazilian operations are disputing these matters and intend to vigorously defend its position.

Kodak routinely assesses all these matters as to the probability of ultimately incurring a liability in its Brazilian operations and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of June 30, 2021, the unreserved portion of these contingencies, inclusive of any related interest and penalties, for which there was at least a reasonable possibility that a loss may be incurred, amounted to approximately $4 million.

In connection with assessments in Brazil, local regulations may require Kodak’s Brazilian operations to post security for a portion of the amounts in dispute. As of June 30, 2021, Kodak’s Brazilian operations have posted security composed of $3 million of pledged cash reported within Restricted cash in the Consolidated Statement of Financial Position and liens on certain Brazilian assets with a net book value of approximately $45 million. Generally, any encumbrances on the Brazilian assets would be removed to the extent the matter is resolved in Kodak's favor.

On July 28, 2020, the U.S. International Development Finance Corporation (the “DFC”) announced (the “DFC Announcement”) the signing of a non-binding letter of interest to provide a subsidiary of the Company with a potential $765 million loan (the “DFC Loan”) to support the launch of Kodak Pharmaceuticals, an initiative that would manufacture pharmaceutical ingredients for essential generic drugs (the “DFC Pharmaceutical Project”).

On August 13, 2020 Tiandong Tang commenced a class action lawsuit against the Company, its Executive Chairman and Chief Executive Officer and its Chief Financial Officer in Federal District Court in the District of New Jersey, and on August 26, 2020 Jimmie A. McAdams and Judy P. McAdams commenced a class action lawsuit against the Company and its Executive Chairman and Chief Executive Officer in Federal District Court in the Southern District of New York (collectively, the “Securities Class Actions”). The Securities Class Actions seek damages and other relief based on alleged violations of federal securities laws in the context of the DFC Announcement of the potential DFC Loan and DFC Pharmaceutical Project. The Securities Class Actions were transferred to the Federal District Court for the Western District of New York and were consolidated into a single proceeding (the “Consolidated Securities Class Action”) on June 22, 2021. On August 2, 2021, Les Investissements Kiz Inc. and UAT Trading Service, Inc. were appointed by the court to serve as lead plaintiff for the Consolidated Securities Class Action.

On December 29, 2020 Robert Garfield commenced a class action lawsuit against the Company and current and former members of its Board of Directors in the Superior Court of Mercer County, New Jersey seeking equitable relief and damages in favor of the Company based on alleged breaches of fiduciary duty by the Company’s Board of Directors associated with alleged false and misleading proxy statement disclosures (the “Fiduciary Class Action”). The Company and each of the individual defendants filed motions to dismiss the Fiduciary Class Action on April 13, 2021. On May 26, 2021, the plaintiff in the Fiduciary Class Action voluntarily dismissed the Fiduciary Class Action without prejudice.

The Company has also received four requests under New Jersey law demanding, among other things, that the Company take certain actions in response to alleged breaches of fiduciary duty relating to option grants and securities transactions in the context of the DFC Announcement and alleged proxy statement disclosure deficiencies (the “Derivative Demands”). On May 19, 2021 Louis Peters, one of the persons making a Derivative Demand, commenced a derivative lawsuit on behalf of the Company against certain officers and current and former directors of the Company and the Company as a nominal defendant in the Supreme Court of the State of New York in Monroe County seeking damages and equitable relief based on alleged breaches of fiduciary duty and unjust enrichment resulting from stock trades, option grants and a charitable contribution in the context of the DFC Announcement of the potential DFC Loan and DFC Pharmaceutical Project (the “Derivative Lawsuit”). The parties have stipulated that the plaintiff will file an amended complaint, to which the Company and the individual defendants may respond within 60 days after its filing. Additional shareholder derivative lawsuits may be brought based on the other Derivative Demands (any such lawsuits, collectively with the Derivative Lawsuit and any successor to the Fiduciary Class Action, the “Fiduciary Matters”). The Company, acting through a Special Committee of Independent Directors, previously determined that there was no merit to the claims alleged by the Derivative Demands (except with respect to the charitable contribution, which was not fully considered by the Special Committee). See the Company’s Current Report on Form 8-K filed with the SEC on September 16, 2020.

The DFC Announcement has also prompted investigations by several congressional committees, the SEC and the New York Attorney General’s office.

As previously reported, the Attorney General of the State of New York (the “NYAG”) has threatened to file a lawsuit against the Company and its Chief Executive Officer alleging violations of New York State’s Martin Act (the “Threatened Claim”). In connection with the Threatened Claim, on June 1, 2021 the NYAG filed an ex parte application in the Supreme Court of the State of New York in New York County seeking additional document production and the taking of investigative testimony of the Company’s Chief Executive Officer and General Counsel. This ex parte application was granted on June 15, 2021, as expected. The Company is producing the documents pursuant to the court order granting the application and intends to make its officers available to give testimony as required by such order. The Company intends to vigorously defend itself against the Threatened Claim should it be filed.

The Securities Class Actions, Fiduciary Matters and investigations by several congressional committees, the SEC and the New York Attorney General’s office pertaining to the DFC Announcement remain ongoing. The Company intends to vigorously defend itself against the Securities Class Actions and Fiduciary Matters and is cooperating in the investigations related to the DFC Announcement.

Kodak is involved in various lawsuits, claims, investigations, remediations and proceedings, including, from time to time, commercial, customs, employment, environmental, tort and health and safety matters, which are being handled and defended in the ordinary course of business. Kodak is also subject, from time to time, to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of Kodak’s products and claims arising out of Kodak’s licensing its brand. These matters are in various stages of investigation and litigation and are being vigorously defended. Based on information currently available, Kodak does not believe that it is probable that the outcomes in any of these matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations. Litigation is inherently unpredictable, and judgments could be rendered or settlements entered that could adversely affect Kodak’s operating results or cash flows in a particular period. Kodak routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable.

Note 9 - Guarantees (Details Textual)	6 Months Ended
Note 9 - Guarantees (Details Textual)	Jun. 30, 2021 USD ($) a
Warranty Arrangements Period [Member]
Guarantee Obligations [Line Items]
Extended Warranty Period	1 year
Amended Eastman Business Park Settlement Agreement [Member]
Guarantee Obligations [Line Items]
Accrual for Environmental Loss Contingencies	$ 0
Maximum [Member]
Guarantee Obligations [Line Items]
Environmental Settlement Historical Liabilities Trigger Amount	$ 99,000,000
Percentage of Liability Above 99 Million	50.00%
Extended Warranty Period	6 years
Minimum [Member]
Guarantee Obligations [Line Items]
Extended Warranty Period	3 months
Eastman Business Park [Member] \| Minimum [Member]
Guarantee Obligations [Line Items]
Area of Real Estate Property \| a	1,200

Note 18 - Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Changes in Other Comprehensive Income (Loss), by Component

The changes in Other comprehensive income (loss), by component, were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2021			2020			2021			2020
Currency translation adjustments	$	4		$	(4	)	$	3		$	(16	)
Pension and other postretirement benefit plan changes
Newly established net actuarial (loss) gain		—			5			(1	)		6
Tax Provision		—			—			—			—
Newly established net actuarial (loss) gain, net of tax		—			5			(1	)		6
Reclassification adjustments:
Amortization of prior service credit ⁽¹⁾		(2	)		(2	)		(4	)		(4	)
Amortization of actuarial losses ⁽¹⁾		10			5			19			10
Recognition of losses (gains) due to curtailments and settlements		—			1			—			1
Total reclassification adjustments		8			4			15			7
Tax provision		—			—			—			(1	)
Reclassification adjustments, net of tax		8			4			15			6
Pension and other postretirement benefit plan changes, net of tax		8			9			14			12
Other comprehensive income (loss)	$	12		$	5		$	17		$	(4	)

⁽¹⁾

^{Reclassified to Total Net Periodic Benefit Cost - refer to Note 14, "Retirement Plans and Other Postretirement Benefits".}

Note 9 - Guarantees (Tables)

6 Months Ended

Jun. 30, 2021

Guarantees [Abstract]

Deferred Revenue, by Arrangement

(in millions)
Deferred revenue on extended warranties as of December 31, 2020	$	19
New extended warranty and maintenance arrangements deferred		45
Recognition of extended warranty and maintenance arrangement revenue		(45	)
Deferred revenue on extended warranties as of June 30, 2021	$	19

Note 5 - Debt And Finance Leases

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt and Finance Leases

NOTE 5: DEBT AND FINANCE LEASES

Debt and finance leases and related maturities and interest rates were as follows at June 30, 2021 and December 31, 2020:

(in millions)	Type	Maturity	Weighted-Average Effective Interest Rate	June 30, 2021		December 31, 2020
Current portion:
	RED-Rochester, LLC	2033	11.46%	$	1	$	1
	Finance leases	Various	Various		1		1
					2		2
Non-current portion:
	Term note	2026	13.91%		219		—
	Convertible debt	2026	17.28%		14		—
	RED-Rochester, LLC	2033	11.46%		12		12
	Finance leases	Various	Various		3		3
	Other debt	Various	Various		1		2
					249		17
				$	251	$	19

Annual maturities of debt and finance leases outstanding at June 30, 2021 were as follows:

	Carrying Value		Maturity Value
Q3 -Q4 2021	$	1	$	1
2022		2		2
2023		1		1
2024		1		1
2025		1		1
2026 and thereafter		245		319
Total	$	251	$	325

Term Loan Credit Agreement

On February 26, 2021, the Company entered into a Credit Agreement (the “Term Loan Credit Agreement”) with certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) as lenders (the “Term Loan Lenders”) and Alter Domus (US) LLC, as administrative agent. Pursuant to the Term Loan Credit Agreement, the Term Loan Lenders provided the Company with (i) an initial term loan in the amount of $225 million, which was drawn in full on the same date, and (ii) a commitment to provide delayed draw term loans in an aggregate principal amount of up to $50 million on or before February 26, 2023 (collectively, the “Term Loans”). Net proceeds from the Term Loan Credit Agreement were $215 million ($225 million aggregate principal less $10 million in debt transaction costs). The Term Loans have a five-year maturity and are non-amortizing.

The Term Loans bear interest at a rate of 8.5% per annum payable quarterly in cash and 4.0% per annum Paid-In-Kind interest (“PIK”) or in cash quarterly, at the Company’s option, for an aggregate interest rate of 12.5% per annum. The Company elected the 4.0% per annum in PIK which is being added to the carrying value of the debt through the term and interest expense will be recorded using the effective interest method. The Term Loans are guaranteed by the Company and certain of its domestic subsidiaries (the “Subsidiary Guarantors”), and are secured by (i) a first priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) not constituting ABL Priority Collateral or L/C Cash Collateral (see below for definitions of ABL Priority Collateral and L/C Cash Collateral), including 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries (the “Term Loan Priority Collateral”) and (ii) a third priority lien on the ABL Priority Collateral and L/C Cash Collateral. The Term Loan Credit Agreement limits, among other things, the ability of the Company and its Restricted Subsidiaries (as defined in the Term Loan Credit Agreement) to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments, and also contains customary affirmative covenants including delivery of certain of the Company’s financial statements set forth therein. The Term Loan Credit Agreement does not include a financial maintenance covenant.

Board Rights Agreement

On February 26, 2021, in connection with the execution of the Term Loan Credit Agreement, the Company entered into a letter agreement with KLIM (the “Board Rights Agreement”). Pursuant to the Board Rights Agreement, the Company’s Board of Directors (“Board”) appointed an individual designated by KLIM as a member of the Board effective April 1, 2021. The individual appointed was elected to serve a one-year term at the annual meeting on May 19, 2021. KLIM has the right to nominate one (1) director at each annual or special meeting of the Company’s shareholders until the third anniversary of the execution of the Board Rights Agreement or until KLIM ceases to hold at least 50% of the original principal amount of the Term Loans and commitments under the Term Loan Credit Agreement, whichever is earlier.

Until KLIM ceases to hold at least 50% of the original principal amount of the Term Loans and commitments under the Term Loan Credit Agreement, at any time that KLIM’s designated director is not serving on the Board, KLIM will have the right to designate a non-voting observer to the Board. Such observer will have the right to attend meetings of the Board and, under certain circumstances, committees and subcommittees of the Board and to receive information and materials made available to the Board, in each case, subject to certain restrictions and exceptions.

Securities Purchase Agreement

On February 26, 2021, the Company and the Term Loan Lenders (the “Buyers”), entered into a Securities Purchase Agreement (the

“Securities Purchase Agreement”) pursuant to which the Company sold to the Buyers (i) an aggregate of 1,000,000 shares (the “Purchased Shares”) of the Company’s common stock (“Common Stock”) for a purchase price of $10.00 in cash per share for an aggregate purchase price of $10 million and (ii) $25 million aggregate principal amount of the Company’s newly issued 5.0% unsecured convertible promissory notes due May 28, 2026 (the “Convertible Notes”) in a private placement transaction. The issuance and sale of the Purchased Shares and Convertible Notes were consummated on February 26, 2021.

Convertible Notes

The Convertible Notes bear interest at a rate of 5.0% per annum, which will be payable in cash on the maturity date and in additional shares of Common Stock on any conversion date. The payment of interest only at the maturity date has the same effect as delivering additional debt instruments to the Holders of the Convertible Notes and therefore is considered PIK. Therefore, PIK will be added to the carrying value of the debt through the term and interest expense will be recorded using the effective interest method. The maturity date of the Convertible Notes is May 28, 2026.

Conversion Features

The Buyers will have the right to elect at any time to convert the Convertible Notes into shares of Common Stock at an initial conversion rate equal to 100 shares of Common Stock per each $1,000 principal amount of the Convertible Notes (based on an initial conversion price equal to $10.00 per share of Common Stock). The conversion rate and conversion price will be subject to certain customary anti-dilution adjustments.

If the closing price of the Common Stock equals or exceeds $14.50 (subject to adjustment in the same manner as the conversion price) for 45 trading days within any period of 60 consecutive trading days, the Company will have the right to cause the mandatory conversion of the Convertible Notes into shares of Common Stock.

In the event of certain fundamental transactions, the Buyers will have the right, within a period of 30 days following the occurrence of such transaction (“Holder Fundamental Transaction Election Period”), to elect to either require prepayment of the Convertible Notes at par plus accrued and unpaid interest or convert all or a portion of the Convertible Notes into shares of Common Stock at the conversion rate then in effect plus any additional shares based on the price per share of Common Stock in connection with the fundamental transaction, or to receive the shares of a successor entity, if any.

Embedded Derivatives

The Convertible Notes were considered more akin to a debt-type instrument and the economic characteristics and risks of the embedded conversion features are not considered clearly and closely related to the Convertible Notes. Accordingly, these embedded features were bifurcated from the Convertible Notes and separately accounted for on a combined basis at fair value as a single derivative liability. Kodak allocated $12 million of the net proceeds received to a derivative liability based on the aggregate fair value of the embedded features on the date of issuance which reduced the net carrying value of the Convertible Notes. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other charges (income), net in the Consolidated Statement of Operations. The fair value of the Convertible Notes embedded derivative as of June 30, 2021 was a liability of $10 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 20, “Financial Instruments” for information on the valuation of the derivative.

The carrying value of the Convertible Notes at the time of issuance and at June 30, 2021 was $13 million ($25 million aggregate gross proceeds less $12 million allocated to the derivative liability). The estimated fair value of the Convertible Notes as of June 30, 2021 was $25 million (Level 3). The carrying value is being accreted to the aggregate principal amount using the effective interest method from the date of issuance through the maturity date.

Securities Registration Rights Agreement

On February 26, 2021, the Company and the Buyers entered into a Registration Rights Agreement (the “Securities Registration Rights Agreement”) providing the Buyers with registration rights in respect of the Purchased Shares and the Common Stock issuable upon conversion of the Convertible Notes. The Securities Registration Rights Agreement contains other customary terms and conditions, including certain customary indemnification obligations; however, the Securities Registration Rights Agreement does not obligate the Company to facilitate an underwritten offering of the registered Common Stock by the Buyers.

Amended and Restated ABL Credit Agreement

On February 26, 2021, the Company and the Subsidiary Guarantors entered into an amendment to the Amended and Restated Credit Agreement, dated as of May 26, 2016, among the Company, the Subsidiary Guarantors, the lenders party thereto, Bank of America, N.A., as agent (the “Agent”), and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as arrangers (the “ABL Credit Agreement” and, as amended by the Amended ABL Credit Agreement, the “Amended ABL Credit Agreement”), with the Agent and the Required Lenders. Each of the capitalized and undefined terms has the meaning ascribed to such term in the ABL Credit Agreement.

The Amended ABL Credit Agreement amends the ABL Credit Agreement to, among other things, (i) extend the maturity date to February 26, 2024 or the date that is 90 days prior to the earliest scheduled maturity date or mandatory redemption date of any of the Company’s Term Loan Credit Agreement, Convertible Notes, Series B Preferred Stock, Series C Preferred Stock or any refinancings of any of the foregoing and (ii) decrease the aggregate amount of commitments from $110 million to $90 million. Commitments under the Amended ABL Credit Agreement continue to be able to be used in the form of revolving loans or letters of credit. The Company had issued approximately $42 million letters of credit under the Amended ABL Credit Agreement as of June 30, 2021 and $90 million letters of credit under the ABL Credit Agreement as of December 31, 2020.

The revolving loans bear interest at the rate of LIBOR plus 3.50%-4.00% per annum (subject to provisions providing for a replacement benchmark rate upon the discontinuation of LIBOR) or a floating Base Rate (as defined in the Amended ABL Credit Agreement) plus 2.50%-3.00% per annum, based on Excess Availability (as defined in the Amended ABL Credit Agreement). The Company will pay an unused line fee of 37.5-50 basis points per annum, depending on whether the unused portion of the maximum amount available is less than or equal to 50% or greater than 50%, respectively. The Company will pay a letter of credit fee of 3.50%-4.00% per annum, based on Excess Availability, on issued and outstanding letters of credit, in addition to a fronting fee of 25 basis points on such letters of credit.

Obligations under the Amended ABL Credit Agreement continue to be secured by: (i) a first priority lien on assets of the Company and the Subsidiary Guarantors constituting cash (other than L/C Cash Collateral, as defined below), accounts receivable, inventory, machinery and equipment and certain other assets (the “ABL Priority Collateral”) and (ii) a second priority lien on substantially all assets of the Company and the Subsidiary Guarantors (subject to certain exceptions) other than the ABL Priority Collateral, including the L/C cash collateral and 100% of the stock of material U.S. subsidiaries and 65% of the stock of material foreign subsidiaries.

The Amended ABL Credit Agreement continues to limit, among other things, the ability of the Company and its Restricted Subsidiaries (as defined in the Amended ABL Credit Agreement) to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) make restricted payments and (v) make investments. The Amended ABL Credit Agreement leaves in place customary affirmative covenants, including delivery of certain of the Company’s financial statements set forth therein.

Under the Amended ABL Credit Agreement the Company is required to maintain Minimum Liquidity of at least $80 million, which is tested at the end of each quarter. Minimum Liquidity was $274 million at June 30, 2021. If Minimum Liquidity falls below $80 million an Event of Default would occur and the Agent has the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the Amended ABL Credit Agreement to be due and payable.

Under the Amended ABL Credit Agreement the Company is required to maintain Excess Availability above 12.5% of lender commitments ($11.25 million and $13.75 million as of June 30, 2021 and December 31, 2020, respectively), which is tested at the end of each month. Excess Availability was $39 million and $20 million as of June 30, 2021 and December 31, 2020, respectively. If Excess Availability falls below 12.5% of lender commitments a Fixed Charge Coverage Ratio Trigger Event would occur. During any Fixed Charge Coverage Ratio Trigger Event, the Company would be required to maintain a Fixed Charge Coverage Ratio of greater than or equal to 1.0 to 1.0. If Excess Availability falls below 12.5% of lender commitments, Kodak may, in addition to the requirement to be in compliance with the minimum Fixed Charge Coverage Ratio, become subject to cash dominion control. Since Excess Availability was greater than 12.5% of lender commitments at June 30, 2021 and December 31, 2020, Kodak was not required to have a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0. The Amended ABL Credit Agreement also removed Eligible Cash from the Borrowing Base. Therefore, amounts funded into the Eligible Cash account will no longer increase Excess Availability for purposes of compliance reporting. As of December 31, 2020, to maintain Excess Availability of greater than 12.5% of lender commitments, Kodak funded $35 million to the Eligible Cash account held with the ABL Credit Agreement Administrative Agent, which was classified as Restricted Cash in the Consolidated Statement of Financial Position.

If Excess Availability falls below 12.5% of lender commitments and the Fixed Charge Coverage Ratio is less than 1.0 to 1.0, an Event of Default would occur and the Agent has the right to declare the obligation of each Lender to make Revolving Loans and of the Issuing Banks to issue Letters of Credit to be terminated, and declare the Revolving Loans, all interest thereon and all other amounts payable under the Amended ABL Credit Agreement to be due and payable.

Letter of Credit Facility Agreement

On February 26, 2021, the Company and the Subsidiary Guarantors entered into a Letter of Credit Facility Agreement (the “L/C Facility Agreement”, and together with the Term Loan Credit Agreement and the Amended ABL Credit Agreement the “Credit Agreements”) among the Company, the Subsidiary Guarantors, the lenders party thereto (the “L/C Lenders”), Bank of America, N.A., as agent, and Bank of America, N.A., as issuing bank. Pursuant to the L/C Facility Agreement, the L/C Lenders committed to issue letters of credit on the Company’s behalf in an aggregate amount of up to $50 million, provided that the Company posts cash collateral in an amount greater than or equal to 103% of the aggregate amount of letters of credit issued and outstanding at any given time (the “L/C Cash Collateral”).

The term of the L/C Facility Agreement is three years, subject to the same automatic springing maturity as the Amended ABL Credit Agreement. The Company had issued approximately $45 million letters of credit under the L/C Facility Agreement as of June 30, 2021. The current balance on deposit in the L/C Cash Collateral account is approximately $46 million, of which $14 million was deposited into the L/C Cash Collateral account from proceeds of the financing transactions described herein and the remainder of which was cash collateral previously used to secure letters of credit under the ABL Credit Agreement. The L/C Facility Agreement has the same requirement to maintain Minimum Liquidity of $80 million as is contained in the Amended ABL Credit Agreement.

Note 10 - Disaggregated Revenue - Geography (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

$ 291

$ 213

$ 556

$ 480

Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

169

119

317

273

Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

126

117

Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

100

Brand [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

All Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

U.S. [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

106

202

178

U.S. [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

U.S. [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

U.S. [Member] | Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

U.S. [Member] | Brand [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

U.S. [Member] | All Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Canada [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Canada [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Canada [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Canada [Member] | Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

North America [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

113

214

188

North America [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

North America [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

North America [Member] | Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

North America [Member] | Brand [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

North America [Member] | All Other [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Europe, Middle East and Africa [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

103

193

164

Europe, Middle East and Africa [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

144

117

Europe, Middle East and Africa [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Europe, Middle East and Africa [Member] | Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Asia Pacific [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

133

112

Asia Pacific [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Asia Pacific [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Asia Pacific [Member] | Advanced Materials and Chemicals [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Latin America [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Latin America [Member] | Traditional Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

Latin America [Member] | Digital Printing [Member]

Disaggregation Of Revenue [Line Items]

Total sales

^[1]

$ 1

$ 2

[1]	Sales are reported in the geographic area in which they originate.

Note 19 - Segment Information (Details Textual) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($) a
Segment Reporting Information [Line Items]
Decrease in employee benefit reserves	$ (3)
Gross Profit [Member]
Segment Reporting Information [Line Items]
Decrease in employee benefit reserves	(2)
Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Decrease in employee benefit reserves	$ (1)
Eastman Business Park [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Area of Real Estate Property \| a	1,200

Note 10 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Note 10 - Revenue (Details Textual) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 61		$ 61		$ 64
Revenue recognized, contract liabilities	6	$ 5	31	$ 31
Contract with customer, cash payments received for liabilities that have been deferred	22	$ 19	26	$ 21
Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract assets	2		2		2
Other Current Liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities, current	45		45		47
Other Long-Term Liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities, non-current	$ 16		$ 16		$ 17

Note 20 - Financial Instruments (Details Textual) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 26, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value		$ 277		$ 277		$ 17
Forward Contracts [Member]
Gross fair value of foreign currency in an asset position		1		1		1
Gross fair value of foreign currency in a liability position		1		1		0
Series A [Member]
Stock repurchased	1,000,000
Preferred stock, number of shares exchanged	1,000,000
Series A [Member] \| Other Charges (income) Net [Member]
Net expense	$ 2
Series B Preferred Stock [Member]
Preferred stock, number of shares exchanged	1,000,000
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Asset, Notional Amount		330		330		$ 361
Designated as Hedging Instrument [Member]
Derivatives Hedging Instruments		$ 0	$ 0	$ 0	$ 0