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	%