Company: KODK
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040256
Chunk: 265

Company: EASTMAN KODAK CO
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 265
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 Chinese renminbi and Japanese yen. The net effect of foreign currency forward contracts in the results of operations is shown in the following table: 

        Year Ended December 31,

        (in millions)
         
        2024

        2023

        2022

        Net loss from derivatives not designated as hedging instruments
         
        $
        13

        $
        12

        $
        16

       Kodak had no derivatives designated as hedging instruments for the years ended December 31, 2024 and 2023. Kodak’s derivative counterparties are high-quality investment or commercial banks with significant experience with such instruments. Kodak manages exposure to counterparty credit risk by requiring specific minimum credit standards and diversification of counterparties. Kodak has procedures to monitor the credit exposure amounts. The maximum credit exposure at December 31, 2024 was not significant to Kodak.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. Fair ValueFair 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 

83

liability position are reported in Other current liabilities in the Consolidated Statement of Financial Position. The gross fair value of foreign currency forward contracts in an asset position as of December 31, 2024 and 2023 was $0 million and $3 million, respectively. The gross fair value of the foreign currency forward contracts in a liability position as of December 31, 2024 was $3 million. There were no foreign currency forward contracts in a liability position as of December 31, 2023.

The fair values of long-term borrowings were $436 million and $396 million at December 31, 2024 and 2023, respectively. Fair values of long-term borrowings (Level 2