v3.26.1
Note 15 - Retirement Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement Plans

NOTE 15: RETIREMENT PLANS

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

(in millions)

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

Major defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

3

 

 

$

1

 

 

$

—

 

 

$

1

 

 

$

7

 

 

$

1

 

 

$

3

 

 

$

1

 

Interest cost

 

 

—

 

 

 

4

 

 

 

24

 

 

 

4

 

 

 

—

 

 

 

8

 

 

 

51

 

 

 

8

 

Expected return on plan
    assets

 

 

(5

)

 

 

(4

)

 

 

(41

)

 

 

(5

)

 

 

(10

)

 

 

(8

)

 

 

(86

)

 

 

(10

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

—

 

Actuarial loss (gain)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

(7

)

 

 

1

 

Net pension (income)
   expense before special
   termination benefits

 

 

(2

)

 

 

1

 

 

 

(14

)

 

 

—

 

 

 

(3

)

 

 

2

 

 

 

(33

)

 

 

—

 

Special termination
   benefits (1)

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

Net pension (income) expense from major plans

 

 

(2

)

 

 

1

 

 

 

(13

)

 

 

—

 

 

 

(3

)

 

 

2

 

 

 

(31

)

 

 

—

 

Other plans

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

Total net pension (income)
   expense

 

$

(2

)

 

$

1

 

 

$

(10

)

 

$

—

 

 

$

(3

)

 

$

2

 

 

$

(28

)

 

$

—

 

 

(1) 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.

On January 21, 2025, the Board of Directors of Kodak approved the termination of the Kodak Retirement Income Plan (“KRIP”), effective March 31, 2025, and no further benefits were accrued under KRIP following this date. In addition, the Board of Directors approved a defined benefit retirement plan (the “Kodak Cash Balance Plan”) as a replacement for KRIP which became effective on March 1, 2025 for new hires and on April 1, 2025 for then current employees. The benefits under the Kodak Cash Balance Plan are substantially the same as those under the cash balance feature of KRIP. On November 26, 2025, all pension obligations under KRIP were fully settled and the excess pension assets were reverted to the Company.