Kodak 2014 Annual Report Download - page 100

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NOTE 17: OTHER POSTRETIREMENT BENEFITS
The Company provided U.S. medical, dental, life insurance, and survivor income benefits to eligible retirees, long-term disability recipients and their spouses,
dependents and survivors. Generally, to be eligible for these benefits, former employees leaving the Company prior to January 1, 1996 were required to be 55 years
of age with ten years of service or their age plus years of service must have equaled or exceeded 75. For those leaving the Company after December 31, 1995,
former employees must be 55 years of age with ten years of service or have been eligible as of December 31, 1995. These benefits are paid from the general assets
of the Company as they are incurred.
The Company's subsidiaries in Canada and the U.K. offer similar postretirement benefits.
On November 7, 2012, the Bankruptcy Court entered an order approving a settlement agreement between the Debtors and the Retiree Committee appointed by the U.S.
Trustee which eliminated or reduced certain retiree benefits under the U.S. plan. The Company also eliminated all postretirement benefits for active employees in the U.S.
The measurement date used to determine the net benefit obligation for Kodak's other postretirement benefit plans is December 31.
Changes in Kodak’s benefit obligation and funded status for the U.S., Canada and U.K. other postretirement benefit plans were as follows:
Amounts recognized in the Consolidated Statement of Financial Position for the Company's U.S., Canada and U.K. plans consist of:
Successor
Predecessor
(in millions)
Year Ended
December 31,
2014
Four Months
Ended
December 31,
2013
Eight Months
Ended
August 31,
2013
Net benefit obligation at beginning of period
$
95
$
98
$
152
Interest cost
4
1
3
Plan participants
’
contributions
9
5
10
Actuarial (gain) loss
2
(2
)
(49
)
Benefit payments
(18
)
(7
)
(14
)
Currency adjustments
(6
)
-
(4
)
Net benefit obligation at end of period
$
86
$
95
$
98
Underfunded status at end of period
$
(86
)
$
(95
)
$
(98
)
As of December 31,
(in millions)
2014
2013
Other current liabilities
$
(8
)
$
(10
)
Pension and other postretirement liabilities
(78
)
(85
)
$
(86
)
$
(95
)
97