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KODK > SEC Filings for KODK > Form 8-K on 30-Jul-2014All Recent SEC Filings

Show all filings for EASTMAN KODAK CO

Form 8-K for EASTMAN KODAK CO


30-Jul-2014

Regulation FD Disclosure


Item 7.01 Regulation FD Disclosure.

On July 30, 2014, Eastman Kodak Company (the Company) announced changes that it will implement to the Kodak Retirement Income Plan (KRIP) and the Eastman Kodak Employees' Savings and Investment Plan (SIP), effective January 1, 2015.

Currently, under KRIP, participants accrue a benefit pursuant to a traditional pension formula, which is based upon average participating compensation and years of service, or a cash balance formula, which is calculated based upon a credit equal to 4% of monthly compensation and 1/12th of the annual interest rate on 30-year Treasury securities. Effective January 1, 2015, participants in the traditional pension formula will participate in the cash balance formula and will be eligible for a benefit equal to the sum of the pre-2015 traditional benefit and the post-2014 cash balance benefit. In addition, credits under the cash balance formula will increase from 4% of monthly compensation to 7% of monthly compensation, and the matching contribution that the Company provides under SIP will be eliminated. Monthly interest credits will continue to be made to the cash balance accrual based upon 1/12th of the annual interest rate on Treasury securities.

The Company expects these changes to KRIP and SIP to result in a reduction in the Company's projected benefit obligation related to KRIP of approximately $55 million and a reduction in 2015 expense of approximately $12 million.

CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This document includes "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include statements concerning the Company's plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs, business trends, and other information that is not historical information. When used in this document, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts," "forecasts," or future or conditional verbs, such as "will," "should," "could," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management's examination of historical operating trends and data are based upon the Company's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks and uncertainties described in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 under the headings "Business," "Risk Factors," and/or "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources," and those described in other filings the Company makes with the SEC from time to time, as well as the following: the Company's ability to improve and sustain its operating structure, financial results and profitability; the ability of the Company to achieve cash forecasts, financial projections, and projected growth; our ability to achieve the financial and operational results contained in our business plans; the ability of the Company to discontinue or sell certain non-core businesses or operations; the Company's ability to comply with the covenants in its credit facilities; our ability to obtain additional financing if and as needed; any potential adverse effects of the Chapter 11 proceedings on the Company's brand or business prospects; the Company's ability to fund continued investments, capital needs, restructuring payments and service its debt; changes in foreign currency exchange rates, commodity prices and interest rates; the resolution of claims against the Company; our ability to attract and retain key executives, managers and employees; our ability to maintain product reliability and quality and growth in relevant markets; our ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; and the impact of the global economic environment on the Company. There may be other factors that may cause the Company's actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this report on Form 10-Q and are expressly qualified in their entirety by the cautionary statements included in this document. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.


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