XML 15 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Sales $ 2,621 $ 2,419 $ 5,228 $ 4,722
Cost of sales 1,917 1,789 3,943 3,487
Gross profit 704 630 1,285 1,235
Selling, general and administrative expenses 189 181 379 360
Research and development expenses 60 58 116 115
Asset impairments and restructuring charges, net 4 0 6 0
Other components of post-employment (benefit) cost, net (30) (30) (60) (58)
Other (income) charges, net (10) 1 (56) (3)
Earnings before interest and taxes 491 420 900 821
Net interest expense 61 61 120 121
Earnings before income taxes 430 359 780 700
Provision for income taxes 84 65 144 127
Net earnings 346 294 636 573
Less: Net earnings attributable to noncontrolling interest 2 2 2 3
Net earnings attributable to Eastman $ 344 $ 292 $ 634 $ 570
Basic earnings per share attributable to Eastman        
Basic earnings per share attributable to Eastman $ 2.42 $ 2.01 $ 4.45 $ 3.91
Diluted earnings per share attributable to Eastman        
Diluted earnings per share attributable to Eastman $ 2.39 $ 2.00 $ 4.39 $ 3.89
Comprehensive Income        
Net earnings including noncontrolling interest $ 346 $ 294 $ 636 $ 573
Other comprehensive income (loss), net of tax:        
Change in cumulative translation adjustment (34) 36 (7) 43
Defined benefit pension and other postretirement benefit plans:        
Amortization of unrecognized prior service credits (8) (6) (15) (13)
Derivatives and hedging:        
Unrealized gain (loss) during period 64 (18) 41 (39)
Reclassification adjustment for (gains) losses included in net income, net (3) 8 (3) 4
Total other comprehensive income (loss), net of tax 19 20 16 (5)
Comprehensive income including noncontrolling interest 365 314 652 568
Less: Net earnings attributable to noncontrolling interest 2 2 2 3
Comprehensive income attributable to Eastman 363 312 650 565
Retained Earnings        
Retained earnings at beginning of period 7,026 5,925 6,802 5,721
Cumulative effect adjustment resulting from adoption of new accounting standards 0 0 16 0
Net earnings attributable to Eastman 344 292 634 570
Cash dividends declared (78) (75) (160) [1] (149)
Retained earnings at end of period $ 7,292 $ 6,142 $ 7,292 $ 6,142
[1] Cash dividends declared includes cash dividends paid and dividends declared but unpaid.