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STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Reconciliation of the changes in stockholders' equity | Reconciliations of the changes in stockholders' equity for first quarter 2021 and 2020 are provided below:
(Dollars in millions, except per share amount) | Common Stock at Par Value |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock at Cost |  | Total Eastman Stockholders' Equity |  | Noncontrolling Interest |  | Total Equity
Balance at December 31, 2020 | $ | 2 |  |  | $ | 2,174 |  |  | $ | 8,080 |  |  | $ | (273) |  |  | $ | (3,960) |  |  | $ | 6,023 |  |  | $ | 85 |  |  | $ | 6,108 |
Net Earnings | — |  |  | — |  |  | 274 |  |  | — |  |  | — |  |  | 274 |  |  | 3 |  |  | 277 |
Cash Dividends Declared (1) ($0.69 per share) | — |  |  | — |  |  | (94) |  |  | — |  |  | — |  |  | (94) |  |  | — |  |  | (94) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 25 |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
Share Based Compensation Expense (2) | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
Stock Option Exercises | — |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Other (3) | — |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (15) |  |  | (1) |  |  | (16) |
Share Repurchase | — |  |  | — |  |  | — |  |  | — |  |  | (40) |  |  | (40) |  |  | — |  |  | (40) |
Distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Balance at March 31, 2021 | $ | 2 |  |  | $ | 2,219 |  |  | $ | 8,260 |  |  | $ | (248) |  |  | $ | (4,000) |  |  | $ | 6,233 |  |  | $ | 86 |  |  | $ | 6,319 |
(Dollars in millions, except per share amount) | Common Stock at Par Value |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock at Cost |  | Total Eastman Stockholders' Equity |  | Noncontrolling Interest |  | Total Equity
Balance at December 31, 2019 | $ | 2 |  |  | $ | 2,105 |  |  | $ | 7,965 |  |  | $ | (214) |  |  | $ | (3,900) |  |  | $ | 5,958 |  |  | $ | 74 |  |  | $ | 6,032 |
Net Earnings | — |  |  | — |  |  | 258 |  |  | — |  |  | — |  |  | 258 |  |  | 2 |  |  | 260 |
Cash Dividends Declared (1) ($0.66 per share) | — |  |  | — |  |  | (90) |  |  | — |  |  | — |  |  | (90) |  |  | — |  |  | (90) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Share Based Compensation Expense (2) | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Other (3) | — |  |  | (11) |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | (1) |  |  | (12) |
Share Repurchase | — |  |  | — |  |  | — |  |  | — |  |  | (30) |  |  | (30) |  |  | — |  |  | (30) |
Balance at March 31, 2020 | $ | 2 |  |  | $ | 2,109 |  |  | $ | 8,133 |  |  | $ | (197) |  |  | $ | (3,930) |  |  | $ | 6,117 |  |  | $ | 75 |  |  | $ | 6,192 |
(1)Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2)Share-based compensation expense is based on the fair value of share-based awards. (3)Additional paid-in capital includes value of shares withheld for employees' taxes on vesting of share-based compensation awards.
Accumulated Other Comprehensive Income (Loss) |
(Dollars in millions) | Cumulative Translation Adjustment |  | Benefit Plans Unrecognized Prior Service Credits |  | Unrealized Gains (Losses) on Derivative Instruments |  | Unrealized Losses on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019 | $ | (264) |  |  | $ | 106 |  |  | $ | (55) |  |  | $ | (1) |  |  | $ | (214) |
Period change | (29) |  |  | (19) |  |  | (11) |  |  | — |  |  | (59) |
Balance at December 31, 2020 | (293) |  |  | 87 |  |  | (66) |  |  | (1) |  |  | (273) |
Period change | 2 |  |  | (7) |  |  | 30 |  |  | — |  |  | 25 |
Balance at March 31, 2021 | $ | (291) |  |  | $ | 80 |  |  | $ | (36) |  |  | $ | (1) |  |  | $ | (248) |
Schedule of components of comprehensive income (loss) before tax and net of tax effects | Components of other comprehensive income recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects:
| First Quarter
| 2021 |  | 2020
(Dollars in millions) | Before Tax |  | Net of Tax |  | Before Tax |  | Net of Tax
Other comprehensive income (loss) |  |  |  |  |  |  |
Change in cumulative translation adjustment | $ | 2 |  |  | $ | 2 |  |  | $ | 19 |  |  | $ | 19 |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (9) |  |  | (7) |  |  | (10) |  |  | (7) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | 33 |  |  | 25 |  |  | 10 |  |  | 7 |
Reclassification adjustment for (gains) losses included in net income, net | 7 |  |  | 5 |  |  | (3) |  |  | (2) |
Total other comprehensive income (loss) | $ | 33 |  |  | $ | 25 |  |  | $ | 16 |  |  | $ | 17 |

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e526-108580 + Details
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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644 + Details
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