XML 38 R21.htm IDEA: XBRL DOCUMENT
v3.22.1

Discontinued Operations and Disposal Groups | 3 Months Ended
--- | ---
Mar. 31, 2022
Divestitures and Business Held for Sale [Abstract] |
Business Held for Sale | DIVESTITURE AND BUSINESS HELD FOR SALE Divestiture On November 1, 2021, the Company and certain of its subsidiaries completed the sale of its rubber additives (including Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines and related assets and technology of the global tire additives business ("rubber additives") of its Additives & Functional Products ("AFP") segment. The sale did not include the Eastman Impera™ and other performance resins product lines of the tire additives business. The Company is providing certain business transition and post-closing services to the buyer on agreed terms. The business was not reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results. The total estimated consideration, after estimates of contingent consideration and post-closing adjustments and ongoing agreements through October 2027, was $687 million. The additional amount of consideration of up to $75 million is to be paid based on performance of divested rubber additives through December 2023. The divestiture resulted in a $552 million loss (including cumulative translation adjustment liquidation of $23 million and certain costs to sell of $10 million). The major classes of divested assets and liabilities as of the date of the divestiture were as follows:
(Dollars in millions) |
Assets divested |
Trade receivables, net of allowance for doubtful accounts | $ | 107 |
Inventories | 94 |
Other assets | 26 |
Properties, net of accumulated depreciation | 300 |
Goodwill | 398 |
Intangible assets, net of accumulated amortization | 381 |
Assets divested | 1,306 |
Liabilities divested |
Payables and other liabilities | 48 |
Post-employment obligations | 34 |
Other liabilities | 18 |
Liabilities divested | 100 |
Disposal group, net | $ | 1,206 |
Separately, the Company recognized $1 million and $15 million of transaction costs for the sale of the business in first quarter 2022 and twelve months 2021, respectively. Transaction costs are expensed as incurred and are included in the "Selling, general and administrative expenses" line item in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. Business Held for Sale On October 28, 2021, the Company and certain of its subsidiaries entered into a definitive agreement to sell the adhesives resins business, which includes hydrocarbon resins (including Eastman Impera™ tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines ("adhesives resins"), of its AFP segment for $1 billion. The sale was completed on April 1, 2022. The business being sold is not being reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results. As of the definitive agreement date and until the sale, the adhesives resins business disposal group will be classified as held for sale and reported at its carrying value given this value is lower than the estimated fair value less cost to sell. Long-lived assets and definite-lived intangible assets are not depreciated or amortized while classified as held for sale. The major classes of assets and liabilities of the business classified as held for sale as of March 31, 2022 were as follows:
| March 31,
(Dollars in millions) | 2022
Assets held for sale |
Trade receivables, net of allowance for doubtful accounts | $ | 132 |
Inventories | 154 |
Other assets | 28 |
Properties, net of accumulated depreciation | 303 |
Goodwill | 399 |
Intangible assets, net of accumulated amortization | 14 |
Assets held for sale | 1,030 |
Liabilities held for sale |
Payables and other liabilities | 88 |
Deferred tax liability | 7 |
Other liabilities | 4 |
Liabilities held for sale | 99 |
Disposal group, net | $ | 931 |
The Company recognized $8 million and $3 million of transaction costs for the business held for sale in first quarter 2022 and twelve months 2021, respectively. Transaction costs are expensed as incurred and are included in the "Selling, general and administrative expenses" line item in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.

X
- Definition Divestitures and Business Held for Sale [Abstract] + References No definition available. + Details
Name: | emn_DivestituresAndBusinessHeldForSaleAbstract
Namespace Prefix: | emn_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration