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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block]

As of March 31, 2022 and December 31, 2021, the following amounts were included in the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.

(Dollars in millions)						Carrying amount of the hedged liabilities												Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability
Line item in the Unaudited Consolidated Statements of Financial Position in which the hedged item is included						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Borrowings due within one year (1)						$	698					$	697					$	(1)					$	(2)
Long-term borrowings						$	77					$	76					$	(2)					$	1

(1)Cumulative amount of fair value hedging loss adjustment remaining for hedged liabilities for which hedge accounting has been discontinued.

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first quarter 2022 and 2021.

Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
						First Quarter
						2022																		2021
(Dollars in millions)						Sales						Cost of Sales						Net Interest Expense						Sales						Cost of Sales						Net Interest Expense
Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized						$	2,714					$	2,164					$	46					$	2,409					$	1,811					$	50
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships:
Interest contracts (fixed-for-floating interest rate swaps):
Hedged items																		1																		—
Derivatives designated as hedging instruments																		(1)																		—
Gain or (loss) on cash flow hedging relationships:
Interest contracts (forward starting interest rate and treasury lock swap contracts):
Amount reclassified from AOCI into earnings																		(2)																		(2)
Commodity Contracts:
Amount reclassified from AOCI into earnings												3																		—
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings						5																		(5)

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table presents the notional amounts outstanding at March 31, 2022 and December 31, 2021 associated with Eastman's hedging programs.

Notional Outstanding									March 31, 2022						December 31, 2021
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
			EUR/USD (in EUR)						€512						€429
Commodity Forward and Collar Contracts
			Feedstock (in million barrels)						1						1
			Energy (in million british thermal units)						5						13
Interest rate swaps for the future issuance of debt (in millions)									$75						$75
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swaps (in millions)									$75						$75
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps (in millions)
			EUR/USD (in EUR)						€853						€853
Non-derivatives designated as net investment hedges:
Foreign Currency Net Investment Hedges (in millions)
			EUR/USD (in EUR)						€1,246						€1,246

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table presents the effect of the Company's hedging instruments on "Other comprehensive income (loss), net of tax" ("OCI") and financial performance for first quarter 2022 and 2021.

						Change in amount of after tax gain (loss) recognized in OCI on derivatives												Pre-tax amount of gain (loss) reclassified from OCI into earnings
(Dollars in millions)						First Quarter																		First Quarter
Hedging Relationships						2022						2021																		2022						2021
Derivatives in cash flow hedging relationships:
Commodity contracts						$	24					$	1																	$	3					$	—
Foreign exchange contracts						6						23																		5						(5)
Forward starting interest rate and treasury lock swap contracts						5						7																		(2)						(2)
Non-derivatives in net investment hedging relationships (pre-tax):
Net investment hedges						61						69																		—						—
Derivatives in net investment hedging relationships (pre-tax):
Cross-currency interest rate swaps						23						42																		—						—
Cross-currency interest rate swaps excluded component						(10)						(11)																		—						—

Financial assets and liabilities valued on a recurring basis

The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are within the Unaudited Consolidated Statements of Financial Position as of March 31, 2022 and December 31, 2021.

The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis
(Dollars in millions)
Derivative Type						Statements of Financial Position Classification						March 31, 2022 Level 2						December 31, 2021 Level 2
Derivatives designated as cash flow hedges:
Commodity contracts						Other current assets						$	16					$	16
Commodity contracts						Other noncurrent assets						—						2
Foreign exchange contracts						Other current assets						19						12
Foreign exchange contracts						Other noncurrent assets						7						6
Forward starting interest rate swap contracts						Other current assets						10						5
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap						Other current assets						—						1
Fixed-for-floating interest rate swap						Other noncurrent assets						—						1
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps						Other current assets						27						20
Cross-currency interest rate swaps						Other noncurrent assets						43						35
Total Derivative Assets												$	122					$	98
Derivatives designated as cash flow hedges:
Commodity contracts						Payables and other current liabilities						$	—					$	1
Commodity contracts						Other long-term liabilities						—						1
Foreign exchange contracts						Payables and other current liabilities						—						1
Foreign exchange contracts						Other long-term liabilities						1						—
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap						Long-term borrowings						2						—
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps						Other long-term liabilities						6						5
Total Derivative Liabilities												$	9					$	8
Total Net Derivative Assets (Liabilities)												$	113					$	90

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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