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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments, Gain (Loss) [Line Items]

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

As of June 30, 2022 and December 31, 2021, the following amounts were included on 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 on the Unaudited Consolidated Statements of Financial Position in which the hedged item is included						June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
Borrowings due within one year (1)						$	199					$	697					$	(1)					$	(2)
Long-term borrowings						$	72					$	76					$	(3)					$	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 in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for second quarter 2022 and 2021.

Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
						Second 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						$	2,784					$	2,114					$	45					$	2,653					$	1,972					$	51
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																		(3)																		(3)
Commodity Contracts:
Amount reclassified from AOCI into earnings												34																		(5)
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings						10																		(5)

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

Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
						First Six Months
						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						$	5,498					$	4,278					$	91					$	5,062					$	3,783					$	101
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																		1
Derivatives designated as hedging instruments																		(1)																		(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																		(5)																		(5)
Commodity Contracts:
Amount reclassified from AOCI into earnings												37																		(5)
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings						15																		(10)

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

The following table presents the notional amounts outstanding at June 30, 2022 and December 31, 2021 associated with Eastman's hedging programs.

Notional Outstanding									June 30, 2022						December 31, 2021
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
			EUR/USD (in EUR)						€558						€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)						€587						€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 second quarter and first six months 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)						Second Quarter												First Six Months												Second Quarter												First Six Months
Hedging Relationships						2022						2021						2022						2021						2022						2021						2022						2021
Derivatives in cash flow hedging relationships:
Commodity contracts						$	(25)					$	14					$	(1)					$	15					$	34					$	(5)					$	37					$	(5)
Foreign exchange contracts						16						—						22						22						10						(5)						15						(10)
Forward starting interest rate and treasury lock swap contracts						5						(1)						10						6						(3)						(3)						(5)						(5)
Non-derivatives in net investment hedging relationships (pre-tax):
Net investment hedges						87						(19)						148						50						—						—						—						—
Derivatives in net investment hedging relationships (pre-tax):
Cross-currency interest rate swaps						12						(10)						35						32						—						—						—						—
Cross-currency interest rate swaps excluded component						5						6						(5)						(5)						—						—						—						—

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 on the Unaudited Consolidated Statements of Financial Position as of June 30, 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						June 30, 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						33						12
Foreign exchange contracts						Other noncurrent assets						14						6
Forward starting interest rate swap contracts						Other current assets						13						5
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap						Other current assets						1						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						—						20
Cross-currency interest rate swaps						Other noncurrent assets						83						35
Total Derivative Assets												$	160					$	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
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap						Long-term borrowings						3						—
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps						Other long-term liabilities						2						5
Total Derivative Liabilities												$	5					$	8
Total Net Derivative Assets (Liabilities)												$	155					$	90

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