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STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Reconciliation of the changes in stockholders' equity | Reconciliations of the changes in stockholders' equity for first quarter 2023 and 2022 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, 2022 | $ | 2 |  |  | $ | 2,315 |  |  | $ | 8,973 |  |  | $ | (205) |  |  | $ | (5,932) |  |  | $ | 5,153 |  |  | $ | 83 |  |  | $ | 5,236 |
Net Earnings | — |  |  | — |  |  | 134 |  |  | — |  |  | — |  |  | 134 |  |  | — |  |  | 134 |
Cash Dividends Declared (1) ($0.79 per share) | — |  |  | — |  |  | (94) |  |  | — |  |  | — |  |  | (94) |  |  | — |  |  | (94) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | (15) |  |  | — |  |  | (15) |  |  | — |  |  | (15) |
Share-Based Compensation Expense (2) | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
Stock Option Exercises | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Other (3) | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | 3 |  |  | (11) |
Distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | (12) |
Balance at March 31, 2023 | $ | 2 |  |  | $ | 2,325 |  |  | $ | 9,013 |  |  | $ | (220) |  |  | $ | (5,932) |  |  | $ | 5,188 |  |  | $ | 74 |  |  | $ | 5,262 |
(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, 2021 | $ | 2 |  |  | $ | 2,187 |  |  | $ | 8,557 |  |  | $ | (182) |  |  | $ | (4,860) |  |  | $ | 5,704 |  |  | $ | 84 |  |  | $ | 5,788 |
Net Earnings | — |  |  | — |  |  | 235 |  |  | — |  |  | — |  |  | 235 |  |  | 1 |  |  | 236 |
Cash Dividends Declared (1) ($0.76 per share) | — |  |  | — |  |  | (98) |  |  | — |  |  | — |  |  | (98) |  |  | — |  |  | (98) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Share-Based Compensation Expense (2) | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
Stock Option Exercises | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Other (3) | — |  |  | (18) |  |  | — |  |  | — |  |  | — |  |  | (18) |  |  | (1) |  |  | (19) |
Share Repurchase (4) | — |  |  | 60 |  |  | — |  |  | — |  |  | (60) |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2022 | $ | 2 |  |  | $ | 2,262 |  |  | $ | 8,694 |  |  | $ | (145) |  |  | $ | (4,920) |  |  | $ | 5,893 |  |  | $ | 84 |  |  | $ | 5,977 |
(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. (4)Treasury shares delivered pursuant to final settlement of the December 2021 accelerated share repurchase program ("2021 ASR") accounted for as a reduction of Additional paid-in capital prior to settlement.
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, 2021 | $ | (237) |  |  | $ | 59 |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (182) |
Period change | 7 |  |  | (27) |  |  | (3) |  |  | — |  |  | (23) |
Balance at December 31, 2022 | (230) |  |  | 32 |  |  | (6) |  |  | (1) |  |  | (205) |
Period change | (1) |  |  | (5) |  |  | (9) |  |  | — |  |  | (15) |
Balance at March 31, 2023 | $ | (231) |  |  | $ | 27 |  |  | $ | (15) |  |  | $ | (1) |  |  | $ | (220) |
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
| 2023 |  | 2022
(Dollars in millions) | Before Tax |  | Net of Tax |  | Before Tax |  | Net of Tax
Other comprehensive income (loss) |  |  |  |  |  |  |
Change in cumulative translation adjustment | $ | (1) |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | 7 |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (7) |  |  | (5) |  |  | (8) |  |  | (6) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | (9) |  |  | (7) |  |  | 53 |  |  | 40 |
Reclassification adjustment for (gains) losses included in net income, net | (3) |  |  | (2) |  |  | (5) |  |  | (4) |
Total other comprehensive income (loss) | $ | (20) |  |  | $ | (15) |  |  | $ | 47 |  |  | $ | 37 |

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