XML 29 R14.htm IDEA: XBRL DOCUMENT
v3.23.2

STOCKHOLDERS' EQUITY | 6 Months Ended
--- | ---
Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Reconciliations of the changes in stockholders' equity for second quarter and first six months 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 March 31, 2023 | $ | 2 |  |  | $ | 2,325 |  |  | $ | 9,013 |  |  | $ | (220) |  |  | $ | (5,932) |  |  | $ | 5,188 |  |  | $ | 74 |  |  | $ | 5,262 |
Net Earnings | — |  |  | — |  |  | 272 |  |  | — |  |  | — |  |  | 272 |  |  | — |  |  | 272 |
Cash Dividends Declared (1) ($0.79 per share) | — |  |  | — |  |  | (95) |  |  | — |  |  | — |  |  | (95) |  |  | — |  |  | (95) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | (51) |  |  | — |  |  | (51) |  |  | — |  |  | (51) |
Share-Based Compensation Expense (2) | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Share Repurchases | — |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | (50) |  |  | — |  |  | (50) |
Distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Balance at June 30, 2023 | $ | 2 |  |  | $ | 2,342 |  |  | $ | 9,190 |  |  | $ | (271) |  |  | $ | (5,982) |  |  | $ | 5,281 |  |  | $ | 71 |  |  | $ | 5,352 |
(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 March 31, 2022 | $ | 2 |  |  | $ | 2,262 |  |  | $ | 8,694 |  |  | $ | (145) |  |  | $ | (4,920) |  |  | $ | 5,893 |  |  | $ | 84 |  |  | $ | 5,977 |
Net Earnings | — |  |  | — |  |  | 256 |  |  | — |  |  | — |  |  | 256 |  |  | 1 |  |  | 257 |
Cash Dividends Declared (1) ($0.76 per share) | — |  |  | — |  |  | (93) |  |  | — |  |  | — |  |  | (93) |  |  | — |  |  | (93) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Share-Based Compensation Expense (2) | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Stock Option Exercises | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Other | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (2) |
Share Repurchases (3) | — |  |  | (100) |  |  | — |  |  | — |  |  | (652) |  |  | (752) |  |  | — |  |  | (752) |
Balance at June 30, 2022 | $ | 2 |  |  | $ | 2,179 |  |  | $ | 8,857 |  |  | $ | (143) |  |  | $ | (5,572) |  |  | $ | 5,323 |  |  | $ | 84 |  |  | $ | 5,407 |
(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 payment for repurchase of shares under the second quarter 2022 accelerated share repurchase program ("2022 ASR") which were settled after June 30, 2022.
(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 | — |  |  | — |  |  | 406 |  |  | — |  |  | — |  |  | 406 |  |  | — |  |  | 406 |
Cash Dividends Declared (1) ($1.58 per share) | — |  |  | — |  |  | (189) |  |  | — |  |  | — |  |  | (189) |  |  | — |  |  | (189) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | (66) |  |  | — |  |  | (66) |  |  | — |  |  | (66) |
Share-Based Compensation Expense (2) | — |  |  | 39 |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Stock Option Exercises | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Other (3) | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | 2 |  |  | (12) |
Share Repurchases | — |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | (50) |  |  | — |  |  | (50) |
Distributions to Noncontrolling Interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | (14) |
Balance at June 30, 2023 | $ | 2 |  |  | $ | 2,342 |  |  | $ | 9,190 |  |  | $ | (271) |  |  | $ | (5,982) |  |  | $ | 5,281 |  |  | $ | 71 |  |  | $ | 5,352 |
(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 | — |  |  | — |  |  | 491 |  |  | — |  |  | — |  |  | 491 |  |  | 2 |  |  | 493 |
Cash Dividends Declared (1) ($1.52 per share) | — |  |  | — |  |  | (191) |  |  | — |  |  | — |  |  | (191) |  |  | — |  |  | (191) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Share-Based Compensation Expense (2) | — |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
Stock Option Exercises | — |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Other (3) | — |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | (2) |  |  | (21) |
Share Repurchases (4) | — |  |  | (40) |  |  | — |  |  | — |  |  | (712) |  |  | (752) |  |  | — |  |  | (752) |
Balance at June 30, 2022 | $ | 2 |  |  | $ | 2,179 |  |  | $ | 8,857 |  |  | $ | (143) |  |  | $ | (5,572) |  |  | $ | 5,323 |  |  | $ | 84 |  |  | $ | 5,407 |
(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)Additional paid-in capital includes payment for repurchase of shares under the 2022 ASR which were settled after June 30, 2022, offset by treasury shares delivered pursuant to final settlement of the 2021 accelerated share repurchase program accounted for as a reduction of Additional paid-in capital prior to settlement. Accumulated Other Comprehensive Income (Loss), Net of Tax
(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 | (43) |  |  | (10) |  |  | (13) |  |  | — |  |  | (66) |
Balance at June 30, 2023 | $ | (273) |  |  | $ | 22 |  |  | $ | (19) |  |  | $ | (1) |  |  | $ | (271) |
Amounts of other comprehensive income (loss) are presented net of applicable taxes. Eastman recognizes deferred income taxes on the CTA related to branch operations and income from other entities included in the Company's consolidated U.S. tax return. No deferred income taxes are recognized on the CTA of other subsidiaries outside the United States because the CTA is considered to be a component of indefinitely invested, unremitted earnings of these foreign subsidiaries. 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:
| Second 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 | $ | (42) |  |  | $ | (42) |  |  | $ | 16 |  |  | $ | 16 |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (6) |  |  | (5) |  |  | (12) |  |  | (9) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | (7) |  |  | (5) |  |  | 36 |  |  | 27 |
Reclassification adjustment for (gains) losses included in net income, net | 2 |  |  | 1 |  |  | (43) |  |  | (32) |
Total other comprehensive income (loss) | $ | (53) |  |  | $ | (51) |  |  | $ | (3) |  |  | $ | 2 |
| First Six Months
| 2023 |  | 2022
(Dollars in millions) | Before Tax |  | Net of Tax |  | Before Tax |  | Net of Tax
Other comprehensive income (loss) |  |  |  |  |  |  |
Change in cumulative translation adjustment | $ | (43) |  |  | $ | (43) |  |  | $ | 23 |  |  | $ | 23 |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (13) |  |  | (10) |  |  | (20) |  |  | (15) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | (16) |  |  | (12) |  |  | 89 |  |  | 67 |
Reclassification adjustment for (gains) losses included in net income, net | (1) |  |  | (1) |  |  | (48) |  |  | (36) |
Total other comprehensive income (loss) | $ | (73) |  |  | $ | (66) |  |  | $ | 44 |  |  | $ | 39 |

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration