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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
A reconciliation of the changes in stockholders' equity for 2023, 2022, and 2021 is provided below:
(Dollars in millions)Common Stock at Par ValueAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostTotal Eastman Stockholders' EquityNoncontrolling InterestTotal Equity
Balance at December 31, 2020
$2 $2,174 $8,080 $(273)$(3,960)$6,023 $85 $6,108 
Net Earnings— — 857 — — 857 10 867 
Cash Dividends (1)
— — (380)— — (380)— (380)
Other Comprehensive (Loss)— — — 91 — 91 — 91 
Share-Based Compensation Expense (2)
— 70 — — — 70 — 70 
Stock Option Exercises— 62 — — — 62 — 62 
Other (3)
— (19)— — — (19)3 (16)
Share Repurchase (4)
— (100)— — (900)(1,000)— (1,000)
Distributions to noncontrolling interest— — — — — — (14)(14)
Balance at December 31, 2021
$2 $2,187 $8,557 $(182)$(4,860)$5,704 $84 $5,788 
Net Earnings— — 793 — — 793 3 796 
Cash Dividends (1)
— — (377)— — (377)— (377)
Other Comprehensive Income— — — (23)— (23)— (23)
Share-Based Compensation Expense (2)
— 69 — — — 69 — 69 
Stock Option Exercises— 9 — — — 9 — 9 
Other (3)
— (20)— — — (20)(4)(24)
Share Repurchase (5)
— 70 — — (1,072)(1,002)— (1,002)
Balance at December 31, 2022
$2 $2,315 $8,973 $(205)$(5,932)$5,153 $83 $5,236 
Net Earnings— — 894 — — 894 2 896 
Cash Dividends (1)
— — (377)— — (377)— (377)
Other Comprehensive Income— — — (114)— (114)— (114)
Share-Based Compensation Expense (2)
— 64 — — — 64 — 64 
Stock Option Exercises— 3 — — — 3 — 3 
Other (3)
— (14)— — (1)(15)2 (13)
Share Repurchase
— — — — (150)(150)— (150)
Distributions to noncontrolling interest— — — — — — (15)(15)
Balance at December 31, 2023
$2 $2,368 $9,490 $(319)$(6,083)$5,458 $72 $5,530 
(1)Cash dividends includes cash dividends paid and dividends declared, but unpaid.
(2)Share-based compensation expense is 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-capital in 2021 included payment for repurchase of shares under the 2021 accelerated share repurchase program ("2021 ASR") which had not yet been delivered.
(5)Additional paid-in capital in 2022 included the final settlement of the 2021 ASR and the favorable settlement of the second quarter 2022 accelerated share repurchase program (the "2022 ASR").

Eastman is authorized to issue 400 million shares of all classes of stock, of which 50 million may be preferred stock, par value $0.01 per share, and 350 million may be common stock, par value $0.01 per share. The Company declared dividends per share of $3.18 in 2023, $3.07 in 2022, and $2.83 in 2021.

In 1997 the Company established a benefit security trust to provide a degree of financial security for unfunded obligations under certain unfunded plans. A warrant to purchase up to 6 million shares of par value common stock of the Company was contributed to the trust. The warrant, which remains outstanding, is exercisable by the trustee if the Company does not meet certain funding obligations, which obligations would be triggered by certain occurrences, including a change in control or potential change in control, as defined, or failure by the Company to meet its payment obligations under certain covered unfunded plans. The warrant is excluded from the computation of diluted EPS because the conditions upon which the warrant becomes exercisable have not been met.
In December 2021, the Company's Board of Directors authorized the repurchase of up to $2.5 billion of the Company's outstanding common stock at such times, in such amounts, and on such terms, as determined by management to be in the best interest of the Company and its stockholders (the "2021 authorization"). As of December 31, 2023, a total of 8,610,749 shares have been repurchased under the 2021 authorization for $785 million. Both dividends and share repurchases are key strategies employed by the Company to return value to its stockholders.

During 2023, the Company repurchased 1,866,866 shares of common stock for $150 million. During 2022, the Company repurchased shares of common stock of 10,710,259 for a cost of approximately $1.1 billion, primarily under the 2022 ASR, and included $100 million from the settlement of the 2021 ASR. During 2021, the Company repurchased shares of common stock of 8,061,779 for a cost of approximately $900 million.

The Company's charitable foundation held 50,798 issued and outstanding shares of the Company's common stock at December 31, 2023, 2022, and 2021 which are included in treasury stock in the Consolidated Statements of Financial Position and excluded from calculations of diluted EPS.

The following table sets forth the computation of basic and diluted EPS:
 For years ended December 31,
(In millions, except per share amounts)202320222021
Numerator
Net earnings attributable to Eastman$894 $793 $857 
Denominator
Weighted average shares used for basic EPS118.6 123.5 134.9 
Dilutive effect of stock options and other award plans0.8 1.4 2.2 
Weighted average shares used for diluted EPS119.4 124.9 137.1 
EPS (1)
Basic$7.54 $6.42 $6.35 
Diluted$7.49 $6.35 $6.25 
(1)     EPS is calculated using whole dollars and shares.
Shares underlying stock options excluded from the 2023, 2022, and 2021 calculations of diluted EPS were 2,409,208, 1,398,110, and 150,781, respectively, because the grant price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculation of diluted EPS would have been antidilutive.

Shares of common stock issued, including shares held in treasury, are presented below:
 For years ended December 31,
202320222021
Balance at beginning of year222,348,557 221,809,309 220,641,506 
Issued for employee compensation and benefit plans413,760 539,248 1,167,803 
Balance at end of year222,762,317 222,348,557 221,809,309 
Accumulated Other Comprehensive Income (Loss)
 
(Dollars in millions)		Cumulative Translation AdjustmentBenefit Plans Unrecognized Prior Service CreditsUnrealized Gains (Losses) on Cash Flow HedgesUnrealized Losses on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021
$(237)$59 $(3)$(1)$(182)
Period change7 (27)(3)— (23)
Balance at December 31, 2022
(230)32 (6)(1)(205)
Period change(67)(21)(26)— (114)
Balance at December 31, 2023
$(297)$11 $(32)$(1)$(319)

Amounts of other comprehensive income (loss) are presented net of applicable taxes. Eastman records deferred income taxes on the cumulative translation adjustment 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 cumulative translation adjustment of other subsidiaries outside the United States, as the cumulative translation adjustment is considered to be a component of indefinitely invested, unremitted earnings of these foreign subsidiaries.

Components of total other comprehensive income (loss) recorded in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects:
For years ended December 31,
202320222021
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of TaxBefore TaxNet of Tax
Change in cumulative translation adjustment$(56)$(67)$7 $7 $56 $56 
Defined benefit pension and other postretirement benefit plans:   
Amortization of unrecognized prior service credits included in net periodic costs(27)(21)(34)(27)(38)(28)
Derivatives and hedging:   
Unrealized gain (loss) during period(36)(27)71 53 88 66 
Reclassification adjustment for (gains) losses included in net income, net1 1 (75)(56)(4)(3)
Total other comprehensive income (loss)$(118)$(114)$(31)$(23)$102 $91 

For additional information regarding the impact of reclassifications into earnings, refer to Note 10, "Derivative and Non-Derivative Financial Instruments", and Note 11, "Retirement Plans".