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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table presents the notional amounts outstanding at December 31, 2023 and 2022 associated with Eastman's hedging programs.
Notional OutstandingDecember 31, 2023December 31, 2022
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
EUR/USD (in EUR)€405€573
Commodity Forward and Collar Contracts
Energy (in million british thermal units)11 3 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swaps (in millions)$75$75
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps (in millions)
EUR/USD (in EUR)€1,354€587
JPY/USD (in JPY)¥7,385— 
Non-derivatives designated as net investment hedges:
Foreign Currency Net Investment Hedges (in millions)
EUR/USD (in EUR)€498€1,247
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are located within the Consolidated Statements of Financial Position as of December 31, 2023 and 2022.
The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis
(Dollars in millions) 
Derivative TypeStatements of Financial
Position Location
December 31, 2023
Level 2
December 31, 2022
Level 2
Derivatives designated as cash flow hedges:   
Commodity contractsOther current assets$— $3 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapOther current assets1 1 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther current assets8 — 
Cross-currency interest rate swapsOther noncurrent assets18 72 
Total Derivative Assets$27 $76 
Derivatives designated as cash flow hedges:
Commodity contractsPayables and other current liabilities$19 $3 
Foreign exchange contractsPayables and other current liabilities8 8 
Foreign exchange contractsOther long-term liabilities2 4 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapLong-term borrowings3 5 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther long-term liabilities61 — 
Total Derivative Liabilities$93 $20 
Total Net Derivative Assets (Liabilities) $(66)$56 
Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block]
As of December 31, 2023 and 2022, the following amounts were included within the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.
(Dollars in millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability
Line item in the Consolidated Statements of Financial Position in which the hedged item is includedDecember 31, 2023December 31, 2022December 31, 2023December 31, 2022
Long-term borrowings $72 $79 $(3)$5 
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the effect of the Company's hedging instruments on Other comprehensive income (loss), net of tax ("OCI") and financial performance for the twelve months ended December 31, 2023, 2022, and 2021:
(Dollars in millions)Change in amount of after tax gain/(loss) recognized in OCI on DerivativesPre-tax amount of gain/(loss) reclassified from AOCI into income
December 31,December 31,
Hedging Relationships202320222021202320222021
Derivatives in cash flow hedging relationships:
Commodity contracts$(14)$(11)$15 $(10)$36 $20 
Foreign exchange contracts(14)(2)39 12 45 (7)
Forward starting interest rate and treasury lock swap contracts2 10 9 (3)(6)(9)
Non-derivatives in net investment hedging relationships (pre-tax):
Net investment hedges(30)85 116 — — — 
Derivatives in net investment hedging relationships (pre-tax):
Cross-currency interest rate swaps(32)63 74 — — — 
Cross-currency interest rate swaps excluded component(42)(1)(12)— — — 
The following table presents the effect of fair value and cash flow hedge accounting on the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for 2023, 2022, and 2021.
Location and Amount of Gain or (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships
Twelve Months
202320222021
(Dollars in millions)SalesCost of SalesNet interest expenseSalesCost of SalesNet interest expenseSalesCost of SalesNet interest expense
Total amounts of income and expense line items presented in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized
$9,210 $7,149 $215 $10,580 $8,443 $182 $10,476 $7,976 $198 
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 items3 2 2 
Derivatives designated as hedging instruments(3)(2)(2)
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)(6)(9)
Commodity Contracts:
Amount reclassified from AOCI into earnings(10)36 20 
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings12 45 (7)