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STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Reconciliation of the changes in stockholders' equity | Reconciliations of the changes in stockholders' equity for second quarter 2024 and 2023 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, 2024 | $ | 2 |  |  | $ | 2,388 |  |  | $ | 9,559 |  |  | $ | (328) |  |  | $ | (6,083) |  |  | $ | 5,538 |  |  | $ | 70 |  |  | $ | 5,608 |
Net Earnings | — |  |  | — |  |  | 230 |  |  | — |  |  | — |  |  | 230 |  |  | 1 |  |  | 231 |
Cash Dividends Declared (1) ($0.81 per share) | — |  |  | — |  |  | (95) |  |  | — |  |  | — |  |  | (95) |  |  | — |  |  | (95) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Share-Based Compensation Expense (2) | — |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Stock Option Exercises | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | 1 |  |  | — |
Share Repurchases | — |  |  | — |  |  | — |  |  | — |  |  | (100) |  |  | (100) |  |  | — |  |  | (100) |
Balance at June 30, 2024 | $ | 2 |  |  | $ | 2,417 |  |  | $ | 9,694 |  |  | $ | (302) |  |  | $ | (6,184) |  |  | $ | 5,627 |  |  | $ | 72 |  |  | $ | 5,699 |
(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 |
(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.
(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, 2023 | $ | 2 |  |  | $ | 2,368 |  |  | $ | 9,490 |  |  | $ | (319) |  |  | $ | (6,083) |  |  | $ | 5,458 |  |  | $ | 72 |  |  | $ | 5,530 |
Net Earnings | — |  |  | — |  |  | 395 |  |  | — |  |  | — |  |  | 395 |  |  | 1 |  |  | 396 |
Cash Dividends Declared (1) ($1.62 per share) | — |  |  | — |  |  | (191) |  |  | — |  |  | — |  |  | (191) |  |  | — |  |  | (191) |
Other Comprehensive Income (Loss) | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Share-Based Compensation Expense (2) | — |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Stock Option Exercises | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
Other (3) | — |  |  | (8) |  |  | — |  |  | — |  |  | (1) |  |  | (9) |  |  | — |  |  | (9) |
Share Repurchases | — |  |  | — |  |  | — |  |  | — |  |  | (100) |  |  | (100) |  |  | — |  |  | (100) |
Distributions to Noncontrolling Interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Balance at June 30, 2024 | $ | 2 |  |  | $ | 2,417 |  |  | $ | 9,694 |  |  | $ | (302) |  |  | $ | (6,184) |  |  | $ | 5,627 |  |  | $ | 72 |  |  | $ | 5,699 |
(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 |
(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 the value of shares withheld for employees' taxes on vesting of share-based compensation awards.
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, 2022 | $ | (230) |  |  | $ | 32 |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (205) |
Period change | (67) |  |  | (21) |  |  | (26) |  |  | — |  |  | (114) |
Balance at December 31, 2023 | (297) |  |  | 11 |  |  | (32) |  |  | (1) |  |  | (319) |
Period change | (1) |  |  | (4) |  |  | 22 |  |  | — |  |  | 17 |
Balance at June 30, 2024 | $ | (298) |  |  | $ | 7 |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | (302) |
Schedule of components of comprehensive income (loss) before tax and net of tax effects | Components of OCI 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
| 2024 |  | 2023
(Dollars in millions) | Before Tax |  | Net of Tax |  | Before Tax |  | Net of Tax
Other comprehensive income (loss) |  |  |  |  |  |  |
Change in cumulative translation adjustment | $ | 15 |  |  | $ | 9 |  |  | $ | (42) |  |  | $ | (42) |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (2) |  |  | (2) |  |  | (6) |  |  | (5) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | 4 |  |  | 3 |  |  | (7) |  |  | (5) |
Reclassification adjustment for (gains) losses included in net income, net | 21 |  |  | 16 |  |  | 2 |  |  | 1 |
Total other comprehensive income (loss) | $ | 38 |  |  | $ | 26 |  |  | $ | (53) |  |  | $ | (51) |
| First Six Months
| 2024 |  | 2023
(Dollars in millions) | Before Tax |  | Net of Tax |  | Before Tax |  | Net of Tax
Other comprehensive income (loss) |  |  |  |  |  |  |
Change in cumulative translation adjustment | $ | 11 |  |  | $ | (1) |  |  | $ | (43) |  |  | $ | (43) |
Defined benefit pension and other postretirement benefit plans: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits | (5) |  |  | (4) |  |  | (13) |  |  | (10) |
Derivatives and hedging: |  |  |  |  |  |  |
Unrealized gain (loss) during period | 9 |  |  | 7 |  |  | (16) |  |  | (12) |
Reclassification adjustment for (gains) losses included in net income, net | 19 |  |  | 15 |  |  | (1) |  |  | (1) |
Total other comprehensive income (loss) | $ | 34 |  |  | $ | 17 |  |  | $ | (73) |  |  | $ | (66) |

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