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Note 14 - Revenue
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

NOTE 14: REVENUE

 

Disaggregation of Revenue

 

The following tables present revenue disaggregated by major product, portfolio summary and geography (in millions).

 

Major product:

 

   

Year Ended

  
   

December 31, 2023

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

Core products and services (1)

                                        

Plates, inks and other consumables

   $ 571     $ 26     $ —     $ —     $ 597  

Ongoing service arrangements

     185       —       —       —       185  

Total annuities

     756       26       —       —       782  

Equipment & Software

     72       —       —       —       72  

Film and chemicals

     —       215       —       —       215  

Total core products and services

     828       241       —       —       1,069  

Growth products (2)

     —       14       —       —       14  

Other (3)

     —       —       17       17       34  

Total

   $ 828     $ 255     $ 17     $ 17     $ 1,117  

 

   

Year Ended

  
   

December 31, 2022

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

Core products and services (1)

                                        

Plates, inks and other consumables

   $ 652     $ 26     $ —     $ —     $ 678  

Ongoing service arrangements

     205       —       —       —       205  

Total annuities

     857       26       —       —       883  

Equipment & Software

     81       —       —       —       81  

Film and chemicals

     —       192       —       —       192  

Total core products and services

     938       218       —       —       1,156  

Growth products (2)

     —       16       —       —       16  

Other (3)

     —       -       17       16       33  

Total

   $ 938     $ 234     $ 17     $ 16     $ 1,205  

 

   

Year Ended

  
   

December 31, 2021

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

Core products and services (1)

                                        

Plates, inks and other consumables

   $ 599     $ 22     $ —     $ —     $ 621  

Ongoing service arrangements

     213       —       —       —       213  

Total annuities

     812       22       —       —       834  

Equipment & Software

     96       —       —       —       96  

Film and chemicals

     —       180       —       —       180  

Total core products and services

     908       202       —       —       1,110  

Growth products (2)

     —       9       —       —       9  

Other (3)

     —       1       15       15       31  

Total

   $ 908     $ 212     $ 15     $ 15     $ 1,150  

 

 

(1)

Core products and services includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services (“Coating Services”).

 

  (2)

Growth products consist of Coating Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment.

 

  (3)

Other consists of Intellectual Property Licensing ("IP Licensing"), Brand Licensing and Eastman Business Park.

 

Geography (1):

 

   

Year Ended

  
   

December 31, 2023

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

United States

   $ 250     $ 199     $ 17     $ 17     $ 483  

Canada

     17       2       —       —       19  

North America

     267       201       17       17       502  

Europe, Middle East and Africa

     360       20       —       —       380  

Asia Pacific

     178       33       —       —       211  

Latin America

     23       1       —       —       24  

Total Sales

   $ 828     $ 255     $ 17     $ 17     $ 1,117  

 

   

Year Ended

  
   

December 31, 2022

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

United States

   $ 276     $ 177     $ 17     $ 16     $ 486  

Canada

     20       2       —       —       22  

North America

     296       179       17       16       508  

Europe, Middle East and Africa

     410       19       —       —       429  

Asia Pacific

     199       35       —       —       234  

Latin America

     33       1       —       —       34  

Total Sales

   $ 938     $ 234     $ 17     $ 16     $ 1,205  

 

   

Year Ended

  
   

December 31, 2021

  
                                         
           

Advanced

                          
            Materials and                          

(in millions)

     Print       Chemicals       Brand       Other       Total  

United States

   $ 244     $ 152     $ 15     $ 15     $ 426  

Canada

     20       2       —       —       22  

North America

     264       154       15       15       448  

Europe, Middle East and Africa

     387       17       —       —       404  

Asia Pacific

     224       41       —       —       265  

Latin America

     33       —       —       —       33  

Total Sales

   $ 908     $ 212     $ 15     $ 15     $ 1,150  

 

 

(1)

Sales are reported in the geographic area in which they originate. No non-U.S. country generated more than 10% of net sales in the years ended December 31, 2023, 2022 and 2021.

 

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amounts recorded for contract assets are reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to brand licensing agreements, prepaid service contracts or upfront payments for certain equipment purchases. The amounts recorded for contract liabilities are reported in Other current liabilities and Other long-term liabilities in the Consolidated Statement of Financial Position. Contract assets and liabilities consisted of the following:

 

   

As of December 31,

  

(in millions)

  

2023

    

2022

  

Contract assets

   $ 1     $ 1  
                 

Contract liabilities - current

     37       40  

Contract liabilities - long-term

     63       11  

Total

   $ 100     $ 51  

  

Activity in deferred revenue accounts consisted of:

 

   

Year Ended December 31,

  

(in millions)

  

2023

    

2022

    

2021

  

Beginning liabilities recognized in revenue

   $ 33     $ 38     $ 37  

Cash payments received, net of revenue recognized

     39       30       28