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Note 14 - Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 14: REVENUE

Disaggregation of Revenue

The following tables present revenue disaggregated by major product, portfolio summary and geography:

Major product:

 

 

 

Year Ended

 

 

 

December 31, 2024

 

 

 

 

 

 

Advanced

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Materials
and

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Print

 

 

Chemicals

 

 

Brand

 

 

Other

 

 

Total

 

Core products and services (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plates, inks and other consumables

 

$

520

 

 

$

27

 

 

$

—

 

 

$

—

 

 

$

547

 

Ongoing service arrangements

 

 

155

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

155

 

Total annuities

 

 

675

 

 

 

27

 

 

 

—

 

 

 

—

 

 

 

702

 

Equipment & Software

 

 

62

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

63

 

Film and chemicals

 

 

—

 

 

 

239

 

 

 

—

 

 

 

—

 

 

 

239

 

Total core products and services

 

 

737

 

 

 

267

 

 

 

—

 

 

 

—

 

 

 

1,004

 

Growth products (2)

 

 

—

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

4

 

Other (3)

 

 

—

 

 

 

—

 

 

 

20

 

 

 

15

 

 

 

35

 

Total

 

$

737

 

 

$

271

 

 

$

20

 

 

$

15

 

 

$

1,043

 

 

 

 

 

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

 

 

(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, Analytical 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, 2024

 

 

 

 

 

 

Advanced

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Materials
and

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Print

 

 

Chemicals

 

 

Brand

 

 

Other

 

 

Total

 

United States

 

$

231

 

 

$

214

 

 

$

20

 

 

$

15

 

 

$

480

 

Canada

 

 

15

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

17

 

North America

 

 

246

 

 

 

216

 

 

 

20

 

 

 

15

 

 

 

497

 

Europe, Middle East and Africa

 

 

312

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

334

 

Asia Pacific

 

 

161

 

 

 

32

 

 

 

—

 

 

 

—

 

 

 

193

 

Latin America

 

 

18

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

19

 

Total Sales

 

$

737

 

 

$

271

 

 

$

20

 

 

$

15

 

 

$

1,043

 

 

 

 

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

 

 

(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, 2024, 2023 and 2022.

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)

 

2024

 

 

2023

 

Contract assets

 

$

5

 

 

$

1

 

 

 

 

 

 

 

Contract liabilities - current

 

 

35

 

 

 

37

 

Contract liabilities - long-term

 

 

57

 

 

 

63

 

Total

 

$

92

 

 

$

100

 

 

Activity in deferred revenue accounts consisted of:

 

 

 

Year Ended December 31,

 

(in millions)

 

2024

 

 

2023

 

 

2022

 

Beginning liabilities recognized in revenue

 

$

33

 

 

$

33

 

 

$

38

 

Cash payments received, net of revenue recognized

 

 

24

 

 

 

39

 

 

 

30