(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period from ______________ to ______________ |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification no.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Class | Number of Shares Outstanding at September 30, 2021 | ||||
Common Stock, par value $0.01 per share |
ITEM | PAGE |
Third Quarter | First Nine Months | ||||||||||||||||||||||
(Dollars in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | |||||||||||||||||||||||
Other components of post-employment (benefit) cost, net | ( | ( | ( | ( | |||||||||||||||||||
Other (income) charges, net | ( | ( | |||||||||||||||||||||
Loss on business held for sale | |||||||||||||||||||||||
Earnings before interest and taxes | |||||||||||||||||||||||
Net interest expense | |||||||||||||||||||||||
Early debt extinguishment costs | |||||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interest | |||||||||||||||||||||||
Net earnings attributable to Eastman | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share attributable to Eastman | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share attributable to Eastman | $ | $ | $ | $ |
Comprehensive Income | |||||||||||||||||||||||
Net earnings including noncontrolling interest | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in cumulative translation adjustment | ( | ( | |||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||||||||||||||
Amortization of unrecognized prior service credits | ( | ( | ( | ( | |||||||||||||||||||
Derivatives and hedging: | |||||||||||||||||||||||
Unrealized gain (loss) during period | ( | ( | |||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income, net | ( | ||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income including noncontrolling interest | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | |||||||||||||||||||||||
Comprehensive income (loss) attributable to Eastman | $ | $ | $ | $ | |||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Retained earnings at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net earnings attributable to Eastman | |||||||||||||||||||||||
Cash dividends declared | ( | ( | ( | ( | |||||||||||||||||||
Retained earnings at end of period | $ | $ | $ | $ |
September 30, | December 31, | ||||||||||
(Dollars in millions, except per share amounts) | 2021 | 2020 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, net of allowance for doubtful accounts | |||||||||||
Miscellaneous receivables | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Assets held for sale | |||||||||||
Total current assets | |||||||||||
Properties | |||||||||||
Properties and equipment at cost | |||||||||||
Less: Accumulated depreciation | |||||||||||
Net properties | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization | |||||||||||
Other noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities | |||||||||||
Payables and other current liabilities | $ | $ | |||||||||
Borrowings due within one year | |||||||||||
Liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Long-term borrowings | |||||||||||
Deferred income tax liabilities | |||||||||||
Post-employment obligations | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders' equity | |||||||||||
Common stock ($ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Less: Treasury stock at cost ( | |||||||||||
Total Eastman stockholders' equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
First Nine Months | |||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Operating activities | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Asset impairment charges | |||||||||||
Early debt extinguishment costs | |||||||||||
Loss on business held for sale | |||||||||||
Provision for (benefit from) deferred income taxes | ( | ( | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||||
(Increase) decrease in trade receivables | ( | ( | |||||||||
(Increase) decrease in inventories | ( | ||||||||||
Increase (decrease) in trade payables | ( | ||||||||||
Pension and other postretirement contributions (in excess of) less than expenses | ( | ( | |||||||||
Variable compensation (in excess of) less than expenses | |||||||||||
Other items, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Additions to properties and equipment | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Additions to capitalized software | ( | ||||||||||
Other items, net | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Net increase (decrease) in commercial paper and other borrowings | ( | ||||||||||
Proceeds from borrowings | |||||||||||
Repayment of borrowings | ( | ||||||||||
Dividends paid to stockholders | ( | ( | |||||||||
Treasury stock purchases | ( | ( | |||||||||
Proceeds from stock option exercises and other items, net | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Page | ||||||||
September 30, | |||||
(Dollars in millions) | 2021 | ||||
Assets held for sale | |||||
Trade receivables, net of allowance for doubtful accounts | $ | ||||
Inventories | |||||
Other assets | |||||
Properties, net of accumulated depreciation | |||||
Goodwill | |||||
Intangible assets, net of accumulated amortization | |||||
Assets held for sale | |||||
Liabilities held for sale | |||||
Payables and other liabilities | |||||
Post-employment obligations | |||||
Other liabilities | |||||
Liabilities held for sale | |||||
Disposal group, net | $ |
September 30, | December 31, | ||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Finished goods | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories at FIFO or average cost | |||||||||||
Less: LIFO reserve | |||||||||||
Total inventories | $ | $ |
September 30, | December 31, | ||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Trade creditors | $ | $ | |||||||||
Accrued payroll and variable compensation | |||||||||||
Accrued taxes | |||||||||||
Post-employment obligations | |||||||||||
Other | |||||||||||
Total payables and other current liabilities | $ | $ |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||
Provision for income taxes and tax rate | $ | ( | ( | % | $ | % | $ | % | $ | % |
September 30, | December 31, | ||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Borrowings consisted of: | |||||||||||
3.5% notes due December 2021 | $ | $ | |||||||||
3.6% notes due August 2022 | |||||||||||
1.50% notes due May 2023 (1) | |||||||||||
7 1/4% debentures due January 2024 | |||||||||||
7 5/8% debentures due June 2024 | |||||||||||
3.8% notes due March 2025 | |||||||||||
1.875% notes due November 2026 (1) | |||||||||||
7.60% debentures due February 2027 | |||||||||||
4.5% notes due December 2028 | |||||||||||
4.8% notes due September 2042 | |||||||||||
4.65% notes due October 2044 | |||||||||||
Commercial paper and short-term borrowings | |||||||||||
Total borrowings | |||||||||||
Borrowings due within one year | |||||||||||
Long-term borrowings | $ | $ |
Notional Outstanding | September 30, 2021 | December 31, 2020 | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign Exchange Forward and Option Contracts (in millions) | |||||||||||||||||
EUR/USD (in EUR) | € | € | |||||||||||||||
Commodity Forward and Collar Contracts | |||||||||||||||||
Feedstock (in million barrels) | |||||||||||||||||
Energy (in million british thermal units) | |||||||||||||||||
Interest rate swaps for the future issuance of debt (in millions) | $ | $ | |||||||||||||||
Derivatives designated as fair value hedges: | |||||||||||||||||
Fixed-for-floating interest rate swaps (in millions) | $ | $ | |||||||||||||||
Derivatives designated as net investment hedges: | |||||||||||||||||
Cross-currency interest rate swaps (in millions) | |||||||||||||||||
EUR/USD (in EUR) | € | € | |||||||||||||||
Non-derivatives designated as net investment hedges: | |||||||||||||||||
Foreign Currency Net Investment Hedges (in millions) | |||||||||||||||||
EUR/USD (in EUR) | € | € |
The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Derivative Type | Statements of Financial Position Classification | September 30, 2021 Level 2 | December 31, 2020 Level 2 | |||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||
Commodity contracts | Other current assets | $ | $ | |||||||||||||||||
Commodity contracts | Other noncurrent assets | |||||||||||||||||||
Foreign exchange contracts | Other current assets | |||||||||||||||||||
Foreign exchange contracts | Other noncurrent assets | |||||||||||||||||||
Forward starting interest rate swap contracts | Other noncurrent assets | |||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||
Fixed-for-floating interest rate swap | Other current assets | |||||||||||||||||||
Fixed-for-floating interest rate swap | Other noncurrent assets | |||||||||||||||||||
Derivatives designated as net investment hedges: | ||||||||||||||||||||
Cross-currency interest rate swaps | Other current assets | |||||||||||||||||||
Cross-currency interest rate swaps | Other noncurrent assets | |||||||||||||||||||
Total Derivative Assets | $ | $ | ||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||
Commodity contracts | Payables and other current liabilities | $ | $ | |||||||||||||||||
Foreign exchange contracts | Payables and other current liabilities | |||||||||||||||||||
Foreign exchange contracts | Other long-term liabilities | |||||||||||||||||||
Derivatives designated as net investment hedges: | ||||||||||||||||||||
Cross-currency interest rate swaps | Other long-term liabilities | |||||||||||||||||||
Total Derivative Liabilities | $ | $ | ||||||||||||||||||
Total Net Derivative Assets (Liabilities) | $ | $ | ( |
(Dollars in millions) | Carrying amount of the hedged liabilities | Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability | ||||||||||||||||||||||||
Line item in the Unaudited Consolidated Statements of Financial Position in which the hedged item is included | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Long-term borrowings (1) | $ | $ | $ | ( | $ | ( |
Change in amount of after tax gain (loss) recognized in OCI on derivatives | Pre-tax amount of gain (loss) reclassified from OCI into earnings | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Third Quarter | First Nine Months | Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Hedging Relationships | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Forward starting interest rate and treasury lock swap contracts | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Non-derivatives in net investment hedging relationships (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives in net investment hedging relationships (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate swaps | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate swaps excluded component | ( | ( | ( | — | — | — | — |
Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||||||||
Third Quarter | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Sales | Cost of Sales | Net Interest Expense | Sales | Cost of Sales | Net Interest Expense | ||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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 items | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
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 | ( | ( | ||||||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||
Amount reclassified from AOCI into earnings | ( | |||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts: | ||||||||||||||||||||||||||||||||||||||
Amount reclassified from AOCI into earnings |
Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||||||||
First Nine Months | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Sales | Cost of Sales | Net Interest Expense | Sales | Cost of Sales | Net Interest Expense | ||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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 items | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ( | ( | ||||||||||||||||||||||||||||||||||||
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 | ( | ( | ||||||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||
Amount reclassified from AOCI into earnings | ( | |||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts: | ||||||||||||||||||||||||||||||||||||||
Amount reclassified from AOCI into earnings | ( | |||||||||||||||||||||||||||||||||||||
Third Quarter | |||||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service credit, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
First Nine Months | |||||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service credit, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
(Dollars in millions) | Operating lease liabilities | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and beyond | ||||||||
Total lease payments | ||||||||
Less: amounts of lease payments representing interest | ||||||||
Present value of future lease payments | ||||||||
Less: current obligations under leases | ||||||||
Long-term lease obligations | $ |
Third Quarter | First Nine Months | |||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Lease costs: | ||||||||||||||||||||||||||
Operating lease costs | $ | $ | $ | $ | ||||||||||||||||||||||
Short-term lease costs | ||||||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Other operating lease information: | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Right-to-use assets obtained in exchange for new lease liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average remaining lease term, in years | ||||||||||||||||||||||||||
Weighted-average discount rate | % | % |
(Dollars in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Environmental contingencies, current | $ | $ | |||||||||
Environmental contingencies, long-term | |||||||||||
Total | $ | $ |
(Dollars in millions) | Environmental Remediation Liabilities | ||||
Balance at December 31, 2019 | $ | ||||
Changes in estimates recognized in earnings and other | |||||
Cash reductions | ( | ||||
Balance at December 31, 2020 | |||||
Changes in estimates recognized in earnings and other | |||||
Cash reductions | ( | ||||
Balance at September 30, 2021 | $ |
(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 June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared (1) ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Exercises | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Share Repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
(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 June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared (1) ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Exercises | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
(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, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared (1) ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Exercises | |||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
(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, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared (1) ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Exercises | |||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
(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, 2019 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Period change | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at December 31, 2020 | ( | ( | ( | ( | |||||||||||||||||||||||||
Period change | ( | ||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | $ | $ | ( | $ | ( |
Third Quarter | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions) | Before Tax | Net of Tax | Before Tax | Net of Tax | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Change in cumulative translation adjustment | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||||||||||||||
Amortization of unrecognized prior service credits | ( | ( | ( | ( | |||||||||||||||||||
Derivatives and hedging: | |||||||||||||||||||||||
Unrealized gain (loss) during period | ( | ( | |||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income, net | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss) | $ | $ | $ | ( | $ | ( | |||||||||||||||||
First Nine Months | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions) | Before Tax | Net of Tax | Before Tax | Net of Tax | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Change in cumulative translation adjustment | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||||||||||||||
Amortization of unrecognized prior service credits | ( | ( | ( | ( | |||||||||||||||||||
Derivatives and hedging: | |||||||||||||||||||||||
Unrealized gain (loss) during period | ( | ( | |||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income, net | |||||||||||||||||||||||
Total other comprehensive income (loss) | $ | $ | $ | ( | $ | ( |
Third Quarter | First Nine Months | ||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator | |||||||||||||||||||||||
Earnings attributable to Eastman, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average shares used for basic EPS | |||||||||||||||||||||||
Dilutive effect of stock options and other awards | |||||||||||||||||||||||
Weighted average shares used for diluted EPS | |||||||||||||||||||||||
(Calculated using whole dollars and shares) | |||||||||||||||||||||||
EPS | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
(Dollars in millions) | Third Quarter | First Nine Months | |||||||||||||||||||||
Tangible Asset Impairments | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AFP - Tire additives (1) | $ | $ | $ | $ | |||||||||||||||||||
AM - Advanced interlayers (2) | |||||||||||||||||||||||
AM - Performance films (3) | |||||||||||||||||||||||
AFP - Animal nutrition (4) | |||||||||||||||||||||||
Discontinuation of growth initiatives (5) | |||||||||||||||||||||||
Gain on Sale of Previously Impaired Assets | |||||||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AFP - Animal nutrition (4) | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Intangible Asset Impairments | |||||||||||||||||||||||
AFP - Tradenames (6) | |||||||||||||||||||||||
AFP - Customer relationships (7) | |||||||||||||||||||||||
Severance Charges | |||||||||||||||||||||||
Business improvement and cost reduction actions (8) | |||||||||||||||||||||||
CI & AFP - Singapore (9) | |||||||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AM - Advanced interlayers (2) | |||||||||||||||||||||||
AFP - Tire additives (1) | |||||||||||||||||||||||
AM - Performance films (3) | |||||||||||||||||||||||
AFP - Animal nutrition (4) | |||||||||||||||||||||||
Other Restructuring Costs | |||||||||||||||||||||||
Cost reduction initiatives (8) | |||||||||||||||||||||||
Discontinuation of growth initiatives contract termination fees (5) | |||||||||||||||||||||||
CI & AFP - Singapore (9) | |||||||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AM - Advanced interlayers (2) | |||||||||||||||||||||||
AFP - Tire additives (1) | |||||||||||||||||||||||
AM - Performance films (3) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(Dollars in millions) | Balance at January 1, 2021 | Provision/ Adjustments | Non-cash Reductions/ Additions | Cash Reductions | Balance at September 30, 2021 | ||||||||||||||||||||||||
Non-cash charges | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Severance costs | ( | ||||||||||||||||||||||||||||
Other restructuring costs | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
(Dollars in millions) | Balance at January 1, 2020 | Provision/ Adjustments | Non-cash Reductions/ Additions | Cash Reductions | Balance at December 31, 2020 | ||||||||||||||||||||||||
Non-cash charges | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Severance costs | ( | ||||||||||||||||||||||||||||
Other restructuring costs | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
(Dollars in millions) | First Nine Months | ||||||||||
2021 | 2020 | ||||||||||
Other current assets | $ | ( | $ | ( | |||||||
Other noncurrent assets | ( | ||||||||||
Payables and other current liabilities | |||||||||||
Long-term liabilities and equity | |||||||||||
Total | $ | $ | |||||||||
(Dollars in millions) | Third Quarter | First Nine Months | |||||||||||||||||||||
Sales by Segment | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Additives & Functional Products | $ | $ | $ | $ | |||||||||||||||||||
Advanced Materials | |||||||||||||||||||||||
Chemical Intermediates | |||||||||||||||||||||||
Fibers | |||||||||||||||||||||||
Total Sales | $ | $ | $ | $ |
(Dollars in millions) | Third Quarter | First Nine Months | |||||||||||||||||||||
Earnings (Loss) Before Interest and Taxes by Segment | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Additives & Functional Products | $ | $ | $ | ( | $ | ||||||||||||||||||
Advanced Materials | |||||||||||||||||||||||
Chemical Intermediates | |||||||||||||||||||||||
Fibers | |||||||||||||||||||||||
Total Earnings Before Interest and Taxes by Operating Segment | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Growth initiatives and businesses not allocated to operating segments | ( | ( | ( | ( | |||||||||||||||||||
Pension and other postretirement benefits income (expense), net not allocated to operating segments | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | ( | ( | |||||||||||||||||||||
Other income (charges), net not allocated to operating segments | ( | ( | ( | ( | |||||||||||||||||||
Total Earnings Before Interest and Taxes | $ | $ | $ | $ |
(Dollars in millions) | September 30, | December 31, | |||||||||
Assets by Segment (1) | 2021 | 2020 | |||||||||
Additives & Functional Products | $ | $ | |||||||||
Advanced Materials | |||||||||||
Chemical Intermediates | |||||||||||
Fibers | |||||||||||
Total Assets by Operating Segment | |||||||||||
Corporate Assets | |||||||||||
Total Assets | $ | $ |
(Dollars in millions) | Third Quarter | First Nine Months | |||||||||||||||||||||
Sales by Customer Location | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
United States and Canada | $ | $ | $ | $ | |||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Europe, Middle East, and Africa | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Total Sales | $ | $ | $ | $ |
Third Quarter | First Nine Months | ||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Non-core items impacting earnings before interest and taxes: | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | $ | 7 | $ | 60 | $ | 29 | $ | 215 | |||||||||||||||
Loss on business held for sale and related transaction costs | 68 | — | 563 | — | |||||||||||||||||||
Accelerated depreciation | — | 7 | 4 | 7 | |||||||||||||||||||
Total non-core items impacting earnings before interest and taxes | 75 | 67 | 596 | 222 | |||||||||||||||||||
Non-core item impacting earnings before income taxes: | |||||||||||||||||||||||
Early debt extinguishment costs | — | 1 | — | 1 | |||||||||||||||||||
Total non-core item impacting earnings before income taxes | — | 1 | — | 1 | |||||||||||||||||||
Less: Items impacting provision for income taxes: | |||||||||||||||||||||||
Tax effect of non-core items | 26 | 17 | 61 | 53 | |||||||||||||||||||
Adjustment from tax law changes | 15 | — | 15 | — | |||||||||||||||||||
Interim adjustment to tax provision | 47 | (2) | 29 | 9 | |||||||||||||||||||
Total items impacting provision for income taxes | 88 | 15 | 105 | 62 | |||||||||||||||||||
Total items impacting net earnings attributable to Eastman | $ | (13) | $ | 53 | $ | 491 | $ | 161 |
Third Quarter | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions, except EPS) | $ | EPS | $ | EPS | |||||||||||||||||||
Net earnings attributable to Eastman | $ | 351 | $ | 2.57 | $ | 161 | $ | 1.18 | |||||||||||||||
Total non-core and unusual items, net of tax | 34 | 0.23 | 51 | 0.37 | |||||||||||||||||||
Interim adjustment to tax provision | (47) | (0.34) | 2 | 0.02 | |||||||||||||||||||
Adjusted net earnings | $ | 338 | $ | 2.46 | $ | 214 | $ | 1.57 | |||||||||||||||
First Nine Months | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions, except EPS) | $ | EPS | $ | EPS | |||||||||||||||||||
Net earnings attributable to Eastman | $ | 479 | $ | 3.49 | $ | 446 | $ | 3.27 | |||||||||||||||
Total non-core and unusual items, net of tax | 520 | 3.76 | 170 | 1.24 | |||||||||||||||||||
Interim adjustment to tax provision | (29) | (0.20) | (9) | (0.06) | |||||||||||||||||||
Adjusted net earnings | $ | 970 | $ | 7.05 | $ | 607 | $ | 4.45 |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||
Sales | $ | 2,720 | $ | 2,122 | $ | 598 | 28 | % | $ | 7,782 | $ | 6,287 | $ | 1,495 | 24 | % | |||||||||||||||||||||||||||||||
Volume / product mix effect | 186 | 9 | % | 609 | 10 | % | |||||||||||||||||||||||||||||||||||||||||
Price effect | 399 | 19 | % | 776 | 12 | % | |||||||||||||||||||||||||||||||||||||||||
Exchange rate effect | 13 | — | % | 110 | 2 | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Gross profit | $ | 662 | $ | 501 | 32 | % | $ | 1,941 | $ | 1,449 | 34 | % | |||||||||||||||||||||||
Accelerated depreciation | — | 7 | 4 | 7 | |||||||||||||||||||||||||||||||
Gross profit excluding non-core item | $ | 662 | $ | 508 | 30 | % | $ | 1,945 | $ | 1,456 | 34 | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 201 | $ | 165 | 22 | % | $ | 587 | $ | 480 | 22 | % | |||||||||||||||||||||||
Business held for sale transaction costs | (8) | — | (8) | — | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses excluding non-core item | $ | 193 | $ | 165 | 17 | % | $ | 579 | $ | 480 | 21 | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Research and development expenses | $ | 66 | $ | 56 | 18 | % | $ | 187 | $ | 169 | 11 | % | |||||||||||||||||||||||
(Dollars in millions) | Third Quarter | First Nine Months | |||||||||||||||||||||
Tangible Asset Impairments | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AFP - Tire additives | $ | — | $ | — | $ | 4 | $ | 5 | |||||||||||||||
AM - Advanced interlayers | — | — | 1 | — | |||||||||||||||||||
AM - Performance films | — | — | — | 4 | |||||||||||||||||||
AFP - Animal nutrition | — | — | — | 3 | |||||||||||||||||||
Discontinuation of growth initiatives | — | — | — | 8 | |||||||||||||||||||
— | — | 5 | 20 | ||||||||||||||||||||
Gain on Sale of Previously Impaired Assets | |||||||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AFP - Animal nutrition | — | — | (1) | — | |||||||||||||||||||
— | — | (1) | — | ||||||||||||||||||||
Intangible Asset Impairments | |||||||||||||||||||||||
AFP - Tradenames | — | — | — | 123 | |||||||||||||||||||
AFP - Customer relationships | — | — | — | 2 | |||||||||||||||||||
— | — | — | 125 | ||||||||||||||||||||
Severance Charges | |||||||||||||||||||||||
Business improvement and cost reduction actions | — | 46 | — | 46 | |||||||||||||||||||
CI & AFP - Singapore | — | 2 | — | 5 | |||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AM - Advanced interlayers | — | 3 | 1 | 3 | |||||||||||||||||||
AFP - Tire additives | — | 1 | — | 1 | |||||||||||||||||||
AM - Performance films | — | — | — | 3 | |||||||||||||||||||
AFP - Animal nutrition | — | — | — | 1 | |||||||||||||||||||
— | 52 | 1 | 59 | ||||||||||||||||||||
Other Restructuring Costs | |||||||||||||||||||||||
Cost reduction initiatives | — | 7 | — | 7 | |||||||||||||||||||
Discontinuation of growth initiatives contract termination fees | — | 1 | — | 4 | |||||||||||||||||||
CI & AFP - Singapore | 3 | — | 16 | — | |||||||||||||||||||
Site optimizations | |||||||||||||||||||||||
AM - Advanced interlayers | 1 | — | 3 | — | |||||||||||||||||||
AFP - Tire additives | 1 | — | 3 | — | |||||||||||||||||||
AM - Performance films | 2 | — | 2 | — | |||||||||||||||||||
7 | 8 | 24 | 11 | ||||||||||||||||||||
Total | $ | 7 | $ | 60 | $ | 29 | $ | 215 |
Third Quarter | First Nine Months | ||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Other components of post-employment (benefit) cost, net | $ | (36) | $ | (30) | $ | (109) | $ | (90) |
Third Quarter | First Nine Months | ||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Foreign exchange transaction (gains) losses, net | $ | 2 | $ | 8 | $ | 7 | $ | 14 | |||||||||||||||
(Income) loss from equity investments and other investment (gains) losses, net | (3) | (3) | (12) | (10) | |||||||||||||||||||
Other, net | (5) | 2 | (6) | 6 | |||||||||||||||||||
Other (income) charges, net | $ | (6) | $ | 7 | $ | (11) | $ | 10 | |||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Earnings (loss) before interest and taxes | $ | 370 | $ | 243 | 52 | % | $ | 703 | $ | 665 | 6 | % | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | 7 | 60 | 29 | 215 | |||||||||||||||||||||||||||||||
Loss on business held for sale and related transaction costs | 68 | — | 563 | — | |||||||||||||||||||||||||||||||
Accelerated depreciation | — | 7 | 4 | 7 | |||||||||||||||||||||||||||||||
Earnings before interest and taxes excluding non-core items | $ | 445 | $ | 310 | 44 | % | $ | 1,299 | $ | 887 | 46 | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Gross interest costs | $ | 51 | $ | 55 | (7) | % | $ | 155 | $ | 165 | (6) | % | |||||||||||||||||||||||
Less: Capitalized interest | 1 | 1 | 3 | 3 | |||||||||||||||||||||||||||||||
Interest expense | 50 | 54 | 152 | 162 | |||||||||||||||||||||||||||||||
Less: Interest income | 1 | 2 | 2 | 3 | |||||||||||||||||||||||||||||||
Net interest expense | $ | 49 | $ | 52 | (6) | % | $ | 150 | $ | 159 | (6) | % | |||||||||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes and effective tax rate | $ | (33) | (10) | % | $ | 25 | 13 | % | $ | 66 | 12 | % | $ | 50 | 10 | % | |||||||||||||||||||||||||||||||
Tax provision for non-core items (1) | 26 | 17 | 61 | 53 | |||||||||||||||||||||||||||||||||||||||||||
Adjustment from tax law changes (2) | 15 | — | 15 | — | |||||||||||||||||||||||||||||||||||||||||||
Interim adjustment to tax provision (3) | 47 | (2) | 29 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted provision for income taxes and effective tax rate | $ | 55 | 14 | % | $ | 40 | 16 | % | $ | 171 | 15 | % | $ | 112 | 16 | % |
First Nine Months (1) | |||||||||||
2021 | 2020 | ||||||||||
Effective tax rate | 12 | % | 10 | % | |||||||
Tax impact of current year non-core and unusual items (2) | 3 | % | 7 | % | |||||||
Changes in tax contingencies and valuation allowances | 1 | % | 1 | % | |||||||
Forecasted full year impact of expected tax events | (1) | % | (2) | % | |||||||
Forecasted full year adjusted effective tax rate | 15 | % | 16 | % |
Third Quarter | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions, except EPS) | $ | EPS | $ | EPS | |||||||||||||||||||
Net earnings (loss) and diluted earnings per share attributable to Eastman | $ | 351 | $ | 2.57 | $ | 161 | $ | 1.18 | |||||||||||||||
Non-core items, net of tax: (1) | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | 5 | 0.04 | 45 | 0.33 | |||||||||||||||||||
Accelerated depreciation | — | — | 5 | 0.04 | |||||||||||||||||||
Early debt extinguishment costs | — | — | 1 | — | |||||||||||||||||||
Loss on business held for sale and related transaction costs | 44 | 0.30 | — | — | |||||||||||||||||||
Unusual items, net of tax: (1) | |||||||||||||||||||||||
Adjustment from tax law changes | (15) | (0.11) | — | — | |||||||||||||||||||
Interim adjustment to tax provision | (47) | (0.34) | 2 | 0.02 | |||||||||||||||||||
Adjusted net earnings and diluted earnings per share attributable to Eastman | $ | 338 | $ | 2.46 | $ | 214 | $ | 1.57 |
First Nine Months | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions, except EPS) | $ | EPS | $ | EPS | |||||||||||||||||||
Net earnings and diluted earnings per share attributable to Eastman | $ | 479 | $ | 3.49 | $ | 446 | $ | 3.27 | |||||||||||||||
Non-core items, net of tax: (1) | |||||||||||||||||||||||
Asset impairments and restructuring charges, net | 23 | 0.16 | 164 | 1.20 | |||||||||||||||||||
Loss on business held for sale and related transaction costs | 509 | 3.69 | — | — | |||||||||||||||||||
Accelerated depreciation | 3 | 0.02 | 5 | 0.04 | |||||||||||||||||||
Early debt extinguishment costs | — | — | 1 | — | |||||||||||||||||||
Unusual items, net of tax: (1) | |||||||||||||||||||||||
Adjustment from tax law changes | (15) | (0.11) | — | — | |||||||||||||||||||
Interim adjustment to tax provision | (29) | (0.20) | (9) | (0.06) | |||||||||||||||||||
Adjusted net earnings and diluted earnings per share attributable to Eastman | $ | 970 | $ | 7.05 | $ | 607 | $ | 4.45 |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 997 | $ | 742 | $ | 255 | 34 | % | $ | 2,793 | $ | 2,249 | $ | 544 | 24 | % | |||||||||||||||||||||||||||||||
Volume / product mix effect | 117 | 16 | % | 291 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
Price effect | 133 | 18 | % | 202 | 9 | % | |||||||||||||||||||||||||||||||||||||||||
Exchange rate effect | 5 | — | % | 51 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Earnings (loss) before interest and taxes | $ | 91 | $ | 107 | $ | (16) | 15 | % | $ | (142) | $ | 194 | $ | (336) | (173) | % | |||||||||||||||||||||||||||||||
Loss on business held for sale and related transaction costs | 68 | — | 68 | 563 | — | 563 | |||||||||||||||||||||||||||||||||||||||||
Asset impairments and restructuring charges, net | 2 | 2 | — | 9 | 136 | (127) | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes excluding non-core items | 161 | 109 | 52 | 48 | % | 430 | 330 | 100 | 30 | % |
2021 | Change | ||||||||||||||||||||||
Third Quarter | Second Quarter | $ | % | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Sales | $ | 997 | $ | 925 | $ | 72 | 8 | % | |||||||||||||||
Volume / product mix effect | 16 | 2 | % | ||||||||||||||||||||
Price effect | 61 | 7 | % | ||||||||||||||||||||
Exchange rate effect | (5) | (1) | % | ||||||||||||||||||||
Earnings (loss) before interest and taxes | $ | 91 | $ | (368) | $ | 459 | (125) | % | |||||||||||||||
Loss on business held for sale and related transaction costs | 68 | 495 | (427) | ||||||||||||||||||||
Asset impairments and restructuring charges, net | 2 | 5 | (3) | ||||||||||||||||||||
Earnings before interest and taxes excluding non-core items | 161 | 132 | 29 | 22 | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 770 | $ | 668 | $ | 102 | 15 | % | $ | 2,255 | $ | 1,850 | $ | 405 | 22 | % | |||||||||||||||||||||||||||||||
Volume / product mix effect | 66 | 10 | % | 337 | 18 | % | |||||||||||||||||||||||||||||||||||||||||
Price effect | 29 | 4 | % | 28 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Exchange rate effect | 7 | 1 | % | 40 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 125 | $ | 129 | $ | (4) | (3) | % | $ | 421 | $ | 293 | $ | 128 | 44 | % | |||||||||||||||||||||||||||||||
Asset impairments and restructuring charges, net | 3 | 3 | — | 7 | 10 | (3) | |||||||||||||||||||||||||||||||||||||||||
Accelerated depreciation | — | 7 | (7) | 4 | 7 | (3) | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes excluding non-core items | 128 | 139 | (11) | (8) | % | 432 | 310 | 122 | 39 | % |
2021 | Change | ||||||||||||||||||||||
Third Quarter | Second Quarter | $ | % | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Sales | $ | 770 | $ | 769 | $ | 1 | — | % | |||||||||||||||
Volume / product mix effect | (3) | (1) | % | ||||||||||||||||||||
Price effect | 5 | 1 | % | ||||||||||||||||||||
Exchange rate effect | (1) | — | % | ||||||||||||||||||||
Earnings before interest and taxes | $ | 125 | $ | 150 | $ | (25) | (17) | % | |||||||||||||||
Asset impairments and restructuring charges, net | 3 | 3 | — | ||||||||||||||||||||
Accelerated depreciation | — | — | — | ||||||||||||||||||||
Earnings before interest and taxes excluding non-core items | 128 | 153 | (25) | (16) | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 731 | $ | 506 | $ | 225 | 44 | % | $ | 2,072 | $ | 1,559 | $ | 513 | 33 | % | |||||||||||||||||||||||||||||||
Volume / product mix effect | (11) | (2) | % | (52) | (3) | % | |||||||||||||||||||||||||||||||||||||||||
Price effect | 235 | 46 | % | 549 | 35 | % | |||||||||||||||||||||||||||||||||||||||||
Exchange rate effect | 1 | — | % | 16 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 130 | $ | 31 | $ | 99 | 319 | % | $ | 336 | $ | 131 | $ | 205 | 156 | % | |||||||||||||||||||||||||||||||
Asset impairments and restructuring charges, net | 2 | 1 | 1 | 13 | 4 | 9 | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes excluding non-core item | 132 | 32 | 100 | 313 | % | 349 | 135 | 214 | 159 | % |
2021 | Change | ||||||||||||||||||||||
Third Quarter | Second Quarter | $ | % | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Sales | $ | 731 | $ | 736 | $ | (5) | (1) | % | |||||||||||||||
Volume / product mix effect | (36) | (5) | % | ||||||||||||||||||||
Price effect | 32 | 4 | % | ||||||||||||||||||||
Exchange rate effect | (1) | — | % | ||||||||||||||||||||
Earnings before interest and taxes | $ | 130 | $ | 137 | $ | (7) | (5) | % | |||||||||||||||
Asset impairments and restructuring charges, net | 2 | 7 | (5) | ||||||||||||||||||||
Earnings before interest and taxes excluding non-core item | 132 | 144 | (12) | (8) | % |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 222 | $ | 206 | $ | 16 | 8 | % | $ | 662 | $ | 629 | $ | 33 | 5 | % | |||||||||||||||||||||||||||||||
Volume / product mix effect | 14 | 7 | % | 33 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
Price effect | 2 | 1 | % | (3) | — | % | |||||||||||||||||||||||||||||||||||||||||
Exchange rate effect | — | — | % | 3 | — | % | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 32 | $ | 41 | $ | (9) | (22) | % | $ | 114 | $ | 140 | $ | (26) | (19) | % | |||||||||||||||||||||||||||||||
2021 | Change | ||||||||||||||||||||||
Third Quarter | Second Quarter | $ | % | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Sales | $ | 222 | $ | 223 | $ | (1) | — | % | |||||||||||||||
Volume / product mix effect | (4) | (2) | % | ||||||||||||||||||||
Price effect | 3 | 2 | % | ||||||||||||||||||||
Exchange rate effect | — | — | % | ||||||||||||||||||||
Earnings before interest and taxes | $ | 32 | $ | 37 | $ | (5) | (14) | % | |||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Loss before interest and taxes | |||||||||||||||||||||||
Growth initiatives and businesses not allocated to operating segments | $ | (34) | $ | (22) | $ | (102) | $ | (73) | |||||||||||||||
Pension and other postretirement benefits income (expense), net not allocated to operating segments | 27 | 21 | 81 | 62 | |||||||||||||||||||
Asset impairments and restructuring charges, net | — | (54) | — | (65) | |||||||||||||||||||
Other income (charges), net not allocated to operating segments | (1) | (10) | (5) | (17) | |||||||||||||||||||
Loss before interest and taxes | $ | (8) | $ | (65) | $ | (26) | $ | (93) | |||||||||||||||
Asset impairments and restructuring charges, net | — | 54 | — | 65 | |||||||||||||||||||
Loss before interest and taxes excluding non-core items | (8) | (11) | (26) | (28) |
Sales Revenue | ||||||||||||||||||||||||||||||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||||||||||||||
Change | Change | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||
United States and Canada | $ | 1,197 | $ | 894 | $ | 303 | 34 | % | $ | 3,398 | $ | 2,660 | $ | 738 | 28 | % | ||||||||||||||||||||||||||||
Asia Pacific | 658 | 547 | 111 | 20 | % | 1,877 | 1,565 | 312 | 20 | % | ||||||||||||||||||||||||||||||||||
Europe, Middle East, and Africa | 698 | 556 | 142 | 26 | % | 2,042 | 1,713 | 329 | 19 | % | ||||||||||||||||||||||||||||||||||
Latin America | 167 | 125 | 42 | 34 | % | 465 | 349 | 116 | 33 | % | ||||||||||||||||||||||||||||||||||
Total Eastman Chemical Company | $ | 2,720 | $ | 2,122 | $ | 598 | 28 | % | $ | 7,782 | $ | 6,287 | $ | 1,495 | 24 | % |
First Nine Months | |||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Net cash provided by (used in) | |||||||||||
Operating activities | $ | 1,189 | $ | 1,049 | |||||||
Investing activities | (447) | (282) | |||||||||
Financing activities | (584) | (322) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (5) | 1 | |||||||||
Net change in cash and cash equivalents | 153 | 446 | |||||||||
Cash and cash equivalents at beginning of period | 564 | 204 | |||||||||
Cash and cash equivalents at end of period | $ | 717 | $ | 650 |
First Nine Months | |||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 1,189 | $ | 1,049 | |||||||
Capital expenditures | (315) | (278) | |||||||||
Free cash flow | $ | 874 | $ | 771 |
September 30, | December 31, | |||||||||||||
(Dollars in millions) | 2021 | 2020 | ||||||||||||
Total borrowings | $ | 5,488 | $ | 5,618 | ||||||||||
Less: Cash and cash equivalents | 717 | 564 | ||||||||||||
Net debt (1) | $ | 4,771 | $ | 5,054 | ||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Approximate Dollar Value that May Yet Be Purchased Under the Plan or Program | ||||||||||
July 1-31, 2021 | — | $ | — | — | $ | 1.227 | billion | |||||||
August 1-31, 2021 | 664,689 | $ | 112.83 | 664,689 | $ | 1.152 | billion | |||||||
September 1-30, 2021 | 690,048 | $ | 108.69 | 690,048 | $ | 1.077 | billion | |||||||
Total | 1,354,737 | $ | 110.72 | 1,354,737 |
EXHIBIT INDEX | ||||||||
Exhibit Number | Description | |||||||
3.01 | ||||||||
3.02 | ||||||||
4.01 | ||||||||
4.02 | Indenture, dated as of January 10, 1994, between Eastman Chemical Company and The Bank of New York, as Trustee (incorporated herein by reference to Exhibit 4(a) to the Company's Current Report on Form 8-K dated January 10, 1994) | |||||||
4.03 | ||||||||
4.04 | Form of 7 1/4% Debentures due January 15, 2024 (incorporated herein by reference to Exhibit 4(d) to the Company's Current Report on Form 8-K dated January 10, 1994) | |||||||
4.05 | Officers' Certificate pursuant to Sections 201 and 301 of the Indenture related to 7 5/8% Debentures due 2024 (incorporated herein by reference to Exhibit 4(a) to the Company's Current Report on Form 8-K dated June 8, 1994) | |||||||
4.06 | Form of 7 5/8% Debentures due June 15, 2024 (incorporated herein by reference to Exhibit 4(b) to the Company's Current Report on Form 8-K dated June 8, 1994) | |||||||
4.07 | ||||||||
4.08 | ||||||||
4.09 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
EXHIBIT INDEX | ||||||||
Exhibit Number | Description | |||||||
4.14 | ||||||||
4.15 | ||||||||
4.16 | ||||||||
4.17 | ||||||||
10.01 * | ||||||||
31.01 * | ||||||||
31.02 * | ||||||||
32.01 * | ||||||||
32.02 * | ||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||
101.SCH * | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL * | Inline XBRL Taxonomy Calculation Linkbase Document | |||||||
101.DEF * | Inline XBRL Definition Linkbase Document | |||||||
101.LAB * | Inline XBRL Taxonomy Label Linkbase Document | |||||||
101.PRE * | Inline XBRL Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Eastman Chemical Company | |||||||||||
Date: | November 1, 2021 | By: | /s/ William T. McLain, Jr. | ||||||||
William T. McLain, Jr. | |||||||||||
Senior Vice President and Chief Financial Officer |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Current assets | ||||
Cash and cash equivalents | $ 717 | $ 564 | ||
Trade receivables, net of allowance for doubtful accounts | 1,356 | 1,033 | ||
Miscellaneous receivables | 351 | 482 | ||
Inventories | 1,630 | 1,379 | ||
Other current assets | 68 | 83 | ||
Assets held for sale | 753 | 0 | ||
Total current assets | 4,875 | 3,541 | ||
Properties | ||||
Properties and equipment at cost | 13,138 | 13,531 | ||
Less: Accumulated depreciation | 7,966 | 7,982 | ||
Net properties | 5,172 | 5,549 | ||
Goodwill | 4,044 | 4,465 | ||
Intangible assets, net of accumulated amortization | 1,407 | 1,792 | ||
Other noncurrent assets | 761 | 736 | ||
Total assets | [1] | 16,259 | 16,083 | |
Current liabilities | ||||
Payables and other current liabilities | 1,970 | 1,689 | ||
Borrowings due within one year | 1,046 | 349 | ||
Liabilities held for sale | 97 | 0 | ||
Total current liabilities | 3,113 | 2,038 | ||
Long-term borrowings | 4,442 | 5,269 | ||
Deferred income tax liabilities | 827 | 848 | ||
Post-employment obligations | 1,009 | 1,143 | ||
Other long-term liabilities | 661 | 677 | ||
Total liabilities | $ 10,052 | $ 9,975 | ||
Common stock, shares issued (in shares) | 221,763,043 | 220,641,506 | ||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Stockholders' equity | ||||
Common stock ($0.01 par value – 350,000,000 shares authorized; shares issued – 221,763,043 and 220,641,506 for 2021 and 2020, respectively) | $ 2 | $ 2 | ||
Additional paid-in capital | 2,275 | 2,174 | ||
Retained earnings | 8,278 | 8,080 | ||
Accumulated other comprehensive income (loss) | (185) | (273) | ||
Stockholder's Equity before Treasury Stock | 10,370 | 9,983 | ||
Less: Treasury stock at cost (87,373,562 shares for 2021 and 84,830,450 shares for 2020) | 4,250 | 3,960 | ||
Total Eastman stockholders' equity | 6,120 | 6,023 | ||
Noncontrolling interest | 87 | 85 | ||
Total equity | 6,207 | 6,108 | ||
Total liabilities and stockholders' equity | $ 16,259 | $ 16,083 | ||
Treasury stock at cost (in shares) | 87,373,562 | 84,830,450 | ||
Common stock, par value (in dollars per share) | 350,000,000 | |||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating activities | ||
Net earnings | $ 487 | $ 455 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 416 | 429 |
Asset impairment charges | 5 | 145 |
Early debt extinguishment costs | 0 | 1 |
Loss on business held for sale | 555 | 0 |
Provision for (benefit from) deferred income taxes | (66) | (14) |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||
(Increase) decrease in trade receivables | (439) | (90) |
(Increase) decrease in inventories | (369) | 316 |
Increase (decrease) in trade payables | 377 | (213) |
Pension and other postretirement contributions (in excess of) less than expenses | (142) | (108) |
Variable compensation (in excess of) less than expenses | 90 | 25 |
Other items, net | 275 | 103 |
Net cash provided by operating activities | 1,189 | 1,049 |
Investing activities | ||
Additions to properties and equipment | (315) | (278) |
Acquisitions, net of cash acquired | (111) | 0 |
Additions to capitalized software | (18) | 0 |
Other items, net | (3) | (4) |
Net cash used in investing activities | (447) | (282) |
Financing activities | ||
Net increase (decrease) in commercial paper and other borrowings | (50) | 14 |
Proceeds from borrowings | 0 | 249 |
Repayment of borrowings | 0 | (250) |
Dividends paid to stockholders | (282) | (269) |
Treasury stock purchases | (290) | (60) |
Proceeds from stock option exercises and other items, net | 38 | (6) |
Net cash used in financing activities | (584) | (322) |
Effect of exchange rate changes on cash and cash equivalents | (5) | 1 |
Net change in cash and cash equivalents | 153 | 446 |
Cash and cash equivalents at beginning of period | 564 | 204 |
Cash and cash equivalents at end of period | $ 717 | $ 650 |
SIGNIFICANT ACCOUNTING POLICIES (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Eastman Chemical Company ("Eastman" or the "Company") in accordance and consistent with the accounting policies stated in the Company's 2020 Annual Report on Form 10-K, and should be read in conjunction with the consolidated financial statements in Part II, Item 8 of that report, with the exception of recently adopted accounting standards noted below. The December 31, 2020 financial position data included herein was derived from the consolidated financial statements included in the 2020 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary for the fair statement of the interim financial information in conformity with GAAP. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, sales revenue, and expenses of all majority-owned subsidiaries and joint ventures in which a controlling interest is maintained. Eastman accounts for other joint ventures and investments where it exercises significant influence on the equity basis. Intercompany transactions and balances are eliminated in consolidation. Certain prior period data has been reclassified in the unaudited consolidated financial statements and accompanying footnotes to conform to current period presentation. Recently Adopted Accounting Standards Accounting Standards Update ("ASU") ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes: On January 1, 2021, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") initiative to reduce complexity in accounting standards. Adoption methods varied based on the specific tax items impacted. The adoption of this standard did not have a material impact on the Company's financial statements and related disclosures. ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: On January 1, 2021, Eastman prospectively adopted this update which provides clarification that an entity should consider observable transactions that require the application or discontinuance of the equity method of accounting for the purposes of applying the measurement alternative and clarification that certain forward contracts and purchased options to purchase securities that, upon settlement, would be accounted for under the equity method of accounting. The adoption of this standard did not have an impact to the Company's financial statements and related disclosures. ASU 2021-01 Reference Rate Reform (Topic 848): In January 2021, the FASB issued this update to clarify that certain optional expedients and exceptions under this topic for contract modifications and hedge accounting apply to derivatives instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (the global financial markets transition in contracts, hedging relationships, and other transactions from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates to new reference rates). This update was effective immediately upon release. The Company has had no reference rate reform modifications to date; this update will be adopted on a prospective basis in the event of any such modifications. Accounting Standards Issued But Not Adopted as of September 30, 2021 ASU 2021-05 Leases - Lessors - Certain Leases with Variable Lease Payments (Topic 842): In July 2021, this update was issued as a part of the FASB's post-implementation review of this Topic. The update provides that lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both: the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. This guidance is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Adoption can be applied on either a retrospective or prospective basis. Management does not expect that changes required by the new standard will materially impact the Company's financial statements and related disclosures. Working Capital Management and Off Balance Sheet ArrangementsThe Company has an off balance sheet, uncommitted accounts receivable factoring program under which entire invoices may be sold, without recourse, to third-party financial institutions. Under these agreements, the Company sells the invoices at face value, less a transaction fee, which substantially equals the carrying value and fair value with no gain or loss recognized, and no credit loss exposure is retained. Available capacity under these agreements, which the Company uses as a routine source of working capital funding, is dependent on the level of accounts receivable eligible to be sold and the financial institutions' willingness to purchase such receivables. In addition, certain agreements also require that the Company continue to service, administer, and collect the sold accounts receivable at market rates. The total amounts sold in third quarter 2021 and 2020 were $252 million and $336 million, respectively, and $839 million and $1,204 million in first nine months 2021 and 2020, respectively.
|
Business Held for Sale |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Held for Sale | BUSINESS HELD FOR SALE On June 9, 2021, Eastman entered into a definitive agreement to sell rubber additives (including Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines and related assets and technology of the global tire additives business of its Additives & Functional Products ("AFP") segment. The sale was completed November 1, 2021. The sale did not include the Eastman Impera™ and other performance resins product lines of the tire additives business. The Company will provide certain rubber additives business transition and post-closing services on agreed terms. The business being sold was not reported as a discontinued operation because the sale will not have a major effect on the Company's operations and financial results. As of the definitive agreement date and until sale, the rubber additives business disposal group was classified as held for sale and was measured at its fair value less costs to sell, resulting in a $555 million loss on the business held for sale (including an estimated total purchase price, estimated working capital settlement, anticipated liquidation of cumulative translation adjustment, and certain costs to sell) in first nine months 2021. The fair value loss adjustment on the disposal group is reported as a component of "Assets held for sale" in the Unaudited Consolidated Statements of Financial Position. The major classes of assets and liabilities of the business classified as held for sale as of September 30, 2021 were as follows:
Long-lived assets and definite-lived intangible assets are not depreciated or amortized while classified as held for sale. Separately, the Company recognized $3 million and $8 million of transaction costs for the sale of the business in third quarter 2021 and first nine months 2021, respectively. Transaction costs are expensed as incurred and are included in the "Selling, general and administrative expenses" line item in the Unaudited Consolidated Statements of Earnings, Comprehensive Income, and Retained Earnings. On October 28, 2021, the Company entered into a definitive agreement to sell the adhesives resins business, which includes hydrocarbon resins (including Impera™ tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines, of its AFP segment for $1 billion. The final purchase price is subject to working capital and other adjustments at closing. As of the definitive agreement date and until sale, the adhesives resins business disposal group will be classified as held for sale. The business being sold will not be reported as a discontinued operation because the sale will not have a major effect on the Company's operations and financial results.
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INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES
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PAYABLES AND OTHER CURRENT LIABILITIES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAYABLES AND OTHER CURRENT LIABILITIES | PAYABLES AND OTHER CURRENT LIABILITIES
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROVISION FOR INCOME TAXES | INCOME TAXES
Third quarter and first nine months 2021 effective tax rates include a $65 million decrease to the provision for income taxes as a result of decreases in unrecognized tax positions, a portion of which related to the 2017 Tax Cuts and Jobs Act. Additionally, first nine months 2021 effective tax rate includes a $20 million decrease to the provision for income taxes from the revaluation of deferred tax liabilities as a result of business held for sale classification of certain assets. First nine months 2020 effective tax rate included a $19 million decrease to the provision for income taxes as a result of a decrease in unrecognized tax positions and a $7 million decrease to the provision for income taxes related to estimated adjustments to certain prior year tax returns. At September 30, 2021 and December 31, 2020 Eastman had $193 million and $257 million, respectively, in unrecognized tax benefits. At September 30, 2021, it is expected that, as a result of the resolution of federal, state, and foreign examinations and appeals, and the expiration of various statutes of limitation, the total amounts of unrecognized tax benefits will decrease by up to $20 million within the next 12 months. Income tax incentives, in the form of tax holidays, have been granted to the Company in certain jurisdictions to attract investment and encourage industrial development. The expiration of these tax holidays varies by country. The tax holidays are conditional on the Company meeting certain requirements, including employment and investment thresholds; determination of compliance with these conditions may be subject to challenge by tax authorities in those jurisdictions. No individual tax holiday had a material impact to the Company's earnings in third quarter or first nine months 2021 or 2020.
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BORROWINGS |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS
Credit Facility and Commercial Paper Borrowings The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility") expiring October 2023. Borrowings under the Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. The Credit Facility provides available liquidity for general corporate purposes and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At September 30, 2021 and December 31, 2020, the Company had no outstanding borrowings under the Credit Facility. At September 30, 2021, the Company had no outstanding commercial paper borrowings. At December 31, 2020, the Company's commercial paper borrowings were $50 million with a weighted average interest rate of 0.25 percent. The Credit Facility contains customary covenants, including requirements to maintain certain financial ratios, that determine the events of default, amounts available, and terms of borrowings. In second quarter 2020, the Company amended the Credit Facility maximum debt covenants to reflect the higher cash balance to enhance liquidity due to, and the expected negative impact on operating results of, the COVID-19 coronavirus global pandemic ("COVID-19") and added a new restrictive covenant prohibiting stock repurchases until June 30, 2021 in the event certain financial ratios are exceeded. The Company was in compliance with all applicable covenants at both September 30, 2021 and December 31, 2020. Fair Value of Borrowings Eastman has classified its total borrowings at September 30, 2021 and December 31, 2020 under the fair value hierarchy as defined in the accounting policies in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The fair value for the Company's other borrowings, primarily commercial paper, equals the carrying value and is classified as Level 2. At September 30, 2021 and December 31, 2020, the fair values of total borrowings were $6.125 billion and $6.449 billion, respectively. The Company had no borrowings classified as Level 3 as of September 30, 2021 and December 31, 2020.
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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Overview of Hedging Programs Eastman is exposed to market risks, such as changes in foreign currency exchange rates, commodity prices, and interest rates. To mitigate these market risks and their effects on the cash flows of the underlying transactions and investments in foreign subsidiaries, the Company uses various derivative and non-derivative financial instruments, when appropriate, in accordance with the Company's hedging strategy and policies. Designation is performed on a specific exposure basis to support hedge accounting. The Company does not enter into derivative transactions for speculative purposes. For further information on hedging programs, see Note 9, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. Cash Flow Hedges Cash flow hedges are derivative instruments designated as and used to hedge the exposure to variability in expected future cash flows that are attributable to a particular risk. The derivative instruments that are designated and qualify as a cash flow hedge are reported on the balance sheet at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated cash flows of the underlying exposures being hedged. The change in the hedge instrument is reported as a component of Accumulated other comprehensive income (loss) ("AOCI") located in the Unaudited Consolidated Statements of Financial Position and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from cash flow hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. In first, second, and third quarters 2020, Eastman entered into forward-starting interest rate swaps with a notional amount of $25 million in each period to mitigate the risk of variability in interest rates for an expected long-term debt issuance by August 2022. These swaps were designated as cash flow hedges and will be settled upon debt issuance. The total notional amount of outstanding forward starting swaps as of September 30, 2021 was $75 million. Fair Value Hedges Fair value hedges are defined as derivative or non-derivative instruments designated as and used to hedge the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk. The derivative instruments that are designated and qualify as fair value hedges are recognized on the balance sheet at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated fair value of the underlying exposures being hedged. The net of the change in the hedge instrument and item being hedged for qualifying fair value hedges is recognized in earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from fair value hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Net Investment Hedges Net investment hedges are defined as derivative or non-derivative instruments designated as and used to hedge the foreign currency exposure of the net investments in certain foreign operations. The net of the change in the hedge instrument and item being hedged for qualifying net investment hedges is reported as a component of the "Cumulative Translation Adjustment" ("CTA") within AOCI in the Unaudited Consolidated Statements of Financial Position. Cash flows from the CTA component are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Recognition in earnings of amounts previously recognized in CTA is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. In the event of a complete or substantially complete liquidation of the net investment, cash flows from net investment hedges are classified as investing activities in the Unaudited Consolidated Statements of Cash Flows. For derivative cross-currency interest rate swap net investment hedges, gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in CTA within AOCI and recognized in earnings through the periodic swap interest accruals. The cross-currency interest rate swaps designated as net investment hedges are included as part of "Other long-term liabilities", "Other noncurrent assets", "Payables and other current liabilities", or "Other current assets" within the Unaudited Consolidated Statements of Financial Position. Cash flows from excluded components are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. In September 2020, the Company entered into fixed-to-fixed cross-currency swaps and designated these swaps to hedge a portion of its net investment in a euro functional currency denominated subsidiary against foreign currency fluctuations. These contracts involve the exchange of fixed U.S. dollars with fixed euro interest payments periodically over the life of the contracts and an exchange of the notional amounts at maturity. The fixed-to-fixed cross-currency swaps include €152 million ($180 million) maturing December 2028. Summary of Financial Position and Financial Performance of Hedging Instruments The following table presents the notional amounts outstanding at September 30, 2021 and December 31, 2020 associated with Eastman's hedging programs.
Fair Value Measurements All the Company's derivative assets and liabilities are currently classified as Level 2. Level 2 fair value is based on estimates using standard pricing models. These standard pricing models use inputs that are derived from or corroborated by observable market data such as interest rate yield curves and currency spot and forward rates. The fair value of commodity contracts is derived using forward curves supplied by an industry recognized and unrelated third party. In addition, on an ongoing basis, the Company tests a subset of its valuations against valuations received from transaction counterparties to validate the accuracy of its standard pricing models. The Company had no derivatives classified as Level 3 as of September 30, 2021 and December 31, 2020. Counterparties to these derivative contracts are highly rated financial institutions which the Company believes carry minimal risk of nonperformance, and the Company diversifies its positions among such counterparties to reduce its exposure to counterparty risk and credit losses. The Company monitors the creditworthiness of its counterparties on an ongoing basis. The Company did not recognize a credit loss during third quarter and first nine months 2021 or 2020. All the Company's derivative contracts are subject to master netting arrangements, or similar agreements, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company does not have any cash collateral due under such agreements. The Company has elected to present derivative contracts on a gross basis within the Unaudited Consolidated Statements of Financial Position. 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 within the Unaudited Consolidated Statements of Financial Position as of September 30, 2021 and December 31, 2020.
In addition to the fair value associated with derivative instruments designated as cash flow hedges, fair value hedges, and net investment hedges, the Company had non-derivative instruments designated as foreign currency net investment hedges with a carrying value of $1.4 billion and $1.5 billion at September 30, 2021 and December 31, 2020, respectively. The designated foreign currency-denominated borrowings are included as part of "Long-term borrowings" within the Unaudited Consolidated Statements of Financial Position. For additional fair value measurement information, see Note 1, "Significant Accounting Policies", and Note 9, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. As of September 30, 2021 and December 31, 2020, the following amounts were included in the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.
(1)At September 30, 2021 and December 31, 2020, the cumulative amount of fair value hedging loss adjustment remaining for hedged liabilities for which hedge accounting has been discontinued was $3 million and $5 million, respectively. 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 third quarter and first nine months 2021 and 2020. The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for third quarter 2021 and 2020.
The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first nine months 2021 and 2020.
The Company enters into foreign exchange derivatives denominated in multiple currencies which are transacted and settled in the same quarter. These derivatives are not designated as hedges due to the short-term nature and the gains or losses on these derivatives are marked-to-market in line item "Other (income) charges, net" of the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. As a result of these derivatives, the Company recognized a net gain of $5 million during third quarter 2021 and a net loss of $4 million during third quarter 2020, and recognized a net gain of $5 million during first nine months 2021 and a net gain of $4 million during first nine months 2020. Pre-tax monetized positions and mark-to-market gains and losses from raw materials and energy, currency, and certain interest rate hedges that were included in AOCI included net losses of $8 million and $270 million at September 30, 2021 and December 31, 2020, respectively. Losses in AOCI decreased between September 30, 2021 and December 31, 2020 primarily as a result of an increase in euro exchange rates. If recognized, approximately $82 million in pre-tax gains, as of September 30, 2021, would be reclassified into earnings during the next 12 months.
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RETIREMENT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT PLANS | RETIREMENT PLANS Defined Benefit Pension Plans and Other Postretirement Benefit Plans Eastman maintains defined benefit pension plans that provide eligible employees with retirement benefits. In addition, Eastman provides life insurance for eligible retirees hired prior to January 1, 2007. The Company provides a subsidy for pre-Medicare health care and dental benefits to eligible retirees hired prior to January 1, 2007 that will end on December 31, 2021. Company funding is also provided for eligible Medicare retirees hired prior to January 1, 2007 with a health reimbursement arrangement. Costs recognized for these benefits are estimated amounts, which may change as actual costs for the year are determined. For additional information regarding retirement plans, see Note 10, "Retirement Plans", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. Components of net periodic benefit (credit) cost were as follows:
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LEASES AND OTHER COMMITMENTS |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments Disclosure [Text Block] | LEASES AND OTHER COMMITMENTS Leases There are two types of leases: finance and operating. Both types of leases have associated right-to-use assets and lease liabilities that are valued at the present value of the lease payments and recognized on the Unaudited Consolidated Statements of Financial Position. The discount rate used in the measurement of a right-to-use asset and lease liability is the rate implicit in the lease whenever that rate is readily determinable. If the rate implicit in the lease is not readily determinable, the collateralized incremental borrowing rate is used. The Company elected the accounting policy not to apply the recognition and measurement requirements to short-term leases with a term of 12 months or less and do not include a bargain purchase option. The Company has operating leases, as a lessee, with customary terms that do not include: significant variable lease payments; significant reasonably certain extensions or options required to be included in the lease term; restrictions; or other covenants for real property, rolling stock, and machinery and equipment. Real property leases primarily consist of office space and rolling stock leases primarily for railcars and fleet vehicles. At September 30, 2021 and December 31, 2020, operating right-to-use assets of $184 million and $185 million, respectively, are included as a part of "Other noncurrent assets" in the Unaudited Consolidated Statements of Financial Position and includes $8 million and $9 million of assets previously classified as lease intangibles and $8 million and $9 million of prepaid lease assets, respectively. Operating lease liabilities are included as a part of "Payables and other current liabilities" and "Other long-term liabilities" in the Unaudited Consolidated Statements of Financial Position. As of September 30, 2021, reconciliation of lease payments and operating lease liabilities is provided below:
The Company has operating leases, primarily leases for railcars, with terms that require the Company to guarantee a portion of the residual value of the leased assets upon termination of the lease that will expire beginning fourth quarter 2021. Residual guarantee payments that become probable and estimable are recognized as rent expense over the remaining life of the applicable lease. Management's current expectation is that the likelihood of material residual guarantee payments is remote. Lease costs during the period and other information is provided below:
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ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS |
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Accrual for Environmental Loss Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Matters | ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS Certain Eastman manufacturing facilities generate hazardous and nonhazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In connection with the cleanup of various hazardous waste sites, the Company, along with many other entities, has been designated a potentially responsible party ("PRP") by the U.S. Environmental Protection Agency under the Comprehensive Environmental Response, Compensation and Liability Act, which potentially subjects PRPs to joint and several liability for certain cleanup costs. In addition, the Company will incur costs for environmental remediation and closure and post-closure under the federal Resource Conservation and Recovery Act. Reserves for environmental contingencies have been established in accordance with Eastman's policies described in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. The resolution of uncertainties related to environmental matters may have a material adverse effect on the Company's consolidated results of operations in the period recognized. However, because of the availability of legal defenses, the Company's preliminary assessment of actions that may be required, and the extended period of time that the obligations are expected to be satisfied, management does not believe that the Company's liability for these environmental matters, individually or in the aggregate, will have a material adverse effect on the Company's future overall financial position, results of operations, or cash flows. The Company's net reserve for environmental contingencies was $284 million and $285 million at September 30, 2021 and December 31, 2020, respectively. Environmental Remediation and Environmental Asset Retirement Obligations The Company's net environmental reserve for environmental contingencies, including remediation costs and asset retirement obligations, is included as part of "Other noncurrent assets", "Payables and other current liabilities", and "Other long-term liabilities" in the Consolidated Statements of Financial Position as follows:
Environmental Remediation Estimated future environmental expenditures for undiscounted remediation costs ranged from the best estimate or minimum of $256 million to the maximum of $478 million and from the best estimate or minimum of $257 million to the maximum of $501 million at September 30, 2021 and December 31, 2020, respectively. The best estimate or minimum estimated future environmental expenditures are considered to be probable and reasonably estimable and include the amounts recognized at both September 30, 2021 and December 31, 2020. Reserves for environmental remediation include liabilities expected to be paid within approximately 30 years. The amounts charged to pre-tax earnings for environmental remediation and related charges are recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. Changes in the reserves for environmental remediation liabilities during first nine months 2021 and full year 2020 are summarized below:
Environmental Asset Retirement Obligations An asset retirement obligation is an obligation for the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development, or normal operation of that long-lived asset. Environmental asset retirement obligations consist of primarily closure and post-closure costs. For sites that have environmental asset retirement obligations, the best estimate recognized to date for these environmental asset retirement obligation costs was $28 million at both September 30, 2021 and December 31, 2020. Non-Environmental Asset Retirement Obligations The Company has contractual asset retirement obligations not associated with environmental liabilities. Eastman's non-environmental asset retirement obligations are primarily associated with the future closure of leased manufacturing assets in Pace, Florida and Oulu, Finland. These non-environmental asset retirement obligations were $52 million and $51 million at September 30, 2021 and December 31, 2020, respectively, and are included in "Other long-term liabilities" in the Unaudited Consolidated Statements of Financial Position.
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LEGAL MATTERS |
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Loss Contingency, Information about Litigation Matters [Abstract] | |
LEGAL MATTERS | LEGAL MATTERSFrom time to time, Eastman and its operations are parties to, or targets of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which are handled and defended in the ordinary course of business. While the Company is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial position, results of operations, or cash flows. |
STOCKHOLDERS' EQUITY |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Reconciliations of the changes in stockholders' equity for third quarter 2021 and 2020 are provided below:
(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. Reconciliations of the changes in stockholders' equity for first nine months 2021 and 2020 are provided below:
(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 value of shares withheld for employees' taxes on vesting of share-based compensation awards. Accumulated Other Comprehensive Income (Loss), Net of Tax
Amounts of other comprehensive income (loss) are presented net of applicable taxes. Eastman recognizes deferred income taxes on the CTA 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 CTA of other subsidiaries outside the United States, because the CTA is considered to be a component of indefinitely invested, unremitted earnings of these foreign subsidiaries. Components of other comprehensive income recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects:
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EARNINGS AND DIVIDENDS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS AND DIVIDENDS PER SHARE | EARNINGS AND DIVIDENDS PER SHARE The following table sets forth the computation of basic and diluted earnings per share ("EPS") which are calculated using the treasury stock method:
Shares underlying stock options excluded from third quarter 2021 and 2020 calculations of diluted EPS were 327,782 and 2,247,621, respectively, because the grant date exercise 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. Third quarter 2021 reflects share repurchases of 1,354,737. There were no share repurchases in third quarter 2020. Shares underlying stock options excluded from first nine months 2021 and 2020 calculations of diluted EPS were 150,781 and 2,809,028, respectively, because the grant date exercise 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. First nine months 2021 and 2020 reflect share repurchases of 2,543,112 and 1,134,052, respectively. The Company declared cash dividends of $0.69 and $0.66 per share for third quarter 2021 and 2020, respectively, and $2.07 and $1.98 per share for first nine months 2021 and 2020, respectively.
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ASSETS IMPAIRMENTS AND RESTRUCTURING |
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Restructuring Costs and Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET IMPAIRMENTS AND RESTRUCTURING | ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET
(1)Asset impairment charges, severance costs, and site closure costs in the AFP segment from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization. (2)Asset impairment charges, severance costs, and site closure costs in the Advanced Materials ("AM") segment due to the previously reported closure of an advanced interlayers manufacturing facility in North America as part of ongoing site optimization. In addition, accelerated depreciation of $4 million in first nine months 2021 and $7 million in third quarter and first nine months 2020 was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings related to the closure of this facility. Management expects total charges of up to $30 million for the closure of this facility, primarily reported in "Cost of sales" and in "Asset impairments and restructuring charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings, of which $13 million was recognized in 2020. (3)Fixed asset impairment charges and severance costs in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization. (4)Fixed asset impairment charges, net and severance costs in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization. (5)Fixed asset impairment charges and contract termination fees resulting from management's decision to discontinue growth initiatives for polyester based microfibers, including AvraTM performance fibers, the financial results of which were not allocated to an operating segment and reported in "Other". (6)Intangible asset impairment charges in the AFP segment tire additives business to reduce the carrying values of the CrystexTM and SantoflexTM tradenames to the estimated fair values. The estimated fair values were determined using an income approach, specifically, the relief from royalty method, including some unobservable inputs. The impairments were primarily the result of weakened demand in the transportation markets impacted by COVID-19 and increased competitive pricing pressure as a result of global capacity increases. (7)Intangible asset impairment charge in the AFP segment for customer relationships. (8)Severance and related costs as part of business improvement and cost reduction initiatives which were reported in "Other". (9)Site closure costs in third quarter 2021 of $2 million and $1 million in the Chemical Intermediates ("CI") and AFP segments, respectively, and site closure costs, including contract termination fees, in first nine months 2021 of $13 million and $3 million in the CI and AFP segments, respectively, and severance charges in third quarter and first nine months 2020 of $1 million and $5 million, respectively, in the CI segment, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. Excluding the fixed asset impairments in 2019, restructuring charges of up to $50 million are expected for this closure, of which $6 million was recognized in 2020. Changes in Reserves The following table summarizes the changes in asset impairments and restructuring charges, the non-cash reductions attributable to asset impairments, and the cash reductions in restructuring reserves for severance costs and site closure costs paid in first nine months 2021 and full year 2020:
Substantially all severance costs remaining are expected to be applied to the reserves within one year.
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SHARE-BASED COMPENSATION AWARDS |
9 Months Ended |
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Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | SHARE-BASED COMPENSATION AWARDS The Company utilizes share-based awards under employee and non-employee director compensation programs. These share-based awards have included restricted and unrestricted stock, restricted stock units, stock options, and performance shares. In third quarter 2021 and 2020, $20 million and $11 million, respectively, of compensation expense before tax were recognized in "Selling, general and administrative expenses" ("SG&A") in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for all share-based awards. The impact on third quarter 2021 and 2020 net earnings of $15 million and $8 million, respectively, is net of deferred tax expense related to share-based award compensation for each period. In first nine months 2021 and 2020, $60 million and $31 million, respectively, of compensation expense before tax were recognized in SG&A in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for all share-based awards. The impact on first nine months 2021 and 2020 net earnings of $45 million and $23 million, respectively, is net of deferred tax expense related to share-based award compensation for each period. For additional information regarding share-based compensation plans and awards, see Note 17, "Share-Based Compensation Plans and Awards", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K and "Item 3 - Approval of the 2021 Omnibus Stock Compensation Plan" and "Appendix A - 2021 Omnibus Stock Compensation Plan" of the Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders filed on March 25, 2021 and amended on April 13, 2021.
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Included in the line item "Other items, net" of the "Operating activities" section of the Unaudited Consolidated Statements of Cash Flows are the following changes to Unaudited Consolidated Statements of Financial Position:
The above changes resulted primarily from accrued taxes, deferred taxes, environmental liabilities, monetized positions from raw material and energy, currency, and certain interest rate hedges, equity investment dividends, prepaid insurance, miscellaneous deferrals, value-added taxes, and other miscellaneous accruals.
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SEGMENT AND REGIONAL SALES INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT AND REGIONAL SALES INFORMATIONEastman's products and operations are managed and reported in four operating segments: Additives & Functional Products ("AFP"), Advanced Materials ("AM"), Chemical Intermediates ("CI"), and Fibers. The economic factors that impact the nature, amount, timing, and uncertainty of revenue and cash flows vary among the Company's business operating segments and the geographical regions in which they operate. For disaggregation of revenue by major product lines and regions for each business operating segment, see Note 19, "Segment and Regional Sales Information", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. For additional financial information for each segment, see Part I, Item 1, "Business - Business Segments", in the Company's 2020 Annual Report on Form 10-K.
(1)Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets.
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SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Eastman Chemical Company ("Eastman" or the "Company") in accordance and consistent with the accounting policies stated in the Company's 2020 Annual Report on Form 10-K, and should be read in conjunction with the consolidated financial statements in Part II, Item 8 of that report, with the exception of recently adopted accounting standards noted below. The December 31, 2020 financial position data included herein was derived from the consolidated financial statements included in the 2020 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary for the fair statement of the interim financial information in conformity with GAAP. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, sales revenue, and expenses of all majority-owned subsidiaries and joint ventures in which a controlling interest is maintained. Eastman accounts for other joint ventures and investments where it exercises significant influence on the equity basis. Intercompany transactions and balances are eliminated in consolidation. Certain prior period data has been reclassified in the unaudited consolidated financial statements and accompanying footnotes to conform to current period presentation.
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New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Accounting Standards Update ("ASU") ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes: On January 1, 2021, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") initiative to reduce complexity in accounting standards. Adoption methods varied based on the specific tax items impacted. The adoption of this standard did not have a material impact on the Company's financial statements and related disclosures. ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: On January 1, 2021, Eastman prospectively adopted this update which provides clarification that an entity should consider observable transactions that require the application or discontinuance of the equity method of accounting for the purposes of applying the measurement alternative and clarification that certain forward contracts and purchased options to purchase securities that, upon settlement, would be accounted for under the equity method of accounting. The adoption of this standard did not have an impact to the Company's financial statements and related disclosures. ASU 2021-01 Reference Rate Reform (Topic 848): In January 2021, the FASB issued this update to clarify that certain optional expedients and exceptions under this topic for contract modifications and hedge accounting apply to derivatives instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (the global financial markets transition in contracts, hedging relationships, and other transactions from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates to new reference rates). This update was effective immediately upon release. The Company has had no reference rate reform modifications to date; this update will be adopted on a prospective basis in the event of any such modifications. Accounting Standards Issued But Not Adopted as of September 30, 2021 ASU 2021-05 Leases - Lessors - Certain Leases with Variable Lease Payments (Topic 842): In July 2021, this update was issued as a part of the FASB's post-implementation review of this Topic. The update provides that lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both: the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. This guidance is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Adoption can be applied on either a retrospective or prospective basis. Management does not expect that changes required by the new standard will materially impact the Company's financial statements and related disclosures.
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Off-Balance-Sheet Credit Exposure, Policy | Working Capital Management and Off Balance Sheet ArrangementsThe Company has an off balance sheet, uncommitted accounts receivable factoring program under which entire invoices may be sold, without recourse, to third-party financial institutions. Under these agreements, the Company sells the invoices at face value, less a transaction fee, which substantially equals the carrying value and fair value with no gain or loss recognized, and no credit loss exposure is retained. Available capacity under these agreements, which the Company uses as a routine source of working capital funding, is dependent on the level of accounts receivable eligible to be sold and the financial institutions' willingness to purchase such receivables. In addition, certain agreements also require that the Company continue to service, administer, and collect the sold accounts receivable at market rates. The total amounts sold in third quarter 2021 and 2020 were $252 million and $336 million, respectively, and $839 million and $1,204 million in first nine months 2021 and 2020, respectively. |
Business Held for Sale (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The major classes of assets and liabilities of the business classified as held for sale as of September 30, 2021 were as follows:
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INVENTORIES (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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PAYABLES AND OTHER CURRENT LIABILITIES (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of payables and other current liabilities |
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INCOME TAXES (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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BORROWINGS (Tables) |
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Long-term Borrowings |
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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
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Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block] | As of September 30, 2021 and December 31, 2020, the following amounts were included in the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.
(1)At September 30, 2021 and December 31, 2020, the cumulative amount of fair value hedging loss adjustment remaining for hedged liabilities for which hedge accounting has been discontinued was $3 million and $5 million, respectively.
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Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for third quarter 2021 and 2020.
The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first nine months 2021 and 2020.
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table presents the notional amounts outstanding at September 30, 2021 and December 31, 2020 associated with Eastman's hedging programs.
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | 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 third quarter and first nine months 2021 and 2020.
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Financial assets and liabilities valued on a recurring basis | 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 within the Unaudited Consolidated Statements of Financial Position as of September 30, 2021 and December 31, 2020.
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RETIREMENT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | Components of net periodic benefit (credit) cost were as follows:
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LEASES AND OTHER COMMITMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of September 30, 2021, reconciliation of lease payments and operating lease liabilities is provided below:
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Lease, Cost [Table Text Block] | Lease costs during the period and other information is provided below:
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ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of environmental liabilities, current and non-current |
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Schedule of changes to environmental remediation liabilities | Changes in the reserves for environmental remediation liabilities during first nine months 2021 and full year 2020 are summarized below:
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STOCKHOLDERS' EQUITY (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the changes in stockholders' equity | Reconciliations of the changes in stockholders' equity for third quarter 2021 and 2020 are provided below:
(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. Reconciliations of the changes in stockholders' equity for first nine months 2021 and 2020 are provided below:
(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 value of shares withheld for employees' taxes on vesting of share-based compensation awards.
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Accumulated Other Comprehensive Income (Loss) |
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Schedule of components of comprehensive income (loss) before tax and net of tax effects | Components of other comprehensive income recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects:
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EARNINGS AND DIVIDENDS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share ("EPS") which are calculated using the treasury stock method:
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ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs and Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the changes in asset impairments and restructuring charges, the non-cash reductions attributable to asset impairments, and the cash reductions in restructuring reserves for severance costs and site closure costs paid in first nine months 2021 and full year 2020:
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Restructuring and Related Costs [Table Text Block] |
(1)Asset impairment charges, severance costs, and site closure costs in the AFP segment from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization. (2)Asset impairment charges, severance costs, and site closure costs in the Advanced Materials ("AM") segment due to the previously reported closure of an advanced interlayers manufacturing facility in North America as part of ongoing site optimization. In addition, accelerated depreciation of $4 million in first nine months 2021 and $7 million in third quarter and first nine months 2020 was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings related to the closure of this facility. Management expects total charges of up to $30 million for the closure of this facility, primarily reported in "Cost of sales" and in "Asset impairments and restructuring charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings, of which $13 million was recognized in 2020. (3)Fixed asset impairment charges and severance costs in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization. (4)Fixed asset impairment charges, net and severance costs in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization. (5)Fixed asset impairment charges and contract termination fees resulting from management's decision to discontinue growth initiatives for polyester based microfibers, including AvraTM performance fibers, the financial results of which were not allocated to an operating segment and reported in "Other". (6)Intangible asset impairment charges in the AFP segment tire additives business to reduce the carrying values of the CrystexTM and SantoflexTM tradenames to the estimated fair values. The estimated fair values were determined using an income approach, specifically, the relief from royalty method, including some unobservable inputs. The impairments were primarily the result of weakened demand in the transportation markets impacted by COVID-19 and increased competitive pricing pressure as a result of global capacity increases. (7)Intangible asset impairment charge in the AFP segment for customer relationships. (8)Severance and related costs as part of business improvement and cost reduction initiatives which were reported in "Other". (9)Site closure costs in third quarter 2021 of $2 million and $1 million in the Chemical Intermediates ("CI") and AFP segments, respectively, and site closure costs, including contract termination fees, in first nine months 2021 of $13 million and $3 million in the CI and AFP segments, respectively, and severance charges in third quarter and first nine months 2020 of $1 million and $5 million, respectively, in the CI segment, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. Excluding the fixed asset impairments in 2019, restructuring charges of up to $50 million are expected for this closure, of which $6 million was recognized in 2020.
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | Included in the line item "Other items, net" of the "Operating activities" section of the Unaudited Consolidated Statements of Cash Flows are the following changes to Unaudited Consolidated Statements of Financial Position:
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SEGMENT AND REGIONAL SALES INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information Disclosure |
(1)Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets.
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SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Standards (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Receivable Sold Under Factoring Arrangement | $ 252 | $ 336 | $ 839 | $ 1,204 |
Business Held for Sale (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
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Discontinued Operations and Disposal Groups [Abstract] | |||||
Loss on business held for sale | $ (60) | $ 0 | $ (555) | $ 0 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on business held for sale | (60) | $ 0 | (555) | $ 0 | |
Liabilities held for sale | 97 | 97 | $ 0 | ||
Adhesives Resins Disposal Group | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | 1,000 | 1,000 | |||
Tire Additives Disposal Group | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Loss on business held for sale | (555) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on business held for sale | (555) | ||||
Disposal Group, Including Discontinued Operations, Transaction Costs | 3 | 8 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 103 | 103 | |||
Disposal Group, Including Discontinued Operation, Inventory, Current | 98 | 98 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 26 | 26 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 304 | 304 | |||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 399 | 399 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets, Current | 378 | 378 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 1,308 | 1,308 | |||
Disposal Group, Including Discontinued Operations, Liabilities, Current, Payables | 51 | 51 | |||
Disposal Group, Including Discontinued Operations, Liabilities, Current, Post Employment Obligations | 32 | 32 | |||
Disposal Group, Including Discontinued Operations, Liabilities, Current, Other Liabilities | 14 | 14 | |||
Liabilities held for sale | 97 | 97 | |||
Disposal Group Including Discontinued Operation, Assets, Net, Current | $ 1,211 | $ 1,211 |
INVENTORIES (Details) - USD ($) $ in Millions |
12 Months Ended | |
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Dec. 31, 2020 |
Sep. 30, 2021 |
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At FIFO or average cost (approximates current cost) [Abstract] | ||
Finished goods | $ 891 | $ 1,046 |
Work in process | 203 | 258 |
Raw materials and supplies | 511 | 644 |
Total inventories at FIFO or average cost | 1,605 | 1,948 |
Less: LIFO reserve | 226 | 318 |
Total inventories | $ 1,379 | $ 1,630 |
Inventories valued on the LIFO method | 50.00% | 50.00% |
LIFO decrement | $ 13 |
PAYABLES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
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Payables and Accruals [Abstract] | ||
Trade creditors | $ 1,121 | $ 799 |
Accrued payroll and variable compensation | 282 | 228 |
Accrued taxes | 128 | 178 |
Post-employment obligations | 88 | 138 |
Other | 351 | 346 |
Total payables and other current liabilities | $ 1,970 | $ 1,689 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Income Tax Examination [Line Items] | |||||
Provision for income taxes | $ (33) | $ 25 | $ 66 | $ 50 | |
Effective Income Tax Rate Reconciliation, Percent | (10.00%) | 13.00% | 12.00% | 10.00% | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | $ 65 | $ 65 | |||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | 20 | ||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | $ 19 | ||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | $ 7 | ||||
Unrecognized Tax Benefits | 193 | 193 | $ 257 | ||
Minimum [Member] | |||||
Income Tax Examination [Line Items] | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 20 | $ 20 |
BORROWINGS Part 1 (Details) Schedule of Long-term Debt Instruments - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|||
Debt Instrument [Line Items] | ||||
Total Borrowings | $ 5,488 | $ 5,618 | ||
Borrowings due within one year | 1,046 | 349 | ||
Long-term borrowings | 4,442 | 5,269 | ||
3.5% Notes Due Dec 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 300 | 299 | ||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
3.6% notes due August 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 746 | 744 | ||
Debt Instrument, Maturity Date | Aug. 31, 2022 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |||
1.5% notes due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | [1] | $ 868 | 919 | |
Debt Instrument, Maturity Date | May 31, 2023 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||
7 1/4% debentures due January 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 198 | 198 | ||
Debt Instrument, Maturity Date | Jan. 31, 2024 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
7 5/8% debentures due June 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 43 | 43 | ||
Debt Instrument, Maturity Date | Jun. 30, 2024 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | |||
3.8% notes due March 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 699 | 701 | ||
Debt Instrument, Maturity Date | Mar. 31, 2025 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||
1.875% notes due November 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | [1] | $ 576 | 609 | |
Debt Instrument, Maturity Date | Nov. 30, 2026 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | |||
7.60% debentures due February 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 195 | 195 | ||
Debt Instrument, Maturity Date | Feb. 28, 2027 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.60% | |||
4.5% Notes Due Dec 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 494 | 493 | ||
Debt Instrument, Maturity Date | Dec. 31, 2028 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
4.8% notes due September 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 494 | 493 | ||
Debt Instrument, Maturity Date | Sep. 30, 2042 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||
4.65% notes due October 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 875 | 874 | ||
Debt Instrument, Maturity Date | Oct. 31, 2044 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.65% | |||
Commercial paper and short-term borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings due within one year | $ 0 | $ 50 | ||
|
BORROWINGS Part 2 (Details) Credit Facility and Commercial Paper Borrowings - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Credit Facilities [Abstract] | ||
Borrowings due within one year | $ 1,046 | $ 349 |
Revolving Credit Facility [Member] | ||
Credit Facilities [Abstract] | ||
Line of Credit Facility, Expiration Date | Oct. 31, 2023 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | |
Line of Credit Facility, Maximum Month-end Outstanding Amount | 0 | 0 |
Commercial Paper [Member] | ||
Credit Facilities [Abstract] | ||
Commercial Paper | $ 0 | $ 50 |
Debt, Weighted Average Interest Rate | 0.25% |
BORROWINGS Part 3 (Details) Fair Value - Fair Value, Recurring [Member] - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 6,125 | $ 6,449 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 1 (Details) - Designated as Hedging Instrument [Member] € in Millions, bbl in Millions, MMBTU in Millions, $ in Millions |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
MMBTU
bbl
|
Sep. 30, 2021
EUR (€)
|
Dec. 31, 2020
USD ($)
bbl
MMBTU
|
Dec. 31, 2020
EUR (€)
|
Sep. 30, 2021
EUR (€)
MMBTU
bbl
|
Dec. 31, 2020
EUR (€)
bbl
MMBTU
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
EUR (€)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
|
Foreign Exchange Contract [Member] | Euro Member Countries, Euro | Cash Flow Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | € 467 | € 521 | ||||||||
Commodity Contract [Member] | Cash Flow Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Nonmonetary Notional Amount | bbl | 2 | 0 | 2 | 0 | ||||||
Energy Related Derivative [Member] | Cash Flow Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Nonmonetary Notional Amount | MMBTU | 17 | 17 | 17 | 17 | ||||||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | $ 75 | $ 75 | ||||||||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 75 | 75 | ||||||||
1.50% Notes Due 2023 and 1.875% Notes Due 2026 [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount of Nonderivative Instruments | $ 1,400 | € 1,245 | $ 1,500 | € 1,245 | ||||||
Expected Debt Issuance Aug 2020 [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | $ 25 | $ 25 | $ 25 | |||||||
Notes Due January 2021, Notes Due August 2022, Notes Due January 2024, Notes Due March 2025, and Notes Due February 2027 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | € 853 | € 853 | ||||||||
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Debt Instrument, Face Amount | € | € 152 | |||||||||
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Net Investment Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 180 |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 2 (Details) € in Millions, $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021
EUR (€)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
EUR (€)
|
Dec. 31, 2020
USD ($)
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 142 | $ 47 | ||
Derivative Liabilities [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | 14 | 92 | ||
Derivative, Fair Value, Net | 128 | (45) | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 73 | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 2 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||||
Derivative Liabilities [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 0 | 6 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 8 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 5 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||||
Derivative Liabilities [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 2 | 21 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivative Liabilities [Abstract] | ||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 1 | 14 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Fair Value Hedge Assets | 0 | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Fair Value Hedge Assets | 2 | 4 | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 5 | 1 | ||
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 16 | 0 | ||
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets [Abstract] | ||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 31 | 40 | ||
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivative Assets [Abstract] | ||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 11 | 51 | ||
Net Investment Hedging [Member] | Euro Member Countries, Euro | 1.50% Notes Due 2023 and 1.875% Notes Due 2026 [Member] | Designated as Hedging Instrument [Member] | ||||
Non-Derivatives, Carrying Value [Abstract] | ||||
Notional Amount of Nonderivative Instruments | € 1,245 | 1,400 | € 1,245 | 1,500 |
Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged Liability, Fair Value Hedge | 773 | 772 | ||
Derivative Liabilities [Abstract] | ||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 3 | 5 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (1) | $ (1) |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 3 (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Sales | $ 2,720 | $ 2,122 | $ 7,782 | $ 6,287 | |
Cost of sales | 2,058 | 1,621 | 5,841 | 4,838 | |
Net interest expense | 49 | 52 | 150 | 159 | |
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Change in cumulative translation adjustment, before tax | 2 | (20) | 13 | (15) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 96 | $ (11) | |||
Summary of Derivative Instruments [Abstract] | |||||
Monetized positions and mark to market in accumulated other comprehensive income before tax | 8 | 8 | 270 | ||
Price Risk Cash Flow Hedge Unrealized Gain to be Reclassified During Next 12 Months | 82 | 82 | |||
Commodity Contract [Member] | Cash Flow Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 40 | 10 | 55 | 20 | |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 9 | (5) | 4 | (26) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 11 | (20) | 33 | (19) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member] | |||||
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | (10) | 12 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 2 | 2 | 8 | 5 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Net Interest Expense | |||||
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | (2) | (7) | (7) | |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (3) | (3) | $ (5) | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 1 | 1 | |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Net Interest Expense | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | 0 | (1) | (1) | |
Foreign Exchange [Member] | Net Investment Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Change in cumulative translation adjustment, before tax | 36 | (62) | 86 | (59) | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5 | (4) | 5 | 4 | |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Change in cumulative translation adjustment, before tax | 23 | (44) | 55 | (45) | |
AOCI, Derivative Qualifying as Hedge, Excluded Component | $ (2) | $ (13) | $ (7) | $ 25 |
RETIREMENT PLANS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Other Postretirement Benefits Plan [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 3 | 5 | 9 | 14 |
Expected return on assets | (1) | (2) | (3) | (4) |
Prior service credit, net | (9) | (9) | (28) | (28) |
Net periodic benefit (credit) cost | (7) | (6) | (22) | (18) |
UNITED STATES | Pension Plan [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 7 | 6 | 20 | 19 |
Interest cost | 9 | 15 | 27 | 43 |
Expected return on assets | (31) | (34) | (94) | (101) |
Prior service credit, net | 0 | 0 | 0 | 0 |
Net periodic benefit (credit) cost | (15) | (13) | (47) | (39) |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 5 | 5 | 14 | 13 |
Interest cost | 3 | 4 | 9 | 11 |
Expected return on assets | (9) | (9) | (28) | (25) |
Prior service credit, net | (1) | 0 | (1) | 0 |
Net periodic benefit (credit) cost | $ (2) | $ 0 | $ (6) | $ (1) |
LEASES (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Lessee Disclosure [Abstract] | |||||
Operating Lease, Right-of-Use Asset | $ 184 | $ 184 | $ 185 | ||
Operating Lease, Right-of-Use Asset, Reclassified | 8 | 8 | 9 | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 16 | 16 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 54 | 54 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 40 | 40 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 25 | 25 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 18 | 18 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 46 | 46 | |||
Lessee, Operating Lease, Liability, Payments, Due | 199 | 199 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 17 | 17 | |||
Operating Lease, Liability | 182 | 182 | |||
Operating Lease, Liability, Current | 54 | 54 | |||
Operating Lease, Liability, Noncurrent | 128 | 128 | |||
Lease, Cost [Abstract] | |||||
Operating Lease, Cost | 18 | $ 18 | 54 | $ 55 | |
Short-term Lease, Cost | 9 | 9 | 28 | 28 | |
Sublease Income | (1) | (1) | (3) | (3) | |
Lease, Cost | 26 | 26 | 79 | 80 | |
Operating Lease, Payments | 17 | 17 | 52 | 53 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 59 | $ 10 | $ 93 | $ 40 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 5 years | 6 years | 5 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.10% | 3.80% | 3.10% | 3.80% | |
Other Prepaid Expense, Current | $ 8 | $ 8 | $ 9 |
ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning of period | $ 285 | |
End of period | 284 | $ 285 |
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ||
Accrued Environmental Loss Contingencies, Current | 20 | 15 |
Accrued Environmental Loss Contingencies, Noncurrent | 264 | 270 |
Environmental Remediation [Member] | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning of period | 257 | 260 |
Changes in estimates recognized in earnings and other | 8 | 7 |
Cash reductions | (9) | (10) |
End of period | $ 256 | 257 |
Expected Payment Period of Environmental Contingencies | approximately 30 years | |
Environmental Remediation [Member] | Minimum [Member] | ||
Site Contingency [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 256 | 257 |
Environmental Remediation [Member] | Maximum [Member] | ||
Site Contingency [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 478 | 501 |
Environmental ARO [Member] | ||
Site Contingency [Line Items] | ||
Best Estimate Accrued to-date For Asset Retirement Obligation | 28 | 28 |
Non Environmental ARO [Member] | ||
Site Contingency [Line Items] | ||
Best Estimate Accrued to-date For Asset Retirement Obligation | $ 52 | $ 51 |
STOCKHOLDERS' EQUITY Part 1 (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Dividends, Per Share | $ 0.69 | $ 0.66 | $ 2.07 | $ 1.98 | ||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 6,120 | $ 6,120 | $ 6,023 | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,207 | $ 6,156 | 6,207 | $ 6,156 | 6,108 | $ 6,028 | $ 6,098 | $ 6,032 | ||||||||||||||
Net earnings attributable to Eastman | 351 | 161 | 479 | 446 | ||||||||||||||||||
Net earnings attributable to noncontrolling interest | 3 | 4 | 8 | 9 | ||||||||||||||||||
Net earnings including noncontrolling interest | 354 | 165 | 487 | 455 | ||||||||||||||||||
Cash dividends declared | (93) | [1] | (90) | [1] | (281) | [2] | (269) | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 48 | (34) | 88 | (29) | (59) | |||||||||||||||||
Share-based Compensation Expense | 20 | [3] | 11 | [3] | 60 | [4] | 31 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 6 | 59 | 9 | ||||||||||||||||||
Other | 1 | (18) | (10) | |||||||||||||||||||
Share Repurchases | (150) | (290) | (60) | |||||||||||||||||||
Distributions to Noncontrolling Interest | (1) | (6) | (3) | |||||||||||||||||||
Retained earnings | 8,278 | 8,142 | 8,278 | 8,142 | 8,080 | 8,020 | 8,071 | 7,965 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Net earnings attributable to Eastman | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends declared | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Share-based Compensation Expense | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other | 0 | 0 | 0 | |||||||||||||||||||
Share Repurchases | 0 | 0 | 0 | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 2,275 | 2,134 | 2,275 | 2,134 | 2,174 | 2,255 | 2,117 | 2,105 | ||||||||||||||
Net earnings attributable to Eastman | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends declared | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Share-based Compensation Expense | 20 | [3] | 11 | [3] | 60 | [4] | 31 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 6 | 59 | 9 | ||||||||||||||||||
Other | 0 | (18) | [5] | (11) | [5] | |||||||||||||||||
Share Repurchases | 0 | 0 | 0 | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 8,278 | 8,142 | 8,278 | 8,142 | 8,080 | 8,020 | 8,071 | 7,965 | ||||||||||||||
Net earnings attributable to Eastman | 351 | 161 | 479 | 446 | ||||||||||||||||||
Cash dividends declared | (93) | [1] | (90) | [1] | (281) | [2] | (269) | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Share-based Compensation Expense | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other | 0 | 0 | 0 | |||||||||||||||||||
Share Repurchases | 0 | 0 | 0 | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | (185) | (243) | (185) | (243) | (273) | (233) | (209) | (214) | ||||||||||||||
Net earnings attributable to Eastman | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends declared | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 48 | (34) | 88 | (29) | ||||||||||||||||||
Share-based Compensation Expense | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other | 0 | 0 | 0 | |||||||||||||||||||
Share Repurchases | 0 | 0 | 0 | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Treasury Stock [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | (4,250) | (3,960) | (4,250) | (3,960) | (3,960) | (4,100) | (3,960) | (3,900) | ||||||||||||||
Net earnings attributable to Eastman | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends declared | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Share-based Compensation Expense | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other | 0 | 0 | 0 | |||||||||||||||||||
Share Repurchases | (150) | (290) | (60) | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Parent [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 6,120 | 6,075 | 6,120 | 6,075 | 6,023 | 5,944 | 6,021 | 5,958 | ||||||||||||||
Net earnings attributable to Eastman | 351 | 161 | 479 | 446 | ||||||||||||||||||
Cash dividends declared | (93) | [1] | (90) | [1] | (281) | [2] | (269) | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 48 | (34) | 88 | (29) | ||||||||||||||||||
Share-based Compensation Expense | 20 | [3] | 11 | [3] | 60 | [4] | 31 | [4] | ||||||||||||||
Stock Option Exercises | 0 | 6 | 59 | 9 | ||||||||||||||||||
Other | 0 | (18) | (11) | |||||||||||||||||||
Share Repurchases | (150) | (290) | (60) | |||||||||||||||||||
Distributions to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 87 | 81 | 87 | 81 | $ 85 | $ 84 | $ 77 | $ 74 | ||||||||||||||
Net earnings attributable to noncontrolling interest | 3 | 4 | 8 | 9 | ||||||||||||||||||
Cash dividends declared | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||||||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Share-based Compensation Expense | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ||||||||||||||
Stock Option Exercises | 0 | $ 0 | 0 | 0 | ||||||||||||||||||
Other | 1 | 0 | 1 | |||||||||||||||||||
Share Repurchases | 0 | 0 | 0 | |||||||||||||||||||
Distributions to Noncontrolling Interest | $ (1) | $ (6) | $ (3) | |||||||||||||||||||
|
STOCKHOLDERS' EQUITY Part 2 AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Translation Adjustment | $ (280) | $ (280) | $ (293) | $ (264) | ||
Change in cumulative translation adjustment | 2 | $ (20) | 13 | $ (15) | (29) | |
Benefit Plans Unrecognized Prior Service Credits | 66 | 66 | 87 | 106 | ||
Change in Benefit Plans Unrecognized Prior Service Credits | (21) | (19) | ||||
Unrealized Gains (Losses) on Derivative Instruments | 30 | 30 | (66) | (55) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 96 | (11) | ||||
Unrealized Losses on Investments | (1) | (1) | (1) | (1) | ||
Change in Unrealized Losses on Investments | 0 | 0 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (185) | (185) | (273) | $ (214) | ||
Total other comprehensive income (loss), net of tax | $ 48 | $ (34) | $ 88 | $ (29) | $ (59) |
STOCKHOLDERS' EQUITY Part 3 OCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Other Comprehensive Income (Loss), before Tax [Abstract] | |||||
Change in cumulative translation adjustment, before tax | $ 2 | $ (20) | $ 13 | $ (15) | |
Amortization of unrecognized prior service credits | (10) | (9) | (29) | (28) | |
Unrealized gain (loss) during period | 76 | (17) | 115 | (12) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (6) | 7 | 13 | 21 | |
Total other comprehensive income (loss), before tax | 62 | (39) | 112 | (34) | |
Other comprehensive income (loss), net of tax: | |||||
Change in cumulative translation adjustment | 2 | (20) | 13 | (15) | $ (29) |
Amortization of unrecognized prior service credits | (7) | (7) | (21) | (21) | |
Unrealized gain (loss) during period | 57 | (13) | 86 | (9) | |
Reclassification adjustment for (gains) losses included in net income, net | (4) | 6 | 10 | 16 | |
Total other comprehensive income (loss), net of tax | $ 48 | $ (34) | $ 88 | $ (29) | $ (59) |
EARNINGS AND DIVIDENDS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Eastman | $ 351 | $ 161 | $ 479 | $ 446 |
Weighted average shares used for basic EPS (in shares) | 135,300,000 | 135,300,000 | 135,800,000 | 135,500,000 |
Dilutive effect of stock options and other awards | 1,700,000 | 1,000,000.0 | 1,800,000 | 900,000 |
Weighted average shares used for diluted EPS (in shares) | 137,000,000.0 | 136,300,000 | 137,600,000 | 136,400,000 |
Earnings Per Share, Basic | $ 2.60 | $ 1.19 | $ 3.53 | $ 3.29 |
Earnings Per Share, Diluted | $ 2.57 | $ 1.18 | $ 3.49 | $ 3.27 |
Underlying options excluded from the computation of diluted earnings per share (in shares) | 327,782 | 2,247,621 | 150,781 | 2,809,028 |
Shares repurchased (in shares) | 1,354,737 | 0 | 2,543,112 | 1,134,052 |
Cash dividends declared (per share) | $ 0.69 | $ 0.66 | $ 2.07 | $ 1.98 |
ASSETS IMPAIRMENTS AND RESTRUCTURING (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 125 | |||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 5 | 20 | |||||||||||||||||||
Other Asset Impairment Charges | 0 | 0 | (1) | 0 | |||||||||||||||||||
Severance Costs | 0 | 52 | 1 | 59 | |||||||||||||||||||
Business Exit Costs | 7 | 8 | 24 | 11 | |||||||||||||||||||
Total | 7 | 60 | 29 | 215 | |||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Balance at Beginning of Period | 79 | 28 | $ 28 | ||||||||||||||||||||
Provision / Adjustments | 29 | 227 | |||||||||||||||||||||
Non-cash Reductions | (5) | (144) | |||||||||||||||||||||
Cash Reductions | (70) | (32) | |||||||||||||||||||||
Balance at End of Period | 33 | 33 | 79 | ||||||||||||||||||||
Facility Closing [Member] | |||||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Balance at Beginning of Period | 14 | 11 | 11 | ||||||||||||||||||||
Provision / Adjustments | 23 | 17 | |||||||||||||||||||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | |||||||||||||||||||||
Cash Reductions | (23) | (14) | |||||||||||||||||||||
Balance at End of Period | 14 | 14 | 14 | ||||||||||||||||||||
Employee Severance [Member] | |||||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Balance at Beginning of Period | 65 | 17 | 17 | ||||||||||||||||||||
Provision / Adjustments | 1 | 65 | |||||||||||||||||||||
Restructuring Reserve, Accrual Adjustment | 0 | 1 | |||||||||||||||||||||
Cash Reductions | (47) | (18) | |||||||||||||||||||||
Balance at End of Period | 19 | 19 | 65 | ||||||||||||||||||||
Non-Cash Charges [Member] | |||||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Balance at Beginning of Period | 0 | 0 | 0 | ||||||||||||||||||||
Provision / Adjustments | 5 | 145 | |||||||||||||||||||||
Non-cash Reductions | (5) | (145) | |||||||||||||||||||||
Cash Reductions | 0 | 0 | |||||||||||||||||||||
Balance at End of Period | 0 | 0 | 0 | ||||||||||||||||||||
Additives And Functional Products [Member] | Customer-Related Intangible Assets [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | [1] | 0 | 0 | 0 | 2 | ||||||||||||||||||
Additives And Functional Products [Member] | Trade Names [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | [2] | 0 | 0 | 0 | 123 | ||||||||||||||||||
Site Closure North America 2020 [Member] | Advanced Materials [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [3] | 0 | 0 | 0 | 4 | ||||||||||||||||||
Severance Costs | [3] | 0 | 0 | 0 | 3 | ||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [3] | 2 | 0 | 2 | 0 | ||||||||||||||||||
Site Closure Asia Pacific [Member] | Additives And Functional Products [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [4] | 0 | 0 | 0 | 3 | ||||||||||||||||||
Other Asset Impairment Charges | [4] | 0 | 0 | (1) | 0 | ||||||||||||||||||
Severance Costs | [4] | 0 | 0 | 0 | 1 | ||||||||||||||||||
Site Closure Singapore 2019 [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Severance Costs | [5] | 0 | 2 | 0 | 5 | ||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [5] | 3 | 0 | 16 | 0 | ||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 50 | 50 | |||||||||||||||||||||
Restructuring Charges | 6 | ||||||||||||||||||||||
Site Closure Singapore 2019 [Member] | Additives And Functional Products [Member] | |||||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | 1 | 3 | |||||||||||||||||||||
Site Closure Singapore 2019 [Member] | Chemical Intermediates [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Severance Costs | 1 | 5 | |||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | 2 | 13 | |||||||||||||||||||||
Site Closure Asia Pacific Tire Additives [Member] | Additives And Functional Products [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [6] | 0 | 0 | 4 | 5 | ||||||||||||||||||
Severance Costs | [6] | 0 | 1 | 0 | 1 | ||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [6] | 1 | 0 | 3 | 0 | ||||||||||||||||||
Site Closure Advanced Interlayers North America 2020 | Advanced Materials [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [7] | 0 | 0 | 1 | 0 | ||||||||||||||||||
Severance Costs | [7] | 0 | 3 | 1 | 3 | ||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [7] | 1 | 0 | 3 | 0 | ||||||||||||||||||
Restructuring and Related Cost, Accelerated Depreciation | 7 | 4 | 7 | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 30 | 30 | |||||||||||||||||||||
Restructuring Charges | $ 13 | ||||||||||||||||||||||
Polyester Based Fibers [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [8] | 0 | 0 | 0 | 8 | ||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [8] | 0 | 1 | 0 | 4 | ||||||||||||||||||
Corporate Cost Actions 2020 | Corporate Segment | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Severance Costs | [9] | 0 | 0 | ||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [9] | $ 0 | $ 0 | ||||||||||||||||||||
Corporate Cost Actions 2019 [Member] | Corporate Segment | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Severance Costs | [9] | 46 | 46 | ||||||||||||||||||||
Restructuring Charge [Roll Forward] | |||||||||||||||||||||||
Other Restructuring Costs | [9] | $ 7 | $ 7 | ||||||||||||||||||||
|
SHARE-BASED COMPENSATION AWARDS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 20 | $ 11 | $ 60 | $ 31 |
Share-based Payment Arrangement, Expense, after Tax | $ 15 | $ 8 | $ 45 | $ 23 |
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Supplemental Cash Flow Information [Abstract] | ||
Other current assets | $ (4) | $ (1) |
Other noncurrent assets | 25 | (9) |
Payables and other current liabilities | 221 | 42 |
Long-term liabilities and equity | 33 | 71 |
Total | $ 275 | $ 103 |
SEGMENT AND REGIONAL SALES INFORMATION (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
Segment
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||
Segment Reporting Information [Line Items] | |||||||
Number of Operating Segments | Segment | 4 | ||||||
Sales [Abstract] | |||||||
Sales | $ 2,720 | $ 2,122 | $ 7,782 | $ 6,287 | |||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 370 | 243 | 703 | 665 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 16,259 | 16,259 | $ 16,083 | |||
Operating Segments [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 378 | 308 | 729 | 758 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 14,289 | 14,289 | 14,175 | |||
Growth Initiatives and Businesses not Allocated to Segments [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | (34) | (22) | (102) | (73) | |||
Pension and OPEB Costs Not Allocated to Operating Segments [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 27 | 21 | 81 | 62 | |||
Other Nonoperating Income (Expense) [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | (1) | (10) | (5) | (17) | |||
Restructuring and acquisition integration and transaction costs [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 0 | (54) | 0 | (65) | |||
Additives And Functional Products [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 91 | 107 | (142) | 194 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 5,929 | 5,929 | 6,238 | |||
Additives And Functional Products [Member] | Operating Segments [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 997 | 742 | 2,793 | 2,249 | |||
Advanced Materials [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 125 | 129 | 421 | 293 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 4,622 | 4,622 | 4,345 | |||
Advanced Materials [Member] | Operating Segments [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 770 | 668 | 2,255 | 1,850 | |||
Chemical Intermediates [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 130 | 31 | 336 | 131 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 2,752 | 2,752 | 2,614 | |||
Chemical Intermediates [Member] | Operating Segments [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 731 | 506 | 2,072 | 1,559 | |||
Fibers [Member] | |||||||
Earnings (Loss) Before Interest and Taxes [Abstract] | |||||||
Earnings before interest and taxes | 32 | 41 | 114 | 140 | |||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 986 | 986 | 978 | |||
Fibers [Member] | Operating Segments [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 222 | 206 | 662 | 629 | |||
Corporate and Other | |||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||
Assets by Segment | [1] | 1,970 | 1,970 | $ 1,908 | |||
North America [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 1,197 | 894 | 3,398 | 2,660 | |||
Asia Pacific [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 658 | 547 | 1,877 | 1,565 | |||
EMEA [Member] | |||||||
Sales [Abstract] | |||||||
Sales | 698 | 556 | 2,042 | 1,713 | |||
Latin America [Member] | |||||||
Sales [Abstract] | |||||||
Sales | $ 167 | $ 125 | $ 465 | $ 349 | |||
|
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