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STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Reconciliations of the changes in stockholders' equity for third quarter and first nine months 2024 and 2023 are provided below:
(Dollars in millions, except per share amount)Common Stock at Par ValueAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostTotal Eastman Stockholders' EquityNoncontrolling InterestTotal Equity
Balance at June 30, 2024$$2,417 $9,694 $(302)$(6,184)$5,627 $72 $5,699 
Net Earnings— — 180 — — 180 181 
Cash Dividends Declared (1)
($0.81 per share)
— — (94)— — (94)— (94)
Other Comprehensive Income (Loss)— — — 24 — 24 — 24 
Share-Based Compensation Expense (2)
— 14 — — — 14 — 14 
Stock Option Exercises— — — — — 
Other
— — — — (1)(1)— 
Share Repurchases— — — — (100)(100)— (100)
Balance at September 30, 2024$$2,435 $9,780 $(278)$(6,285)$5,654 $74 $5,728 
(Dollars in millions, except per share amount)Common Stock at Par ValueAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostTotal Eastman Stockholders' EquityNoncontrolling InterestTotal Equity
Balance at June 30, 2023$$2,342 $9,190 $(271)$(5,982)$5,281 $71 $5,352 
Net Earnings— — 178 — — 178 179 
Cash Dividends Declared (1)
($0.79 per share)
— — (94)— — (94)— (94)
Other Comprehensive Income (Loss)— — — (23)— (23)— (23)
Share-Based Compensation Expense (2)
— 10 — — — 10 — 10 
Balance at September 30, 2023$$2,352 $9,274 $(294)$(5,982)$5,352 $72 $5,424 
(1)Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.
(2)Share-based compensation expense is based on the fair value of share-based awards.
(Dollars in millions, except per share amount)Common Stock at Par ValueAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostTotal Eastman Stockholders' EquityNoncontrolling InterestTotal Equity
Balance at December 31, 2023$$2,368 $9,490 $(319)$(6,083)$5,458 $72 $5,530 
Net Earnings— — 575 — — 575 577 
Cash Dividends Declared (1)
($2.43 per share)
— — (285)— — (285)— (285)
Other Comprehensive Income (Loss)— — — 41 — 41 — 41 
Share-Based Compensation Expense (2)
— 49 — — — 49 — 49 
Stock Option Exercises— 26 — — — 26 — 26 
Other (3)
— (8)— — (2)(10)(9)
Share Repurchases— — — — (200)(200)— (200)
Distributions to Noncontrolling Interest— — — — — — (1)(1)
Balance at September 30, 2024$$2,435 $9,780 $(278)$(6,285)$5,654 $74 $5,728 
(Dollars in millions, except per share amount)Common Stock at Par ValueAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostTotal Eastman Stockholders' EquityNoncontrolling InterestTotal Equity
Balance at December 31, 2022$$2,315 $8,973 $(205)$(5,932)$5,153 $83 $5,236 
Net Earnings— — 584 — — 584 585 
Cash Dividends Declared (1)
($2.37 per share)
— — (283)— — (283)— (283)
Other Comprehensive Income (Loss)— — — (89)— (89)— (89)
Share-Based Compensation Expense (2)
— 49 — — — 49 — 49 
Stock Option Exercises— — — — — 
Other (3)
— (14)— — — (14)(12)
Share Repurchases
— — — — (50)(50)— (50)
Distributions to Noncontrolling Interest— — — — — — (14)(14)
Balance at September 30, 2023$$2,352 $9,274 $(294)$(5,982)$5,352 $72 $5,424 
(1)Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.
(2)Share-based compensation expense is based on the fair value of share-based awards.
(3)Additional paid-in capital includes the value of shares withheld for employees' taxes on vesting of share-based compensation awards.
Accumulated Other Comprehensive Income (Loss), Net of Tax
(Dollars in millions)Cumulative Translation AdjustmentBenefit Plans Unrecognized Prior Service CreditsUnrealized Gains (Losses) on Derivative InstrumentsUnrealized Losses on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022
$(230)$32 $(6)$(1)$(205)
Period change(67)(21)(26)— (114)
Balance at December 31, 2023
(297)11 (32)(1)(319)
Period change38 (6)— 41 
Balance at September 30, 2024$(259)$$(23)$(1)$(278)
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 OCI recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects:
Third Quarter
20242023
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$26 $39 $$(24)
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(2)(2)(7)(6)
Derivatives and hedging:
Unrealized gain (loss) during period(17)(13)12 
Reclassification adjustment for (gains) losses included in net income, net— — (3)(2)
Total other comprehensive income (loss)$$24 $$(23)
First Nine Months
20242023
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$37 $38 $(39)$(67)
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(7)(6)(20)(16)
Derivatives and hedging:
Unrealized gain (loss) during period(8)(6)(4)(3)
Reclassification adjustment for (gains) losses included in net income, net19 15 (5)(3)
Total other comprehensive income (loss)$41 $41 $(68)$(89)