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10-Q Filing

EASTMAN CHEMICAL CO CIK: 915389 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000915389-23-000091
Period End Date 20230331
Filing Date 20230428
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance emn-20230331_htm.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $459.00M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $487.00M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $493.00M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $599.00M USD Point-in-time
Trade receivables, net of allowance for credit losses AccountsReceivableNetCurrent $1.05B USD Point-in-time
Trade receivables, net of allowance for credit losses AccountsReceivableNetCurrent $957.00M USD Point-in-time
Miscellaneous receivables OtherReceivables $286.00M USD Point-in-time
Miscellaneous receivables OtherReceivables $320.00M USD Point-in-time
Inventories InventoryNet $1.94B USD Point-in-time
Inventories InventoryNet $1.89B USD Point-in-time
Other current assets OtherAssetsCurrent $114.00M USD Point-in-time
Other current assets OtherAssetsCurrent $93.00M USD Point-in-time
Total current assets AssetsCurrent $3.97B USD Point-in-time
Total current assets AssetsCurrent $3.78B USD Point-in-time
Properties and equipment at cost PropertyPlantAndEquipmentGross $12.94B USD Point-in-time
Properties and equipment at cost PropertyPlantAndEquipmentGross $13.15B USD Point-in-time
Less: Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $7.78B USD Point-in-time
Less: Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $7.89B USD Point-in-time
Net properties PropertyPlantAndEquipmentNet $5.16B USD Point-in-time
Net properties PropertyPlantAndEquipmentNet $5.26B USD Point-in-time
Goodwill Goodwill $3.70B USD Point-in-time
Goodwill Goodwill $3.66B USD Point-in-time
Intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $1.21B USD Point-in-time
Intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $1.20B USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $846.00M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $855.00M USD Point-in-time
Total assets Assets $14.67B USD Point-in-time
Total assets Assets $14.98B USD Point-in-time
Payables and other current liabilities AccountsPayableAndAccruedLiabilitiesCurrent $2.12B USD Point-in-time
Payables and other current liabilities AccountsPayableAndAccruedLiabilitiesCurrent $1.96B USD Point-in-time
Borrowings due within one year ShortTermBorrowings $1.01B USD Point-in-time
Borrowings due within one year ShortTermBorrowings $1.13B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.97B USD Point-in-time
Total current liabilities LiabilitiesCurrent $3.25B USD Point-in-time
Long-term borrowings LongTermDebtNoncurrent $4.64B USD Point-in-time
Long-term borrowings LongTermDebtNoncurrent $4.03B USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $662.00M USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $671.00M USD Point-in-time
Post-employment obligations PostemploymentBenefitsLiabilityNoncurrent $629.00M USD Point-in-time
Post-employment obligations PostemploymentBenefitsLiabilityNoncurrent $628.00M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $823.00M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $856.00M USD Point-in-time
Total liabilities Liabilities $9.72B USD Point-in-time
Total liabilities Liabilities $9.43B USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 222.35M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 222.70M shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock ($0.01 par value 350,000,000 shares authorized; shares issued 222,703,492 and 222,348,557 for 2023 and 2022, respectively) CommonStockValue $2.00M USD Point-in-time
Common stock ($0.01 par value 350,000,000 shares authorized; shares issued 222,703,492 and 222,348,557 for 2023 and 2022, respectively) CommonStockValue $2.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.31B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.33B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $9.01B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.69B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.97B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.56B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-220.00M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-182.00M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-205.00M USD Point-in-time
Stockholder's Equity before Treasury Stock StockholdersEquityBeforeTreasuryStock $11.09B USD Point-in-time
Stockholder's Equity before Treasury Stock StockholdersEquityBeforeTreasuryStock $11.12B USD Point-in-time
Less: Treasury stock at cost (103,602,488 and 103,602,488 shares for 2023 and 2022, respectively) TreasuryStockValue $5.93B USD Point-in-time
Less: Treasury stock at cost (103,602,488 and 103,602,488 shares for 2023 and 2022, respectively) TreasuryStockValue $5.93B USD Point-in-time
Total Eastman stockholders' equity StockholdersEquity $5.15B USD Point-in-time
Total Eastman stockholders' equity StockholdersEquity $5.19B USD Point-in-time
Noncontrolling interest MinorityInterest $83.00M USD Point-in-time
Noncontrolling interest MinorityInterest $74.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.98B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.24B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.26B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.79B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $14.67B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $14.98B USD Point-in-time
Treasury stock at cost (in shares) TreasuryStockCommonShares 103.60M shares Point-in-time
Treasury stock at cost (in shares) TreasuryStockCommonShares 103.60M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 350.00M shares Point-in-time
Income Statement 68 line items
Line Item Tag Value Unit Period
Sales Revenues $2.71B USD 1 Quarter
Sales Revenues $2.41B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.88B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $2.16B USD 1 Quarter
Gross profit GrossProfit $529.00M USD 1 Quarter
Gross profit GrossProfit $550.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $191.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $196.00M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $65.00M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $62.00M USD 1 Quarter
Asset impairments and restructuring charges, net RestructuringSettlementAndImpairmentProvisions $22.00M USD 1 Quarter
Asset impairments and restructuring charges, net RestructuringSettlementAndImpairmentProvisions $2.00M USD 1 Quarter
Other components of post-employment (benefit) cost, net PensionAndOtherPostretirementBenefitExpense $-3.00M USD 1 Quarter
Other components of post-employment (benefit) cost, net PensionAndOtherPostretirementBenefitExpense $-31.00M USD 1 Quarter
Other (income) charges, net NonoperatingIncomeExpense $12.00M USD 1 Quarter
Other (income) charges, net NonoperatingIncomeExpense $-11.00M USD 1 Quarter
Gain on divested business GainLossOnSaleOfBusiness - USD 1 Quarter
Gain on divested business GainLossOnSaleOfBusiness $3.00M USD 1 Quarter
Earnings before interest and taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $333.00M USD 1 Quarter
Earnings before interest and taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $246.00M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-52.00M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-46.00M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $287.00M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $194.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $51.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $60.00M USD 1 Quarter
Net earnings ProfitLoss $236.00M USD 1 Quarter
Net earnings ProfitLoss $134.00M USD 1 Quarter
Less: Net earnings attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Net earnings attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $1.00M USD 1 Quarter
Net earnings attributable to Eastman NetIncomeLoss $134.00M USD 1 Quarter
Net earnings attributable to Eastman NetIncomeLoss $235.00M USD 1 Quarter
Basic earnings per share attributable to Eastman EarningsPerShareBasic $1.13 USD 1 Quarter
Basic earnings per share attributable to Eastman EarningsPerShareBasic $1.82 USD 1 Quarter
Diluted earnings per share attributable to Eastman EarningsPerShareDiluted $1.80 USD 1 Quarter
Diluted earnings per share attributable to Eastman EarningsPerShareDiluted $1.12 USD 1 Quarter
Net earnings including noncontrolling interest ProfitLoss $236.00M USD 1 Quarter
Net earnings including noncontrolling interest ProfitLoss $134.00M USD 1 Quarter
Change in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-1.00M USD 1 Quarter
Change in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $7.00M USD 1 Quarter
Change in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $7.00M USD Annual
Amortization of unrecognized prior service credits OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax $-6.00M USD 1 Quarter
Amortization of unrecognized prior service credits OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax $-5.00M USD 1 Quarter
Unrealized gain (loss) during period OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $40.00M USD 1 Quarter
Unrealized gain (loss) during period OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-7.00M USD 1 Quarter
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $2.00M USD 1 Quarter
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $4.00M USD 1 Quarter
Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $37.00M USD 1 Quarter
Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $-23.00M USD Annual
Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $-15.00M USD 1 Quarter
Comprehensive income including noncontrolling interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $119.00M USD 1 Quarter
Comprehensive income including noncontrolling interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $273.00M USD 1 Quarter
Less: Net earnings attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Net earnings attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $1.00M USD 1 Quarter
Comprehensive income attributable to Eastman ComprehensiveIncomeNetOfTax $119.00M USD 1 Quarter
Comprehensive income attributable to Eastman ComprehensiveIncomeNetOfTax $272.00M USD 1 Quarter
Retained earnings at beginning of period RetainedEarningsAccumulatedDeficit $9.01B USD Point-in-time
Retained earnings at beginning of period RetainedEarningsAccumulatedDeficit $8.69B USD Point-in-time
Retained earnings at beginning of period RetainedEarningsAccumulatedDeficit $8.97B USD Point-in-time
Retained earnings at beginning of period RetainedEarningsAccumulatedDeficit $8.56B USD Point-in-time
Net earnings attributable to Eastman NetIncomeLoss $134.00M USD 1 Quarter
Net earnings attributable to Eastman NetIncomeLoss $235.00M USD 1 Quarter
Cash dividends declared DividendsCommonStockCash $94.00M USD 1 Quarter
Cash dividends declared DividendsCommonStockCash $98.00M USD 1 Quarter
Retained earnings at end of period RetainedEarningsAccumulatedDeficit $9.01B USD Point-in-time
Retained earnings at end of period RetainedEarningsAccumulatedDeficit $8.69B USD Point-in-time
Retained earnings at end of period RetainedEarningsAccumulatedDeficit $8.97B USD Point-in-time
Retained earnings at end of period RetainedEarningsAccumulatedDeficit $8.56B USD Point-in-time
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net earnings ProfitLoss $236.00M USD 1 Quarter
Net earnings ProfitLoss $134.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $141.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $121.00M USD 1 Quarter
Gain on divested business GainLossOnSaleOfBusiness - USD 1 Quarter
Gain on divested business GainLossOnSaleOfBusiness $3.00M USD 1 Quarter
Benefit from deferred income taxes DeferredIncomeTaxExpenseBenefit $-7.00M USD 1 Quarter
Benefit from deferred income taxes DeferredIncomeTaxExpenseBenefit $-24.00M USD 1 Quarter
(Increase) decrease in trade receivables IncreaseDecreaseInAccountsReceivable $127.00M USD 1 Quarter
(Increase) decrease in trade receivables IncreaseDecreaseInAccountsReceivable $91.00M USD 1 Quarter
(Increase) decrease in inventories IncreaseDecreaseInInventories $44.00M USD 1 Quarter
(Increase) decrease in inventories IncreaseDecreaseInInventories $184.00M USD 1 Quarter
Increase (decrease) in trade payables IncreaseDecreaseInAccountsPayableTrade $152.00M USD 1 Quarter
Increase (decrease) in trade payables IncreaseDecreaseInAccountsPayableTrade $-132.00M USD 1 Quarter
Pension and other postretirement contributions (in excess of) less than expenses PensionAndOtherPostretirementBenefitsContributionsInExcessOfLessThanExpenses $19.00M USD 1 Quarter
Pension and other postretirement contributions (in excess of) less than expenses PensionAndOtherPostretirementBenefitsContributionsInExcessOfLessThanExpenses $43.00M USD 1 Quarter
Variable compensation payments (in excess of) less than expenses VariableCashCompensationInExcessOfLessThanExpenses $168.00M USD 1 Quarter
Variable compensation payments (in excess of) less than expenses VariableCashCompensationInExcessOfLessThanExpenses $16.00M USD 1 Quarter
Other items, net OtherOperatingActivitiesCashFlowStatement $57.00M USD 1 Quarter
Other items, net OtherOperatingActivitiesCashFlowStatement $32.00M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-2.00M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $17.00M USD 1 Quarter
Additions to properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $174.00M USD 1 Quarter
Additions to properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $112.00M USD 1 Quarter
Proceeds from sale of businesses ProceedsFromDivestitureOfBusinesses $16.00M USD 1 Quarter
Proceeds from sale of businesses ProceedsFromDivestitureOfBusinesses - USD 1 Quarter
Acquisition, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $73.00M USD 1 Quarter
Acquisition, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Additions to capitalized software PaymentsForSoftware $2.00M USD 1 Quarter
Additions to capitalized software PaymentsForSoftware $3.00M USD 1 Quarter
Other items, net PaymentsForProceedsFromOtherInvestingActivities $2.00M USD 1 Quarter
Other items, net PaymentsForProceedsFromOtherInvestingActivities $19.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-117.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-252.00M USD 1 Quarter
Net increase (decrease) in commercial paper and other borrowings ProceedsFromRepaymentsOfShortTermDebt $236.00M USD 1 Quarter
Net increase (decrease) in commercial paper and other borrowings ProceedsFromRepaymentsOfShortTermDebt $-326.00M USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfLongTermDebt $796.00M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividends $94.00M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividends $98.00M USD 1 Quarter
Proceeds from stock option exercises and other items, net ProceedsFromPaymentsForOtherFinancingActivities $-9.00M USD 1 Quarter
Proceeds from stock option exercises and other items, net ProceedsFromPaymentsForOtherFinancingActivities $-19.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $129.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $357.00M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.00M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-1.00M USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $106.00M USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $28.00M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $459.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $487.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $493.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $599.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $459.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $487.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $493.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $599.00M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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