v3.24.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Reconciliation of the changes in stockholders' equity
Reconciliations of the changes in stockholders' equity for second quarter 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 March 31, 2024$2 $2,388 $9,559 $(328)$(6,083)$5,538 $70 $5,608 
Net Earnings— — 230 — — 230 1 231 
Cash Dividends Declared (1)
($0.81 per share)
— — (95)— — (95)— (95)
Other Comprehensive Income (Loss)— — — 26 — 26 — 26 
Share-Based Compensation Expense (2)
— 14 — — — 14 — 14 
Stock Option Exercises— 15 — — — 15 — 15 
Other
— — — — (1)(1)1 — 
Share Repurchases— — — — (100)(100)— (100)
Balance at June 30, 2024$2 $2,417 $9,694 $(302)$(6,184)$5,627 $72 $5,699 
(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 March 31, 2023$2 $2,325 $9,013 $(220)$(5,932)$5,188 $74 $5,262 
Net Earnings— — 272 — — 272 — 272 
Cash Dividends Declared (1)
($0.79 per share)
— — (95)— — (95)— (95)
Other Comprehensive Income (Loss)— — — (51)— (51)— (51)
Share-Based Compensation Expense (2)
— 17 — — — 17 — 17 
Other
— — — — — — (1)(1)
Share Repurchases
— — — — (50)(50)— (50)
Distributions to Noncontrolling Interest— — — — — — (2)(2)
Balance at June 30, 2023$2 $2,342 $9,190 $(271)$(5,982)$5,281 $71 $5,352 
(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 $2,368 $9,490 $(319)$(6,083)$5,458 $72 $5,530 
Net Earnings— — 395 — — 395 1 396 
Cash Dividends Declared (1)
($1.62 per share)
— — (191)— — (191)— (191)
Other Comprehensive Income (Loss)— — — 17 — 17 — 17 
Share-Based Compensation Expense (2)
— 35 — — — 35 — 35 
Stock Option Exercises— 22 — — — 22 — 22 
Other (3)
— (8)— — (1)(9)— (9)
Share Repurchases— — — — (100)(100)— (100)
Distributions to Noncontrolling Interest— — — — — — (1)(1)
Balance at June 30, 2024$2 $2,417 $9,694 $(302)$(6,184)$5,627 $72 $5,699 
(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 $2,315 $8,973 $(205)$(5,932)$5,153 $83 $5,236 
Net Earnings— — 406 — — 406 — 406 
Cash Dividends Declared (1)
($1.58 per share)
— — (189)— — (189)— (189)
Other Comprehensive Income (Loss)— — — (66)— (66)— (66)
Share-Based Compensation Expense (2)
— 39 — — — 39 — 39 
Stock Option Exercises— 2 — — — 2 — 2 
Other (3)
— (14)— — — (14)2 (12)
Share Repurchases
— — — — (50)(50)— (50)
Distributions to Noncontrolling Interest— — — — — — (14)(14)
Balance at June 30, 2023$2 $2,342 $9,190 $(271)$(5,982)$5,281 $71 $5,352 
(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)
(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)$(205)
Period change(67)(21)(26)— (114)
Balance at December 31, 2023
(297)11 (32)(1)(319)
Period change(1)(4)22 — 17 
Balance at June 30, 2024$(298)$7 $(10)$(1)$(302)
Schedule of components of comprehensive income (loss) before tax and net of tax effects
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:
Second Quarter
20242023
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$15 $9 $(42)$(42)
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(2)(2)(6)(5)
Derivatives and hedging:
Unrealized gain (loss) during period4 3 (7)(5)
Reclassification adjustment for (gains) losses included in net income, net21 16 2 1 
Total other comprehensive income (loss)$38 $26 $(53)$(51)
First Six Months
20242023
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$11 $(1)$(43)$(43)
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(5)(4)(13)(10)
Derivatives and hedging:
Unrealized gain (loss) during period9 7 (16)(12)
Reclassification adjustment for (gains) losses included in net income, net19 15 (1)(1)
Total other comprehensive income (loss)$34 $17 $(73)$(66)