EASTMAN CHEMICAL CO, 10-Q filed on 10/28/2022
Quarterly Report
v3.22.2.2
Cover Page
 9 Months Ended
Sep. 30, 2022
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2022
Document Transition Report false
Entity File Number 1-12626
Entity Registrant Name EASTMAN CHEMICAL CO
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 62-1539359
Entity Address, Address Line One 200 South Wilcox Drive
Entity Address, City or Town Kingsport
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37662
City Area Code 423
Local Phone Number 229-2000
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 119,990,364
Entity Central Index Key 0000915389
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q3
Common Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol EMN
Security Exchange Name NYSE
1.5% notes due May 2023 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.50% Notes Due 2023
Trading Symbol EMN23
Security Exchange Name NYSE
1.875% notes due November 2026 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.875% Notes Due 2026
Trading Symbol EMN26
Security Exchange Name NYSE
v3.22.2.2
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Sales $ 2,709 $ 2,720 $ 8,207 $ 7,782
Cost of sales 2,168 2,058 6,446 5,841
Gross profit 541 662 1,761 1,941
Selling, general and administrative expenses 173 201 554 587
Research and development expenses 68 66 200 187
Asset impairments and restructuring charges, net 2 7 23 29
Other components of post-employment (benefit) cost, net (30) (36) (95) (109)
Other (income) charges, net 1 (6) 3 (11)
Net (gain) loss on divested businesses 3 60 (7) 555
Earnings before interest and taxes 324 370 1,083 703
Net interest expense 43 49 134 150
Earnings before income taxes 281 321 949 553
(Benefit from) provision for income taxes (20) (33) 155 66
Net earnings 301 354 794 487
Less: Net earnings attributable to noncontrolling interest 0 3 2 8
Net earnings attributable to Eastman $ 301 $ 351 $ 792 $ 479
Earnings Per Share, Basic [Abstract]        
Basic earnings per share attributable to Eastman $ 2.48 $ 2.60 $ 6.34 $ 3.53
Diluted earnings per share attributable to Eastman        
Diluted earnings per share attributable to Eastman $ 2.46 $ 2.57 $ 6.26 $ 3.49
Comprehensive Income        
Net earnings including noncontrolling interest $ 301 $ 354 $ 794 $ 487
Other comprehensive income (loss), net of tax:        
Change in cumulative translation adjustment (19) 2 4 13
Defined benefit pension and other postretirement benefit plans:        
Amortization of unrecognized prior service credits (6) (7) (21) (21)
Derivatives and hedging:        
Unrealized gain (loss) during period 30 57 97 86
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (14) (4) (50) 10
Other Comprehensive Income (Loss) (9) 48 30 88
Comprehensive income including noncontrolling interest 292 402 824 575
Less: Net earnings attributable to noncontrolling interest 0 3 2 8
Comprehensive income attributable to Eastman 292 399 822 567
Retained Earnings        
Retained earnings at beginning of period 8,857 8,020 8,557 8,080
Net earnings attributable to Eastman 301 351 792 479
Cash dividends declared (93) (93) (284) (281)
Retained earnings at end of period $ 9,065 $ 8,278 $ 9,065 $ 8,278
v3.22.2.2
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 461 $ 459
Trade receivables, net of allowance for doubtful accounts 1,137 1,091
Miscellaneous receivables 457 489
Inventories 1,975 1,504
Other current assets 75 96
Assets held for sale 0 1,007
Total current assets 4,105 4,646
Properties    
Properties and equipment at cost 12,645 12,680
Less: Accumulated depreciation 7,663 7,684
Net properties 4,982 4,996
Goodwill 3,644 3,641
Intangible assets, net of accumulated amortization 1,206 1,362
Other noncurrent assets 1,048 874
Total assets 14,985 15,519
Current liabilities    
Payables and other current liabilities 2,121 2,133
Borrowings due within one year 1,086 747
Liabilities held for sale 0 91
Total current liabilities 3,207 2,971
Long-term borrowings 3,979 4,412
Deferred income tax liabilities 756 810
Post-employment obligations 746 811
Other long-term liabilities 830 727
Total liabilities $ 9,518 $ 9,731
Common stock, shares issued (in shares) 222,337,739 221,809,309
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 – 222,337,739 and 221,809,309 for 2022 and 2021, respectively) $ 2 $ 2
Additional paid-in capital 2,301 2,187
Retained earnings 9,065 8,557
Accumulated other comprehensive income (loss) (152) (182)
 Stockholder's Equity before Treasury Stock 11,216 10,564
Less: Treasury stock at cost (102,398,173 and 92,892,229 shares for 2022 and 2021, respectively) 5,832 4,860
Total Eastman stockholders' equity 5,384 5,704
Noncontrolling interest 83 84
Total equity 5,467 5,788
Total liabilities and stockholders' equity $ 14,985 $ 15,519
Treasury stock at cost (in shares) 102,398,173 92,892,229
Common stock, shares authorized (in shares) 350,000,000  
v3.22.2.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net earnings $ 794 $ 487
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 360 416
Mark-to-market pension and other postretirement benefit plans (gain) loss, net (3) 0
Asset impairment charges 0 5
Loss on sale of assets 15 0
Net (gain) loss on divested businesses (7) 555
Benefit from deferred income taxes (54) (66)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
(Increase) decrease in trade receivables (111) (439)
(Increase) decrease in inventories (549) (369)
Increase (decrease) in trade payables 187 377
Pension and other postretirement contributions (in excess of) less than expenses (115) (142)
Variable compensation (in excess of) less than expenses (117) 90
Other items, net 118 275
Net cash provided by operating activities 518 1,189
Investing activities    
Additions to properties and equipment (408) (315)
Proceeds from sale of businesses 998 0
Acquisitions, net of cash acquired (1) (111)
Additions to capitalized software (10) (18)
Other items, net 19 (3)
Net cash provided by (used in) investing activities 598 (447)
Financing activities    
Net increase (decrease) in commercial paper and other borrowings 355 (50)
Proceeds from borrowings 500 0
Repayment of borrowings (750) 0
Dividends paid to stockholders (290) (282)
Treasury stock purchases (902) (290)
Proceeds from stock option exercises and other items, net (11) 38
Net cash used in financing activities (1,098) (584)
Effect of exchange rate changes on cash and cash equivalents (16) (5)
Net change in cash and cash equivalents 2 153
Cash and cash equivalents at beginning of period 459 564
Cash and cash equivalents at end of period $ 461 $ 717
v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES (Notes)
 9 Months Ended
Sep. 30, 2022
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 2021 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, 2021 financial position data included herein was derived from the consolidated financial statements included in the 2021 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, revenues, and expenses of business ventures for which a controlling interest is determined. Eastman accounts for other joint ventures and investments where it exercises significant influence on the equity basis. During the first nine months 2022, the Company contributed $24 million in a new joint venture located in Kingsport, Tennessee, which will produce acetylated wood. The Company owns a 40 percent interest in the joint venture. 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, including sales revenue, earnings before interest and taxes ("EBIT"), and assets related to the divested rubber additives product lines and related assets and technology and the divested adhesives resins business. See Note 17, "Segment and Regional Sales Information" for more information.

Recently Adopted Accounting Standards

Accounting Standards Update ("ASU") 2021-05 Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments: On January 1, 2022, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") 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. The adoption does not have significant impact on the Company's financial statements and related disclosures.

ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance: On January 1, 2022, Eastman adopted prospectively this amendment which requires business entities that account for transactions with a government by applying a grant or contribution model by analogy (for example, a grant model within International Financial Reporting Standards) to provide annual disclosures about government assistance recorded during the period. The adoption does not have significant impact on the Company's financial statements and related disclosures.

Accounting Standards Issued But Not Adopted as of September 30, 2022

ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The FASB issued this update in October 2021, which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 Revenue from Contracts with Customers, as if it had originated the contracts. The update also provides certain practical expedients for acquirers and is applicable to all contract assets and liabilities within the scope of Topic 606. The expedients are as follows: "provides relief for contracts that have been previously modified before the acquisition date" and "relief for situations in which the acquirer does not have the appropriate data or expertise to analyze the historical periods in which the contract was entered into". This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. Adoption is on a prospective basis to business combinations occurring on or after the initial application and if adopted early, retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method: The FASB issued this update in March 2022. This ASU clarifies the guidance in Accounting Standards Codification ("ASC") 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released on August 28, 2017) that, among other things, established the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the "portfolio layer" method and addresses feedback from stakeholders regarding its application. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.

ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures: The FASB issued this update in March 2022. This ASU updates the requirements for accounting for credit losses under ASC 326, eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40, and enhances creditors' disclosure requirements related to loan refinancings and restructurings for borrowers experiencing financial difficulty. This ASU also amends the guidance on "vintage disclosures" to require disclosure of gross write-offs by year of origination. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.

ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions: The FASB issued this update in June 2022, which states that when measuring the fair value of an asset or a liability, a reporting entity should consider the characteristics of the asset or liability, including restrictions on the sale of the asset or liability, if a market participant also would take those characteristics into account. Key to that determination is the unit of account for the asset or liability being measured at fair value. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.

ASU 2022-04 Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations: The FASB issued this update in September 2022, which requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. Required disclosures include information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. Management is currently evaluating the impact on the Company's financial statements and related disclosures.

Working Capital Management and Off Balance Sheet Arrangements
The 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 under the program in third quarter 2022 and 2021 were $700 million and $252 million, respectively, and $1,839 million and $839 million in first nine months 2022 and 2021, respectively.
v3.22.2.2
Divestitures
 9 Months Ended
Sep. 30, 2022
Divestitures [Abstract]  
Business Held for Sale DIVESTITURES
Rubber Additives Divestiture

On November 1, 2021, the Company and certain of its subsidiaries completed the sale of its rubber additives (including Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines and related assets and technology of the global tire additives business ("rubber additives") of its Additives & Functional Products ("AFP") segment. The sale did not include the Eastman Impera™ and other performance resins product lines of the tire additives business. The Company is providing certain business transition and post-closing services to the buyer on agreed terms. The business was not reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results.

The total estimated consideration, after estimates of contingent consideration and post-closing adjustments and ongoing agreements through October 2027, was $687 million. The additional amount of consideration of up to $75 million is to be paid based on performance of divested rubber additives through December 2023. The divestiture resulted in a $552 million loss (including cumulative translation adjustment liquidation of $23 million and certain costs to sell of $10 million).

The major classes of divested assets and liabilities as of the date of the divestiture were as follows:

(Dollars in millions)
Assets divested
Trade receivables, net of allowance for doubtful accounts$107 
Inventories94 
Other assets26 
Properties, net of accumulated depreciation300 
Goodwill398 
Intangible assets, net of accumulated amortization381 
Assets divested1,306 
Liabilities divested
Payables and other liabilities48 
Post-employment obligations34 
Other liabilities18 
Liabilities divested100 
Disposal group, net$1,206 

Separately, the Company recognized $4 million and $15 million of transaction costs for the divested business in first nine months 2022 and twelve months 2021, respectively. Transaction costs are expensed as incurred and are included in "Selling, general and administrative expenses" ("SG&A") in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.

Adhesives Resins Divestiture

On April 1, 2022, the Company and certain of its subsidiaries completed the sale of its adhesives resins business, which included hydrocarbon resins (including Eastman Impera™ tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines ("adhesives resins"), of its AFP segment. The business was not reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results. Included in the adhesives resins divestiture was the 50 percent interest in a joint venture that has a manufacturing facility in Nanjing, China, which produces Eastotac™ hydrocarbon tackifying resins for pressure-sensitive adhesives, caulks, and sealants.

The total estimated consideration, after estimates of post-closing adjustments, was $957 million. The divestiture resulted in a $5 million gain (including cumulative translation adjustment liquidation of $10 million and certain costs to sell of $10 million).
The major classes of divested assets and liabilities as of the date of the divestiture were as follows:

(Dollars in millions)
Assets divested
Trade receivables, net of allowance for doubtful accounts$129 
Inventories163 
Other assets21 
Properties, net of accumulated depreciation303 
Goodwill399 
Intangible assets, net of accumulated amortization14 
Assets divested1,029 
Liabilities divested
Payables and other liabilities86 
Deferred tax liability7 
Other liabilities4 
Liabilities divested97 
Disposal group, net$932 

The Company recognized $11 million and $3 million of transaction costs for the divested business in first nine months 2022 and twelve months 2021, respectively. Transaction costs are expensed as incurred and are included in SG&A in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.
v3.22.2.2
INVENTORIES
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
 September 30,December 31,
(Dollars in millions)20222021
Finished goods$1,311 $1,007 
Work in process330 273 
Raw materials and supplies770 589 
Total inventories at FIFO or average cost2,411 1,869 
Less: LIFO reserve436 365 
Total inventories$1,975 $1,504 
Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both September 30, 2022 and December 31, 2021.
v3.22.2.2
PAYABLES AND OTHER CURRENT LIABILITIES
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
PAYABLES AND OTHER CURRENT LIABILITIES PAYABLES AND OTHER CURRENT LIABILITIES
 September 30,December 31,
(Dollars in millions)20222021
Trade creditors$1,407 $1,228 
Accrued payroll and variable compensation143 311 
Accrued taxes140 138 
Post-employment obligations65 70 
Dividends payable to stockholders94 101 
Other272 285 
Total payables and other current liabilities$2,121 $2,133 
The "Other" above consists primarily of accruals for the current portion of operating lease liabilities, interest payable, environmental liabilities, and other miscellaneous accruals.
v3.22.2.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
PROVISION FOR INCOME TAXES INCOME TAXES
 Third QuarterFirst Nine Months
(Dollars in millions)2022202120222021
$%$%$%$%
(Benefit from) provision for income taxes and tax rate$(20)(7)%$(33)(10)%$155 16 %$66 12 %
Third quarter and first nine months 2022 provision for income taxes include a $32 million decrease related to the release of a state valuation allowance and a $16 million decrease from the finalization of prior year's income tax returns. Provision for income taxes was adjusted in third quarter 2022 to reflect finalization of the tax implications of the adhesives resins business divestiture, which, for first nine months 2022, is an increase of $38 million to the provision for income taxes. Third quarter and first nine months 2021 provision for income taxes included a $65 million decrease 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 included a $20 million decrease to the provision for income taxes from the revaluation of deferred tax liabilities as a result of the rubber additives divestiture.

At September 30, 2022 and December 31, 2021, Eastman had $230 million and $200 million, respectively, in unrecognized tax benefits. At September 30, 2022, 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 could decrease by up to $15 million within the next 12 months.
v3.22.2.2
BORROWINGS
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
 September 30,December 31,
(Dollars in millions)20222021
Borrowings consisted of:
3.6% notes due August 2022$— $747 
1.50% notes due May 2023 (1)
731 850 
7 1/4% debentures due January 2024198 198 
7 5/8% debentures due June 202443 43 
3.80% notes due March 2025694 698 
1.875% notes due November 2026 (1)
485 565 
7.60% debentures due February 2027195 195 
4.5% notes due December 2028495 494 
4.8% notes due September 2042494 494 
4.65% notes due October 2044876 875 
2027 Term loan499 — 
Commercial paper and short-term borrowings355 — 
Total borrowings5,065 5,159 
Less: Borrowings due within one year1,086 747 
Long-term borrowings$3,979 $4,412 
(1)The carrying value of the euro-denominated 1.50% notes due May 2023 and 1.875% notes due November 2026 will fluctuate with changes in the euro to U.S. dollar exchange rate. The carrying value of these euro-denominated borrowings have been designated as non-derivative net investment hedges of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations.

The Company repaid the 3.6% notes due August 2022, of which $550 million was repaid in second quarter 2022 primarily from proceeds from the 2027 Term Loan discussed below and $200 million was repaid in third quarter 2022 using available cash. There were no debt extinguishment costs associated with the repayment of this debt.

Credit Facility, Term Loan, and Commercial Paper Borrowings

The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility") expiring December 2026. 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 includes sustainability-linked pricing terms, provides available liquidity for general corporate purposes, and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At September 30, 2022 and December 31, 2021, the Company had no outstanding borrowings under the Credit Facility. At September 30, 2022, the Company's commercial paper borrowings were $355 million with a weighted average interest rate of 3.64 percent. At December 31, 2021, the Company had no outstanding commercial paper borrowings.

In April 2022, the Company borrowed $500 million under a five-year term loan agreement (the "2027 Term Loan"). The 2027 Term Loan had a variable interest rate of 4.30 percent as of September 30, 2022. Borrowings under the 2027 Term Loan are subject to interest at varying spreads above quoted market rates.

The Credit Facility and 2027 Term Loan contain customary covenants, including requirements to maintain certain financial ratios, that determine the events of default, amounts available, and terms of borrowings. The Company was in compliance with all applicable covenants at both September 30, 2022 and December 31, 2021.
Fair Value of Borrowings

Eastman has classified its total borrowings at September 30, 2022 and December 31, 2021 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 2021 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, such as commercial paper and the 2027 Term Loan, equals the carrying value and is classified as Level 2. At September 30, 2022 and December 31, 2021, the fair values of total borrowings were $4.719 billion and $5.737 billion, respectively. The Company had no borrowings classified as Level 1 and Level 3 as of September 30, 2022 and December 31, 2021.
v3.22.2.2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2022
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 10, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2021 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") on 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 third quarter 2022, the Company settled the notional amount of $75 million associated with the 2022 forward starting interest rate swap, resulting in a cash gain of $13 million which is included as part of operating activities in the Unaudited Consolidated Statements of Cash Flows. The recognized gain from cash flow hedges of $1 million is included within "Net interest expense" on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings and the unrecognized gain of $12 million from cash flow hedges is included in "Accumulated other comprehensive income" on the Unaudited Consolidated Statements of Financial Position.

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 reported as "Long-term borrowings" on the Unaudited Consolidated Statements of Financial Position 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 on 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" on 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 second quarter 2022, the Company terminated fixed-to-fixed cross-currency swaps designated to hedge a portion of its net investment in a euro functional currency denominated subsidiary against foreign currency fluctuations. The notional amount terminated was €266 million ($320 million) which was scheduled to mature in August 2022. The termination resulted in a $40 million gain recognized in CTA. The related cash flows were classified as investing activities in the Unaudited Consolidated Statements of Cash Flows.

Summary of Financial Position and Financial Performance of Hedging Instruments

The following table presents the notional amounts outstanding at September 30, 2022 and December 31, 2021 associated with Eastman's hedging programs.
Notional OutstandingSeptember 30, 2022December 31, 2021
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
EUR/USD (in EUR)€612€429
Commodity Forward and Collar Contracts
Feedstock (in million barrels)1 1 
Energy (in million british thermal units)5 13 
Interest rate swaps for the future issuance of debt (in millions)— $75
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swaps (in millions)$75$75
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps (in millions)
EUR/USD (in EUR)€587€853
Non-derivatives designated as net investment hedges:
Foreign Currency Net Investment Hedges (in millions)
EUR/USD (in EUR)€1,246€1,246
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, 2022 and December 31, 2021. 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 2022 or 2021.

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 on 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 on the Unaudited Consolidated Statements of Financial Position as of September 30, 2022 and December 31, 2021.

The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis
(Dollars in millions) 
Derivative TypeStatements of Financial
Position Classification		September 30, 2022
Level 2		December 31, 2021
Level 2
Derivatives designated as cash flow hedges:   
Commodity contractsOther current assets$15 $16 
Commodity contractsOther noncurrent assets— 2 
Foreign exchange contractsOther current assets49 12 
Foreign exchange contractsOther noncurrent assets26 6 
Forward starting interest rate swap contractsOther current assets— 5 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapOther current assets— 1 
Fixed-for-floating interest rate swapOther noncurrent assets— 1 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther current assets— 20 
Cross-currency interest rate swapsOther noncurrent assets120 35 
Total Derivative Assets$210 $98 
Derivatives designated as cash flow hedges:
Commodity contractsPayables and other current liabilities$3 $1 
Commodity contractsOther long-term liabilities— 1 
Foreign exchange contractsPayables and other current liabilities— 1 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapLong-term borrowings5 — 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther long-term liabilities1 5 
Total Derivative Liabilities$9 $8 
Total Net Derivative Assets (Liabilities) $201 $90 

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 $1.2 billion at September 30, 2022 and $1.4 billion at December 31, 2021. The designated foreign currency-denominated borrowings are included as part of "Borrowings due within one year" and "Long-term borrowings" on the Unaudited Consolidated Statements of Financial Position.
For additional fair value measurement information, see Note 1, "Significant Accounting Policies", and Note 10, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2021 Annual Report on Form 10-K.

As of September 30, 2022 and December 31, 2021, the following amounts were included on the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.
(Dollars in millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability
Line item on the Unaudited Consolidated Statements of Financial Position in which the hedged item is includedSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Borrowings due within one year$— $697 $— $(2)
Long-term borrowings70 76 (5)1 

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 2022 and 2021.
Change in amount of after tax gain (loss) recognized in OCI on derivativesPre-tax amount of gain (loss) reclassified from OCI into earnings
(Dollars in millions)Third QuarterFirst Nine MonthsThird QuarterFirst Nine Months
Hedging Relationships20222021202220212022202120222021
Derivatives in cash flow hedging relationships:
Commodity contracts$(4)$40 $(5)$55 $1 $9 $38 $4 
Foreign exchange contracts22 11 43 33 18 — 33 (10)
Forward starting interest rate and treasury lock swap contracts(1)2 9 8 — (2)(5)(7)
Non-derivatives in net investment hedging relationships (pre-tax):
Net investment hedges 17 36 199 86 — — — — 
Derivatives in net investment hedging relationships (pre-tax):
Cross-currency interest rate swaps39 23 74 55 — — — — 
Cross-currency interest rate swaps excluded component (1)(2)(6)(7)— — — — 
The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for third quarter 2022 and 2021.

Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
Third Quarter
20222021
(Dollars in millions)SalesCost of SalesNet Interest ExpenseSalesCost of SalesNet 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$2,709 $2,168 $43 $2,720 $2,058 $49 
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 items1 — 
Derivatives designated as hedging instruments(1)— 
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— (2)
Commodity Contracts:
Amount reclassified from AOCI into earnings1 9 
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings18 — 
The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first nine months 2022 and 2021.
Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
First Nine Months
20222021
(Dollars in millions)SalesCost of SalesNet Interest ExpenseSalesCost of SalesNet 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$8,207 $6,446 $134 $7,782 $5,841 $150 
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 items2 1 
Derivatives designated as hedging instruments(2)(1)
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(5)(7)
Commodity Contracts:
Amount reclassified from AOCI into earnings38 4 
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings33 (10)

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" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. As a result of these derivatives, the Company recognized a net loss of $5 million and $11 million during third quarter and first nine months 2022, respectively, and recognized a net gain of $5 million during both third quarter 2021 and first nine months 2021.

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 gains of $362 million and net losses of $7 million at September 30, 2022 and December 31, 2021, respectively. Gains in AOCI increased between December 31, 2021 and September 30, 2022 primarily as a result of an increase in euro to U.S. dollar exchange rates. If recognized, approximately $59 million in pre-tax gains, as of September 30, 2022, would be reclassified into earnings during the next 12 months.
v3.22.2.2
RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2022
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 provided a subsidy for pre-Medicare health care and dental benefits to eligible retirees hired prior to January 1, 2007 that ended 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 11, "Retirement Plans", to the consolidated financial statements in Part II, Item 8 of the Company's 2021 Annual Report on Form 10-K.
Components of net periodic benefit (credit) cost were as follows:
Third Quarter
 Pension PlansOther Postretirement Benefit Plans
2022202120222021
(Dollars in millions)U.S.Non-U.S.U.S.Non-U.S.
Service cost$7 $2 $7 $5 $— $— 
Interest cost11 3 9 3 4 3 
Expected return on assets(32)(7)(31)(9)(1)(1)
Amortization of:
Prior service credit, net— — — (1)(8)(9)
Net periodic benefit (credit) cost$(14)$(2)$(15)$(2)$(5)$(7)
First Nine Months
Pension PlansOther Postretirement Benefit Plans
2022202120222021
(Dollars in millions)U.S.Non-U.S.U.S.Non-U.S.
Service cost$19 $9 $20 $14 $— $— 
Interest cost33 11 27 9 11 9 
Expected return on assets(96)(24)(94)(28)(3)(3)
Amortization of:
Prior service credit, net— — — (1)(24)(28)
Mark-to-market pension and other postretirement benefits (gain) loss (1)
7 (10)— — — — 
Net periodic benefit (credit) cost$(37)$(14)$(47)$(6)$(16)$(22)
(1)     Also includes curtailment triggered by the sale of the adhesives resins business which is included in "Other components of post-employment (benefit) cost, net" on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.

Subsequent to the adhesives resins divestiture, the Company retained pension liabilities of certain plan participants while the status of the participants changed in a Non-U.S. pension plan which triggered a curtailment and an interim mark-to-market ("MTM") remeasurement of the impacted Non-U.S. pension plan's assets and liabilities. First nine months 2022 includes a curtailment gain of $7 million and a MTM gain of $3 million.

Settlements are triggered in a plan when distributions exceed the sum of service cost and interest cost of the respective plan. Lump sum payments from a U.S. pension plan resulted in a plan settlement in second quarter 2022. The settlement itself was not material, but it triggered an interim MTM remeasurement of the impacted U.S. pension plan's assets and liabilities. First nine months 2022 includes a $7 million MTM loss.
v3.22.2.2
LEASES AND OTHER COMMITMENTS
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments Disclosure [Text Block] LEASES AND OTHER COMMITMENTS
Leases

There are two types of leases: financing 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, 2022 and December 31, 2021, right-to-use assets for operating leases totaled $205 million and $216 million, respectively, and are included as part of "Other noncurrent assets" on the Unaudited Consolidated Statements of Financial Position. At both September 30, 2022 and December 31, 2021, the operating right-to-use assets include $3 million of assets previously classified as lease intangibles and $5 million of prepaid lease assets. Operating lease liabilities are included as part of "Payables and other current liabilities" and "Other long-term liabilities" on the Unaudited Consolidated Statements of Financial Position. As of September 30, 2022, financing leases were not material to the Company's financial statements.

As of September 30, 2022, reconciliation of lease payments and operating lease liabilities is provided below:
(Dollars in millions)Operating Lease Liabilities
Remainder of 2022$15 
202353 
202440 
202532 
202622 
2027 and beyond52 
Total lease payments214 
Less: amounts of lease payments representing interest18 
Present value of future lease payments196 
Less: current obligations under leases50 
Long-term lease obligations$146 

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 third quarter 2023. 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:
Third QuarterFirst Nine Months
(Dollars in millions)2022202120222021
Lease costs:
Operating lease costs$16 $18$50 $54
Short-term lease costs13 934 28
Sublease income(3)(1)(10)(3)
Total$26 $26$74 $79
Other operating lease information:
Cash paid for amounts included in the measurement of lease liabilities$18 $17$51 $52
Right-to-use assets obtained in exchange for new lease liabilities$15 $33$50 $59
Weighted-average remaining lease term, in years66
Weighted-average discount rate3.0 %3.1 %
v3.22.2.2
ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS
 9 Months Ended
Sep. 30, 2022
Accrual for Environmental Loss Contingencies Disclosure [Abstract]  
Environmental Matters ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS
Certain Eastman manufacturing facilities generate hazardous and nonhazardous wastes, of which the treatment, storage, transportation, and disposal 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 2021 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.

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" on the Unaudited Consolidated Statements of Financial Position as follows:
(Dollars in millions)September 30, 2022December 31, 2021
Environmental contingencies, current$10 $20 
Environmental contingencies, long-term264 261 
Total$274 $281 
Environmental Remediation

Estimated future environmental expenditures for undiscounted remediation costs ranged from the best estimate or minimum of $246 million to the maximum of $461 million and from the best estimate or minimum of $253 million to the maximum of $473 million at September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021.

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" and "Other (income) charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.

Changes in the reserves for environmental remediation liabilities during first nine months 2022 and full year 2021 are summarized below:
(Dollars in millions)Environmental Remediation Liabilities
Balance at December 31, 2020$257 
Changes in estimates recognized in earnings and other9 
Cash reductions(13)
Balance at December 31, 2021253 
Changes in estimates recognized in earnings and other4 
Cash reductions(11)
Balance at September 30, 2022$246 

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, 2022 and December 31, 2021. 

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 $50 million and $51 million at September 30, 2022 and December 31, 2021, respectively, and are included in "Other long-term liabilities" on the Unaudited Consolidated Statements of Financial Position.
v3.22.2.2
LEGAL MATTERS
 9 Months Ended
Sep. 30, 2022
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.
v3.22.2.2
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Reconciliations of the changes in stockholders' equity for third quarter 2022 and 2021 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, 2022$2 $2,179 $8,857 $(143)$(5,572)$5,323 $84 $5,407 
Net Earnings— — 301 — — 301 — 301 
Cash Dividends Declared (1)
($0.76 per share)
— — (93)— — (93)— (93)
Other Comprehensive Income (Loss)— — — (9)— (9)— (9)
Share-Based Compensation Expense (2)
— 12 — — — 12 — 12 
Other— — — — — — (1)(1)
Share Repurchase (3)
— 110 — — (260)(150)— (150)
Balance at September 30, 2022$2 $2,301 $9,065 $(152)$(5,832)$5,384 $83 $5,467 
(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, 2021$2 $2,255 $8,020 $(233)$(4,100)$5,944 $84 $6,028 
Net Earnings— — 351 — — 351 3 354 
Cash Dividends Declared (1)
($0.69 per share)
— — (93)— — (93)— (93)
Other Comprehensive Income (Loss)— — — 48 — 48 — 48 
Share-Based Compensation Expense (2)
— 20 — — — 20 — 20 
Other— — — — — — 1 1 
Share Repurchase— — — — (150)(150)— (150)
Distributions to Noncontrolling Interest— — — — — — (1)(1)
Balance at September 30, 2021$2 $2,275 $8,278 $(185)$(4,250)$6,120 $87 $6,207 
(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 settlement of shares repurchased under the second quarter 2022 accelerated share repurchase program ("2022 ASR").
Reconciliations of the changes in stockholders' equity for first nine months 2022 and 2021 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 December 31, 2021$2 $2,187 $8,557 $(182)$(4,860)$5,704 $84 $5,788 
Net Earnings— — 792 — — 792 2 794 
Cash Dividends Declared (1)
($2.28 per share)
— — (284)— — (284)— (284)
Other Comprehensive Income (Loss)— — — 30 — 30 — 30 
Share-Based Compensation Expense (2)
— 54 — — — 54 — 54 
Stock Option Exercises— 9 — — — 9 — 9 
Other (3)
— (19)— — — (19)(3)(22)
Share Repurchases (4)
— 70 — — (972)(902)— (902)
Balance at September 30, 2022$2 $2,301 $9,065 $(152)$(5,832)$5,384 $83 $5,467 
(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, 2020$2 $2,174 $8,080 $(273)$(3,960)$6,023 $85 $6,108 
Net Earnings— — 479 — — 479 8 487 
Cash Dividends Declared (1)
($2.07 per share)
— — (281)— — (281)— (281)
Other Comprehensive Income (Loss)— — — 88 — 88 — 88 
Share-Based Compensation Expense (2)
— 60 — — — 60 — 60 
Stock Option Exercises— 59 — — — 59 — 59 
Other (3)
— (18)— — — (18)— (18)
Share Repurchases— — — — (290)(290)— (290)
Distributions to Noncontrolling Interest— — — — — — (6)(6)
Balance at September 30, 2021$2 $2,275 $8,278 $(185)$(4,250)$6,120 $87 $6,207 
(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.
(4)Additional paid-in capital includes the net premium of final settlements for treasury shares delivered in 2022 under the 2022 ASR and the fourth quarter 2021 accelerated share repurchase program ("2021 ASR").
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, 2020$(293)$87 $(66)$(1)$(273)
Period change56 (28)63 — 91 
Balance at December 31, 2021(237)59 (3)(1)(182)
Period change4 (21)47 — 30 
Balance at September 30, 2022$(233)$38 $44 $(1)$(152)

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:
Third Quarter
20222021
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$(19)$(19)$2 $2 
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(8)(6)(10)(7)
Derivatives and hedging:
Unrealized gain (loss) during period40 30 76 57 
Reclassification adjustment for (gains) losses included in net income, net(19)(14)(6)(4)
Total other comprehensive income (loss)$(6)$(9)$62 $48 
First Nine Months
20222021
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$4 $4 $13 $13 
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(28)(21)(29)(21)
Derivatives and hedging:
Unrealized gain (loss) during period129 97 115 86 
Reclassification adjustment for (gains) losses included in net income, net(67)(50)13 10 
Total other comprehensive income (loss)$38 $30 $112 $88 
v3.22.2.2
EARNINGS AND DIVIDENDS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings 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:
 Third QuarterFirst Nine Months
(In millions, except per share amounts)2022202120222021
Numerator
Earnings attributable to Eastman, net of tax $301 $351 $792 $479 
Denominator
Weighted average shares used for basic EPS121.0135.3124.9135.8
Dilutive effect of stock options and other awards1.31.71.51.8
Weighted average shares used for diluted EPS122.3137.0126.4137.6
(Calculated using whole dollars and shares)
EPS
Basic$2.48 $2.60 $6.34 $3.53 
Diluted$2.46 $2.57 $6.26 $3.49 

Shares underlying stock options of 1,342,328 and 327,782 for third quarter 2022 and 2021, respectively, and 1,342,328 and 150,781 for first nine months 2022 and 2021, respectively, were excluded from calculations of diluted EPS 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. There were 2,839,875 and 9,505,944 share repurchases in third quarter and first nine months 2022, respectively, and 1,354,737 and 2,543,112 share repurchases in third quarter and first nine months 2021, respectively.

The Company declared cash dividends of $0.76 and $0.69 per share for third quarter 2022 and 2021, respectively, and $2.28 and $2.07 per share for first nine months 2022 and 2021, respectively.

In December 2021, the Company's Board of Directors authorized the additional repurchase of up to $2.5 billion of the Company's outstanding common stock at such times, in such amounts, and on such terms, as determined by management to be in the best interest of the Company and its stockholders (the "2021 authorization").

In second quarter 2022, the Company entered into the 2022 ASR to purchase $500 million of the Company's common stock under the board approved authorizations. In exchange for upfront payment totaling $500 million, the financial institutions committed to deliver shares during the 2022 ASR's purchase period, which was settled in third quarter 2022. The total number of shares ultimately delivered was determined at the end of the applicable purchase period based on the volume-weighted average price of the Company's stock during the term of the 2022 ASR, less a discount. As of September 30, 2022, all shares repurchased under the 2022 ASR have been delivered. Approximately 80 percent of the expected shares repurchased under the 2022 ASR were delivered in second quarter 2022, and a final settlement of 1,212,732 shares were delivered in third quarter 2022.
v3.22.2.2
ASSETS IMPAIRMENTS AND RESTRUCTURING
 9 Months Ended
Sep. 30, 2022
Restructuring Costs and Asset Impairment Charges [Abstract]  
ASSET IMPAIRMENTS AND RESTRUCTURING ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET
(Dollars in millions)Third QuarterFirst Nine Months
Tangible Asset Impairments2022202120222021
Site optimizations
Other - Tire additives (1)
$— $— $— $4 
AM - Advanced interlayers (2)
— — — 1 
— — — 5 
Loss (Gain) on Sale of Previously Impaired Assets
Site optimizations
Other - Tire additives (1)
— — (1)— 
AM - Advanced interlayers (2)
— — 16 — 
AFP - Animal nutrition (3)
— — — (1)
— — 15 (1)
Severance Charges
Business improvement and cost reduction actions (4)
— — 2 — 
Site optimizations
AM - Performance films (5)
— — 1 — 
AM - Advanced interlayers (2)
— — — 1 
— — 3 1 
Other Restructuring Costs
CI & AFP - Singapore (6)
1 3 3 16 
Site optimizations
AM - Advanced interlayers (2)
1 1 2 3 
AM - Performance films (5)
— 2 — 2 
Other - Tire additives (1)
— 1 — 3 
2 7 5 24 
Total$2 $7 $23 $29 

(1)Asset impairment charges, gain on sale of previously impaired assets, and site closure costs in "Other" from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization.
(2)Asset impairment charges, loss on transfer of previously impaired assets to a third party, 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 was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first nine months 2021 related to the closure of this facility.
(3)Fixed asset impairments, net in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization.
(4)Severance charges as part of business improvement which was reported in "Other".
(5)Severance charges and site closure 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.
(6)Site closure costs of $1 million and $3 million for third quarter and first nine months 2022, respectively, in the Chemical Intermediates ("CI") segment. Site closure costs in third quarter 2021 of $2 million and $1 million in the 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, resulting from closure of the Singapore manufacturing site.
Changes in Reserves

The following table summarizes the changes in asset impairments and restructuring reserves in first nine months 2022 and full year 2021:

(Dollars in millions)Balance at January 1, 2022Provision/ AdjustmentsNon-cash Reductions/
Additions		Cash ReductionsBalance at September 30, 2022
Severance costs$12 $3 $— $(8)$7 
Other restructuring costs5 20 1 (7)19 
Total$17 $23 $1 $(15)$26 

(Dollars in millions)		Balance at January 1, 2021Provision/ AdjustmentsNon-cash Reductions/
Additions		Cash ReductionsBalance at December 31, 2021
Non-cash charges$— $16 $(16)$— $— 
Severance costs65 2 (1)(54)12 
Other restructuring costs14 29 (9)(29)5 
Total$79 $47 $(26)$(83)$17 

Substantially all severance costs remaining are expected to be applied to the reserves within one year.
v3.22.2.2
SHARE-BASED COMPENSATION AWARDS
 9 Months Ended
Sep. 30, 2022
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 2022 and 2021, $12 million and $20 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 third quarter 2022 and 2021 net earnings of $9 million and $15 million, respectively, is net of deferred tax expense related to share-based award compensation for each period.

In first nine months 2022 and 2021, $54 million and $60 million, respectively, of compensation expense before tax was 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 2022 and 2021 net earnings of $41 million and $45 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 18, "Share-Based Compensation Plans and Awards", to the consolidated financial statements in Part II, Item 8 of the Company's 2021 Annual Report on Form 10-K.
v3.22.2.2
SUPPLEMENTAL CASH FLOW INFORMATION
 9 Months Ended
Sep. 30, 2022
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:
(Dollars in millions)First Nine Months
 20222021
Other current assets$31 $(4)
Other noncurrent assets(68)25 
Payables and other current liabilities45 221 
Long-term liabilities and equity110 33 
Total$118 $275 

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.
v3.22.2.2
SEGMENT AND REGIONAL SALES INFORMATION
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT AND REGIONAL SALES INFORMATION
Eastman'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 20, "Segment and Regional Sales Information", to the consolidated financial statements in Part II, Item 8 of the Company's 2021 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 2021 Annual Report on Form 10-K.

(Dollars in millions)Third QuarterFirst Nine Months
Sales by Segment2022202120222021
Additives & Functional Products$820 $729 $2,460 $1,993 
Advanced Materials888 770 2,471 2,255 
Chemical Intermediates751 731 2,411 2,072 
Fibers250 222 705 662 
Total Sales by Operating Segment2,709 2,452 8,047 6,982 
Other (1)
— 268 160 800 
Total Sales$2,709 $2,720 $8,207 $7,782 
(1)"Other" includes sales revenue from the divested rubber additives and adhesives resins businesses previously part of the AFP segment.
(Dollars in millions)Third QuarterFirst Nine Months
Earnings (Loss) Before Interest and Taxes by Segment2022202120222021
Additives & Functional Products $126 $130 $419 $346 
Advanced Materials 131 125 333 421 
Chemical Intermediates 85 130 373 336 
Fibers 21 32 82 114 
Total Earnings Before Interest and Taxes by Operating Segment363 417 1,207 1,217 
Other (1)
  
Growth initiatives and businesses not allocated to operating segments(54)(4)(139)(21)
Pension and other postretirement benefits income (expense), net not allocated to operating segments22 27 71 81 
Asset impairments and restructuring charges, net— (1)(1)(6)
Net gain (loss) on divested businesses and related transaction costs(7)(68)(8)(563)
Steam line incident costs, net of insurance proceeds— — (42)— 
Other income (charges), net not allocated to operating segments— (1)(5)(5)
Total Earnings Before Interest and Taxes$324 $370 $1,083 $703 
(1)"Other" includes EBIT of $6 million in first nine months 2022 and loss before interest and taxes of $39 million and $488 million in third quarter and first nine months 2021, respectively, from the divested rubber additives and adhesives resins businesses previously part of the AFP segment.

(Dollars in millions)September 30,December 31,
Assets by Segment (1)
20222021
Additives & Functional Products$4,149 $4,188 
Advanced Materials4,885 4,661 
Chemical Intermediates2,721 2,703 
Fibers1,017 972 
Total Assets by Operating Segment12,772 12,524 
Corporate & Other Assets2,213 2,995 
Total Assets$14,985 $15,519 
(1)Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets. As disclosed in Note 1, "Significant Accounting Policies", December 31, 2021 Assets by Segment have been recast from Note 20, "Segment and Regional Sales Information", to the Company's 2021 Annual Report on Form 10-K. Prior to the recast, December 31, 2021 assets reported for the AFP segment were revised from $4,643 million to $5,195 million, and assets reported for Corporate & Other Assets were revised from $2,540 million to $1,988 million. Total assets were not impacted by the misclassification.
(Dollars in millions)Third QuarterFirst Nine Months
Sales by Customer Location2022202120222021
United States and Canada$1,202 $1,197 $3,704 $3,398 
Europe, Middle East, and Africa680 698 2,106 2,042 
Asia Pacific662 658 1,912 1,877 
Latin America165 167 485 465 
Total Sales$2,709 $2,720 $8,207 $7,782 
v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2022
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 2021 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, 2021 financial position data included herein was derived from the consolidated financial statements included in the 2021 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, revenues, and expenses of business ventures for which a controlling interest is determined. Eastman accounts for other joint ventures and investments where it exercises significant influence on the equity basis. During the first nine months 2022, the Company contributed $24 million in a new joint venture located in Kingsport, Tennessee, which will produce acetylated wood. The Company owns a 40 percent interest in the joint venture. 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, including sales revenue, earnings before interest and taxes ("EBIT"), and assets related to the divested rubber additives product lines and related assets and technology and the divested adhesives resins business. See Note 17, "Segment and Regional Sales Information" for more information.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Standards

Accounting Standards Update ("ASU") 2021-05 Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments: On January 1, 2022, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") 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. The adoption does not have significant impact on the Company's financial statements and related disclosures.

ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance: On January 1, 2022, Eastman adopted prospectively this amendment which requires business entities that account for transactions with a government by applying a grant or contribution model by analogy (for example, a grant model within International Financial Reporting Standards) to provide annual disclosures about government assistance recorded during the period. The adoption does not have significant impact on the Company's financial statements and related disclosures.

Accounting Standards Issued But Not Adopted as of September 30, 2022

ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The FASB issued this update in October 2021, which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 Revenue from Contracts with Customers, as if it had originated the contracts. The update also provides certain practical expedients for acquirers and is applicable to all contract assets and liabilities within the scope of Topic 606. The expedients are as follows: "provides relief for contracts that have been previously modified before the acquisition date" and "relief for situations in which the acquirer does not have the appropriate data or expertise to analyze the historical periods in which the contract was entered into". This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. Adoption is on a prospective basis to business combinations occurring on or after the initial application and if adopted early, retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method: The FASB issued this update in March 2022. This ASU clarifies the guidance in Accounting Standards Codification ("ASC") 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released on August 28, 2017) that, among other things, established the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the "portfolio layer" method and addresses feedback from stakeholders regarding its application. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.

ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures: The FASB issued this update in March 2022. This ASU updates the requirements for accounting for credit losses under ASC 326, eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40, and enhances creditors' disclosure requirements related to loan refinancings and restructurings for borrowers experiencing financial difficulty. This ASU also amends the guidance on "vintage disclosures" to require disclosure of gross write-offs by year of origination. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.

ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions: The FASB issued this update in June 2022, which states that when measuring the fair value of an asset or a liability, a reporting entity should consider the characteristics of the asset or liability, including restrictions on the sale of the asset or liability, if a market participant also would take those characteristics into account. Key to that determination is the unit of account for the asset or liability being measured at fair value. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. Management does not expect that changes required by the new standard will have a significant impact on the Company's financial statements and related disclosures.
ASU 2022-04 Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations: The FASB issued this update in September 2022, which requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. Required disclosures include information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. Management is currently evaluating the impact on the Company's financial statements and related disclosures.
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 under the program in third quarter 2022 and 2021 were $700 million and $252 million, respectively, and $1,839 million and $839 million in first nine months 2022 and 2021, respectively.
v3.22.2.2
Discontinued Operations and Disposal Groups (Tables) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Nov. 01, 2021
Tire Additives Disposal Group    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Post-employment obligations   $ 34
Tire Additives Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Groups, Including Discontinued Operations
The major classes of divested assets and liabilities as of the date of the divestiture were as follows:

(Dollars in millions)
Assets divested
Trade receivables, net of allowance for doubtful accounts$107 
Inventories94 
Other assets26 
Properties, net of accumulated depreciation300 
Goodwill398 
Intangible assets, net of accumulated amortization381 
Assets divested1,306 
Liabilities divested
Payables and other liabilities48 
Post-employment obligations34 
Other liabilities18 
Liabilities divested100 
Disposal group, net$1,206 
  
Adhesives Resins Disposal Group    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Groups, Including Discontinued Operations
The major classes of divested assets and liabilities as of the date of the divestiture were as follows:

(Dollars in millions)
Assets divested
Trade receivables, net of allowance for doubtful accounts$129 
Inventories163 
Other assets21 
Properties, net of accumulated depreciation303 
Goodwill399 
Intangible assets, net of accumulated amortization14 
Assets divested1,029 
Liabilities divested
Payables and other liabilities86 
Deferred tax liability7 
Other liabilities4 
Liabilities divested97 
Disposal group, net$932 
  
v3.22.2.2
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
Schedule of inventories
 September 30,December 31,
(Dollars in millions)20222021
Finished goods$1,311 $1,007 
Work in process330 273 
Raw materials and supplies770 589 
Total inventories at FIFO or average cost2,411 1,869 
Less: LIFO reserve436 365 
Total inventories$1,975 $1,504 
v3.22.2.2
PAYABLES AND OTHER CURRENT LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
Schedule of payables and other current liabilities
 September 30,December 31,
(Dollars in millions)20222021
Trade creditors$1,407 $1,228 
Accrued payroll and variable compensation143 311 
Accrued taxes140 138 
Post-employment obligations65 70 
Dividends payable to stockholders94 101 
Other272 285 
Total payables and other current liabilities$2,121 $2,133 
v3.22.2.2
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 Third QuarterFirst Nine Months
(Dollars in millions)2022202120222021
$%$%$%$%
(Benefit from) provision for income taxes and tax rate$(20)(7)%$(33)(10)%$155 16 %$66 12 %
v3.22.2.2
BORROWINGS (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-term Borrowings
 September 30,December 31,
(Dollars in millions)20222021
Borrowings consisted of:
3.6% notes due August 2022$— $747 
1.50% notes due May 2023 (1)
731 850 
7 1/4% debentures due January 2024198 198 
7 5/8% debentures due June 202443 43 
3.80% notes due March 2025694 698 
1.875% notes due November 2026 (1)
485 565 
7.60% debentures due February 2027195 195 
4.5% notes due December 2028495 494 
4.8% notes due September 2042494 494 
4.65% notes due October 2044876 875 
2027 Term loan499 — 
Commercial paper and short-term borrowings355 — 
Total borrowings5,065 5,159 
Less: Borrowings due within one year1,086 747 
Long-term borrowings$3,979 $4,412 
(1)The carrying value of the euro-denominated 1.50% notes due May 2023 and 1.875% notes due November 2026 will fluctuate with changes in the euro to U.S. dollar exchange rate. The carrying value of these euro-denominated borrowings have been designated as non-derivative net investment hedges of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations.
v3.22.2.2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]  
Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block] As of September 30, 2022 and December 31, 2021, the following amounts were included on the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges.
(Dollars in millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability
Line item on the Unaudited Consolidated Statements of Financial Position in which the hedged item is includedSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Borrowings due within one year$— $697 $— $(2)
Long-term borrowings70 76 (5)1 
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for third quarter 2022 and 2021.

Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
Third Quarter
20222021
(Dollars in millions)SalesCost of SalesNet Interest ExpenseSalesCost of SalesNet 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$2,709 $2,168 $43 $2,720 $2,058 $49 
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 items1 — 
Derivatives designated as hedging instruments(1)— 
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— (2)
Commodity Contracts:
Amount reclassified from AOCI into earnings1 9 
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings18 — 
The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first nine months 2022 and 2021.
Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships
First Nine Months
20222021
(Dollars in millions)SalesCost of SalesNet Interest ExpenseSalesCost of SalesNet 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$8,207 $6,446 $134 $7,782 $5,841 $150 
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 items2 1 
Derivatives designated as hedging instruments(2)(1)
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(5)(7)
Commodity Contracts:
Amount reclassified from AOCI into earnings38 4 
Foreign Exchange Contracts:
Amount reclassified from AOCI into earnings33 (10)
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] The following table presents the notional amounts outstanding at September 30, 2022 and December 31, 2021 associated with Eastman's hedging programs.
Notional OutstandingSeptember 30, 2022December 31, 2021
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
EUR/USD (in EUR)€612€429
Commodity Forward and Collar Contracts
Feedstock (in million barrels)1 1 
Energy (in million british thermal units)5 13 
Interest rate swaps for the future issuance of debt (in millions)— $75
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swaps (in millions)$75$75
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps (in millions)
EUR/USD (in EUR)€587€853
Non-derivatives designated as net investment hedges:
Foreign Currency Net Investment Hedges (in millions)
EUR/USD (in EUR)€1,246€1,246
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table presents the effect of the Company's hedging instruments on "Other comprehensive income (loss), net of tax" ("OCI") and financial performance for third quarter and first nine months 2022 and 2021.
Change in amount of after tax gain (loss) recognized in OCI on derivativesPre-tax amount of gain (loss) reclassified from OCI into earnings
(Dollars in millions)Third QuarterFirst Nine MonthsThird QuarterFirst Nine Months
Hedging Relationships20222021202220212022202120222021
Derivatives in cash flow hedging relationships:
Commodity contracts$(4)$40 $(5)$55 $1 $9 $38 $4 
Foreign exchange contracts22 11 43 33 18 — 33 (10)
Forward starting interest rate and treasury lock swap contracts(1)2 9 8 — (2)(5)(7)
Non-derivatives in net investment hedging relationships (pre-tax):
Net investment hedges 17 36 199 86 — — — — 
Derivatives in net investment hedging relationships (pre-tax):
Cross-currency interest rate swaps39 23 74 55 — — — — 
Cross-currency interest rate swaps excluded component (1)(2)(6)(7)— — — — 
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 on the Unaudited Consolidated Statements of Financial Position as of September 30, 2022 and December 31, 2021.
The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis
(Dollars in millions) 
Derivative TypeStatements of Financial
Position Classification		September 30, 2022
Level 2		December 31, 2021
Level 2
Derivatives designated as cash flow hedges:   
Commodity contractsOther current assets$15 $16 
Commodity contractsOther noncurrent assets— 2 
Foreign exchange contractsOther current assets49 12 
Foreign exchange contractsOther noncurrent assets26 6 
Forward starting interest rate swap contractsOther current assets— 5 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapOther current assets— 1 
Fixed-for-floating interest rate swapOther noncurrent assets— 1 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther current assets— 20 
Cross-currency interest rate swapsOther noncurrent assets120 35 
Total Derivative Assets$210 $98 
Derivatives designated as cash flow hedges:
Commodity contractsPayables and other current liabilities$3 $1 
Commodity contractsOther long-term liabilities— 1 
Foreign exchange contractsPayables and other current liabilities— 1 
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swapLong-term borrowings5 — 
Derivatives designated as net investment hedges:
Cross-currency interest rate swapsOther long-term liabilities1 5 
Total Derivative Liabilities$9 $8 
Total Net Derivative Assets (Liabilities) $201 $90 
v3.22.2.2
RETIREMENT PLANS (Tables)
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Components of net periodic benefit cost
Components of net periodic benefit (credit) cost were as follows:
Third Quarter
 Pension PlansOther Postretirement Benefit Plans
2022202120222021
(Dollars in millions)U.S.Non-U.S.U.S.Non-U.S.
Service cost$7 $2 $7 $5 $— $— 
Interest cost11 3 9 3 4 3 
Expected return on assets(32)(7)(31)(9)(1)(1)
Amortization of:
Prior service credit, net— — — (1)(8)(9)
Net periodic benefit (credit) cost$(14)$(2)$(15)$(2)$(5)$(7)
First Nine Months
Pension PlansOther Postretirement Benefit Plans
2022202120222021
(Dollars in millions)U.S.Non-U.S.U.S.Non-U.S.
Service cost$19 $9 $20 $14 $— $— 
Interest cost33 11 27 9 11 9 
Expected return on assets(96)(24)(94)(28)(3)(3)
Amortization of:
Prior service credit, net— — — (1)(24)(28)
Mark-to-market pension and other postretirement benefits (gain) loss (1)
7 (10)— — — — 
Net periodic benefit (credit) cost$(37)$(14)$(47)$(6)$(16)$(22)
(1)     Also includes curtailment triggered by the sale of the adhesives resins business which is included in "Other components of post-employment (benefit) cost, net" on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.
v3.22.2.2
LEASES AND OTHER COMMITMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Lessee, Operating Lease, Liability, Maturity [Table Text Block] As of September 30, 2022, reconciliation of lease payments and operating lease liabilities is provided below:
(Dollars in millions)Operating Lease Liabilities
Remainder of 2022$15 
202353 
202440 
202532 
202622 
2027 and beyond52 
Total lease payments214 
Less: amounts of lease payments representing interest18 
Present value of future lease payments196 
Less: current obligations under leases50 
Long-term lease obligations$146 
Lease, Cost [Table Text Block] Lease costs during the period and other information is provided below:
Third QuarterFirst Nine Months
(Dollars in millions)2022202120222021
Lease costs:
Operating lease costs$16 $18$50 $54
Short-term lease costs13 934 28
Sublease income(3)(1)(10)(3)
Total$26 $26$74 $79
Other operating lease information:
Cash paid for amounts included in the measurement of lease liabilities$18 $17$51 $52
Right-to-use assets obtained in exchange for new lease liabilities$15 $33$50 $59
Weighted-average remaining lease term, in years66
Weighted-average discount rate3.0 %3.1 %
v3.22.2.2
ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Accrual for Environmental Loss Contingencies Disclosure [Abstract]  
Schedule of environmental liabilities, current and non-current
(Dollars in millions)September 30, 2022December 31, 2021
Environmental contingencies, current$10 $20 
Environmental contingencies, long-term264 261 
Total$274 $281 
Schedule of changes to environmental remediation liabilities Changes in the reserves for environmental remediation liabilities during first nine months 2022 and full year 2021 are summarized below:
(Dollars in millions)Environmental Remediation Liabilities
Balance at December 31, 2020$257 
Changes in estimates recognized in earnings and other9 
Cash reductions(13)
Balance at December 31, 2021253 
Changes in estimates recognized in earnings and other4 
Cash reductions(11)
Balance at September 30, 2022$246 
v3.22.2.2
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Reconciliation of the changes in stockholders' equity
Reconciliations of the changes in stockholders' equity for third quarter 2022 and 2021 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, 2022$2 $2,179 $8,857 $(143)$(5,572)$5,323 $84 $5,407 
Net Earnings— — 301 — — 301 — 301 
Cash Dividends Declared (1)
($0.76 per share)
— — (93)— — (93)— (93)
Other Comprehensive Income (Loss)— — — (9)— (9)— (9)
Share-Based Compensation Expense (2)
— 12 — — — 12 — 12 
Other— — — — — — (1)(1)
Share Repurchase (3)
— 110 — — (260)(150)— (150)
Balance at September 30, 2022$2 $2,301 $9,065 $(152)$(5,832)$5,384 $83 $5,467 
(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, 2021$2 $2,255 $8,020 $(233)$(4,100)$5,944 $84 $6,028 
Net Earnings— — 351 — — 351 3 354 
Cash Dividends Declared (1)
($0.69 per share)
— — (93)— — (93)— (93)
Other Comprehensive Income (Loss)— — — 48 — 48 — 48 
Share-Based Compensation Expense (2)
— 20 — — — 20 — 20 
Other— — — — — — 1 1 
Share Repurchase— — — — (150)(150)— (150)
Distributions to Noncontrolling Interest— — — — — — (1)(1)
Balance at September 30, 2021$2 $2,275 $8,278 $(185)$(4,250)$6,120 $87 $6,207 
(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 settlement of shares repurchased under the second quarter 2022 accelerated share repurchase program ("2022 ASR").
Reconciliations of the changes in stockholders' equity for first nine months 2022 and 2021 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 December 31, 2021$2 $2,187 $8,557 $(182)$(4,860)$5,704 $84 $5,788 
Net Earnings— — 792 — — 792 2 794 
Cash Dividends Declared (1)
($2.28 per share)
— — (284)— — (284)— (284)
Other Comprehensive Income (Loss)— — — 30 — 30 — 30 
Share-Based Compensation Expense (2)
— 54 — — — 54 — 54 
Stock Option Exercises— 9 — — — 9 — 9 
Other (3)
— (19)— — — (19)(3)(22)
Share Repurchases (4)
— 70 — — (972)(902)— (902)
Balance at September 30, 2022$2 $2,301 $9,065 $(152)$(5,832)$5,384 $83 $5,467 
(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, 2020$2 $2,174 $8,080 $(273)$(3,960)$6,023 $85 $6,108 
Net Earnings— — 479 — — 479 8 487 
Cash Dividends Declared (1)
($2.07 per share)
— — (281)— — (281)— (281)
Other Comprehensive Income (Loss)— — — 88 — 88 — 88 
Share-Based Compensation Expense (2)
— 60 — — — 60 — 60 
Stock Option Exercises— 59 — — — 59 — 59 
Other (3)
— (18)— — — (18)— (18)
Share Repurchases— — — — (290)(290)— (290)
Distributions to Noncontrolling Interest— — — — — — (6)(6)
Balance at September 30, 2021$2 $2,275 $8,278 $(185)$(4,250)$6,120 $87 $6,207 
(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.
(4)Additional paid-in capital includes the net premium of final settlements for treasury shares delivered in 2022 under the 2022 ASR and the fourth quarter 2021 accelerated share repurchase program ("2021 ASR").
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, 2020$(293)$87 $(66)$(1)$(273)
Period change56 (28)63 — 91 
Balance at December 31, 2021(237)59 (3)(1)(182)
Period change4 (21)47 — 30 
Balance at September 30, 2022$(233)$38 $44 $(1)$(152)
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:
Third Quarter
20222021
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$(19)$(19)$2 $2 
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(8)(6)(10)(7)
Derivatives and hedging:
Unrealized gain (loss) during period40 30 76 57 
Reclassification adjustment for (gains) losses included in net income, net(19)(14)(6)(4)
Total other comprehensive income (loss)$(6)$(9)$62 $48 
First Nine Months
20222021
(Dollars in millions)Before TaxNet of TaxBefore TaxNet of Tax
Other comprehensive income (loss)
Change in cumulative translation adjustment$4 $4 $13 $13 
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits(28)(21)(29)(21)
Derivatives and hedging:
Unrealized gain (loss) during period129 97 115 86 
Reclassification adjustment for (gains) losses included in net income, net(67)(50)13 10 
Total other comprehensive income (loss)$38 $30 $112 $88 
v3.22.2.2
EARNINGS AND DIVIDENDS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2022
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:
 Third QuarterFirst Nine Months
(In millions, except per share amounts)2022202120222021
Numerator
Earnings attributable to Eastman, net of tax $301 $351 $792 $479 
Denominator
Weighted average shares used for basic EPS121.0135.3124.9135.8
Dilutive effect of stock options and other awards1.31.71.51.8
Weighted average shares used for diluted EPS122.3137.0126.4137.6
(Calculated using whole dollars and shares)
EPS
Basic$2.48 $2.60 $6.34 $3.53 
Diluted$2.46 $2.57 $6.26 $3.49 
v3.22.2.2
ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)
 9 Months Ended
Sep. 30, 2022
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 reserves in first nine months 2022 and full year 2021:

(Dollars in millions)Balance at January 1, 2022Provision/ AdjustmentsNon-cash Reductions/
Additions		Cash ReductionsBalance at September 30, 2022
Severance costs$12 $3 $— $(8)$7 
Other restructuring costs5 20 1 (7)19 
Total$17 $23 $1 $(15)$26 

(Dollars in millions)		Balance at January 1, 2021Provision/ AdjustmentsNon-cash Reductions/
Additions		Cash ReductionsBalance at December 31, 2021
Non-cash charges$— $16 $(16)$— $— 
Severance costs65 2 (1)(54)12 
Other restructuring costs14 29 (9)(29)5 
Total$79 $47 $(26)$(83)$17 
Restructuring and Related Costs [Table Text Block]
(Dollars in millions)Third QuarterFirst Nine Months
Tangible Asset Impairments2022202120222021
Site optimizations
Other - Tire additives (1)
$— $— $— $4 
AM - Advanced interlayers (2)
— — — 1 
— — — 5 
Loss (Gain) on Sale of Previously Impaired Assets
Site optimizations
Other - Tire additives (1)
— — (1)— 
AM - Advanced interlayers (2)
— — 16 — 
AFP - Animal nutrition (3)
— — — (1)
— — 15 (1)
Severance Charges
Business improvement and cost reduction actions (4)
— — 2 — 
Site optimizations
AM - Performance films (5)
— — 1 — 
AM - Advanced interlayers (2)
— — — 1 
— — 3 1 
Other Restructuring Costs
CI & AFP - Singapore (6)
1 3 3 16 
Site optimizations
AM - Advanced interlayers (2)
1 1 2 3 
AM - Performance films (5)
— 2 — 2 
Other - Tire additives (1)
— 1 — 3 
2 7 5 24 
Total$2 $7 $23 $29 

(1)Asset impairment charges, gain on sale of previously impaired assets, and site closure costs in "Other" from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization.
(2)Asset impairment charges, loss on transfer of previously impaired assets to a third party, 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 was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first nine months 2021 related to the closure of this facility.
(3)Fixed asset impairments, net in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization.
(4)Severance charges as part of business improvement which was reported in "Other".
(5)Severance charges and site closure 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.
(6)Site closure costs of $1 million and $3 million for third quarter and first nine months 2022, respectively, in the Chemical Intermediates ("CI") segment. Site closure costs in third quarter 2021 of $2 million and $1 million in the 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, resulting from closure of the Singapore manufacturing site.
v3.22.2.2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2022
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:
(Dollars in millions)First Nine Months
 20222021
Other current assets$31 $(4)
Other noncurrent assets(68)25 
Payables and other current liabilities45 221 
Long-term liabilities and equity110 33 
Total$118 $275 
v3.22.2.2
SEGMENT AND REGIONAL SALES INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Disclosure
(Dollars in millions)Third QuarterFirst Nine Months
Sales by Segment2022202120222021
Additives & Functional Products$820 $729 $2,460 $1,993 
Advanced Materials888 770 2,471 2,255 
Chemical Intermediates751 731 2,411 2,072 
Fibers250 222 705 662 
Total Sales by Operating Segment2,709 2,452 8,047 6,982 
Other (1)
— 268 160 800 
Total Sales$2,709 $2,720 $8,207 $7,782 
(1)"Other" includes sales revenue from the divested rubber additives and adhesives resins businesses previously part of the AFP segment.
(Dollars in millions)Third QuarterFirst Nine Months
Earnings (Loss) Before Interest and Taxes by Segment2022202120222021
Additives & Functional Products $126 $130 $419 $346 
Advanced Materials 131 125 333 421 
Chemical Intermediates 85 130 373 336 
Fibers 21 32 82 114 
Total Earnings Before Interest and Taxes by Operating Segment363 417 1,207 1,217 
Other (1)
  
Growth initiatives and businesses not allocated to operating segments(54)(4)(139)(21)
Pension and other postretirement benefits income (expense), net not allocated to operating segments22 27 71 81 
Asset impairments and restructuring charges, net— (1)(1)(6)
Net gain (loss) on divested businesses and related transaction costs(7)(68)(8)(563)
Steam line incident costs, net of insurance proceeds— — (42)— 
Other income (charges), net not allocated to operating segments— (1)(5)(5)
Total Earnings Before Interest and Taxes$324 $370 $1,083 $703 
(1)"Other" includes EBIT of $6 million in first nine months 2022 and loss before interest and taxes of $39 million and $488 million in third quarter and first nine months 2021, respectively, from the divested rubber additives and adhesives resins businesses previously part of the AFP segment.

(Dollars in millions)September 30,December 31,
Assets by Segment (1)
20222021
Additives & Functional Products$4,149 $4,188 
Advanced Materials4,885 4,661 
Chemical Intermediates2,721 2,703 
Fibers1,017 972 
Total Assets by Operating Segment12,772 12,524 
Corporate & Other Assets2,213 2,995 
Total Assets$14,985 $15,519 
(1)Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets. As disclosed in Note 1, "Significant Accounting Policies", December 31, 2021 Assets by Segment have been recast from Note 20, "Segment and Regional Sales Information", to the Company's 2021 Annual Report on Form 10-K. Prior to the recast, December 31, 2021 assets reported for the AFP segment were revised from $4,643 million to $5,195 million, and assets reported for Corporate & Other Assets were revised from $2,540 million to $1,988 million. Total assets were not impacted by the misclassification.
(Dollars in millions)Third QuarterFirst Nine Months
Sales by Customer Location2022202120222021
United States and Canada$1,202 $1,197 $3,704 $3,398 
Europe, Middle East, and Africa680 698 2,106 2,042 
Asia Pacific662 658 1,912 1,877 
Latin America165 167 485 465 
Total Sales$2,709 $2,720 $8,207 $7,782 
v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Standards (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Receivable Sold Under Factoring Arrangement $ 700 $ 252 $ 1,839 $ 839
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 24   24  
Unrealized gain (loss) during period $ 40 $ 76 $ 129 $ 115
Accoya Joint Venture        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity Method Investment, Ownership Percentage 40.00%   40.00%  
v3.22.2.2
Discontinued Operations and Disposal Groups (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Apr. 01, 2022
Nov. 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Liabilities held for sale $ 0     $ 0   $ 91    
Gain (Loss) on Disposition of Business (3)   $ (60) 7 $ (555)      
Tire Additives Disposal Group                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Trade receivables, net of allowance for doubtful accounts               $ 107
Inventories               94
Other assets               26
Properties, net of accumulated depreciation               300
Goodwill               398
Intangible assets, net of accumulated amortization               381
Assets divested               1,306
Payables and other liabilities               48
Post-employment obligations               34
Other liabilities               18
Liabilities held for sale               100
Disposal group, net               1,206
Gain (Loss) on Disposition of Business   $ (552)            
Tire Additives Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Disposal Group, Including Discontinued Operation, Consideration               687
Disposal Group, Deferred Gain on Disposal               $ 75
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)   $ 23            
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]   Gain (Loss) on Disposition of Business            
Disposal Group, Including Discontinued Operations, Transaction Costs   $ 15   4        
Adhesives Resins Disposal Group                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Trade receivables, net of allowance for doubtful accounts             $ 129  
Inventories             163  
Other assets             21  
Properties, net of accumulated depreciation             303  
Goodwill             399  
Intangible assets, net of accumulated amortization             14  
Assets divested             1,029  
Payables and other liabilities             86  
Deferred tax liability             7  
Other liabilities             4  
Liabilities held for sale             97  
Disposal group, net             932  
Gain (Loss) on Disposition of Business 5              
Adhesives Resins Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Disposal Group, Including Discontinued Operation, Consideration             $ 957  
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) $ 10              
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Disposition of Business              
Disposal Group, Including Discontinued Operations, Transaction Costs       $ 11   $ 3    
v3.22.2.2
INVENTORIES (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
At FIFO or average cost (approximates current cost) [Abstract]    
Finished goods $ 1,311 $ 1,007
Work in process 330 273
Raw materials and supplies 770 589
Total inventories at FIFO or average cost 2,411 1,869
Less: LIFO reserve 436 365
Total inventories $ 1,975 $ 1,504
Inventories valued on the LIFO method 50.00% 50.00%
v3.22.2.2
PAYABLES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]    
Trade creditors $ 1,407 $ 1,228
Accrued payroll and variable compensation 143 311
Accrued taxes 140 138
Post-employment obligations 65 70
Dividends payable to stockholders 94 101
Other 272 285
Total payables and other current liabilities $ 2,121 $ 2,133
v3.22.2.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Income Tax Examination [Line Items]          
(Benefit from) provision for income taxes $ (20) $ (33) $ 155 $ 66  
Effective Income Tax Rate Reconciliation, Percent (7.00%) (10.00%) 16.00% 12.00%  
Unrecognized Tax Benefits $ 230   $ 230   $ 200
Unrealized gain (loss) during period 40 $ 76 129 $ 115  
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount 32   32    
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount 16   16    
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount     (38) 20  
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount   $ 65   $ 65  
Minimum [Member]          
Income Tax Examination [Line Items]          
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 15   $ 15    
v3.22.2.2
BORROWINGS Part 1 (Details) Schedule of Long-term Debt Instruments - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total Borrowings $ 5,065 $ 5,159
Borrowings due within one year 1,086 747
Long-term borrowings 3,979 4,412
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Fair Value Disclosure 4,719 5,737
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Fair Value Disclosure 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1    
Debt Instrument [Line Items]    
Debt Instrument, Fair Value Disclosure 0 0
3.6% notes due August 2022 [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 0 747
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 $ 731 850
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 $ 694 698
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 $ 485 565
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 $ 495 494
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 $ 494 494
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 $ 876 875
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 $ 355 0
2027 Term Loan    
Debt Instrument [Line Items]    
Long-term Debt 499 $ 0
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Month-end Outstanding Amount $ 0  
v3.22.2.2
BORROWINGS Part 2 (Details) Credit Facility and Commercial Paper Borrowings - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Credit Facilities [Abstract]          
Borrowings due within one year $ 1,086   $ 1,086   $ 747
Proceeds from borrowings     500 $ 0  
3.6% notes due August 2022 [Member]          
Credit Facilities [Abstract]          
Long-term Debt 0   0   747
Repayments of Debt 200 $ 550      
2027 Term Loan          
Credit Facilities [Abstract]          
Long-term Debt $ 499   499   0
Proceeds from borrowings     $ 500    
Debt, Weighted Average Interest Rate 4.30%   4.30%    
Commercial paper and short-term borrowings [Member]          
Credit Facilities [Abstract]          
Borrowings due within one year $ 355   $ 355   $ 0
Debt, Weighted Average Interest Rate 3.64%   3.64%    
Revolving Credit Facility [Member]          
Credit Facilities [Abstract]          
Line of Credit Facility, Expiration Date     Dec. 31, 2026    
Line of Credit Facility, Maximum Borrowing Capacity $ 1,500   $ 1,500    
Line of Credit Facility, Maximum Month-end Outstanding Amount     $ 0    
v3.22.2.2
BORROWINGS Part 3 (Details) Fair Value - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Instrument, Fair Value Disclosure $ 4,719 $ 5,737
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
v3.22.2.2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 1 (Details)
€ in Millions, bbl in Millions, MMBTU in Millions, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
MMBTU
bbl
Mar. 31, 2022
EUR (€)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
MMBTU
bbl
Sep. 30, 2022
EUR (€)
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
MMBTU
bbl
Sep. 30, 2022
EUR (€)
MMBTU
bbl
Dec. 31, 2021
EUR (€)
MMBTU
bbl
Dec. 31, 2020
USD ($)
Derivative [Line Items]                    
Gain on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring $ 1                  
Unrealized Gains (Losses) on Derivative Instruments 44     $ 44     $ (3)     $ (66)
Unrealized gain (loss) during period $ 40   $ 76 $ 129   $ 115        
Foreign Exchange Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount | €               € 612 € 429  
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Nonmonetary Notional Amount | bbl 1     1     1 1 1  
Energy Related Derivative [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Nonmonetary Notional Amount | MMBTU 5     5     13 5 13  
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount $ 0     $ 0     $ 75      
Derivative, Cash Received on Hedge 13                  
Unrealized gain (loss) during period 12                  
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount 75     75     75      
1.50% Notes Due 2023 and 1.875% Notes Due 2026 [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]                    
Derivative [Line Items]                    
Notional Amount of Nonderivative Instruments   € 1,246   1,200 € 1,246   $ 1,400      
Notes Due August 2022, Notes Due January 2024, Notes Due March 2025, Notes Due February 2027, and Notes Due December 2028 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount | €               € 587 € 853  
Notes Due August 2022 | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]                    
Derivative [Line Items]                    
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax 40     40            
Notes Due August 2022 | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount | €               € 266    
Notes Due August 2022 | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]                    
Derivative [Line Items]                    
Derivative, Notional Amount $ 320     $ 320            
v3.22.2.2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 2 (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
EUR (€)
Sep. 30, 2022
EUR (€)
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]        
Derivative Assets [Abstract]        
Derivative Asset, Fair Value, Gross Asset     $ 210 $ 98
Derivative Liabilities [Abstract]        
Derivative Liability, Fair Value, Gross Liability     9 8
Derivative, Fair Value, Net     201 90
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     15 16
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     0 2
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     3 1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]        
Derivative Liabilities [Abstract]        
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value     0 1
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     49 12
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     26 6
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     0 1
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
Cash Flow Hedge Derivative Instrument Assets at Fair Value     0 5
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     0 1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]        
Derivative Liabilities [Abstract]        
Fair Value Hedge Liabilities     5 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 Current Assets [Member]        
Derivative Assets [Abstract]        
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value     0 20
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     120 35
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     1 5
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 € 1,246 € 1,246 1,200 1,400
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Long-term Debt        
Derivatives, Fair Value [Line Items]        
Hedged Liability, Fair Value Hedge     70 76
Derivative Liabilities [Abstract]        
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)     (5) 1
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Short-term Debt        
Derivatives, Fair Value [Line Items]        
Hedged Liability, Fair Value Hedge     0 697
Derivative Liabilities [Abstract]        
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)     $ 0 $ (2)
v3.22.2.2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 3 (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]            
Sales $ 2,709   $ 2,720 $ 8,207 $ 7,782  
Cost of sales 2,168   2,058 6,446 5,841  
Net interest expense 43   49 134 150  
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]            
Change in cumulative translation adjustment, before tax (19)   2 4 13  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax   $ 63   47    
Summary of Derivative Instruments [Abstract]            
Accumulated Other Comprehensive Income Loss Unrealized Gain Loss From Hedges Before Tax 362     362   $ (7)
Price Risk Cash Flow Hedge Unrealized Gain to be Reclassified During Next 12 Months 59     59    
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 $ (4)   $ 40 $ (5) $ 55  
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 Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of sales   Cost of sales Cost of sales Cost of sales  
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 $ 22   $ 11 $ 43 $ 33  
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 Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Sales   Sales Sales Sales  
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 $ (1)   $ 2 $ 9 $ 8  
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 Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Net interest expense   Net interest expense Net interest expense Net interest expense  
Interest Rate Contract [Member] | Fair Value Hedging [Member]            
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]            
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge $ 1   $ 0 $ 2 $ 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 (1)   0 (2) (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 17   36 199 86  
Not Designated as Hedging Instrument [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (5)   5 (11) 5  
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 39   23 74 55  
AOCI, Derivative Qualifying as Hedge, Excluded Component $ (1)   $ (2) $ (6) $ (7)  
v3.22.2.2
RETIREMENT PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Other Postretirement Benefits Plan [Member]        
Components of net periodic benefit cost [Abstract]        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 4 3 11 9
Expected return on assets (1) (1) (3) (3)
Prior service credit, net (8) (9) (24) (28)
Mark-to-market pension and other postretirement benefits (gain) loss (1)     0 0
Net periodic benefit (credit) cost (5) (7) (16) (22)
UNITED STATES | Pension Plan [Member]        
Components of net periodic benefit cost [Abstract]        
Service cost 7 7 19 20
Interest cost 11 9 33 27
Expected return on assets (32) (31) (96) (94)
Prior service credit, net 0 0 0 0
Mark-to-market pension and other postretirement benefits (gain) loss (1)     7 0
Net periodic benefit (credit) cost (14) (15) (37) (47)
Foreign Plan [Member] | Pension Plan [Member]        
Components of net periodic benefit cost [Abstract]        
Service cost 2 5 9 14
Interest cost 3 3 11 9
Expected return on assets (7) (9) (24) (28)
Prior service credit, net 0 (1) 0 (1)
Mark-to-market pension and other postretirement benefits (gain) loss (1)     (10) 0
Net periodic benefit (credit) cost $ (2) $ (2) (14) $ (6)
Foreign Plan [Member] | Pension Plan [Member] | Adhesives Resins Disposal Group        
Components of net periodic benefit cost [Abstract]        
Mark-to-market pension and other postretirement benefits (gain) loss (1)     (3)  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment     $ 7  
v3.22.2.2
LEASES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Lessee Disclosure [Abstract]          
Operating Lease, Right-of-Use Asset $ 205   $ 205   $ 216
Operating Lease, Right-of-Use Asset, Reclassified 3   3    
Operating Lease, Right-of-Use, Prepaid Amount 5   5    
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 15   15    
Lessee, Operating Lease, Liability, to be Paid, Year One 53   53    
Lessee, Operating Lease, Liability, Payments, Due Year Two 40   40    
Lessee, Operating Lease, Liability, Payments, Due Year Three 32   32    
Lessee, Operating Lease, Liability, Payments, Due Year Four 22   22    
Lessee, Operating Lease, Liability, Payments, Due Year Five 52   52    
Lessee, Operating Lease, Liability, Payments, Due 214   214    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 18   18    
Operating Lease, Liability 196   196    
Operating Lease, Liability, Current 50   50    
Operating Lease, Liability, Noncurrent 146   146    
Lease, Cost [Abstract]          
Operating Lease, Cost 16 $ 18 50 $ 54  
Short-term Lease, Cost 13 9 34 28  
Sublease Income (3) (1) (10) (3)  
Lease, Cost 26 26 74 79  
Operating Lease, Payments 18 17 51 52  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 15 $ 33 $ 50 $ 59  
Operating Lease, Weighted Average Remaining Lease Term 6 years 6 years 6 years 6 years  
Operating Lease, Weighted Average Discount Rate, Percent 3.00% 3.10% 3.00% 3.10%  
v3.22.2.2
ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Accrual for Environmental Loss Contingencies [Roll Forward]    
Beginning of period $ 281  
End of period 274 $ 281
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract]    
Accrued Environmental Loss Contingencies, Current 10 20
Accrued Environmental Loss Contingencies, Noncurrent 264 261
Environmental Remediation [Member]    
Accrual for Environmental Loss Contingencies [Roll Forward]    
Beginning of period 253 257
Changes in estimates recognized in earnings and other 4 9
Cash reductions (11) (13)
End of period $ 246 253
Expected Payment Period of Environmental Contingencies approximately 30 years  
Environmental Remediation [Member] | Minimum [Member]    
Site Contingency [Line Items]    
Loss Contingency, Estimate of Possible Loss $ 246 253
Environmental Remediation [Member] | Maximum [Member]    
Site Contingency [Line Items]    
Loss Contingency, Estimate of Possible Loss 461 473
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 $ 50 $ 51
v3.22.2.2
STOCKHOLDERS' EQUITY Part 1 (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Stockholders' Equity Note [Abstract]                  
Dividends, Per Share $ 0.76   $ 0.69 $ 2.28 $ 2.07        
Stockholders' Equity Attributable to Parent $ 5,384     $ 5,384     $ 5,704    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 5,467   $ 6,207 5,467 $ 6,207 $ 5,407 5,788 $ 6,028 $ 6,108
Net earnings attributable to Eastman 301   351 792 479        
Net earnings attributable to noncontrolling interest 0   3 2 8        
Net earnings including noncontrolling interest 301   354 794 487        
Cash dividends declared (93)   (93) (284) (281)        
Other Comprehensive Income (Loss) (9) $ 91 48 30 88        
Share-based Compensation Expense 12   20 54 60        
Stock Option Exercises       9 59        
Other (1)   1 (22) (18)        
Share Repurchases (4) (150)   (150) (902) (290)        
Distributions to Noncontrolling Interest     (1)   (6)        
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   0 0 0        
Other Comprehensive Income (Loss) 0   0 0 0        
Share-based Compensation Expense 0   0 0 0        
Stock Option Exercises       0 0        
Other 0   0 0 0        
Share Repurchases (4) 0   0 0 0        
Distributions to Noncontrolling Interest     0   0        
Additional Paid-in Capital [Member]                  
Stockholders' Equity Attributable to Parent 2,301   2,275 2,301 2,275 2,179 2,187 2,255 2,174
Net earnings attributable to Eastman 0   0 0 0        
Cash dividends declared 0   0 0 0        
Other Comprehensive Income (Loss) 0   0 0 0        
Share-based Compensation Expense 12   20 54 60        
Stock Option Exercises       9 59        
Other 0   0 (19) (18)        
Share Repurchases (4) 110   0 70 0        
Distributions to Noncontrolling Interest     0   0        
Retained Earnings [Member]                  
Stockholders' Equity Attributable to Parent 9,065   8,278 9,065 8,278 8,857 8,557 8,020 8,080
Net earnings attributable to Eastman 301   351 792 479        
Cash dividends declared (93)   (93) (284) (281)        
Other Comprehensive Income (Loss) 0   0 0 0        
Share-based Compensation Expense 0   0 0 0        
Stock Option Exercises       0 0        
Other 0   0 0 0        
Share Repurchases (4) 0   0 0 0        
Distributions to Noncontrolling Interest     0   0        
Accumulated Other Comprehensive Income (Loss) [Member]                  
Stockholders' Equity Attributable to Parent (152)   (185) (152) (185) (143) (182) (233) (273)
Net earnings attributable to Eastman 0   0 0 0        
Cash dividends declared 0   0 0 0        
Other Comprehensive Income (Loss) (9)   48 30 88        
Share-based Compensation Expense 0   0 0 0        
Stock Option Exercises       0 0        
Other 0   0 0 0        
Share Repurchases (4) 0   0 0 0        
Distributions to Noncontrolling Interest     0   0        
Treasury Stock [Member]                  
Stockholders' Equity Attributable to Parent (5,832)   (4,250) (5,832) (4,250) (5,572) (4,860) (4,100) (3,960)
Net earnings attributable to Eastman 0   0 0 0        
Cash dividends declared 0   0 0 0        
Other Comprehensive Income (Loss) 0   0 0 0        
Share-based Compensation Expense 0   0 0 0        
Stock Option Exercises       0 0        
Other 0   0 0 0        
Share Repurchases (4) (260)   (150) (972) (290)        
Distributions to Noncontrolling Interest     0   0        
Parent [Member]                  
Stockholders' Equity Attributable to Parent 5,384   6,120 5,384 6,120 5,323 5,704 5,944 6,023
Net earnings attributable to Eastman 301   351 792 479        
Cash dividends declared (93)   (93) (284) (281)        
Other Comprehensive Income (Loss) (9)   48 30 88        
Share-based Compensation Expense 12   20 54 60        
Stock Option Exercises       9 59        
Other 0   0 (19) (18)        
Share Repurchases (4) (150)   (150) (902) (290)        
Distributions to Noncontrolling Interest     0   0        
Noncontrolling Interest [Member]                  
Stockholders' Equity Attributable to Parent 83   87 83 87 $ 84 $ 84 $ 84 $ 85
Net earnings attributable to noncontrolling interest 0   3 2 8        
Cash dividends declared 0   0 0 0        
Other Comprehensive Income (Loss) 0   0 0 0        
Share-based Compensation Expense 0   0 0 0        
Stock Option Exercises       0 0        
Other (1)   1 (3) 0        
Share Repurchases (4) $ 0   0 $ 0 0        
Distributions to Noncontrolling Interest     $ (1)   $ (6)        
v3.22.2.2
STOCKHOLDERS' EQUITY Part 2 AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Cumulative Translation Adjustment $ (233)     $ (233)   $ (237) $ (293)
Change in cumulative translation adjustment (19) $ 56 $ 2 4 $ 13    
Benefit Plans Unrecognized Prior Service Credits 38     38   59 87
Change in Benefit Plans Unrecognized Prior Service Credits   (28)   (21)      
Unrealized Gains (Losses) on Derivative Instruments 44     44   (3) (66)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax   63   47      
Unrealized Losses on Investments (1)     (1)   (1) (1)
Change in Unrealized Losses on Investments   0   0      
Accumulated Other Comprehensive Income (Loss), Net of Tax (152)     (152)   $ (182) $ (273)
Other Comprehensive Income (Loss) $ (9) $ 91 $ 48 $ 30 $ 88    
v3.22.2.2
STOCKHOLDERS' EQUITY Part 3 OCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Other Comprehensive Income (Loss), before Tax [Abstract]          
Change in cumulative translation adjustment, before tax $ (19)   $ 2 $ 4 $ 13
Amortization of unrecognized prior service credits (8)   (10) (28) (29)
Unrealized gain (loss) during period 40   76 129 115
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax (19)   (6) (67) 13
Total other comprehensive income (loss), before tax (6)   62 38 112
Other comprehensive income (loss), net of tax:          
Change in cumulative translation adjustment (19) $ 56 2 4 13
Amortization of unrecognized prior service credits (6)   (7) (21) (21)
Unrealized gain (loss) during period 30   57 97 86
Reclassification adjustment for (gains) losses included in net income, net (14)   (4) (50) 10
Other Comprehensive Income (Loss) $ (9) $ 91 $ 48 $ 30 $ 88
v3.22.2.2
EARNINGS AND DIVIDENDS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 01, 2021
Earnings Per Share [Abstract]            
Net earnings attributable to Eastman   $ 301 $ 351 $ 792 $ 479  
Weighted average shares used for basic EPS (in shares)   121,000,000.0 135,300,000 124,900,000 135,800,000  
Dilutive effect of stock options and other awards   1,300,000 1,700,000 1,500,000 1,800,000  
Weighted average shares used for diluted EPS (in shares)   122,300,000 137,000,000.0 126,400,000 137,600,000  
Earnings Per Share, Basic   $ 2.48 $ 2.60 $ 6.34 $ 3.53  
Earnings Per Share, Diluted   $ 2.46 $ 2.57 $ 6.26 $ 3.49  
Underlying options excluded from the computation of diluted earnings per share (in shares)   1,342,328 327,782 1,342,328 150,781  
Shares repurchased (in shares)   2,839,875 1,354,737 9,505,944 2,543,112  
Cash dividends declared (per share)   $ 0.76 $ 0.69 $ 2.28 $ 2.07  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Underlying options excluded from the computation of diluted earnings per share (in shares)   1,342,328 327,782 1,342,328 150,781  
Shares repurchased (in shares)   2,839,875 1,354,737 9,505,944 2,543,112  
ASR Date Q2 2022            
Earnings Per Share [Abstract]            
Stock Repurchase Program, Authorized Amount   $ 500   $ 500    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Stock Repurchase Program, Authorized Amount   500   $ 500    
Payments for Repurchase of Equity   $ 500        
ASR Date Q2 2022 | Subsequent Event [Member]            
Earnings Per Share [Abstract]            
Shares repurchased (in shares) 1,212,732          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Shares repurchased (in shares) 1,212,732          
2021 Repurchase Program            
Earnings Per Share [Abstract]            
Stock Repurchase Program, Authorized Amount           $ 2,500
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Stock Repurchase Program, Authorized Amount           $ 2,500
v3.22.2.2
ASSETS IMPAIRMENTS AND RESTRUCTURING (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]          
Impairment of Long-Lived Assets to be Disposed of $ 0 $ 0 $ 0 $ 5  
Other Asset Impairment Charges 0 0 15 (1)  
Severance Costs 0 0 3 1  
Business Exit Costs 2 7 5 24  
Restructuring, Settlement and Impairment Provisions 2 7 23 29  
Restructuring Charge [Roll Forward]          
Balance at Beginning of Period     17 79 $ 79
Provision / Adjustments     23   47
Restructuring Reserve, Accrual Adjustment     (1)   26
Cash Reductions     (15)   (83)
Balance at End of Period 26   26   17
Facility Closing [Member]          
Restructuring Charge [Roll Forward]          
Balance at Beginning of Period     5 14 14
Provision / Adjustments     20   29
Restructuring Reserve, Accrual Adjustment     1   (9)
Cash Reductions     (7)   (29)
Balance at End of Period 19   19   5
Employee Severance [Member]          
Restructuring Charge [Roll Forward]          
Balance at Beginning of Period     12 65 65
Provision / Adjustments     3   2
Restructuring Reserve, Accrual Adjustment     0   (1)
Cash Reductions     (8)   (54)
Balance at End of Period 7   7   12
Non-Cash Charges [Member]          
Restructuring Charge [Roll Forward]          
Balance at Beginning of Period     0 0 0
Provision / Adjustments         16
Restructuring Reserve, Accrual Adjustment         16
Cash Reductions         0
Balance at End of Period         $ 0
Site Closure Asia Pacific [Member] | Additives And Functional Products [Member]          
Restructuring Cost and Reserve [Line Items]          
Other Asset Impairment Charges 0 0 0 (1)  
Site Closure Singapore 2019 [Member]          
Restructuring Cost and Reserve [Line Items]          
Business Exit Costs 1 3 3 16  
Site Closure Singapore 2019 [Member] | Additives And Functional Products [Member]          
Restructuring Cost and Reserve [Line Items]          
Business Exit Costs 1     3  
Site Closure Singapore 2019 [Member] | Chemical Intermediates [Member]          
Restructuring Cost and Reserve [Line Items]          
Business Exit Costs 1 2 3 13  
Site Closure Asia Pacific Tire Additives [Member] | Corporate and Other          
Restructuring Cost and Reserve [Line Items]          
Impairment of Long-Lived Assets to be Disposed of 0 0 0 4  
Other Asset Impairment Charges 0 0 (1) 0  
Business Exit Costs 0 1 0 3  
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 0 0 0 1  
Other Asset Impairment Charges 0 0 16 0  
Severance Costs 0 0 0 1  
Business Exit Costs 1 1 2 3  
Restructuring and Related Cost, Accelerated Depreciation     4    
Corporate Cost Actions 2020 | Corporate Segment          
Restructuring Cost and Reserve [Line Items]          
Severance Costs 0 0 2 0  
Site Closure North America 2020 [Member] | Advanced Materials [Member]          
Restructuring Cost and Reserve [Line Items]          
Severance Costs $ 0 $ 0 $ 1 $ 0  
v3.22.2.2
SHARE-BASED COMPENSATION AWARDS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]        
Share-based Payment Arrangement, Expense $ 12 $ 20 $ 54 $ 60
Share-based Payment Arrangement, Expense, after Tax $ 9 $ 15 $ 41 $ 45
v3.22.2.2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Supplemental Cash Flow Information [Abstract]    
Other current assets $ 31 $ (4)
Other noncurrent assets (68) 25
Payables and other current liabilities 45 221
Long-term liabilities and equity 110 33
Total $ 118 $ 275
v3.22.2.2
SEGMENT AND REGIONAL SALES INFORMATION (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Segment
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]          
Number of Operating Segments | Segment     4    
Sales [Abstract]          
Sales $ 2,709 $ 2,720 $ 8,207 $ 7,782  
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 324 370 1,083 703  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 14,985   14,985   $ 15,519
Operating Segments [Member]          
Sales [Abstract]          
Sales 2,709 2,452 8,047 6,982  
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 363 417 1,207 1,217  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 12,772   12,772   12,524
Corporate, Non-Segment [Member]          
Sales [Abstract]          
Sales 0 268 160 800  
Corporate, Non-Segment [Member] | Growth Initiatives and Businesses not Allocated to Segments [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes (54) (4) (139) (21)  
Corporate, Non-Segment [Member] | Pension and OPEB Costs Not Allocated to Operating Segments [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 22 27 71 81  
Corporate, Non-Segment [Member] | Other Nonoperating Income (Expense) [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 0 (1) (5) (5)  
Corporate, Non-Segment [Member] | Transaction costs and Gain/Loss on Business          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes (7) (68) (8) (563)  
Corporate, Non-Segment [Member] | Steam Line Incident          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 0 0 (42) 0  
Corporate, Non-Segment [Member] | Asset impairments and restructuring charges, net          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 0 (1) (1) (6)  
Corporate, Non-Segment [Member] | Divested businesses          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes   39 6 488  
Additives And Functional Products [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 126 130 419 346  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 4,149   4,149   4,188
Additives And Functional Products [Member] | Previously Reported          
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment         4,643
Additives And Functional Products [Member] | Prior Period Revised          
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment         5,195
Additives And Functional Products [Member] | Operating Segments [Member]          
Sales [Abstract]          
Sales 820 729 2,460 1,993  
Advanced Materials [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 131 125 333 421  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 4,885   4,885   4,661
Advanced Materials [Member] | Operating Segments [Member]          
Sales [Abstract]          
Sales 888 770 2,471 2,255  
Chemical Intermediates [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 85 130 373 336  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 2,721   2,721   2,703
Chemical Intermediates [Member] | Operating Segments [Member]          
Sales [Abstract]          
Sales 751 731 2,411 2,072  
Fibers [Member]          
Earnings (Loss) Before Interest and Taxes [Abstract]          
Earnings before interest and taxes 21 32 82 114  
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 1,017   1,017   972
Fibers [Member] | Operating Segments [Member]          
Sales [Abstract]          
Sales 250 222 705 662  
Corporate and Other          
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment 2,213   2,213   2,995
Corporate and Other | Previously Reported          
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment         2,540
Corporate and Other | Prior Period Revised          
Segment Reporting Information, Additional Information [Abstract]          
Assets by Segment         $ 1,988
North America [Member]          
Sales [Abstract]          
Sales 1,202 1,197 3,704 3,398  
Asia Pacific [Member]          
Sales [Abstract]          
Sales 662 658 1,912 1,877  
EMEA [Member]          
Sales [Abstract]          
Sales 680 698 2,106 2,042  
Latin America [Member]          
Sales [Abstract]          
Sales $ 165 $ 167 $ 485 $ 465