Eastman Chemical (EMN) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2021shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	135,782,719
Entity Central Index Key	0000915389
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021		Jun. 30, 2020
Income Statement [Abstract]
Sales	$ 2,653		$ 1,924		$ 5,062		$ 4,165
Cost of sales	1,972		1,553		3,783		3,217
Gross profit	681		371		1,279		948
Selling, general and administrative expenses	202		155		386		315
Research and development expenses	63		52		121		113
Asset impairments and restructuring charges, net	15		141		22		155
Other components of post-employment (benefit) cost, net	(37)		(30)		(73)		(60)
Other (income) charges, net	(1)		(1)		(5)		3
Loss on business held for sale	495		0		495		0
Earnings (loss) before interest and taxes	(56)		54		333		422
Net interest expense	51		55		101		107
Earnings (loss) before income taxes	(107)		(1)		232		315
Provision for income taxes	37		(31)		99		25
Net earnings (loss)	(144)		30		133		290
Less: Net earnings attributable to noncontrolling interest	2		3		5		5
Net earnings (loss) attributable to Eastman	$ (146)		$ 27		$ 128		$ 285
Earnings Per Share, Basic [Abstract]
Basic earnings per share attributable to Eastman	$ (1.07)		$ 0.20		$ 0.94		$ 2.10
Diluted earnings per share attributable to Eastman
Diluted earnings per share attributable to Eastman	$ (1.07)		$ 0.20		$ 0.93		$ 2.09
Comprehensive Income
Net earnings (loss) including noncontrolling interest	$ (144)		$ 30		$ 133		$ 290
Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustment	9		(14)		11		5
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits	(7)		(7)		(14)		(14)
Derivatives and hedging:
Unrealized gain (loss) during period	4		(3)		29		4
Reclassification adjustment for (gains) losses included in net income, net	9		12		14		10
Total other comprehensive income (loss), net of tax	15		(12)		40		5
Comprehensive income including noncontrolling interest	(129)		18		173		295
Less: Net earnings attributable to noncontrolling interest	2		3		5		5
Comprehensive income (loss) attributable to Eastman	(131)		15		168		290
Retained Earnings
Retained earnings at beginning of period	8,260		8,133		8,080		7,965
Net earnings (loss) attributable to Eastman	(146)		27		128		285
Cash dividends declared	(94)	[1]	(89)	[1]	(188)	[2]	(179)	[2]
Retained earnings at end of period	$ 8,020		$ 8,071		$ 8,020		$ 8,071
[1]	Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.
[2]	Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents		$ 609	$ 564
Trade receivables, net of allowance for doubtful accounts		1,293	1,033
Miscellaneous receivables		447	482
Inventories		1,501	1,379
Other current assets		95	83
Assets held for sale		793	0
Total current assets		4,738	3,541
Properties
Properties and equipment at cost		13,079	13,531
Less: Accumulated depreciation		7,898	7,982
Net properties		5,181	5,549
Goodwill		4,053	4,465
Intangible assets, net of accumulated amortization		1,390	1,792
Other noncurrent assets		736	736
Total assets	[1]	16,098	16,083
Current liabilities
Payables and other current liabilities		1,873	1,689
Borrowings due within one year		325	349
Liabilities held for sale		97	0
Total current liabilities		2,295	2,038
Long-term borrowings		5,223	5,269
Deferred income tax liabilities		831	848
Post-employment obligations		1,051	1,143
Other long-term liabilities		670	677
Total liabilities		10,070	9,975
Stockholders' equity
Common stock ($0.01 par value – 350,000,000 shares authorized; shares issued – 221,750,746 and 220,641,506 for 2021 and 2020, respectively)		2	2
Additional paid-in capital		2,255	2,174
Retained earnings		8,020	8,080
Accumulated other comprehensive income (loss)		(233)	(273)
Stockholder's Equity before Treasury Stock		10,044	9,983
Less: Treasury stock at cost (85,968,027 shares for 2021 and 84,830,450 shares for 2020)		4,100	3,960
Total Eastman stockholders' equity		5,944	6,023
Noncontrolling interest		84	85
Total equity		6,028	6,108
Total liabilities and stockholders' equity		$ 16,098	$ 16,083
[1]	Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	221,750,746	220,641,506
Treasury stock at cost (in shares)	85,968,027	84,830,450

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net earnings	$ 133	$ 290
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	289	280
Asset impairment charges	5	145
Loss on business held for sale	495	0
Provision for (benefit from) deferred income taxes	(28)	(20)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
(Increase) decrease in trade receivables	(361)	73
(Increase) decrease in inventories	(214)	221
Increase (decrease) in trade payables	306	(343)
Pension and other postretirement contributions (in excess of) less than expenses	(97)	(83)
Variable compensation (in excess of) less than expenses	8	(30)
Other items, net	106	74
Net cash provided by operating activities	642	607
Investing activities
Additions to properties and equipment	(198)	(196)
Acquisitions, net of cash acquired	(63)	0
Additions to capitalized software	(12)	(4)
Other items, net	(4)	(1)
Net cash used in investing activities	(277)	(201)
Financing activities
Net increase (decrease) in commercial paper and other borrowings	(25)	97
Proceeds from borrowings	0	249
Dividends paid to stockholders	(188)	(179)
Treasury stock purchases	(140)	(60)
Proceeds from stock option exercises and other items, net	38	(13)
Net cash (used in) provided by financing activities	(315)	94
Effect of exchange rate changes on cash and cash equivalents	(5)	0
Net change in cash and cash equivalents	45	500
Cash and cash equivalents at beginning of period	564	204
Cash and cash equivalents at end of period	$ 609	$ 704

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Notes)	6 Months Ended
	Jun. 30, 2021
Significant Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Eastman Chemical Company ("Eastman" or the "Company") in accordance and consistent with the accounting policies stated in the Company's 2020 Annual Report on Form 10-K , and should be read in conjunction with the consolidated financial statements in Part II, Item 8 of that report, with the exception of recently adopted accounting standards noted below. The December 31, 2020 financial position data included herein was derived from the consolidated financial statements included in the 2020 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary for the fair statement of the interim financial information in conformity with GAAP. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, sales revenue, and expenses of all majority-owned subsidiaries and joint ventures in which a controlling interest is maintained. Eastman accounts for other joint ventures and investments where it exercises significant influence on the equity basis. Intercompany transactions and balances are eliminated in consolidation. Certain prior period data has been reclassified in the unaudited consolidated financial statements and accompanying footnotes to conform to current period presentation. Recently Adopted Accounting Standards Accounting Standards Update ("ASU") ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes : On January 1, 2021, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") initiative to reduce complexity in accounting standards. Adoption methods varied based on the specific tax items impacted. The adoption of this standard did not have a material impact on the Company's financial statements and related disclosures. ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: On January 1, 2021, Eastman prospectively adopted this update which provides clarification that an entity should consider observable transactions that require the application or discontinuance of the equity method of accounting for the purposes of applying the measurement alternative and clarification that certain forward contracts and purchased options to purchase securities that, upon settlement, would be accounted for under the equity method of accounting. The adoption of this standard did not have an impact to the Company's financial statements and related disclosures. ASU 2021-01 Reference Rate Reform (Topic 848) : In January 2021, the FASB issued this update to clarify that certain optional expedients and exceptions under this topic for contract modifications and hedge accounting apply to derivatives instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (the global financial markets transition in contracts, hedging relationships, and other transactions from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates to new reference rates). This update was effective immediately upon release. The Company has had no reference rate reform modifications to date; this update will be adopted on a prospective basis in the event of any such modifications. Accounting Standards Issued But Not Adopted as of June 30, 2021 None applicable to Eastman.

Business Held for Sale

Business Held for Sale	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Business Held for Sale	BUSINESS HELD FOR SALE On June 9, 2021, Eastman entered into a definitive agreement to sell rubber additives (including Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines and related assets and technology of the global tire additives business of its Additives & Functional Products ("AFP") segment. The sale does not include the Eastman Impera™ and other performance resins product lines of the tire additives business. The Company will provide certain rubber additives business transition and post-closing services on agreed terms. The total sale price includes $725 million in cash at closing and an additional amount to be paid based on the performance of the rubber additives business post-closing through 2023. The final purchase price is subject to working capital and other adjustments at closing. The business being sold is not reported as a discontinued operation because the sale will not have a major effect on the Company's operations and financial results. The sale, subject to regulatory approvals and satisfaction of other customary closing conditions, is expected to be completed in second half 2021. The agreement contains customary representations, warranties, and covenants of both parties including, among other things, that Eastman conduct the rubber additives business in the ordinary course consistent with past practice through the date of closing. As of the definitive agreement date and until sale, the rubber additives business disposal group is classified as held for sale and was measured at its fair value less costs to sell resulting in a $495 million loss on the business held for sale (including a preliminary estimated total purchase price, anticipated liquidation of cumulative translation adjustment, and certain costs to sell). The fair value loss adjustment on the disposal group is reported as a component of "Assets held for sale" in the Unaudited Consolidated Statements of Financial Position. The major classes of assets and liabilities of the business classified as held for sale as of June 30, 2021 were as follows: June 30, (Dollars in millions) 2021 Assets held for sale Trade receivables, net of allowance for doubtful accounts $ 98 Inventories 85 Other assets 11 Properties, net of accumulated depreciation 309 Goodwill 399 Intangible assets, net of accumulated amortization 381 Assets held for sale 1,283 Liabilities held for sale Payables and other liabilities 48 Post-employment obligations 32 Other liabilities 17 Liabilities held for sale 97 Disposal group, net $ 1,186

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES June 30, December 31, (Dollars in millions) 2021 2020 Finished goods $ 945 $ 891 Work in process 240 203 Raw materials and supplies 580 511 Total inventories at FIFO or average cost 1,765 1,605 Less: LIFO reserve 264 226 Total inventories $ 1,501 $ 1,379

PAYABLES AND OTHER CURRENT LIAB

PAYABLES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
PAYABLES AND OTHER CURRENT LIABILITIES	PAYABLES AND OTHER CURRENT LIABILITIES June 30, December 31, (Dollars in millions) 2021 2020 Trade creditors $ 1,059 $ 799 Accrued payroll and variable compensation 188 228 Accrued taxes 183 178 Post-employment obligations 94 138 Other 349 346 Total payables and other current liabilities $ 1,873 $ 1,689

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	INCOME TAXES Second Quarter (1) First Six Months (Dollars in millions) 2021 2020 2021 2020 $ % $ % $ % $ % Provision for income taxes and tax rate $ 37 — $ (31) — $ 99 44 % $ 25 8 % (1) The calculated effective tax rates are greater than 100 percent or less than zero percent. Second quarter and first six months 2021 effective tax rates include a $21 million decrease to the provision for income taxes from the revaluation of deferred tax liabilities as a result of business held for sale classification of certain assets. Second quarter and first six months 2020 effective tax rates included a $19 million decrease to the provision for income taxes as a result of a decrease in unrecognized tax positions and a $7 million decrease to the provision for income taxes related to estimated adjustments to certain prior year tax returns. At June 30, 2021 and December 31, 2020, Eastman had $256 million and $257 million, respectively, in unrecognized tax benefits. At June 30, 2021, it is expected that, as a result of the resolution of federal, state, and foreign examinations and appeals, and the expiration of various statutes of limitation, the total amounts of unrecognized tax benefits will decrease by $65 million during second half 2021. Income tax incentives, in the form of tax holidays, have been granted to the Company in certain jurisdictions to attract investment and encourage industrial development. The expiration of these tax holidays varies by country. The tax holidays are conditional on the Company meeting certain requirements, including employment and investment thresholds; determination of compliance with these conditions may be subject to challenge by tax authorities in those jurisdictions. No individual tax holiday had a material impact to the Company's earnings in second quarter or first six months 2021 or 2020.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS June 30, December 31, (Dollars in millions) 2021 2020 Borrowings consisted of: 3.5% notes due December 2021 $ 300 $ 299 3.6% notes due August 2022 745 744 1.50% notes due May 2023 (1) 890 919 7 1/4% debentures due January 2024 198 198 7 5/8% debentures due June 2024 43 43 3.8% notes due March 2025 699 701 1.875% notes due November 2026 (1) 590 609 7.60% debentures due February 2027 195 195 4.5% notes due December 2028 494 493 4.8% notes due September 2042 494 493 4.65% notes due October 2044 875 874 Commercial paper and short-term borrowings 25 50 Total borrowings 5,548 5,618 Borrowings due within one year 325 349 Long-term borrowings $ 5,223 $ 5,269 (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 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. Credit Facility and Commercial Paper Borrowings The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility") expiring October 2023. Borrowings under the Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. The Credit Facility provides available liquidity for general corporate purposes and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At June 30, 2021 and December 31, 2020, the Company had no outstanding borrowings under the Credit Facility. At June 30, 2021, the Company's commercial paper borrowings were $25 million with a weighted average interest rate of 0.15 percent. At December 31, 2020, the Company's commercial paper borrowings were $50 million with a weighted average interest rate of 0.25 percent. The Credit Facility contains customary covenants, including requirements to maintain certain financial ratios, that determine the events of default, amounts available, and terms of borrowings. In second quarter 2020, the Company amended the Credit Facility maximum debt covenants to reflect the higher cash balance to enhance liquidity due to, and the expected negative impact on operating results of, the COVID-19 coronavirus global pandemic ("COVID-19") and added a new restrictive covenant prohibiting stock repurchases until June 30, 2021 in the event certain financial ratios are exceeded. The Company was in compliance with all applicable covenants at both June 30, 2021 and December 31, 2020. Fair Value of Borrowings Eastman has classified its total borrowings at June 30, 2021 and December 31, 2020 under the fair value hierarchy as defined in the accounting policies in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The fair value for the Company's other borrowings, primarily under commercial paper, equals the carrying value and is classified as Level 2. At June 30, 2021 and December 31, 2020, the fair values of total borrowings were $6.242 billion and $6.449 billion, respectively. The Company had no borrowings classified as Level 3 as of June 30, 2021 and December 31, 2020.

DERIVATIVE AND NON-DERIVATIVE F

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Overview of Hedging Programs Eastman is exposed to market risks, such as changes in foreign currency exchange rates, commodity prices, and interest rates. To mitigate these market risks and their effects on the cash flows of the underlying transactions and investments in foreign subsidiaries, the Company uses various derivative and non-derivative financial instruments, when appropriate, in accordance with the Company's hedging strategy and policies. Designation is performed on a specific exposure basis to support hedge accounting. The Company does not enter into derivative transactions for speculative purposes. For further information on hedging programs, see Note 9, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . Cash Flow Hedges Cash flow hedges are derivative instruments designated as and used to hedge the exposure to variability in expected future cash flows that are attributable to a particular risk. The derivative instruments that are designated and qualify as a cash flow hedge are reported on the balance sheet at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated cash flows of the underlying exposures being hedged. The change in the hedge instrument is reported as a component of Accumulated other comprehensive income (loss) ("AOCI") located in the Unaudited Consolidated Statements of Financial Position and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from cash flow hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. In first, second, and third quarters 2020, Eastman entered into forward-starting interest rate swaps with a notional amount of $25 million in each period to mitigate the risk of variability in interest rates for an expected long-term debt issuance by August 2022. These swaps were designated as cash flow hedges and will be settled upon debt issuance. The total notional amount of outstanding forward starting swaps as of June 30, 2021 was $75 million. Fair Value Hedges Fair value hedges are defined as derivative or non-derivative instruments designated as and used to hedge the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk. The derivative instruments that are designated and qualify as fair value hedges are recognized on the balance sheet at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated fair value of the underlying exposures being hedged. The net of the change in the hedge instrument and item being hedged for qualifying fair value hedges is recognized in earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from fair value hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Net Investment Hedges Net investment hedges are defined as derivative or non-derivative instruments designated as and used to hedge the foreign currency exposure of the net investments in certain foreign operations. The net of the change in the hedge instrument and item being hedged for qualifying net investment hedges is reported as a component of the "Cumulative Translation Adjustment" ("CTA") within AOCI in the Unaudited Consolidated Statements of Financial Position. Cash flows from the CTA component are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Recognition in earnings of amounts previously recognized in CTA is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. In the event of a complete or substantially complete liquidation of the net investment, cash flows from net investment hedges are classified as investing activities in the Unaudited Consolidated Statements of Cash Flows. For derivative cross-currency interest rate swap net investment hedges, gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in CTA within AOCI and recognized in earnings through the periodic swap interest accruals. The cross-currency interest rate swaps designated as net investment hedges are included as part of "Other long-term liabilities", "Other noncurrent assets", "Payables and other current liabilities", or "Other current assets" within the Unaudited Consolidated Statements of Financial Position. Cash flows from excluded components are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. In September 2020, the Company entered into fixed-to-fixed cross-currency swaps and designated these swaps to hedge a portion of its net investment in a euro functional currency denominated subsidiary against foreign currency fluctuations. These contracts involve the exchange of fixed U.S. dollars with fixed euro interest payments periodically over the life of the contracts and an exchange of the notional amounts at maturity. The fixed-to-fixed cross-currency swaps include €152 million ($180 million) maturing December 2028. Summary of Financial Position and Financial Performance of Hedging Ins truments The following table presents the notional amounts outstanding at June 30, 2021 and December 31, 2020 associated with Eastman's hedging programs. Notional Outstanding June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign Exchange Forward and Option Contracts (in millions) EUR/USD (in EUR) €471 €521 Commodity Forward and Collar Contracts Feedstock (in million barrels) 1 — Energy (in million british thermal units) 10 17 Interest rate swaps for the future issuance of debt (in millions) $75 $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) €853 €853 Non-derivatives designated as net investment hedges: Foreign Currency Net Investment Hedges (in millions) EUR/USD (in EUR) €1,246 €1,245 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 June 30, 2021 and December 31, 2020. Counterparties to these derivative contracts are highly rated financial institutions which the Company believes carry minimal risk of nonperformance, and the Company diversifies its positions among such counterparties to reduce its exposure to counterparty risk and credit losses. The Company monitors the creditworthiness of its counterparties on an ongoing basis. The Company did not recognize a credit loss during second quarter and first six months 2021 or 2020. All the Company's derivative contracts are subject to master netting arrangements, or similar agreements, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company does not have any cash collateral due under such agreements. The Company has elected to present derivative contracts on a gross basis within the Unaudited Consolidated Statements of Financial Position. The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are within the Unaudited Consolidated Statements of Financial Position as of June 30, 2021 and December 31, 2020. The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis (Dollars in millions) Derivative Type Statements of Financial June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Commodity contracts Other current assets $ 14 $ 1 Commodity contracts Other noncurrent assets 1 — Foreign exchange contracts Other current assets 2 — Foreign exchange contracts Other noncurrent assets 2 — Forward starting interest rate swap contracts Other noncurrent assets 5 1 Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Other current assets 1 1 Fixed-for-floating interest rate swap Other noncurrent assets 2 4 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other noncurrent assets 38 40 Total Derivative Assets $ 65 $ 47 Derivatives designated as cash flow hedges: Commodity contracts Payables and other current liabilities $ — $ 6 Foreign exchange contracts Payables and other current liabilities 6 21 Foreign exchange contracts Other long-term liabilities 3 14 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other long-term liabilities 23 51 Total Derivative Liabilities $ 32 $ 92 Total Net Derivative Assets (Liabilities) $ 33 $ (45) In addition to the fair value associated with derivative instruments designated as cash flow hedges, fair value hedges, and net investment hedges noted in the table above, the Company had non-derivative instruments designated as foreign currency net investment hedges with a carrying value of $1.5 billion at both June 30, 2021 and December 31, 2020, respectively. The designated foreign currency-denominated borrowings are included as part of "Long-term borrowings" within the Unaudited Consolidated Statements of Financial Position. For additional fair value measurement information, see Note 1, "Significant Accounting Policies", and Note 9, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . As of June 30, 2021 and December 31, 2020, the following amounts were included in the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges. (Dollars in millions) Carrying amount of the hedged liabilities Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability Line item in the Unaudited Consolidated Statements of Financial Position in which the hedged item is included June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term borrowings (1) $ 772 $ 772 $ (1) $ (1) (1) At June 30, 2021 and December 31, 2020, the cumulative amount of fair value hedging loss adjustment remaining for hedged liabilities for which hedge accounting has been discontinued was $4 million and $5 million, respectively. The following table presents the effect of the Company's hedging instruments on "Other comprehensive income (loss), net of tax" ("OCI") and financial performance for second quarter and first six months 2021 and 2020. Change in amount of after tax gain (loss) recognized in OCI on derivatives Pre-tax amount of gain (loss) reclassified from OCI into earnings (Dollars in millions) Second Quarter First Six Months Second Quarter First Six Months Hedging Relationships 2021 2020 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Commodity contracts $ 14 $ 19 $ 15 $ 10 $ (5) $ (20) $ (5) $ (21) Foreign exchange contracts — (12) 22 1 (5) 6 (10) 12 Forward starting interest rate and treasury lock swap contracts (1) 2 6 3 (3) (3) (5) (5) Non-derivatives in net investment hedging relationships (pre-tax): Net investment hedges (19) (30) 50 3 — — — — Derivatives in net investment hedging relationships (pre-tax): Cross-currency interest rate swaps (10) (19) 32 (1) — — — — Cross-currency interest rate swaps excluded component 6 (3) (5) 38 — — — — The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for second quarter 2021 and 2020. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships Second Quarter 2021 2020 (Dollars in millions) Sales Cost of Sales Net Interest Expense Sales Cost of Sales Net Interest Expense Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized $ 2,653 $ 1,972 $ 51 $ 1,924 $ 1,553 $ 55 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships: Interest contracts (fixed-for-floating interest rate swaps): Hedged items 1 1 Derivatives designated as hedging instruments (1) (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 (3) (3) Commodity Contracts: Amount reclassified from AOCI into earnings (5) (20) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings (5) 6 The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first six months 2021 and 2020. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships First Six Months 2021 2020 (Dollars in millions) Sales Cost of Sales Net Interest Expense Sales Cost of Sales Net Interest Expense Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized $ 5,062 $ 3,783 $ 101 $ 4,165 $ 3,217 $ 107 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships: Interest contracts (fixed-for-floating interest rate swaps): Hedged items 1 1 Derivatives designated as hedging instruments (1) (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) (5) Commodity Contracts: Amount reclassified from AOCI into earnings (5) (21) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings (10) 12 The Company enters into foreign exchange derivatives denominated in multiple currencies which are transacted and settled in the same quarter. These derivatives are not designated as hedges due to the short-term nature and the gains or losses on these derivatives are marked-to-market in line item "Other (income) charges, net" of the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. As a result of these derivatives, the Company recognized a net loss of $5 million during second quarter 2021 and a net gain of $1 million during second quarter 2020, and recognized no gain or loss during first six months 2021 and a net gain of $8 million during first six months 2020. Pre-tax monetized positions and mark-to-market gains and losses from raw materials and energy, currency, and certain interest rate hedges that were included in AOCI included net losses of $135 million and $270 million at June 30, 2021 and December 31, 2020, respectively. Losses in AOCI decreased between June 30, 2021 and December 31, 2020 primarily as a result of a decrease in foreign currency exchange rates associated with the euro. If recognized, approximately $2 million in pre-tax gains, as of June 30, 2021, would be reclassified into earnings during the next 12 months.

RETIREMENT PLANS

RETIREMENT PLANS	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Defined Benefit Pension Plans and Other Postretirement Benefit Plans Eastman maintains defined benefit pension plans that provide eligible employees with retirement benefits. In addition, Eastman provides life insurance for eligible retirees hired prior to January 1, 2007. The Company provides a subsidy for pre-Medicare health care and dental benefits to eligible retirees hired prior to January 1, 2007 that will end on December 31, 2021. Company funding is also provided for eligible Medicare retirees hired prior to January 1, 2007 with a health reimbursement arrangement. Costs recognized for these benefits are estimated amounts, which may change as actual costs for the year are determined. For additional information regarding retirement plans, see Note 10, "Retirement Plans", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . Components of net periodic benefit (credit) cost were as follows: Second Quarter Pension Plans Other Postretirement Benefit Plans 2021 2020 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 6 $ 5 $ 6 $ 4 $ — $ — Interest cost 9 3 14 3 3 4 Expected return on assets (31) (10) (33) (8) (1) (1) Amortization of: Prior service credit, net — — — — (10) (9) Net periodic benefit (credit) cost $ (16) $ (2) $ (13) $ (1) $ (8) $ (6) First Six Months Pension Plans Other Postretirement Benefit Plans 2021 2020 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 13 $ 9 $ 13 $ 8 $ — $ — Interest cost 18 6 28 7 6 9 Expected return on assets (63) (19) (67) (16) (2) (2) Amortization of: Prior service credit, net — — — — (19) (19) Net periodic benefit (credit) cost $ (32) $ (4) $ (26) $ (1) $ (15) $ (12)

LEASES AND OTHER COMMITMENTS

LEASES AND OTHER COMMITMENTS	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	LEASES AND OTHER COMMITMENTS Leases There are two types of leases: finance and operating. Both types of leases have associated right-to-use assets and lease liabilities that are valued at the present value of the lease payments and recognized on the Unaudited Consolidated Statements of Financial Position. The discount rate used in the measurement of a right-to-use asset and lease liability is the rate implicit in the lease whenever that rate is readily determinable. If the rate implicit in the lease is not readily determinable, the collateralized incremental borrowing rate is used. The Company elected the accounting policy not to apply the recognition and measurement requirements to short-term leases with a term of 12 months or less and do not include a bargain purchase option. The Company has operating leases, as a lessee, with customary terms that do not include: significant variable lease payments; significant reasonably certain extensions or options required to be included in the lease term; restrictions; or other covenants for real property, rolling stock, and machinery and equipment. Real property leases primarily consist of office space and rolling stock leases primarily for railcars and fleet vehicles. At June 30, 2021 and December 31, 2020, operating right-to-use assets of $159 million and $185 million, respectively, are included as a part of "Other noncurrent assets" in the Unaudited Consolidated Statements of Financial Position and includes $9 million at both periods of assets previously classified as lease intangibles and $8 million and $9 million of prepaid lease assets, respectively. Operating lease liabilities are included as a part of "Payables and other current liabilities" and "Other long-term liabilities" in the Unaudited Consolidated Statements of Financial Position. As of June 30, 2021, reconciliation of lease payments and operating lease liabilities is provided below: (Dollars in millions) Operating lease liabilities Remainder of 2021 $ 31 2022 48 2023 34 2024 20 2025 13 2026 and beyond 31 Total lease payments 177 Less: amounts of lease payments representing interest 16 Present value of future lease payments 161 Less: current obligations under leases 53 Long-term lease obligations $ 108 The Company has operating leases, primarily leases for railcars, with terms that require the Company to guarantee a portion of the residual value of the leased assets upon termination of the lease that will expire beginning fourth quarter 2021. Residual guarantee payments that become probable and estimable are recognized as rent expense over the remaining life of the applicable lease. Management's current expectation is that the likelihood of material residual guarantee payments is remote. Lease costs during the period and other information is provided below: Second Quarter First Six Months (Dollars in millions) 2021 2020 2021 2020 Lease costs: Operating lease costs $ 18 $ 18 $ 36 $ 37 Short-term lease costs 11 10 19 19 Sublease income (1) (1) (2) (2) Total $ 28 $ 27 $ 53 $ 54 Other operating lease information: Cash paid for amounts included in the measurement of lease liabilities $ 18 $ 18 $ 35 $ 36 Right-to-use assets obtained in exchange for new lease liabilities $ 26 $ 14 $ 34 $ 30 Weighted-average remaining lease term, in years 5 5 Weighted-average discount rate 3.5 % 3.9 %

ENVIRONMENTAL MATTERS AND ASSET

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2021
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Environmental Matters	ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS Certain Eastman manufacturing facilities generate hazardous and nonhazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In connection with the cleanup of various hazardous waste sites, the Company, along with many other entities, has been designated a potentially responsible party ("PRP") by the U.S. Environmental Protection Agency under the Comprehensive Environmental Response, Compensation and Liability Act, which potentially subjects PRPs to joint and several liability for certain cleanup costs. In addition, the Company will incur costs for environmental remediation and closure and post-closure under the federal Resource Conservation and Recovery Act. Reserves for environmental contingencies have been established in accordance with Eastman's policies described in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . The resolution of uncertainties related to environmental matters may have a material adverse effect on the Company's consolidated results of operations in the period recognized. However, because of the availability of legal defenses, the Company's preliminary assessment of actions that may be required, and the extended period of time that the obligations are expected to be satisfied, management does not believe that the Company's liability for these environmental matters, individually or in the aggregate, will have a material adverse effect on the Company's future liquidity or financial position. The Company's net reserve for environmental contingencies were $286 million and $285 million at June 30, 2021 and December 31, 2020, respectively. Environmental Remediation and Environmental Asset Retirement Obligations The Company's net environmental reserve for environmental contingencies, including remediation costs and asset retirement obligations, is included as part of "Other noncurrent assets", "Payables and other current liabilities", and "Other long-term liabilities" in the Consolidated Statements of Financial Position as follows: (Dollars in millions) June 30, 2021 December 31, 2020 Environmental contingencies, current $ 15 $ 15 Environmental contingencies, long-term 271 270 Total $ 286 $ 285 Environmental Remediation Estimated future environmental expenditures for undiscounted remediation costs ranged from the best estimate or minimum of $258 million to the maximum of $482 million and from the best estimate or minimum of $257 million to the maximum of $501 million at June 30, 2021 and December 31, 2020, respectively. The best estimate or minimum estimated future environmental expenditures are considered to be probable and reasonably estimable and include the amounts recognized at both June 30, 2021 and December 31, 2020. Reserves for environmental remediation include liabilities expected to be paid within approximately 30 years. The amounts charged to pre-tax earnings for environmental remediation and related charges are included within "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. Changes in the reserves for environmental remediation liabilities during first six months 2021 and full year 2020 are summarized below: (Dollars in millions) Environmental Remediation Liabilities Balance at December 31, 2019 $ 260 Changes in estimates recognized in earnings and other 7 Cash reductions (10) Balance at December 31, 2020 257 Changes in estimates recognized in earnings and other 7 Cash reductions (6) Balance at June 30, 2021 $ 258 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 were $28 million at both June 30, 2021 and December 31, 2020. Non-Environmental Asset Retirement Obligations The Company has contractual asset retirement obligations not associated with environmental liabilities. Eastman's non-environmental asset retirement obligations are primarily associated with the future closure of leased manufacturing assets at Pace, Florida and Oulu, Finland. These recognized non-environmental asset retirement obligations were $51 million at both June 30, 2021 and December 31, 2020, and is included as part of "Other long-term liabilities" in the Unaudited Consolidated Statements of Financial Position.

LEGAL MATTERS

LEGAL MATTERS	6 Months Ended
	Jun. 30, 2021
Loss Contingency, Information about Litigation Matters [Abstract]
LEGAL MATTERS	LEGAL MATTERSFrom time to time, Eastman and its operations are parties to, or targets of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which are handled and defended in the ordinary course of business. While the Company is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial position, results of operations, or cash flows.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Reconciliations of the changes in stockholders' equity for second quarter 2021 and 2020 are provided below: (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at March 31, 2021 $ 2 $ 2,219 $ 8,260 $ (248) $ (4,000) $ 6,233 $ 86 $ 6,319 Net Earnings — — (146) — — (146) 2 (144) Cash Dividends Declared (1) ($0.69 per share) — — (94) — — (94) — (94) Other Comprehensive Income (Loss) — — — 15 — 15 — 15 Share Based Compensation Expense (2) — 18 — — — 18 — 18 Stock Option Exercises — 21 — — — 21 — 21 Other — (3) — — — (3) — (3) Share Repurchase — — — — (100) (100) — (100) Distributions to noncontrolling interest — — — — — — (4) (4) Balance at June 30, 2021 $ 2 $ 2,255 $ 8,020 $ (233) $ (4,100) $ 5,944 $ 84 $ 6,028 (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at March 31, 2020 $ 2 $ 2,109 $ 8,133 $ (197) $ (3,930) $ 6,117 $ 75 $ 6,192 Net Earnings — — 27 — — 27 3 30 Cash Dividends Declared (1) ($0.66 per share) — — (89) — — (89) — (89) Other Comprehensive Income (Loss) — — — (12) — (12) — (12) Share Based Compensation Expense (2) — 5 — — — 5 — 5 Stock Option Exercises — 3 — — — 3 — 3 Other — — — — — — 2 2 Share Repurchase — — — — (30) (30) — (30) Distributions to noncontrolling interest — — — — — — (3) (3) Balance at June 30, 2020 $ 2 $ 2,117 $ 8,071 $ (209) $ (3,960) $ 6,021 $ 77 $ 6,098 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. Reconciliations of the changes in stockholders' equity for first six months 2021 and 2020 are provided below: (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at December 31, 2020 $ 2 $ 2,174 $ 8,080 $ (273) $ (3,960) $ 6,023 $ 85 $ 6,108 Net Earnings — — 128 — — 128 5 133 Cash Dividends Declared (1) ($1.38 per share) — — (188) — — (188) — (188) Other Comprehensive Income (Loss) — — — 40 — 40 — 40 Share-Based Compensation Expense (2) — 40 — — — 40 — 40 Stock Option Exercises — 59 — — — 59 — 59 Other (3) — (18) — — — (18) (1) (19) Share Repurchases — — — — (140) (140) — (140) Distributions to Noncontrolling Interest — — — — — — (5) (5) Balance at June 30, 2021 $ 2 $ 2,255 $ 8,020 $ (233) $ (4,100) $ 5,944 $ 84 $ 6,028 (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at December 31, 2019 $ 2 $ 2,105 $ 7,965 $ (214) $ (3,900) $ 5,958 $ 74 $ 6,032 Net Earnings — — 285 — — 285 5 290 Cash Dividends Declared (1) ($1.32 per share) — — (179) — — (179) — (179) Other Comprehensive Income (Loss) — — — 5 — 5 — 5 Share-Based Compensation Expense (2) — 20 — — — 20 — 20 Stock Option Exercises — 3 — — — 3 — 3 Other (3) — (11) — — — (11) 1 (10) Share Repurchases — — — — (60) (60) — (60) Distributions to Noncontrolling Interest — — — — — — (3) (3) Balance at June 30, 2020 $ 2 $ 2,117 $ 8,071 $ (209) $ (3,960) $ 6,021 $ 77 $ 6,098 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. (3) Additional paid-in capital includes value of shares withheld for employees' taxes on vesting of share-based compensation awards. Accumulated Other Comprehensive Income (Loss), Net of Tax Cumulative Translation Adjustment Benefit Plans Unrecognized Prior Service Credits Unrealized Gains (Losses) on Derivative Instruments Unrealized Losses on Investments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (264) $ 106 $ (55) $ (1) $ (214) Period change (29) (19) (11) — (59) Balance at December 31, 2020 (293) 87 (66) (1) (273) Period change 11 (14) 43 — 40 Balance at June 30, 2021 $ (282) $ 73 $ (23) $ (1) $ (233) 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: Second Quarter 2021 2020 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ 9 $ 9 $ (14) $ (14) Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (10) (7) (9) (7) Derivatives and hedging: Unrealized gain (loss) during period 6 4 (5) (3) Reclassification adjustment for (gains) losses included in net income, net 12 9 17 12 Total other comprehensive income (loss) $ 17 $ 15 $ (11) $ (12) First Six Months 2021 2020 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ 11 $ 11 $ 5 $ 5 Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (19) (14) (19) (14) Derivatives and hedging: Unrealized gain (loss) during period 39 29 5 4 Reclassification adjustment for (gains) losses included in net income, net 19 14 14 10 Total other comprehensive income (loss) $ 50 $ 40 $ 5 $ 5

EARNINGS AND DIVIDENDS PER SHAR

EARNINGS AND DIVIDENDS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS AND DIVIDENDS PER SHARE	EARNINGS AND DIVIDENDS PER SHARE The following table sets forth the computation of basic and diluted earnings per share ("EPS") which are calculated using the treasury stock method: Second Quarter First Six Months (In millions, except per share amounts) 2021 2020 2021 2020 Numerator Earnings attributable to Eastman, net of tax $ (146) $ 27 $ 128 $ 285 Denominator Weighted average shares used for basic EPS 135.9 135.3 136.0 135.6 Dilutive effect of stock options and other awards (1) — 0.8 1.8 0.8 Weighted average shares used for diluted EPS 135.9 136.1 137.8 136.4 (Calculated using whole dollars and shares) EPS Basic $ (1.07) $ 0.20 $ 0.94 $ 2.10 Diluted $ (1.07) $ 0.20 $ 0.93 $ 2.09 (1) Dilutive effect is not applicable in periods with a net loss. Shares underlying stock options excluded from second quarter 2021 and 2020 calculations of diluted EPS were 327,782 and 3,735,978, respectively, because the grant date exercise price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculation of diluted EPS would have been antidilutive. Second quarter 2021 and 2020 reflect share repurchases of 833,580 and 623,751, respectively. No shares underlying stock options were excluded from first six months 2021 calculation of diluted EPS. First six months 2020 calculation of diluted EPS excluded 3,920,216 shares underlying stock options because the grant date exercise price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculation of diluted EPS would have been antidilutive. First six months 2021 and 2020 reflect share repurchases of 1,188,375 and 1,134,052, respectively. The Company declared cash dividends of $0.69 and $0.66 per share for second quarter 2021 and 2020, respectively, and $1.38 and $1.32 per share for first six months 2021 and 2020, respectively.

ASSETS IMPAIRMENTS AND RESTRUCT

ASSETS IMPAIRMENTS AND RESTRUCTURING	6 Months Ended
	Jun. 30, 2021
Restructuring Costs and Asset Impairment Charges [Abstract]
ASSET IMPAIRMENTS AND RESTRUCTURING	ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET (Dollars in millions) Second Quarter First Six Months Tangible Asset Impairments 2021 2020 2021 2020 Site optimizations AFP - Tire additives (1) $ 4 $ 5 $ 4 $ 5 AM - Advanced interlayers (2) 1 — 1 — AM - Performance films (3) — — — 4 AFP - Animal nutrition (4) — — — 3 Discontinuation of growth initiatives (5) — 8 — 8 5 13 5 20 Gain on Sale of Previously Impaired Assets Site optimizations AFP - Animal nutrition (4) — — (1) — — — (1) — Intangible Asset Impairments AFP - Tradenames (6) — 123 — 123 AFP - Customer relationships (7) — — — 2 — 123 — 125 Severance Charges CI & AFP - Singapore (8) — 2 — 3 Site optimizations AM - Advanced interlayers (2) — — 1 — AM - Performance films (3) — — — 3 AFP - Animal nutrition (4) — — — 1 — 2 1 7 Other Restructuring Costs Discontinuation of growth initiatives contract termination fees (5) — 3 — 3 CI & AFP - Singapore (8) 8 — 13 — Site optimizations AM - Advanced interlayers (2) 2 — 2 — AFP - Tire additives (1) — — 2 — 10 3 17 3 Total $ 15 $ 141 $ 22 $ 155 (1) Asset impairments and site closure costs in the AFP segment from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization . (2) Asset impairments, severance charges, 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 six months 2021 related to the closure of this facility. Management expects total charges of up to $30 million for the closure of this facility, primarily reported in "Cost of sales" and in "Asset impairments and restructuring charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings, of which $13 million was recognized in 2020. (3) Fixed asset impairments and severance in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization. (4) Fixed asset impairments, net and severance in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization. (5) Fixed asset impairments and contract termination fees resulting from management's decision to discontinue growth initiatives for polyester based microfibers, including Avra TM performance fibers, the financial results of which were not allocated to an operating segment and reported in "Other". (6) Intangible asset impairment charges in the AFP segment tire additives business to reduce the carrying values of the Crystex TM and Santoflex TM tradenames to the estimated fair values. The estimated fair values were determined using an income approach, specifically, the relief from royalty method, including some unobservable inputs. The impairments were primarily the result of weakened demand in the transportation markets impacted by COVID-19 and increased competitive pricing pressure as a result of global capacity increases. (7) Intangible asset impairment charge in the AFP segment for customer relationships. (8) Severance charges in second quarter and first six months 2020 of $2 million and $1 million, respectively, in the Chemical Intermediates ("CI") segment, contract termination fees in second quarter 2021 of $7 million and $1 million in the CI segment and AFP segment, respectively, and site closure costs in first six months 2021 of $4 million and $1 million in the CI and AFP segments, respectively, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. Excluding the fixed asset impairments in 2019, restructuring charges of up to $50 million are expected for this closure, of which $6 million was recognized in 2020. Changes in Reserves The following table summarizes the changes in asset impairments and restructuring charges, the non-cash reductions attributable to asset impairments, and the cash reductions in restructuring reserves for severance costs and site closure costs paid in first six months 2021 and full year 2020: (Dollars in millions) Balance at January 1, 2021 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at June 30, 2021 Non-cash charges $ — $ 5 $ (5) $ — $ — Severance costs 65 1 — (38) 28 Other restructuring costs 14 16 1 (9) 22 Total $ 79 $ 22 $ (4) $ (47) $ 50 (Dollars in millions) Balance at January 1, 2020 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at December 31, 2020 Non-cash charges $ — $ 145 $ (145) $ — $ — Severance costs 17 65 1 (18) 65 Other restructuring costs 11 17 — (14) 14 Total $ 28 $ 227 $ (144) $ (32) $ 79 Substantially all severance costs remaining are expected to be applied to the reserves within one year.

SHARE-BASED COMPENSATION AWARDS

SHARE-BASED COMPENSATION AWARDS	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	SHARE-BASED COMPENSATION AWARDS The Company utilizes share-based awards under employee and non-employee director compensation programs. These share-based awards have included restricted and unrestricted stock, restricted stock units, stock options, and performance shares. In second quarter 2021 and 2020, $18 million and $5 million, respectively, of compensation expense before tax were recognized in "Selling, general and administrative expenses" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for all share-based awards. The impact on second quarter 2021 and 2020 net earnings of $13 million and $4 million, respectively, is net of deferred tax expense related to share-based award compensation for each period. In first six months 2021 and 2020, $40 million and $20 million, respectively, of compensation expense before tax were recognized in "Selling, general and administrative expenses" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for all share-based awards. The impact on first six months 2021 and 2020 net earnings of $30 million and $15 million, respectively, is net of deferred tax expense related to share-based award compensation for each period. For additional information regarding share-based compensation plans and awards, see Note 17, "Share-Based Compensation Plans and Awards", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K and "Item 3 - Approval of the 2021 Omnibus Stock Compensation Plan" and "Appendix A - 2021 Omnibus Stock Compensation Plan" of the Definit ive Proxy Statement for the 2021 Annual Meeting of Stockholders filed on March 25, 2021 and amended on April 13, 2021 .

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2021
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 Six Months 2021 2020 Other current assets $ (33) $ 11 Other noncurrent assets 8 9 Payables and other current liabilities 69 (7) Long-term liabilities and equity 62 61 Total $ 106 $ 74 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.

SEGMENT AND REGIONAL SALES INFO

SEGMENT AND REGIONAL SALES INFORMATION	6 Months Ended
	Jun. 30, 2021
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 19, "Segment and Regional Sales Information", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K . For additional financial information for each segment, see Part I, Item 1, "Business - Business Segments", in the Company's 2020 Annual Report on Form 10-K . (Dollars in millions) Second Quarter First Six Months Sales by Segment 2021 2020 2021 2020 Additives & Functional Products $ 925 $ 685 $ 1,796 $ 1,507 Advanced Materials 769 567 1,485 1,182 Chemical Intermediates 736 461 1,341 1,053 Fibers 223 211 440 423 Total Sales $ 2,653 $ 1,924 $ 5,062 $ 4,165 (Dollars in millions) Second Quarter First Six Months Earnings (Loss) Before Interest and Taxes by Segment 2021 2020 2021 2020 Additives & Functional Products $ (368) $ (56) $ (233) $ 87 Advanced Materials 150 64 296 164 Chemical Intermediates 137 20 206 100 Fibers 37 46 82 99 Total Earnings Before Interest and Taxes by Operating Segment (44) 74 351 450 Other Growth initiatives and businesses not allocated to operating segments (39) (28) (68) (51) Pension and other postretirement benefits income (expense), net not allocated to operating segments 27 20 54 41 Asset impairments and restructuring charges, net — (11) — (11) Other income (charges), net not allocated to operating segments — (1) (4) (7) Total Earnings Before Interest and Taxes $ (56) $ 54 $ 333 $ 422 (Dollars in millions) June 30, December 31, Assets by Segment (1) 2021 2020 Additives & Functional Products $ 5,952 $ 6,238 Advanced Materials 4,322 4,345 Chemical Intermediates 2,889 2,614 Fibers 991 978 Total Assets by Operating Segment 14,154 14,175 Corporate Assets 1,944 1,908 Total Assets $ 16,098 $ 16,083 (1) Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets. (Dollars in millions) Second Quarter First Six Months Sales by Customer Location 2021 2020 2021 2020 United States and Canada $ 1,197 $ 786 $ 2,201 $ 1,766 Asia Pacific 611 523 1,219 1,018 Europe, Middle East, and Africa 688 526 1,344 1,157 Latin America 157 89 298 224 Total Sales $ 2,653 $ 1,924 $ 5,062 $ 4,165

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Eastman Chemical Company ("Eastman" or the "Company") in accordance and consistent with the accounting policies stated in the Company's 2020 Annual Report on Form 10-K , and should be read in conjunction with the consolidated financial statements in Part II, Item 8 of that report, with the exception of recently adopted accounting standards noted below. The December 31, 2020 financial position data included herein was derived from the consolidated financial statements included in the 2020 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP").
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards Accounting Standards Update ("ASU") ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes : On January 1, 2021, Eastman adopted this update which is a part of the Financial Accounting Standards Board's ("FASB") initiative to reduce complexity in accounting standards. Adoption methods varied based on the specific tax items impacted. The adoption of this standard did not have a material impact on the Company's financial statements and related disclosures. ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: On January 1, 2021, Eastman prospectively adopted this update which provides clarification that an entity should consider observable transactions that require the application or discontinuance of the equity method of accounting for the purposes of applying the measurement alternative and clarification that certain forward contracts and purchased options to purchase securities that, upon settlement, would be accounted for under the equity method of accounting. The adoption of this standard did not have an impact to the Company's financial statements and related disclosures. ASU 2021-01 Reference Rate Reform (Topic 848) : In January 2021, the FASB issued this update to clarify that certain optional expedients and exceptions under this topic for contract modifications and hedge accounting apply to derivatives instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (the global financial markets transition in contracts, hedging relationships, and other transactions from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates to new reference rates). This update was effective immediately upon release. The Company has had no reference rate reform modifications to date; this update will be adopted on a prospective basis in the event of any such modifications. Accounting Standards Issued But Not Adopted as of June 30, 2021 None applicable to Eastman.
Off-Balance-Sheet Credit Exposure, Policy	Working Capital Management and Off Balance Sheet ArrangementsThe Company has an off balance sheet, uncommitted accounts receivable factoring program under which entire invoices may be sold, without recourse, to third-party financial institutions. Under these agreements, the Company sells the invoices at face value, less a transaction fee, which substantially equals the carrying value and fair value with no gain or loss recognized, and no credit loss exposure is retained. Available capacity under these agreements, which the Company uses as a routine source of working capital funding, is dependent on the level of accounts receivable eligible to be sold and the financial institutions' willingness to purchase such receivables. In addition, certain agreements also require that the Company continue to service, administer, and collect the sold accounts receivable at market rates. The total amounts sold in second quarter 2021 and 2020 were $298 million and $411 million, respectively, and $587 million and $868 million in first six months 2021 and 2020, respectively.

Business Held for Sale (Tables)

Business Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The major classes of assets and liabilities of the business classified as held for sale as of June 30, 2021 were as follows: June 30, (Dollars in millions) 2021 Assets held for sale Trade receivables, net of allowance for doubtful accounts $ 98 Inventories 85 Other assets 11 Properties, net of accumulated depreciation 309 Goodwill 399 Intangible assets, net of accumulated amortization 381 Assets held for sale 1,283 Liabilities held for sale Payables and other liabilities 48 Post-employment obligations 32 Other liabilities 17 Liabilities held for sale 97 Disposal group, net $ 1,186

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	June 30, December 31, (Dollars in millions) 2021 2020 Finished goods $ 945 $ 891 Work in process 240 203 Raw materials and supplies 580 511 Total inventories at FIFO or average cost 1,765 1,605 Less: LIFO reserve 264 226 Total inventories $ 1,501 $ 1,379

PAYABLES AND OTHER CURRENT LI_2

PAYABLES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of payables and other current liabilities	June 30, December 31, (Dollars in millions) 2021 2020 Trade creditors $ 1,059 $ 799 Accrued payroll and variable compensation 188 228 Accrued taxes 183 178 Post-employment obligations 94 138 Other 349 346 Total payables and other current liabilities $ 1,873 $ 1,689

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Second Quarter (1) First Six Months (Dollars in millions) 2021 2020 2021 2020 $ % $ % $ % $ % Provision for income taxes and tax rate $ 37 — $ (31) — $ 99 44 % $ 25 8 % (1) The calculated effective tax rates are greater than 100 percent or less than zero percent.

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-term Borrowings	June 30, December 31, (Dollars in millions) 2021 2020 Borrowings consisted of: 3.5% notes due December 2021 $ 300 $ 299 3.6% notes due August 2022 745 744 1.50% notes due May 2023 (1) 890 919 7 1/4% debentures due January 2024 198 198 7 5/8% debentures due June 2024 43 43 3.8% notes due March 2025 699 701 1.875% notes due November 2026 (1) 590 609 7.60% debentures due February 2027 195 195 4.5% notes due December 2028 494 493 4.8% notes due September 2042 494 493 4.65% notes due October 2044 875 874 Commercial paper and short-term borrowings 25 50 Total borrowings 5,548 5,618 Borrowings due within one year 325 349 Long-term borrowings $ 5,223 $ 5,269

DERIVATIVE AND NON-DERIVATIVE_2

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block]	As of June 30, 2021 and December 31, 2020, the following amounts were included in the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges. (Dollars in millions) Carrying amount of the hedged liabilities Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability Line item in the Unaudited Consolidated Statements of Financial Position in which the hedged item is included June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term borrowings (1) $ 772 $ 772 $ (1) $ (1) (1) At June 30, 2021 and December 31, 2020, the cumulative amount of fair value hedging loss adjustment remaining for hedged liabilities for which hedge accounting has been discontinued was $4 million and $5 million, respectively.
Derivative Instruments, Gain (Loss) [Table Text Block]	The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for second quarter 2021 and 2020. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships Second Quarter 2021 2020 (Dollars in millions) Sales Cost of Sales Net Interest Expense Sales Cost of Sales Net Interest Expense Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized $ 2,653 $ 1,972 $ 51 $ 1,924 $ 1,553 $ 55 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships: Interest contracts (fixed-for-floating interest rate swaps): Hedged items 1 1 Derivatives designated as hedging instruments (1) (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 (3) (3) Commodity Contracts: Amount reclassified from AOCI into earnings (5) (20) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings (5) 6 The following table presents the effect of fair value and cash flow hedge accounting on the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first six months 2021 and 2020. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships First Six Months 2021 2020 (Dollars in millions) Sales Cost of Sales Net Interest Expense Sales Cost of Sales Net Interest Expense Total amounts of income and expense line items presented in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in which the effects of fair value or cash flow hedges are recognized $ 5,062 $ 3,783 $ 101 $ 4,165 $ 3,217 $ 107 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships: Interest contracts (fixed-for-floating interest rate swaps): Hedged items 1 1 Derivatives designated as hedging instruments (1) (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) (5) Commodity Contracts: Amount reclassified from AOCI into earnings (5) (21) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings (10) 12
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table presents the notional amounts outstanding at June 30, 2021 and December 31, 2020 associated with Eastman's hedging programs. Notional Outstanding June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign Exchange Forward and Option Contracts (in millions) EUR/USD (in EUR) €471 €521 Commodity Forward and Collar Contracts Feedstock (in million barrels) 1 — Energy (in million british thermal units) 10 17 Interest rate swaps for the future issuance of debt (in millions) $75 $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) €853 €853 Non-derivatives designated as net investment hedges: Foreign Currency Net Investment Hedges (in millions) EUR/USD (in EUR) €1,246 €1,245
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 second quarter and first six months 2021 and 2020. Change in amount of after tax gain (loss) recognized in OCI on derivatives Pre-tax amount of gain (loss) reclassified from OCI into earnings (Dollars in millions) Second Quarter First Six Months Second Quarter First Six Months Hedging Relationships 2021 2020 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Commodity contracts $ 14 $ 19 $ 15 $ 10 $ (5) $ (20) $ (5) $ (21) Foreign exchange contracts — (12) 22 1 (5) 6 (10) 12 Forward starting interest rate and treasury lock swap contracts (1) 2 6 3 (3) (3) (5) (5) Non-derivatives in net investment hedging relationships (pre-tax): Net investment hedges (19) (30) 50 3 — — — — Derivatives in net investment hedging relationships (pre-tax): Cross-currency interest rate swaps (10) (19) 32 (1) — — — — Cross-currency interest rate swaps excluded component 6 (3) (5) 38 — — — —
Financial assets and liabilities valued on a recurring basis	The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are within the Unaudited Consolidated Statements of Financial Position as of June 30, 2021 and December 31, 2020. The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis (Dollars in millions) Derivative Type Statements of Financial June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Commodity contracts Other current assets $ 14 $ 1 Commodity contracts Other noncurrent assets 1 — Foreign exchange contracts Other current assets 2 — Foreign exchange contracts Other noncurrent assets 2 — Forward starting interest rate swap contracts Other noncurrent assets 5 1 Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Other current assets 1 1 Fixed-for-floating interest rate swap Other noncurrent assets 2 4 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other noncurrent assets 38 40 Total Derivative Assets $ 65 $ 47 Derivatives designated as cash flow hedges: Commodity contracts Payables and other current liabilities $ — $ 6 Foreign exchange contracts Payables and other current liabilities 6 21 Foreign exchange contracts Other long-term liabilities 3 14 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other long-term liabilities 23 51 Total Derivative Liabilities $ 32 $ 92 Total Net Derivative Assets (Liabilities) $ 33 $ (45)

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Components of net periodic benefit cost	Components of net periodic benefit (credit) cost were as follows: Second Quarter Pension Plans Other Postretirement Benefit Plans 2021 2020 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 6 $ 5 $ 6 $ 4 $ — $ — Interest cost 9 3 14 3 3 4 Expected return on assets (31) (10) (33) (8) (1) (1) Amortization of: Prior service credit, net — — — — (10) (9) Net periodic benefit (credit) cost $ (16) $ (2) $ (13) $ (1) $ (8) $ (6) First Six Months Pension Plans Other Postretirement Benefit Plans 2021 2020 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 13 $ 9 $ 13 $ 8 $ — $ — Interest cost 18 6 28 7 6 9 Expected return on assets (63) (19) (67) (16) (2) (2) Amortization of: Prior service credit, net — — — — (19) (19) Net periodic benefit (credit) cost $ (32) $ (4) $ (26) $ (1) $ (15) $ (12)

LEASES AND OTHER COMMITMENTS (T

LEASES AND OTHER COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of June 30, 2021, reconciliation of lease payments and operating lease liabilities is provided below: (Dollars in millions) Operating lease liabilities Remainder of 2021 $ 31 2022 48 2023 34 2024 20 2025 13 2026 and beyond 31 Total lease payments 177 Less: amounts of lease payments representing interest 16 Present value of future lease payments 161 Less: current obligations under leases 53 Long-term lease obligations $ 108
Lease, Cost [Table Text Block]	Lease costs during the period and other information is provided below: Second Quarter First Six Months (Dollars in millions) 2021 2020 2021 2020 Lease costs: Operating lease costs $ 18 $ 18 $ 36 $ 37 Short-term lease costs 11 10 19 19 Sublease income (1) (1) (2) (2) Total $ 28 $ 27 $ 53 $ 54 Other operating lease information: Cash paid for amounts included in the measurement of lease liabilities $ 18 $ 18 $ 35 $ 36 Right-to-use assets obtained in exchange for new lease liabilities $ 26 $ 14 $ 34 $ 30 Weighted-average remaining lease term, in years 5 5 Weighted-average discount rate 3.5 % 3.9 %

ENVIRONMENTAL MATTERS AND ASS_2

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Schedule of environmental liabilities, current and non-current	(Dollars in millions) June 30, 2021 December 31, 2020 Environmental contingencies, current $ 15 $ 15 Environmental contingencies, long-term 271 270 Total $ 286 $ 285
Schedule of changes to environmental remediation liabilities	Changes in the reserves for environmental remediation liabilities during first six months 2021 and full year 2020 are summarized below: (Dollars in millions) Environmental Remediation Liabilities Balance at December 31, 2019 $ 260 Changes in estimates recognized in earnings and other 7 Cash reductions (10) Balance at December 31, 2020 257 Changes in estimates recognized in earnings and other 7 Cash reductions (6) Balance at June 30, 2021 $ 258

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Reconciliation of the changes in stockholders' equity	Reconciliations of the changes in stockholders' equity for second quarter 2021 and 2020 are provided below: (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at March 31, 2021 $ 2 $ 2,219 $ 8,260 $ (248) $ (4,000) $ 6,233 $ 86 $ 6,319 Net Earnings — — (146) — — (146) 2 (144) Cash Dividends Declared (1) ($0.69 per share) — — (94) — — (94) — (94) Other Comprehensive Income (Loss) — — — 15 — 15 — 15 Share Based Compensation Expense (2) — 18 — — — 18 — 18 Stock Option Exercises — 21 — — — 21 — 21 Other — (3) — — — (3) — (3) Share Repurchase — — — — (100) (100) — (100) Distributions to noncontrolling interest — — — — — — (4) (4) Balance at June 30, 2021 $ 2 $ 2,255 $ 8,020 $ (233) $ (4,100) $ 5,944 $ 84 $ 6,028 (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at March 31, 2020 $ 2 $ 2,109 $ 8,133 $ (197) $ (3,930) $ 6,117 $ 75 $ 6,192 Net Earnings — — 27 — — 27 3 30 Cash Dividends Declared (1) ($0.66 per share) — — (89) — — (89) — (89) Other Comprehensive Income (Loss) — — — (12) — (12) — (12) Share Based Compensation Expense (2) — 5 — — — 5 — 5 Stock Option Exercises — 3 — — — 3 — 3 Other — — — — — — 2 2 Share Repurchase — — — — (30) (30) — (30) Distributions to noncontrolling interest — — — — — — (3) (3) Balance at June 30, 2020 $ 2 $ 2,117 $ 8,071 $ (209) $ (3,960) $ 6,021 $ 77 $ 6,098 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. Reconciliations of the changes in stockholders' equity for first six months 2021 and 2020 are provided below: (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at December 31, 2020 $ 2 $ 2,174 $ 8,080 $ (273) $ (3,960) $ 6,023 $ 85 $ 6,108 Net Earnings — — 128 — — 128 5 133 Cash Dividends Declared (1) ($1.38 per share) — — (188) — — (188) — (188) Other Comprehensive Income (Loss) — — — 40 — 40 — 40 Share-Based Compensation Expense (2) — 40 — — — 40 — 40 Stock Option Exercises — 59 — — — 59 — 59 Other (3) — (18) — — — (18) (1) (19) Share Repurchases — — — — (140) (140) — (140) Distributions to Noncontrolling Interest — — — — — — (5) (5) Balance at June 30, 2021 $ 2 $ 2,255 $ 8,020 $ (233) $ (4,100) $ 5,944 $ 84 $ 6,028 (Dollars in millions, except per share amount) Common Stock at Par Value Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock at Cost Total Eastman Stockholders' Equity Noncontrolling Interest Total Equity Balance at December 31, 2019 $ 2 $ 2,105 $ 7,965 $ (214) $ (3,900) $ 5,958 $ 74 $ 6,032 Net Earnings — — 285 — — 285 5 290 Cash Dividends Declared (1) ($1.32 per share) — — (179) — — (179) — (179) Other Comprehensive Income (Loss) — — — 5 — 5 — 5 Share-Based Compensation Expense (2) — 20 — — — 20 — 20 Stock Option Exercises — 3 — — — 3 — 3 Other (3) — (11) — — — (11) 1 (10) Share Repurchases — — — — (60) (60) — (60) Distributions to Noncontrolling Interest — — — — — — (3) (3) Balance at June 30, 2020 $ 2 $ 2,117 $ 8,071 $ (209) $ (3,960) $ 6,021 $ 77 $ 6,098 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. (3) Additional paid-in capital includes value of shares withheld for employees' taxes on vesting of share-based compensation awards.
Accumulated Other Comprehensive Income (Loss)	Cumulative Translation Adjustment Benefit Plans Unrecognized Prior Service Credits Unrealized Gains (Losses) on Derivative Instruments Unrealized Losses on Investments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (264) $ 106 $ (55) $ (1) $ (214) Period change (29) (19) (11) — (59) Balance at December 31, 2020 (293) 87 (66) (1) (273) Period change 11 (14) 43 — 40 Balance at June 30, 2021 $ (282) $ 73 $ (23) $ (1) $ (233)
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: Second Quarter 2021 2020 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ 9 $ 9 $ (14) $ (14) Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (10) (7) (9) (7) Derivatives and hedging: Unrealized gain (loss) during period 6 4 (5) (3) Reclassification adjustment for (gains) losses included in net income, net 12 9 17 12 Total other comprehensive income (loss) $ 17 $ 15 $ (11) $ (12) First Six Months 2021 2020 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ 11 $ 11 $ 5 $ 5 Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (19) (14) (19) (14) Derivatives and hedging: Unrealized gain (loss) during period 39 29 5 4 Reclassification adjustment for (gains) losses included in net income, net 19 14 14 10 Total other comprehensive income (loss) $ 50 $ 40 $ 5 $ 5

EARNINGS AND DIVIDENDS PER SH_2

EARNINGS AND DIVIDENDS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
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: Second Quarter First Six Months (In millions, except per share amounts) 2021 2020 2021 2020 Numerator Earnings attributable to Eastman, net of tax $ (146) $ 27 $ 128 $ 285 Denominator Weighted average shares used for basic EPS 135.9 135.3 136.0 135.6 Dilutive effect of stock options and other awards (1) — 0.8 1.8 0.8 Weighted average shares used for diluted EPS 135.9 136.1 137.8 136.4 (Calculated using whole dollars and shares) EPS Basic $ (1.07) $ 0.20 $ 0.94 $ 2.10 Diluted $ (1.07) $ 0.20 $ 0.93 $ 2.09 (1) Dilutive effect is not applicable in periods with a net loss.

ASSETS IMPAIRMENTS AND RESTRU_2

ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring Costs and Asset Impairment Charges [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the changes in asset impairments and restructuring charges, the non-cash reductions attributable to asset impairments, and the cash reductions in restructuring reserves for severance costs and site closure costs paid in first six months 2021 and full year 2020: (Dollars in millions) Balance at January 1, 2021 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at June 30, 2021 Non-cash charges $ — $ 5 $ (5) $ — $ — Severance costs 65 1 — (38) 28 Other restructuring costs 14 16 1 (9) 22 Total $ 79 $ 22 $ (4) $ (47) $ 50 (Dollars in millions) Balance at January 1, 2020 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at December 31, 2020 Non-cash charges $ — $ 145 $ (145) $ — $ — Severance costs 17 65 1 (18) 65 Other restructuring costs 11 17 — (14) 14 Total $ 28 $ 227 $ (144) $ (32) $ 79
Restructuring and Related Costs [Table Text Block]	(Dollars in millions) Second Quarter First Six Months Tangible Asset Impairments 2021 2020 2021 2020 Site optimizations AFP - Tire additives (1) $ 4 $ 5 $ 4 $ 5 AM - Advanced interlayers (2) 1 — 1 — AM - Performance films (3) — — — 4 AFP - Animal nutrition (4) — — — 3 Discontinuation of growth initiatives (5) — 8 — 8 5 13 5 20 Gain on Sale of Previously Impaired Assets Site optimizations AFP - Animal nutrition (4) — — (1) — — — (1) — Intangible Asset Impairments AFP - Tradenames (6) — 123 — 123 AFP - Customer relationships (7) — — — 2 — 123 — 125 Severance Charges CI & AFP - Singapore (8) — 2 — 3 Site optimizations AM - Advanced interlayers (2) — — 1 — AM - Performance films (3) — — — 3 AFP - Animal nutrition (4) — — — 1 — 2 1 7 Other Restructuring Costs Discontinuation of growth initiatives contract termination fees (5) — 3 — 3 CI & AFP - Singapore (8) 8 — 13 — Site optimizations AM - Advanced interlayers (2) 2 — 2 — AFP - Tire additives (1) — — 2 — 10 3 17 3 Total $ 15 $ 141 $ 22 $ 155 (1) Asset impairments and site closure costs in the AFP segment from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization . (2) Asset impairments, severance charges, 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 six months 2021 related to the closure of this facility. Management expects total charges of up to $30 million for the closure of this facility, primarily reported in "Cost of sales" and in "Asset impairments and restructuring charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings, of which $13 million was recognized in 2020. (3) Fixed asset impairments and severance in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization. (4) Fixed asset impairments, net and severance in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization. (5) Fixed asset impairments and contract termination fees resulting from management's decision to discontinue growth initiatives for polyester based microfibers, including Avra TM performance fibers, the financial results of which were not allocated to an operating segment and reported in "Other". (6) Intangible asset impairment charges in the AFP segment tire additives business to reduce the carrying values of the Crystex TM and Santoflex TM tradenames to the estimated fair values. The estimated fair values were determined using an income approach, specifically, the relief from royalty method, including some unobservable inputs. The impairments were primarily the result of weakened demand in the transportation markets impacted by COVID-19 and increased competitive pricing pressure as a result of global capacity increases. (7) Intangible asset impairment charge in the AFP segment for customer relationships. (8) Severance charges in second quarter and first six months 2020 of $2 million and $1 million, respectively, in the Chemical Intermediates ("CI") segment, contract termination fees in second quarter 2021 of $7 million and $1 million in the CI segment and AFP segment, respectively, and site closure costs in first six months 2021 of $4 million and $1 million in the CI and AFP segments, respectively, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. Excluding the fixed asset impairments in 2019, restructuring charges of up to $50 million are expected for this closure, of which $6 million was recognized in 2020.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Included in the line item "Other items, net" of the "Operating activities" section of the Unaudited Consolidated Statements of Cash Flows are the following changes to Unaudited Consolidated Statements of Financial Position: (Dollars in millions) First Six Months 2021 2020 Other current assets $ (33) $ 11 Other noncurrent assets 8 9 Payables and other current liabilities 69 (7) Long-term liabilities and equity 62 61 Total $ 106 $ 74

SEGMENT AND REGIONAL SALES IN_2

SEGMENT AND REGIONAL SALES INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information Disclosure	(Dollars in millions) Second Quarter First Six Months Sales by Segment 2021 2020 2021 2020 Additives & Functional Products $ 925 $ 685 $ 1,796 $ 1,507 Advanced Materials 769 567 1,485 1,182 Chemical Intermediates 736 461 1,341 1,053 Fibers 223 211 440 423 Total Sales $ 2,653 $ 1,924 $ 5,062 $ 4,165 (Dollars in millions) Second Quarter First Six Months Earnings (Loss) Before Interest and Taxes by Segment 2021 2020 2021 2020 Additives & Functional Products $ (368) $ (56) $ (233) $ 87 Advanced Materials 150 64 296 164 Chemical Intermediates 137 20 206 100 Fibers 37 46 82 99 Total Earnings Before Interest and Taxes by Operating Segment (44) 74 351 450 Other Growth initiatives and businesses not allocated to operating segments (39) (28) (68) (51) Pension and other postretirement benefits income (expense), net not allocated to operating segments 27 20 54 41 Asset impairments and restructuring charges, net — (11) — (11) Other income (charges), net not allocated to operating segments — (1) (4) (7) Total Earnings Before Interest and Taxes $ (56) $ 54 $ 333 $ 422 (Dollars in millions) June 30, December 31, Assets by Segment (1) 2021 2020 Additives & Functional Products $ 5,952 $ 6,238 Advanced Materials 4,322 4,345 Chemical Intermediates 2,889 2,614 Fibers 991 978 Total Assets by Operating Segment 14,154 14,175 Corporate Assets 1,944 1,908 Total Assets $ 16,098 $ 16,083 (1) Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets. (Dollars in millions) Second Quarter First Six Months Sales by Customer Location 2021 2020 2021 2020 United States and Canada $ 1,197 $ 786 $ 2,201 $ 1,766 Asia Pacific 611 523 1,219 1,018 Europe, Middle East, and Africa 688 526 1,344 1,157 Latin America 157 89 298 224 Total Sales $ 2,653 $ 1,924 $ 5,062 $ 4,165

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivable Sold Under Factoring Arrangement	$ 298	$ 411	$ 587	$ 868

Business Held for Sale (Details

Business Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Loss on business held for sale	$ (495)	$ 0	$ (495)	$ 0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities held for sale	97		97		$ 0
Cash Sale Price	725		725
Tire Additives Product Lines [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	98		98
Disposal Group, Including Discontinued Operation, Inventory, Current	85		85
Disposal Group, Including Discontinued Operation, Other Assets, Current	11		11
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	309		309
Disposal Group, Including Discontinued Operation, Goodwill, Current	399		399
Disposal Group, Including Discontinued Operation, Intangible Assets, Current	381		381
Disposal Group, Including Discontinued Operation, Assets, Current	1,283		1,283
Disposal Group, Including Discontinued Operations, Liabilities, Current, Payables	48		48
Disposal Group, Including Discontinued Operations, Liabilities, Current, Post Employment Obligations	32		32
Disposal Group, Including Discontinued Operations, Liabilities, Current, Other Liabilities	17		17
Liabilities held for sale	97		97
Disposal Group Including Discontinued Operation, Assets, Net, Current	$ 1,186		$ 1,186

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
At FIFO or average cost (approximates current cost) [Abstract]
Finished goods	$ 891	$ 945
Work in process	203	240
Raw materials and supplies	511	580
Total inventories at FIFO or average cost	1,605	1,765
Less: LIFO reserve	226	264
Total inventories	$ 1,379	$ 1,501
Inventories valued on the LIFO method	50.00%	45.00%
LIFO decrement	$ 13

PAYABLES AND OTHER CURRENT LI_3

PAYABLES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Trade creditors	$ 1,059	$ 799
Accrued payroll and variable compensation	188	228
Accrued taxes	183	178
Post-employment obligations	94	138
Other	349	346
Total payables and other current liabilities	$ 1,873	$ 1,689

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Examination [Line Items]
Provision for income taxes	$ 37		$ (31)		$ 99	$ 25
Effective Income Tax Rate Reconciliation, Percent	0.00%	[1]	0.00%	[1]	44.00%	8.00%
Unrecognized Tax Benefits	$ 256				$ 256		$ 257
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount			$ 19			$ 19
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount			$ 7			$ 7
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount	21				21
Minimum [Member]
Income Tax Examination [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 65				$ 65
[1]	The calculated effective tax rates are greater than 100 percent or less than zero percent.

BORROWINGS Part 1 (Details) Sch

BORROWINGS Part 1 (Details) Schedule of Long-term Debt Instruments - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Borrowings		$ 5,548	$ 5,618
Borrowings due within one year		325	349
Long-term borrowings		5,223	5,269
3.5% Notes Due Dec 2021 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 300	299
Debt Instrument, Maturity Date		Dec. 31, 2021
Debt Instrument, Interest Rate, Stated Percentage		3.50%
3.6% notes due August 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 745	744
Debt Instrument, Maturity Date		Aug. 31, 2022
Debt Instrument, Interest Rate, Stated Percentage		3.60%
1.5% notes due May 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	[1]	$ 890	919
Debt Instrument, Maturity Date		May 31, 2023
Debt Instrument, Interest Rate, Stated Percentage		1.50%
7 1/4% debentures due January 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 198	198
Debt Instrument, Maturity Date		Jan. 31, 2024
Debt Instrument, Interest Rate, Stated Percentage		7.25%
7 5/8% debentures due June 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 43	43
Debt Instrument, Maturity Date		Jun. 30, 2024
Debt Instrument, Interest Rate, Stated Percentage		7.625%
3.8% notes due March 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 699	701
Debt Instrument, Maturity Date		Mar. 31, 2025
Debt Instrument, Interest Rate, Stated Percentage		3.80%
1.875% notes due November 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	[1]	$ 590	609
Debt Instrument, Maturity Date		Nov. 30, 2026
Debt Instrument, Interest Rate, Stated Percentage		1.88%
7.60% debentures due February 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 195	195
Debt Instrument, Maturity Date		Feb. 28, 2027
Debt Instrument, Interest Rate, Stated Percentage		7.60%
4.5% Notes Due Dec 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 494	493
Debt Instrument, Maturity Date		Dec. 31, 2028
Debt Instrument, Interest Rate, Stated Percentage		4.50%
4.8% notes due September 2042 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 494	493
Debt Instrument, Maturity Date		Sep. 30, 2042
Debt Instrument, Interest Rate, Stated Percentage		4.80%
4.65% notes due October 2044 [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 875	874
Debt Instrument, Maturity Date		Oct. 31, 2044
Debt Instrument, Interest Rate, Stated Percentage		4.65%
Commercial paper and short-term borrowings [Member]
Debt Instrument [Line Items]
Borrowings due within one year		$ 25	$ 50
[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 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.

BORROWINGS Part 2 (Details) Cre

BORROWINGS Part 2 (Details) Credit Facility and Commercial Paper Borrowings - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Credit Facilities [Abstract]
Borrowings due within one year	$ 325	$ 349
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 0	0
Revolving Credit Facility [Member]
Credit Facilities [Abstract]
Line of Credit Facility, Expiration Date	Oct. 31, 2023
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500
Commercial Paper [Member]
Credit Facilities [Abstract]
Commercial Paper	$ 25	$ 50
Debt, Weighted Average Interest Rate	0.15%	0.25%

BORROWINGS Part 3 (Details) Fai

BORROWINGS Part 3 (Details) Fair Value - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 6,242	$ 6,449
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0	$ 0

DERIVATIVE AND NON-DERIVATIVE_3

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 1 (Details) - Designated as Hedging Instrument [Member] € in Millions, bbl in Millions, MMBTU in Millions, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)bblMMBTU	Jun. 30, 2021EUR (€)	Dec. 31, 2020USD ($)MMBTUbbl	Dec. 31, 2020EUR (€)	Jun. 30, 2021EUR (€)bblMMBTU	Dec. 31, 2020EUR (€)MMBTUbbl	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Foreign Exchange Contract [Member] | Euro Member Countries, Euro | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount | €					€ 471	€ 521
Commodity Contract [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	1		0		1	0
Energy Related Derivative [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU	10		17		10	17
Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 75		$ 75
Interest Rate Contract [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	75		75
1.50% Notes Due 2023 and 1.875% Notes Due 2026 [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments	$ 1,500	€ 1,246	1,500	€ 1,245
Expected Debt Issuance Aug 2020 [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount							$ 25	$ 25	$ 25
Notes Due January 2021, Notes Due August 2022, Notes Due January 2024, Notes Due March 2025, and Notes Due February 2027 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount | €					€ 853	€ 853
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Net Investment Hedging [Member]
Derivative [Line Items]
Debt Instrument, Face Amount | €						€ 152
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Net Investment Hedging [Member]
Derivative [Line Items]
Debt Instrument, Face Amount			$ 180

DERIVATIVE AND NON-DERIVATIVE_4

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 2 (Details) € in Millions, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Derivative Assets [Abstract]
Derivative Asset, Fair Value, Gross Asset	$ 65			$ 47
Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Gross Liability	32			92
Derivative, Fair Value, Net	33			(45)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative Assets [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	14			1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivative Assets [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	1			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative Liabilities [Abstract]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	0			6
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative Assets [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	2			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivative Assets [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	2			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative Liabilities [Abstract]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	6			21
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative Liabilities [Abstract]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	3			14
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative Assets [Abstract]
Fair Value Hedge Assets	1			1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivative Assets [Abstract]
Fair Value Hedge Assets	2			4
Cash Flow Hedge Derivative Instrument Assets at Fair Value	5			1
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivative Assets [Abstract]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value	38			40
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative Assets [Abstract]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value	23			51
Net Investment Hedging [Member] | Euro Member Countries, Euro | 1.50% Notes Due 2023 and 1.875% Notes Due 2026 [Member] | Designated as Hedging Instrument [Member]
Non-Derivatives, Carrying Value [Abstract]
Notional Amount of Nonderivative Instruments	1,500	€ 1,246	€ 1,245	1,500
Fair Value Hedging [Member] | Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Hedged Liability, Fair Value Hedge	772			772
Derivative Liabilities [Abstract]
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	4			5
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ (1)			$ (1)

DERIVATIVE AND NON-DERIVATIVE_5

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 3 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Sales	$ 2,653	$ 1,924	$ 5,062	$ 4,165
Cost of sales	1,972	1,553	3,783	3,217
Net interest expense	51	55	101	107
Amount After Tax of Gain (Loss) Recognized in Other Comprehensive Income On Derivatives, Effective Portion [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax			43		$ (11)
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Change in cumulative translation adjustment, before tax	9	(14)	11	5
Summary of Derivative Instruments [Abstract]
Monetized positions and mark to market in accumulated other comprehensive income before tax	135		135		270
Price Risk Cash Flow Hedge Unrealized Gain to be Reclassified During Next 12 Months	2		2
Commodity Contract [Member] | Cash Flow Hedging [Member]
Amount After Tax of Gain (Loss) Recognized in Other Comprehensive Income On Derivatives, Effective Portion [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	14	19	15	10
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member]
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(5)	(20)	(5)	(21)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Amount After Tax of Gain (Loss) Recognized in Other Comprehensive Income On Derivatives, Effective Portion [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	0	(12)	22	1
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member]
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(5)	6	(10)	12
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Amount After Tax of Gain (Loss) Recognized in Other Comprehensive Income On Derivatives, Effective Portion [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(1)	2	6	3
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Net Interest Expense
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(3)	(3)	(5)	(5)
Interest Rate Contract [Member] | Fair Value Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(4)		(4)		$ (5)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	1	1	1	1
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Net Interest Expense
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Gain (Loss) on Fair Value Hedges Recognized in Earnings	(1)	(1)	(1)	(1)
Foreign Exchange [Member] | Net Investment Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Change in cumulative translation adjustment, before tax	(19)	(30)	50	3
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(5)	1	0	8
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	(10)	(19)	32	(1)
AOCI, Derivative Qualifying as Hedge, Excluded Component	$ 6	$ (3)	$ (5)	$ 38

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Postretirement Benefits Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	3	4	6	9
Expected return on assets	(1)	(1)	(2)	(2)
Prior service credit, net	(10)	(9)	(19)	(19)
Net periodic benefit (credit) cost	(8)	(6)	(15)	(12)
UNITED STATES | Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	6	6	13	13
Interest cost	9	14	18	28
Expected return on assets	(31)	(33)	(63)	(67)
Prior service credit, net	0	0	0	0
Net periodic benefit (credit) cost	(16)	(13)	(32)	(26)
Foreign Plan [Member] | Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	5	4	9	8
Interest cost	3	3	6	7
Expected return on assets	(10)	(8)	(19)	(16)
Prior service credit, net	0	0	0	0
Net periodic benefit (credit) cost	$ (2)	$ (1)	$ (4)	$ (1)

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee Disclosure [Abstract]
Operating Lease, Right-of-Use Asset	$ 159		$ 159		$ 185
Operating Lease, Right-of-Use Asset, Reclassified	9		9		9
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	31		31
Lessee, Operating Lease, Liability, Payments, Due Year Two	48		48
Lessee, Operating Lease, Liability, Payments, Due Year Three	34		34
Lessee, Operating Lease, Liability, Payments, Due Year Four	20		20
Lessee, Operating Lease, Liability, Payments, Due Year Five	13		13
Lessee, Operating Lease, Liability, Payments, Due after Year Five	31		31
Lessee, Operating Lease, Liability, Payments, Due	177		177
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	16		16
Operating Lease, Liability	161		161
Operating Lease, Liability, Current	53		53
Operating Lease, Liability, Noncurrent	108		108
Lease, Cost [Abstract]
Operating Lease, Cost	18	$ 18	36	$ 37
Short-term Lease, Cost	11	10	19	19
Sublease Income	(1)	(1)	(2)	(2)
Lease, Cost	28	27	53	54
Operating Lease, Payments	18	18	35	36
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 26	$ 14	$ 34	$ 30
Operating Lease, Weighted Average Remaining Lease Term	5 years	5 years	5 years	5 years
Operating Lease, Weighted Average Discount Rate, Percent	3.50%	3.90%	3.50%	3.90%
Other Prepaid Expense, Current	$ 8		$ 8		$ 9

ENVIRONMENTAL MATTERS AND ASS_3

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Site Contingency [Line Items]
Best Estimate Accrued to-date For Asset Retirement Obligation		$ 28
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of period	$ 285
End of period	286	285
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract]
Accrued Environmental Loss Contingencies, Current	15	15
Accrued Environmental Loss Contingencies, Noncurrent	271	270
Environmental Remediation [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of period	257	260
Changes in estimates recognized in earnings and other	7	7
Cash reductions	(6)	(10)
End of period	$ 258	257
Expected Payment Period of Environmental Contingencies	approximately 30 years
Environmental Remediation [Member] | Minimum [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 258	257
Environmental Remediation [Member] | Maximum [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	482	501
Environmental ARO [Member]
Site Contingency [Line Items]
Best Estimate Accrued to-date For Asset Retirement Obligation	28
Non Environmental ARO [Member]
Site Contingency [Line Items]
Best Estimate Accrued to-date For Asset Retirement Obligation	$ 51	$ 51

STOCKHOLDERS' EQUITY Part 1 (De

STOCKHOLDERS' EQUITY Part 1 (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Dividends, Per Share	$ 0.69		$ 0.66		$ 1.38		$ 1.32
Stockholders' Equity Attributable to Parent	$ 5,944				$ 5,944				$ 6,023
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	6,028		$ 6,098		6,028		$ 6,098		6,108	$ 6,319	$ 6,192	$ 6,032
Net earnings attributable to Eastman	(146)		27		128		285
Net earnings attributable to noncontrolling interest	2		3		5		5
Net earnings (loss) including noncontrolling interest	(144)		30		133		290
Cash dividends declared	(94)	[1]	(89)	[1]	(188)	[2]	(179)	[2]
Other Comprehensive Income	15		(12)		40		5		(59)
Share-based Compensation Expense	18	[3]	5	[3]	40	[4]	20	[4]
Stock Option Exercises	21		3		59		3
Other	(3)		2		(19)		(10)
Share Repurchases	(100)		(30)		(140)		(60)
Distributions to Noncontrolling Interest	(4)		(3)		(5)		(3)
Retained earnings	8,020		8,071		8,020		8,071		8,080	8,260	8,133	7,965
Common Stock [Member]
Stockholders' Equity Attributable to Parent	2		2		2		2		2	2	2	2
Net earnings attributable to Eastman	0		0		0		0
Cash dividends declared	0	[1]	0	[1]	0	[2]	0	[2]
Other Comprehensive Income	0		0		0		0
Share-based Compensation Expense	0	[3]	0	[3]	0	[4]	0	[4]
Stock Option Exercises	0		0		0		0
Other	0		0		0		0
Share Repurchases	0		0		0		0
Distributions to Noncontrolling Interest	0		0		0		0
Additional Paid-in Capital [Member]
Stockholders' Equity Attributable to Parent	2,255		2,117		2,255		2,117		2,174	2,219	2,109	2,105
Net earnings attributable to Eastman	0		0		0		0
Cash dividends declared	0	[1]	0	[1]	0	[2]	0	[2]
Other Comprehensive Income	0		0		0		0
Share-based Compensation Expense	18	[3]	5	[3]	40	[4]	20	[4]
Stock Option Exercises	21		3		59		3
Other	(3)		0		(18)	[5]	(11)	[5]
Share Repurchases	0		0		0		0
Distributions to Noncontrolling Interest	0		0		0		0
Retained Earnings [Member]
Stockholders' Equity Attributable to Parent	8,020		8,071		8,020		8,071		8,080	8,260	8,133	7,965
Net earnings attributable to Eastman	(146)		27		128		285
Cash dividends declared	(94)	[1]	(89)	[1]	(188)	[2]	(179)	[2]
Other Comprehensive Income	0		0		0		0
Share-based Compensation Expense	0	[3]	0	[3]	0	[4]	0	[4]
Stock Option Exercises	0		0		0		0
Other	0		0		0		0
Share Repurchases	0		0		0		0
Distributions to Noncontrolling Interest	0		0		0		0
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity Attributable to Parent	(233)		(209)		(233)		(209)		(273)	(248)	(197)	(214)
Net earnings attributable to Eastman	0		0		0		0
Cash dividends declared	0	[1]	0	[1]	0	[2]	0	[2]
Other Comprehensive Income	15		(12)		40		5
Share-based Compensation Expense	0	[3]	0	[3]	0	[4]	0	[4]
Stock Option Exercises	0		0		0		0
Other	0		0		0		0
Share Repurchases	0		0		0		0
Distributions to Noncontrolling Interest	0		0		0		0
Treasury Stock [Member]
Stockholders' Equity Attributable to Parent	(4,100)		(3,960)		(4,100)		(3,960)		(3,960)	(4,000)	(3,930)	(3,900)
Net earnings attributable to Eastman	0		0		0		0
Cash dividends declared	0	[1]	0	[1]	0	[2]	0	[2]
Other Comprehensive Income	0		0		0		0
Share-based Compensation Expense	0	[3]	0	[3]	0	[4]	0	[4]
Stock Option Exercises	0		0		0		0
Other	0		0		0		0
Share Repurchases	(100)		(30)		(140)		(60)
Distributions to Noncontrolling Interest	0		0		0		0
Parent [Member]
Stockholders' Equity Attributable to Parent	5,944		6,021		5,944		6,021		6,023	6,233	6,117	5,958
Net earnings attributable to Eastman	(146)		27		128		285
Cash dividends declared	(94)	[1]	(89)	[1]	(188)	[2]	(179)	[2]
Other Comprehensive Income	15		(12)		40		5
Share-based Compensation Expense	18	[3]	5	[3]	40	[4]	20	[4]
Stock Option Exercises	21		3		59		3
Other	(3)		0		(18)		(11)
Share Repurchases	(100)		(30)		(140)		(60)
Distributions to Noncontrolling Interest	0		0		0		0
Noncontrolling Interest [Member]
Stockholders' Equity Attributable to Parent	84		77		84		77		$ 85	$ 86	$ 75	$ 74
Net earnings attributable to noncontrolling interest	2		3		5		5
Cash dividends declared	0	[1]	0	[1]	0	[2]	0	[2]
Other Comprehensive Income	0		0		0		0
Share-based Compensation Expense	0	[3]	0	[3]	0	[4]	0	[4]
Stock Option Exercises	0		0		0		0
Other	0		2		(1)		1
Share Repurchases	0		0		0		0
Distributions to Noncontrolling Interest	$ (4)		$ (3)		$ (5)		$ (3)
[1]	Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.
[2]	Cash dividends declared consists of cash dividends paid and dividends declared but unpaid.
[3]	Share-based compensation expense is based on the fair value of share-based awards.
[4]	Share-based compensation expense is based on the fair value of share-based awards.
[5]	Additional paid-in capital includes value of shares withheld for employees' taxes on vesting of share-based compensation awards

STOCKHOLDERS' EQUITY Part 2 AOC

STOCKHOLDERS' EQUITY Part 2 AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Translation Adjustment	$ (282)		$ (282)		$ (293)	$ (264)
Change in cumulative translation adjustment	9	$ (14)	11	$ 5	(29)
Benefit Plans Unrecognized Prior Service Credits	73		73		87	106
Change in Benefit Plans Unrecognized Prior Service Credits			(14)		(19)
Unrealized Gains (Losses) on Derivative Instruments	(23)		(23)		(66)	(55)
Change in Unrealized Gains (Losses) on Derivative Instruments			43		(11)
Unrealized Losses on Investments	(1)		(1)		(1)	(1)
Change in Unrealized Losses on Investments			0		0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(233)		(233)		(273)	$ (214)
Total other comprehensive income (loss), net of tax	$ 15	$ (12)	$ 40	$ 5	$ (59)

STOCKHOLDERS' EQUITY Part 3 OCI

STOCKHOLDERS' EQUITY Part 3 OCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other Comprehensive Income (Loss), before Tax [Abstract]
Change in cumulative translation adjustment, before tax	$ 9	$ (14)	$ 11	$ 5
Amortization of unrecognized prior service credits included in net periodic costs, before tax	(10)	(9)	(19)	(19)
Unrealized gain (loss), before tax	6	(5)	39	5
Reclassification adjustment for (gain) loss included in net income, before tax	12	17	19	14
Total other comprehensive income (loss), before tax	17	(11)	50	5
Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustment	9	(14)	11	5	$ (29)
Amortization of unrecognized prior service credits	(7)	(7)	(14)	(14)
Unrealized gain (loss)	4	(3)	29	4
Reclassification adjustment for (gains) losses included in net income, net	9	12	14	10
Total other comprehensive income (loss), net of tax	$ 15	$ (12)	$ 40	$ 5	$ (59)

EARNINGS AND DIVIDENDS PER SH_3

EARNINGS AND DIVIDENDS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net earnings attributable to Eastman	$ (146)	$ 27	$ 128	$ 285
Weighted average shares used for basic EPS (in shares)	135,900,000	135,300,000	136,000,000	135,600,000
Dilutive effect of stock options and other awards	0	800,000	1,800,000	800,000
Weighted average shares used for diluted EPS (in shares)	135,900,000	136,100,000	137,800,000	136,400,000
Earnings Per Share, Basic	$ (1.07)	$ 0.20	$ 0.94	$ 2.10
Earnings Per Share, Diluted	$ (1.07)	$ 0.20	$ 0.93	$ 2.09
Underlying options excluded from the computation of diluted earnings per share (in shares)	327,782	3,735,978	0	3,920,216
Shares repurchased (in shares)	833,580	623,751	1,188,375	1,134,052
Cash dividends declared (per share)	$ 0.69	$ 0.66	$ 1.38	$ 1.32

ASSETS IMPAIRMENTS AND RESTRU_3

ASSETS IMPAIRMENTS AND RESTRUCTURING (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended		12 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		$ 0		$ 123	$ 0	$ 125
Impairment of Long-Lived Assets to be Disposed of		5		13	5	20
Other Asset Impairment Charges		0		0	(1)	0
Severance Costs		0		2	1	7
Business Exit Costs		10		3	17	3
Total		15		141	22	155
Restructuring Charge [Roll Forward]
Balance at Beginning of Period			$ 79		79	28	$ 28
Provision / Adjustments					22		227
Non-cash Reductions					4		(144)
Cash Reductions					(47)		(32)
Balance at End of Period		50			50		79
Facility Closing [Member]
Restructuring Charge [Roll Forward]
Balance at Beginning of Period			14		14	11	11
Provision / Adjustments					16		17
Restructuring Reserve, Accrual Adjustment					1		0
Cash Reductions					(9)		(14)
Balance at End of Period		22			22		14
Employee Severance [Member]
Restructuring Charge [Roll Forward]
Balance at Beginning of Period			65		65	17	17
Provision / Adjustments					1		65
Restructuring Reserve, Accrual Adjustment					0		1
Cash Reductions					(38)		(18)
Balance at End of Period		28			28		65
Non-Cash Charges [Member]
Restructuring Charge [Roll Forward]
Balance at Beginning of Period			0		0	0	0
Provision / Adjustments					5		145
Non-cash Reductions					(5)		(145)
Cash Reductions					0		0
Balance at End of Period		0			0		$ 0
Additives And Functional Products [Member] | Customer-Related Intangible Assets [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	[1]	0		0	0	2
Additives And Functional Products [Member] | Trade Names [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	[2]	0		123	0	123
Site Closure North America 2020 [Member] | Advanced Materials [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Long-Lived Assets to be Disposed of	[3]	0		0	0	4
Severance Costs	[3]	0		0	0	3
Site Closure Asia Pacific [Member] | Additives And Functional Products [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Long-Lived Assets to be Disposed of	[4]	0		0	0	3
Other Asset Impairment Charges	[4]	0		0	(1)	0
Severance Costs	[4]	0		0	0	1
Site Closure Singapore 2019 [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	[5]	0		2	0	3
Restructuring Charge [Roll Forward]
Other Restructuring Costs	[5]	8		0	13	0
Restructuring and Related Cost, Expected Cost		50			50
Restructuring Charges			6
Site Closure Singapore 2019 [Member] | Additives And Functional Products [Member]
Restructuring Charge [Roll Forward]
Other Restructuring Costs		1			1
Site Closure Singapore 2019 [Member] | Chemical Intermediates [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		2			1
Restructuring Charge [Roll Forward]
Other Restructuring Costs		7			4
Site Closure Asia Pacific Tire Additives [Member] | Additives And Functional Products [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Long-Lived Assets to be Disposed of	[6]	4		5	4	5
Restructuring Charge [Roll Forward]
Other Restructuring Costs	[6]	0		0	2	0
Site Closure Advanced Interlayers North America 2020 | Advanced Materials [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Long-Lived Assets to be Disposed of	[7]	1		0	1	0
Severance Costs	[7]	0		0	1	0
Restructuring Charge [Roll Forward]
Other Restructuring Costs	[7]	2		0	2	0
Restructuring and Related Cost, Accelerated Depreciation		4			4
Restructuring and Related Cost, Expected Cost		30			30
Restructuring Charges			$ 13
Polyester Based Fibers [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of Long-Lived Assets to be Disposed of	[8]	0		8	0	8
Restructuring Charge [Roll Forward]
Other Restructuring Costs	[8]	$ 0		$ 3	$ 0	$ 3
[1]	Intangible asset impairment charge in the AFP segment for customer relationships.
[2]	Intangible asset impairment charges in the AFP segment tire additives business to reduce the carrying values of the Crystex TM and Santoflex TM tradenames to the estimated fair values. The estimated fair values were determined using an income approach, specifically, the relief from royalty method, including some unobservable inputs. The impairments were primarily the result of weakened demand in the transportation markets impacted by COVID-19 and increased competitive pricing pressure as a result of global capacity increases.
[3]	Fixed asset impairments and severance in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization.
[4]	Fixed asset impairments, net and severance in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization.
[5]	Severance charges in second quarter and first six months 2020 of $2 million and $1 million, respectively, in the Chemical Intermediates ("CI") segment, contract termination fees in second quarter 2021 of $7 million and $1 million in the CI segment and AFP segment, respectively, and site closure costs in first six months 2021 of $4 million and $1 million in the CI and AFP segments, respectively, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. Excluding the fixed asset impairments in 2019, restructuring charges of up to $50 million are expected for this closure, of which $6 million was recognized in 2020.
[6]	Asset impairments and site closure costs in the AFP segment from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization .
[7]	Asset impairments, severance charges, 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 six months 2021 related to the closure of this facility. Management expects total charges of up to $30 million for the closure of this facility, primarily reported in "Cost of sales" and in "Asset impairments and restructuring charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings, of which $13 million was recognized in 2020.
[8]	Fixed asset impairments and contract termination fees resulting from management's decision to discontinue growth initiatives for polyester based microfibers, including Avra TM performance fibers, the financial results of which were not allocated to an operating segment and reported in "Other".

SHARE-BASED COMPENSATION AWAR_2

SHARE-BASED COMPENSATION AWARDS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expense	$ 18	$ 5	$ 40	$ 20
Share-based Payment Arrangement, Expense, after Tax	$ 13	$ 4	$ 30	$ 15

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Other current assets	$ (33)	$ 11
Other noncurrent assets	8	9
Payables and other current liabilities	69	(7)
Long-term liabilities and equity	62	61
Total	$ 106	$ 74

SEGMENT AND REGIONAL SALES IN_3

SEGMENT AND REGIONAL SALES INFORMATION (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | Segment				4
Sales [Abstract]
Sales		$ 2,653	$ 1,924	$ 5,062	$ 4,165
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		(56)	54	333	422
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	16,098		16,098		$ 16,083
Operating Segments [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		(44)	74	351	450
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	14,154		14,154		14,175
Growth Initiatives and Businesses not Allocated to Segments [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		(39)	(28)	(68)	(51)
Pension and OPEB Costs Not Allocated to Operating Segments [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		27	20	54	41
Other Nonoperating Income (Expense) [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		0	(1)	(4)	(7)
Restructuring and acquisition integration and transaction costs [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		0	(11)	0	(11)
Additives And Functional Products [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		(368)	(56)	(233)	87
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	5,952		5,952		6,238
Additives And Functional Products [Member] | Operating Segments [Member]
Sales [Abstract]
Sales		925	685	1,796	1,507
Advanced Materials [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		150	64	296	164
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	4,322		4,322		4,345
Advanced Materials [Member] | Operating Segments [Member]
Sales [Abstract]
Sales		769	567	1,485	1,182
Chemical Intermediates [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		137	20	206	100
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	2,889		2,889		2,614
Chemical Intermediates [Member] | Operating Segments [Member]
Sales [Abstract]
Sales		736	461	1,341	1,053
Fibers [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes		37	46	82	99
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	991		991		978
Fibers [Member] | Operating Segments [Member]
Sales [Abstract]
Sales		223	211	440	423
Corporate and Other
Segment Reporting Information, Additional Information [Abstract]
Assets by Segment	[1]	1,944		1,944		$ 1,908
North America [Member]
Sales [Abstract]
Sales		1,197	786	2,201	1,766
Asia Pacific [Member]
Sales [Abstract]
Sales		611	523	1,219	1,018
EMEA [Member]
Sales [Abstract]
Sales		688	526	1,344	1,157
Latin America [Member]
Sales [Abstract]
Sales		$ 157	$ 89	$ 298	$ 224
[1]	Segment assets include accounts receivable, inventory, fixed assets, goodwill, and intangible assets.