Eastman Chemical (EMN) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	117,649,499
Entity Central Index Key	0000915389
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
1.875% 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
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Sales	$ 2,310	$ 2,412
Cost of sales	1,778	1,883
Gross profit	532	529
Selling, general and administrative expenses	191	191
Research and development expenses	59	62
Asset impairments and restructuring charges, net	11	22
Other components of post-employment (benefit) cost, net	(5)	(3)
Other (income) charges, net	13	11
Earnings before interest and taxes	263	246
Net interest expense	49	52
Earnings before income taxes	214	194
Provision for income taxes	49	60
Net earnings	165	134
Less: Net earnings attributable to noncontrolling interest	0	0
Net earnings attributable to Eastman	$ 165	$ 134
Earnings Per Share, Basic [Abstract]
Basic earnings per share attributable to Eastman	$ 1.40	$ 1.13
Diluted earnings per share attributable to Eastman
Diluted earnings per share attributable to Eastman	$ 1.39	$ 1.12
Comprehensive Income
Net earnings including noncontrolling interest	$ 165	$ 134
Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustment	(10)	(1)
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits	(2)	(5)
Derivatives and hedging:
Unrealized gain (loss) during period	4	(7)
Reclassification adjustment for (gains) losses included in net income, net	(1)	(2)
Total other comprehensive income (loss), net of tax	(9)	(15)
Comprehensive income including noncontrolling interest	156	119
Less: Net earnings attributable to noncontrolling interest	0	0
Comprehensive income attributable to Eastman	156	119
Retained Earnings
Retained earnings at beginning of period	9,490	8,973
Net earnings attributable to Eastman	165	134
Cash dividends declared	(96)	(94)
Retained earnings at end of period	$ 9,559	$ 9,013

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 499	$ 548
Trade receivables, net of allowance for credit losses	926	826
Miscellaneous receivables	348	328
Inventories	1,769	1,683
Other current assets	96	96
Total current assets	3,638	3,481
Properties
Properties and equipment at cost	13,651	13,574
Less: Accumulated depreciation	8,116	8,026
Net properties	5,535	5,548
Goodwill	3,644	3,646
Intangible assets, net of accumulated amortization	1,110	1,138
Other noncurrent assets	821	820
Total assets	14,748	14,633
Current liabilities
Payables and other current liabilities	1,878	2,035
Borrowings due within one year	740	541
Total current liabilities	2,618	2,576
Long-term borrowings	4,340	4,305
Deferred income tax liabilities	588	601
Post-employment obligations	663	667
Other long-term liabilities	931	954
Total liabilities	9,140	9,103
Stockholders' equity
Common stock ($0.01 par value – 350,000,000 shares authorized; shares issued – 223,068,055 and 222,762,317 as of March 31, 2024 and December 31, 2023, respectively)	2	2
Additional paid-in capital	2,388	2,368
Retained earnings	9,559	9,490
Accumulated other comprehensive income (loss)	(328)	(319)
Stockholder's Equity before Treasury Stock	11,621	11,541
Less: Treasury stock at cost (105,469,354 shares as of March 31, 2024 and December 31, 2023)	6,083	6,083
Total Eastman stockholders' equity	5,538	5,458
Noncontrolling interest	70	72
Total equity	5,608	5,530
Total liabilities and stockholders' equity	$ 14,748	$ 14,633
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	350,000,000
Common stock, shares issued (in shares)	223,068,055	222,762,317
Treasury stock at cost (in shares)	105,469,354	105,469,354

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net earnings	$ 165	$ 134
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	127	141
Benefit from deferred income taxes	(17)	(7)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
(Increase) decrease in trade receivables	(105)	(91)
(Increase) decrease in inventories	(100)	(44)
Increase (decrease) in trade payables	49	(132)
Pension and other postretirement contributions (in excess of) less than expenses	(19)	(19)
Variable compensation payments (in excess of) less than expenses	(78)	(16)
Other items, net	(38)	32
Net cash used in operating activities	(16)	(2)
Investing activities
Additions to properties and equipment	(185)	(174)
Proceeds from sale of businesses	0	16
Acquisition, net of cash acquired	0	(73)
Additions to capitalized software	(1)	(2)
Other items, net	7	(19)
Net cash used in investing activities	(179)	(252)
Financing activities
Net decrease in commercial paper and other borrowings	0	(326)
Proceeds from borrowings	742	796
Repayment of borrowings	(498)	0
Dividends paid to stockholders	(95)	(94)
Other items, net	(1)	(19)
Net cash provided by financing activities	148	357
Effect of exchange rate changes on cash and cash equivalents	(2)	3
Net change in cash and cash equivalents	(49)	106
Cash and cash equivalents at beginning of period	548	493
Cash and cash equivalents at end of period	$ 499	$ 599

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Notes)	3 Months Ended
	Mar. 31, 2024
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 2023 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, 2023 financial position data included herein was derived from the consolidated financial statements included in the 2023 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary for the fair statement of the interim financial information in conformity with GAAP. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of business ventures in which Eastman has a controlling interest. 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. Recently Adopted Accounting Standards Accounting Standards Update ("ASU") 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions : On January 1, 2024, Eastman adopted this update, which states that when measuring the fair value of an asset or a liability, a reporting entity should consider the characteristics of the asset or liability, including restrictions on the sale of the asset or liability, if a market participant also would take those characteristics into account. Key to that determination is the unit of account for the asset or liability being measured at fair value. The adoption did not have a significant impact on the Company's financial statements and related disclosures. Accounting Standards Issued But Not Adopted as of March 31, 2024 ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures : The Financial Accounting Standards Board ("FASB") issued this update in November 2023, which requires enhanced disclosures regarding significant segment expenses and other segment items for public entities on both an annual and interim basis. Specifically, the update requires that entities provide, during interim periods, all disclosures related to a reportable segment's profit or loss and assets that were previously required only on an annual basis. Additionally, this guidance necessitates the disclosure of the title and position of the Chief Operating Decision Maker ("CODM"). The new guidance does not modify how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Management is currently evaluating the impact on the Company's financial statements and related disclosures. ASU 2023-05 Business Combination - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement : The FASB issued this update in August 2023, which states that a joint venture must initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. This ASU should be applied prospectively and is effective for all newly formed joint venture entities with a formation date on or after January 1, 2025. Early adoption is permitted, and joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Management is currently evaluating the impact on the Company's financial statements and related disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures : The FASB issued this update in December 2023, which modifies income tax disclosure requirements. The updated guidance requires entities to provide more detailed information including specific categories in the income tax rate reconciliation, and the breakdown of income or loss from continuing operations before income tax expense or benefit, for both domestic and foreign operations. Additionally, entities must disclose income tax expense or benefit from continuing operations, categorized by federal, state, and foreign taxes. The guidance further requires disclosure of income tax payments to various jurisdictions. This ASU is effective for fiscal periods beginning after December 15, 2024, and early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures. Working Capital Management and Off Balance Sheet Arrangements The Company has off balance sheet, uncommitted accounts receivable factoring programs under which entire invoices may be sold to third-party financial institutions. The vast majority of these programs are without recourse. Under these programs, 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 programs, 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 programs also require that the Company continue to service, administer, and collect the sold accounts receivable at market rates. The total amounts sold under the program in first quarter 2024 and 2023 were $698 million and $677 million, respectively. The Company works with suppliers to optimize payment terms and conditions on accounts payable to enhance timing of working capital and cash flows. Under a supplier finance program, the Company's suppliers may voluntarily sell receivables due from Eastman to a participating financial institution. Eastman's responsibility is limited to making payments on the terms originally negotiated with suppliers, regardless of whether the suppliers sell their receivables to the financial institution. The range of payment terms Eastman negotiates with suppliers are consistent, regardless of whether a supplier participates in the program. No fees are paid by Eastman for the supplier finance platform or services fees. Eastman or the financial institution may terminate the program at any time with immediate effect upon 90 days' notice. Confirmed obligations in the supplier finance program of $79 million and $69 million at March 31, 2024 and December 31, 2023, respectively, are included in "Payables and other current liabilities" on the Unaudited Consolidated Statements of Financial Position.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES March 31, December 31, (Dollars in millions) 2024 2023 Finished goods $ 1,247 $ 1,193 Work in process 307 293 Raw materials and supplies 636 618 Total inventories at FIFO or average cost 2,190 2,104 Less: LIFO reserve 421 421 Total inventories $ 1,769 $ 1,683 Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both March 31, 2024 and December 31, 2023.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	INCOME TAXES First Quarter (Dollars in millions) 2024 2023 $ % $ % Provision for income taxes and tax rate $ 49 23 % $ 60 31 % First quarter 2024 provision for income taxes includes a decrease related to the foreign rate variance due to the Company's mix of earnings, partially offset by an increase related to uncertain tax positions. First quarter 2023 provision for income taxes included a $23 million increase as a result of state guidance issued in first quarter 2023 interpreting certain provisions of the 2017 Tax Cuts and Jobs Act. At March 31, 2024 and December 31, 2023, Eastman had $325 million and $320 million, respectively, in unrecognized tax benefits. At March 31, 2024, it is reasonably possible that, as a result of the resolution of federal, state, and foreign examinations and appeals, and the expiration of various statutes of limitation, the total amounts of unrecognized tax benefits could decrease by up to $140 million within the next 12 months.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	BORROWINGS March 31, December 31, (Dollars in millions) 2024 2023 Borrowings consisted of: 7.25% debentures due January 2024 $ — $ 198 7.625% debentures due June 2024 43 43 3.80% notes due March 2025 697 696 1.875% notes due November 2026 (1) 538 550 7.60% debentures due February 2027 196 196 4.5% notes due December 2028 496 495 5.75% notes due March 2033 (2) 496 496 5.625% notes due February 2034 742 — 4.8% notes due September 2042 495 495 4.65% notes due October 2044 878 878 2024 Term Loan — 300 2027 Term Loan 499 499 Total borrowings 5,080 4,846 Less: Borrowings due within one year 740 541 Long-term borrowings $ 4,340 $ 4,305 (1) The carrying value of the euro-denominated 1.875% notes due November 2026 fluctuates with changes in the euro to U.S. dollar exchange rate. The carrying value of this euro-denominated borrowing has been designated as a non-derivative net investment hedge of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations. (2) Net proceeds from the bond issuance were used to finance or refinance eligible green investment initiatives, which contribute to Eastman's environmental sustainability strategy (a green bond). In first quarter 2024, the Company issued $750 million aggregate principal amount of 5.625% notes due February 2034 (the "2034 Notes"). Proceeds from the sale of the 2034 Notes, net of original issue discounts and issuance costs, were $742 million. The Company also repaid the $198 million 7.25% debentures due January 2024 during first quarter 2024. There were no debt extinguishment costs associated with the repayment. Both the proceeds from the 2034 Notes and the redemption of the debentures are reported under financing activities on the Unaudited Consolidated Statements of Cash Flows. Credit Facility, Term Loans, and Commercial Paper Borrowings The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility"). In February 2024, the Credit Facility was amended to extend the maturity to February 2029. All other material terms of the Credit Facility remain unchanged. Borrowings under the Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. The Credit Facility includes sustainability-linked pricing terms, provides available liquidity for general corporate purposes, and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At March 31, 2024 and December 31, 2023, the Company had no outstanding borrowings under the Credit Facility and no commercial paper borrowings. In first quarter 2024, the Company repaid the $300 million delayed draw two-year term loan (the "2024 Term Loan"). There were no extinguishment costs associated with the repayment of this term loan. The outstanding balance on the $500 million term loan that matures in 2027 (the "2027 Term Loan") was $499 million at both March 31, 2024 and December 31, 2023, with variable interest rates of 6.55% and 6.58%, respectively. The 2027 Term Loan is subject to interest at varying spreads above quoted market rates. The Credit Facility and the 2027 Term Loan contain customary covenants, including requirements to maintain certain financial ratios, that determine the events of default, amounts available, and terms of borrowings. The Company was in compliance with all applicable covenants at both March 31, 2024 and December 31, 2023. Fair Value of Borrowings Eastman has classified its total borrowings at March 31, 2024 and December 31, 2023 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 2023 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 2027 Term Loan equals the carrying value and is classified as Level 2. The Company's fair value of total borrowings was $4.9 billion at March 31, 2024 and $4.7 billion December 31, 2023. The Company had no borrowings classified as Level 1 or Level 3 as of March 31, 2024 and December 31, 2023.

DERIVATIVE AND NON-DERIVATIVE F

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
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, raw material and energy 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 the Company's hedging programs, see Note 10, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K . Cash Flow Hedges Cash flow hedges are derivative instruments designated as and used to hedge the exposure to variability in expected future cash flows that are attributable to a particular risk. The derivative instruments that are designated and qualify as a cash flow hedge are reported on the balance sheet at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated cash flows of the underlying exposures being hedged. The change in the hedge instrument is reported as a component of "Accumulated other comprehensive income (loss)" ("AOCI") on the Unaudited Consolidated Statements of Financial Position and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from cash flow hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Fair Value Hedges Fair value hedges are defined as derivative or non-derivative instruments designated as and used to hedge the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk. The derivative instruments that are designated and qualify as fair value hedges are reported as "Long-term borrowings" on the Unaudited Consolidated Statements of Financial Position at fair value and the changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated fair value of the underlying exposures being hedged. The net of the change in the hedge instrument and item being hedged for qualifying fair value hedges is recognized in earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from fair value hedges are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Net Investment Hedges Net investment hedges are defined as derivative or non-derivative instruments designated as and used to hedge the foreign currency exposure of the net investments in certain foreign operations. The net of the change in the hedge instrument and item being hedged for qualifying net investment hedges is reported as a component of the "Cumulative Translation Adjustment" ("CTA") within AOCI on the Unaudited Consolidated Statements of Financial Position. Cash flows from the CTA component are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Recognition in earnings of amounts previously recognized in CTA is limited to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. In the event of a complete or substantially complete liquidation of the net investment, cash flows from net investment hedges are classified as investing activities in the Unaudited Consolidated Statements of Cash Flows. For derivative cross-currency interest rate swap net investment hedges, gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in CTA within AOCI and recognized in earnings through the periodic swap interest accruals. The cross-currency interest rate swaps designated as net investment hedges are included as part of "Other long-term liabilities", "Other noncurrent assets", "Payables and other current liabilities", or "Other current assets" on the Unaudited Consolidated Statements of Financial Position. Cash flows from excluded components are classified as operating activities in the Unaudited Consolidated Statements of Cash Flows. Eastman enters into fixed-to-fixed cross-currency swaps and designates these swaps to hedge a portion of its net investment in a non-U.S. dollar functional currency denominated subsidiary against foreign currency fluctuations. These contracts involve the exchange of fixed U.S. dollars with fixed foreign currency interest payments periodically over the life of the contracts and an exchange of the notional amounts at maturity. In first quarter 2024, in conjunction with the repayment of the 7.25% debentures due January 2024, the Company terminated fixed-to-fixed cross-currency swaps of $190 million (€165 million) maturing January 2024. The termination of the cross-currency swap resulted in a $9 million gain recognized in CTA. The related cash flows were classified as investing activities in the Unaudited Consolidated Statements of Cash Flows. Additionally, in first quarter 2024, Eastman entered into fixed-to-fixed cross-currency swaps of $50 million (€46 million) maturing December 2028, $200 million (€184 million) maturing September 2029, and $250 million (€230 million) maturing February 2034. Summary of Financial Position and Financial Performance of Hedging Ins truments The following table presents the notional amounts outstanding at March 31, 2024 and December 31, 2023 associated with Eastman's hedging programs. Notional Outstanding March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign Exchange Forward and Option Contracts (in millions) EUR/USD (in EUR) €393 €405 Commodity Forward and Collar Contracts Energy (in million british thermal units) 6 11 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) €1,648 €1,354 JPY/USD (in JPY) ¥7,385 ¥7,385 Non-derivatives designated as net investment hedges: Foreign Currency Net Investment Hedges (in millions) EUR/USD (in EUR) €498 €498 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 compares a subset of its valuations against valuations received from counterparties to validate the accuracy of its standard pricing models. The Company had no derivatives classified as Level 3 as of March 31, 2024 and December 31, 2023. 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 first quarter 2024 or 2023. All the Company's derivative contracts are subject to master netting arrangements, or similar agreements, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company does not have any cash collateral due under such agreements. The Company has elected to present derivative contracts on a gross basis on the Unaudited Consolidated Statements of Financial Position. The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are on the Unaudited Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023. The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis (Dollars in millions) Derivative Type Statements of Financial Level 2 March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign exchange contracts Other current assets 3 — Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Other current assets — 1 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other current assets 10 8 Cross-currency interest rate swaps Other noncurrent assets 22 18 Total Derivative Assets $ 35 $ 27 Derivatives designated as cash flow hedges: Commodity contracts Payables and other current liabilities $ 1 $ 19 Foreign exchange contracts Payables and other current liabilities 2 8 Foreign exchange contracts Other long-term liabilities 1 2 Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Payables and other current liabilities 3 — Fixed-for-floating interest rate swap Long-term borrowings — 3 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Payables and other current liabilities 4 — Cross-currency interest rate swaps Other long-term liabilities 43 61 Total Derivative Liabilities $ 54 $ 93 Total Net Derivative Assets (Liabilities) $ (19) $ (66) In addition to the fair value associated with derivative instruments designated as cash flow hedges, fair value hedges, and net investment hedges, the Company had non-derivative instruments designated as foreign currency net investment hedges with a carrying value of $538 million at March 31, 2024 and $550 million at December 31, 2023. The designated foreign currency-denominated borrowings are included as part of "Borrowings due within one year" and "Long-term borrowings" on the Unaudited Consolidated Statements of Financial Position. For additional fair value measurement information, see Note 1, "Significant Accounting Policies", and Note 10, "Derivative and Non-Derivative Financial Instruments", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K . As of March 31, 2024 and December 31, 2023, the following amounts were included on the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges. (Dollars in millions) Carrying amount of the hedged liabilities Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability Line item on the Unaudited Consolidated Statements of Financial Position in which the hedged item is included March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Borrowings due within one year $ 72 $ — $ (3) $ — Long-term borrowings — 72 — (3) 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 first quarter 2024 and 2023. Change in amount of after tax gain (loss) recognized in OCI on derivatives Pre-tax amount of gain (loss) reclassified from AOCI into earnings (Dollars in millions) First Quarter First Quarter Hedging Relationships 2024 2023 2024 2023 Derivatives in cash flow hedging relationships: Commodity contracts $ (4) $ (3) $ — $ (1) Foreign exchange contracts 7 (7) 2 5 Forward starting interest rate and treasury lock swap contracts — 1 (1) (1) Non-derivatives in net investment hedging relationships (pre-tax): Net investment hedges 12 (27) — — Derivatives in net investment hedging relationships (pre-tax): Cross-currency interest rate swaps 39 (17) — — Cross-currency interest rate swaps excluded component (10) 1 — — The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first quarter 2024 and 2023. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships First Quarter 2024 2023 (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 $ 2,310 $ 1,778 $ 49 $ 2,412 $ 1,883 $ 52 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 (1) (1) Commodity Contracts: Amount reclassified from AOCI into earnings — (1) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings 2 5 The Company enters into foreign exchange derivatives denominated in multiple currencies which are transacted and settled in the same quarter. These derivatives are not designated as hedges due to the short-term nature and the gains or losses on these derivatives are marked-to-market in line item "Other (income) charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. As a result of these derivatives, the Company recognized a net loss of $5 million during both first quarter 2024 and first quarter 2023. 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 resulted in a net gain of $41 million and a net loss of $4 million at March 31, 2024 and December 31, 2023, respectively. Gains in AOCI increased between December 31, 2023 and March 31, 2024 primarily as a result of a decrease in euro to U.S. dollar exchange rates. If recognized, approximately $21 million in pre-tax losses as of March 31, 2024, would be reclassified into earnings during the next 12 months, including foreign exchange contracts prospectively dedesignated and monetized in fourth quarter 2022.

RETIREMENT PLANS

RETIREMENT PLANS	3 Months Ended
	Mar. 31, 2024
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. Company funding is provided for eligible Medicare retirees hired prior to January 1, 2007 with a health reimbursement arrangement. Costs recognized for these benefits are estimated amounts, which may change as actual costs for the year are determined. For additional information regarding retirement plans, see Note 11, "Retirement Plans", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K . Components of net periodic benefit (credit) cost were as follows: First Quarter Pension Plans Other Postretirement Benefit Plans 2024 2023 2024 2023 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 5 $ 2 $ 6 $ 2 $ — $ — Interest cost 18 6 19 7 6 7 Expected return on assets (24) (7) (22) (6) (1) (1) Amortization of: Prior service credit, net — — — — (3) (7) Net periodic benefit (credit) cost $ (1) $ 1 $ 3 $ 3 $ 2 $ (1)

Other Commitments

Other Commitments	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	OTHER COMMITMENTS Eastman has commitments consisting of debt securities, credit facilities, term loans, interest payable, purchase obligations, operating leases, and other liabilities. In first quarter 2024, purchase obligations in the 2029 and beyond period decreased by approximately $1.5 billion as a result of exiting an agreement with a supplier after contract negotiations. Eastman had remaining debt and other commitments at March 31, 2024 totaling approximately $10.5 billion over a period of approximately 30 years. Other than the purchase obligations discussed above, there have been no material changes to the Company's commitments from those disclosed in Note 12, "Leases and Other Commitments", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K .

ENVIRONMENTAL MATTERS AND ASSET

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2024
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Environmental Matters	ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS Certain Eastman manufacturing facilities generate hazardous and nonhazardous wastes, of which the treatment, storage, transportation, and disposal are regulated by various governmental agencies. In connection with the cleanup of various hazardous waste sites, the Company, along with many other entities, has been designated a potentially responsible party ("PRP") by the U.S. Environmental Protection Agency under the Comprehensive Environmental Response, Compensation and Liability Act, which potentially subjects PRPs to joint and several liability for certain cleanup costs. In addition, the Company will incur costs for environmental remediation and closure and post-closure under the federal Resource Conservation and Recovery Act. Reserves for environmental contingencies have been established in accordance with Eastman's policies described in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K . The resolution of uncertainties related to environmental matters may have a material adverse effect on the Company's consolidated results of operations in the period recognized. However, because of the availability of legal defenses, the Company's preliminary assessment of actions that may be required, and the extended period of time that the obligations are expected to be satisfied, management does not believe that the Company's liability for these environmental matters, individually or in the aggregate, will have a material adverse effect on the Company's future overall financial position, results of operations, or cash flows. Environmental Remediation and Environmental Asset Retirement Obligations The Company's net environmental reserve for environmental contingencies, including remediation costs and asset retirement obligations, is included as part of "Other noncurrent assets", "Payables and other current liabilities", and "Other long-term liabilities" on the Unaudited Consolidated Statements of Financial Position as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Environmental contingencies, current $ 10 $ 10 Environmental contingencies, long-term 272 274 Total $ 282 $ 284 Environmental Remediation Estimated future environmental expenditures for undiscounted remediation costs ranged from the best estimate or minimum of $250 million to the maximum of $493 million and from the best estimate or minimum of $252 million to the maximum of $497 million at March 31, 2024 and December 31, 2023, respectively. The best estimate or minimum estimated future environmental expenditures are considered to be probable and reasonably estimable. Reserves for environmental remediation include liabilities expected to be paid within approximately 30 years. The amounts charged to pre-tax earnings for environmental remediation and related charges are recognized in "Cost of sales" and "Other (income) charges, net" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings. Changes in the reserves for environmental remediation liabilities during first three months 2024 and full year 2023 are summarized below: (Dollars in millions) Environmental Remediation Liabilities Balance at December 31, 2022 $ 245 Changes in estimates recognized in earnings and other 19 Cash reductions (12) Balance at December 31, 2023 252 Changes in estimates recognized in earnings and other 1 Cash reductions (3) Balance at March 31, 2024 $ 250 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 primarily consist of 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 $32 million at both March 31, 2024 and December 31, 2023, respectively. Non-Environmental Asset Retirement Obligations The Company has contractual asset retirement obligations not associated with environmental liabilities. Eastman's non-environmental asset retirement obligations are primarily associated with the future closure of leased manufacturing assets in Pace, Florida and Oulu, Finland. These non-environmental asset retirement obligations were $52 million and $51 million at March 31, 2024 and December 31, 2023, respectively, and are included in "Other long-term liabilities" on the Unaudited Consolidated Statements of Financial Position.

LEGAL MATTERS

LEGAL MATTERS	3 Months Ended
	Mar. 31, 2024
Loss Contingency, Information about Litigation Matters [Abstract]
LEGAL MATTERS	LEGAL MATTERS From 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 primarily 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	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Reconciliations of the changes in stockholders' equity for first quarter 2024 and 2023 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, 2023 $ 2 $ 2,368 $ 9,490 $ (319) $ (6,083) $ 5,458 $ 72 $ 5,530 Net Earnings — — 165 — — 165 — 165 Cash Dividends Declared (1) ($0.81 per share) — — (96) — — (96) — (96) Other Comprehensive Income (Loss) — — — (9) — (9) — (9) Share-Based Compensation Expense (2) — 21 — — — 21 — 21 Stock Option Exercises — 7 — — — 7 — 7 Other (3) — (8) — — — (8) (1) (9) Distributions to noncontrolling interest — — — — — — (1) (1) Balance at March 31, 2024 $ 2 $ 2,388 $ 9,559 $ (328) $ (6,083) $ 5,538 $ 70 $ 5,608 (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, 2022 $ 2 $ 2,315 $ 8,973 $ (205) $ (5,932) $ 5,153 $ 83 $ 5,236 Net Earnings — — 134 — — 134 — 134 Cash Dividends Declared (1) ($0.79 per share) — — (94) — — (94) — (94) Other Comprehensive Income (Loss) — — — (15) — (15) — (15) Share-Based Compensation Expense (2) — 22 — — — 22 — 22 Stock Option Exercises — 2 — — — 2 — 2 Other (3) — (14) — — — (14) 3 (11) Distributions to Noncontrolling Interest — — — — — — (12) (12) Balance at March 31, 2023 $ 2 $ 2,325 $ 9,013 $ (220) $ (5,932) $ 5,188 $ 74 $ 5,262 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. (3) Additional paid-in capital includes the value of shares withheld for employees' taxes on vesting of share-based compensation awards. Accumulated Other Comprehensive Income (Loss), Net of Tax (Dollars in millions) Cumulative Translation 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, 2022 $ (230) $ 32 $ (6) $ (1) $ (205) Period change (67) (21) (26) — (114) Balance at December 31, 2023 (297) 11 (32) (1) (319) Period change (10) (2) 3 — (9) Balance at March 31, 2024 $ (307) $ 9 $ (29) $ (1) $ (328) Amounts of other comprehensive income (loss) are presented net of applicable taxes. Eastman recognizes deferred income taxes on the CTA related to branch operations and income from other entities included in the Company's consolidated U.S. tax return. No deferred income taxes are recognized on the CTA of other subsidiaries outside the United States because the CTA is considered to be a component of indefinitely invested, unremitted earnings of these foreign subsidiaries. Components of OCI recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects: First Quarter 2024 2023 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ (4) $ (10) $ (1) $ (1) Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (3) (2) (7) (5) Derivatives and hedging: Unrealized gain (loss) during period 5 4 (9) (7) Reclassification adjustment for (gains) losses included in net income, net (1) (1) (3) (2) Total other comprehensive income (loss) $ (3) $ (9) $ (20) $ (15)

EARNINGS AND DIVIDENDS PER SHAR

EARNINGS AND DIVIDENDS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS AND DIVIDENDS PER SHARE The following table sets forth the computation of basic and diluted earnings per share ("EPS") which are calculated using the treasury stock method: First Quarter (In millions, except per share amounts) 2024 2023 Numerator Earnings attributable to Eastman, net of tax $ 165 $ 134 Denominator Weighted average shares used for basic EPS 117.4 118.9 Dilutive effect of stock options and other awards 0.8 0.8 Weighted average shares used for diluted EPS 118.2 119.7 (Calculated using whole dollars and shares) EPS Basic $ 1.40 $ 1.13 Diluted $ 1.39 $ 1.12 Shares underlying stock options of 1,583,247 and 1,879,459 for first quarter 2024 and 2023, respectively, were excluded from the calculations of diluted EPS because the grant date exercise price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculations of diluted EPS would have been antidilutive. No shares were repurchased in first quarter 2024 or 2023.

ASSETS IMPAIRMENTS AND RESTRUCT

ASSETS IMPAIRMENTS AND RESTRUCTURING	3 Months Ended
	Mar. 31, 2024
Restructuring Costs and Asset Impairment Charges [Abstract]
ASSET IMPAIRMENTS AND RESTRUCTURING	ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET (Dollars in millions) First Quarter 2024 2023 Severance charges (1) $ 11 $ 16 Site closure and other restructuring charges (2) — 6 Total $ 11 $ 22 (1) Severance charges as part of fourth quarter 2022 and 2023 cost reduction initiatives reported in "Other". (2) First quarter 2023 site closure costs related to the closure of an acetate yarn manufacturing facility in Europe in the Fibers segment. In addition, accelerated depreciation of $23 million was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first quarter 2023 related to the closure of this facility. Changes in Reserves The following table summarizes the changes in asset impairments and restructuring reserves in first three months 2024 and full year 2023: (Dollars in millions) Balance at January 1, 2024 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at March 31, 2024 Severance costs $ 26 $ 11 $ — $ (10) $ 27 Total $ 26 $ 11 $ — $ (10) $ 27 (Dollars in millions) Balance at January 1, 2023 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at December 31, 2023 Severance costs $ 34 $ 31 $ — $ (39) $ 26 Other restructuring costs 1 6 — (7) — Total $ 35 $ 37 $ — $ (46) $ 26 Substantially all severance costs remaining as of March 31, 2024 are expected to be paid within one year.

SHARE BASED COMPENSATION AWARDS

SHARE BASED COMPENSATION AWARDS	3 Months Ended
	Mar. 31, 2024
SHARE BASED COMPENSATION AWARDS [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 long-term performance shares. In first quarter 2024 and 2023, $21 million and $22 million, respectively, were recognized as compensation expense before tax in selling, general and administrative expenses ("SG&A") in Unaudited Consolidated Statements of Earnings, Comprehensive Income, and Retained Earnings for all share-based awards, of which $7 million each year was for stock options. The compensation expense is recognized over the substantive vesting period, which may be a shorter time period than the stated vesting period for qualifying termination eligible employees as defined in the award notices. For first quarter 2024 and 2023, $6 million of stock option compensation expense was recognized each quarter due to qualifying termination eligibility preceding the requisite service period. The impact on net earnings for first quarter 2024 and 2023 of $15 million and $16 million, respectively, is net of deferred tax expense related to share-based award compensation for each period. Stock Option Grants In first quarter 2024 and 2023, the number of stock options granted under the 2021 Omnibus Stock Compensation Plan was approximately 389 thousand and 399 thousand, respectively. Options have an exercise price equal to the closing price of the Company's stock on the date of grant and a term of ten years, with vesting periods that vary up to three years. Vesting usually occurs ratably over the vesting period or at the end of the vesting period. The Company utilizes the Black Scholes Merton option valuation model which relies on certain assumptions to estimate an option's fair value. The assumptions used in the determination of fair value for stock options granted in first quarter 2024 and 2023 are provided in the table below: First Quarter Assumptions 2024 2023 Expected volatility rate 30.21% 30.55% Expected dividend yield 3.82% 3.31% Average risk-free interest rate 4.34% 4.13% Expected term years 6.7 6.4 The grant date exercise price and fair value of options granted during first quarter of 2024 were $86.15 and $21.16, respectively, and first quarter 2023 were $83.84 and $21.67, respectively. For options unvested at March 31, 2024, $3 million in compensation expense will be recognized over the next three years. Other Share-Based Compensation Awards In addition to stock option grants, the Company has awarded long-term performance shares, restricted stock and restricted stock units, and stock appreciation rights. The long-term performance share awards are based upon actual return on capital compared to a target return on capital and total stockholder return compared to a peer group ranking by total stockholder return over a three year performance period and pay out in unrestricted shares of common stock at the end of the performance period. The awards are valued using a Monte Carlo simulation based model and vest pro-ratably over the three year performance period. The number of long-term performance share target awards during first quarter 2024 and 2023 for the 2024-2026 and 2023-2025 periods were approximately 339 thousand and 407 thousand, respectively. The target shares awarded are assumed to be 100 percent. At the end of the three-year performance period, the actual number of shares awarded can range from zero to 250 percent of the target shares based on the award notice. The number of restricted stock unit awards, which pay out in unrestricted shares of common stock at the end of the vesting and performance (if any) period, during first quarter 2024 and 2023 were approximately 181 thousand and 108 thousand, respectively. The fair value of a restricted stock unit award is equal to the closing stock price of the Company's stock on the award date and normally vests over a period of three years. In first quarter 2024 and 2023, $14 million and $15 million, respectively, was recognized as compensation expense before tax for these other share-based awards and was included in the total compensation expense noted above for all share-based awards. The unrecognized compensation expense before tax for these same type awards at March 31, 2024 was approximately $97 million and will be recognized primarily over a period of three years. For additional information regarding share-based compensation plans and awards, see Note 18, "Share-Based Compensation Plans and Awards", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K .

SEGMENT AND REGIONAL SALES INFO

SEGMENT AND REGIONAL SALES INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Eastman's products and operations are managed and reported in four operating segments: Advanced Materials ("AM"), Additives & Functional Products ("AFP"), Chemical Intermediates ("CI"), and Fibers. The economic factors that impact the nature, amount, timing, and uncertainty of revenue and cash flows vary among the Company's business operating segments and the geographical regions in which they operate. For disaggregation of revenue by major product lines and regions for each business operating segment, see Note 20, "Segment and Regional Sales Information", to the consolidated financial statements in Part II, Item 8 of the Company's 2023 Annual Report on Form 10-K . For additional financial and product information for each segment, see Part I, Item 1, "Business - Business Segments", in the Company's 2023 Annual Report on Form 10-K . (Dollars in millions) First Quarter Sales by Segment 2024 2023 Advanced Materials $ 748 $ 742 Additives & Functional Products 704 777 Chemical Intermediates 523 589 Fibers 331 303 Total Sales by Operating Segment 2,306 2,411 Other 4 1 Total Sales $ 2,310 $ 2,412 (Dollars in millions) First Quarter Earnings (Loss) Before Interest and Taxes by Segment 2024 2023 Advanced Materials $ 104 $ 86 Additives & Functional Products 109 124 Chemical Intermediates 16 42 Fibers 117 65 Total Earnings Before Interest and Taxes by Operating Segment 346 317 Other Growth initiatives and businesses not allocated to operating segments (68) (51) Pension and other postretirement benefits income (expense), net not allocated to operating segments 2 (4) Asset impairments and restructuring charges, net (11) (16) Steam line incident (costs) insurance proceeds, net — 8 Other income (charges), net not allocated to operating segments (6) (8) Total Earnings Before Interest and Taxes $ 263 $ 246

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
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 2023 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, 2023 financial position data included herein was derived from the consolidated financial statements included in the 2023 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary for the fair statement of the interim financial information in conformity with GAAP. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of business ventures in which Eastman has a controlling interest. 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards Accounting Standards Update ("ASU") 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions : On January 1, 2024, Eastman adopted this update, which states that when measuring the fair value of an asset or a liability, a reporting entity should consider the characteristics of the asset or liability, including restrictions on the sale of the asset or liability, if a market participant also would take those characteristics into account. Key to that determination is the unit of account for the asset or liability being measured at fair value. The adoption did not have a significant impact on the Company's financial statements and related disclosures. Accounting Standards Issued But Not Adopted as of March 31, 2024 ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures : The Financial Accounting Standards Board ("FASB") issued this update in November 2023, which requires enhanced disclosures regarding significant segment expenses and other segment items for public entities on both an annual and interim basis. Specifically, the update requires that entities provide, during interim periods, all disclosures related to a reportable segment's profit or loss and assets that were previously required only on an annual basis. Additionally, this guidance necessitates the disclosure of the title and position of the Chief Operating Decision Maker ("CODM"). The new guidance does not modify how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Management is currently evaluating the impact on the Company's financial statements and related disclosures. ASU 2023-05 Business Combination - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement : The FASB issued this update in August 2023, which states that a joint venture must initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. This ASU should be applied prospectively and is effective for all newly formed joint venture entities with a formation date on or after January 1, 2025. Early adoption is permitted, and joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Management is currently evaluating the impact on the Company's financial statements and related disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures : The FASB issued this update in December 2023, which modifies income tax disclosure requirements. The updated guidance requires entities to provide more detailed information including specific categories in the income tax rate reconciliation, and the breakdown of income or loss from continuing operations before income tax expense or benefit, for both domestic and foreign operations. Additionally, entities must disclose income tax expense or benefit from continuing operations, categorized by federal, state, and foreign taxes. The guidance further requires disclosure of income tax payments to various jurisdictions. This ASU is effective for fiscal periods beginning after December 15, 2024, and early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. Management is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and related disclosures.
Off-Balance-Sheet Credit Exposure, Policy	Working Capital Management and Off Balance Sheet Arrangements The Company has off balance sheet, uncommitted accounts receivable factoring programs under which entire invoices may be sold to third-party financial institutions. The vast majority of these programs are without recourse. Under these programs, 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 programs, 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 programs also require that the Company continue to service, administer, and collect the sold accounts receivable at market rates. The total amounts sold under the program in first quarter 2024 and 2023 were $698 million and $677 million, respectively. The Company works with suppliers to optimize payment terms and conditions on accounts payable to enhance timing of working capital and cash flows. Under a supplier finance program, the Company's suppliers may voluntarily sell receivables due from Eastman to a participating financial institution. Eastman's responsibility is limited to making payments on the terms originally negotiated with suppliers, regardless of whether the suppliers sell their receivables to the financial institution. The range of payment terms Eastman negotiates with suppliers are consistent, regardless of whether a supplier participates in the program. No fees are paid by Eastman for the supplier finance platform or services fees. Eastman or the financial institution may terminate the program at any time with immediate effect upon 90 days' notice. Confirmed obligations in the supplier finance program of $79 million and $69 million at March 31, 2024 and December 31, 2023, respectively, are included in "Payables and other current liabilities" on the Unaudited Consolidated Statements of Financial Position.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of inventories	March 31, December 31, (Dollars in millions) 2024 2023 Finished goods $ 1,247 $ 1,193 Work in process 307 293 Raw materials and supplies 636 618 Total inventories at FIFO or average cost 2,190 2,104 Less: LIFO reserve 421 421 Total inventories $ 1,769 $ 1,683

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	First Quarter (Dollars in millions) 2024 2023 $ % $ % Provision for income taxes and tax rate $ 49 23 % $ 60 31 %

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Borrowings	March 31, December 31, (Dollars in millions) 2024 2023 Borrowings consisted of: 7.25% debentures due January 2024 $ — $ 198 7.625% debentures due June 2024 43 43 3.80% notes due March 2025 697 696 1.875% notes due November 2026 (1) 538 550 7.60% debentures due February 2027 196 196 4.5% notes due December 2028 496 495 5.75% notes due March 2033 (2) 496 496 5.625% notes due February 2034 742 — 4.8% notes due September 2042 495 495 4.65% notes due October 2044 878 878 2024 Term Loan — 300 2027 Term Loan 499 499 Total borrowings 5,080 4,846 Less: Borrowings due within one year 740 541 Long-term borrowings $ 4,340 $ 4,305 (1) The carrying value of the euro-denominated 1.875% notes due November 2026 fluctuates with changes in the euro to U.S. dollar exchange rate. The carrying value of this euro-denominated borrowing has been designated as a non-derivative net investment hedge of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations. (2) Net proceeds from the bond issuance were used to finance or refinance eligible green investment initiatives, which contribute to Eastman's environmental sustainability strategy (a green bond).

DERIVATIVE AND NON-DERIVATIVE_2

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) [Table Text Block]	The following table presents the effect of fair value and cash flow hedge accounting in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings for first quarter 2024 and 2023. Location and Amount of Gain or (Loss) Recognized in Earnings from Fair Value and Cash Flow Hedging Relationships First Quarter 2024 2023 (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 $ 2,310 $ 1,778 $ 49 $ 2,412 $ 1,883 $ 52 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 (1) (1) Commodity Contracts: Amount reclassified from AOCI into earnings — (1) Foreign Exchange Contracts: Amount reclassified from AOCI into earnings 2 5
Cumulative basis adjustments for fair value hedges on balance sheet [Table Text Block]	As of March 31, 2024 and December 31, 2023, the following amounts were included on the Unaudited Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges. (Dollars in millions) Carrying amount of the hedged liabilities Cumulative amount of fair value hedging loss adjustment included in the carrying amount of the hedged liability Line item on the Unaudited Consolidated Statements of Financial Position in which the hedged item is included March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Borrowings due within one year $ 72 $ — $ (3) $ — Long-term borrowings — 72 — (3)
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table presents the notional amounts outstanding at March 31, 2024 and December 31, 2023 associated with Eastman's hedging programs. Notional Outstanding March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign Exchange Forward and Option Contracts (in millions) EUR/USD (in EUR) €393 €405 Commodity Forward and Collar Contracts Energy (in million british thermal units) 6 11 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) €1,648 €1,354 JPY/USD (in JPY) ¥7,385 ¥7,385 Non-derivatives designated as net investment hedges: Foreign Currency Net Investment Hedges (in millions) EUR/USD (in EUR) €498 €498
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 first quarter 2024 and 2023. Change in amount of after tax gain (loss) recognized in OCI on derivatives Pre-tax amount of gain (loss) reclassified from AOCI into earnings (Dollars in millions) First Quarter First Quarter Hedging Relationships 2024 2023 2024 2023 Derivatives in cash flow hedging relationships: Commodity contracts $ (4) $ (3) $ — $ (1) Foreign exchange contracts 7 (7) 2 5 Forward starting interest rate and treasury lock swap contracts — 1 (1) (1) Non-derivatives in net investment hedging relationships (pre-tax): Net investment hedges 12 (27) — — Derivatives in net investment hedging relationships (pre-tax): Cross-currency interest rate swaps 39 (17) — — Cross-currency interest rate swaps excluded component (10) 1 — —
Financial assets and liabilities valued on a recurring basis	The following table presents the financial assets and liabilities valued on a recurring and gross basis and includes where the financial assets and liabilities are on the Unaudited Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023. The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis (Dollars in millions) Derivative Type Statements of Financial Level 2 March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign exchange contracts Other current assets 3 — Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Other current assets — 1 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Other current assets 10 8 Cross-currency interest rate swaps Other noncurrent assets 22 18 Total Derivative Assets $ 35 $ 27 Derivatives designated as cash flow hedges: Commodity contracts Payables and other current liabilities $ 1 $ 19 Foreign exchange contracts Payables and other current liabilities 2 8 Foreign exchange contracts Other long-term liabilities 1 2 Derivatives designated as fair value hedges: Fixed-for-floating interest rate swap Payables and other current liabilities 3 — Fixed-for-floating interest rate swap Long-term borrowings — 3 Derivatives designated as net investment hedges: Cross-currency interest rate swaps Payables and other current liabilities 4 — Cross-currency interest rate swaps Other long-term liabilities 43 61 Total Derivative Liabilities $ 54 $ 93 Total Net Derivative Assets (Liabilities) $ (19) $ (66)

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Components of net periodic benefit cost	Components of net periodic benefit (credit) cost were as follows: First Quarter Pension Plans Other Postretirement Benefit Plans 2024 2023 2024 2023 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. Service cost $ 5 $ 2 $ 6 $ 2 $ — $ — Interest cost 18 6 19 7 6 7 Expected return on assets (24) (7) (22) (6) (1) (1) Amortization of: Prior service credit, net — — — — (3) (7) Net periodic benefit (credit) cost $ (1) $ 1 $ 3 $ 3 $ 2 $ (1)

ENVIRONMENTAL MATTERS AND ASS_2

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Schedule of environmental liabilities, current and non-current	(Dollars in millions) March 31, 2024 December 31, 2023 Environmental contingencies, current $ 10 $ 10 Environmental contingencies, long-term 272 274 Total $ 282 $ 284
Schedule of changes to environmental remediation liabilities	Changes in the reserves for environmental remediation liabilities during first three months 2024 and full year 2023 are summarized below: (Dollars in millions) Environmental Remediation Liabilities Balance at December 31, 2022 $ 245 Changes in estimates recognized in earnings and other 19 Cash reductions (12) Balance at December 31, 2023 252 Changes in estimates recognized in earnings and other 1 Cash reductions (3) Balance at March 31, 2024 $ 250

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Reconciliation of the changes in stockholders' equity	Reconciliations of the changes in stockholders' equity for first quarter 2024 and 2023 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, 2023 $ 2 $ 2,368 $ 9,490 $ (319) $ (6,083) $ 5,458 $ 72 $ 5,530 Net Earnings — — 165 — — 165 — 165 Cash Dividends Declared (1) ($0.81 per share) — — (96) — — (96) — (96) Other Comprehensive Income (Loss) — — — (9) — (9) — (9) Share-Based Compensation Expense (2) — 21 — — — 21 — 21 Stock Option Exercises — 7 — — — 7 — 7 Other (3) — (8) — — — (8) (1) (9) Distributions to noncontrolling interest — — — — — — (1) (1) Balance at March 31, 2024 $ 2 $ 2,388 $ 9,559 $ (328) $ (6,083) $ 5,538 $ 70 $ 5,608 (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, 2022 $ 2 $ 2,315 $ 8,973 $ (205) $ (5,932) $ 5,153 $ 83 $ 5,236 Net Earnings — — 134 — — 134 — 134 Cash Dividends Declared (1) ($0.79 per share) — — (94) — — (94) — (94) Other Comprehensive Income (Loss) — — — (15) — (15) — (15) Share-Based Compensation Expense (2) — 22 — — — 22 — 22 Stock Option Exercises — 2 — — — 2 — 2 Other (3) — (14) — — — (14) 3 (11) Distributions to Noncontrolling Interest — — — — — — (12) (12) Balance at March 31, 2023 $ 2 $ 2,325 $ 9,013 $ (220) $ (5,932) $ 5,188 $ 74 $ 5,262 (1) Cash dividends declared consists of cash dividends paid and dividends declared but unpaid. (2) Share-based compensation expense is based on the fair value of share-based awards. (3) Additional paid-in capital includes the value of shares withheld for employees' taxes on vesting of share-based compensation awards.
Accumulated Other Comprehensive Income (Loss)	(Dollars in millions) Cumulative Translation 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, 2022 $ (230) $ 32 $ (6) $ (1) $ (205) Period change (67) (21) (26) — (114) Balance at December 31, 2023 (297) 11 (32) (1) (319) Period change (10) (2) 3 — (9) Balance at March 31, 2024 $ (307) $ 9 $ (29) $ (1) $ (328)
Schedule of components of comprehensive income (loss) before tax and net of tax effects	Components of OCI recognized in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings are presented below, before tax and net of tax effects: First Quarter 2024 2023 (Dollars in millions) Before Tax Net of Tax Before Tax Net of Tax Other comprehensive income (loss) Change in cumulative translation adjustment $ (4) $ (10) $ (1) $ (1) Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits (3) (2) (7) (5) Derivatives and hedging: Unrealized gain (loss) during period 5 4 (9) (7) Reclassification adjustment for (gains) losses included in net income, net (1) (1) (3) (2) Total other comprehensive income (loss) $ (3) $ (9) $ (20) $ (15)

EARNINGS AND DIVIDENDS PER SH_2

EARNINGS AND DIVIDENDS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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: First Quarter (In millions, except per share amounts) 2024 2023 Numerator Earnings attributable to Eastman, net of tax $ 165 $ 134 Denominator Weighted average shares used for basic EPS 117.4 118.9 Dilutive effect of stock options and other awards 0.8 0.8 Weighted average shares used for diluted EPS 118.2 119.7 (Calculated using whole dollars and shares) EPS Basic $ 1.40 $ 1.13 Diluted $ 1.39 $ 1.12

ASSETS IMPAIRMENTS AND RESTRU_2

ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring Costs and Asset Impairment Charges [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the changes in asset impairments and restructuring reserves in first three months 2024 and full year 2023: (Dollars in millions) Balance at January 1, 2024 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at March 31, 2024 Severance costs $ 26 $ 11 $ — $ (10) $ 27 Total $ 26 $ 11 $ — $ (10) $ 27 (Dollars in millions) Balance at January 1, 2023 Provision/ Adjustments Non-cash Reductions/ Cash Reductions Balance at December 31, 2023 Severance costs $ 34 $ 31 $ — $ (39) $ 26 Other restructuring costs 1 6 — (7) — Total $ 35 $ 37 $ — $ (46) $ 26
Restructuring and Related Costs [Table Text Block]	(Dollars in millions) First Quarter 2024 2023 Severance charges (1) $ 11 $ 16 Site closure and other restructuring charges (2) — 6 Total $ 11 $ 22 (1) Severance charges as part of fourth quarter 2022 and 2023 cost reduction initiatives reported in "Other". (2) First quarter 2023 site closure costs related to the closure of an acetate yarn manufacturing facility in Europe in the Fibers segment. In addition, accelerated depreciation of $23 million was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first quarter 2023 related to the closure of this facility.

Share Based Compensation Awar_2

Share Based Compensation Awards (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The assumptions used in the determination of fair value for stock options granted in first quarter 2024 and 2023 are provided in the table below: First Quarter Assumptions 2024 2023 Expected volatility rate 30.21% 30.55% Expected dividend yield 3.82% 3.31% Average risk-free interest rate 4.34% 4.13% Expected term years 6.7 6.4

SEGMENT AND REGIONAL SALES IN_2

SEGMENT AND REGIONAL SALES INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information Disclosure	(Dollars in millions) First Quarter Sales by Segment 2024 2023 Advanced Materials $ 748 $ 742 Additives & Functional Products 704 777 Chemical Intermediates 523 589 Fibers 331 303 Total Sales by Operating Segment 2,306 2,411 Other 4 1 Total Sales $ 2,310 $ 2,412 (Dollars in millions) First Quarter Earnings (Loss) Before Interest and Taxes by Segment 2024 2023 Advanced Materials $ 104 $ 86 Additives & Functional Products 109 124 Chemical Intermediates 16 42 Fibers 117 65 Total Earnings Before Interest and Taxes by Operating Segment 346 317 Other Growth initiatives and businesses not allocated to operating segments (68) (51) Pension and other postretirement benefits income (expense), net not allocated to operating segments 2 (4) Asset impairments and restructuring charges, net (11) (16) Steam line incident (costs) insurance proceeds, net — 8 Other income (charges), net not allocated to operating segments (6) (8) Total Earnings Before Interest and Taxes $ 263 $ 246

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivable Sold Under Factoring Arrangement	$ 698	$ 677
Supplier Finance Program, Obligation	$ 79		$ 69

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
At FIFO or average cost (approximates current cost) [Abstract]
Finished goods	$ 1,247	$ 1,193
Work in process	307	293
Raw materials and supplies	636	618
Total inventories at FIFO or average cost	2,190	2,104
Less: LIFO reserve	421	421
Total inventories	$ 1,769	$ 1,683
Inventories valued on the LIFO method	50%	50%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Examination [Line Items]
Provision for income taxes	$ 49	$ 60
Effective Income Tax Rate Reconciliation, Percent	23%	31%
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	$ 23
Unrecognized Tax Benefits	325		$ 320
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 140

BORROWINGS Part 1 (Details) Sch

BORROWINGS Part 1 (Details) Schedule of Long-term Debt Instruments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Total Borrowings	$ 5,080		$ 4,846
Borrowings due within one year	740		541
Long-term borrowings	4,340		4,305
Proceeds from borrowings	742	$ 796
7 1/4% debentures due January 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		198
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Debt Instrument, Maturity Date	January 2024
Repayments of Debt	$ (198)
Notes Due June 2024
Debt Instrument [Line Items]
Long-term Debt	$ 43		43
Debt Instrument, Interest Rate, Stated Percentage	7.625%
Debt Instrument, Maturity Date	June 2024
3.8% notes due March 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 697		696
Debt Instrument, Interest Rate, Stated Percentage	3.80%
Debt Instrument, Maturity Date	March 2025
1.875% notes due November 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 538		550
Debt Instrument, Interest Rate, Stated Percentage	1.875%
Debt Instrument, Maturity Date	November 2026
7.60% debentures due February 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 196		196
Debt Instrument, Interest Rate, Stated Percentage	7.60%
Debt Instrument, Maturity Date	February 2027
4.5% Notes Due Dec 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 496		495
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Debt Instrument, Maturity Date	December 2028
5.75% Notes Due March 2033
Debt Instrument [Line Items]
Long-term Debt	$ 496		496
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Debt Instrument, Maturity Date	March 2033
5.625% Notes Due February 2034
Debt Instrument [Line Items]
Long-term Debt	$ 742		0
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Maturity Date	February 2034
Debt Instrument, Face Amount	$ 750
Proceeds from Issuance of Debt	742
4.8% notes due September 2042 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 495		495
Debt Instrument, Interest Rate, Stated Percentage	4.80%
Debt Instrument, Maturity Date	September 2042
4.65% notes due October 2044 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 878		878
Debt Instrument, Interest Rate, Stated Percentage	4.65%
Debt Instrument, Maturity Date	October 2044
2024 Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 0		300
Repayments of Debt	(300)
2027 Term Loan
Debt Instrument [Line Items]
Long-term Debt	499		499
Commercial paper and short-term borrowings [Member]
Debt Instrument [Line Items]
Borrowings due within one year	$ 0		$ 0

BORROWINGS Part 2 (Details) Cre

BORROWINGS Part 2 (Details) Credit Facility and Commercial Paper Borrowings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Credit Facilities [Abstract]
Borrowings due within one year	$ 740	$ 541
Revolving Credit Facility [Member]
Credit Facilities [Abstract]
Borrowings due within one year	0	0
Commercial paper and short-term borrowings [Member]
Credit Facilities [Abstract]
Borrowings due within one year	0	0
2024 Term Loan
Credit Facilities [Abstract]
Repayments of Debt	300
Long-term Debt	0	300
2027 Term Loan
Credit Facilities [Abstract]
Long-term Debt	$ 499	$ 499
Debt, Weighted Average Interest Rate	6.55%	6.58%
Revolving Credit Facility [Member]
Credit Facilities [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500

BORROWINGS Part 3 (Details) Fai

BORROWINGS Part 3 (Details) Fair Value - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 4,900	$ 4,700
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
Fair Value, Inputs, Level 1
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) € in Millions, ¥ in Millions, MMBTU in Millions, $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) MMBTU	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2023 USD ($) MMBTU	Mar. 31, 2024 EUR (€) MMBTU	Mar. 31, 2024 JPY (¥) MMBTU	Dec. 31, 2023 EUR (€) MMBTU	Dec. 31, 2023 JPY (¥) MMBTU	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Unrealized Gains (Losses) on Derivative Instruments	$ (29)				$ (32)					$ (6)
Unrealized gain (loss) during period	$ 5		$ (9)
Foreign Exchange Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount | €						€ 393		€ 405
Energy Related Derivative [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU	6				11	6	6	11	11
Interest Rate Contract [Member] | Designated as Hedging Instrument [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 | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments	538	€ 498		€ 498	$ 550
Notes Due January 2024 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Settled in Period | €		165
Notes Due January 2024 [Member] | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Settled in Period	190
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax	9
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period | €		46
4.5% Notes Due Dec 2028 [Member] | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period	50
5.75% Notes Due March 2033 | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period | €		184
5.75% Notes Due March 2033 | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period	200
5.625% Notes Due February 2034 | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period | €		€ 230
5.625% Notes Due February 2034 | Cross Currency Interest Rate Contract [Member] | United States of America, Dollars | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Notional Amount, Entered in Period	$ 250
Debt with Various Maturities | Cross Currency Interest Rate Contract [Member] | Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount | €						€ 1,648		€ 1,354
Debt with Various Maturities | Cross Currency Interest Rate Contract [Member] | Japan, Yen | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount | ¥							¥ 7,385		¥ 7,385

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
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Derivative Assets [Abstract]
Derivative Asset, Fair Value, Gross Asset		$ 35		$ 27
Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Gross Liability		54		93
Derivative, Fair Value, Net		(19)		(66)
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		1		19
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		3		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		2		8
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		1		2
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative Assets [Abstract]
Fair Value Hedge Assets		0		1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative Liabilities [Abstract]
Fair Value Hedge Liabilities		3		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative Liabilities [Abstract]
Fair Value Hedge Liabilities		0		3
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Derivative Assets [Abstract]
Derivative Asset, Fair Value, Gross Asset		0		0
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative Assets [Abstract]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value		10		8
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		22		18
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative Assets [Abstract]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value		4		0
Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative Assets [Abstract]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value		43		61
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	€ 498	538	€ 498	550
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Short-term Debt
Derivative Liabilities [Abstract]
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)		3
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)		$ (3)
Hedged Liability, Statement of Financial Position [Extensible Enumeration]		Borrowings due within one year
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Long-term Debt
Derivative Liabilities [Abstract]
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)				3
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)				$ (3)
Hedged Liability, Statement of Financial Position [Extensible Enumeration]				Long-term borrowings

DERIVATIVE AND NON-DERIVATIVE_5

DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS Part 3 (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Sales	$ 2,310	$ 2,412
Cost of sales	1,778	1,883
Net interest expense	49	52
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Change in cumulative translation adjustment, before tax	(4)	(1)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	3		$ (26)
Summary of Derivative Instruments [Abstract]
Accumulated Other Comprehensive Income Loss Unrealized Gain Loss From Hedges Before Tax	41		$ (4)
Price Risk Cash Flow Hedge Unrealized Gain to be Reclassified During Next 12 Months	(21)
Commodity Contract [Member] | Cash Flow Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ (4)	$ (3)
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member]
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales	Cost of sales
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 7	$ (7)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member]
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales	Sales
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 0	$ 1
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Net Interest Expense
Pre-tax Amount of Gain (Loss) reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion) [Abstract]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net interest expense	Net interest expense
Interest Rate Contract [Member] | Fair Value Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ 1	$ 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)
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	12	(27)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(5)	(5)
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member]
Other Comprehensive Income (Loss), Derivatives and Non-derivatives Qualifying as Hedges, before Tax [Abstract]
Change in cumulative translation adjustment, before tax	39	(17)
AOCI, Derivative Qualifying as Hedge, Excluded Component	$ (10)	$ 1

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Postretirement Benefits Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	$ 0	$ 0
Interest cost	6	7
Expected return on assets	(1)	(1)
Prior service credit, net	(3)	(7)
Net periodic benefit (credit) cost	2	(1)
Foreign Plan [Member] | Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	2	2
Interest cost	6	7
Expected return on assets	(7)	(6)
Prior service credit, net	0	0
Net periodic benefit (credit) cost	1	3
UNITED STATES | Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	5	6
Interest cost	18	19
Expected return on assets	(24)	(22)
Prior service credit, net	0	0
Net periodic benefit (credit) cost	$ (1)	$ 3

Other Commitments (Details)

Other Commitments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Other Commitment	$ 10,500
Unrecorded Unconditional Purchase Obligation, Term	30 years
Obligations
Other Commitments [Line Items]
Reduction of purchase obligations in current period	$ 1,500

ENVIRONMENTAL MATTERS AND ASS_3

ENVIRONMENTAL MATTERS AND ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of period	$ 284
End of period	282	$ 284
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract]
Accrued Environmental Loss Contingencies, Current	10	10
Accrued Environmental Loss Contingencies, Noncurrent	272	274
Environmental Remediation [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of period	252	245
Changes in estimates recognized in earnings and other	1	19
Cash reductions	(3)	(12)
End of period	$ 250	252
Expected Payment Period of Environmental Contingencies	approximately 30 years
Environmental Remediation [Member] | Minimum [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 250	252
Environmental Remediation [Member] | Maximum [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	493	497
Environmental ARO [Member]
Site Contingency [Line Items]
Best Estimate Accrued to-date For Asset Retirement Obligation	32	32
Non Environmental ARO [Member]
Site Contingency [Line Items]
Best Estimate Accrued to-date For Asset Retirement Obligation	$ 52	$ 51

STOCKHOLDERS' EQUITY Part 1 (De

STOCKHOLDERS' EQUITY Part 1 (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Dividends, Per Share	$ 0.81	$ 0.79
Stockholders' Equity Attributable to Parent	$ 5,538		$ 5,458
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	5,608	$ 5,262	5,530	$ 5,236
Net earnings attributable to Eastman	165	134
Net earnings attributable to noncontrolling interest	0	0
Net earnings including noncontrolling interest	165	134
Cash dividends declared	(96)	(94)
Other Comprehensive Income (Loss)	(9)	(15)	(114)
Share-based Compensation Expense	21	22
Stock Option Exercises	7	2
Other	(9)	(11)
Distributions to Noncontrolling Interest	(1)	(12)
Common Stock [Member]
Stockholders' Equity Attributable to Parent	2	2	2	2
Net earnings attributable to Eastman	0	0
Cash dividends declared	0	0
Other Comprehensive Income (Loss)	0	0
Share-based Compensation Expense	0	0
Stock Option Exercises	0	0
Other	0	0
Distributions to Noncontrolling Interest	0	0
Additional Paid-in Capital [Member]
Stockholders' Equity Attributable to Parent	2,388	2,325	2,368	2,315
Net earnings attributable to Eastman	0	0
Cash dividends declared	0	0
Other Comprehensive Income (Loss)	0	0
Share-based Compensation Expense	21	22
Stock Option Exercises	7	2
Other	(8)	(14)
Distributions to Noncontrolling Interest	0	0
Retained Earnings [Member]
Stockholders' Equity Attributable to Parent	9,559	9,013	9,490	8,973
Net earnings attributable to Eastman	165	134
Cash dividends declared	(96)	(94)
Other Comprehensive Income (Loss)	0	0
Share-based Compensation Expense	0	0
Stock Option Exercises	0	0
Other	0	0
Distributions to Noncontrolling Interest	0	0
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity Attributable to Parent	(328)	(220)	(319)	(205)
Net earnings attributable to Eastman	0	0
Cash dividends declared	0	0
Other Comprehensive Income (Loss)	(9)	(15)
Share-based Compensation Expense	0	0
Stock Option Exercises	0	0
Other	0	0
Distributions to Noncontrolling Interest	0	0
Treasury Stock, Common
Stockholders' Equity Attributable to Parent	(6,083)	(5,932)	(6,083)	(5,932)
Net earnings attributable to Eastman	0	0
Cash dividends declared	0	0
Other Comprehensive Income (Loss)	0	0
Share-based Compensation Expense	0	0
Stock Option Exercises	0	0
Other	0	0
Distributions to Noncontrolling Interest	0	0
Parent [Member]
Stockholders' Equity Attributable to Parent	5,538	5,188	5,458	5,153
Net earnings attributable to Eastman	165	134
Cash dividends declared	(96)	(94)
Other Comprehensive Income (Loss)	(9)	(15)
Share-based Compensation Expense	21	22
Stock Option Exercises	7	2
Other	(8)	(14)
Distributions to Noncontrolling Interest	0	0
Noncontrolling Interest [Member]
Stockholders' Equity Attributable to Parent	70	74	$ 72	$ 83
Net earnings attributable to noncontrolling interest	0	0
Cash dividends declared	0	0
Other Comprehensive Income (Loss)	0	0
Share-based Compensation Expense	0	0
Stock Option Exercises	0	0
Other	(1)	3
Distributions to Noncontrolling Interest	$ (1)	$ (12)

STOCKHOLDERS' EQUITY Part 2 AOC

STOCKHOLDERS' EQUITY Part 2 AOCI (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Translation Adjustment	$ (307)		$ (297)	$ (230)
Change in cumulative translation adjustment	(10)	$ (1)	(67)
Benefit Plans Unrecognized Prior Service Credits	9		11	32
Change in Benefit Plans Unrecognized Prior Service Credits	(2)		21
Unrealized Gains (Losses) on Derivative Instruments	(29)		(32)	(6)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	3		(26)
Unrealized Losses on Investments	(1)		(1)	(1)
Change in Unrealized Losses on Investments	0		0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(328)		(319)	$ (205)
Other Comprehensive Income (Loss)	$ (9)	$ (15)	$ (114)

STOCKHOLDERS' EQUITY Part 3 OCI

STOCKHOLDERS' EQUITY Part 3 OCI (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Comprehensive Income (Loss), before Tax [Abstract]
Change in cumulative translation adjustment, before tax	$ (4)	$ (1)
Amortization of unrecognized prior service credits	(3)	(7)
Unrealized gain (loss) during period	5	(9)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)	(3)
Total other comprehensive income (loss), before tax	(3)	(20)
Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustment	(10)	(1)	$ (67)
Amortization of unrecognized prior service credits	(2)	(5)
Unrealized gain (loss) during period	4	(7)
Reclassification adjustment for (gains) losses included in net income, net	(1)	(2)
Other Comprehensive Income (Loss)	$ (9)	$ (15)	$ (114)

EARNINGS AND DIVIDENDS PER SH_3

EARNINGS AND DIVIDENDS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net earnings attributable to Eastman	$ 165	$ 134
Weighted average shares used for basic EPS (in shares)	117,400,000	118,900,000
Dilutive effect of stock options and other awards	800,000	800,000
Weighted average shares used for diluted EPS (in shares)	118,200,000	119,700,000
Earnings Per Share, Basic	$ 1.40	$ 1.13
Earnings Per Share, Diluted	$ 1.39	$ 1.12
Underlying options excluded from the computation of diluted earnings per share (in shares)	1,583,247	1,879,459
Cash dividends declared (per share)	$ 0.81	$ 0.79

ASSETS IMPAIRMENTS AND RESTRU_3

ASSETS IMPAIRMENTS AND RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance Costs	$ 11	$ 16
Business Exit Costs	0	6
Restructuring, Settlement and Impairment Provisions	11	22
Restructuring Charge [Roll Forward]
Balance at Beginning of Period	26	35	$ 35
Provision / Adjustments	11		37
Restructuring Reserve, Accrual Adjustment	0		0
Cash Reductions	(10)		(46)
Balance at End of Period	27		26
Facility Closing [Member]
Restructuring Charge [Roll Forward]
Balance at Beginning of Period	0	1	1
Provision / Adjustments			6
Restructuring Reserve, Accrual Adjustment			0
Cash Reductions			(7)
Balance at End of Period			0
Employee Severance [Member]
Restructuring Charge [Roll Forward]
Balance at Beginning of Period	26	34	34
Provision / Adjustments	11		31
Restructuring Reserve, Accrual Adjustment	0		0
Cash Reductions	(10)		(39)
Balance at End of Period	$ 27		$ 26
Site Closure Acetate Yarn Europe | Fibers [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Accelerated Depreciation		$ 23

Share Based Compensation Awar_3

Share Based Compensation Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense, after Tax	$ 15	$ 16
Share-based Payment Arrangement, Expense	$ 21	$ 22
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method	6.7	6.4
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 86.15	$ 83.84
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 21.16	$ 21.67
Share-based Payment Arrangement, Option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 7	$ 7
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	ten years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	30.21%	30.55%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	3.82%	3.31%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.34%	4.13%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	389	399
Qualifying Termination Eligibility Preceding Requisite Service Period
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense, after Tax	$ 6	$ 6
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	181	108
Share-based Payment Arrangement
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 14	$ 15
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 97
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	339	407

SEGMENT AND REGIONAL SALES IN_3

SEGMENT AND REGIONAL SALES INFORMATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | Segment	4
Sales [Abstract]
Sales	$ 2,310	$ 2,412
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	263	246
Operating Segments [Member]
Sales [Abstract]
Sales	2,306	2,411
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	346	317
Corporate, Non-Segment [Member]
Sales [Abstract]
Sales	4	1
Corporate, Non-Segment [Member] | Growth Initiatives and Businesses not Allocated to Segments [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	(68)	(51)
Corporate, Non-Segment [Member] | Pension and OPEB Costs Not Allocated to Operating Segments [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	2	(4)
Corporate, Non-Segment [Member] | Steam Line Incident
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	0	8
Corporate, Non-Segment [Member] | Asset impairments and restructuring charges, net
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	(11)	(16)
Corporate, Non-Segment [Member] | Other Nonoperating Income (Expense) [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	(6)	(8)
Additives And Functional Products [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	109	124
Additives And Functional Products [Member] | Operating Segments [Member]
Sales [Abstract]
Sales	704	777
Advanced Materials [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	104	86
Advanced Materials [Member] | Operating Segments [Member]
Sales [Abstract]
Sales	748	742
Chemical Intermediates [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	16	42
Chemical Intermediates [Member] | Operating Segments [Member]
Sales [Abstract]
Sales	523	589
Fibers [Member]
Earnings (Loss) Before Interest and Taxes [Abstract]
Earnings before interest and taxes	117	65
Fibers [Member] | Operating Segments [Member]
Sales [Abstract]
Sales	$ 331	$ 303