EASTMAN CHEMICAL CO
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
EMN$65.45+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings
CONSOLIDATED STATEMENTS OF EARNINGS,
COMPREHENSIVE INCOME AND RETAINED EARNINGS
| For years ended December 31, | |||
|---|---|---|---|
| (Dollars in millions, except per share amounts) | 2023 | 2022 | 2021 |
| Sales | $9,210 | $10,580 | $10,476 |
| Cost of sales | 7,149 | 8,443 | 7,976 |
| Gross profit | 2,061 | 2,137 | 2,500 |
| Selling, general and administrative expenses | 727 | 726 | 795 |
| Research and development expenses | 239 | 264 | 254 |
| Asset impairments and restructuring charges, net | 37 | 52 | 47 |
| Other components of post-employment (benefit) cost, net | 41 | (101) | (412) |
| Other (income) charges, net | 38 | (6) | (17) |
| Net (gain) loss on divested businesses | (323) | 43 | 552 |
| Earnings before interest and taxes | 1,302 | 1,159 | 1,281 |
| Net interest expense | 215 | 182 | 198 |
| Early debt extinguishment costs | — | — | 1 |
| Earnings before income taxes | 1,087 | 977 | 1,082 |
| Provision for income taxes | 191 | 181 | 215 |
| Net earnings | 896 | 796 | 867 |
| Less: Net earnings attributable to noncontrolling interest | 2 | 3 | 10 |
| Net earnings attributable to Eastman | $894 | $793 | $857 |
| Basic earnings per share attributable to Eastman | $7.54 | $6.42 | $6.35 |
| Diluted earnings per share attributable to Eastman | $7.49 | $6.35 | $6.25 |
| Comprehensive Income | |||
|---|---|---|---|
| Net earnings including noncontrolling interest | $896 | $796 | $867 |
| Other comprehensive income (loss), net of tax: | |||
| Change in cumulative translation adjustment | (67) | 7 | 56 |
| Defined benefit pension and other postretirement benefit plans: | |||
| Amortization of unrecognized prior service credits included in net periodic costs | (21) | (27) | (28) |
| Derivatives and hedging: | |||
| Unrealized gain (loss) during period | (27) | 53 | 66 |
| Reclassification adjustment for (gains) losses included in net income, net | 1 | (56) | (3) |
| Total other comprehensive income (loss), net of tax | (114) | (23) | 91 |
| Comprehensive income including noncontrolling interest | 782 | 773 | 958 |
| Less: Comprehensive income attributable to noncontrolling interest | 2 | 3 | 10 |
| Comprehensive income attributable to Eastman | $780 | $770 | $948 |
| Retained Earnings | |||
| Retained earnings at beginning of period | $8,973 | $8,557 | $8,080 |
| Net earnings attributable to Eastman | 894 | 793 | 857 |
| Cash dividends declared | (377) | (377) | (380) |
| Retained earnings at end of period | $9,490 | $8,973 | $8,557 |
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