EASTMAN CHEMICAL CO
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
EMN$64.41-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-26.
0000915389-24-000192
2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverviewCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0000915389-24-000227
2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 48 previous paragraphs and 45 current paragraphs.
35 unchanged; 7 reworded; 3 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
•Asset impairments, restructuring, and other charges, net;
Current report
•Cost of sales impact from restructuring activities; and
Removed paragraphs (6)
Previous report
•In first quarter 2023, the Company increased the provision for state income taxes as a result of state guidance issued in first quarter 2023 related to the 2017 Tax Cuts and Jobs Act ("Tax Reform Act"). In second quarter 2023, the Company decreased the provision for state income taxes due to state tax law changes impacting credit carryforward periods that were enacted in second quarter 2023. These state tax law changes impacted provisions from prior periods related to the Tax Reform Act. As with the prior years, management considers adjustments related to the Tax Reform Act as unusual because of the infrequent nature and resulting impacts on earnings.
Previous report
•Asset impairments and restructuring charges, net;
Previous report
•Accelerated depreciation resulting from the closure of a manufacturing facility; and
Previous report
•Adjustments to the provision for state income taxes due to an adjustment of amounts recognized in prior years as a result of state guidance issued and laws enacted in 2023 related to the Tax Reform Act.
Previous report
•Provision for (benefit from) income taxes;
Reworded paragraphs (7)
Previous wording
•Non-core transactions, costs, and losses or gains relate to, among other things, cost reductions, growth and profitability improvement initiatives, changes in businesses and assets, and other events outside of core business operations, and have included asset impairments and restructuring charges and gains, costs of and related to acquisitions, gains and losses from and costs related to dispositions, closures, or shutdowns of businesses or assets, financing transaction costs, environmental and other costs related to previously divested businesses or non-operational sites and product lines, and mark-to-market losses or gains for pension and other postretirement benefit plans.
Current wording
•Non-core transactions, costs, and losses or gains relate to, among other things, cost reductions, growth and profitability improvement initiatives, changes in businesses and assets, and other events outside of the Company's core business operations, and have included asset impairments, restructuring, and other charges and gains, costs of and related to acquisitions, gains and losses from and costs related to dispositions, closures, or shutdowns of businesses or assets, financing transaction costs, environmental and other costs related to previously divested businesses or non-operational sites and product lines, and mark-to-market losses or gains for pension and other postretirement benefit plans.
Previous wording
•In first six months 2023, the Company recognized unusual insurance proceeds, net of costs from the previously reported January 31, 2022 operational incident at its Kingsport site as a result of a steam line failure (the "steam line incident"). Management considered the steam line incident unusual because of the Company's operational and safety history and the magnitude of the unplanned disruption.
Current wording
•In first nine months 2023, the Company recognized unusual insurance proceeds, net of costs from the previously reported January 31, 2022 operational incident at its Kingsport site as a result of a steam line failure (the "steam line incident"). Management considered the steam line incident unusual because of the Company's operational and safety history and the magnitude of the unplanned disruption.
Previous wording
•Steam line incident costs (insurance proceeds), net; and
Current wording
•Steam line incident costs (insurance proceeds), net.
Previous wording
Sales revenue increased in second quarter 2024 compared to second quarter 2023 primarily due to higher sales volume, partially offset by lower selling prices. Sales revenue decreased in first six months 2024 compared to first six months 2023 primarily due to lower selling prices, mostly offset by higher sales volume. Higher sales volume was primarily attributed to the end of customer inventory destocking across most end-markets. Lower selling prices were primarily due to lower raw material and energy prices and lower distribution prices.
Current wording
Sales revenue increased in third quarter 2024 compared to third quarter 2023 primarily due to higher sales volume. Sales revenue increased in first nine months 2024 compared to first nine months 2023 primarily due to higher sales volume, partially offset by lower selling prices. Higher sales volume was primarily attributed to the end of customer inventory destocking across most end-markets. Lower selling prices were primarily due to lower raw material and energy prices and lower distribution prices.
Previous wording
EBIT excluding non-core items increased in second quarter and first six months 2024 compared to second quarter and first six months 2023 primarily due to higher sales volume and lower manufacturing costs, including higher capacity utilization. These impacts were partially offset by lower selling prices, net of lower raw material and energy costs and lower distribution costs.
Current wording
EBIT excluding non-core and unusual items increased in third quarter 2024 compared to third quarter 2023 primarily due to higher sales volume, higher selling prices, and lower raw material and energy costs. These impacts were partially offset by higher SG&A expenses. EBIT excluding non-core and unusual items increased in first nine months 2024 compared to first nine months 2023 primarily due to higher sales volume and lower raw material and energy costs, net of lower selling prices. These impacts were partially offset by higher SG&A expenses.
Previous wording
Discussion of sales revenue and EBIT changes is presented in "Results of Operations" and "Summary by Operating Segment" in this MD&A.
Current wording
Further discussion of sales revenue and EBIT changes is presented in "Results of Operations" and "Summary by Operating Segment" in this MD&A.
Previous wording
Cash provided by operating activities was $351 million in first six months 2024 and $408 million in first six months 2023.
Current wording
Cash provided by operating activities was $747 million in first nine months 2024 and $922 million in first nine months 2023.