Eastman Chemical Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eastman Chemical Co. filed its 2023 10-K, reporting $9.76 billion in revenue and $117.3 billion in total assets.</b>

AI Summary

EASTMAN CHEMICAL CO (EMN) filed a Annual Report (10-K) with the SEC on February 14, 2024. Eastman Chemical Co. reported total assets of $117,343,761,627 for the fiscal year ended December 31, 2023. The company's revenue for the fiscal year 2023 was $9,763,114,627. Advanced Interlayers represented 34% of total segment sales in 2023, up from 29% in 2022. Care Additives accounted for 37% of total segment sales in 2023, a slight decrease from 38% in 2022. Sales to customers in the United States and Canada represented 32% of total segment sales in 2023.

Why It Matters

For investors and stakeholders tracking EASTMAN CHEMICAL CO, this filing contains several important signals. The filing provides a detailed breakdown of segment sales and geographic distribution, offering insights into the company's market performance and strategic focus areas. Key financial figures and segment percentages are updated, allowing for year-over-year comparison and trend analysis of Eastman's business segments and customer base.

Risk Assessment

Risk Level: medium — EASTMAN CHEMICAL CO shows moderate risk based on this filing. The company's reliance on specific product lines and geographic regions for sales, as detailed in the segment sales percentages, could expose it to market fluctuations or geopolitical risks in those areas.

Analyst Insight

Investors should analyze the shifts in segment sales percentages, particularly the growth in Advanced Interlayers, to understand evolving market demands and Eastman's strategic positioning.

Financial Highlights

revenue

9,763,114,627

total Assets

117,343,761,627

Revenue Breakdown

Key Numbers

• 117,343,761,627 — Total Assets (As of December 31, 2023)
• 9,763,114,627 — Revenue (Fiscal Year 2023)
• 34% — Advanced Interlayers Sales % (2023)
• 37% — Care Additives Sales % (2023)
• 32% — United States and Canada Sales % (2023)

Key Players & Entities

• EASTMAN CHEMICAL CO (company) — Filer name
• EMN (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240214 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• KINGSPORT (location) — Business address city
• TN (location) — Business address state
• 37660 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EMN New York Stock Exchange
• $83.72 — aggregate market value (based upon the $83.72 closing price on the New York Stock Exc
• $9.2 b — , the Company reported sales revenue of $9.2 billion, earnings before interest and tax
• $1.3 b — s before interest and taxes ("EBIT") of $1.3 billion, and net earnings attributable to
• $894 million — net earnings attributable to Eastman of $894 million. Diluted earnings per share were $7.49.
• $7.49 — illion. Diluted earnings per share were $7.49. Net cash provided by operating activit
• $1.4 billion — sh provided by operating activities was $1.4 billion. Excluding non-core and unusual items,
• $1.1 billion — re and unusual items, adjusted EBIT was $1.1 billion and adjusted diluted earnings per share
• $6.40 — djusted diluted earnings per share were $6.40. See "Management's Discussion and Analy

Filing Documents

• emn-20231231.htm (10-K) — 3744KB
• ex1003-20231231amendedandr.htm (EX-10.03) — 841KB
• ex1021-20231231psas.htm (EX-10.21) — 233KB
• ex1024-20231231upp.htm (EX-10.24) — 6KB
• ex1032-20231231stockoptions.htm (EX-10.32) — 103KB
• ex1033-20231231rsu.htm (EX-10.33) — 182KB
• ex2101-20231231subsidiaries.htm (EX-21.01) — 96KB
• ex2301-20231231consentofpa.htm (EX-23.01) — 2KB
• ex3101-2023123113aceocert.htm (EX-31.01) — 10KB
• ex3102-2023123113acfocert.htm (EX-31.02) — 10KB
• ex3201-202312311350ceocert.htm (EX-32.01) — 5KB
• ex3202-202312311350cfocert.htm (EX-32.02) — 5KB
• ex9701-20231231policyrelat.htm (EX-97.01) — 22KB
• ex9901-20231231revbyendxus.htm (EX-99.01) — 1KB
• ex9902-20231231productandr.htm (EX-99.02) — 1KB
• a2023totalcostofops.jpg (GRAPHIC) — 75KB
• eastman_blackx300dpi.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpi1.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpi2.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpi3.jpg (GRAPHIC) — 22KB
• emn-20231231_g1.jpg (GRAPHIC) — 22KB
• image.jpg (GRAPHIC) — 116KB
• revbyend-usemarket.jpg (GRAPHIC) — 125KB
• 0000915389-24-000016.txt (&nbsp;) — 21858KB
• emn-20231231.xsd (EX-101.SCH) — 78KB
• emn-20231231_cal.xml (EX-101.CAL) — 102KB
• emn-20231231_def.xml (EX-101.DEF) — 623KB
• emn-20231231_lab.xml (EX-101.LAB) — 1405KB
• emn-20231231_pre.xml (EX-101.PRE) — 918KB
• emn-20231231_htm.xml (XML) — 4257KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements made or incorporated by reference in this Annual Report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements are all statements, other than statements of historical fact, that may be made by Eastman Chemical Company ("Eastman" or the "Company") from time to time. In some cases, you can identify forward-looking statements by terminology such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "forecasts", "will", "would", "could", and similar expressions, or expressions of the negative of these terms. Forward-looking statements may relate to, among other things, such matters as planned and expected capacity increases and utilization; anticipated capital spending; expected depreciation and amortization; environmental matters and opportunities (including potential risks associated with physical and transitional impacts of climate change and related voluntary and regulatory carbon requirements); exposure to and effects of hedging raw material and energy prices and costs and foreign currencies exchange and interest rates; disruption or interruption of operations and of raw material or energy supply (including as a result of cyber-attacks or other breaches of the Company's information security systems); global and regional economic, political, and business conditions, including heightened inflation, capital market volatility, interest rate and currency fluctuations, and economic slowdown or recession; competition; growth opportunities; supply and demand, volume, price, cost, margin and sales; pending and future legal proceedings; earnings, cash flow, dividends, stock repurchases and other expected financial results, events, decisions, and conditions; expectations, strategies, and plans for

Signatures

Signatures 122 4 PART I

BUSINESS

ITEM 1. BUSINESS Page Corporate Overview 6 Business Strategy 7 Financial Strategy 9 Business Segments 9 Advanced Materials Segment 10 Additives & Functional Products Segment 11 Chemical Intermediates Segment 13 Fibers Segment 14 Eastman Chemical Company General Information 16 5 CORPORATE OVERVIEW Eastman Chemical Company ("Eastman" or the "Company") is a global specialty materials company that produces a broad range of products found in items people use every day. Eastman began business in 1920 for the purpose of producing chemicals for Eastman Kodak Company's photographic business and became a public company, incorporated in Delaware, on December 31, 1993. Eastman has 36 manufacturing facilities and has equity interests in two manufacturing joint ventures in 12 countries that supply products to customers throughout the world. See "Properties" in Part I, Item 2 of this Annual Report on Form 10-K (this "Annual Report"). The Company's headquarters and largest manufacturing facility are located in Kingsport, Tennessee. With a robust portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions with a commitment to safety and sustainability. Eastman's businesses are managed and reported in four operating segments: Advanced Materials ("AM"), Additives & Functional Products ("AFP"), Chemical Intermediates ("CI"), and Fibers. See "Business Segments". In the first years as a stand-alone company, Eastman was diversified between commodity and more specialty chemical businesses. Beginning in 2004, the Company refocused its strategy and changed its businesses and portfolio of products, first by the divestiture and discontinuance of under-performing assets and commodity businesses and initiatives (including divestiture in 2004 of resins, inks, and monomers product lines, divestiture in 2006 of the polyethylene business, and divestiture from 2007 to 2010 of the polyethylene terephthalate ("PET") as

View Full Filing

View this 10-K filing on SEC EDGAR