2014 Q4 Form 10-K Financial Statement

#000091538915000021 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013 Q3
Revenue $2.349B $2.265B $2.338B
YoY Change 3.71% 4.43% 3.5%
Cost Of Revenue $2.016B $1.471B $1.649B
YoY Change 37.05% -20.23% -4.9%
Gross Profit $333.0M $794.0M $689.0M
YoY Change -58.06% 144.31% 31.24%
Gross Profit Margin 14.18% 35.06% 29.47%
Selling, General & Admin $244.0M $135.0M $159.0M
YoY Change 80.74% -39.73% -8.09%
% of Gross Profit 73.27% 17.0% 23.08%
Research & Development $62.00M $45.00M $48.00M
YoY Change 37.78% -27.42% -7.69%
% of Gross Profit 18.62% 5.67% 6.97%
Depreciation & Amortization $122.0M $107.0M $108.0M
YoY Change 14.02% -0.93% -3.57%
% of Gross Profit 36.64% 13.48% 15.67%
Operating Expenses $306.0M $180.0M $207.0M
YoY Change 70.0% -37.06% -8.0%
Operating Profit $27.00M $614.0M $479.0M
YoY Change -95.6% 1474.36% 82.13%
Interest Expense -$48.00M -$43.00M -$45.00M
YoY Change 11.63% 0.0% 0.0%
% of Operating Profit -177.78% -7.0% -9.39%
Other Income/Expense, Net -$8.000M -$1.000M -$1.000M
YoY Change 700.0% -116.67% -116.67%
Pretax Income -$29.00M $518.0M $434.0M
YoY Change -105.6% -739.51% 96.38%
Income Tax -$46.00M $169.0M $125.0M
% Of Pretax Income 32.63% 28.8%
Net Earnings $16.00M $346.0M $308.0M
YoY Change -95.38% -740.74% 100.0%
Net Earnings / Revenue 0.68% 15.28% 13.17%
Basic Earnings Per Share $0.11 $2.26 $2.00
Diluted Earnings Per Share $0.11 $2.22 $1.97
COMMON SHARES
Basic Shares Outstanding 148.6M shares 152.5M shares 154.0M shares
Diluted Shares Outstanding 156.4M shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.0M $237.0M $222.0M
YoY Change -9.7% -4.82% -6.33%
Cash & Equivalents $214.0M $237.0M $222.0M
Short-Term Investments
Other Short-Term Assets $250.0M $251.0M $123.0M
YoY Change -0.4% 30.05% 29.47%
Inventory $1.509B $1.264B $1.274B
Prepaid Expenses
Receivables $936.0M $880.0M $967.0M
Other Receivables $264.0M $208.0M $181.0M
Total Short-Term Assets $3.173B $2.840B $2.767B
YoY Change 11.73% 5.22% 3.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.087B $4.290B $4.217B
YoY Change 18.58% 2.61% 2.53%
Goodwill $4.486B $2.637B $2.634B
YoY Change 70.12% -0.26% 11.28%
Intangibles $2.905B $1.781B $1.801B
YoY Change 63.11% -3.68% -4.3%
Long-Term Investments $19.00M $21.00M
YoY Change -9.52% -8.7%
Other Assets $421.0M $297.0M $308.0M
YoY Change 41.75% -11.87% -49.51%
Total Long-Term Assets $12.90B $9.005B $8.960B
YoY Change 43.24% -0.07% -0.13%
TOTAL ASSETS
Total Short-Term Assets $3.173B $2.840B $2.767B
Total Long-Term Assets $12.90B $9.005B $8.960B
Total Assets $16.07B $11.85B $11.73B
YoY Change 35.69% 1.15% 0.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $827.0M $762.0M $657.0M
YoY Change 8.53% 5.39% -9.0%
Accrued Expenses $191.0M $205.0M $208.0M
YoY Change -6.83% -10.87% 8.9%
Deferred Revenue
YoY Change
Short-Term Debt $301.0M $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $301.0M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $2.022B $1.470B $1.323B
YoY Change 37.55% 7.77% -9.63%
LONG-TERM LIABILITIES
Long-Term Debt $7.248B $4.254B $4.429B
YoY Change 70.38% -10.99% -8.96%
Other Long-Term Liabilities $768.0M $453.0M $478.0M
YoY Change 69.54% -9.58% -19.12%
Total Long-Term Liabilities $8.016B $4.707B $4.907B
YoY Change 70.3% -10.85% -10.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.022B $1.470B $1.323B
Total Long-Term Liabilities $8.016B $4.707B $4.907B
Total Liabilities $12.48B $7.970B $8.058B
YoY Change 56.61% -8.2% -6.68%
SHAREHOLDERS EQUITY
Retained Earnings $4.545B $4.012B $3.718B
YoY Change 13.29% 32.06% 18.45%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.577B $2.167B $2.042B
YoY Change 18.92% 12.34% 5.86%
Treasury Stock Shares 67.66M shares 67.66M shares 61.08M shares
Shareholders Equity $3.510B $3.796B $3.588B
YoY Change
Total Liabilities & Shareholders Equity $16.07B $11.85B $11.73B
YoY Change 35.69% 1.15% 0.7%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $16.00M $346.0M $308.0M
YoY Change -95.38% -740.74% 100.0%
Depreciation, Depletion And Amortization $122.0M $107.0M $108.0M
YoY Change 14.02% -0.93% -3.57%
Cash From Operating Activities $484.0M $503.0M $427.0M
YoY Change -3.78% 14.32% 20.96%
INVESTING ACTIVITIES
Capital Expenditures -$185.0M -$174.0M -$126.0M
YoY Change 6.32% 2.96% 4.13%
Acquisitions
YoY Change
Other Investing Activities -$3.188B $25.00M $9.000M
YoY Change -12852.0% 1150.0% -100.34%
Cash From Investing Activities -$3.373B -$149.0M -$117.0M
YoY Change 2163.76% -10.78% -95.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.890B -342.0M -327.0M
YoY Change -945.03% 31.03% -4.39%
NET CHANGE
Cash From Operating Activities 484.0M 503.0M 427.0M
Cash From Investing Activities -3.373B -149.0M -117.0M
Cash From Financing Activities 2.890B -342.0M -327.0M
Net Change In Cash 1.000M 12.00M -17.00M
YoY Change -91.67% 0.0% -99.39%
FREE CASH FLOW
Cash From Operating Activities $484.0M $503.0M $427.0M
Capital Expenditures -$185.0M -$174.0M -$126.0M
Free Cash Flow $669.0M $677.0M $553.0M
YoY Change -1.18% 11.17% 16.67%

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CY2012 us-gaap Capitalized Computer Software Additions
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5000000 USD
CY2013 us-gaap Capitalized Computer Software Additions
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5000000 USD
CY2014 us-gaap Capitalized Computer Software Additions
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3000000 USD
CY2012 us-gaap Capitalized Computer Software Amortization
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7000000 USD
CY2013 us-gaap Capitalized Computer Software Amortization
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7000000 USD
CY2014 us-gaap Capitalized Computer Software Amortization
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7000000 USD
CY2013Q4 us-gaap Capitalized Computer Software Net
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14000000 USD
CY2014Q4 us-gaap Capitalized Computer Software Net
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11000000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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577000000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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249000000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
237000000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214000000 USD
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-328000000 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-12000000 USD
CY2012 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.08
CY2013 us-gaap Common Stock Dividends Per Share Declared
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1.25
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-23000000 USD
CY2012Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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29.70
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
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6000000 shares
CY2012Q3 us-gaap Class Of Warrant Or Right Outstanding
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4481250 shares
CY2014 us-gaap Common Stock Dividends Per Share Declared
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1.45
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2012Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
215131237 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
216256971 shares
CY2011Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
196455131 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
213406523 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
215131237 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
216256971 shares
CY2013Q4 us-gaap Common Stock Value
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2000000 USD
CY2014Q4 us-gaap Common Stock Value
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2000000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax
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422000000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1213000000 USD
CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
303000000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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429000000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1220000000 USD
CY2014 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
309000000 USD
CY2012 us-gaap Cost Of Goods Sold
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6340000000 USD
CY2013 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6574000000 USD
CY2014 us-gaap Cost Of Goods Sold
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7306000000 USD
CY2012 us-gaap Current Federal Tax Expense Benefit
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123000000 USD
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
143000000 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
64000000 USD
CY2012 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
27000000 USD
CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
3000000 USD
CY2014 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
66000000 USD
CY2012 us-gaap Current State And Local Tax Expense Benefit
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14000000 USD
CY2013 us-gaap Current State And Local Tax Expense Benefit
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30000000 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
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6000000 USD
CY2013Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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4254000000 USD
CY2014Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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7549000000 USD
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
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95000000 USD
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
300000000 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
135000000 USD
CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-51000000 USD
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
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15000000 USD
CY2014 us-gaap Deferred Foreign Income Tax Expense Benefit
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-35000000 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
48000000 USD
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
331000000 USD
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
99000000 USD
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2000000 USD
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
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16000000 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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-1000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Derivative Instruments
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24000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
165000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1642000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1820000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
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-295000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
-747000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Net
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1438000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net
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1556000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Net Current
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196000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net Current
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177000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Net Noncurrent
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7000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net Noncurrent
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28000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
573000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
470000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Other
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186000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Other
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294000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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224000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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239000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
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502000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
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529000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Contingencies
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133000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Contingencies
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123000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
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204000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
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264000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities
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1733000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities
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2303000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Current
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2000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Current
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6000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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631000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
1001000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Noncurrent
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496000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Noncurrent
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946000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Other
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110000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Other
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158000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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992000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1144000000 USD
CY2012 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-247000000 USD
CY2013 us-gaap Defined Benefit Plan Actuarial Gain Loss
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383000000 USD
CY2014 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-304000000 USD
CY2012 us-gaap Depreciation
Depreciation
309000000 USD
CY2013 us-gaap Depreciation
Depreciation
345000000 USD
CY2014 us-gaap Depreciation
Depreciation
355000000 USD
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
360000000 USD
CY2013 us-gaap Depreciation And Amortization
DepreciationAndAmortization
433000000 USD
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
450000000 USD
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
360000000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
433000000 USD
CY2013 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2000000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
450000000 USD
CY2014Q4 us-gaap Derivative Assets
DerivativeAssets
129000000 USD
CY2014 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
0 USD
CY2013 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
4000000 USD
CY2014 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-3000000 USD
CY2014Q4 us-gaap Derivative Liabilities
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498000000 USD
CY2012 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
1000000 USD
CY2013 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2014 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2012 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2014 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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2000000 USD
CY2012 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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0 USD
CY2013 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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0 USD
CY2014 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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2000000 USD
CY2012 us-gaap Dividends Common Stock Cash
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159000000 USD
CY2013 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
191000000 USD
CY2014 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
218000000 USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.00
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.60
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.71
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.00
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.26
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.57
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.54
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.96
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.41
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.03
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.93
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.69
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.97
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.22
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.44
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.93
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.39
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.97
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2000000 USD
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
7000000 USD
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-4000000 USD
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.30
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
205000000 USD
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
191000000 USD
CY2014 us-gaap Employee Stock Ownership Plan Esop Plan Description
EmployeeStockOwnershipPlanESOPPlanDescription
The Company sponsors a defined contribution employee stock ownership plan (the "ESOP"), which is a component of the Eastman Investment Plan and Employee Stock Ownership Plan ("EIP/ESOP"), a plan under Section 401(a) of the Internal Revenue Code.  Eastman made a contribution in February 2015 to the EIP/ESOP for substantially all U.S. employees equal to 5 percent of their eligible compensation for the 2014 plan year.  Employees may allocate contributions to other investment funds within the EIP from the ESOP at any time without restrictions.  Allocated shares in the ESOP totaled 2,197,740; 2,289,618; and 2,410,806 shares as of December 31, 2014, 2013, and 2012, respectively.  Dividends on shares held by the EIP/ESOP are charged to retained earnings.  All shares held by the EIP/ESOP are treated as outstanding in computing earnings per share.
CY2013 us-gaap Environmental Costs Recognized Capitalized In Period
EnvironmentalCostsRecognizedCapitalizedInPeriod
53000000 USD
CY2014 us-gaap Environmental Costs Recognized Capitalized In Period
EnvironmentalCostsRecognizedCapitalizedInPeriod
79000000 USD
CY2013Q4 us-gaap Environmental Exit Costs Costs Accrued To Date
EnvironmentalExitCostsCostsAccruedToDate
9000000 USD
CY2014Q4 us-gaap Environmental Exit Costs Costs Accrued To Date
EnvironmentalExitCostsCostsAccruedToDate
10000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
129000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
219000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
169000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
169000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
169000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
169000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
169000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1910000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3124000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1781000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2905000000 USD
CY2012 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
4000000 USD
CY2013 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-7000000 USD
CY2014 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
7000000 USD
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
CY2014 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
7000000 USD
CY2012 us-gaap Gain Loss On Investments
GainLossOnInvestments
9000000 USD
CY2013 us-gaap Gain Loss On Investments
GainLossOnInvestments
5000000 USD
CY2014 us-gaap Gain Loss On Investments
GainLossOnInvestments
13000000 USD
CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2013 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2014 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
5000000 USD
CY2012Q4 us-gaap Goodwill
Goodwill
2644000000 USD
CY2013Q4 us-gaap Goodwill
Goodwill
2637000000 USD
CY2014Q4 us-gaap Goodwill
Goodwill
4486000000 USD
CY2014 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1882000000 USD
CY2012 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
5000000 USD
CY2013 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2014 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
24000000 USD
CY2012Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
46000000 USD
CY2013Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
46000000 USD
CY2014Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
46000000 USD
CY2014 us-gaap Goodwill Other Changes
GoodwillOtherChanges
0 USD
CY2013 us-gaap Goodwill Subsequent Recognition Of Deferred Tax Asset
GoodwillSubsequentRecognitionOfDeferredTaxAsset
-22000000 USD
CY2014 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-33000000 USD
CY2012 us-gaap Gross Profit
GrossProfit
1762000000 USD
CY2013 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
15000000 USD
CY2014Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
121000000 USD
CY2013Q1 us-gaap Gross Profit
GrossProfit
616000000 USD
CY2013Q2 us-gaap Gross Profit
GrossProfit
677000000 USD
CY2013Q3 us-gaap Gross Profit
GrossProfit
689000000 USD
CY2013Q4 us-gaap Gross Profit
GrossProfit
794000000 USD
CY2013 us-gaap Gross Profit
GrossProfit
2776000000 USD
CY2014Q1 us-gaap Gross Profit
GrossProfit
595000000 USD
CY2014Q2 us-gaap Gross Profit
GrossProfit
657000000 USD
CY2014Q3 us-gaap Gross Profit
GrossProfit
636000000 USD
CY2014Q4 us-gaap Gross Profit
GrossProfit
333000000 USD
CY2014 us-gaap Gross Profit
GrossProfit
2221000000 USD
CY2014Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
29000000 USD
CY2014 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
These other guarantees have terms between 1 and 30 years
CY2013Q4 us-gaap Hedging Liabilities Current
HedgingLiabilitiesCurrent
24000000 USD
CY2014Q4 us-gaap Hedging Liabilities Current
HedgingLiabilitiesCurrent
227000000 USD
CY2014 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
24000000 USD
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
436000000 USD
CY2013 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1165000000 USD
CY2014 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
749000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
651000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
1437000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
627000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
649000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1679000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
990000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-2000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
242000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
363000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
649000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1679000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
990000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
443000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1172000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
755000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.99
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
7.57
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
5.01
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.92
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
7.44
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
4.95
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1000000 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2000000 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.01
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2012 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
-33000000 USD
CY2013 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
12000000 USD
CY2014 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
-152000000 USD
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206000000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
507000000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
235000000 USD
CY2012 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
173000000 USD
CY2013 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
519000000 USD
CY2014 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
85000000 USD
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
12000000 USD
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
17000000 USD
CY2014 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
6000000 USD
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-12000000 USD
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-55000000 USD
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-105000000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
226000000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
587000000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
345000000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
5000000 USD
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
8000000 USD
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-16000000 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
11000000 USD
CY2013 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-14000000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
8000000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
30000000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
4000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-12000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-16000000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-6000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
0 USD
CY2013 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
6000000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
8000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Credits Investment
IncomeTaxReconciliationTaxCreditsInvestment
9000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
10000000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
15000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-12000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-14000000 USD
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
137000000 USD
CY2013 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
224000000 USD
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
152000000 USD
CY2013Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
46000000 USD
CY2014Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
97000000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
10000000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-2000000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-30000000 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-48000000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
38000000 USD
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-19000000 USD
CY2013 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-26000000 USD
CY2014 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-88000000 USD
CY2012 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-53000000 USD
CY2013 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-102000000 USD
CY2014 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-45000000 USD
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-38000000 USD
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6000000 USD
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
61000000 USD
CY2012 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
23000000 USD
CY2013 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
56000000 USD
CY2014 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
12000000 USD
CY2012 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1000000 USD
CY2013Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1781000000 USD
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2905000000 USD
CY2012 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4000000 USD
CY2013 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4000000 USD
CY2014 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7000000 USD
CY2012 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-143000000 USD
CY2013 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-180000000 USD
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-187000000 USD
CY2012 us-gaap Interest Paid Net
InterestPaidNet
125000000 USD
CY2013 us-gaap Interest Paid Net
InterestPaidNet
186000000 USD
CY2014 us-gaap Interest Paid Net
InterestPaidNet
184000000 USD
CY2013Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
976000000 USD
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1130000000 USD
CY2013Q4 us-gaap Inventory Gross
InventoryGross
1770000000 USD
CY2014Q4 us-gaap Inventory Gross
InventoryGross
1971000000 USD
CY2013Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
506000000 USD
CY2014Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
462000000 USD
CY2013Q4 us-gaap Inventory Net
InventoryNet
1264000000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
1509000000 USD
CY2013Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
494000000 USD
CY2014Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
553000000 USD
CY2013Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
300000000 USD
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
288000000 USD
CY2014 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P45Y
CY2013Q4 us-gaap Liabilities
Liabilities
7970000000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
12482000000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
11845000000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
16072000000 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1470000000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2022000000 USD
CY2014Q4 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
LineOfCreditFacilityCapacityAvailableForTradePurchases
158000000 EUR
CY2014Q4 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
LineOfCreditFacilityCapacityAvailableForTradePurchases
192000000 USD
CY2013Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4254000000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7248000000 USD
CY2014 us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
6000000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
79000000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
80000000 USD
CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3000000 USD
CY2013 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13000000 USD
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4000000 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1504000000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-859000000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2664000000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2962000000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-457000000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4091000000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1128000000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1297000000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1408000000 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
437000000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
247000000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
264000000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
308000000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
346000000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
1165000000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
233000000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
292000000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
210000000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
16000000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
751000000 USD
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7000000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7000000 USD
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6000000 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8000000 USD
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3000000 USD
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
15000000 USD
CY2014 us-gaap Objectives For Using Derivative Instruments
ObjectivesForUsingDerivativeInstruments
The Company is exposed to market risks, such as changes in foreign currency exchange rates, commodity prices, and interest rates.  To mitigate these market risk factors and their effects on the cash flows of the underlying transaction, the Company uses various 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 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 Company does not enter into derivative transactions for speculative purposes.
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
800000000 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
1862000000 USD
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
1162000000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
61000000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
73000000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
80000000 USD
CY2014Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
130000000 USD
CY2013Q4 us-gaap Other Assets Current
OtherAssetsCurrent
251000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
11000000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
250000000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
297000000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
421000000 USD
CY2013 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2014 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2012 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
3000000 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
47000000 USD
CY2014 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
0 USD
CY2012 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-2000000 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-29000000 USD
CY2014 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
0 USD
CY2012 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
23000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
26000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
28000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-15000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-16000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-17000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-48000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
60000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-600000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-70000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
12000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-371000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-43000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
7000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-230000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
42000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
27000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-201000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
41000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
28000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-201000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
1000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
48000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-448000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-20000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
21000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-28000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-13000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
13000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-17000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
7000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-8000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
11000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-2000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
7000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2012 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-59000000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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10000000 USD
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CY2014 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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over a period of approximately 30 years for materials, supplies, and energy incident to the ordinary conduct of business.
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue Recognition and Customer Incentives</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the customer is fixed or determinable, and collectability is reasonably assured.&#160;&#160;Revenue for products is recognized when title and risk of loss transfer to the customer.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records estimated obligations for customer programs and incentive offerings, which consist primarily of revenue or volume-based amounts that a customer must achieve over a specified period of time, as a reduction of revenue from each underlying revenue transaction as the customer progresses toward goals specified in incentive agreements.&#160;&#160;These estimates are based on a combination of forecasts of customer sales and actual sales volume and revenues against established goals, the customer's current level of purchases, Eastman's knowledge of customer purchasing habits, and industry pricing practice.&#160;&#160;The incentive payment rate may be variable, based upon the customer reaching higher sales volume or revenue levels over a specified period of time in order to receive an agreed upon incentive payment.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2014 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENTLY ISSUED ACCOUNTING STANDARDS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the Financial Accounting Standards Board ("FASB") issued amended accounting guidance for discontinued operations. The amendments improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on any entity's operations and financial results. Examples of a strategic shift that has (or will have) a major effect on an entity's operations and financial results could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. The amendments require an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the assets and liability sections, respectively, of the statement of financial position. In addition to enhanced disclosures for discontinued operations, disclosures are required for disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. This guidance is effective prospectively for reporting periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. The Company has concluded that changes in its accounting required by this new guidance will not materially impact the Company's future accounting for any discontinued operations or its financial position or results of operations. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that will supersede virtually all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating the impact this new guidance is expected to have on the Company's financial position or results of operations and related disclosures.</font></div></div>

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