$EMN
EASTMAN CHEMICAL CO

2015 Q1 Form 10-Q Financial Statement

#000091538915000031 Filed on May 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $2.443B $2.305B
YoY Change 5.99% -0.09%
Cost Of Revenue $1.787B $1.710B
YoY Change 4.5% 1.12%
Gross Profit $656.0M $595.0M
YoY Change 10.25% -3.41%
Gross Profit Margin 26.85% 25.81%
Selling, General & Admin $180.0M $168.0M
YoY Change 7.14% -1.75%
% of Gross Profit 27.44% 28.24%
Research & Development $56.00M $53.00M
YoY Change 5.66% 8.16%
% of Gross Profit 8.54% 8.91%
Depreciation & Amortization $145.0M $107.0M
YoY Change 35.51% -2.73%
% of Gross Profit 22.1% 17.98%
Operating Expenses $236.0M $221.0M
YoY Change 6.79% 0.45%
Operating Profit $311.0M $361.0M
YoY Change -13.85% -8.14%
Interest Expense -$54.00M -$39.00M
YoY Change 38.46% -22.0%
% of Operating Profit -17.36% -10.8%
Other Income/Expense, Net $11.00M $3.000M
YoY Change 266.67% -400.0%
Pretax Income $256.0M $322.0M
YoY Change -20.5% -6.67%
Income Tax $84.00M $88.00M
% Of Pretax Income 32.81% 27.33%
Net Earnings $171.0M $233.0M
YoY Change -26.61% -5.67%
Net Earnings / Revenue 7.0% 10.11%
Basic Earnings Per Share $1.15 $1.54
Diluted Earnings Per Share $1.14 $1.52
COMMON SHARES
Basic Shares Outstanding 148.7M shares 151.4M shares
Diluted Shares Outstanding 149.7M shares 153.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.0M $185.0M
YoY Change 5.95% 3.93%
Cash & Equivalents $196.0M $185.0M
Short-Term Investments
Other Short-Term Assets $307.0M $220.0M
YoY Change 39.55% 155.81%
Inventory $1.447B $1.377B
Prepaid Expenses
Receivables $998.0M $998.0M
Other Receivables $218.0M $169.0M
Total Short-Term Assets $3.166B $2.949B
YoY Change 7.36% 7.75%
LONG-TERM ASSETS
Property, Plant & Equipment $4.957B $4.301B
YoY Change 15.25% 3.54%
Goodwill $4.419B $2.636B
YoY Change 67.64% 0.04%
Intangibles $2.821B $1.738B
YoY Change 62.31% -5.65%
Long-Term Investments
YoY Change
Other Assets $471.0M $323.0M
YoY Change 45.82% 1.25%
Total Long-Term Assets $12.67B $8.998B
YoY Change 40.79% 0.54%
TOTAL ASSETS
Total Short-Term Assets $3.166B $2.949B
Total Long-Term Assets $12.67B $8.998B
Total Assets $15.83B $11.95B
YoY Change 32.54% 2.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $705.0M $729.0M
YoY Change -3.29% 6.11%
Accrued Expenses $92.00M $119.0M
YoY Change -22.69% -9.85%
Deferred Revenue
YoY Change
Short-Term Debt $351.0M $0.00
YoY Change -100.0%
Long-Term Debt Due $351.0M $0.00
YoY Change
Total Short-Term Liabilities $1.764B $1.259B
YoY Change 40.11% -2.63%
LONG-TERM LIABILITIES
Long-Term Debt $7.293B $4.635B
YoY Change 57.35% -3.01%
Other Long-Term Liabilities $744.0M $398.0M
YoY Change 86.93% -17.6%
Total Long-Term Liabilities $8.037B $5.033B
YoY Change 59.69% -4.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.764B $1.259B
Total Long-Term Liabilities $8.037B $5.033B
Total Liabilities $12.31B $8.139B
YoY Change 51.27% -4.24%
SHAREHOLDERS EQUITY
Retained Earnings $4.656B $4.191B
YoY Change 11.1% 29.39%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.603B $2.427B
YoY Change 7.25% 23.76%
Treasury Stock Shares 68.03M shares 65.89M shares
Shareholders Equity $3.443B $3.729B
YoY Change
Total Liabilities & Shareholders Equity $15.83B $11.95B
YoY Change 32.54% 2.22%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $171.0M $233.0M
YoY Change -26.61% -5.67%
Depreciation, Depletion And Amortization $145.0M $107.0M
YoY Change 35.51% -2.73%
Cash From Operating Activities $91.00M -$30.00M
YoY Change -403.33% -700.0%
INVESTING ACTIVITIES
Capital Expenditures $125.0M $122.0M
YoY Change 2.46% 40.23%
Acquisitions $0.00
YoY Change
Other Investing Activities $1.000M $4.000M
YoY Change -75.0%
Cash From Investing Activities -$122.0M -$119.0M
YoY Change 2.52% 43.37%
FINANCING ACTIVITIES
Cash Dividend Paid $59.00M $53.00M
YoY Change 11.32% 5200.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities $17.00M $98.00M
YoY Change -82.65% 880.0%
NET CHANGE
Cash From Operating Activities $91.00M -$30.00M
Cash From Investing Activities -$122.0M -$119.0M
Cash From Financing Activities $17.00M $98.00M
Net Change In Cash -$14.00M -$51.00M
YoY Change -72.55% -25.0%
FREE CASH FLOW
Cash From Operating Activities $91.00M -$30.00M
Capital Expenditures $125.0M $122.0M
Free Cash Flow -$34.00M -$152.0M
YoY Change -77.63% 85.37%

Facts In Submission

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CY2015Q1 us-gaap Objectives For Using Derivative Instruments
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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.
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CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2014Q4 us-gaap Other Receivables
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CY2015Q1 us-gaap Other Receivables
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CY2014Q1 us-gaap Payments For Repurchase Of Other Equity
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CY2015Q1 us-gaap Payments For Repurchase Of Other Equity
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CY2014 us-gaap Payments For Restructuring
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CY2015Q1 us-gaap Payments For Restructuring
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CY2014Q1 us-gaap Payments Of Dividends
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CY2015Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Payments Of Dividends Minority Interest
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CY2015Q1 us-gaap Payments Of Dividends Minority Interest
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Payments To Develop Software
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CY2015Q1 us-gaap Payments To Develop Software
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1000000 USD
CY2014Q4 us-gaap Percentage Of Lifo Inventory
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0.55
CY2015Q1 us-gaap Percentage Of Lifo Inventory
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CY2014Q4 us-gaap Postemployment Benefits Liability Noncurrent
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1498000000 USD
CY2015Q1 us-gaap Postemployment Benefits Liability Noncurrent
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CY2015Q1 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
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107000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2014Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2014Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
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CY2015Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
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CY2014Q1 us-gaap Profit Loss
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234000000 USD
CY2015Q1 us-gaap Profit Loss
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172000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
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CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2014Q4 us-gaap Property Plant And Equipment Net
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5087000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4957000000 USD
CY2015Q1 us-gaap Purchase Obligation
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CY2014Q1 us-gaap Research And Development Expense
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CY2015Q1 us-gaap Restructuring Reserve
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CY2015Q1 us-gaap Research And Development Expense
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CY2013Q4 us-gaap Restructuring Reserve
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CY2014Q4 us-gaap Restructuring Reserve
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CY2015Q1 us-gaap Restructuring Reserve Period Increase Decrease
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CY2015Q1 us-gaap Restructuring Reserve Settled Without Cash1
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CY2014Q1 us-gaap Restructuring Settlement And Impairment Provisions
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CY2015Q1 us-gaap Restructuring Settlement And Impairment Provisions
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CY2014Q1 us-gaap Revenues
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CY2015Q1 us-gaap Revenues
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CY2015Q1 us-gaap Sales Revenue Goods Net
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CY2014Q1 us-gaap Selling General And Administrative Expense
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CY2015Q1 us-gaap Selling General And Administrative Expense
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180000000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
300000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
300000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
200000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
500000 shares
CY2014Q4 us-gaap Short Term Borrowings
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301000000 USD
CY2015Q1 us-gaap Short Term Borrowings
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351000000 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
100000 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
200000 shares
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q1 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity Before Treasury Stock
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CY2015Q1 us-gaap Stockholders Equity Before Treasury Stock
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Stockholders Equity Other
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CY2014Q4 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2015Q1 us-gaap Treasury Stock Shares Acquired
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CY2014Q4 us-gaap Treasury Stock Value
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CY2015Q1 us-gaap Treasury Stock Value
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CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
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26000000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1600000 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149700000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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151400000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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148700000 shares
CY2015Q1 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 May 2014, the Financial Accounting Standards Board ("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 on the Company's financial position or results of operations and related disclosures. </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 2015, the FASB issued new guidance for debt issuance costs as a part of the simplification and productivity initiative. Under this guidance debt issuance costs will be presented as a direct reduction from the carrying amount of the debt liability, consistent with the presentation of debt discounts. The amortization of debt issuance costs will be reported as interest expense. The recognition and measurement guidance for debt issuance costs is not affected by the amendment. The new guidance is to be applied on a retrospective basis and reported as a change in an accounting principle. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating changes in its accounting required by this new guidance and the impact to the Company's financial position, results of operations and related disclosures. </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 2015, the FASB issued new guidance for cloud computing arrangement fees, also as a part of the simplification and productivity initiative. The guidance establishes a new requirement to determine if cloud computing arrangements includes a software license. If an arrangement is deemed to include a software license then the customer would account for the license as any other purchased software, capitalized and depreciated over the life of the contract. If an arrangement is deemed not to include a license, the agreement would be accounted for as a service contract. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period and early adoption is permitted. The Company is currently evaluating changes in its accounting required by this new guidance and the impact to the Company's financial position, results of operations and related disclosures.</font></div></div>

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