$EMN
EASTMAN CHEMICAL CO

2016 Q1 Form 10-Q Financial Statement

#000091538916000120 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.236B $2.443B
YoY Change -8.47% 5.99%
Cost Of Revenue $1.602B $1.787B
YoY Change -10.35% 4.5%
Gross Profit $634.0M $656.0M
YoY Change -3.35% 10.25%
Gross Profit Margin 28.35% 26.85%
Selling, General & Admin $183.0M $180.0M
YoY Change 1.67% 7.14%
% of Gross Profit 28.86% 27.44%
Research & Development $54.00M $56.00M
YoY Change -3.57% 5.66%
% of Gross Profit 8.52% 8.54%
Depreciation & Amortization $147.0M $145.0M
YoY Change 1.38% 35.51%
% of Gross Profit 23.19% 22.1%
Operating Expenses $237.0M $236.0M
YoY Change 0.42% 6.79%
Operating Profit $399.0M $311.0M
YoY Change 28.3% -13.85%
Interest Expense -$73.00M -$54.00M
YoY Change 35.19% 38.46%
% of Operating Profit -18.3% -17.36%
Other Income/Expense, Net -$12.00M $11.00M
YoY Change -209.09% 266.67%
Pretax Income $323.0M $256.0M
YoY Change 26.17% -20.5%
Income Tax $72.00M $84.00M
% Of Pretax Income 22.29% 32.81%
Net Earnings $251.0M $171.0M
YoY Change 46.78% -26.61%
Net Earnings / Revenue 11.23% 7.0%
Basic Earnings Per Share $1.70 $1.15
Diluted Earnings Per Share $1.69 $1.14
COMMON SHARES
Basic Shares Outstanding 147.8M shares 148.7M shares
Diluted Shares Outstanding 148.8M shares 149.7M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.0M $196.0M
YoY Change 3.06% 5.95%
Cash & Equivalents $202.0M $196.0M
Short-Term Investments
Other Short-Term Assets $62.00M $307.0M
YoY Change -79.8% 39.55%
Inventory $1.493B $1.447B
Prepaid Expenses
Receivables $951.0M $998.0M
Other Receivables $155.0M $218.0M
Total Short-Term Assets $2.863B $3.166B
YoY Change -9.57% 7.36%
LONG-TERM ASSETS
Property, Plant & Equipment $5.185B $4.957B
YoY Change 4.6% 15.25%
Goodwill $4.527B $4.419B
YoY Change 2.44% 67.64%
Intangibles $2.637B $2.821B
YoY Change -6.52% 62.31%
Long-Term Investments
YoY Change
Other Assets $404.0M $471.0M
YoY Change -14.23% 45.82%
Total Long-Term Assets $12.75B $12.67B
YoY Change 0.67% 40.79%
TOTAL ASSETS
Total Short-Term Assets $2.863B $3.166B
Total Long-Term Assets $12.75B $12.67B
Total Assets $15.62B $15.83B
YoY Change -1.38% 32.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $633.0M $705.0M
YoY Change -10.21% -3.29%
Accrued Expenses $125.0M $92.00M
YoY Change 35.87% -22.69%
Deferred Revenue
YoY Change
Short-Term Debt $513.0M $351.0M
YoY Change 46.15%
Long-Term Debt Due $513.0M $351.0M
YoY Change 46.15%
Total Short-Term Liabilities $1.847B $1.764B
YoY Change 4.71% 40.11%
LONG-TERM LIABILITIES
Long-Term Debt $6.565B $7.293B
YoY Change -9.98% 57.35%
Other Long-Term Liabilities $686.0M $744.0M
YoY Change -7.8% 86.93%
Total Long-Term Liabilities $7.251B $8.037B
YoY Change -9.78% 59.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.847B $1.764B
Total Long-Term Liabilities $7.251B $8.037B
Total Liabilities $11.33B $12.31B
YoY Change -7.97% 51.27%
SHAREHOLDERS EQUITY
Retained Earnings $5.330B $4.656B
YoY Change 14.48% 11.1%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.700B $2.603B
YoY Change 3.73% 7.25%
Treasury Stock Shares 69.43M shares 68.03M shares
Shareholders Equity $4.204B $3.443B
YoY Change
Total Liabilities & Shareholders Equity $15.62B $15.83B
YoY Change -1.38% 32.54%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $251.0M $171.0M
YoY Change 46.78% -26.61%
Depreciation, Depletion And Amortization $147.0M $145.0M
YoY Change 1.38% 35.51%
Cash From Operating Activities $51.00M $91.00M
YoY Change -43.96% -403.33%
INVESTING ACTIVITIES
Capital Expenditures $110.0M $125.0M
YoY Change -12.0% 2.46%
Acquisitions $21.00M $0.00
YoY Change
Other Investing Activities $1.000M $1.000M
YoY Change 0.0% -75.0%
Cash From Investing Activities -$126.0M -$122.0M
YoY Change 3.28% 2.52%
FINANCING ACTIVITIES
Cash Dividend Paid $68.00M $59.00M
YoY Change 15.25% 11.32%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.00M $0.00
YoY Change
Cash From Financing Activities -$16.00M $17.00M
YoY Change -194.12% -82.65%
NET CHANGE
Cash From Operating Activities $51.00M $91.00M
Cash From Investing Activities -$126.0M -$122.0M
Cash From Financing Activities -$16.00M $17.00M
Net Change In Cash -$91.00M -$14.00M
YoY Change 550.0% -72.55%
FREE CASH FLOW
Cash From Operating Activities $51.00M $91.00M
Capital Expenditures $110.0M $125.0M
Free Cash Flow -$59.00M -$34.00M
YoY Change 73.53% -77.63%

Facts In Submission

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CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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%;text-align:left;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. In August 2015, the FASB issued new guidance to delay the effective date of the new revenue standard by one year. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted under the original effective date of fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact on the Company's financial position and 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 January 2016, the FASB issued targeted improvements in regards to the recognition and measurement of financial assets and financial liabilities. The changes are as follows: requires equity investments (except equity method and consolidated investments) to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and early adoption is permitted but limited. The new guidance is to be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and for equity securities without readily determinable fair values, applied prospectively to equity investments that exist as of the date of adoption. The Company has concluded that changes in its accounting required by this new guidance will not materially impact 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 February 2016, the FASB issued guidance on lease accounting. The new guidance establishes two types of leases for lessees: finance or operating. The guidance for lessors is largely unchanged. Under the guidance, a lessee is to recognize a right-of-use asset and lease liability that arises from a lease. A lessee can make a policy election, by asset class, to not recognize lease assets or liabilities for leases with a term of 12 months or less. Both finance and operating leases will have associated right-of-use assets and liabilities initially measured at the present value of the lease payments. Current and noncurrent balance sheet classification will apply. Finance leases will have another reported element for interest associated with the principal lease liability. The component concept from the 2014 revenue recognition standard has been included in the new lease standard which will guide identification of individual assets and non-lease components. As with current GAAP, the guidance does not apply to the following leases: intangible assets to explore for or use minerals, oil, natural gas, and similar nonregenerative resources, biological assets (includes timber), inventory, or assets under construction. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and early adoption is permitted. The new guidance is to be applied under a modified retrospective approach wherein practical expedients have been allowed that will not require reassessment of current leases at the effective date. The Company is currently evaluating the impact on the Company's financial position and 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 March 2016, the FASB issued guidance for derivatives and hedging given lack of specific guidance and diversity in practice. The guidance clarifies that a change in the counterparty to a derivative instrument under Topic 815 treatment does not, in and of itself, require dedesignation of that hedge accounting relationship provided all other hedge accounting criteria continues to be met (specifically points to counterparty credit worthiness). This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance is to be applied under the prospective method or modified retrospective approach. The Company has concluded that changes in its accounting required by this new guidance will not materially impact 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 March 2016, the FASB issued guidance in regards to stock compensation as a part of the simplification initiative that covers related tax accounting, cash flow presentation, and forfeitures. The two tax accounting related amendments are as follows: all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement, the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur, an entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period; and the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. The cash flow presentation items sets forth that excess tax benefits should be classified along with other income tax cash flows as an operating activity and cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. For forfeitures, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance application is mixed among the various elements that include, retrospective, prospective, and modified retrospective transition methods. The Company is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</font></div></div>

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