$EMN
EASTMAN CHEMICAL CO

2017 Q1 Form 10-Q Financial Statement

#000091538917000023 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $2.303B $2.236B
YoY Change 3.0% -8.47%
Cost Of Revenue $1.698B $1.602B
YoY Change 5.99% -10.35%
Gross Profit $605.0M $634.0M
YoY Change -4.57% -3.35%
Gross Profit Margin 26.27% 28.35%
Selling, General & Admin $179.0M $183.0M
YoY Change -2.19% 1.67%
% of Gross Profit 29.59% 28.86%
Research & Development $57.00M $54.00M
YoY Change 5.56% -3.57%
% of Gross Profit 9.42% 8.52%
Depreciation & Amortization $145.0M $147.0M
YoY Change -1.36% 1.38%
% of Gross Profit 23.97% 23.19%
Operating Expenses $236.0M $237.0M
YoY Change -0.42% 0.42%
Operating Profit $397.0M $399.0M
YoY Change -0.5% 28.3%
Interest Expense -$56.00M -$73.00M
YoY Change -23.29% 35.19%
% of Operating Profit -14.11% -18.3%
Other Income/Expense, Net $4.000M -$12.00M
YoY Change -133.33% -209.09%
Pretax Income $341.0M $323.0M
YoY Change 5.57% 26.17%
Income Tax $62.00M $72.00M
% Of Pretax Income 18.18% 22.29%
Net Earnings $278.0M $251.0M
YoY Change 10.76% 46.78%
Net Earnings / Revenue 12.07% 11.23%
Basic Earnings Per Share $1.90 $1.70
Diluted Earnings Per Share $1.89 $1.69
COMMON SHARES
Basic Shares Outstanding 146.2M shares 147.8M shares
Diluted Shares Outstanding 147.2M shares 148.8M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.0M $202.0M
YoY Change -2.48% 3.06%
Cash & Equivalents $197.0M $202.0M
Short-Term Investments
Other Short-Term Assets $68.00M $62.00M
YoY Change 9.68% -79.8%
Inventory $1.495B $1.493B
Prepaid Expenses
Receivables $982.0M $951.0M
Other Receivables $423.0M $155.0M
Total Short-Term Assets $3.165B $2.863B
YoY Change 10.55% -9.57%
LONG-TERM ASSETS
Property, Plant & Equipment $5.321B $5.185B
YoY Change 2.62% 4.6%
Goodwill $4.484B $4.527B
YoY Change -0.95% 2.44%
Intangibles $2.434B $2.637B
YoY Change -7.7% -6.52%
Long-Term Investments
YoY Change
Other Assets $351.0M $404.0M
YoY Change -13.12% -14.23%
Total Long-Term Assets $12.59B $12.75B
YoY Change -1.28% 0.67%
TOTAL ASSETS
Total Short-Term Assets $3.165B $2.863B
Total Long-Term Assets $12.59B $12.75B
Total Assets $15.76B $15.62B
YoY Change 0.89% -1.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $668.0M $633.0M
YoY Change 5.53% -10.21%
Accrued Expenses $110.0M $125.0M
YoY Change -12.0% 35.87%
Deferred Revenue
YoY Change
Short-Term Debt $305.0M $513.0M
YoY Change -40.55% 46.15%
Long-Term Debt Due $305.0M $513.0M
YoY Change -40.55% 46.15%
Total Short-Term Liabilities $1.637B $1.847B
YoY Change -11.37% 4.71%
LONG-TERM LIABILITIES
Long-Term Debt $6.578B $6.565B
YoY Change 0.2% -9.98%
Other Long-Term Liabilities $535.0M $686.0M
YoY Change -22.01% -7.8%
Total Long-Term Liabilities $7.113B $7.251B
YoY Change -1.9% -9.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.637B $1.847B
Total Long-Term Liabilities $7.113B $7.251B
Total Liabilities $11.03B $11.33B
YoY Change -2.67% -7.97%
SHAREHOLDERS EQUITY
Retained Earnings $5.925B $5.330B
YoY Change 11.16% 14.48%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.900B $2.700B
YoY Change 7.41% 3.73%
Treasury Stock Shares 72.21M shares 69.43M shares
Shareholders Equity $4.651B $4.204B
YoY Change
Total Liabilities & Shareholders Equity $15.76B $15.62B
YoY Change 0.89% -1.38%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $278.0M $251.0M
YoY Change 10.76% 46.78%
Depreciation, Depletion And Amortization $145.0M $147.0M
YoY Change -1.36% 1.38%
Cash From Operating Activities $52.00M $51.00M
YoY Change 1.96% -43.96%
INVESTING ACTIVITIES
Capital Expenditures $133.0M $110.0M
YoY Change 20.91% -12.0%
Acquisitions $4.000M $21.00M
YoY Change -80.95%
Other Investing Activities $0.00 $1.000M
YoY Change -100.0% 0.0%
Cash From Investing Activities -$136.0M -$126.0M
YoY Change 7.94% 3.28%
FINANCING ACTIVITIES
Cash Dividend Paid $75.00M $68.00M
YoY Change 10.29% 15.25%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $10.00M
YoY Change -100.0%
Cash From Financing Activities $102.0M -$16.00M
YoY Change -737.5% -194.12%
NET CHANGE
Cash From Operating Activities $52.00M $51.00M
Cash From Investing Activities -$136.0M -$126.0M
Cash From Financing Activities $102.0M -$16.00M
Net Change In Cash $18.00M -$91.00M
YoY Change -119.78% 550.0%
FREE CASH FLOW
Cash From Operating Activities $52.00M $51.00M
Capital Expenditures $133.0M $110.0M
Free Cash Flow -$81.00M -$59.00M
YoY Change 37.29% 73.53%

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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 Financial Accounting Standards Board ("FASB") and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that provides a five-step process to the principles-based guidance. 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. In April 2016, the FASB issued clarifying guidance to the 2014 revenue standard in regards to the identification of performance obligations and licensing. In May 2016, the FASB issued narrow-scope improvements and practical expedients to the new revenue standard that include clarification of the collectability criterion, specification for the measurement of noncash considerations, clarifies a completed contract for transition purposes and clarification in regards to the retrospective application, as well as, policy elections, and practical expedients. In December 2016, the FASB issued additional corrections and improvements that affect various narrow aspects of the guidance. The effective date for all amendments is the same as that of the revenue standard stated above. Management does not expect that changes in its accounting required by this new guidance will materially impact the Company's financial position or results of operations and related disclosures. Management plans to adopt the new guidance January 1, 2018, and anticipates adopting retrospectively to each prior reporting period presented with the election of applicable practical expedients. </font></div><div style="line-height:120%;text-align:left;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 February 2016, the FASB issued guidance on lease accounting. The new guidance establishes two types of leases for lessees: finance and operating. Both finance and operating leases will have associated right-of-use assets and liabilities initially measured at the present value of the lease payments. 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. Management 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%;text-align:left;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 June 2016, the FASB issued guidance relating to credit losses. The amendments require a financial asset (including trade receivables) to be presented at the net amount expected to be collected through the use of allowances for credit losses valuation account. The income statement will reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period, beginning after December 15, 2018. The new guidance application is mixed among the various elements that include modified retrospective and prospective transition methods. Management 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%;text-align:left;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 October 2016, the FASB issued guidance as a part of its simplification initiative in regards to income tax of intra-entity asset transfers. The release requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments eliminate the exception for an intra-entity transfer of an asset other than inventory that prohibited recognizing current and deferred income tax consequences for an intra-entity asset transfer until the asset or assets have been sold to an outside party. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The new guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Management is currently evaluating the impact on the Company's 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 2017, the FASB issued guidance clarifying the definition of a business that provides a two-step analysis in the determination of whether an acquisition or derecognition is a business or an asset. The update removes the evaluation of whether a market participant could replace any missing elements and provides a framework to assist entities in evaluating whether both an input and a substantive process are present. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted for transactions that meet specified criteria. This guidance is to be applied on a prospective basis for transactions that occur after the effective date.</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 2017, the FASB issued guidance as a part of its simplification initiative that bases the impairment of goodwill on any difference for which the carrying value is greater than the fair value of the reporting unit. This guidance is effective for annual reporting periods, or interim period testing performed, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment testing performed after January 1, 2017. This guidance is to be applied on a prospective basis for goodwill testing that occur after the effective date.</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 2017, the FASB issued guidance that clarifies the scope of nonfinancial asset derecognition and the accounting for partial sales of nonfinancial assets. This guidance is effective at the same time as the amendments in the revenue recognition standard stated above, for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and must be applied in conjunction with that standard. Adoption can be applied either on a retrospective or modified retrospective approach. Management 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 2017, the FASB issued guidance to improve the presentation of net periodic pension and postretirement benefit costs that will require the reporting of the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost (interest cost, expected return on plan assets, curtailment gains or losses, amortization of prior service costs or credits, and mark-to-market gains or losses) are to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations. In addition, the amendment prescribes only the service cost component to be eligible for capitalization. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The new guidance is to be applied retrospectively for income statement effect and prospectively for balance sheet effects. Management 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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