2018 Q4 Form 10-K Financial Statement

#000091538919000009 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $2.376B $2.362B $2.465B
YoY Change 0.59% 7.95% 7.78%
Cost Of Revenue $1.910B $1.905B $1.794B
YoY Change 0.26% 12.19% 7.68%
Gross Profit $466.0M $457.0M $671.0M
YoY Change 1.97% -6.73% 8.05%
Gross Profit Margin 19.61% 19.35% 27.22%
Selling, General & Admin $167.0M $189.0M $180.0M
YoY Change -11.64% 14.55% -0.55%
% of Gross Profit 35.84% 41.36% 26.83%
Research & Development $59.00M $53.00M $59.00M
YoY Change 11.32% -5.36% 9.26%
% of Gross Profit 12.66% 11.6% 8.79%
Depreciation & Amortization $153.0M $147.0M $148.0M
YoY Change 4.08% 2.08% 2.07%
% of Gross Profit 32.83% 32.17% 22.06%
Operating Expenses $295.0M $195.0M $239.0M
YoY Change 51.28% -11.76% 1.7%
Operating Profit $171.0M $262.0M $460.0M
YoY Change -34.73% -2.6% 29.21%
Interest Expense -$54.00M -$59.00M -$58.00M
YoY Change -8.47% -11.94% -10.77%
% of Operating Profit -31.58% -22.52% -12.61%
Other Income/Expense, Net $4.000M
YoY Change -233.33%
Pretax Income $71.00M $186.0M $403.0M
YoY Change -61.83% 64.6% 39.45%
Income Tax $60.00M $34.00M $79.00M
% Of Pretax Income 84.51% 18.28% 19.6%
Net Earnings $34.00M $491.0M $323.0M
YoY Change -93.08% 323.28% 39.22%
Net Earnings / Revenue 1.43% 20.79% 13.1%
Basic Earnings Per Share $0.25 $3.42 $2.24
Diluted Earnings Per Share $0.24 $3.39 $2.22
COMMON SHARES
Basic Shares Outstanding 139.8M shares 143.0M shares 144.3M shares
Diluted Shares Outstanding 145.5M shares

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.0M $191.0M $195.0M
YoY Change 18.32% 5.52% -5.8%
Cash & Equivalents $226.0M $191.0M $195.0M
Short-Term Investments
Other Short-Term Assets $73.00M $57.00M $49.00M
YoY Change 28.07% -18.57% -16.95%
Inventory $1.583B $1.509B $1.576B
Prepaid Expenses
Receivables $1.154B $1.026B $1.047B
Other Receivables $329.0M $360.0M $378.0M
Total Short-Term Assets $3.365B $3.143B $3.245B
YoY Change 7.06% 9.67% 11.9%
LONG-TERM ASSETS
Property, Plant & Equipment $5.600B $5.607B $5.485B
YoY Change -0.12% 6.27% 5.54%
Goodwill $4.467B $4.527B $4.520B
YoY Change -1.33% 1.48% 1.03%
Intangibles $2.185B $2.373B $2.404B
YoY Change -7.92% -4.28% -5.47%
Long-Term Investments
YoY Change
Other Assets $378.0M $349.0M $370.0M
YoY Change 8.31% -6.93% -1.33%
Total Long-Term Assets $12.63B $12.86B $12.78B
YoY Change -1.76% 2.1% 1.51%
TOTAL ASSETS
Total Short-Term Assets $3.365B $3.143B $3.245B
Total Long-Term Assets $12.63B $12.86B $12.78B
Total Assets $16.00B $16.00B $16.02B
YoY Change -0.03% 3.51% 3.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $914.0M $842.0M $689.0M
YoY Change 8.55% 19.6% 9.54%
Accrued Expenses $197.0M $199.0M $183.0M
YoY Change -1.01% 1.53% -7.11%
Deferred Revenue
YoY Change
Short-Term Debt $243.0M $393.0M $369.0M
YoY Change -38.17% 38.87% -45.33%
Long-Term Debt Due $393.0M $369.0M
YoY Change 38.87% -45.33%
Total Short-Term Liabilities $1.851B $1.982B $1.771B
YoY Change -6.61% 10.42% -19.72%
LONG-TERM LIABILITIES
Long-Term Debt $5.925B $6.147B $6.325B
YoY Change -3.61% -2.6% 6.61%
Other Long-Term Liabilities $532.0M $534.0M $491.0M
YoY Change -0.37% 2.89% -14.31%
Total Long-Term Liabilities $6.457B $6.681B $6.816B
YoY Change -3.35% -2.18% 4.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.851B $1.982B $1.771B
Total Long-Term Liabilities $6.457B $6.681B $6.816B
Total Liabilities $10.12B $10.52B $10.93B
YoY Change -3.82% -3.04% -0.44%
SHAREHOLDERS EQUITY
Retained Earnings $7.573B $6.802B $6.391B
YoY Change 11.33% 18.9% 12.52%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.575B $3.175B $3.100B
YoY Change 12.6% 12.39% 10.71%
Treasury Stock Shares 79.41M shares 75.45M shares 74.63M shares
Shareholders Equity $5.803B $5.403B $5.023B
YoY Change
Total Liabilities & Shareholders Equity $16.00B $16.00B $16.02B
YoY Change -0.03% 3.51% 3.45%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $34.00M $491.0M $323.0M
YoY Change -93.08% 323.28% 39.22%
Depreciation, Depletion And Amortization $153.0M $147.0M $148.0M
YoY Change 4.08% 2.08% 2.07%
Cash From Operating Activities $740.0M $646.0M $528.0M
YoY Change 14.55% 65.64% 17.33%
INVESTING ACTIVITIES
Capital Expenditures -$147.0M -$211.0M -$159.0M
YoY Change -30.33% -15.94% 12.77%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$2.000M $12.00M
YoY Change -50.0% -95.56% -300.0%
Cash From Investing Activities -$148.0M -$213.0M -$147.0M
YoY Change -30.52% -28.04% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -558.0M -438.0M -410.0M
YoY Change 27.4% 274.36% 22.02%
NET CHANGE
Cash From Operating Activities 740.0M 646.0M 528.0M
Cash From Investing Activities -148.0M -213.0M -147.0M
Cash From Financing Activities -558.0M -438.0M -410.0M
Net Change In Cash 34.00M -5.000M -29.00M
YoY Change -780.0% -78.26% -12.12%
FREE CASH FLOW
Cash From Operating Activities $740.0M $646.0M $528.0M
Capital Expenditures -$147.0M -$211.0M -$159.0M
Free Cash Flow $887.0M $857.0M $687.0M
YoY Change 3.5% 33.7% 16.24%

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20000000 USD
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7000000 USD
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15000000 USD
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5000000 USD
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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;">As noted above, on January 1, 2018, Eastman adopted </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-09 Revenue Recognition (ASC 606). </font><font style="font-family:inherit;font-size:10pt;">For accounting policy and elections, see </font><font style="font-family:inherit;font-size:10pt;">Note 22, "Revenue Recognition"</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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