EASTMAN CHEMICAL CO (EMN) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Additives & Functional Products	3,700	3,022	3,273	3,647	3,343	2,979	3,159	2,640
Advanced Materials	3,027	2,524	2,688	2,755	2,572	2,457	2,414	2,378
Chemical Intermediates	2,849	2,090	2,443	2,831	2,728	2,534	2,811	3,034
Fibers	900	837	869	918	852	992	1,219	1,457
Other					54	46	45	18
Total revenues	10,476	8,473	9,273	10,151	9,549	9,008	9,648	9,527
Revenue growth [+]	23.6%	-8.6%	-8.6%	6.3%	6.0%	-6.6%	1.3%	1.9%
Additives & Functional Products	22.4%	-7.7%	-10.3%	9.1%	12.2%	-5.7%	19.7%	53.6%
Advanced Materials	19.9%	-6.1%	-2.4%	7.1%	4.7%	1.8%	1.5%	1.2%
Chemical Intermediates	36.3%	-14.4%	-13.7%	3.8%	7.7%	-9.9%	-7.4%
Fibers	7.5%	-3.7%	-5.3%	7.7%	-14.1%	-18.6%	-16.3%	1.1%
Cost of goods sold	7,976	6,498	7,039	7,672	7,186	6,651	7,068	7,306
Gross profit	2,500	1,975	2,234	2,479	2,363	2,357	2,580	2,221
Gross margin	23.9%	23.3%	24.1%	24.4%	24.7%	26.2%	26.7%	23.3%
Selling, general and administrative	795	654	691	721	729	707	771	755
Other selling, general and administrative
Research and development	254	226	234	235	227	223	242	227
Other operating expenses	-429	127	63	343	355	499		-19
EBITDA [+]	2,418	1,542	1,857	1,784	1,639	1,508	2,138	1,708
EBITDA growth	56.8%	-17.0%	4.1%	8.8%	8.7%	-29.5%	25.2%	-28.6%
EBITDA margin	23.1%	18.2%	20.0%	17.6%	17.2%	16.7%	22.2%	17.9%
Depreciation	430	446	451	440	423	414	408	360
EBITA	1,988	1,096	1,406	1,344	1,216	1,094	1,730	1,348
EBITA margin	19.0%	12.9%	15.2%	13.2%	12.7%	12.1%	17.9%	14.1%
Amortization of intangibles	108	128	160	164	164	166	163	90
EBIT [+]	1,880	968	1,246	1,180	1,052	928	1,567	1,258
EBIT growth	94.2%	-22.3%	5.6%	12.2%	13.4%	-40.8%	24.6%	-35.8%
EBIT margin	17.9%	11.4%	13.4%	11.6%	11.0%	10.3%	16.2%	13.2%
Non-recurring items [+]	599	227	126	45	8	45	183	96
Asset impairment	47	227	126	45	8	45	183	77
Interest expense, net [+]	198	210	218	235	241	255	263	-187
Interest expense	198	210	218	235	241	255	263
Interest income								187
Other income (expense), net [+]	-1	-1		410	486	421	8	-359
Gain (loss) on debt retirement	1	1		7		85
Other								15
Pre-tax income	1,082	530	902	1,310	1,289	1,049	1,129	990
Income taxes	215	41	140	226	-99	190	275	235
Tax rate	19.9%	7.7%	15.5%	17.3%		18.1%	24.4%	23.7%
Minority interest	10	11	3	4	4	5	6	6
Net income	857	478	759	1,080	1,384	854	848	751
Net margin	8.2%	5.6%	8.2%	10.6%	14.5%	9.5%	8.8%	7.9%

Basic EPS [+]	$6.35	$3.53	$5.52	$7.65	$9.56	$5.80	$5.71	$5.02
Growth	80.1%	-36.1%	-27.8%	-20.0%	64.9%	1.6%	13.6%	-33.6%
Diluted EPS [+]	$6.25	$3.50	$5.48	$7.56	$9.47	$5.75	$5.66	$4.97
Growth	78.5%	-36.1%	-27.5%	-20.2%	64.6%	1.7%	13.9%	-33.2%

Dividends per share [+]	$2.78	$2.64	$2.50	$2.25	$2.04	$1.85	$1.60	$1.40
Growth	5.2%	5.8%	10.8%	10.2%	10.7%	15.3%	14.0%	54.5%

Shares outstanding (basic) [+]	135	136	137	141	145	147	149	150
Growth	-0.4%	-1.4%	-2.7%	-2.5%	-1.7%	-0.9%	-0.6%	-2.9%
Shares outstanding (diluted) [+]	137	137	139	143	146	148	150	151
Growth	0.4%	-1.4%	-3.1%	-2.2%	-1.5%	-0.9%	-0.9%	-3.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.