SEC Form 11-K filed by Eastman Chemical Company

6/27/24 3:34:35 PM ET

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11-K 1 a2023123111-k.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 11-K


(Mark One)
[X]			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 31, 2023
			OR
[ ]			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____________ to ______________


Commission file number 1-12626

A. Full Title of the plan and the address of the plan, if different from that of the issuer named below:

EASTMAN INVESTMENT AND EMPLOYEE STOCK OWNERSHIP PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

EASTMAN CHEMICAL COMPANY
200 S. Wilcox Drive
Kingsport, Tennessee 37662

Eastman Investment and Employee Stock Ownership Plan

Table of Contents


Report of Independent Registered Public Accounting Firm			1

Basic Financial Statements:

Statements of Net Assets Available for Benefits at December 31, 2023 and 2022			2

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2023 and 2022			3

Notes to Financial Statements			4-15

Additional Information (Note A):

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023			17-31

Signatures			32

Exhibits			33


Note A:			Other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants, Investment Plan Committee, and Plan Administrator

Eastman Investment and Employee Stock Ownership Plan

Kingsport, Tennessee

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2023 and 2022, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ArmaninoLLP

We have served as the Plan's auditor since 2014.

St. Louis, Missouri

June 27, 2024

Eastman Investment and Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2023 and 2022

(in thousands)


			2023						2022
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Assets

Investments at fair value	$	2,538,279	$	171,070	$	2,709,349	$	2,175,934	$	153,782	$	2,329,716

Investments at contract value	577,532		—		577,532		704,879		—		704,879

Total investments	3,115,811		171,070		3,286,881		2,880,813		153,782		3,034,595

Receivables:

Plan sponsor contributions	37,871		14,962		52,833		42,693		14,596		57,289

Notes receivable from participants	49,372		—		49,372		45,943		—		45,943

Other receivables	2,623		1,540		4,163		3,691		1,487		5,178

Total assets	3,205,677		187,572		3,393,249		2,973,140		169,865		3,143,005


Liabilities



Other liabilities	1,254		1,526		2,780		1,327		1,532		2,859

Total liabilities	1,254		1,526		2,780		1,327		1,532		2,859

Net assets available for benefits	$	3,204,423	$	186,046	$	3,390,469	$	2,971,813	$	168,333	$	3,140,146

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2023 and 2022

(in thousands)


			2023						2022
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Additions to net assets:

Investment income
Interest	$	12,168	$	—	$	12,168	$	10,888	$	—	$	10,888
Dividends	10,529		6,185		16,714		9,797		5,855		15,652
Net appreciation (depreciation) in fair value of investments	408,656		14,814		423,470		(493,331)		(75,734)		(569,065)
Net investment gain (loss)	431,353		20,999		452,352		(472,646)		(69,879)		(542,525)
Interest income from notes receivable	2,809		—		2,809		2,255		—		2,255
Participant contributions	124,349		—		124,349		128,250		—		128,250
Plan sponsor contributions	61,870		14,963		76,833		66,396		14,596		80,992
Total additions (deductions)	620,381		35,962		656,343		(275,745)		(55,283)		(331,028)

Deductions from net assets:

Distributions to and withdrawals by participants	392,582		12,640		405,222		333,205		14,249		347,454
Administrative expenses	798		—		798		986		—		986
Total deductions	393,380		12,640		406,020		334,191		14,249		348,440
Net (decrease) increase in net assets	227,001		23,322		250,323		(609,936)		(69,532)		(679,468)
Transfers from non-participant directed	5,609		(5,609)		—		5,183		(5,183)		—
Plan transfers (see Note 15)	—		—		—		(50,103)		(1,666)		(51,769)
Net assets available for benefits at beginning of year	2,971,813		168,333		3,140,146		3,626,669		244,714		3,871,383
Net assets available for benefits at end of year	$	3,204,423	$	186,046	$	3,390,469	$	2,971,813	$	168,333	$	3,140,146

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

1.DESCRIPTION OF PLAN

The Eastman Investment and Employee Stock Ownership Plan (the "Plan") is a defined contribution plan of a controlled group of corporations consisting of Eastman Chemical Company and certain of its wholly-owned subsidiaries operating in the United States ("Eastman", the "Company" or the "Plan Sponsor"). The Plan is organized pursuant to Sections 401(a) and (k) and Section 4975(e)(7) of the Internal Revenue Code ("IRC"). All United States employees of Eastman, with the exception of certain limited service and special program employees, and employees covered by a collective bargaining agreement with the Company, unless the collective bargaining agreement or the Plan specifically provides for participation, are eligible to participate in the Plan on their first day of employment with Eastman. The Plan was adopted by Eastman, the Plan Sponsor, on January 1, 1994, and is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is administered by the Investment Plan Committee ("IPCO"), which is the Plan Administrator and is comprised of Eastman employees. The Plan has trusts that are administered by the Fidelity Management Trust Company (the "Trustee"). The trusts include the Eastman Chemical Trust and the Eastman Stock Ownership Plan ("ESOP") Trust.

Funds in the Plan's forfeiture account can be applied to reduce future contributions by the Company as well as cover the Plan's administrative expenses. The balance of the forfeiture account at December 31, 2023, and 2022 was $246,466 and $200,973, respectively. There were no forfeitures used to offset employer contributions in 2023 and 2022.

On or after January 1, 2007, each eligible employee hired by the Company will, in addition to the Retirement Savings Contribution ("RSC"), be automatically enrolled as a participant in the Eastman Investment Plan ("EIP") portion of the Plan. The participants will be deemed to have elected to defer 7% of their qualifying compensation each pay period to the EIP portion of the Plan unless they affirmatively decline, or they elect to contribute a percentage other than 7%. Each participant will also be eligible to receive a matching contribution from the Company equal to 50% of the first 7% of their pay that they contribute to the Plan each pay period. Plan participants with a Collective Bargaining Agreement will be eligible to receive a matching contribution from the Company equal to 100% of the first 7% of their pay that they contribute to the Plan each pay period. Plan participants may elect to enroll in an automatic annual increase program with an increase to deferral rates each year until the participant's deferral reaches 40%. Their contributions will be invested in a Vanguard Target Date Fund that has a target retirement date closest to the year in which the participant reaches age 65 until changed by the participant.

On January 1, 2022, the Plan was amended to remove Flexsys America LP as an adopting employer of the Plan consequently returning the plan to a single employer plan.

For additional information regarding the Plan, see the complete Plan documents.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Contributions and Vesting

Contributions to the Plan are made through two separate provisions: (1) deferral of qualifying compensation and (2) contributions by the Plan Sponsor of cash or its common stock to the participants' accounts as determined by the Compensation and Management Development Committee of the Board of Directors of Eastman.

The Plan includes a salary deferral provision allowing eligible employees to defer up to 40% of their qualifying compensation, as defined in the Plan, up to the statutory limit of $22,500 for 2023 and $20,500 for 2022 as permitted by the IRC. For the catch-up salary deferral, an eligible employee who attained the age of 50 before the close of the calendar year was allowed to defer up to an additional $7,500 for 2023 and $6,500 for 2022 of their qualifying compensation, as defined in the Plan, subject to certain IRC limitations. Plan Sponsor contributions are also subject to certain other limitations. Participants' salary deferrals are contributed to the Plan by Eastman on behalf of the participants. The Plan's Trustee invests amounts contributed to the Plan, as designated by the participant, in one or more of the following: common stock of Eastman, various mutual funds, or interest in a guaranteed investment contract fund (see Note 6, "Investments", and Note 7, "Synthetic Investment Contracts"). Participants may transfer amounts among the funds on any business day. Additionally, participants may diversify amounts from their ESOP Fund account within the Plan (see Note 10, "Diversification from ESOP Fund"). Each participant is at all times 100% vested in their account, with the exception of amounts transferred from other plans, which may continue to be subject to the former plans' vesting requirements, as applicable.

The Plan requires that the RSC be contributed either to the employee's ESOP Fund accounts for the employee's first five RSC contributions or into other Plan funds, as directed by the participant, for participants with more than five RSC contributions. For participants with more than five RSC contributions, the RSC is allocated to participant-directed funds in accordance with each participant's investment elections at such time as the RSC is made.

Plan Sponsor contributions may be paid at any time during the plan year and subsequent to such plan year through the due date for filing the Company's federal income tax return, including any extensions. Contributions may be paid to the ESOP Trust in cash or shares of Eastman common stock and are deposited in the Company contribution account. Allocations to the participants' accounts from the Company contribution account will be made each plan year to participants who are eligible employees on the date designated by the Company. Participants are not permitted to make contributions to the ESOP Trust.

Employees may elect to transfer, into any of the Plan's fund options, balances received from (1) lump sum payouts from the Eastman Retirement Assistance Plan, Solutia Employees' Pension Plan, or Sterling Chemicals Pension Plan, qualified defined benefit plans also sponsored by Eastman Chemical Company, (2) a former employer's 401(a) and 401(k) plan, or (3) an employee's individual retirement account containing amounts received from a qualified defined contribution plan under Section 401(a) and 401(k) of the IRC. All rollover contributions into the Plan must meet the applicable IRC requirements. Employees' rollover contributions were $10.5 million and $13.4 million in 2023 and 2022, respectively.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Notes Receivable from Participants

The IPCO may grant a note receivable (loan) of at least $1,000 to a participant provided that the aggregate of the participant's notes receivable does not exceed the lesser of (1) $50,000 reduced by the excess, if any, of (a) the participant's highest notes receivable balance from the preceding 12 months over (b) the outstanding total notes receivable balance from the Plan on the date on which the notes receivable was made, or (2) 50% of the non-forfeitable portion of the participant's account. Additional limitations on the availability of loans may apply to individuals who are categorized as "insiders" for purposes of federal securities laws. In accordance with the Plan provisions, the rate of interest on new participant notes receivable approximates current market rates. The term of any notes receivable from participants is determined by IPCO and shall not exceed five years. Notes receivable from participants transferred to the Plan from acquisitions carry terms applicable under that plan and may have terms that exceed five years. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2023, or 2022. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan is reduced, and a benefit payment is recorded. At December 31, 2023, $49.4 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through December 2028. At December 31, 2022, $45.9 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 7.25% and various maturity dates through December 2027.

Distributions

Distributions from the Plan require the approval of IPCO or its designee and are made under the following circumstances:

•Upon attaining age 59½, a participant may elect to receive a lump sum cash distribution of their total or partial account value while still actively employed.

•Upon separation of service from Eastman for any reason except death, the full value of a participant's account is distributed in a lump sum payment for those participants whose account value is less than or equal to $1,000. Separated participants with accounts in excess of $1,000 may elect either (1) to defer distribution until a later date but, in no event, later than April 1 of the calendar year following the year a participant attains age 72 or (2) an immediate lump-sum distribution of the participant's account or, at the election of the participant, distributions in monthly or annual installments. Participants in the Eastman Stock Fund or ESOP Fund may elect a lump sum distribution in Eastman common stock.

•In the event of death, the value of a participant's account is paid in a lump sum if the designated beneficiary is not the surviving spouse or if the account value is less than or equal to $1,000. If the beneficiary is a surviving spouse and the participant account value exceeds $1,000, payment will be made in either a lump-sum amount or, at the election of the surviving spouse, in monthly or annual installments.

•Distributions to participants shall commence no later than the year following the year a participant attains age 72, unless the participant is still actively employed with the Company.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•Approval of hardship withdrawals will only be granted in order to meet obligations relating to the payment of substantial out-of-pocket medical expenses, the purchase of a primary residence, the payment of tuition or other post-secondary educational expenses, or payments to prevent eviction or foreclosure. They are also granted for payment of funeral expenses for a deceased parent, spouse or child of the participant, or payment of expenses for repair of damage to the participant's principal residence. Hardship withdrawals may not exceed the value of the participant's accounts in the Plan on the date of withdrawal.

•The Trustee is authorized to honor qualified domestic relations orders issued and served in accordance with Section 414(p) of the IRC.

Investment of ESOP Fund

ESOP Fund assets are invested primarily in Eastman common stock. Additionally, at the discretion of IPCO, funds may also be invested in various other securities or maintain positions in cash.

Investment assets can be acquired by the ESOP Fund in three ways:

•The Company may make a direct contribution of cash to the ESOP Fund, which would then be used to purchase Eastman common stock or other securities.

•The Company may contribute shares of Eastman common stock directly to the ESOP Fund.

•The Company may direct the Trustee to obtain a loan to purchase securities (i.e., leveraged ESOP). Until the loan is repaid, securities acquired with the respective loan proceeds are not available to be allocated to participants' accounts and are maintained in a "Loan Suspense Account". On the last day of each plan year, a proportionate share of securities relating to loan amounts that have been repaid will be transferred out of the Loan Suspense Account and allocated to the accounts of ESOP Fund participants. The ESOP Fund currently is not a leveraged ESOP.

Dividends Attributable to the ESOP Fund

IPCO may direct that Eastman common stock dividends attributable to the non-participant directed ESOP Fund be (a) allocated to the accounts of participants, (b) paid in cash to the participants on a non-discriminatory basis, or (c) paid by the Company directly to participants. Alternatively, dividends received from Eastman common stock maintained in the Loan Suspense Account may be applied to reduce the related loan balance.

Allocations to Participants' ESOP Fund Accounts

Separate participant accounts are established to reflect each participant's interest in the ESOP Fund and are maintained under the unit value method of accounting. The ESOP Fund account maintained for each participant consists of:

•Plan Sponsor contributions made or invested in shares of Eastman common stock.

•Shares of Eastman common stock in the ESOP Fund include those purchased with assets from the spin-off from Eastman Kodak Company as well as those acquired through the release of funds from a loan in the Loan Suspense Account.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•An allocable share of short-term interest and money market funds held in the ESOP Fund for the purpose of paying expenses and for similar purposes.

•After-tax contributions transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company (such after-tax contributions are no longer permitted under the ESOP provisions).

The number of units allocated to a participant's account in any year is based on the ratio of the participant's compensation to the total compensation of all eligible employees entitled to share in the allocation for that plan year. In any year in which a Company contribution is made, a participant's allocation will not be less than one share of stock.

Federal law limits the total annual contributions that may be made on a participant's behalf to all defined contribution and defined benefit plans offered by the Company. Participants will be notified if their total annual contribution is limited by this legal maximum.

2.SUMMARY OF ACCOUNTING POLICIES

The following accounting policies, which conform to accounting principles generally accepted in the United States of America ("GAAP"), have been used consistently in the preparation of the Plan's financial statements.

Basis of Accounting

The Plan's financial statements are prepared on the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Policy and Valuation

The Plan's investments are stated at fair value except for its fully benefit responsive investment contract, which is valued at contract value (see Note 7, "Synthetic Investment Contracts"). If available, quoted market prices are used to value investments. IPCO determines the Plan's valuation policies utilizing information provided by Fidelity Investments and the Director of Global Treasury Operations and Investments (see Note 8, "Fair Value Measurement", for discussion of fair value measurements).

For investments in the ESOP Fund and the Eastman Stock Fund, the Trustee may keep any portion of participant and Plan Sponsor contributions temporarily in cash or liquid investments as it may deem advisable. All dividends, interest or gains derived from investment in each fund are reinvested in the respective fund by the Trustee.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded at the ex-dividend date.

The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Payments to Participants

Benefit payments to participants are recorded when paid.

3.RISKS AND UNCERTAINTIES

Investment securities are exposed to various risks, such as interest rate risk, market risk, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements. Included in investments at December 31, 2023, and 2022 are shares of the Plan Sponsor's common stock amounting to approximately $268 million and $249 million, respectively. This investment represents 8.2% of total investments at both December 31, 2023 and 2022. A significant decline in the market value of the Plan Sponsor's stock would significantly affect the net assets available for benefits.

4.CONTRIBUTIONS

Participant contributions represent qualifying compensation and other qualifying employee bonuses withheld from participating employees by Eastman and contributed to the Plan. Contributions are invested in the Plan's funds as directed by the participants, with the exception of the ESOP Fund, subject to ERISA funding limitations. The Plan has accrued Company contributions for participant-directed funds of $37.9 million and $42.7 million and for the non-participant-directed ESOP Fund of $15.0 million and $14.6 million at December 31, 2023, and 2022, respectively.

5.NOTES RECEIVABLE FROM PARTICIPANTS

The Plan Trustee makes loans to participants in accordance with Plan provisions. The loans are reflected as notes receivable from participants. Notes receivable from participants are accounted for as a transfer from the fund directed by the participant to the Notes Receivable from Participants Fund. The principal portion of participant repayments reduces the Notes Receivable from Participants Fund receivable. The principal and interest repaid are directed to funds to which the participant's current contributions are directed; the principal is accounted for as a transfer and the interest accounted for as income in the fund to which the participant's current contributions are directed. The Notes Receivable from Participants Fund's net assets and other changes in net assets are included in the participant-directed funds in the Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits, respectively. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest.

Unless otherwise specified by the participant, the proceeds of new notes receivable will be withdrawn from the investment funds on a pro-rata basis. Outstanding notes receivable from participants at December 31, 2023, and 2022 were approximately $49.4 million and $45.9 million, respectively. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $2.8 million and $2.3 million in 2023 and 2022, respectively.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

6.INVESTMENTS

At December 31, 2023 and 2022, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and managed income fund, which include synthetic investment contracts (see Note 7, "Synthetic Investment Contracts"), as well as bonds. Subject to certain limitations, participants are provided the option of directing their contributions among the investment options. The Plan also holds an interest in the non-participant directed Eastman ESOP Fund, which invests in Eastman Chemical Company common stock and short-term interest funds. The following table presents the Plan's investments by type at December 31, 2023 and 2022, respectively.


(in thousands)	2023		2022

Cash and Cash Equivalents	$	5,115	$	6,886
Common stock - Eastman Chemical Company	268,315		248,770
Common stock - other	110,804		102,433
Mutual funds	620,431		522,519
Collective investment trusts	1,559,577		1,345,379
Managed income fund	577,532		704,879
Self-directed brokerage account - mutual funds	145,107		103,729
Total	$	3,286,881	$	3,034,595

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2023 and 2022:

Eastman Stock Fund

This participant-directed fund is primarily comprised of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, as selected by Plan participants. During 2023, the Trustee purchased 460,400 shares of Eastman common stock for the fund at an average price of $80.33 per share and sold 543,708 shares of Eastman common stock for the fund at an average price of $85.68 per share. During 2022, the Trustee purchased 502,700 shares of Eastman common stock for the fund at an average price of $91.63 per share and sold 264,799 shares of Eastman common stock for the fund at an average price of $104.31 per share. Dividends paid from the Eastman Stock Fund totaled $3.6 million in 2023 and $3.2 million in 2022.

Eastman ESOP Fund

This non-participant directed fund primarily consists of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, on behalf of its participants and as directed by the Plan's guidelines. During 2023, the Trustee purchased 212,100 shares of Eastman common stock for the fund at an average price of $87.29 per share and sold 196,180 shares of Eastman common stock for the fund at an average price of $83.18 per share. During 2022, the Trustee purchased 131,461 shares of Eastman common stock for the fund at an average price of $112.85 per share and sold 169,199 shares of Eastman common stock for the fund at an average price of $104.61 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP fund.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

7.SYNTHETIC INVESTMENT CONTRACTS

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $578 million and $705 million at December 31, 2023 and 2022, respectively. The term "synthetic" investment contract is used to describe a variety of investment contracts under which a Plan retains ownership of the invested assets or owns units of an account or trust which holds the invested assets. A synthetic investment contract, also referred to as a "wrap" contract, is negotiated with an independent financial institution. Under the terms of these investment contracts, the contract issuer ensures the Plan's ability to pay eligible employee benefits at book value. The investment performance of a synthetic investment contract may be a function of the investment performance of the invested assets. Participants can redeem interest in this daily and there is no notice period on these redemptions.

A wrap contract is an agreement by another party, such as a bank or insurer, to make payments to the Fund in certain circumstances. Wrap contracts are designed to allow a stable value fund, such as the Fund, to maintain a constant net asset value ("NAV") and to protect the Fund in extreme circumstances. In a typical wrap contract, the wrap issuer agrees to pay the Fund the difference between the contract value and the market value of the covered assets once the market value has been totally exhausted. Though relatively unlikely, this could happen if the Fund experiences significant redemptions (redemption of most of the Fund's shares) during a time when the market value of the Fund's covered assets are below their contract value and market value is ultimately reduced to zero. If that occurs, the wrap issuer agrees to pay the Fund an amount sufficient to cover shareholder redemptions and certain other payments (such as fund expenses), provided all the terms of the wrap contract have been met. Purchasing wrap contracts is similar to buying insurance, in that the Fund pays a relatively small amount to protect against a relatively unlikely event (the redemption of most of the shares of the Fund). Fees paid by the Fund for wrap contracts are a component of the Fund's expenses.

Wrap contracts accrue interest using a formula called the "crediting rate". Wrap contracts use the crediting rate formula to convert market value changes in the covered assets into income distributions in order to minimize the difference between the market and contract value of the covered assets over time. Using the crediting rate formula, an estimated future market value is calculated by compounding the Fund's current market value at the Fund's current yield to maturity for a period equal to the Fund's duration. The crediting rate is the discount rate that equates the estimated future market value with the Fund's current contract value. Crediting rates are reset quarterly. The wrap contracts provide a guarantee that the crediting rate will not fall below zero percent.

The crediting rate, and hence the Fund's return, may be affected by many factors, including purchases and redemptions by shareholders. The precise impact on the Fund depends on whether the market value of the covered assets is higher or lower than the contract value of those assets. If the market value of the covered assets is higher than their contract value, the crediting rate will ordinarily be higher than the yield of the covered assets. Under these circumstances, cash from new investors will tend to lower the crediting rate and the Fund's return, and redemptions by existing shareholders will tend to increase the crediting rate and the Fund's return.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

The Fund and the wrap contracts purchased by the Fund are designed to pay all participant-initiated transactions at contract value. Participant-initiated transactions are those transactions allowed by the underlying defined contribution plan (typically, this would include withdrawals for benefits, loans, or transfers to non-competing funds within the Plan). However, the wrap contracts limit the ability of the Fund to transact at contract value upon the occurrence of certain events. These events include:

•The Plan's failure to qualify under Section 401(a) or Section 401(k) of the IRC.

•The establishment of a defined contribution plan that competes with the Plan for employee contributions.

•Any substantive modification of the Plan or the administration of the Plan that is not consented to by the wrap issuer.

•Complete or partial termination of the Plan.

•Any change in law, regulation, or administrative ruling applicable to the Plan that could have a material adverse effect on the Fund's cash flow.

•Merger or consolidation of the Plan with another plan, the transfer of Plan assets to another plan, or the sale, spin-off or merger of a subsidiary or division of the Plan Sponsor.

•Any communication given to participants by the Plan Sponsor or any other Plan fiduciary that is designed to induce or influence participants not to invest in the Fund or to transfer assets out of the Fund.

•Exclusion of a group of previously eligible employees from eligibility in the Plan.

•Any early retirement program, group termination, group layoff, facility closing, or similar program.

•Any transfer of assets from the Fund directly to a competing option.

At this time, the occurrence of any of these events is not considered probable by IPCO.

8.FAIR VALUE MEASUREMENT

Following is a description of the valuation methodologies used for assets measured at fair value:

•Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

•Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

•Collective investment trusts: The Plan's collective trust investments are held in separate investment accounts, which are valued using the readily determinable fair value ("RDFV"). The RDFV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, target date funds, and short-term investments. The collective trust investments held by the Plan publish their RDFV daily and transact at that price.

•Self-directed brokerage account - mutual funds: Unit valuation based on the published underlying NAV of the mutual funds. These mutual funds are deemed to be actively traded.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

GAAP provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under GAAP are described below:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Unobservable inputs based on the Plan's assumptions used to measure assets and liabilities at fair value.

A financial instrument's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2023 and 2022:


(in thousands)	December 31, 2023		December 31, 2022
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and Cash Equivalents	$	5,115	$	6,886
Common stock - Eastman Chemical Company	268,315		248,770
Common stock - other	110,804		102,433
Mutual funds	620,431		522,519
Collective investment trusts	1,559,577		1,345,379
Self-directed brokerage account - mutual funds	145,107		103,729
Total	$	2,709,349	$	2,329,716

There are no redemption restrictions on the mutual fund investments or collective investment trusts. They are fully liquid and can be redeemed on a daily basis. There are no Level 2 or Level 3 investments at December 31, 2023 and 2022.

9.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $4.2 million and $5.2 million at December 31, 2023 and 2022, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.8 million and $2.9 million at December 31, 2023 and 2022, respectively, represent liabilities from the purchase of investments.

10.DIVERSIFICATION FROM ESOP FUND

A participant may direct that all or any portion of his ESOP Fund account be transferred to other funds in the Plan without restrictions. During 2023 and 2022, $5.6 million and $5.2 million, respectively, were transferred from the ESOP Fund within the Plan in connection with this program.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

11.PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participant accounts will be distributed to individual participants in accordance with the Plan document and ERISA provisions.

12.FEDERAL INCOME TAX STATUS

The Internal Revenue Service ("IRS") has determined and informed the Plan Sponsor by a letter dated May 11, 2015, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe the Plan is qualified, and the related trust is tax-exempt. No provision for income taxes has been included in the Plan's financial statements.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

13.PLAN EXPENSES

Reasonable expenses of administering the Plan, unless paid by the Company, shall be paid by the Plan. For both 2023 and 2022, trustee fees associated with the Eastman Stock Fund and the Eastman ESOP Fund were paid with assets of those individual funds. Brokerage fees, transfer taxes, investment fees and other expenses incidental to the purchase and sale of securities and investments shall be included in the cost of such securities or investments or deducted from the sales proceeds. Administration fees for notes receivable from participants are deducted quarterly from the accounts of participants with outstanding notes receivable balances. Origination fees from notes receivable from participants are deducted from the participant's account at the inception of the note receivable. As of April 2016, the EIP fee methodology was changed to improve fee transparency. The methodology was changed from a revenue sharing model to a flat-dollar payment model. The flat-dollar payment is charged quarterly to the participant account and covers administrative fees including recordkeeping, legal, and consulting. Investment related fees are charged directly to the participant account via the investment NAV.

14.RELATED PARTIES

Certain Plan investments are shares of mutual funds managed by the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions, which are exempt from prohibited transaction rules. The Plan also invests in the common stock of the Plan Sponsor as well as notes receivable from Plan participants, both of which qualify as parties-in-interest to the Plan and are exempt from prohibited transaction rules (see Note 6, "Investments").

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

15.PLAN TRANSFERS

On January 1, 2022, the Plan was amended to remove Flexsys America LP as an adopting employer of the Plan consequently returning the plan to a single employer plan. The assets attributable to the Flexsys America LP employees were transferred out of the Plan on January 11, 2022 and February 10, 2022 in the amounts of $50,019,898 and $804,230, respectively. Loans in the amount of $945,443 were transferred out of the Plan on January 11, 2022.

16.SUBSEQUENT EVENTS

The Plan Administrator has evaluated events occurring between December 31, 2023 and June 27, 2024 for proper recording and disclosure in these financial statements.

Supplemental Schedule

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

Fidelity Management Trust Company

Interest Bearing Cash, Participant directed

1,833

Fidelity Management Trust Company

Interest Bearing Cash, Non-Participant directed

1,530

SSBK Govt Stif Fund

Interest Bearing Cash Equivalents

1,752

Subtotal – Cash and Cash Equivalents

5,115

Eastman Chemical Company

Common Stock, Participant directed, 1,100 shares

98,776

Eastman Chemical Company

Common Stock, Non-Participant directed, 1,888 shares

116,816

169,539

Subtotal – Common Stock – Eastman Chemical Co

268,315

Abbott Laboratories

Common Stock, 9 Shares

1,007

Abbvie Inc

Common Stock, 13 Shares

2,086

Accenture Plc Cl A

Common Stock, 2 Shares

604

Air Products & Chemicals Inc

Common Stock, 9 Shares

2,397

Alexandria Real Es Eq Inc Reit

Common Stock, 3 Shares

329

American Express Co

Common Stock, 10 Shares

1,815

Amgen Inc

Common Stock, 2 Shares

611

Analog Devices Inc

Common Stock, 11 Shares

2,186

Apple Inc

Common Stock, 2 Shares

290

Arthur J Gallaghar And Co

Common Stock, 4 Shares

883

Avalonbay Communities Inc Reit

Common Stock, 3 Shares

503

Bank Of America Corporation

Common Stock, 63 Shares

2,118

Baxter Intl Inc

Common Stock, 12 Shares

446

Becton Dickinson & Co

Common Stock, 4 Shares

935

Best Buy Co Inc

Common Stock, 9 Shares

695

Blackrock Inc

Common Stock, 3 Shares

2,445

Bristol-Myers Squibb Co

Common Stock, 41 Shares

2,081

Capital One Financial Corp

Common Stock, 2 Shares

326

Cencora Inc

Common Stock, 4 Shares

895

Chevron Corp

Common Stock, 15 Shares

2,208

Chubb Ltd

Common Stock, 6 Shares

1,287

Cigna Group (The)

Common Stock, 4 Shares

1,322

Cme Group Inc Cl A

Common Stock, 7 Shares

1,480

Cms Energy Corp

Common Stock, 12 Shares

703

Coca Cola Co

Common Stock, 18 Shares

1,084

Comcast Corp Cl A

Common Stock, 53 Shares

2,336

Conocophillips

Common Stock, 28 Shares

3,307

Corning Inc

Common Stock, 24 Shares

745

Cvs Health Corp

Common Stock, 12 Shares

918

Deere & Co

Common Stock, 3 Shares

1,228

Dominion Energy Inc

Common Stock, 16 Shares

751

Dover Corp

Common Stock, 11 Shares

1,752

Eaton Corp Plc

Common Stock, 7 Shares

1,589

Eli Lilly & Co

Common Stock, 1 Shares

544

Eog Resources Inc

Common Stock, 14 Shares

1,737

Exxon Mobil Corp

Common Stock, 22 Shares

2,177

General Dynamics Corporation

Common Stock, 7 Shares

1,818

Hartford Finl Svcs Group Inc

Common Stock, 10 Shares

785

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

Hershey Co (The)

Common Stock, 4 Shares

745

Home Depot Inc

Common Stock, 4 Shares

1,404

Intl Bus Mach Corp

Common Stock, 6 Shares

968

Johnson & Johnson

Common Stock, 12 Shares

1,880

Kenvue Inc

Common Stock, 31 Shares

676

Lam Research Corp

Common Stock, 0 Shares

330

Lowes Cos Inc

Common Stock, 4 Shares

928

Marsh & Mclennan Cos Inc

Common Stock, 3 Shares

486

Mcdonalds Corp

Common Stock, 6 Shares

1,639

Medtronic Plc

Common Stock, 16 Shares

1,354

Merck & Co Inc New

Common Stock, 5 Shares

519

Metlife Inc

Common Stock, 16 Shares

1,084

Microchip Technology

Common Stock, 3 Shares

289

Microsoft Corp

Common Stock, 5 Shares

1,734

Mondelez Intl Inc

Common Stock, 15 Shares

1,050

Morgan Stanley

Common Stock, 25 Shares

2,344

Nextera Energy

Common Stock, 23 Shares

1,393

Norfolk Southern Corp

Common Stock, 10 Shares

2,362

Northrop Grumman Corp

Common Stock, 3 Shares

1,409

Nxp Semiconductors Nv

Common Stock, 8 Shares

1,852

Parker Hannifin Corp

Common Stock, 3 Shares

1,209

Pepsico Inc

Common Stock, 6 Shares

969

Pfizer Inc

Common Stock, 21 Shares

612

Philip Morris Intl Inc

Common Stock, 23 Shares

2,129

Pnc Financial Services Grp Inc

Common Stock, 10 Shares

1,580

Ppg Industries Inc

Common Stock, 13 Shares

1,904

Procter & Gamble Co

Common Stock, 10 Shares

1,533

Progressive Corp Ohio

Common Stock, 5 Shares

849

Prologis Inc Reit

Common Stock, 7 Shares

958

Public Svc Enterprise Grp Inc

Common Stock, 13 Shares

775

Raytheon Technologies Corp

Common Stock, 18 Shares

1,480

Republic Services Inc

Common Stock, 6 Shares

966

Schwab Charles Corp

Common Stock, 30 Shares

2,072

Seagate Technology Holdings Plc

Common Stock, 8 Shares

678

Starbucks Corp

Common Stock, 7 Shares

686

Sysco Corp

Common Stock, 15 Shares

1,088

Texas Instruments Inc

Common Stock, 7 Shares

1,173

Tjx Companies Inc New

Common Stock, 17 Shares

1,552

Travelers Companies Inc

Common Stock, 2 Shares

476

Union Pacific Corp

Common Stock, 2 Shares

456

United Parcel Service Inc Cl B

Common Stock, 13 Shares

2,119

Unitedhealth Group Inc

Common Stock, 5 Shares

2,479

Us Bancorp Del

Common Stock, 41 Shares

1,795

Ventas Inc Reit

Common Stock, 9 Shares

463

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

Verizon Communications Inc

Common Stock, 18 Shares

685

Walmart Inc

Common Stock, 9 Shares

1,480

Wells Fargo & Co

Common Stock, 56 Shares

2,733

Xcel Energy Inc

Common Stock, 17 Shares

1,036

Subtotal – Common Stock – Other

110,804

DODGE & COX STOCK FUND

Registered Investment Company 482 Shares

117,493

FID GOVT MMKT

Registered Investment Company 261 Shares

261

FID US BOND INDX

Registered Investment Company 2,816 Shares

29,371

FID GLB EX US IDX

Registered Investment Company 2,028 Shares

28,553

FID 500 INDEX

Registered Investment Company 2,209 Shares

365,618

FID EXT MKT IDX

Registered Investment Company 1,092 Shares

79,135

Subtotal – Mutual Funds

620,431

ARROWST ACWI EX-US A

Collective Investment Trust 366 Shares

66,971

BTC STR COMP NL M

Collective Investment Trust 148 Shares

1,915

FID BLUE CHIP GR POOL

Collective Investment Trust 4,349 Shares

155,871

Hotchkis & Wiley Small Cap Diversified V Class F

Collective Investment Trust 5,016 Shares

56,831

LOOMIS SAYLES & CO SMC GWTH C

Collective Investment Trust 2,382 Shares

53,044

PRU CORE PL BD CL 5

Collective Investment Trust 314 Shares

52,420

VANGUARD TARGET INC

Collective Investment Trust 945 Shares

49,653

VANGUARD TARGET 2020

Collective Investment Trust 939 Shares

64,240

VANGUARD TARGET 2025

Collective Investment Trust 1,940 Shares

144,179

VANGUARD TARGET 2030

Collective Investment Trust 2,942 Shares

234,956

VANGUARD TARGET 2035

Collective Investment Trust 1,875 Shares

160,767

VANGUARD TARGET 2040

Collective Investment Trust 1,470 Shares

133,412

VANGUARD TARGET 2045

Collective Investment Trust 1,132 Shares

106,416

VANGUARD TARGET 2050

Collective Investment Trust 1,382 Shares

131,036

VANGUARD TARGET 2055

Collective Investment Trust 847 Shares

80,207

VANGUARD TARGET 2060

Collective Investment Trust 936 Shares

53,407

VANGUARD TARGET 2065

Collective Investment Trust 346 Shares

12,183

VANGUARD TARGET 2070

Collective Investment Trust 97 Shares

2,069

Subtotal – Collective Investment Trusts

1,559,577

(Cash)

Cash

1,537

AT&T INC 1.65% 02/01/2028

Corporate Bond 1.65% 2/01/28

1,545

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 4.88% 1/16/24

469

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 1.65% 10/29/24

285

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 2.45% 10/29/26

381

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 6.45% 4/15/27

1,543

AIR LEASE CORP 4.25% 02/01/2024

Corporate Bond 4.25% 2/01/24

825

AIR LEASE CORP 0.7% 02/15/2024

Corporate Bond 0.70% 2/15/24

742

AIR LEASE CORP 0.8% 08/18/2024

Corporate Bond 0.80% 8/18/24

818

AIR LEASE CORP 2.2% 01/15/2027

Corporate Bond 2.20% 1/15/27

670

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

ALTRIA GROUP INC 2.35% 05/06/2025

Corporate Bond 2.35% 5/06/25

245

AMERICAN EXPRESS CO 2.55% 03/04/2027

Corporate Bond 2.55% 3/04/27

1,289

AMERICAN EXPRESS CR ACC MST TR 3.39% 05/15/2027

Mortgage Backed Security 3.39% 5/15/27

2,159

AMERICAN EXPRESS CR ACC MST TR 3.75% 08/15/2027

Mortgage Backed Security 3.75% 8/15/27

1,773

AMERICAN EXPRESS CR ACC MST TR 4.95% 10/15/2027

Mortgage Backed Security 4.95% 10/15/27

1,091

AMERICAN EXPRESS CR ACC MST TR 4.87% 05/15/2028

Mortgage Backed Security 4.87% 5/15/28

836

AMERICAN EXPRESS CR ACC MST TR 5.23% 09/15/2028

Mortgage Backed Security 5.23% 9/15/28

1,660

American General Life

Synthetic GIC - 2.033% (fair value to contract value)

3,750

AMGEN INC 5.15% 03/02/2028

Corporate Bond 5.15% 3/02/28

378

ATHENE GLOBAL FUNDING 0.95% 01/08/2024 144A

Corporate Bond 0.95% 1/08/24

1,853

ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144A

Corporate Bond 1.73% 10/02/26

1,689

ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A

Corporate Bond 1.72% 1/07/25

1,836

BA CR CARD TR 3.53% 11/15/2027

Mortgage Backed Security 3.53% 11/15/27

1,992

BA CR CARD TR 5% 04/15/2028

Mortgage Backed Security 5.00% 4/15/28

1,242

BA CR CARD TR 4.79% 05/15/2028

Mortgage Backed Security 4.79% 5/15/28

604

BA CR CARD TR 4.98% 11/15/2028

Mortgage Backed Security 4.98% 11/15/28

797

BAT INTL FINANCE PLC 1.668% 03/25/2026

Corporate Bond 1.67% 3/25/26

1,867

BPCE SA 2.045/VAR 10/19/2027 144A

Corporate Bond 2.04% 10/19/27

1,211

BMW VECHILE OWNER TRUST 2023-A 5.47% 02/25/2028

Mortgage Backed Security 5.47% 2/25/28

219

BX COMMERCIAL MORTGAGE TRUST 2021-PAC TSFR1M+80.35

Mortgage Backed Security 6.17% 10/15/36

859

BX TR 2021-ACNT TSFR1M+96.448 11/15/2026 144A

Mortgage Backed Security 6.33% 11/15/38

846

BX 2021-BXMF TSFR1M+75.041 10/15/2026 144A

Mortgage Backed Security 6.11% 10/15/26

736

BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.27

Mortgage Backed Security 6.37% 2/15/39

929

BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 2.061% 1

Corporate Bond 2.06% 12/15/26

333

BANCO SANTANDER SA 1.722%/VAR 09/14/2027

Corporate Bond 1.72% 9/14/27

910

BANK OF AMERICA CORPORATION 2.456%/VAR 10/22/2025

Corporate Bond 2.46% 10/22/25

1,752

BANK OF AMERICA CORPORATION 1.319%/VAR 06/19/2026

Corporate Bond 1.32% 6/19/26

1,412

BANK OF AMERICA CORPORATION 1.197/VAR 10/24/2026

Corporate Bond 1.20% 10/24/26

2,594

BANK OF AMERICA CORP 1.734%/VAR 07/22/2027

Corporate Bond 1.73% 7/22/27

1,284

BANK OF AMERICA CORPORATION SOFR+0 02/04/2028

Corporate Bond 2.55% 2/04/28

1,780

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

BANK OF AMERICA CORPORATION 4.948/VAR 07/22/2028

Corporate Bond 4.95% 7/22/28

1,430

BANQUE FED CRED MUTUEL PARIS 4.524% 07/13/2025 144

Corporate Bond 4.52% 7/13/25

1,435

BARCLAYS PLC (UNGTD) 3ML+161/VAR 05/07/2025

Corporate Bond 3.93% 5/07/25

1,119

BARCLAYS PLC (UNGTD) 2.852%/VAR 05/07/2026

Corporate Bond 2.85% 5/07/26

939

BARCLAYS PLC (UNGTD) 2.279%/VAR 11/24/2027

Corporate Bond 2.28% 11/24/27

1,778

BENCHMARK MTG TR 2018-B2 A2 3.6623% 02/15/2051

Mortgage Backed Security 3.66% 2/15/51

315

BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2

Mortgage Backed Security 4.38% 5/15/53

736

BENCHMARK MTG TR 2018-B8 A2 4.149% 01/15/2052

Mortgage Backed Security 4.15% 1/15/52

277

BNP PARIBAS SOFR 1.323%/VAR 01/13/2027 144A

Corporate Bond 1.32% 1/13/27

1,427

COMM 2014-UBS6 ASB 3.387% 12/10/2047

Mortgage Backed Security 3.39% 12/10/47

COMM 2015-CR22 ASB MTG TR 3.144% 03/10/2048

Mortgage Backed Security 3.14% 3/10/48

136

COMM 2015-CCRE23 MORTGAGE TRUST 3.257% 05/10/2048

Mortgage Backed Security 3.26% 5/10/48

156

CSAIL 2017-CX9 A2 3.0538% 09/15/2050

Mortgage Backed Security 3.05% 9/15/50

CSAIL 2015-C2 COML MTG TR 3.2241% 06/15/2057

Mortgage Backed Security 3.22% 6/15/57

136

CA ST 2.40% 10/1/2025

Municipal Bond 2.40% 10/01/25

1,146

CANADIAN IMPERIAL BK OF COMM 3.45% 04/07/2027

Corporate Bond 3.45% 4/07/27

2,130

CANADIAN PAC RY CO 1.75% 12/02/2026

Corporate Bond 1.75% 12/02/26

385

CAPITAL ONE FINANCIAL CORP 1.878%/VAR 11/02/2027

Corporate Bond 1.88% 11/02/27

2,076

CAPITAL ONE FINANCIAL CORP SOFR 4.985%/VAR 07/24/26

Corporate Bond 4.99% 7/24/26

634

CAPITAL ONE MULTI-ASST EXEC TR 2.8% 03/15/2027

Mortgage Backed Security 2.80% 3/15/27

3,627

CAPITAL ONE MULTI-ASST EXEC TR 3.49% 05/15/2027

Mortgage Backed Security 3.49% 5/15/27

2,161

CAPITAL ONE MULTI-ASST EXEC TR 4.95% 10/15/2027

Mortgage Backed Security 4.95% 10/15/27

1,558

CAPITAL ONE BK (USA) NA 2.28%/VAR 01/28/2026

Corporate Bond 2.28% 1/28/26

1,383

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 5.

Mortgage Backed Security 5.82% 6/15/28

1,319

CARMAX AUTO OWNER TR 2023-2 5.05% 01/18/2028

Mortgage Backed Security 5.05% 1/18/28

1,555

CARMAX AUTO OWNER TR 2023-4 6% 07/17/2028

Mortgage Backed Security 6.00% 7/17/28

264

CARMX 2023-3 A3 5.28% 05/15/2028

Mortgage Backed Security 5.28% 5/15/28

1,031

CHASE ISSUANCE TR 3.97% 09/15/2027

Mortgage Backed Security 3.97% 9/15/27

1,674

CHASE ISSUANCE TR 5.16% 09/15/2028

Mortgage Backed Security 5.16% 9/15/28

1,949

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

CHASE ISSUANCE TR 5.08% 09/15/2030

Mortgage Backed Security 5.08% 9/15/30

1,780

CITIGROUP INC 3.106%/VAR 04/08/2026

Corporate Bond 3.11% 4/08/26

1,664

CITIBANK CR CARD ISSUANCE TR 5.23% 12/08/2027

Mortgage Backed Security 5.23% 12/08/27

607

CITIGROUP COML MTG TR 2014-GC23 A3 3.356% 07/10/20

Mortgage Backed Security 3.36% 7/10/47

798

CITIGROUP COML MTG TR 2016-GC36 AAB 3.368% 02/10/2

Mortgage Backed Security 3.37% 2/10/49

303

CITIGROUP INC SOFR 2.014%/VAR 01/25/2026

Corporate Bond 2.01% 1/25/26

1,842

COMCAST CORP 3.95% 10/15/2025

Corporate Bond 3.95% 10/15/25

851

COREBRIDGE FINANCIAL INC 3.5% 04/04/2025

Corporate Bond 3.50% 4/04/25

203

COREBRIDGE GLOBAL FUNDING 0.9% 09/22/2025 144A

Corporate Bond 0.90% 9/22/25

1,861

COREBRIDGE FINANCIAL INC 3.65% 04/05/2027

Corporate Bond 3.65% 4/05/27

284

UBS GROUP AG 2.593%/VAR 09/11/2025 144A

Corporate Bond 2.59% 9/11/25

1,268

UBS GROUP AG 1.305%/VAR 02/02/2027 144A

Corporate Bond 1.31% 2/02/27

1,565

UBS GROUP AG 6.373%/VAR 07/15/2026 144A

Corporate Bond 6.37% 7/15/26

1,145

CSAIL 2019-C15 COML MTG TR 3.4505% 03/15/2052

Mortgage Backed Security 3.45% 3/15/52

823

DLLAA 2023-1A 5.64% 02/22/2028 144A

Mortgage Backed Security 5.64% 2/22/28

119

DNB BANK ASA T5Y 1.535%/VAR 05/25/2027 144A

Corporate Bond 1.54% 5/25/27

875

MERCEDES-BENZ FINANCE NORTH AMERICA LLC 1.45% 03/0

Corporate Bond 1.45% 3/02/26

1,344

DEERE & CO 2.75% 04/15/2025

Corporate Bond 2.75% 4/15/25

106

DEERE JOHN CAPITAL CORP 4.75% 06/08/2026

Corporate Bond 4.75% 6/08/26

672

DELL EQUIPMENT FINANCE TRUST 2023-3 5.93% 04/23/20

Mortgage Backed Security 5.93% 4/23/29

670

DELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144A

Mortgage Backed Security 5.65% 1/22/29

480

DEUTSCHE BANK AG NEW YORK BNCH 2.129%/VAR 11/24/20

Corporate Bond 2.13% 11/24/26

1,193

DEUTSCHE BANK AG NEW YORK BNCH 1.447%/VAR 04/01/20

Corporate Bond 1.45% 4/01/25

1,406

DEUTSCHE BANK AG NEW YORK BNCH 2.311%/VAR 11/16/20

Corporate Bond 2.31% 11/16/27

1,275

DISCOVER CARD EXECUTION NT TR 3.32% 05/15/2027

Mortgage Backed Security 3.32% 5/15/27

1,774

DISCOVER CARD EXECUTION NT TR 3.56% 07/15/2027

Mortgage Backed Security 3.56% 7/15/27

1,676

DISCOVER CARD EXECUTION NT TR 5.03% 10/15/2027

Mortgage Backed Security 5.03% 10/15/27

1,546

DNB BANK ASA 1.605/VAR 03/30/2028 144A

Corporate Bond 1.60% 3/30/28

1,649

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

DOLLAR GEN CORP NEW 4.625% 11/01/2027

Corporate Bond 4.63% 11/01/27

1,241

DUKE ENERGY CORP NEW 4.3% 03/15/2028

Corporate Bond 4.30% 3/15/28

1,062

ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+81.5

Mortgage Backed Security 6.18% 11/15/38

1,167

ENBRIDGE INC 2.5% 02/14/2025

Corporate Bond 2.50% 2/14/25

297

ENBRIDGE INC 5.9% 11/15/2026

Corporate Bond 5.90% 11/15/26

584

EQUINOR ASA 1.75% 01/22/2026

Corporate Bond 1.75% 1/22/26

267

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12

Corporate Bond 1.70% 11/12/26

1,095

EXELON CORP 2.75% 03/15/2027

Corporate Bond 2.75% 3/15/27

140

FHLG 5.50% 3/34 #G01665

Government Bond 5.50% 3/01/34

FHLG 25YR 5.50% 7/35 #G05815

Government Bond 5.50% 7/01/35

FHLG 15YR 3% 05/01/2033#G16550

Government Bond 3.00% 5/01/33

510

FHLG 20YR 3.5% 06/01/2032#C91456

Government Bond 3.50% 6/01/32

360

FHLG 15YR 2.5% 01/01/2028#SB0799

Government Bond 2.50% 1/01/28

171

FHLG 15YR 2.5% 12/01/2031#SB0093

Government Bond 2.50% 12/01/31

797

FHLG 15YR 3% 02/01/2034#SB0179

Government Bond 3.00% 2/01/34

787

FHLG 15YR 3% 03/01/2033#SB0181

Government Bond 3.00% 3/01/33

1,494

FHLG 15YR 3.5% 04/01/2034#SB0378

Government Bond 3.50% 4/01/34

638

FHLG 5.50% 5/34 #Z40042

Government Bond 5.50% 5/01/34

242

FHLG 20YR 3% 11/01/2033#G30872

Government Bond 3.00% 11/01/33

555

FHLG 20YR 3.5% 07/01/2032#G31067

Government Bond 3.50% 7/01/32

239

FEDERAL NAT MTG ASN GTD REM PA 2012-149 DA 1.75% 0

Mortgage Backed Security 1.75% 1/25/43

FNR 2013-16 GP 3% 1/1/33

Mortgage Backed Security 3.00% 3/25/33

FEDERAL NAT MTG ASN GTD REM PA 1.85% 05/25/2033

Mortgage Backed Security 1.85% 5/25/33

407

FEDERAL NAT MTG ASN GTD REM PA 3.0% 06/25/2043

Mortgage Backed Security 3.00% 6/25/43

315

FNR 2015-49 LE 3% 07/45

Mortgage Backed Security 3.00% 7/25/45

320

FEDERAL NAT MTG ASN GTD REM PA 3.0% 04/25/2044

Mortgage Backed Security 3.00% 4/25/44

163

FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045

Mortgage Backed Security 2.50% 5/25/45

656

FEDERAL NAT MTG ASN GTD REM PA 2015-28 JE 3.0% 05/

Mortgage Backed Security 3.00% 5/25/45

451

FNR 2015-42 LE 3.0% 06/25/45

Mortgage Backed Security 3.00% 6/25/45

408

FNR 2015-54 GA 2.5% 07/25/2045

Mortgage Backed Security 2.50% 7/25/45

249

FNR 2016-26 CG 3% 05/46

Mortgage Backed Security 3.00% 5/25/46

835

FNR 2016-19 AH 3% 04/46

Mortgage Backed Security 3.00% 4/25/46

314

FNR 2016-27 HK 3% 01/25/2041

Mortgage Backed Security 3.00% 1/25/41

459

FNR 2016-27 KG 3% 01/40

Mortgage Backed Security 3.00% 1/25/40

211

FNR 2016-37 BK 3% 06/25/46

Mortgage Backed Security 3.00% 6/25/46

903

FNR 2016-34 GH 3% 06/46

Mortgage Backed Security 3.00% 6/25/46

791

FEDERAL NATL MTG AS GTD RE PTT 2016-105 PA 3.5% 04

Mortgage Backed Security 3.50% 4/25/45

322

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FNR 2016-100 P 3.5% 11/44

Mortgage Backed Security 3.50% 11/25/44

536

FNR 2017-20 AP 3.5% 03/25/2045

Mortgage Backed Security 3.50% 3/25/45

761

FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/

Mortgage Backed Security 3.50% 12/25/45

636

FANNIE MAE 2017-74 PA 3.5% 11/25/2045

Mortgage Backed Security 3.50% 11/25/45

624

FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/204

Mortgage Backed Security 3.00% 1/25/47

709

FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/

Mortgage Backed Security 3.00% 2/25/47

1,095

FNR 2018-16 NB 3.25% 12/25/2044

Mortgage Backed Security 3.25% 12/25/44

FEDERAL NATL MTG AS GTD RE PTT 2018-11 LA 3.5% 07/

Mortgage Backed Security 3.50% 7/25/45

443

FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/2046

Mortgage Backed Security 3.50% 2/25/46

396

FNMA GTD MTG PASS THRU CTF 3.5% 10/25/2044

Mortgage Backed Security 3.50% 10/25/44

504

FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048

Mortgage Backed Security 3.00% 3/25/48

1,401

FEDERAL NAT MTG ASN GTD REM PA 2019-14 DA 4% 03/25

Mortgage Backed Security 4.00% 3/25/48

314

FEDERAL NAT MTG ASN GTD REM PA 4% 11/25/2048

Mortgage Backed Security 4.00% 11/25/48

369

FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25

Mortgage Backed Security 3.00% 7/25/39

817

FEDERAL NAT MTG ASN GTD REM PA 2.5% 10/25/2039

Mortgage Backed Security 2.50% 10/25/39

433

FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035

Mortgage Backed Security 2.00% 6/25/35

919

FNMA 5.50% 11/34 #310105

Mortgage Backed Security 5.50% 11/01/34

173

FEDERAL HOME LN MTG MLT CTF GT 4135 AB 1.75% 06/15

Mortgage Backed Security 1.75% 6/15/42

FEDERAL HOME LN MTG MLT CTF GT 3.0% 05/15/2045

Mortgage Backed Security 3.00% 5/15/45

266

FREDDIE MAC 4656 PA 3.5% 10/15/2045

Mortgage Backed Security 3.50% 10/15/45

458

FHR 4683 EA 2.5% 05/47

Mortgage Backed Security 2.50% 5/15/47

762

FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046

Mortgage Backed Security 3.50% 2/15/46

747

FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046

Mortgage Backed Security 3.00% 2/15/46

757

FEDERAL HOME LN MTG MLT CTF GT 4847 CA 3.5% 11/15/

Mortgage Backed Security 3.50% 11/15/45

287

FEDERAL HOME LN MTG MLT CTF GT 4% 07/15/2047

Mortgage Backed Security 4.00% 7/15/47

484

FEDERAL HOME LN MTG MLT CTF GT 2019-4872 AB 4% 08/

Mortgage Backed Security 4.00% 8/15/47

475

FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039

Mortgage Backed Security 3.00% 7/25/39

642

FREDDIE MAC REMICS 3% 10/25/2048

Mortgage Backed Security 3.00% 10/25/48

667

FNMA 6.50% 7/32 #545759

Mortgage Backed Security 6.50% 7/01/32

FNMA 6.50% 7/32 #545762

Mortgage Backed Security 6.50% 7/01/32

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FNMA 20YR 2.5% 01/01/2033#AL2982

Mortgage Backed Security 2.50% 1/01/33

123

FNMA 20YR 2.5% 01/01/2033#AL2974

Mortgage Backed Security 2.50% 1/01/33

155

FNMA 20YR 2.5% 01/01/2033#AL2975

Mortgage Backed Security 2.50% 1/01/33

185

FNMA 20YR 2.5% 01/01/2033#AL2976

Mortgage Backed Security 2.50% 1/01/33

103

FNMA 15YR 3.5% 09/01/2029#AL5878

Mortgage Backed Security 3.50% 9/01/29

179

FNMA 15YR 3.5% 11/01/2030#AL7688

Mortgage Backed Security 3.50% 11/01/30

160

FNMA 15YR 4.5% 11/01/2025#AL8242

Mortgage Backed Security 4.50% 11/01/25

FNMA 15YR 2.5% 10/01/2031#AS8010

Mortgage Backed Security 2.50% 10/01/31

348

FNMA 15YR 3.5% 12/01/2028#AV1907

Mortgage Backed Security 3.50% 12/01/28

FHR 3415 PC 5% 12/37

Mortgage Backed Security 5.00% 12/15/37

FEDERAL NAT MTG ASN GTD REM 2011-26 PA 4.5% 04/25/

Mortgage Backed Security 4.50% 4/25/41

221

FIDELITY SHORT TERM CASH FUND

Fid Inst Cash Port: MM Fund Class 1 SHS F/N/A

9,700

FNMA 6.50% 12/32 #735415

Mortgage Backed Security 6.50% 12/01/32

FNMA 6.50% 7/35 #745092

Mortgage Backed Security 6.50% 7/01/35

FNMA 15YR 3% 02/01/2033#BM5108

Mortgage Backed Security 3.00% 2/01/33

1,905

FNMA 15YR 3% 12/01/2032#BM5109

Mortgage Backed Security 3.00% 12/01/32

1,901

FNMA 15YR 3.5% 02/01/2035#FM0065

Mortgage Backed Security 3.50% 2/01/35

730

FNMA 20YR 4.5% 03/01/2039#FM1774

Mortgage Backed Security 4.50% 3/01/39

FNMA 20YR 4.5% 06/01/2039#FM1045

Mortgage Backed Security 4.50% 6/01/39

FNMA 20YR 4.5% 08/01/2039#FM1353

Mortgage Backed Security 4.50% 8/01/39

136

FNMA 30YR 4.5% 09/01/2049#FM1534

Mortgage Backed Security 4.50% 9/01/49

848

FNMA 15YR 3.5% 09/01/2034#FM1577

Mortgage Backed Security 3.50% 9/01/34

635

FNMA 15YR 3.5% 09/01/2034#FM1578

Mortgage Backed Security 3.50% 9/01/34

290

FNMA 15YR 3.5% 10/01/2034#FM1579

Mortgage Backed Security 3.50% 10/01/34

173

FNMA 15YR 4% 03/01/2034#FM2867

Mortgage Backed Security 4.00% 3/01/34

1,898

FNMA 15YR 4% 02/01/2034#FM3001

Mortgage Backed Security 4.00% 2/01/34

854

FNMA 20YR 3% 12/01/2040#FM4710

Mortgage Backed Security 3.00% 3/01/40

1,035

FNMA 20YR 3% 12/01/2040#FM4711

Mortgage Backed Security 3.00% 3/01/40

1,272

FNMA 15YR 3.5% 02/01/2033#FM9794

Mortgage Backed Security 3.50% 2/01/33

288

FNMA 15YR 2% 02/01/2028#FS3865

Mortgage Backed Security 2.00% 2/01/28

182

FNMA 15YR 2.5% 01/01/2028#FS3867

Mortgage Backed Security 2.50% 1/01/28

211

FNMA 15YR 2.5% 01/01/2029#

Mortgage Backed Security 2.50% 1/01/29

368

FNMA 6.50% 8/36 #888034

Mortgage Backed Security 6.50% 8/01/36

FNMA 6.50% 8/36 #888544

Mortgage Backed Security 6.50% 8/01/36

FNMA 20YR 3.00% 11/32 #MA1237

Mortgage Backed Security 3.00% 11/01/32

1,265

FNMA 20YR 3% 07/01/2036#MA2672

Mortgage Backed Security 3.00% 7/01/36

1,703

FNMA 20YR 4% 04/01/2038#MA3337

Mortgage Backed Security 4.00% 4/01/38

681

FNMA 6.50% 12/35 #AD0723

Mortgage Backed Security 6.50% 12/01/35

FNMA 6.50% 8/36 #AE0746

Mortgage Backed Security 6.50% 8/01/36

FORD CREDIT AUTO OWNER TRUST 2023-B 5.23% 05/15/20

Mortgage Backed Security 5.23% 5/15/28

924

FORD CR FLOORPLN MAST OWN TR A 4.92% 05/15/2028 14

Mortgage Backed Security 4.92% 5/15/28

992

FORD CREDIT AUTO LEASE TRUST 2023-B 5.91% 10/15/20

Mortgage Backed Security 5.91% 10/15/26

1,379

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FORD CR AUTO OWNER TR 2019-1 A 3.52% 07/15/2030 14

Mortgage Backed Security 3.52% 7/15/30

1,471

GMF FLOORPLAN OWNER REVOLVING TR 5.34% 06/15/2028

Mortgage Backed Security 5.34% 6/15/28

1,367

GS MTG SECS TR 2014-GC26 AAB 3.365% 11/10/2047

Mortgage Backed Security 3.37% 11/10/47

146

GS MTG SECS TR 2015-GC32 AAB 3.513% 07/10/2048

Mortgage Backed Security 3.51% 7/10/48

169

GS MTG SECS TR 2015-GC28 AAB 3.206% 02/10/2048

Mortgage Backed Security 3.21% 2/10/48

142

GM FINANCIAL AUTOMOBILE LEASING TRUST 23-2 5.05% 0

Mortgage Backed Security 5.05% 7/20/26

984

GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2

Mortgage Backed Security 4.47% 2/16/28

401

GSK CONSUMER HEALTHCARE CAPITAL UK PLC 3.125% 03/2

Corporate Bond 3.13% 3/24/25

1,871

GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-3

Mortgage Backed Security 5.45% 6/16/28

251

GENERAL MTRS FINL CO INC 1.25% 01/08/2026

Corporate Bond 1.25% 1/08/26

1,620

GENERAL MTRS FINL CO INC 1.05% 03/08/2024

Corporate Bond 1.05% 3/08/24

479

GENERAL MTRS FINL CO INC 2.35% 02/26/2027

Corporate Bond 2.35% 2/26/27

743

GEORGIA POWER CO 4.65% 05/16/2028

Corporate Bond 4.65% 5/16/28

851

GM FINANCIAL LEASING TRUST 2023-3 5.38% 11/20/2026

Mortgage Backed Security 5.38% 11/20/26

120

GM FINANCIAL SECURITIZED TERM AUTO RECEIVABLES TR

Mortgage Backed Security 5.78% 8/16/28

1,088

GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028

Corporate Bond 2.64% 2/24/28

1,462

GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/202

Corporate Bond 4.48% 8/23/28

1,398

GREAT-WEST LIFECO FIN 20 0.904% 08/12/2025 144A

Corporate Bond 0.90% 8/12/25

705

GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144A

Corporate Bond 1.40% 7/06/27

1,709

HSBC HOLDINGS PLC 3.803%/VAR 03/11/2025

Corporate Bond 3.80% 3/11/25

1,914

HSBC HOLDINGS PLC 2.251%/VAR 11/22/2027

Corporate Bond 2.25% 11/22/27

1,722

HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028

Corporate Bond 5.21% 8/11/28

1,048

WELLTOWER OP LLC 4% 06/01/2025

Corporate Bond 4.00% 6/01/25

1,074

HEALTHCARE REALTY HOLDINGS LP 3.5% 08/01/2026

Corporate Bond 3.50% 8/01/26

161

HOME DEPOT INC 2.875% 04/15/2027

Corporate Bond 2.88% 4/15/27

675

HAROT 2023-4 5.67% 06/21/2028

Mortgage Backed Security 5.67% 6/21/28

963

HUNTINGTON BANCSHARES INC/OH 2.625% 08/06/2024

Corporate Bond 2.63% 8/06/24

1,297

HUNTINGTON BANCSHARES INC/OH 4.443%/VAR 08/04/2028

Corporate Bond 4.44% 8/04/28

816

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

HUNTINGTON NATL BK COLUMBUS OH 5.699%/VAR 11/18/20

Corporate Bond 5.70% 11/18/25

1,407

HYUNDAI AUTO RECEIVABLES TRUST 2023-A 4.58% 04/15/

Mortgage Backed Security 4.58% 4/15/27

486

HYUNDAI AUTO RECEIVABLES TRUST 2023-C 5.54% 10/16/

Mortgage Backed Security 5.54% 10/16/28

797

HYUNDAI AUTO RECEIVABLES TRUST 2023-B 5.48% 04/17/

Mortgage Backed Security 5.48% 4/17/28

254

HYUNDAI AUTO LEASE SECURITIZATION TRUST 2023-C 5.8

Mortgage Backed Security 5.80% 12/15/26

1,141

ING GROEP NV SOFR 1.726%/VAR 04/01/2027

Corporate Bond 1.73% 4/01/27

812

INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027

Corporate Bond 4.00% 9/15/27

1,598

JPMBB COML MTG SECS TR 2014-C22 3.8012% 09/15/2047

Mortgage Backed Security 3.80% 9/15/47

667

JPMCC COML MTG SECS TR 2016-JP4 A2 2.984% 12/15/20

Mortgage Backed Security 2.98% 12/15/49

JP MORGAN CHASE

Synthetic GIC - 2.033% (fair value to contract value)

5,180

JPMORGAN CHASE & CO 2.083/VAR 04/22/2026

Corporate Bond 2.08% 4/22/26

1,731

JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026

Corporate Bond 1.05% 11/19/26

1,567

JPMORGAN CHASE & CO 0.824/VAR 06/01/2025

Corporate Bond 0.82% 6/01/25

1,580

JPMORGAN CHASE & CO SOFR 1.47%/VAR 09/22/2027

Corporate Bond 1.47% 9/22/27

1,793

JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028

Corporate Bond 2.95% 2/24/28

1,616

JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028

Corporate Bond 4.85% 7/25/28

1,430

KENVUE INC 5.35% 03/22/2026

Corporate Bond 5.35% 3/22/26

582

KENVUE INC 5.05% 03/22/2028

Corporate Bond 5.05% 3/22/28

1,230

KEYCORP 3.878%/VAR 05/23/2025

Corporate Bond 3.88% 5/23/25

581

KEYBANK NATL ASSN 4.15% 08/08/2025

Corporate Bond 4.15% 8/08/25

505

LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.524

Mortgage Backed Security 6.66% 5/15/39

1,233

LINCOLN NATL LIFE INS CO

Synthetic GIC - 2.043% (fair value to contract value)

2,798

LLOYDS BANKING GROUP PLC 2.438%/VAR 02/05/2026

Corporate Bond 2.44% 2/05/26

648

LLOYDS BANKING GROUP PLC 5.985%/VAR 08/07/2027

Corporate Bond 5.99% 8/07/27

758

LOWES COS INC 4.4% 09/08/2025

Corporate Bond 4.40% 9/08/25

844

LOWES COS INC 4.8% 04/01/2026

Corporate Bond 4.80% 4/01/26

244

MAGALLANES INC 3.638% 03/15/2025

Corporate Bond 3.64% 3/15/25

225

MAGALLANES INC 3.755% 03/15/2027

Corporate Bond 3.76% 3/15/27

429

MASSACHUSETTS MUTUAL

Synthetic GIC - 2.033% (fair value to contract value)

168

MERCEDES-BENZ AUTO RECEIVABLES TR 2023-2 5.95% 11/

Mortgage Backed Security 5.95% 11/15/28

624

METROPOLITAN LIFE INC CO

Synthetic GIC - 2.033% (fair value to contract value)

2,653

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

MITSUBISHI UFJ FIN GRP INC 1.412% 07/17/2025

Corporate Bond 1.41% 7/17/25

1,425

MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027

Corporate Bond 1.64% 10/13/27

2,199

MIZUHO FINL GROUP INC 1.234%/VAR 5/22/2027

Corporate Bond 1.23% 5/22/27

1,916

MIZUHO FINL GROUP INC T1Y 2.651%/VAR 05/22/2026

Corporate Bond 2.65% 5/22/26

1,516

MSBAM 2015-C22 ASB 3.04% 04/15/48

Mortgage Backed Security 3.04% 4/15/48

MORGAN STANLEY BK NA SALT LAKE 4.754% 04/21/2026

Corporate Bond 4.75% 4/21/26

958

MORGAN STANLEY BK NA SALT LAKE 5.882% 10/30/2026

Corporate Bond 5.88% 10/30/26

1,453

MORGAN STANLEY VAR/2.72 07/22/2025

Corporate Bond 2.72% 7/22/25

1,105

MORGAN STANLEY 2.188%/VAR 04/28/2026

Corporate Bond 2.19% 4/28/26

1,350

MORGAN STANLEY 4.679%/VAR 07/17/2026

Corporate Bond 4.68% 7/17/26

1,089

MORGAN STANLEY BK AMER MERRILL LYNCH TR 2014-C16 A

Mortgage Backed Security 3.48% 6/15/47

MSBAM 2014-C17 ASB 3.477% 8/47

Mortgage Backed Security 3.48% 8/15/47

MORGAN STANLEY BK AMER MERRILL LYNCH TR 2015-C21 A

Mortgage Backed Security 3.15% 3/15/48

MSBAM 2016-C28 3.272% 01/15/49

Mortgage Backed Security 3.27% 1/15/49

323

MORGAN STANLEY CAP I TR 2019-MEAD 3.17% 11/10/2036

Mortgage Backed Security 3.17% 11/10/36

956

NTT FINANCE CORP 1.162% 04/03/2026 144A

Corporate Bond 1.16% 4/03/26

1,703

NATIONWIDE LIFE INS CO

Synthetic GIC - 2.043% (fair value to contract value)

3,913

NATWEST GRP PLC(UNGTD) 1.642/VAR 06/14/2027

Corporate Bond 1.64% 6/14/27

1,254

NYC TFA (PIT) 2.85% 2/1/2024

Municipal Bond 2.85% 2/01/24

434

NISOURCE INC 0.95% 08/15/2025

Corporate Bond 0.95% 8/15/25

595

NISSAN AUTO RECEIVABLES 2023-B OWNER TR 5.93% 03/1

Mortgage Backed Security 5.93% 3/15/28

738

OREILLY AUTOMOTIVE INC 5.75% 11/20/2026

Corporate Bond 5.75% 11/20/26

413

OPG TR 2021-PORT TSFR1M+59.848 8 10/15/2036 144A

Mortgage Backed Security 5.96% 10/15/36

1,258

ORACLE CORP 1.65% 03/25/2026

Corporate Bond 1.65% 3/25/26

707

PNC FINANCIAL SERVICES GRP INC SOFR+ 12/02/2028

Corporate Bond 5.35% 12/02/28

955

PACIFIC LIFE INS CO

Synthetic GIC - 2.033% (fair value to contract value)

2,036

PARKER-HANNIFIN CORP 4.25% 09/15/2027

Corporate Bond 4.25% 9/15/27

714

PAYPAL HLDGS INC 1.65% 06/01/2025

Corporate Bond 1.65% 6/01/25

503

PHILIP MORRIS INTL INC 0.875% 05/01/2026

Corporate Bond 0.88% 5/01/26

877

PORSCHE FINL AUTO SECURITIZATION TR 2023 5.79% 01/

Mortgage Backed Security 5.79% 1/22/29

581

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1

Corporate Bond 3.22% 3/28/25

424

PRUDENTIAL INS CO AMERICA

Synthetic GIC - 2.033% (fair value to contract value)

4,544

RABOBANK NEDERLAND COOP CENTL 1.98%/VAR 12/15/2027

Corporate Bond 1.98% 12/15/27

1,744

RAYTHEON TECHNOLOGIES CORP 5.75% 11/08/2026

Corporate Bond 5.75% 11/08/26

631

RAYTHEON TECHNOLOGIES CORP 5.75% 01/15/2029

Corporate Bond 5.75% 1/15/29

302

CITIZENS BANK NA 2.25% 04/28/2025

Corporate Bond 2.25% 4/28/25

1,261

REGIONS FINL CORP NEW 2.25% 05/18/2025

Corporate Bond 2.25% 5/18/25

749

RGA GLOBAL FUNDING 2% 11/30/2026 144A

Corporate Bond 2.00% 11/30/26

671

ROGERS COMMUNICATIONS INC 3.2% 03/15/2027

Corporate Bond 3.20% 3/15/27

460

ROPER TECHNOLOGIES INC 1% 09/15/2025

Corporate Bond 1.00% 9/15/25

203

ROSS STORES INC 0.875% 04/15/2026

Corporate Bond 0.88% 4/15/26

1,438

S&P GLOBAL INC 2.45% 03/01/2027

Corporate Bond 2.45% 3/01/27

1,539

SREIT TR 2021-MFP TSFR1M+84.528 08 11/15/2038 144A

Mortgage Backed Security 6.21% 11/15/38

759

SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028

Corporate Bond 2.49% 1/06/28

520

SEMPRA 3.3% 04/01/2025

Corporate Bond 3.30% 4/01/25

707

STATE ST BK & TR CO BOSTON

Synthetic GIC - 2.033% (fair value to contract value)

2,258

7 ELEVEN INC 0.95% 02/10/2026 144A

Corporate Bond 0.95% 2/10/26

563

7 ELEVEN INC 1.3% 02/10/2028 144A

Corporate Bond 1.30% 2/10/28

668

SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.2% 03/11/20

Corporate Bond 1.20% 3/11/26

1,285

SOCIETE GENERALE FRANCE 2.625% 10/16/2024 144A

Corporate Bond 2.63% 10/16/24

312

SOCIETE GENERALE FRANCE 1.488%/VAR 12/14/2026 144A

Corporate Bond 1.49% 12/14/26

1,039

SOCIETE GENERALE FRANCE 1.792/VAR 06/09/2027 144A

Corporate Bond 1.79% 6/09/27

1,260

SOCIETE GENERALE FRANCE 2.797%/VAR 01/19/2028 144A

Corporate Bond 2.80% 1/19/28

1,774

SOUTHERN COMPANY 5.5% 03/15/2029

Corporate Bond 5.50% 3/15/29

774

STATE STREET CORP 2.901%/VAR 03/30/2026

Corporate Bond 2.90% 3/30/26

SUMITOMO MITSUI FINL GRP INC 0.508% 01/12/2024

Corporate Bond 0.51% 1/12/24

206

SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026

Corporate Bond 1.40% 9/17/26

1,830

TESLA ELEC VEH TR 2023-1 5.38% 06/20/2028 144A

Mortgage Backed Security 5.38% 6/20/28

627

TORONTO DOMINION BANK 2.8% 03/10/2027

Corporate Bond 2.80% 3/10/27

1,543

TOYOTA AUTO RECEIVABLES 2023-D OWNER TR 5.54% 08/1

Mortgage Backed Security 5.54% 8/15/28

787

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

TOYOTA LEASE OWNER TRUST 2023-B 5.66% 11/20/2026 1

Mortgage Backed Security 5.66% 11/20/26

1,244

TRANSAMERICA PREMIER LIFE

Synthetic GIC - 2.033% (fair value to contract value)

4,123

TRUIST FINANCIAL CORP 4.26%/VAR 07/28/2026

Corporate Bond 4.26% 7/28/26

1,446

USAA AUTO OWNER TRUST 2023-A 5.58% 05/15/2028 144A

Mortgage Backed Security 5.58% 5/15/28

1,399

UST NOTES 1.5% 01/31/2027

Government Bond 1.50% 1/31/27

2,980

UST NOTES 0.75% 03/31/2026

Government Bond 0.75% 3/31/26

21,542

UST NOTES 2.75% 04/30/2027

Government Bond 2.75% 4/30/27

25,525

UST NOTES 2.625% 05/31/2027

Government Bond 2.63% 5/31/27

4,819

UST NOTES 4.125% 09/30/2027

Government Bond 4.13% 9/30/27

37,812

UST NOTES 4.125% 10/31/2027

Government Bond 4.13% 10/31/27

19,018

UST NOTES 3.875% 11/30/2027

Government Bond 3.88% 11/30/27

2,755

UST NOTES 4% 02/29/2028

Government Bond 4.00% 2/29/28

10,314

UST NOTES 3.625% 03/31/2028

Government Bond 3.63% 3/31/28

18,292

UST NOTES 3.625% 05/15/2026

Government Bond 3.63% 5/15/26

1,050

UST NOTES 3.625% 05/31/2028

Government Bond 3.63% 5/31/28

UST NOTES 4.125% 06/15/2026

Government Bond 4.13% 6/15/26

26,723

UST NOTES 4% 06/30/2028

Government Bond 4.00% 6/30/28

4,810

UST NOTES 4.125% 07/31/2028

Government Bond 4.13% 7/31/28

13,204

UST NOTES 4.625% 09/30/2028

Government Bond 4.63% 9/30/28

7,531

UST NOTES 5% 10/31/2025

Government Bond 5.00% 10/31/25

UST NOTES 4.875% 10/31/2028

Government Bond 4.88% 10/31/28

225

UST NOTES 3.75% 12/31/2028

Government Bond 3.75% 12/31/28

41,125

UNITEDHEALTH GROUP INC 3.7% 05/15/2027

Corporate Bond 3.70% 5/15/27

1,306

VENTAS RLTY LTD PARTNERSHIP 3.5% 04/15/2024

Corporate Bond 3.50% 4/15/24

670

VENTAS RLTY LTD PARTNERSHIP 2.65% 01/15/2025

Corporate Bond 2.65% 1/15/25

1,030

VERIZON COMMUNICATIONS INC 1.45% 03/20/2026

Corporate Bond 1.45% 3/20/26

573

VERIZON MASTER TRUST 2021-1 A 0.5% 05/20/2027

Mortgage Backed Security 0.50% 5/20/27

1,508

VERIZON MASTER TRUST 2021-1 A 0.99% 04/20/2028

Mortgage Backed Security 0.99% 4/20/28

2,212

VERIZON MASTER TRUST 3.72% 07/20/2027

Mortgage Backed Security 3.72% 7/20/27

875

VERIZON MASTER TRUST 4.89% 04/13/2028

Mortgage Backed Security 4.89% 4/13/28

1,201

VERIZON MASTER TRUST 5.61% 09/08/2028

Mortgage Backed Security 5.61% 9/08/28

1,202

VIRGINIA ELECTRIC AND POWER CO 3.75% 05/15/2027

Corporate Bond 3.75% 5/15/27

1,553

VOLKSWAGEN GROUP AMER FIN LLC 1.25% 11/24/2025 144

Corporate Bond 1.25% 11/24/25

1,971

VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144

Corporate Bond 3.95% 6/06/25

735

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2023

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 144

Corporate Bond 4.35% 6/08/27

688

VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144A

Corporate Bond 5.70% 9/12/26

2,063

VOLKSWAGEN AUTO LEASE TRUST 2023-A 5.81% 10/20/202

Mortgage Backed Security 5.81% 10/20/26

1,636

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 0

Mortgage Backed Security 5.02% 6/20/28

686

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 5.48% 1

Mortgage Backed Security 5.48% 12/20/28

917

WFRBS COML MTG TR 2014-C20 ASB 3.638% 05/15/2047

Mortgage Backed Security 3.64% 5/15/47

WFRBS COML MTG TR 2014-C22 ASB 3.464% 09/15/2057

Mortgage Backed Security 3.46% 9/15/57

216

WFRBS COML MTG TR 2014-C23 ASB 3.636% 10/15/2057

Mortgage Backed Security 3.64% 10/15/57

WELLS FARGO BK NATL ASSN 5.254% 12/11/2026

Corporate Bond 5.25% 12/11/26

1,421

WELLS FARGO COML MTG TR 15-C27 ASB 3.278% 02/15/20

Mortgage Backed Security 3.28% 2/15/48

202

WELLS FARGO & CO NEW 2.164%/VAR 02/11/2026

Corporate Bond 2.16% 2/11/26

1,786

WELLS FARGO & CO NEW 2.188/VAR 04/30/2026

Corporate Bond 2.19% 4/30/26

1,058

WELLS FARGO & CO NEW 3.526%/VAR 03/24/2028

Corporate Bond 3.53% 3/24/28

916

WELLS FARGO & CO NEW 4.808%/VAR 07/25/2028

Corporate Bond 4.81% 7/25/28

1,419

WELLTOWER OP LLC 3.625% 03/15/2024

Corporate Bond 3.63% 3/15/24

1,187

WORLD OMNI AUTO RECEIVABLES TR 2023-D 5.79% 02/15/

Mortgage Backed Security 5.79% 2/15/29

882

WORLD OMNI AUTO RECEIVABLES TRUST 2023-C 5.15% 11/

Mortgage Backed Security 5.15% 11/15/28

148

Subtotal – Managed Income Funds

577,532

Self-Directed Brokerage Account

Various shares

145,107

Total Investment Assets

3,286,881

Participant Loans

Interest rates ranging 4.25% - 9.50% with maturity dates through December 2028

49,372

* Represents a party-in-interest to the Plan.

** Historical cost is omitted because the investment is participant-directed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Eastman Investment and Employee

Stock Ownership Plan


Date: June 27, 2024			By: /s/Michelle R. Stewart
			Michelle R. Stewart
			Vice President, Chief Accounting Officer and Corporate Controller, Eastman Chemical Company; Member of Eastman Investment Plan Committee and Named Fiduciary for Eastman Investment and Employee Stock Ownership Plan

Eastman Investment and Employee Stock Ownership Plan

Exhibit Index


Exhibit Number	Description	Sequential Page Number
23.1	Consent of ArmaninoLLP Independent Registered Public Accounting Firm	34

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Date	Price Target	Rating	Analyst
1/16/2026	$70.00	Outperform → Sector Perform	RBC Capital Mkts
12/19/2025	$70.00	Overweight → Equal Weight	Wells Fargo
4/28/2025	$76.00	Overweight → Neutral	Analyst
4/9/2025	$91.00	Sector Perform → Outperform	RBC Capital Mkts
4/4/2025	$101.00	Neutral → Buy	Citigroup
4/3/2025	$105.00	Neutral → Outperform	Mizuho
1/14/2025	$115.00 → $109.00	Neutral → Buy	BofA Securities
12/18/2024	$118.00 → $104.00	Buy → Neutral	Citigroup

SEC Form 11-K filed by Eastman Chemical Company

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