SEC Form 11-K filed by Eastman Chemical Company

6/27/25 4:36:53 PM ET

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11-K 1 a2024123111-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, 2024
			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

Report of Independent Registered Public Accounting Firm			2

Basic Financial Statements:

Statements of Net Assets Available for Benefits at December 31, 2024 and 2023			3

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024			4

Notes to Financial Statements			5

Additional Information (Note A):

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024			18

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

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

Eastman Investment and Employee Stock Ownership Plan

Kingsport, Tennessee

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2024, the related statement of changes in net assets available for benefits for the year 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 Plan as of December 31, 2024, and the changes in net assets available for benefits for the year 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 audit. 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 audit 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit, 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 audit 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 audit provides 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, 2024 has been subjected to audit procedures performed in conjunction with the audit of Eastman Investment and Employee Stock Ownership Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedule 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 schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, 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 schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2025

New York, New York

June 27, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Eastman Investment and Employee Stock Ownership Plan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2023 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 for the Plan as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit 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 audit 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 audit provided a reasonable basis for our opinion.

/s/ ArmaninoLLP

St. Louis, Missouri

June 27, 2024

We began serving as the Plan's auditor in 2014 and became the predecessor auditor in 2025.

Eastman Investment and Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2024 and 2023

(in thousands)


			2024						2023
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Assets

Investments at fair value	$	2,783,486	$	171,827	$	2,955,313	$	2,538,279	$	171,070	$	2,709,349

Investments at contract value	479,647		—		479,647		577,532		—		577,532

Total investments	3,263,133		171,827		3,434,960		3,115,811		171,070		3,286,881

Receivables:

Plan sponsor contributions	40,331		15,463		55,794		37,871		14,962		52,833

Notes receivable from participants	49,845		—		49,845		49,372		—		49,372

Other receivables	2,229		1,557		3,786		2,623		1,540		4,163

Total assets	3,355,538		188,847		3,544,385		3,205,677		187,572		3,393,249


Liabilities



Other liabilities	812		1,570		2,382		1,254		1,526		2,780

Total liabilities	812		1,570		2,382		1,254		1,526		2,780

Net assets available for benefits	$	3,354,726	$	187,277	$	3,542,003	$	3,204,423	$	186,046	$	3,390,469

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

Eastman Investment and Employee Stock Ownership Plan

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2024

(in thousands)


			2024
			Non-
	Participant		participant
	Directed		Directed		Total

Additions to net assets:

Investment income
Interest	$	11,852	$	—	$	11,852
Dividends	6,174		6,311		12,485
Net appreciation in fair value of investments	373,547		5,324		378,871
Net investment gain	391,573		11,635		403,208
Interest income from notes receivable	3,740		—		3,740
Participant contributions	125,245		—		125,245
Plan sponsor contributions	65,299		15,463		80,762
Total additions	585,857		27,098		612,955

Deductions from net assets:

Distributions to and withdrawals by participants	444,682		16,104		460,786
Administrative expenses	635		—		635
Total deductions	445,317		16,104		461,421
Net increase in net assets	140,540		10,994		151,534
Transfers from non-participant directed	9,763		(9,763)		—

Net assets available for benefits at beginning of year	3,204,423		186,046		3,390,469
Net assets available for benefits at end of year	$	3,354,726	$	187,277	$	3,542,003

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), 401(k), and 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 was $274,774 and $246,466 as of December 31, 2024, and 2023, respectively. After year-end, additional forfeitures were credited to the Plan in early 2025, increasing the available forfeiture balance to approximately $279,000. In 2025, the Plan Administrator applied the entire $279,000 balance toward reducing the Company's 2024 Retirement Savings Contribution ("RSC") obligation.

On or after January 1, 2007, each eligible employee hired by the Company will, in addition to the RSC, be automatically enrolled as a participant in the Eastman Investment Plan ("EIP") portion of the Plan. The RSC is an annual contribution made by the Company equal to 5% of a participant's eligible Company Compensation. 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. 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.

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.

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 $40.3 million and for the non-participant-directed ESOP Fund of $15.5 million at December 31, 2024.

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 $23,000 for 2024 and $22,500 for 2023, 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 in 2024 and 2023 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 4, "Investments", and Note 5, "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 8, "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. No contributions in the 2024 plan year were made in shares of Eastman common stock. 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 $11.0 million in 2024.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

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.

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 will 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. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $3.7 million in 2024. 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, 2024, or 2023. 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, 2024, $49.8 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through January 2030. 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.

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 other than death, the full value of a participant's account is distributed in a lump sum payment for 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 73 or (2) to receive an immediate lump-sum distribution of the participant's account or, at the election of the participant, distributions in monthly or annual installments. Participants with balances in the Eastman Stock Fund or the ESOP Fund may elect a lump sum distribution in Eastman common stock.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•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.

•Required minimum distributions must commence no later than April 1 of the calendar year following the year a participant attains age 73, unless the participant is still actively employed with the Company. This is in accordance with the required minimum distribution rules under Section 401(a)(9) of the IRC. The Plan requires participants to receive minimum distributions as prescribed by these rules to comply with federal tax regulations.

•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 or burial expenses for a deceased parent, spouse, beneficiary or dependent of the participant, or payment of expenses for repair of damage to the participant's principal residence that would qualify as casualty losses under the IRC. 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, assets 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.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Dividends paid in cash from the ESOP Fund are generally taxable to participants in the year received. To be eligible to request a hardship loan from the Plan, participants must elect to receive ESOP dividends in cash. This election must comply with Plan terms and applicable IRS regulations.

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.

•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 5, "Synthetic Investment Contracts"). If available, quoted market prices are used to value investments. IPCO determines the Plan's valuation policies utilizing

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

information provided by Fidelity Investments and the Director of Global Treasury Operations and Investments (see Note 6, "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.

Payments to Participants

Benefit payments to participants are recorded when paid.

3.RISKS AND UNCERTAINTIES

The Plan includes investments in common stock, mutual funds, collective investment trusts, and bonds, which are generally exposed to various risks, such as significant global events, interest rate fluctuations, credit risk, and overall market volatility. 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, 2024, and 2023 are shares of the Plan Sponsor's common stock amounting to approximately $266 million and $268 million, respectively. This investment represents 7.7% and 8.2% of total investments at December 31, 2024 and 2023, respectively. A significant decline in the market value of the Plan Sponsor's stock would significantly affect the net assets available for benefits.

4.INVESTMENTS

At December 31, 2024 and 2023, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and a Managed Income Fund, which includes synthetic investment contracts (see Note 5, "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, 2024 and 2023, respectively.


(in thousands)	2024		2023

Cash and Cash Equivalents	$	5,617	$	5,115
Common stock - Eastman Chemical Company	265,688		268,315
Common stock - other	121,904		110,804
Mutual funds	169,871		620,431
Collective investment trusts	2,213,427		1,559,577
Managed Income Fund	479,647		577,532
Self-directed brokerage account - mutual funds	178,806		145,107
Total	$	3,434,960	$	3,286,881

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2024 and 2023:

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 2024, the Trustee purchased 394,100 shares of Eastman common stock for the fund at an average price of $95.09 per share and sold 449,760 shares of Eastman common stock for the fund at an average price of $100.81 per share. Dividends paid from the Eastman Stock Fund totaled $3.3 million in 2024.

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 2024, the Trustee purchased 228,000 shares of Eastman common stock for the fund at an average price of $86.07 per share and sold 250,169 shares of Eastman common stock for the fund at an average price of $96.90 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

5.SYNTHETIC INVESTMENT CONTRACTS

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $480 million and $578 million at December 31, 2024 and 2023, 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 may 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.

6.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 publicly 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, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
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	$	5,617	$	5,115
Common stock - Eastman Chemical Company	265,688		268,315
Common stock - other	121,904		110,804
Mutual funds	169,871		620,431
Collective investment trusts	2,213,427		1,559,577
Self-directed brokerage account - mutual funds	178,806		145,107
Total	$	2,955,313	$	2,709,349

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, 2024 and 2023.

7.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $3.8 million and $4.2 million at December 31, 2024 and 2023, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.4 million and $2.8 million at December 31, 2024 and 2023, respectively, represent liabilities from the purchase of investments.

8.DIVERSIFICATION FROM ESOP FUND

A participant may direct that all or any portion of their ESOP Fund account be transferred to other funds in the Plan without restrictions. In 2024, $9.8 million was transferred from the ESOP Fund within the Plan in connection with this program.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

9.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, and all participants will become 100% vested in their account balances in accordance with ERISA requirements.

10.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 believes 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 taken by the Plan and has concluded that as of December 31, 2024 and 2023, 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. The Plan is subject to IRS audit for the current year and the preceding three plan years.

11.PLAN EXPENSES

Reasonable expenses of administering the Plan, unless paid by the Company, are paid by the Plan. For both 2024 and 2023, 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 are 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 are deducted from the participant's account at the inception of the note receivable. Investment related fees are charged directly to the participant account via the investment NAV.

12.PARTIES-IN-INTEREST TRANSACTIONS

Under U.S. Department of Labor regulations, parties-in-interest are defined as fiduciaries of the Plan, any party rendering services to the Plan, the employer, and certain other related parties. Transactions between the Plan and parties-in-interest are subject to prohibited transaction rules but may qualify for exemptions under ERISA. The Plan does not reimburse administrative functions performed by Plan management or certain expenses paid directly by the Company.

Certain Plan investments include shares of mutual funds and collective investment trusts managed by the Trustee as defined by the Plan. These transactions qualify as parties-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 3, "Risks and Uncertainties", and Note 4, "Investments").

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

13.SUBSEQUENT EVENTS

The Plan Administrator has evaluated events subsequent to December 31, 2024, through the date the financial statements were issued and determined that no additional disclosures are required.

Supplemental Schedule

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(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

2,034

Fidelity Management Trust Company

Interest Bearing Cash, Non-Participant directed

1,481

SSBK Govt Stif Fund

Interest Bearing Cash Equivalents

2,102

Subtotal – Cash and Cash Equivalents

5,617

Eastman Chemical Company

Common Stock, Participant directed, 1,044 shares

95,342

Eastman Chemical Company

Common Stock, Non-Participant directed, 1,865 shares

120,431

170,346

Subtotal – Common Stock – Eastman Chemical Co

265,688

Abbott Laboratories

Common Stock, 13 Shares

1,448

Abbvie Inc

Common Stock, 13 Shares

2,308

Accenture Plc Cl A

Common Stock, 2 Shares

612

Air Products & Chemicals Inc

Common Stock, 8 Shares

2,343

Alexandria Real Es Eq Inc Reit

Common Stock, 4 Shares

371

American Express Co

Common Stock, 9 Shares

2,544

Analog Devices Inc

Common Stock, 10 Shares

2,078

Apple Inc

Common Stock, 1 Shares

325

Ares Management Corp Cl A

Common Stock, 8 Shares

1,460

Arthur J Gallaghar And Co

Common Stock, 3 Shares

970

Avalonbay Communities Inc Reit

Common Stock, 3 Shares

597

Bank Of America Corporation

Common Stock, 80 Shares

3,534

Bank Of New York Mellon Corp

Common Stock, 10 Shares

744

Becton Dickinson & Co

Common Stock, 5 Shares

1,092

Blackrock Inc

Common Stock, 2 Shares

1,601

Blackstone Inc

Common Stock, 10 Shares

1,748

Bristol-Myers Squibb Co

Common Stock, 39 Shares

2,183

Capital One Financial Corp

Common Stock, 9 Shares

1,646

Cencora Inc

Common Stock, 3 Shares

616

Chevron Corp

Common Stock, 17 Shares

2,412

Chubb Ltd

Common Stock, 4 Shares

1,099

Cigna Group (The)

Common Stock, 4 Shares

1,225

Cme Group Inc Cl A

Common Stock, 3 Shares

666

Cms Energy Corp

Common Stock, 12 Shares

820

Coca Cola Co

Common Stock, 19 Shares

1,161

Comcast Corp Cl A

Common Stock, 54 Shares

2,035

Conocophillips

Common Stock, 27 Shares

2,641

Corning Inc

Common Stock, 23 Shares

1,106

Cvs Health Corp

Common Stock, 22 Shares

965

Deere & Co

Common Stock, 5 Shares

2,210

Dominion Energy Inc

Common Stock, 23 Shares

1,264

Dover Corp

Common Stock, 10 Shares

1,908

Eaton Corp Plc

Common Stock, 5 Shares

1,754

Eli Lilly & Co

Common Stock, 1 Shares

556

Eog Resources Inc

Common Stock, 14 Shares

1,770

Exxon Mobil Corp

Common Stock, 14 Shares

1,524

General Dynamics Corporation

Common Stock, 7 Shares

1,959

Goldman Sachs Group Inc

Common Stock, 1 Shares

848

Hartford Insurance Group Inc/The

Common Stock, 2 Shares

262

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(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

677

Home Depot Inc

Common Stock, 5 Shares

1,900

Honeywell Intl Inc

Common Stock, 6 Shares

1,442

Intl Bus Mach Corp

Common Stock, 3 Shares

684

Johnson & Johnson

Common Stock, 12 Shares

1,768

Lam Research Corp

Common Stock, 4 Shares

302

Lowes Cos Inc

Common Stock, 9 Shares

2,262

Marsh & Mclennan Cos Inc

Common Stock, 3 Shares

550

Mcdonalds Corp

Common Stock, 7 Shares

1,972

Medtronic Plc

Common Stock, 12 Shares

951

Merck & Co Inc New

Common Stock, 9 Shares

863

Metlife Inc

Common Stock, 8 Shares

645

Microchip Technology

Common Stock, 18 Shares

1,033

Microsoft Corp

Common Stock, 4 Shares

1,893

Mondelez Intl Inc

Common Stock, 15 Shares

878

Morgan Stanley

Common Stock, 22 Shares

2,802

Nextera Energy

Common Stock, 20 Shares

1,456

Nike Inc Cl B

Common Stock, 2 Shares

133

Norfolk Southern Corp

Common Stock, 10 Shares

2,330

Northrop Grumman Corp

Common Stock, 1 Shares

575

Nxp Semiconductors Nv

Common Stock, 5 Shares

1,006

Parker Hannifin Corp

Common Stock, 2 Shares

1,373

Pepsico Inc

Common Stock, 6 Shares

878

Philip Morris Intl Inc

Common Stock, 20 Shares

2,426

Pnc Financial Services Grp Inc

Common Stock, 11 Shares

2,156

Ppg Industries Inc

Common Stock, 5 Shares

621

Procter & Gamble Co

Common Stock, 11 Shares

1,798

Progressive Corp Ohio

Common Stock, 3 Shares

755

Prologis Inc Reit

Common Stock, 8 Shares

844

Public Svc Enterprise Grp Inc

Common Stock, 12 Shares

976

Quest Diagnostics Inc

Common Stock, 1 Shares

123

Republic Services Inc

Common Stock, 3 Shares

552

Rtx Corp

Common Stock, 11 Shares

1,329

Schwab Charles Corp

Common Stock, 35 Shares

2,601

Seagate Technology Holdings Plc

Common Stock, 10 Shares

894

Texas Instruments Inc

Common Stock, 9 Shares

1,671

Tjx Companies Inc New

Common Stock, 16 Shares

1,980

Travelers Companies Inc

Common Stock, 3 Shares

786

Truist Finl Corp

Common Stock, 38 Shares

1,665

Union Pacific Corp

Common Stock, 6 Shares

1,405

United Parcel Service Inc Cl B

Common Stock, 15 Shares

1,867

Unitedhealth Group Inc

Common Stock, 7 Shares

3,331

Ventas Inc Reit

Common Stock, 16 Shares

922

Verizon Communications Inc

Common Stock, 18 Shares

733

Walmart Inc

Common Stock, 17 Shares

1,576

Wells Fargo & Co

Common Stock, 61 Shares

4,310

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

Xcel Energy Inc

Common Stock, 16 Shares

1,070

Yum Brands Inc

Common Stock, 5 Shares

735

Subtotal – Common Stock – Other

121,904

DODGE & COX STOCK FUND

Registered Investment Company 483 Shares

124,238

FID GOVT MMKT

Registered Investment Company 234 Shares

234

FID US BOND INDX

Registered Investment Company 3,080 Shares

31,473

FID 500 INDEX

Registered Investment Company 54 Shares

11,126

FID EXT MKT IDX

Registered Investment Company 31 Shares

2,800

Subtotal – Mutual Funds

169,871

ARROWST ACWI EX-US A

Collective Investment Trust 333 Shares

65,387

BTC STR COMP NL M

Collective Investment Trust 140 Shares

1,873

FID BLUE CHIP GR POOL

Collective Investment Trust 3,581 Shares

178,989

Hotchkis & Wiley Small Cap Diversified V Class F

Collective Investment Trust 3,551 Shares

42,122

LOOMIS SAYLES & CO SMC GWTH C

Collective Investment Trust 2,649 Shares

69,327

PRU CORE PL BD CL 5

Collective Investment Trust 296 Shares

55,035

SP 500 INDEX PL CL D

Collective Investment Trust 1,581 Shares

435,928

SP GLB EXUS IDX CL D

Collective Investment Trust 200 Shares

28,011

SP EXT MKT IDX CL D

Collective Investment Trust 452 Shares

77,176

VANGUARD TARGET INC

Collective Investment Trust 804 Shares

45,056

VANGUARD TARGET 2020

Collective Investment Trust 633 Shares

46,654

VANGUARD TARGET 2025

Collective Investment Trust 1,507 Shares

122,668

VANGUARD TARGET 2030

Collective Investment Trust 2,601 Shares

229,921

VANGUARD TARGET 2035

Collective Investment Trust 1,935 Shares

185,429

VANGUARD TARGET 2040

Collective Investment Trust 1,520 Shares

155,754

VANGUARD TARGET 2045

Collective Investment Trust 1,186 Shares

126,968

VANGUARD TARGET 2050

Collective Investment Trust 1,435 Shares

156,046

VANGUARD TARGET 2055

Collective Investment Trust 923 Shares

100,270

VANGUARD TARGET 2060

Collective Investment Trust 1,042 Shares

68,157

VANGUARD TARGET 2065

Collective Investment Trust 452 Shares

18,246

VANGUARD TARGET 2070

Collective Investment Trust 180 Shares

4,410

Subtotal – Collective Investment Trusts

2,213,427

(Cash)

Cash

1,325

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

Corporate Bond 0.95% 2/10/26

583

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

Corporate Bond 1.30% 2/10/28

678

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 2.45% 10/29/26

394

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 6.45% 4/15/27

1,546

AIR LEASE CORP 2.2% 01/15/2027

Corporate Bond 2.20% 1/15/27

695

ALLY AUTO RECEIVABLES TRUST 2024-1 5.08% 12/15/202

Mortgage Backed Security 5.08% 12/15/28

250

AMERICAN EXPRESS CO 2.55% 03/04/2027

Corporate Bond 2.55% 3/04/27

1,317

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

Mortgage Backed Security 4.87% 5/15/28

834

AMERICAN EXPRESS CR ACC MST TR 5.23% 04/15/2029

Mortgage Backed Security 5.23% 4/15/29

1,323

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

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

Mortgage Backed Security 5.23% 9/15/28

1,653

AMERICAN GENERAL LIFE

Synthetic GIC - 2.425% (fair value to contract value)

2,914

AMGEN INC 5.15% 03/02/2028

Corporate Bond 5.15% 3/02/28

372

AMPHENOL CORPORATION NEW 5.05% 04/05/2027

Corporate Bond 5.05% 4/05/27

234

AMPHENOL CORPORATION NEW 5.05% 04/05/2029

Corporate Bond 5.05% 4/05/29

336

AT&T INC 1.65% 02/01/2028

Corporate Bond 1.65% 2/01/28

1,578

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

Corporate Bond 1.73% 10/02/26

1,770

ATHENE GLOBAL FUNDING 4.721% 10/08/2029 144A

Corporate Bond 4.72% 10/08/29

986

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

795

BAE SYSTEMS PLC 5% 03/26/2027 144A

Corporate Bond 5.00% 3/26/27

461

BAE SYSTEMS PLC 5.125% 03/26/2029 144A

Corporate Bond 5.13% 3/26/29

428

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

Corporate Bond 2.06% 12/15/26

338

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

Corporate Bond 1.72% 9/14/27

951

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

Corporate Bond 1.20% 10/24/26

2,714

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

Corporate Bond 1.73% 7/22/27

1,336

BANK OF AMERICA CORPORATION 2.551%/VAR 02/04/2028

Corporate Bond 2.55% 2/04/28

1,831

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

Corporate Bond 4.95% 7/22/28

2,458

BANK OF MONTREAL QUE 0.949%/VAR 01/22/2027

Corporate Bond 0.95% 1/22/27

965

BANQUE FED CRED MUTUEL PARIS 5.194% 02/16/2028 144

Corporate Bond 5.19% 2/16/28

1,028

BARCLAYS PLC 2.279%/VAR 11/24/2027

Corporate Bond 2.28% 11/24/27

1,840

BARCLAYS PLC 2.852%/VAR 05/07/2026

Corporate Bond 2.85% 5/07/26

967

BAT INTL FINANCE PLC 1.668% 03/25/2026

Corporate Bond 1.67% 3/25/26

1,933

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

Mortgage Backed Security 4.38% 5/15/53

712

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

Mortgage Backed Security 3.66% 2/15/51

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

Mortgage Backed Security 4.15% 1/15/52

257

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

Mortgage Backed Security 5.47% 2/25/28

218

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

Corporate Bond 1.32% 1/13/27

1,489

BOEING CO 6.259% 05/01/2027

Corporate Bond 6.26% 5/01/27

117

BOFA AUTO TR 2024-1A A3 5.35% 11/15/2028 144A

Mortgage Backed Security 5.35% 11/15/28

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

Corporate Bond 2.04% 10/19/27

1,262

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

BRISTOL-MYERS SQUIBB CO 4.9% 02/22/2027

Corporate Bond 4.90% 2/22/27

929

BRISTOL-MYERS SQUIBB CO 4.9% 02/22/2029

Corporate Bond 4.90% 2/22/29

677

BROADCOM INC 4.15% 02/15/2028

Corporate Bond 4.15% 2/15/28

1,077

BROADCOM INC 5.05% 07/12/2029

Corporate Bond 5.05% 7/12/29

959

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

Mortgage Backed Security 5.15% 10/15/26

643

BX COML MTG TR 2024-GPA3 A TSFR1M+149.25 12/15/202

Mortgage Backed Security 5.80% 12/15/39

129

BX COMMERCIAL MORTGAGE TRUST 2021-PAC TSFR1M+80.35

Mortgage Backed Security 5.20% 10/15/36

873

BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.27

Mortgage Backed Security 5.41% 2/15/39

806

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

Mortgage Backed Security 5.36% 11/15/38

742

CA ST 2.40% 10/1/2025

Municipal Bond 2.40% 10/01/25

1,175

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

Corporate Bond 3.45% 4/07/27

2,157

CANADIAN IMPERIAL BK OF COMM 5.237% 06/28/2027

Corporate Bond 5.24% 6/28/27

1,011

CANADIAN NATL RESOURCES LTD 5% 12/15/2029 144A

Corporate Bond 5.00% 12/15/29

369

CANADIAN PAC RY CO 1.75% 12/02/2026

Corporate Bond 1.75% 12/02/26

395

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

Corporate Bond 1.88% 11/02/27

2,180

CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/2026

Corporate Bond 4.99% 7/24/26

641

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 5.

Mortgage Backed Security 5.82% 6/15/28

1,311

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

Mortgage Backed Security 5.05% 1/18/28

1,559

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

Mortgage Backed Security 6.00% 7/17/28

261

CARMAX AUTO OWNER TR 2024-2 5.5% 01/16/2029

Mortgage Backed Security 5.50% 1/16/29

179

CARMAX AUTO OWNER TRUST 2024-1 4.92% 10/16/2028

Mortgage Backed Security 4.92% 10/16/28

603

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

Mortgage Backed Security 5.28% 5/15/28

1,028

CHASE AUTO OWNER TRUST 2024-1 5.13% 05/25/2029 144

Mortgage Backed Security 5.13% 5/25/29

233

CHASE AUTO OWNER TRUST 5.22% 07/25/2029 144A

Mortgage Backed Security 5.22% 7/25/29

899

CHASE ISSUANCE TR 5.08% 09/15/2030

Mortgage Backed Security 5.08% 9/15/30

1,768

CHASE ISSUANCE TR 5.16% 09/15/2028

Mortgage Backed Security 5.16% 9/15/28

1,941

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

Mortgage Backed Security 5.23% 12/08/27

607

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

Mortgage Backed Security 3.37% 2/10/49

139

CITIGROUP INC 3.106%/VAR 04/08/2026

Corporate Bond 3.11% 4/08/26

1,704

CITIZENS AUTO RECEIVABLES TRUST 2024-1 5.11% 04/17

Mortgage Backed Security 5.11% 4/17/28

605

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

CITIZENS AUTO RECEIVABLES TRUST 2024-2 5.33% 08/15

Mortgage Backed Security 5.33% 8/15/28

291

CITIZENS BANK NA 2.25% 04/28/2025

Corporate Bond 2.25% 4/28/25

364

COOPERATIEVE RABOBANK UA 1.98%/VAR 12/15/2027 144A

Corporate Bond 1.98% 12/15/27

1,810

COREBRIDGE FINANCIAL INC 3.65% 04/05/2027

Corporate Bond 3.65% 4/05/27

287

COREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144A

Corporate Bond 4.65% 8/20/27

441

DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 09

Corporate Bond 5.13% 9/25/27

412

DAIMLER TRUCKS RETAIL TRUST 2024-1 5.49% 12/15/202

Mortgage Backed Security 5.49% 12/15/27

844

DEERE JOHN CAPITAL CORP 4.75% 06/08/2026

Corporate Bond 4.75% 6/08/26

671

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

Mortgage Backed Security 5.65% 1/22/29

477

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

Mortgage Backed Security 5.93% 4/23/29

667

DELL EQUIPMENT FINANCE TRUST 24-1 5.39% 03/22/2030

Mortgage Backed Security 5.39% 3/22/30

391

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

Corporate Bond 2.13% 11/24/26

1,240

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

Corporate Bond 2.31% 11/16/27

1,325

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

Mortgage Backed Security 5.64% 2/22/28

119

DLLAD 2024-1 LLC 5.3% 07/20/2029 144A

Mortgage Backed Security 5.30% 7/20/29

DLLMT 2024-1 LLC 4.84% 08/21/2028 144A

Mortgage Backed Security 4.84% 8/21/28

448

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

Corporate Bond 1.54% 5/25/27

916

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

Corporate Bond 1.60% 3/30/28

1,719

DOLLAR GEN CORP NEW 4.625% 11/01/2027

Corporate Bond 4.63% 11/01/27

1,242

DTE ENERGY CO 4.95% 07/01/2027

Corporate Bond 4.95% 7/01/27

406

DUKE ENERGY CORP NEW 4.3% 03/15/2028

Corporate Bond 4.30% 3/15/28

1,061

ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+81.5

Mortgage Backed Security 5.21% 11/15/38

1,188

ENBRIDGE INC 5.25% 04/05/2027

Corporate Bond 5.25% 4/05/27

666

ENBRIDGE INC 5.3% 04/05/2029

Corporate Bond 5.30% 4/05/29

555

ENBRIDGE INC 5.9% 11/15/2026

Corporate Bond 5.90% 11/15/26

579

EQUINOR ASA 1.75% 01/22/2026

Corporate Bond 1.75% 1/22/26

274

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12

Corporate Bond 1.70% 11/12/26

1,149

EXELON CORP 2.75% 03/15/2027

Corporate Bond 2.75% 3/15/27

142

EXELON CORP 5.15% 03/15/2029

Corporate Bond 5.15% 3/15/29

302

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

Mortgage Backed Security 4.00% 8/15/47

387

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

Mortgage Backed Security 3.00% 7/25/39

544

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

Mortgage Backed Security 3.00% 5/15/45

224

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

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

Mortgage Backed Security 4.00% 7/15/47

383

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

Mortgage Backed Security 3.50% 11/15/45

191

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

Mortgage Backed Security 3.00% 2/15/46

645

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

Mortgage Backed Security 4.50% 4/25/41

179

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

Mortgage Backed Security 3.00% 1/25/47

601

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

Mortgage Backed Security 1.85% 5/25/33

340

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

Mortgage Backed Security 2.00% 6/25/35

729

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

Mortgage Backed Security 2.50% 5/25/45

553

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

Mortgage Backed Security 2.50% 10/25/39

374

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

Mortgage Backed Security 3.50% 12/25/45

541

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

Mortgage Backed Security 3.00% 2/25/47

931

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

Mortgage Backed Security 4.00% 3/25/48

268

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

Mortgage Backed Security 3.00% 7/25/39

701

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

Mortgage Backed Security 3.00% 3/25/48

1,175

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

Mortgage Backed Security 3.00% 4/25/44

137

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

Mortgage Backed Security 3.50% 2/25/46

260

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

Mortgage Backed Security 4.00% 11/25/48

323

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

Mortgage Backed Security 3.50% 4/25/45

257

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

Mortgage Backed Security 3.50% 7/25/45

358

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

Government Bond 2.50% 1/01/28

102

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

Government Bond 2.50% 12/01/31

648

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

Government Bond 3.00% 3/01/33

1,225

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

Government Bond 3.00% 5/01/33

418

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

Government Bond 3.00% 11/01/33

454

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

Government Bond 3.50% 6/01/32

294

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

Government Bond 3.50% 7/01/32

191

FHLG 25YR 5.50% 7/35 #G05815

Government Bond 5.50% 7/01/35

FHLG 5.50% 3/34 #G01665

Government Bond 5.50% 3/01/34

FHLG 5.50% 5/34 #Z40042

Government Bond 5.50% 5/01/34

200

FHR 3415 PC 5% 12/37

Mortgage Backed Security 5.00% 12/15/37

FIDELITY SHORT TERM CASH FUND

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

7,115

FNMA 6.50% 7/32 #545762

Mortgage Backed Security 6.50% 7/01/32

FNMA 6.50% 7/35 #745092

Mortgage Backed Security 6.50% 7/01/35

FNMA 6.50% 12/32 #735415

Mortgage Backed Security 6.50% 12/01/32

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

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

Mortgage Backed Security 2.00% 2/01/28

122

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

Mortgage Backed Security 2.50% 1/01/28

131

FNMA 15YR 2.5% 01/01/2029#

Mortgage Backed Security 2.50% 1/01/29

255

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

Mortgage Backed Security 2.50% 10/01/31

279

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

Mortgage Backed Security 3.00% 2/01/33

1,560

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

Mortgage Backed Security 3.00% 12/01/32

1,513

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

Mortgage Backed Security 3.50% 2/01/33

220

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

Mortgage Backed Security 3.50% 9/01/29

126

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

Mortgage Backed Security 3.50% 11/01/30

116

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

Mortgage Backed Security 3.50% 12/01/28

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

Mortgage Backed Security 4.00% 2/01/34

681

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

Mortgage Backed Security 4.00% 3/01/34

1,496

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

Mortgage Backed Security 4.50% 11/01/25

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

Mortgage Backed Security 2.50% 1/01/33

121

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

Mortgage Backed Security 2.50% 1/01/33

152

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

Mortgage Backed Security 2.50% 1/01/33

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

Mortgage Backed Security 2.50% 1/01/33

FNMA 20YR 3.00% 11/32 #MA1237

Mortgage Backed Security 3.00% 11/01/32

1,043

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

117

FNMA 5.50% 11/34 #310105

Mortgage Backed Security 5.50% 11/01/34

143

FNMA 6.50% 12/35 #AD0723

Mortgage Backed Security 6.50% 12/01/35

FNMA 6.50% 7/32 #545759

Mortgage Backed Security 6.50% 7/01/32

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 6.50% 8/36 #AE0746

Mortgage Backed Security 6.50% 8/01/36

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

Mortgage Backed Security 3.50% 10/25/44

382

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

Mortgage Backed Security 3.00% 3/25/33

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

Mortgage Backed Security 3.00% 6/25/45

332

FNR 2015-49 LE 3% 07/45

Mortgage Backed Security 3.00% 7/25/45

265

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

Mortgage Backed Security 2.50% 7/25/45

183

FNR 2016-19 AH 3% 04/46

Mortgage Backed Security 3.00% 4/25/46

260

FNR 2016-26 CG 3% 05/46

Mortgage Backed Security 3.00% 5/25/46

692

FNR 2016-34 GH 3% 06/46

Mortgage Backed Security 3.00% 6/25/46

646

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

Mortgage Backed Security 3.00% 6/25/46

748

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

Mortgage Backed Security 3.50% 3/25/45

644

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

Mortgage Backed Security 3.25% 12/25/44

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

Mortgage Backed Security 4.92% 5/15/28

994

FORD CR FLOORPLN MAST OWN TR A 5.29% 04/15/2029 14

Mortgage Backed Security 5.29% 4/15/29

1,184

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

Mortgage Backed Security 5.23% 5/15/28

924

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

Mortgage Backed Security 3.50% 2/15/46

612

FREDDIE MAC REMICS 3% 10/25/2048

Mortgage Backed Security 3.00% 10/25/48

572

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

GALLAGHER (ARTHUR J.) & CO 4.6% 12/15/2027

Corporate Bond 4.60% 12/15/27

433

GALLAGHER (ARTHUR J.) & CO 4.85% 12/15/2029

Corporate Bond 4.85% 12/15/29

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

Corporate Bond 1.25% 1/08/26

1,687

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

Corporate Bond 2.35% 2/26/27

765

GEORGIA POWER CO 4.65% 05/16/2028

Corporate Bond 4.65% 5/16/28

841

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

1,078

GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2

Mortgage Backed Security 4.47% 2/16/28

404

GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-3

Mortgage Backed Security 5.45% 6/16/28

250

GMF FLOORPLAN OWNER REVOLVING TR 5.13% 03/15/2029

Mortgage Backed Security 5.13% 3/15/29

1,569

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

Mortgage Backed Security 5.34% 6/15/28

1,365

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

Corporate Bond 2.64% 2/24/28

1,503

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

Corporate Bond 4.48% 8/23/28

1,406

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

Mortgage Backed Security 3.51% 7/10/48

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

Corporate Bond 1.40% 7/06/27

1,765

HAROT 2023-4 5.67% 06/21/2028

Mortgage Backed Security 5.67% 6/21/28

958

HEALTHCARE REALTY HOLDINGS LP 3.5% 08/01/2026

Corporate Bond 3.50% 8/01/26

165

HEWLETT PACKARD ENTERPRISE CO 4.4% 09/25/2027

Corporate Bond 4.40% 9/25/27

590

HOME DEPOT INC 2.875% 04/15/2027

Corporate Bond 2.88% 4/15/27

682

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

Corporate Bond 5.21% 8/11/28

1,053

HSBC HOLDINGS PLC 5.597%/VAR 05/17/2028

Corporate Bond 5.60% 5/17/28

1,527

HUNTINGTON AUTO TR 2024-1 5.23% 01/16/2029 144A

Mortgage Backed Security 5.23% 1/16/29

1,542

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

Corporate Bond 4.44% 8/04/28

832

HYUNDAI AUTO LEASE SECURITIZATION TRUST 2024-B 5.4

Mortgage Backed Security 5.41% 5/17/27

418

HYUNDAI AUTO RECEIVABLES TR 2024-A 4.99% 02/15/202

Mortgage Backed Security 4.99% 2/15/29

258

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

Mortgage Backed Security 5.48% 4/17/28

252

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

Mortgage Backed Security 5.54% 10/16/28

792

HYUNDAI CAP AMER 4.3% 09/24/2027 144A

Corporate Bond 4.30% 9/24/27

1,294

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

Corporate Bond 1.73% 4/01/27

844

ING GROEP NV 5.335%/VAR 03/19/2030

Corporate Bond 5.34% 3/19/30

806

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

INGERSOLL RAND INC 5.176% 06/15/2029

Corporate Bond 5.18% 6/15/29

1,518

INGERSOLL RAND INC 5.197% 06/15/2027

Corporate Bond 5.20% 6/15/27

1,521

INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027

Corporate Bond 4.00% 9/15/27

1,602

JACKSON NATL LIFE GLOBAL FDG 4.6% 10/01/2029 144A

Corporate Bond 4.60% 10/01/29

1,335

JACKSON NATL LIFE GLOBAL FDG 5.55% 07/02/2027 144A

Corporate Bond 5.55% 7/02/27

422

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 - 2.425% (fair value to contract value)

4,024

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

Corporate Bond 1.04% 11/19/26

1,638

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

Corporate Bond 1.47% 9/22/27

1,872

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

Corporate Bond 2.08% 4/22/26

1,792

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

Corporate Bond 2.95% 2/24/28

1,652

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

Corporate Bond 4.85% 7/25/28

1,429

JPMORGAN CHASE & CO 5.7%/VAR 04/22/2028

Corporate Bond 5.57% 4/22/28

908

KENVUE INC 5.05% 03/22/2028

Corporate Bond 5.05% 3/22/28

1,215

KENVUE INC 5.35% 03/22/2026

Corporate Bond 5.35% 3/22/26

578

KEYBANK NATL ASSN 4.15% 08/08/2025

Corporate Bond 4.15% 8/08/25

518

KEYCORP SOFRINDX+125 05/23/2025

Corporate Bond 5.70% 5/23/25

596

LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.524

Mortgage Backed Security 5.69% 5/15/39

1,232

LLOYDS BANKING GROUP PLC 4.375% 03/22/2028

Corporate Bond 4.38% 3/22/28

989

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

Corporate Bond 5.99% 8/07/27

756

MASSACHUSETTS MUTUAL

Synthetic GIC - 2.425% (fair value to contract value)

1,831

MASSMUTUAL GLOBAL FDG II 4.85% 01/17/2029 144A

Corporate Bond 4.85% 1/17/29

1,636

MASSMUTUAL GLOBAL FDG II 5.1% 04/09/2027 144A

Corporate Bond 5.10% 4/09/27

1,439

MERCEDES-BENZ AUTO LEASE TRUST 2024-A 5.32% 01/18/

Mortgage Backed Security 5.32% 1/18/28

267

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

Mortgage Backed Security 5.95% 11/15/28

618

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

Corporate Bond 1.45% 3/02/26

1,387

MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 08/01

Corporate Bond 4.80% 8/01/29

1,207

METROPOLITAN LIFE INC CO

Synthetic GIC - 2.425% (fair value to contract value)

2,061

MET TOWER GLOBAL FUNDING 4% 10/01/2027 144A

Corporate Bond 4.00% 10/01/27

437

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

Corporate Bond 1.64% 10/13/27

2,285

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

MITSUBISHI UFJ FIN GRP INC 5.541%/VAR 04/17/2026

Corporate Bond 5.54% 4/17/26

1,013

MIZUHO FINL GROUP INC 1.234%/VAR 05/22/2027

Corporate Bond 1.23% 5/22/27

2,002

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

Corporate Bond 2.65% 5/22/26

1,562

MORGAN STANLEY 2.188%/VAR 04/28/2026

Corporate Bond 2.19% 4/28/26

1,393

MORGAN STANLEY 4.679%/VAR 07/17/2026

Corporate Bond 4.68% 7/17/26

1,098

MORGAN STANLEY 5.042%/VAR 07/19/2030

Corporate Bond 5.04% 7/19/30

1,325

MSBAM 2016-C28 3.272% 01/15/49

Mortgage Backed Security 3.27% 1/15/49

334

NATIONAL BANK OF CANADA 4.5% 10/10/2029

Corporate Bond 4.50% 10/10/29

886

NATIONWIDE LIFE INS CO

Synthetic GIC - 2.435% (fair value to contract value)

3,040

NATWEST GROUP PLC 1.642%/VAR 06/14/2027

Corporate Bond 1.64% 6/14/27

1,310

NATWEST MARKETS PLC 5.416% 05/17/2027 144A

Corporate Bond 5.42% 5/17/27

1,326

NISOURCE INC 0.95% 08/15/2025

Corporate Bond 0.95% 8/15/25

621

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

Mortgage Backed Security 5.93% 3/15/28

732

NISSAN MASTER OWNER TR RECEIVABLE 5.05% 02/15/2029

Mortgage Backed Security 5.05% 2/15/29

457

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

Corporate Bond 1.16% 4/03/26

1,768

ONEOK INC 4.25% 09/24/2027

Corporate Bond 4.25% 9/24/27

124

ONEOK INC 4.4% 10/15/2029

Corporate Bond 4.40% 10/15/29

127

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

Mortgage Backed Security 5.00% 10/15/36

1,123

ORACLE CORP 1.65% 03/25/2026

Corporate Bond 1.65% 3/25/26

730

OREILLY AUTOMOTIVE INC 5.75% 11/20/2026

Corporate Bond 5.75% 11/20/26

411

PACIFIC LIFE INS CO

Synthetic GIC - 2.425% (fair value to contract value)

1,784

PARKER-HANNIFIN CORP 4.25% 09/15/2027

Corporate Bond 4.25% 9/15/27

712

PHILIP MORRIS INTL INC 0.875% 05/01/2026

Corporate Bond 0.88% 5/01/26

911

PHILIP MORRIS INTL INC 4.75% 02/12/2027

Corporate Bond 4.75% 2/12/27

1,208

PNC FINANCIAL SERVICES GRP INC 5.354%/VAR 12/02/20

Corporate Bond 5.35% 12/02/28

957

PORSCHE FINL AUTO SECURITIZATION TR 2023 5.79% 01/

Mortgage Backed Security 5.79% 1/22/29

574

PRUDENTIAL INS CO AMERICA

Synthetic GIC - 2.425% (fair value to contract value)

3,530

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

Corporate Bond 2.00% 11/30/26

698

RGA GLOBAL FUNDING 5.448% 05/24/2029 144A

Corporate Bond 5.45% 5/24/29

760

ROGERS COMMUNICATIONS INC 3.2% 03/15/2027

Corporate Bond 3.20% 3/15/27

465

ROPER TECHNOLOGIES INC 4.5% 10/15/2029

Corporate Bond 4.50% 10/15/29

426

ROSS STORES INC 0.875% 04/15/2026

Corporate Bond 0.88% 4/15/26

1,494

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

RTX CORP 5.75% 01/15/2029

Corporate Bond 5.75% 1/15/29

304

RTX CORP 5.75% 11/08/2026

Corporate Bond 5.75% 11/08/26

625

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

Corporate Bond 2.45% 3/01/27

1,560

SAMMONS FINANCIAL GROUP GLOBAL FUNDING 5.1% 12/10/

Corporate Bond 5.10% 12/10/29

849

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

Corporate Bond 2.49% 1/06/28

539

SANTANDER HLDGS USA INC 6.124%/VAR 05/31/2027

Corporate Bond 6.12% 5/31/27

424

SBNA AUTO LEASE TRUST 2024-B 5.56% 11/22/2027 144A

Mortgage Backed Security 5.56% 11/22/27

238

SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95

Mortgage Backed Security 4.95% 5/21/29

462

SFS AUTO RECEIVABLES SECURITIZATION TR 2024-2 5.33

Mortgage Backed Security 5.33% 11/20/29

136

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

Corporate Bond 1.49% 12/14/26

1,089

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

Corporate Bond 1.79% 6/09/27

1,318

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

Corporate Bond 2.80% 1/19/28

1,830

SOUTHERN COMPANY 5.5% 03/15/2029

Corporate Bond 5.50% 3/15/29

759

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

Mortgage Backed Security 5.24% 11/15/38

771

STATE ST BK & TR CO BOSTON

Synthetic GIC - 2.425% (fair value to contract value)

2,430

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

Corporate Bond 2.90% 3/30/26

STATE STREET CORP 4.53%/VAR 02/20/2029

Corporate Bond 4.53% 2/20/29

722

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

Corporate Bond 1.40% 9/17/26

1,899

TAUBMAN CENTERS COMMERCIAL MORTGAGE TRUST 24-DPM A

Mortgage Backed Security 5.74% 12/15/39

399

TESLA 2024-A A3 5.3% 06/21/2027 144A

Mortgage Backed Security 5.30% 6/21/27

575

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

Mortgage Backed Security 5.38% 6/20/28

629

TORONTO DOMINION BANK 2.8% 03/10/2027

Corporate Bond 2.80% 3/10/27

1,567

TORONTO DOMINION BANK 4.783% 12/17/2029

Corporate Bond 4.78% 12/17/29

1,041

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

Mortgage Backed Security 5.54% 8/15/28

783

TOYOTA MOTOR CREDIT CORP 4.55% 08/09/2029

Corporate Bond 4.55% 8/09/29

169

TRANSAMERICA PREMIER LIFE

Synthetic GIC - 2.425% (fair value to contract value)

3,204

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

Corporate Bond 4.26% 7/28/26

1,471

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

Corporate Bond 1.30% 2/02/27

1,643

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

Corporate Bond 6.37% 7/15/26

1,140

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

Mortgage Backed Security 5.58% 5/15/28

1,396

UST NOTES 3.625% 05/31/2028

Government Bond 3.63% 5/31/28

3,386

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

UST NOTES 3.625% 08/31/2029

Government Bond 3.63% 8/31/29

7,425

UST NOTES 3.75% 12/31/2028

Government Bond 3.75% 12/31/28

54,295

UST NOTES 4% 01/31/2029

Government Bond 4.00% 1/31/29

14,990

UST NOTES 4% 06/30/2028

Government Bond 4.00% 6/30/28

50,016

UST NOTES 4.125% 07/31/2028

Government Bond 4.13% 7/31/28

59,003

UST NOTES 4.125% 10/31/2029

Government Bond 4.13% 10/31/29

11,089

UST NOTES 4.125% 11/30/2029

Government Bond 4.13% 11/30/29

1,402

UST NOTES 4.375% 12/31/2029

Government Bond 4.38% 12/31/29

3,643

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

Corporate Bond 3.75% 5/15/27

1,558

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

913

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

2,052

VOLVO FINANCIAL EQUIPMENT LLC SERIES 2024-1 4.29%

Mortgage Backed Security 4.29% 10/16/28

WARNERMEDIA HOLDINGS INC 3.755% 03/15/2027

Corporate Bond 3.76% 3/15/27

432

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

Corporate Bond 2.16% 2/11/26

1,115

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

Corporate Bond 2.19% 4/30/26

1,094

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

Corporate Bond 3.53% 3/24/28

932

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

Corporate Bond 4.81% 7/25/28

1,424

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

Corporate Bond 5.25% 12/11/26

1,421

WELLS FARGO CARD ISSUANCE TRUST 4.94% 02/15/2029

Mortgage Backed Security 4.94% 2/15/29

1,354

WILLIAMS COS INC 4.8% 11/15/2029

Corporate Bond 4.80% 11/15/29

637

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

Mortgage Backed Security 5.79% 2/15/29

874

WORLD OMNI AUTO RECEIVABLES TR 2024-A 4.86% 03/15/

Mortgage Backed Security 4.86% 3/15/29

1,566

WORLD OMNI AUTO RECEIVABLES TR 2024-B 5.27% 09/17/

Mortgage Backed Security 5.27% 9/17/29

620

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

Mortgage Backed Security 5.15% 11/15/28

147

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TR 2024

Mortgage Backed Security 5.26% 10/15/27

582

Subtotal – Managed Income Funds

479,647

Self-Directed Brokerage Account

178,806

Total Investment Assets

3,434,960

Participant Loans

Interest rates ranging 4.25% - 9.50% with maturity dates through January 2030

49,845

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

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

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024

(in thousands)

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, 2025			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 CroweLLP Independent Registered Public Accounting Firm
23.2	Consent of ArmaninoLLP Independent Registered Public Accounting Firm

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Date	Price Target	Rating	Analyst
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
11/26/2024	$110.00 → $125.00	Equal Weight → Overweight	Wells Fargo
10/16/2024	$114.00 → $119.00	Buy → Neutral	BofA Securities

SEC Form 11-K filed by Eastman Chemical Company

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