11-K 1 a2022123111-k.htm 11-K Document

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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, 2022
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
Basic Financial Statements:
Statements of Net Assets Available for Benefits at December 31, 2022 and 2021
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2022 and 2021
Notes to Financial Statements4-15
Additional Information (Note A):
Schedule of Assets (Held at End of Year) at December 31, 202217-32
Signatures
Exhibits
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 of the
Eastman Investment and Employee Stock Ownership Plan

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, 2022 and 2021, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedule (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, 2022 and 2021, 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. 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 audits, 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 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 information contained in the Schedule of Assets (Held at End of Year) as of December 31, 2022 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 22, 2023
1



Eastman Investment and Employee Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2022 and 2021
(in thousands)
20222021
Non-Non-
ParticipantparticipantParticipantparticipant
DirectedDirectedTotalDirectedDirectedTotal
Assets
Investments at fair value$2,175,934 $153,782 $2,329,716 $2,780,680 $232,610 $3,013,290 
Investments at contract value704,879 — 704,879 757,185 — 757,185 
Total investments2,880,813 153,782 3,034,595 3,537,865 232,610 3,770,475 
Receivables:
Plan sponsor contributions
42,693 14,596 57,289 39,120 11,645 50,765 
Notes receivable from participants
45,943 — 45,943 47,534 — 47,534 
Other receivables3,691 1,487 5,178 3,441 1,951 5,392 
Total assets2,973,140 169,865 3,143,005 3,627,960 246,206 3,874,166 
Liabilities
Other liabilities1,327 1,532 2,859 1,291 1,492 2,783 
Total liabilities1,327 1,532 2,859 1,291 1,492 2,783 
Net assets available for benefits
$2,971,813 $168,333 $3,140,146 $3,626,669 $244,714 $3,871,383 
The accompanying notes are an integral part of these financial statements.
2


Eastman Investment and Employee Stock Ownership Plan
Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 2022 and 2021
(in thousands)
20222021
Non-Non-
ParticipantparticipantParticipantparticipant
DirectedDirectedTotalDirectedDirectedTotal
Additions to net assets:
Investment income
Interest$10,888 $— $10,888 $10,791 $— $10,791 
Dividends9,797 5,855 15,652 15,579 5,581 21,160 
Net appreciation (depreciation) in fair value of investments(493,331)(75,734)(569,065)392,502 40,888 433,390 
Net investment gain (loss)(472,646)(69,879)(542,525)418,872 46,469 465,341 
Interest income from notes receivable
2,255 — 2,255 2,722 — 2,722 
Participant contributions
128,250 — 128,250 126,239 — 126,239 
Plan sponsor contributions
66,396 14,596 80,992 60,091 11,646 71,737 
Total additions (deductions)(275,745)(55,283)(331,028)607,924 58,115 666,039 
Deductions from net assets:
Distributions to and withdrawals by participants
333,205 14,249 347,454 360,457 12,954 373,411 
Administrative expenses
986 — 986 851 — 851 
Total deductions334,191 14,249 348,440 361,308 12,954 374,262 
Net (decrease) increase in net assets(609,936)(69,532)(679,468)246,616 45,161 291,777 
Transfers from non-participant directed
5,183 (5,183)— 14,067 (14,067)— 
Plan transfers (see Note 15)(50,103)(1,666)(51,769)— — — 
Net assets available for benefits at beginning of year
3,626,669 244,714 3,871,383 3,365,986 213,620 3,579,606 
Net assets available for benefits at end of year
$2,971,813 $168,333 $3,140,146 $3,626,669 $244,714 $3,871,383 

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


3

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 which 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.

Money in the forfeiture account of the Plan is available to be used both to offset future Company contributions and for various administrative expenses of the Plan. The balance of the forfeiture account at December 31, 2022 and 2021 was $200,973 and $214,479, respectively. There were no forfeitures used in 2022 and approximately $100,000 used to offset employer contributions in 2021.

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. Previously, on November 1, 2021, the Plan was amended to become a multiple employer plan with Flexsys America LP adopting the Plan.

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



4

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 qualifying compensation, as defined in the Plan, up to the statutory limit of $20,500 for 2022 and $19,500 for 2021 as permitted by the IRC. For the catch-up salary deferral, an eligible employee who attained age 50 before the close of the calendar year was allowed to defer up to an additional $6,500 for both 2022 and 2021 of qualifying compensation, as defined in the Plan, up 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 common stock of Eastman, various mutual funds, and/or interest in a guaranteed investment contract fund (see Notes 6 and 7). Generally, 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). 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 for the RSC to be contributed either to the employee's ESOP Fund accounts for 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 $13.4 million and $18.8 million in 2022 and 2021, respectively.

5

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, 2022 or 2021. 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, 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. At December 31, 2021, $47.5 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 6.5% and various maturity dates through January 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 in the year following the year a participant attains age 72, unless the participant is still actively employed with the Company.
6

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 or 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 relation orders issued and served in accordance with Section 414(p) of the IRC.

Investment of ESOP Fund assets

ESOP Fund assets are invested primarily in Eastman common stock. However, at IPCO's discretion, funds may also be invested in other securities or held 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 which 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 nondiscriminatory 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 purchased with assets transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company and/or acquired with the proceeds of a loan released from the Loan Suspense Account.
7

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 purposes of payment of expenses and 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 ("USGAAP"), 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 USGAAP 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). 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 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.

8

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, 2022 and 2021 are shares of the Plan Sponsor's common stock amounting to approximately $249 million and $345 million, respectively. This investment represents 8.2% and 9.2% of total investments at December 31, 2022 and 2021, respectively. 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 $42.7 million and $39.1 million and for the non-participant-directed ESOP Fund of $14.6 million and $11.7 million at December 31, 2022 and 2021, 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, 2022 and 2021 were approximately $45.9 million and $47.5 million, respectively. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $2.3 million and $2.7 million in 2022 and 2021, respectively.
9

Eastman Investment and Employee Stock Ownership Plan
Notes to Financial Statements


6.INVESTMENTS

At December 31, 2022 and 2021, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and managed income fund, including synthetic investment contracts (see Note 7) and 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, 2022 and 2021, respectively.
(in thousands)20222021
Cash and Cash Equivalents$6,886 $4,635 
Common stock - Eastman Chemical Company248,770 345,135 
Common stock - other102,433 137,855 
Mutual funds 522,519 730,214 
Collective investment trusts1,345,379 1,655,561 
Managed income fund704,879 757,185 
Self-directed brokerage account - mutual funds103,729 139,890 
Total$3,034,595 $3,770,475 

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2022 and 2021:

Eastman Stock Fund
This participant-directed fund consists primarily of Eastman common stock. Purchases and sales of Eastman common stock are generally made on the open market on behalf of and as elected by Plan participants. 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. During 2021, the Trustee purchased 289,600 shares of Eastman common stock for the fund at an average price of $109.74 per share and sold 376,924 shares of Eastman common stock for the fund at an average price of $112.81 per share. Dividends paid from the Eastman Stock Fund totaled $3.2 million in 2022 and $2.7 million in 2021.

Eastman ESOP Fund
This non-participant directed fund consists primarily of Eastman common stock. Purchases and sales of Eastman common stock are generally made on the open market, on behalf of its participants and as directed by the Plan's guidelines. 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. During 2021, the Trustee purchased 137,500 shares of Eastman common stock for the fund at an average price of $107.61 per share and sold 225,725 shares of Eastman common stock for the fund at an average price of $112.24 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP fund.
10

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 $705 million and $757 million at December 31, 2022 and 2021, 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.

11

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.
12

Eastman Investment and Employee Stock Ownership Plan
Notes to Financial Statements


USGAAP 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 USGAAP 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, 2022 and 2021:
(in thousands)December 31, 2022December 31, 2021
DescriptionQuoted Prices in Active Markets for Identical Assets
(Level 1)
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Cash and Cash Equivalents$6,886 $4,635 
Common stock - Eastman Chemical Company248,770 345,135 
Common stock - other102,433 137,855 
Mutual funds522,519 730,214 
Collective investment trusts1,345,379 1,655,561 
Self-directed brokerage account - mutual funds
103,729 139,890 
Total$2,329,716 $3,013,290 

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, 2022 and 2021.

9.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $5.2 million and $5.4 million at December 31, 2022 and 2021, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.9 million and $2.8 million at December 31, 2022 and 2021, 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 2022 and 2021, $5.2 million and $14.1 million, respectively, were transferred from the ESOP Fund within the Plan in connection with this program.
13

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.

USGAAP 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, 2022 and 2021, 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 2022 and 2021, 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

Eastman Investment and Employee Stock Ownership Plan
Notes to Financial Statements


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).

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, 2022 and June 22, 2023 for proper recording and disclosure in these financial statements.

15


















Supplemental Schedule

16

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
*Fidelity Management Trust CompanyInterest Bearing Cash, Participant directed**$2,044 
*Fidelity Management Trust CompanyInterest Bearing Cash, Non-Participant directed$1,357 1,357 
SSBK Govt Stif FundInterest Bearing Cash Equivalents**3,485 
Subtotal – Cash and Cash Equivalents6,886 
*Eastman Chemical CompanyCommon Stock, Participant directed, 1,183 Shares**96,345 
*Eastman Chemical CompanyCommon Stock, Non-Participant directed, 1,872 Shares110,355 152,425 
Subtotal – Common Stock – Eastman Chemical Co248,770 
Abbott LaboratoriesCommon Stock, 8 Shares**897 
Abbvie IncCommon Stock, 12 Shares**1,965 
Accenture Plc Cl ACommon Stock, 2 Shares**430 
Advance Auto Parts IncCommon Stock, 5 Shares**771 
Air Products & Chemicals Inc.Common Stock, 7 Shares**2,256 
Alexandria Real Estate Eq Inc REITCommon Stock, 2 Shares **348 
American Express CoCommon Stock, 8 Shares**1,179 
AmerisourceBergen CorpCommon Stock, 5 Shares **747 
Amgen IncCommon Stock, 2 Shares **627 
Analog Devices IncCommon Stock, 12 Shares**1,943 
Apple IncCommon Stock, 2 Shares**286 
Arthur J Gallaghar and CoCommon Stock, 5 Shares**893 
Avalonbay Communities Inc REITCommon Stock, 3 Shares**407 
Bank of America CorporationCommon Stock, 59 Shares**1,942 
Becton Dickinson & CoCommon Stock, 4 Shares**924 
Best Buy Co IncCommon Stock, 8 Shares**659 
Blackrock IncCommon Stock, 3 Shares**1,923 
Boston Properties IncCommon Stock, 4 Shares**269 
Bristol-Myers Squibb CoCommon Stock, 37 Shares**2,671 
Capital One Financial CorpCommon Stock, 8 Shares**698 
Chevron CorpCommon Stock, 7 Shares**1,270 
Chubb LtdCommon Stock, 6 Shares**1,373 
CIGNA CorpCommon Stock, 4 Shares **1,357 
Citigroup IncCommon Stock, 15 Shares**676 
CME Group Inc Cl ACommon Stock, 8 Shares**1,285 
CMS Energy CorpCommon Stock, 11 Shares**723 
Coca Cola CoCommon Stock, 17 Shares**1,097 
Comcast Corp Cl ACommon Stock, 51 Shares**1,776 
ConocoPhillipsCommon Stock, 27 Shares**3,146 
Corning IncCommon Stock, 21 Shares**669 
CVS Health CorpCommon Stock, 18 Shares**1,667 
Deere & CoCommon Stock, 3 Shares**1,301 
Dominion Energy IncCommon Stock, 11 Shares**653 
Dover CorpCommon Stock, 11 Shares**1,468 
Eaton Corp PLCCommon Stock, 7 Shares**1,173 
EOG Resources IncCommon Stock, 14 Shares**1,850 
Exxon Mobil CorpCommon Stock, 29 Shares**3,171 
17

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b) Identity of issue, borrower, lessor, or similar party(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value(d) Historical Cost(e) Current Value
General Dynamics CorporationCommon Stock, 8 Shares**2,008 
Hartford Finl Svcs Group IncCommon Stock, 12 Shares**881 
Home Depot IncCommon Stock, 5 Shares**1,525 
Intl Bus Mach CorpCommon Stock, 6 Shares**840 
Johnson & JohnsonCommon Stock, 12 Shares**2,118 
Lam Research CorpCommon Stock, 1 Share**289 
Lilly (Eli) & CoCommon Stock, 2 Shares**881 
Marsh & McLennan Cos IncCommon Stock, 2 Shares**397 
McDonalds CorpCommon Stock, 6 Shares**1,497 
Medtronic PlcCommon Stock, 18 Shares**1,392 
Merck & Co Inc NewCommon Stock, 4 Shares**495 
MetLife IncCommon Stock, 15 Shares**1,051 
Microsoft IncCommon Stock, 4 Shares**1,076 
Mondelez Intl IncCommon Stock, 22 Shares**1,455 
Morgan StanleyCommon Stock, 21 Shares**1,775 
Nextera EnergyCommon Stock, 21 Shares**1,715 
Norfolk Southern CorpCommon Stock, 6 Shares**1,390 
Northern Trust CorpCommon Stock, 3 Shares**272 
Northrop Grumman CorpCommon Stock, 2 Shares **1,027 
NXP Semiconductors NVCommon Stock, 7 Shares**1,058 
Parker Hannifin CorpCommon Stock, 3 Shares**945 
Pepsico IncCommon Stock, 6 Shares**1,016 
Pfizer IncCommon Stock, 19 Shares**970 
Philip Morris Intl IncCommon Stock, 20 Shares**2,026 
PNC Financial Services Grp IncCommon Stock, 8 Shares**1,211 
PPG Industries IncCommon Stock, 12 Shares**1,520 
Price (T Rowe) Group IncCommon Stock, 6 Shares**606 
Proctor & Gamble CoCommon Stock, 9 Shares**1,433 
Progressive Corp OhioCommon Stock, 6 Shares**807 
Prologis Inc REITCommon Stock, 7 Shares**764 
Public Svc Enterprise Grp IncCommon Stock, 10 Shares**631 
Raytheon Technologies CorpCommon Stock, 26 Shares**2,641 
Republic Services IncCommon Stock, 5 Shares**594 
Schwab Charles CorpCommon Stock, 13 Shares**1,063 
Seagate Technology Holdings PlcCommon Stock, 9 Shares**463 
Starbucks CorpCommon Stock, 10 Shares**953 
Sysco CorpCommon Stock, 19 Shares**1,469 
Texas Instruments IncCommon Stock, 7 Shares**1,092 
TJX Companies Inc NewCommon Stock, 21 Shares**1,682 
Truist Finl CorpCommon Stock, 17 Shares**735 
United Parcel Service Inc Cl BCommon Stock, 10 Shares**1,734 
UnitedHealth Group IncCommon Stock, 5 Shares**2,782 
US Bancorp DelCommon Stock, 26 Shares**1,122 
Ventas Inc REITCommon Stock, 9 Shares**391 
Verizon Communications IncCommon Stock, 17 Shares**675 
18

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b) Identity of issue, borrower, lessor, or similar party(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value(d) Historical Cost(e) Current Value
Walmart IncCommon Stock, 9 Shares**1,342 
Wells FargoCommon Stock, 25 Shares**1,021 
Xcel Energy IncCommon Stock, 16 Shares**1,113 
Subtotal - Common Stock – Other102,433 
DODGE & COX STOCK FUNDRegistered Investment Company 474 Shares**102,169 
*FID GOVT MMKTRegistered Investment Company 166 Shares**166 
*FID US BOND INDXRegistered Investment Company 2,656 Shares**27,039 
*FID GLB EX US IDXRegistered Investment Company 2,101 Shares**26,370 
*FID 500 INDEXRegistered Investment Company 2,238 Shares**297,977 
*FID EXT MKT IDXRegistered Investment Company 1,092 Shares**68,798 
Sub-Total Mutual Funds522,519 
ARROWST ACWI EX-US ACollective Investment Trust 386 Shares**58,574 
BTC STR COMP NL MCollective Investment Trust 306 Shares**3,820 
*FID BLUE CHIP GR POOLCollective Investment Trust 5,093 Shares**117,795 
Hotchkis & Wiley Small Cap Diversified V Class FCollective Investment Trust 5,833 Shares**56,517 
LOOMIS SAYLES & CO SMC GWTH CCollective Investment Trust 2,510 Shares**52,191 
PRU CORE PL BD CL 5Collective Investment Trust 314 Shares**52,411 
VANGUARD TARGET INCCollective Investment Trust 1,098 Shares**52,116 
VANGUARD TARGET 2020Collective Investment Trust 1,181 Shares**71,737 
VANGUARD TARGET 2025Collective Investment Trust 2,239 Shares**145,244 
VANGUARD TARGET 2030Collective Investment Trust 3,028 Shares**208,398 
VANGUARD TARGET 2035Collective Investment Trust 1,783 Shares**130,436 
VANGUARD TARGET 2040Collective Investment Trust 1,442 Shares**110,590 
VANGUARD TARGET 2045Collective Investment Trust 1,069 Shares**84,071 
VANGUARD TARGET 2050Collective Investment Trust 1,285 Shares**101,300 
VANGUARD TARGET 2055Collective Investment Trust 740 Shares**58,310 
VANGUARD TARGET 2060Collective Investment Trust 733 Shares**34,760 
VANGUARD TARGET 2065Collective Investment Trust 239 Shares**7,009 
VANGUARD TARGET 2070Collective Investment Trust 6 Shares**100 
Sub-Total Collective Investment Trusts1,345,379 
*Fidelity Cash**1,702 
AIG GLOBAL FDG 0.9% 09/22/2025 144ACorporate Bond 0.90% 9/22/25**1,790 
AT&T INC 1.65% 02/01/2028Corporate Bond 1.65% 2/01/28**1,466 
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRCorporate Bond 4.13% 7/03/23**605 
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRCorporate Bond 4.88% 1/16/24**465 
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRCorporate Bond 1.65% 10/29/24**1,040 
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRCorporate Bond 2.45% 10/29/26**360 
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRCorporate Bond 1.75% 10/29/24**738 
AIR LEASE CORP 4.25% 02/01/2024Corporate Bond 4.25% 2/01/24**812 
AIR LEASE CORP 0.7% 02/15/2024Corporate Bond 0.70% 2/15/24**706 
AIR LEASE CORP 0.8% 08/18/2024Corporate Bond 0.80% 8/18/24**777 
19

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
AIR LEASE CORP 2.2% 01/15/2027Corporate Bond 2.20% 1/15/27**638 
ALTRIA GROUP INC 2.35% 05/06/2025Corporate Bond 2.35% 5/06/25**239 
AMERICAN EXPRESS CO 2.25% 03/04/2025Corporate Bond 2.25% 3/04/25**840 
AMERICAN EXPRESS CO 2.55% 03/04/2027Corporate Bond 2.55% 3/04/27**1,252 
AMERICAN EXPRESS CR ACC MST TR 0.9% 11/15/2026Mortgage Backed Security 0.90% 11/15/26**2,136 
AMERICAN EXPRESS CR ACC MST TR 3.39% 05/15/2027Mortgage Backed Security 3.39% 5/15/27**2,140 
AMERICAN EXPRESS CR ACC MST TR 3.75% 08/15/2027Mortgage Backed Security 3.75% 8/15/27**1,764 
AMERICAN EXPRESS CR ACC MST TR 4.95% 10/15/2027Mortgage Backed Security 4.95% 10/15/27**1,096 
American General LifeSynthetic GIC - 1.722% (fair value to contract value)**5,743 
AMPHENOL CORPORATION NEW 3.2% 04/01/2024Corporate Bond 3.20% 4/01/24**295 
ASTRAZENECA FINANCE LLC 0.7% 05/28/2024Corporate Bond 0.70% 5/28/24**1,453 
ATHENE GLOBAL FUNDING 0.95% 01/08/2024 144ACorporate Bond 0.95% 1/08/24**1,765 
ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144ACorporate Bond 1.73% 10/02/26**1,606 
ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144ACorporate Bond 1.72% 1/07/25**1,769 
EQUITABLE HOLDINGS INC 3.9% 04/20/2023Corporate Bond 3.90% 4/20/23**97 
BA CR CARD TR 0.34% 05/15/2026Mortgage Backed Security 0.34% 5/15/26**2,457 
BA CR CARD TR 0.44% 09/15/2026Mortgage Backed Security 0.44% 9/15/26**1,942 
BA CR CARD TR 3.53% 11/15/2027Mortgage Backed Security 3.53% 11/15/27**1,977 
BA CR CARD TR 5% 04/15/2028Mortgage Backed Security 5.00% 4/15/28**1,252 
BAT INTL FINANCE PLC 1.668% 03/25/2026Corporate Bond 1.67% 3/25/26**1,781 
BPCE SA 1.625% 01/14/2025 144ACorporate Bond 1.63% 1/14/25**1,407 
BPCE SA 2.045/VAR 10/19/2027 144ACorporate Bond 2.04% 10/19/27**1,150 
BX COMMERCIAL MORTGAGE TRUST 2021-PAC 1ML+71.21 10/36Mortgage Backed Security 5.01% 10/15/36**842 
BX TR 2021-ACNT 1ML+85 11/15/2026 144AMortgage Backed Security 5.17% 11/15/38**826 
BX 2021-BXMF 1ML+64 10/15/2026 144AMortgage Backed Security 4.95% 10/15/26**766 
BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.27Mortgage Backed Security 5.35% 2/15/39**1,045 
BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 1.231% 12/15/23Corporate Bond 1.231% 12/15/23**365 
BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 2.061% 12/15/26Corporate Bond 2.061% 12/15/26**319 
BANCO SANTANDER SA 1.722%/VAR 09/14/2027Corporate Bond 1.722% 9/14/27**859 
BANK OF AMERICA CORPORATION 2.456%/VAR 10/22/2025Corporate Bond 2.456% 10/22/25**1,700 
BANK OF AMERICA CORPORATION 1.319%/VAR 06/19/2026Corporate Bond 1.319% 6/19/26**1,351 
20

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
BANK OF AMERICA CORPORATION 1.197/VAR 10/24/2026Corporate Bond 1.197% 10/24/26**2,484 
BANK OF AMERICA CORP 1.734%/VAR 07/22/2027Corporate Bond 1.734% 7/22/27**1,228 
BANK OF AMERICA CORPORATION SOFR+0 02/04/2028Corporate Bond 2.55% 2/04/28**1,707 
BANK OF AMERICA CORPORATION 4.948/VAR 07/22/2028Corporate Bond 4.948% 7/22/28**1,398 
BANK OF MONTREAL QUE 1.85% 05/01/2025Corporate Bond 1.85% 5/01/25**1,687 
BANK NEW YORK MELLON CORP 1.6% 04/24/2025Corporate Bond 1.60% 4/24/25**620 
BANQUE FED CRED MUTUEL PARIS 4.524% 07/13/2025 144Corporate Bond 4.524% 7/13/25**1,423 
BARCLAYS BANK PLC 4.338/VAR 05/16/2024Corporate Bond 4.338% 5/16/24**1,179 
BARCLAYS PLC (UNGTD) 3ML+161/VAR 05/07/2025Corporate Bond 3.93% 5/07/25**1,093 
BARCLAYS PLC (UNGTD) 2.852%/VAR 05/07/2026Corporate Bond 2.852% 5/07/26**906 
BARCLAYS PLC (UNGTD) 1.007%/VAR 12/10/2024Corporate Bond 1.007% 12/10/24**1,098 
BARCLAYS PLC (UNGTD) 2.279%/VAR 11/24/2027Corporate Bond 2.279% 11/24/27**1,673 
BENCHMARK MTG TR 2018-B2 A2 3.6623% 02/15/2051Mortgage Backed Security 3.662% 2/15/51**673 
BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2053Mortgage Backed Security 4.377% 5/15/53**892 
BENCHMARK MTG TR 2018-B8 A2 4.149% 01/15/2052Mortgage Backed Security 4.149% 1/15/52**475 
BERKSHIRE HATHAWAY ENERGY COMPANY 4.05% 04/15/2025Corporate Bond 4.05% 4/15/25**1,390 
BERKSHIRE HATHAWAY INC DEL 2.75% 03/15/2023Corporate Bond 2.75% 3/15/23**713 
BNP PARIBAS SOFR 1.323%/VAR 01/13/2027 144ACorporate Bond 1.323% 1/13/27**1,353 
BRISTOL-MYERS SQUIBB CO 2.9% 07/26/2024Corporate Bond 2.90% 7/26/24**1,829 
COMM 2014-UBS6 ASB 3.387% 12/10/2047Mortgage Backed Security 3.387% 12/10/47**151 
COMM 2015-CR22 ASB MTG TR 3.144% 03/10/2048Mortgage Backed Security 3.144% 3/10/48**270 
COMM 2015-CCRE23 MORTGAGE TRUST 3.257% 05/10/2048Mortgage Backed Security 3.257% 5/10/48**301 
COMM 2015-CCRE26 MTG TR 3.373% 10/10/2048Mortgage Backed Security 3.373% 10/10/48**240 
CSAIL 2017-CX9 A2 3.0538% 09/15/2050Mortgage Backed Security 3.0538% 9/15/50**154 
COMM 2013-CCRE7 MTG TR 3.213% 03/10/2046Mortgage Backed Security 3.213% 3/10/46**585 
CSAIL 2015-C2 COML MTG TR 3.2241% 06/15/2057Mortgage Backed Security 3.224% 6/15/57**280 
CA ST 2.40% 10/1/2025Municipal Bond 2.40% 10/01/25**1,125 
CANADIAN IMPERIAL BK OF COMM 3.945% 08/04/2025Corporate Bond 3.945% 8/04/25**1,544 
CANADIAN IMPERIAL BK OF COMM 3.45% 04/07/2027Corporate Bond 3.45% 4/07/27**2,086 
CANADIAN PAC RY CO 1.75% 12/02/2026Corporate Bond 1.75% 12/02/26**372 
21

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
CAPITAL ONE FINANCIAL CORP 1.878%/VAR 11/02/2027Corporate Bond 1.878% 11/02/27**2,010 
CAPITAL ONE FINANCIAL CORP SOFR 1.343%/VAR 12/06/24Corporate Bond 1.343% 12/06/24**1,821 
CAPITAL ONE FINANCIAL CORP SOFR 4.985%/VAR 07/24/26Corporate Bond 4.985% 7/24/26**628 
CAPITAL ONE MULTI-ASST EXEC TR 1.04% 11/15/2026Mortgage Backed Security 1.04% 11/15/26**2,211 
CAPITAL ONE MULTI-ASST EXEC TR 2.8% 03/15/2027Mortgage Backed Security 2.80% 3/15/27**3,569 
CAPITAL ONE MULTI-ASST EXEC TR 3.49% 05/15/2027Mortgage Backed Security 3.49% 5/15/27**2,143 
CAPITAL ONE MULTI-ASST EXEC TR 4.95% 10/15/2027Mortgage Backed Security 4.95% 10/15/27**1,567 
CAPITAL ONE BK (USA) NA 2.28%/VAR 01/28/2026Corporate Bond 2.28% 1/28/26**1,340 
CARMAX AUTO OWNER TR 2020-4 0.5% 08/15/2025Mortgage Backed Security 0.50% 8/15/25**840 
CHASE ISSUANCE TR 3.97% 09/15/2027Mortgage Backed Security 3.97% 9/15/27**1,662 
CHEVRON CORP NEW 1.141% 05/11/2023Corporate Bond 1.141% 5/11/23**1,242 
CITIGROUP INC 3.106%/VAR 04/08/2026Corporate Bond 3.106% 4/08/26**1,621 
CGCMT 13-GC11 A4 3.093% 04/46Mortgage Backed Security 3.093% 4/10/46**192 
CITIGROUP COML MTG TR 13-GC17 4.131% 11/10/2046Mortgage Backed Security 4.131% 11/10/46**710 
CITIGROUP COML MTG TR 2014-GC21 3.477% 05/10/2047Mortgage Backed Security 3.477% 5/10/47**122 
CITIGROUP COML MTG TR 2014-GC23 A3 3.356% 07/10/2047Mortgage Backed Security 3.356% 7/10/47**788 
CITIGROUP COML MTG TR 2016-GC36 AAB 3.368% 02/10/2049Mortgage Backed Security 3.368% 2/10/49**460 
CITIBANK NA 3.65% 01/23/2024Corporate Bond 3.65% 1/23/24**1,754 
CITIGROUP INC SOFR 2.014%/VAR 01/25/2026Corporate Bond 2.014% 1/25/26**1,777 
COMCAST CORP NEW 3.7% 04/15/2024Corporate Bond 3.70% 4/15/24**1,489 
COMCAST CORP NEW 3.95% 10/15/2025Corporate Bond 3.95% 10/15/25**845 
CONOCOPHILLIPS CO 2.4% 03/07/2025Corporate Bond 2.40% 3/07/25**716 
COREBRIDGE FINANCIAL INC 3.5% 04/04/2025 144ACorporate Bond 3.50% 4/04/25**199 
COREBRIDGE FINANCIAL INC 3.65% 04/05/2027 144ACorporate Bond 3.65% 4/05/27**276 
CREDIT SUISSE GRP AG 2.593%/VAR 09/11/2025 144ACorporate Bond 2.593% 9/11/25**1,147 
CREDIT SUISSE GRP AG SOFR 1.305%/VAR 02/02/2027 14Corporate Bond 1.305% 2/02/27**1,367 
CREDIT SUISSE GRP AG 6.373%/VAR 07/15/2026 144ACorporate Bond 6.373% 7/15/26**1,060 
CSAIL 2019-C15 COML MTG TR 3.4505% 03/15/2052Mortgage Backed Security 3.4505% 3/15/52**883 
DNB BANK ASA T5Y 1.535%/VAR 05/25/2027 144ACorporate Bond 1.535% 5/25/27**834 
22

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
MERCEDES BENZ RETAIL SA 0.75% 03/01/2024 144ACorporate Bond 0.75% 3/01/24**2,054 
MERCEDES BENZ RETAIL SA 1.45% 03/02/2026 144ACorporate Bond 1.45% 3/02/26**1,290 
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 1.625% 12/13/24Corporate Bond 1.625% 12/13/24**592 
DEERE & CO 2.75% 04/15/2025Corporate Bond 2.75% 4/15/25**104 
DEERE JOHN CAPITAL CORP 3.4% 06/06/2025Corporate Bond 3.40% 6/06/25**1,132 
DELL EQUIPMENT FINANCE TRUST 2021-1 0.43% 05/22/2026Mortgage Backed Security 0.43% 5/22/26**805 
DELL EQUIPMENT FINANCE TRUST 2020-2 0.57% 10/23/2023Mortgage Backed Security 0.57% 10/23/23**404 
DEUTSCHE BANK AG NEW YORK BNCH 2.222%/VAR 09/18/24Corporate Bond 2.222% 9/18/24**1,080 
DEUTSCHE BANK AG NEW YORK BNCH 2.129%/VAR 11/24/26Corporate Bond 2.129% 11/24/26**1,123 
DEUTSCHE BANK AG NEW YORK BNCH 1.447%/VAR 04/01/25Corporate Bond 1.447% 4/01/25**1,322 
DEUTSCHE BANK AG NEW YORK BNCH 0.898% 05/28/2024Corporate Bond 0.898% 5/28/24**558 
DEUTSCHE BANK AG NEW YORK BNCH 2.311%/VAR 11/16/2027Corporate Bond 2.311% 11/16/27**1,183 
DISCOVER CARD EXECUTION NT TR 0.58% 09/15/2026Mortgage Backed Security 0.58% 9/15/26**1,824 
DISCOVER CARD EXECUTION NT TR 1.96% 02/15/2027Mortgage Backed Security 1.96% 2/15/27**1,154 
DISCOVER CARD EXECUTION NT TR 3.32% 05/15/2027Mortgage Backed Security 3.32% 5/15/27**1,753 
DISCOVER CARD EXECUTION NT TR 3.56% 07/15/2027Mortgage Backed Security 3.56% 7/15/27**1,661 
DISCOVER CARD EXECUTION NT TR 5.03% 10/15/2027Mortgage Backed Security 5.03% 10/15/27**1,556 
DNB BANK ASA 1.605/VAR 03/30/2028 144ACorporate Bond 1.605% 3/30/28**1,566 
DOLLAR GEN CORP NEW 4.625% 11/01/2027Corporate Bond 4.625% 11/01/27**1,233 
EASTERN ENERGY GAS HOLDINGS LLC 2.5% 11/15/2024Corporate Bond 2.50% 11/15/24**297 
DUKE ENERGY CORP NEW 4.3% 03/15/2028Corporate Bond 4.30% 3/15/28**1,042 
ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+70.1 11Mortgage Backed Security 5.02% 11/15/38**1,142 
ERP OPERATING LP 3.375% 06/01/2025Corporate Bond 3.375% 6/01/25**713 
EDISON INTERNATIONAL 2.95% 03/15/2023Corporate Bond 2.95% 3/15/23**276 
ENBRIDGE INC 2.15% 02/16/2024Corporate Bond 2.15% 2/16/24**282 
ENBRIDGE INC 2.5% 02/14/2025Corporate Bond 2.50% 2/14/25**289 
EQUINOR ASA 1.75% 01/22/2026Corporate Bond 1.75% 1/22/26**258 
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12/26Corporate Bond 1.70% 11/12/26**1,063 
EXELON CORP 2.75% 03/15/2027Corporate Bond 2.75% 3/15/27**136 
FHLG 5.50% 3/34 #G01665Government Bond 5.50% 3/01/34**39 
23

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FHLG 25YR 5.50% 7/35 #G05815Government Bond 5.50% 7/01/35**25 
FHLG 15YR 3% 05/01/2033#G16550Government Bond 3.00% 5/01/33**610 
FHLG 20YR 3.5% 06/01/2032#C91456Government Bond 3.50% 6/01/32**425 
FHLG 15YR 2.5% 12/01/2031#SB0093Government Bond 2.50% 12/01/31**959 
FHLG 15YR 3% 02/01/2034#SB0179Government Bond 3.00% 2/01/34**941 
FHLG 15YR 3% 03/01/2033#SB0181Government Bond 3.00% 3/01/33**1,767 
FHLG 15YR 3.5% 04/01/2034#SB0378Government Bond 3.50% 4/01/34**780 
FHLG 5.50% 5/34 #Z40042Government Bond 5.50% 5/01/34**289 
FHLG 20YR 3% 11/01/2033#G30872Government Bond 3.00% 11/01/33**650 
FHLG 20YR 3.5% 07/01/2032#G31067Government Bond 3.50% 7/01/32**277 
FEDERAL NAT MTG ASN GTD REM PA 2012-149 DA 1.75% 01/25/43Mortgage Backed Security 1.75% 1/25/43**69 
FNR 2013-16 GP 3% 1/1/33Mortgage Backed Security 3.00% 3/25/33**131 
FEDERAL NAT MTG ASN GTD REM PA 1.85% 05/25/2033Mortgage Backed Security 1.85% 5/25/33**478 
FEDERAL NAT MTG ASN GTD REM PA 3.0% 06/25/2043Mortgage Backed Security 3.00% 6/25/43**374 
FNR 2015-49 LE 3% 07/45Mortgage Backed Security 3.00% 7/25/45**379 
FEDERAL NAT MTG ASN GTD REM PA 3.0% 04/25/2044Mortgage Backed Security 3.00% 4/25/44**191 
FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045Mortgage Backed Security 2.50% 5/25/45**772 
FEDERAL NAT MTG ASN GTD REM PA 2015-28 JE 3.0% 05/45Mortgage Backed Security 3.00% 5/25/45**552 
FNR 2015-42 LE 3.0% 06/25/45Mortgage Backed Security 3.00% 6/25/45**493 
FNR 2015-54 GA 2.5% 07/25/2045Mortgage Backed Security 2.50% 7/25/45**324 
FNR 2016-26 CG 3% 05/46Mortgage Backed Security 3.00% 5/25/46**988 
FNR 2016-19 AH 3% 04/46Mortgage Backed Security 3.00% 4/25/46**366 
FNR 2016-27 HK 3% 01/25/2041Mortgage Backed Security 3.00% 1/25/41**535 
FNR 2016-27 KG 3% 01/40Mortgage Backed Security 3.00% 1/25/40**248 
FNR 2016-37 BK 3% 06/25/46Mortgage Backed Security 3.00% 6/25/46**1,075 
FNR 2016-34 GH 3% 06/46Mortgage Backed Security 3.00% 6/25/46**946 
FEDERAL NATL MTG AS GTD RE PTT 2016-105 PA 3.5% 04/45Mortgage Backed Security 3.50% 4/25/45**392 
FNR 2016-100 P 3.5% 11/44Mortgage Backed Security 3.50% 11/25/44**611 
FNR 2017-20 AP 3.5% 03/25/2045Mortgage Backed Security 3.50% 3/25/45**889 
FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/45Mortgage Backed Security 3.50% 12/25/45**743 
FANNIE MAE 2017-74 PA 3.5% 11/25/2045Mortgage Backed Security 3.50% 11/25/45**718 
FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047Mortgage Backed Security 3.00% 1/25/47**827 
FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/47Mortgage Backed Security 3.00% 2/25/47**1,268 
FNR 2018-16 NB 3.25% 12/25/2044Mortgage Backed Security 3.25% 12/25/44**155 
FEDERAL NATL MTG AS GTD RE PTT 2018-11 LA 3.5% 07/45Mortgage Backed Security 3.50% 7/25/45**545 
FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/2046Mortgage Backed Security 3.50% 2/25/46**545 
24

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FNMA GTD MTG PASS THRU CTF 3.5% 10/25/2044Mortgage Backed Security 3.50% 10/25/44**642 
FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048Mortgage Backed Security 3.00% 3/25/48**1,638 
FEDERAL NAT MTG ASN GTD REM PA 2019-14 DA 4% 03/25/48Mortgage Backed Security 4.00% 3/25/48**364 
FEDERAL NAT MTG ASN GTD REM PA 4% 11/25/2048Mortgage Backed Security 4.00% 11/25/48**419 
FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25/39Mortgage Backed Security 3.00% 7/25/39**952 
FEDERAL NAT MTG ASN GTD REM PA 2.5% 10/25/2039Mortgage Backed Security 2.50% 10/25/39**482 
FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035Mortgage Backed Security 2.00% 6/25/35**1,124 
FNMA 5.50% 11/34 #310105Mortgage Backed Security 5.50% 11/01/34**206 
FEDERAL HOME LN MTG MLT CTF GT 4135 AB 1.75% 06/15/42Mortgage Backed Security 1.75% 6/15/42**55 
FEDERAL HOME LN MTG MLT CTF GT 3.0% 05/15/2045Mortgage Backed Security 3.00% 5/15/45**315 
FREDDIE MAC 4656 PA 3.5% 10/15/2045Mortgage Backed Security 3.50% 10/15/45**537 
FHR 4683 EA 2.5% 05/47Mortgage Backed Security 2.50% 5/15/47**926 
FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046Mortgage Backed Security 3.50% 2/15/46**912 
FEDERAL HOME LN MTG MLT CTF GT K727 A2 2.946% 07/24Government Bond 2.946% 7/25/24**1,479 
FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046Mortgage Backed Security 3.00% 2/15/46**899 
FEDERAL HOME LN MTG MLT CTF GT 4847 CA 3.5% 11/15/45Mortgage Backed Security 3.50% 11/15/45**389 
FEDERAL HOME LN MTG MLT CTF GT 4% 07/15/2047Mortgage Backed Security 4.00% 7/15/47**599 
FEDERAL HOME LN MTG MLT CTF GT 2019-4872 AB 4% 08/47Mortgage Backed Security 4.00% 8/15/47**575 
FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039Mortgage Backed Security 3.00% 7/25/39**744 
*FIDELITY SHORT TERM CASH FUNDFid Inst Cash Port: MM Fund Class 1 SHS F/N/A**4,271 
FREDDIE MAC REMICS 3% 10/25/2048Mortgage Backed Security 3.00% 10/25/48**764 
FNMA 6.50% 7/32 #545759Mortgage Backed Security 6.50% 7/01/32**12 
FNMA 6.50% 7/32 #545762Mortgage Backed Security 6.50% 7/01/32**
FNMA 20YR 2.5% 01/01/2033#AL2982Mortgage Backed Security 2.50% 1/01/33**152 
FNMA 20YR 2.5% 01/01/2033#AL2974Mortgage Backed Security 2.50% 1/01/33**191 
FNMA 20YR 2.5% 01/01/2033#AL2975Mortgage Backed Security 2.50% 1/01/33**224 
FNMA 20YR 2.5% 01/01/2033#AL2976Mortgage Backed Security 2.50% 1/01/33**120 
FNMA 15YR 4.5% 11/01/2025#AL8242Mortgage Backed Security 4.50% 11/01/25**50 
FNMA 15YR 2.5% 10/01/2031#AS8010Mortgage Backed Security 2.50% 10/01/31**432 
FHR 3415 PC 5% 12/37Mortgage Backed Security 5.00% 12/15/37**31 
FEDERAL NAT MTG ASN GTD REM 2011-26 PA 4.5% 04/25/41Mortgage Backed Security 4.50% 4/25/41**262 
FNMA 6.50% 12/32 #735415Mortgage Backed Security 6.50% 12/01/32**
FNMA 6.50% 7/35 #745092Mortgage Backed Security 6.50% 7/01/35**
FNMA 15YR 3% 02/01/2033#BM5108Mortgage Backed Security 3.00% 2/01/33**2,255 
25

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FNMA 15YR 3% 12/01/2032#BM5109Mortgage Backed Security 3.00% 12/01/32**2,310 
FNMA 15YR 3.5% 02/01/2035#FM0065Mortgage Backed Security 3.50% 2/01/35**844 
FNMA 20YR 4.5% 03/01/2039#FM1774Mortgage Backed Security 4.50% 3/01/39**119 
FNMA 20YR 4.5% 06/01/2039#FM1045Mortgage Backed Security 4.50% 6/01/39**58 
FNMA 20YR 4.5% 08/01/2039#FM1353Mortgage Backed Security 4.50% 8/01/39**151 
FNMA 30YR 4.5% 09/01/2049#FM1534Mortgage Backed Security 4.50% 9/01/49**939 
FNMA 15YR 3.5% 09/01/2034#FM1577Mortgage Backed Security 3.50% 9/01/34**760 
FNMA 15YR 3.5% 09/01/2034#FM1578Mortgage Backed Security 3.50% 9/01/34**338 
FNMA 15YR 3.5% 10/01/2034#FM1579Mortgage Backed Security 3.50% 10/01/34**205 
FNMA 15YR 4% 03/01/2034#FM2867Mortgage Backed Security 4.00% 3/01/34**2,276 
FNMA 15YR 4% 02/01/2034#FM3001Mortgage Backed Security 4.00% 2/01/34**1,013 
FNMA 20YR 3% 12/01/2040#FM4710Mortgage Backed Security 3.00% 3/01/40**1,116 
FNMA 20YR 3% 12/01/2040#FM4711Mortgage Backed Security 3.00% 3/01/40**1,365 
FNMA 6.50% 8/36 #888034Mortgage Backed Security 6.50% 8/01/36**
FNMA 6.50% 8/36 #888544Mortgage Backed Security 6.50% 8/01/36**36 
FNMA 20YR 3.00% 11/32 #MA1237Mortgage Backed Security 3.00% 11/01/32**1,498 
FNMA 20YR 3% 07/01/2036#MA2672Mortgage Backed Security 3.00% 7/01/36**1,901 
FNMA 20YR 4% 04/01/2038#MA3337Mortgage Backed Security 4.00% 4/01/38**760 
FNMA 6.50% 12/35 #AD0723Mortgage Backed Security 6.50% 12/01/35**43 
FNMA 6.50% 8/36 #AE0746Mortgage Backed Security 6.50% 8/01/36**29 
FLORIDA PWR & LT CO 2.85% 04/01/2025Corporate Bond 2.85% 4/01/25**368 
FORD CR FLOORPLN MAST OWN TR A 0.7% 09/15/2025Mortgage Backed Security 0.70% 9/15/25**1,580 
FORD CR AUTO OWNER TR 2019-1 A 3.52% 07/15/2030 14Mortgage Backed Security 3.52% 7/15/30**1,444 
GMF FLOORPLAN OWNER REVOLVING TR 0.68% 08/15/2025Mortgage Backed Security 0.68% 8/15/25**714 
GMF FLOORPLAN OWNER REVOLVING TR 0.69% 10/15/2025Mortgage Backed Security 0.69% 10/15/25**1,616 
GS MTG SECS TR 2014-GC26 AAB 3.365% 11/10/2047Mortgage Backed Security 3.365% 11/10/47**387 
GS MTG SECS TR 2015-GC32 AAB 3.513% 07/10/2048Mortgage Backed Security 3.513% 7/10/48**295 
GS MTG SECS TR 2015-GC28 AAB 3.206% 02/10/2048Mortgage Backed Security 3.206% 2/10/48**303 
GS MTG SECS TR 2014-GC18 AAB 3.648% 01/10/2047Mortgage Backed Security 3.648% 1/10/47**46 
GS MTG SECS TR 2014-GC20 AAB 3.655% 04/10/2047Mortgage Backed Security 3.655% 4/10/47**66 
GSK CONSUMER HEALTHCARE CAPITAL UK PLC 3.125% 03/25Corporate Bond 3.125% 3/24/25**1,823 
GENERAL MTRS FINL CO INC 1.25% 01/08/2026Corporate Bond 1.25% 1/08/26**1,543 
GENERAL MTRS FINL CO INC 1.05% 03/08/2024Corporate Bond 1.05% 3/08/24**459 
GENERAL MTRS FINL CO INC 2.35% 02/26/2027Corporate Bond 2.35% 2/26/27**705 
GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028Corporate Bond 2.64% 2/24/28**1,404 
26

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/2028Corporate Bond 4.482% 8/23/28**1,364 
GREAT-WEST LIFECO FIN 20 0.904% 08/12/2025 144ACorporate Bond 0.904% 8/12/25**671 
GUARDIAN LIFE GLOBAL FUNDING 1.1% 06/23/2025 144ACorporate Bond 1.10% 6/23/25**1,348 
GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144ACorporate Bond 1.40% 7/06/27**1,632 
HSBC HOLDINGS PLC 3.95%/VAR 5/18/2024Corporate Bond 3.95% 5/18/24**1,595 
HSBC HOLDINGS PLC 3.803%/VAR 03/11/2025Corporate Bond 3.803% 3/11/25**1,869 
HSBC HOLDINGS PLC 2.251%/VAR 11/22/2027Corporate Bond 2.251% 11/22/27**1,625 
HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028Corporate Bond 5.21% 8/11/28**1,013 
WELLTOWER OP 4% 06/01/2025Corporate Bond 4.00% 6/01/25**1,065 
HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.5% 08/01/26Corporate Bond 3.50% 8/01/26**157 
HOME DEPOT INC 2.875% 04/15/2027Corporate Bond 2.875% 4/15/27**658 
HUNTINGTON BANCSHARES INC/OH 2.625% 08/06/2024Corporate Bond 2.625% 8/06/24**1,269 
HUNTINGTON BANCSHARES INC/OH 4.443%/VAR 08/04/2028Corporate Bond 4.443% 8/04/28**802 
HUNTINGTON NATL BK COLUMBUS OH 5.699%/VAR 11/18/2025Corporate Bond 5.699% 11/18/25**1,428 
HYUNDAI CAP AMER 1% 09/17/2024 144ACorporate Bond 1.00% 9/17/24**1,755 
HYUNDAI AUTO RECEIVABLES TR 2020-C 0.38% 05/15/2025Mortgage Backed Security 0.38% 5/15/25**1,017 
IMPERIAL BRANDS FINANCE PLC 3.125% 07/26/2024 144ACorporate Bond 3.125% 7/26/24**1,406 
ING GROEP NV SOFR 1.726%/VAR 04/01/2027Corporate Bond 1.726% 4/01/27**775 
INTERCONTINENTAL EXCHANGE INC 3.65% 05/23/2025Corporate Bond 3.65% 5/23/25**1,034 
INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027Corporate Bond 4.00% 9/15/27**1,574 
JP MORGAN CHASE COML MTG SECS TR 2013-C10 A5 3.1425Mortgage Backed Security 3.1425% 12/15/47**247 
JPMBB COML MTG SECS TR 2014-C22 3.8012% 09/15/2047Mortgage Backed Security 3.8012% 9/15/47**657 
JPMCC COML MTG SECS TR 2016-JP4 A2 2.984% 12/15/2049Mortgage Backed Security 2.984% 12/15/49**87 
JP Morgan ChaseSynthetic GIC - 1.722% (fair value to contract value)**7,932 
JPMORGAN CHASE & CO 3.559%/VAR 04/23/24Corporate Bond 3.559% 4/23/24**2,001 
JPMORGAN CHASE & CO 4.023/VAR 12/05/2024Corporate Bond 4.023% 12/05/24**721 
JPMORGAN CHASE & CO 2.083/VAR 04/22/2026Corporate Bond 2.083% 4/22/26**1,678 
JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026Corporate Bond 1.045% 11/19/26**1,493 
JPMORGAN CHASE & CO 0.824/VAR 06/01/2025Corporate Bond 0.824% 6/01/25**1,505 
27

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
JPMORGAN CHASE & CO SOFR 1.47%/VAR 09/22/2027Corporate Bond 1.47% 9/22/27**1,714 
JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028Corporate Bond 2.947% 2/24/28**1,555 
JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028Corporate Bond 4.851% 7/25/28**1,394 
KEYCORP 3.878%/VAR 05/23/2025Corporate Bond 3.878% 5/23/25**582 
KEYBANK NATL ASSN 4.15% 08/08/2025Corporate Bond 4.15% 8/08/25**509 
KINDER MORGAN ENERGY PTNRS LP 3.5% 09/01/2023Corporate Bond 3.50% 9/01/23**850 
LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.524Mortgage Backed Security 5.63% 5/15/39**1,229 
Lincoln Natl Life Ins CoSynthetic GIC - 1.732% (fair value to contract value)**4,285 
LLOYDS BANKING GROUP PLC 2.438%/VAR 02/05/2026Corporate Bond 2.438% 2/05/26**626 
LLOYDS TSB BANK T1Y 0.695%/VAR 05/11/2024Corporate Bond 0.695% 5/11/24**1,360 
LOWES COS INC 4.4% 09/08/2025Corporate Bond 4.40% 9/08/25**838 
MAGALLANES INC 3.638% 03/15/2025 144ACorporate Bond 3.638% 3/15/25**218 
MAGALLANES INC 3.755% 03/15/2027 144ACorporate Bond 3.755% 3/15/27**404 
MARSH & MCLENNAN COS INC 3.875% 03/15/2024Corporate Bond 3.875% 3/15/24**667 
Massachusetts MutualSynthetic GIC - 1.722% (fair value to contract value)**257 
METROPOLITAN LIFE GLBL FDG I 0.9% 06/08/2023 144ACorporate Bond 0.90% 6/08/23**1,095 
Metropolitan Life Inc CoSynthetic GIC - 1.722% (fair value to contract value)**4,062 
MITSUBISHI UFJ FIN GRP INC 2.193% 02/25/2025Corporate Bond 2.193% 2/25/25**1,680 
MITSUBISHI UFJ FIN GRP INC 1.412% 07/17/2025Corporate Bond 1.412% 7/17/25**1,372 
MITSUBISHI UFJ FIN GRP INC 0.953%/VAR 07/19/2025Corporate Bond 0.953% 7/19/25**1,867 
MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027Corporate Bond 1.64% 10/13/27**2,092 
MIZUHO FINL GROUP INC 0.849%/VAR 09/08/2024Corporate Bond 0.849% 9/08/24**931 
MIZUHO FINL GROUP INC 1.234%/VAR 5/22/2027Corporate Bond 1.234% 5/22/27**1,822 
MIZUHO FINL GROUP INC T1Y 2.651%/VAR 05/22/2026Corporate Bond 2.651% 5/22/26**1,462 
MOODYS CORP 3.75% 03/24/2025Corporate Bond 3.75% 3/24/25**609 
MSBAM 2015-C22 ASB 3.04% 04/15/48Mortgage Backed Security 3.04% 4/15/48**157 
MORGAN STANLEY VAR/2.72 07/22/2025Corporate Bond 2.72% 7/22/25**1,075 
MORGAN STANLEY 2.188%/VAR 04/28/2026Corporate Bond 2.188% 4/28/26**1,306 
MORGAN STANLEY 3.737%/VAR 04/24/2024Corporate Bond 3.737% 4/24/24**1,610 
MORGAN STANLEY 4.679%/VAR 07/17/2026Corporate Bond 4.679% 7/17/26**1,080 
MSBAM 2013-C13 ASB 3.557% 11/15/2046Mortgage Backed Security 3.557% 11/15/46**154 
28

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2014-C16 AMortgage Backed Security 3.48% 6/15/47**234 
MSBAM 2014-C17 ASB 3.477% 8/47Mortgage Backed Security 3.477% 8/15/47**505 
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2015-C21 AMortgage Backed Security 3.15% 3/15/48**89 
MSBAM 2016-C28 3.272% 01/15/49Mortgage Backed Security 3.272% 1/15/49**320 
MORGAN STANLEY CAP I TR 2019-MEAD 3.17% 11/10/2036Mortgage Backed Security 3.17% 11/10/36**963 
NTT FINANCE CORP 0.583% 03/01/2024 144ACorporate Bond 0.583% 3/01/24**834 
NTT FINANCE CORP 1.162% 04/03/2026 144ACorporate Bond 1.162% 4/03/26**1,633 
NATIONAL BANK OF CANADA 0.55/VAR 11/15/2024Corporate Bond 0.55% 11/15/24**826 
Nationwide Life Ins CoSynthetic GIC - 1.732% (fair value to contract value)**5,992 
NATWEST GRP PLC(UNGTD) 1.642/VAR 06/14/2027Corporate Bond 1.642% 6/14/27**1,189 
NATWEST MARKETS PLC 0.8% 08/12/2024 144ACorporate Bond 0.80% 8/12/24**983 
NYC TFA (PIT) 2.85% 2/1/2024Municipal Bond 2.85% 2/01/24**426 
NYC TFA (PIT) 2.05% 8/1/2023Municipal Bond 2.05% 8/01/23**462 
NYS UDC 2.67% 3/15/2023Municipal Bond 2.67% 3/15/23**1,090 
NYS UDC 2.7% 3/15/2023Municipal Bond 2.70% 3/15/23**1,858 
NISOURCE INC 0.95% 08/15/2025Corporate Bond 0.95% 8/15/25**574 
OPG TR 2021-PORT 1ML+49.8 10/15/2036 144AMortgage Backed Security 4.80% 10/15/36**1,280 
ORACLE CORP 1.65% 03/25/2026Corporate Bond 1.65% 3/25/26**678 
OTIS WORLDWIDE CORP 2.056% 04/05/2025Corporate Bond 2.056% 4/05/25**1,693 
PNC FINANCIAL SERVICES GRP INC SOFR+ 12/02/2028Corporate Bond 5.35% 12/02/28**952 
PACIFIC LIFE GF II 1.2% 06/24/2025 144ACorporate Bond 1.20% 6/24/25**973 
Pacific Life Ins CoSynthetic GIC - 1.722% (fair value to contract value)**3,117 
PARKER-HANNIFIN CORP 3.65% 06/15/2024Corporate Bond 3.65% 6/15/24**1,431 
PARKER-HANNIFIN CORP 4.25% 09/15/2027Corporate Bond 4.25% 9/15/27**706 
PAYPAL HLDGS INC 1.65% 06/01/2025Corporate Bond 1.65% 6/01/25**489 
PHILIP MORRIS INTL INC 2.875% 05/01/2024Corporate Bond 2.875% 5/01/24**1,463 
PHILIP MORRIS INTL INC 0.875% 05/01/2026Corporate Bond 0.875% 5/01/26**841 
PRICOA GLOBAL FDG I 2.4% 09/23/2024 144ACorporate Bond 2.40% 9/23/24**1,666 
PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1Corporate Bond 3.218% 3/28/25**414 
Prudential Ins Co AmericaSynthetic GIC - 1.722% (fair value to contract value)**6,958 
RABOBANK NEDERLAND COOP CENTL 1.98%/VAR 12/15/2027Corporate Bond 1.98% 12/15/27**1,662 
CITIZENS BANK NA 2.25% 04/28/2025Corporate Bond 2.25% 4/28/25**1,229 
REGIONS FINL CORP NEW 2.25% 05/18/2025Corporate Bond 2.25% 5/18/25**735 
29

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
RGA GLOBAL FUNDING 2% 11/30/2026 144ACorporate Bond 2.00% 11/30/26**649 
ROGERS COMMUNICATIONS INC 3.2% 03/15/2027 144ACorporate Bond 3.20% 3/15/27**446 
ROPER TECHNOLOGIES INC 1% 09/15/2025Corporate Bond 1.00% 9/15/25**195 
ROSS STORES INC 0.875% 04/15/2026Corporate Bond 0.875% 4/15/26**1,377 
ROYAL BANK OF CANADA 4.65% 01/27/2026Corporate Bond 4.65% 1/27/26**821 
ROYAL BK SCOTLND GRP PLC(UNGTD 4.519%/VAR 06/25/20Corporate Bond 4.519% 6/25/24**1,962 
ROYAL BANK OF CANADA 1.15% 06/10/2025Corporate Bond 1.15% 6/10/25**1,328 
S&P GLOBAL INC 2.45% 03/01/2027 144ACorporate Bond 2.45% 3/01/27**1,491 
SSM HEALTH CARE CORP 3.688% 06/01/2023Corporate Bond 3.688% 6/01/23**913 
SREIT TR 2021-MFP 1ML+73.08 11/15/2038 144AMortgage Backed Security 5.05% 11/15/38**775 
SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028Corporate Bond 2.49% 1/06/28**488 
SANTANDER RETAIL AUTO LEASE TR 2020-B 0.57% 04/22/24Mortgage Backed Security 0.57% 4/22/24**1,507 
SANTANDER RETAIL AUTO LEASE TR 2021-A 0.51% 07/22/24Mortgage Backed Security 0.51% 7/22/24**1,089 
SEMPRA ENERGY 3.3% 04/01/2025Corporate Bond 3.30% 4/01/25**695 
7 ELEVEN INC 0.95% 02/10/2026 144ACorporate Bond 0.95% 2/10/26**534 
7 ELEVEN INC 1.3% 02/10/2028 144ACorporate Bond 1.30% 2/10/28**633 
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 0.65% 03/11/24Corporate Bond 0.65% 3/11/24**1,240 
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.2% 03/11/2026Corporate Bond 1.20% 3/11/26**1,232 
SIMON PROPERTY GROUP LP 2.75% 06/01/2023Corporate Bond 2.75% 6/01/23**1,051 
SOCIETE GENERALE FRANCE 2.625% 10/16/2024 144ACorporate Bond 2.625% 10/16/24**303 
SOCIETE GENERALE FRANCE 1.488%/VAR 12/14/2026 144ACorporate Bond 1.488% 12/14/26**981 
SOCIETE GENERALE FRANCE 1.792/VAR 06/09/2027 144ACorporate Bond 1.792% 6/09/27**1,192 
SOCIETE GENERALE FRANCE 2.797%/VAR 01/19/2028 144ACorporate Bond 2.797% 1/19/28**1,686 
SOUTHERN COMPANY 0.6% 02/26/2024Corporate Bond 0.60% 2/26/24**742 
State St BK & TR Co BostonSynthetic GIC - 1.722% (fair value to contract value)**3,458 
STATE STREET CORP 2.901%/VAR 03/30/2026Corporate Bond 2.901% 3/30/26**74 
SUMITOMO MITSUI FINL GRP INC 0.508% 01/12/2024Corporate Bond 0.508% 1/12/24**197 
SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026Corporate Bond 1.402% 9/17/26**1,750 
TORONTO DOMINION BANK 2.8% 03/10/2027Corporate Bond 2.80% 3/10/27**1,499 

30

Eastman Investment and Employee Stock Ownership Plan
Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)
December 31, 2022
(in thousands)
(a)(b)
 Identity of issue, borrower, lessor, or similar party
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
Transamerica Premier LifeSynthetic GIC - 1.722% (fair value to contract value)**6,314 
TRUIST FINANCIAL CORP 4.26%/VAR 07/28/2026Corporate Bond 4.26% 7/28/26**1,451 
UBS GROUP AG 1.008%/VAR 07/30/2024 144ACorporate Bond 1.008% 7/30/24**1,070 
UBS AG LON BRANCH 1.375% 01/13/2025 144ACorporate Bond 1.375% 1/13/25**1,290 
USAA CAPITAL CORP 1.5% 05/01/2023 144ACorporate Bond 1.50% 5/01/23**271 
US BANCORP DEL 1.45% 05/12/2025Corporate Bond 1.45% 5/12/25**1,524 
UST NOTES 1.375% 08/31/2023Government Bond 1.375% 8/31/23**983 
UST NOTES 2.375% 08/15/2024Government Bond 2.375% 8/15/24**