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 Statements | 4-15 | ||||
Additional Information (Note A): | |||||
Schedule of Assets (Held at End of Year) at December 31, 2022 | 17-32 | ||||
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)
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||||||||||||||||
Participant | participant | Participant | participant | |||||||||||||||||||||||||||||||||||
Directed | Directed | Total | Directed | Directed | Total | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Investments at fair value | $ | 2,175,934 | $ | 153,782 | $ | 2,329,716 | $ | 2,780,680 | $ | 232,610 | $ | 3,013,290 | ||||||||||||||||||||||||||
Investments at contract value | 704,879 | — | 704,879 | 757,185 | — | 757,185 | ||||||||||||||||||||||||||||||||
Total investments | 2,880,813 | 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 receivables | 3,691 | 1,487 | 5,178 | 3,441 | 1,951 | 5,392 | ||||||||||||||||||||||||||||||||
Total assets | 2,973,140 | 169,865 | 3,143,005 | 3,627,960 | 246,206 | 3,874,166 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,327 | 1,532 | 2,859 | 1,291 | 1,492 | 2,783 | ||||||||||||||||||||||||||||||||
Total liabilities | 1,327 | 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)
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||||||||||||||||
Participant | participant | Participant | participant | |||||||||||||||||||||||||||||||||||
Directed | Directed | Total | Directed | Directed | Total | |||||||||||||||||||||||||||||||||
Additions to net assets: | ||||||||||||||||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||||||||||||||
Interest | $ | 10,888 | $ | — | $ | 10,888 | $ | 10,791 | $ | — | $ | 10,791 | ||||||||||||||||||||||||||
Dividends | 9,797 | 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 deductions | 334,191 | 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) | 2022 | 2021 | |||||||||
Cash and Cash Equivalents | $ | 6,886 | $ | 4,635 | |||||||
Common stock - Eastman Chemical Company | 248,770 | 345,135 | |||||||||
Common stock - other | 102,433 | 137,855 | |||||||||
Mutual funds | 522,519 | 730,214 | |||||||||
Collective investment trusts | 1,345,379 | 1,655,561 | |||||||||
Managed income fund | 704,879 | 757,185 | |||||||||
Self-directed brokerage account - mutual funds | 103,729 | 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, 2022 | December 31, 2021 | |||||||||
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 | $ | 6,886 | $ | 4,635 | |||||||
Common stock - Eastman Chemical Company | 248,770 | 345,135 | |||||||||
Common stock - other | 102,433 | 137,855 | |||||||||
Mutual funds | 522,519 | 730,214 | |||||||||
Collective investment trusts | 1,345,379 | 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 Company | Interest Bearing Cash, Participant directed | ** | $ | 2,044 | |||||||||
* | Fidelity Management Trust Company | Interest Bearing Cash, Non-Participant directed | $ | 1,357 | 1,357 | |||||||||
SSBK Govt Stif Fund | Interest Bearing Cash Equivalents | ** | 3,485 | |||||||||||
Subtotal – Cash and Cash Equivalents | 6,886 | |||||||||||||
* | Eastman Chemical Company | Common Stock, Participant directed, 1,183 Shares | ** | 96,345 | ||||||||||
* | Eastman Chemical Company | Common Stock, Non-Participant directed, 1,872 Shares | 110,355 | 152,425 | ||||||||||
Subtotal – Common Stock – Eastman Chemical Co | 248,770 | |||||||||||||
Abbott Laboratories | Common Stock, 8 Shares | ** | 897 | |||||||||||
Abbvie Inc | Common Stock, 12 Shares | ** | 1,965 | |||||||||||
Accenture Plc Cl A | Common Stock, 2 Shares | ** | 430 | |||||||||||
Advance Auto Parts Inc | Common Stock, 5 Shares | ** | 771 | |||||||||||
Air Products & Chemicals Inc. | Common Stock, 7 Shares | ** | 2,256 | |||||||||||
Alexandria Real Estate Eq Inc REIT | Common Stock, 2 Shares | ** | 348 | |||||||||||
American Express Co | Common Stock, 8 Shares | ** | 1,179 | |||||||||||
AmerisourceBergen Corp | Common Stock, 5 Shares | ** | 747 | |||||||||||
Amgen Inc | Common Stock, 2 Shares | ** | 627 | |||||||||||
Analog Devices Inc | Common Stock, 12 Shares | ** | 1,943 | |||||||||||
Apple Inc | Common Stock, 2 Shares | ** | 286 | |||||||||||
Arthur J Gallaghar and Co | Common Stock, 5 Shares | ** | 893 | |||||||||||
Avalonbay Communities Inc REIT | Common Stock, 3 Shares | ** | 407 | |||||||||||
Bank of America Corporation | Common Stock, 59 Shares | ** | 1,942 | |||||||||||
Becton Dickinson & Co | Common Stock, 4 Shares | ** | 924 | |||||||||||
Best Buy Co Inc | Common Stock, 8 Shares | ** | 659 | |||||||||||
Blackrock Inc | Common Stock, 3 Shares | ** | 1,923 | |||||||||||
Boston Properties Inc | Common Stock, 4 Shares | ** | 269 | |||||||||||
Bristol-Myers Squibb Co | Common Stock, 37 Shares | ** | 2,671 | |||||||||||
Capital One Financial Corp | Common Stock, 8 Shares | ** | 698 | |||||||||||
Chevron Corp | Common Stock, 7 Shares | ** | 1,270 | |||||||||||
Chubb Ltd | Common Stock, 6 Shares | ** | 1,373 | |||||||||||
CIGNA Corp | Common Stock, 4 Shares | ** | 1,357 | |||||||||||
Citigroup Inc | Common Stock, 15 Shares | ** | 676 | |||||||||||
CME Group Inc Cl A | Common Stock, 8 Shares | ** | 1,285 | |||||||||||
CMS Energy Corp | Common Stock, 11 Shares | ** | 723 | |||||||||||
Coca Cola Co | Common Stock, 17 Shares | ** | 1,097 | |||||||||||
Comcast Corp Cl A | Common Stock, 51 Shares | ** | 1,776 | |||||||||||
ConocoPhillips | Common Stock, 27 Shares | ** | 3,146 | |||||||||||
Corning Inc | Common Stock, 21 Shares | ** | 669 | |||||||||||
CVS Health Corp | Common Stock, 18 Shares | ** | 1,667 | |||||||||||
Deere & Co | Common Stock, 3 Shares | ** | 1,301 | |||||||||||
Dominion Energy Inc | Common Stock, 11 Shares | ** | 653 | |||||||||||
Dover Corp | Common Stock, 11 Shares | ** | 1,468 | |||||||||||
Eaton Corp PLC | Common Stock, 7 Shares | ** | 1,173 | |||||||||||
EOG Resources Inc | Common Stock, 14 Shares | ** | 1,850 | |||||||||||
Exxon Mobil Corp | Common 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 Corporation | Common Stock, 8 Shares | ** | 2,008 | |||||||||||
Hartford Finl Svcs Group Inc | Common Stock, 12 Shares | ** | 881 | |||||||||||
Home Depot Inc | Common Stock, 5 Shares | ** | 1,525 | |||||||||||
Intl Bus Mach Corp | Common Stock, 6 Shares | ** | 840 | |||||||||||
Johnson & Johnson | Common Stock, 12 Shares | ** | 2,118 | |||||||||||
Lam Research Corp | Common Stock, 1 Share | ** | 289 | |||||||||||
Lilly (Eli) & Co | Common Stock, 2 Shares | ** | 881 | |||||||||||
Marsh & McLennan Cos Inc | Common Stock, 2 Shares | ** | 397 | |||||||||||
McDonalds Corp | Common Stock, 6 Shares | ** | 1,497 | |||||||||||
Medtronic Plc | Common Stock, 18 Shares | ** | 1,392 | |||||||||||
Merck & Co Inc New | Common Stock, 4 Shares | ** | 495 | |||||||||||
MetLife Inc | Common Stock, 15 Shares | ** | 1,051 | |||||||||||
Microsoft Inc | Common Stock, 4 Shares | ** | 1,076 | |||||||||||
Mondelez Intl Inc | Common Stock, 22 Shares | ** | 1,455 | |||||||||||
Morgan Stanley | Common Stock, 21 Shares | ** | 1,775 | |||||||||||
Nextera Energy | Common Stock, 21 Shares | ** | 1,715 | |||||||||||
Norfolk Southern Corp | Common Stock, 6 Shares | ** | 1,390 | |||||||||||
Northern Trust Corp | Common Stock, 3 Shares | ** | 272 | |||||||||||
Northrop Grumman Corp | Common Stock, 2 Shares | ** | 1,027 | |||||||||||
NXP Semiconductors NV | Common Stock, 7 Shares | ** | 1,058 | |||||||||||
Parker Hannifin Corp | Common Stock, 3 Shares | ** | 945 | |||||||||||
Pepsico Inc | Common Stock, 6 Shares | ** | 1,016 | |||||||||||
Pfizer Inc | Common Stock, 19 Shares | ** | 970 | |||||||||||
Philip Morris Intl Inc | Common Stock, 20 Shares | ** | 2,026 | |||||||||||
PNC Financial Services Grp Inc | Common Stock, 8 Shares | ** | 1,211 | |||||||||||
PPG Industries Inc | Common Stock, 12 Shares | ** | 1,520 | |||||||||||
Price (T Rowe) Group Inc | Common Stock, 6 Shares | ** | 606 | |||||||||||
Proctor & Gamble Co | Common Stock, 9 Shares | ** | 1,433 | |||||||||||
Progressive Corp Ohio | Common Stock, 6 Shares | ** | 807 | |||||||||||
Prologis Inc REIT | Common Stock, 7 Shares | ** | 764 | |||||||||||
Public Svc Enterprise Grp Inc | Common Stock, 10 Shares | ** | 631 | |||||||||||
Raytheon Technologies Corp | Common Stock, 26 Shares | ** | 2,641 | |||||||||||
Republic Services Inc | Common Stock, 5 Shares | ** | 594 | |||||||||||
Schwab Charles Corp | Common Stock, 13 Shares | ** | 1,063 | |||||||||||
Seagate Technology Holdings Plc | Common Stock, 9 Shares | ** | 463 | |||||||||||
Starbucks Corp | Common Stock, 10 Shares | ** | 953 | |||||||||||
Sysco Corp | Common Stock, 19 Shares | ** | 1,469 | |||||||||||
Texas Instruments Inc | Common Stock, 7 Shares | ** | 1,092 | |||||||||||
TJX Companies Inc New | Common Stock, 21 Shares | ** | 1,682 | |||||||||||
Truist Finl Corp | Common Stock, 17 Shares | ** | 735 | |||||||||||
United Parcel Service Inc Cl B | Common Stock, 10 Shares | ** | 1,734 | |||||||||||
UnitedHealth Group Inc | Common Stock, 5 Shares | ** | 2,782 | |||||||||||
US Bancorp Del | Common Stock, 26 Shares | ** | 1,122 | |||||||||||
Ventas Inc REIT | Common Stock, 9 Shares | ** | 391 | |||||||||||
Verizon Communications Inc | Common 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 Inc | Common Stock, 9 Shares | ** | 1,342 | |||||||||||
Wells Fargo | Common Stock, 25 Shares | ** | 1,021 | |||||||||||
Xcel Energy Inc | Common Stock, 16 Shares | ** | 1,113 | |||||||||||
Subtotal - Common Stock – Other | 102,433 | |||||||||||||
DODGE & COX STOCK FUND | Registered Investment Company 474 Shares | ** | 102,169 | |||||||||||
* | FID GOVT MMKT | Registered Investment Company 166 Shares | ** | 166 | ||||||||||
* | FID US BOND INDX | Registered Investment Company 2,656 Shares | ** | 27,039 | ||||||||||
* | FID GLB EX US IDX | Registered Investment Company 2,101 Shares | ** | 26,370 | ||||||||||
* | FID 500 INDEX | Registered Investment Company 2,238 Shares | ** | 297,977 | ||||||||||
* | FID EXT MKT IDX | Registered Investment Company 1,092 Shares | ** | 68,798 | ||||||||||
Sub-Total Mutual Funds | 522,519 | |||||||||||||
ARROWST ACWI EX-US A | Collective Investment Trust 386 Shares | ** | 58,574 | |||||||||||
BTC STR COMP NL M | Collective Investment Trust 306 Shares | ** | 3,820 | |||||||||||
* | FID BLUE CHIP GR POOL | Collective Investment Trust 5,093 Shares | ** | 117,795 | ||||||||||
Hotchkis & Wiley Small Cap Diversified V Class F | Collective Investment Trust 5,833 Shares | ** | 56,517 | |||||||||||
LOOMIS SAYLES & CO SMC GWTH C | Collective Investment Trust 2,510 Shares | ** | 52,191 | |||||||||||
PRU CORE PL BD CL 5 | Collective Investment Trust 314 Shares | ** | 52,411 | |||||||||||
VANGUARD TARGET INC | Collective Investment Trust 1,098 Shares | ** | 52,116 | |||||||||||
VANGUARD TARGET 2020 | Collective Investment Trust 1,181 Shares | ** | 71,737 | |||||||||||
VANGUARD TARGET 2025 | Collective Investment Trust 2,239 Shares | ** | 145,244 | |||||||||||
VANGUARD TARGET 2030 | Collective Investment Trust 3,028 Shares | ** | 208,398 | |||||||||||
VANGUARD TARGET 2035 | Collective Investment Trust 1,783 Shares | ** | 130,436 | |||||||||||
VANGUARD TARGET 2040 | Collective Investment Trust 1,442 Shares | ** | 110,590 | |||||||||||
VANGUARD TARGET 2045 | Collective Investment Trust 1,069 Shares | ** | 84,071 | |||||||||||
VANGUARD TARGET 2050 | Collective Investment Trust 1,285 Shares | ** | 101,300 | |||||||||||
VANGUARD TARGET 2055 | Collective Investment Trust 740 Shares | ** | 58,310 | |||||||||||
VANGUARD TARGET 2060 | Collective Investment Trust 733 Shares | ** | 34,760 | |||||||||||
VANGUARD TARGET 2065 | Collective Investment Trust 239 Shares | ** | 7,009 | |||||||||||
VANGUARD TARGET 2070 | Collective Investment Trust 6 Shares | ** | 100 | |||||||||||
Sub-Total Collective Investment Trusts | 1,345,379 | |||||||||||||
* | Fidelity | Cash | ** | 1,702 | ||||||||||
AIG GLOBAL FDG 0.9% 09/22/2025 144A | Corporate Bond 0.90% 9/22/25 | ** | 1,790 | |||||||||||
AT&T INC 1.65% 02/01/2028 | Corporate Bond 1.65% 2/01/28 | ** | 1,466 | |||||||||||
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | Corporate Bond 4.13% 7/03/23 | ** | 605 | |||||||||||
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | Corporate Bond 4.88% 1/16/24 | ** | 465 | |||||||||||
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | Corporate Bond 1.65% 10/29/24 | ** | 1,040 | |||||||||||
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | Corporate Bond 2.45% 10/29/26 | ** | 360 | |||||||||||
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | Corporate Bond 1.75% 10/29/24 | ** | 738 | |||||||||||
AIR LEASE CORP 4.25% 02/01/2024 | Corporate Bond 4.25% 2/01/24 | ** | 812 | |||||||||||
AIR LEASE CORP 0.7% 02/15/2024 | Corporate Bond 0.70% 2/15/24 | ** | 706 | |||||||||||
AIR LEASE CORP 0.8% 08/18/2024 | Corporate 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% 01/15/2027 | Corporate Bond 2.20% 1/15/27 | ** | 638 | |||||||||||
ALTRIA GROUP INC 2.35% 05/06/2025 | Corporate Bond 2.35% 5/06/25 | ** | 239 | |||||||||||
AMERICAN EXPRESS CO 2.25% 03/04/2025 | Corporate Bond 2.25% 3/04/25 | ** | 840 | |||||||||||
AMERICAN EXPRESS CO 2.55% 03/04/2027 | Corporate Bond 2.55% 3/04/27 | ** | 1,252 | |||||||||||
AMERICAN EXPRESS CR ACC MST TR 0.9% 11/15/2026 | Mortgage Backed Security 0.90% 11/15/26 | ** | 2,136 | |||||||||||
AMERICAN EXPRESS CR ACC MST TR 3.39% 05/15/2027 | Mortgage Backed Security 3.39% 5/15/27 | ** | 2,140 | |||||||||||
AMERICAN EXPRESS CR ACC MST TR 3.75% 08/15/2027 | Mortgage Backed Security 3.75% 8/15/27 | ** | 1,764 | |||||||||||
AMERICAN EXPRESS CR ACC MST TR 4.95% 10/15/2027 | Mortgage Backed Security 4.95% 10/15/27 | ** | 1,096 | |||||||||||
American General Life | Synthetic GIC - 1.722% (fair value to contract value) | ** | 5,743 | |||||||||||
AMPHENOL CORPORATION NEW 3.2% 04/01/2024 | Corporate Bond 3.20% 4/01/24 | ** | 295 | |||||||||||
ASTRAZENECA FINANCE LLC 0.7% 05/28/2024 | Corporate Bond 0.70% 5/28/24 | ** | 1,453 | |||||||||||
ATHENE GLOBAL FUNDING 0.95% 01/08/2024 144A | Corporate Bond 0.95% 1/08/24 | ** | 1,765 | |||||||||||
ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144A | Corporate Bond 1.73% 10/02/26 | ** | 1,606 | |||||||||||
ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A | Corporate Bond 1.72% 1/07/25 | ** | 1,769 | |||||||||||
EQUITABLE HOLDINGS INC 3.9% 04/20/2023 | Corporate Bond 3.90% 4/20/23 | ** | 97 | |||||||||||
BA CR CARD TR 0.34% 05/15/2026 | Mortgage Backed Security 0.34% 5/15/26 | ** | 2,457 | |||||||||||
BA CR CARD TR 0.44% 09/15/2026 | Mortgage Backed Security 0.44% 9/15/26 | ** | 1,942 | |||||||||||
BA CR CARD TR 3.53% 11/15/2027 | Mortgage Backed Security 3.53% 11/15/27 | ** | 1,977 | |||||||||||
BA CR CARD TR 5% 04/15/2028 | Mortgage Backed Security 5.00% 4/15/28 | ** | 1,252 | |||||||||||
BAT INTL FINANCE PLC 1.668% 03/25/2026 | Corporate Bond 1.67% 3/25/26 | ** | 1,781 | |||||||||||
BPCE SA 1.625% 01/14/2025 144A | Corporate Bond 1.63% 1/14/25 | ** | 1,407 | |||||||||||
BPCE SA 2.045/VAR 10/19/2027 144A | Corporate Bond 2.04% 10/19/27 | ** | 1,150 | |||||||||||
BX COMMERCIAL MORTGAGE TRUST 2021-PAC 1ML+71.21 10/36 | Mortgage Backed Security 5.01% 10/15/36 | ** | 842 | |||||||||||
BX TR 2021-ACNT 1ML+85 11/15/2026 144A | Mortgage Backed Security 5.17% 11/15/38 | ** | 826 | |||||||||||
BX 2021-BXMF 1ML+64 10/15/2026 144A | Mortgage Backed Security 4.95% 10/15/26 | ** | 766 | |||||||||||
BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.27 | Mortgage Backed Security 5.35% 2/15/39 | ** | 1,045 | |||||||||||
BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 1.231% 12/15/23 | Corporate Bond 1.231% 12/15/23 | ** | 365 | |||||||||||
BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 2.061% 12/15/26 | Corporate Bond 2.061% 12/15/26 | ** | 319 | |||||||||||
BANCO SANTANDER SA 1.722%/VAR 09/14/2027 | Corporate Bond 1.722% 9/14/27 | ** | 859 | |||||||||||
BANK OF AMERICA CORPORATION 2.456%/VAR 10/22/2025 | Corporate Bond 2.456% 10/22/25 | ** | 1,700 | |||||||||||
BANK OF AMERICA CORPORATION 1.319%/VAR 06/19/2026 | Corporate 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 10/24/2026 | Corporate Bond 1.197% 10/24/26 | ** | 2,484 | |||||||||||
BANK OF AMERICA CORP 1.734%/VAR 07/22/2027 | Corporate Bond 1.734% 7/22/27 | ** | 1,228 | |||||||||||
BANK OF AMERICA CORPORATION SOFR+0 02/04/2028 | Corporate Bond 2.55% 2/04/28 | ** | 1,707 | |||||||||||
BANK OF AMERICA CORPORATION 4.948/VAR 07/22/2028 | Corporate Bond 4.948% 7/22/28 | ** | 1,398 | |||||||||||
BANK OF MONTREAL QUE 1.85% 05/01/2025 | Corporate Bond 1.85% 5/01/25 | ** | 1,687 | |||||||||||
BANK NEW YORK MELLON CORP 1.6% 04/24/2025 | Corporate Bond 1.60% 4/24/25 | ** | 620 | |||||||||||
BANQUE FED CRED MUTUEL PARIS 4.524% 07/13/2025 144 | Corporate Bond 4.524% 7/13/25 | ** | 1,423 | |||||||||||
BARCLAYS BANK PLC 4.338/VAR 05/16/2024 | Corporate Bond 4.338% 5/16/24 | ** | 1,179 | |||||||||||
BARCLAYS PLC (UNGTD) 3ML+161/VAR 05/07/2025 | Corporate Bond 3.93% 5/07/25 | ** | 1,093 | |||||||||||
BARCLAYS PLC (UNGTD) 2.852%/VAR 05/07/2026 | Corporate Bond 2.852% 5/07/26 | ** | 906 | |||||||||||
BARCLAYS PLC (UNGTD) 1.007%/VAR 12/10/2024 | Corporate Bond 1.007% 12/10/24 | ** | 1,098 | |||||||||||
BARCLAYS PLC (UNGTD) 2.279%/VAR 11/24/2027 | Corporate Bond 2.279% 11/24/27 | ** | 1,673 | |||||||||||
BENCHMARK MTG TR 2018-B2 A2 3.6623% 02/15/2051 | Mortgage Backed Security 3.662% 2/15/51 | ** | 673 | |||||||||||
BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2053 | Mortgage Backed Security 4.377% 5/15/53 | ** | 892 | |||||||||||
BENCHMARK MTG TR 2018-B8 A2 4.149% 01/15/2052 | Mortgage Backed Security 4.149% 1/15/52 | ** | 475 | |||||||||||
BERKSHIRE HATHAWAY ENERGY COMPANY 4.05% 04/15/2025 | Corporate Bond 4.05% 4/15/25 | ** | 1,390 | |||||||||||
BERKSHIRE HATHAWAY INC DEL 2.75% 03/15/2023 | Corporate Bond 2.75% 3/15/23 | ** | 713 | |||||||||||
BNP PARIBAS SOFR 1.323%/VAR 01/13/2027 144A | Corporate Bond 1.323% 1/13/27 | ** | 1,353 | |||||||||||
BRISTOL-MYERS SQUIBB CO 2.9% 07/26/2024 | Corporate Bond 2.90% 7/26/24 | ** | 1,829 | |||||||||||
COMM 2014-UBS6 ASB 3.387% 12/10/2047 | Mortgage Backed Security 3.387% 12/10/47 | ** | 151 | |||||||||||
COMM 2015-CR22 ASB MTG TR 3.144% 03/10/2048 | Mortgage Backed Security 3.144% 3/10/48 | ** | 270 | |||||||||||
COMM 2015-CCRE23 MORTGAGE TRUST 3.257% 05/10/2048 | Mortgage Backed Security 3.257% 5/10/48 | ** | 301 | |||||||||||
COMM 2015-CCRE26 MTG TR 3.373% 10/10/2048 | Mortgage Backed Security 3.373% 10/10/48 | ** | 240 | |||||||||||
CSAIL 2017-CX9 A2 3.0538% 09/15/2050 | Mortgage Backed Security 3.0538% 9/15/50 | ** | 154 | |||||||||||
COMM 2013-CCRE7 MTG TR 3.213% 03/10/2046 | Mortgage Backed Security 3.213% 3/10/46 | ** | 585 | |||||||||||
CSAIL 2015-C2 COML MTG TR 3.2241% 06/15/2057 | Mortgage Backed Security 3.224% 6/15/57 | ** | 280 | |||||||||||
CA ST 2.40% 10/1/2025 | Municipal Bond 2.40% 10/01/25 | ** | 1,125 | |||||||||||
CANADIAN IMPERIAL BK OF COMM 3.945% 08/04/2025 | Corporate Bond 3.945% 8/04/25 | ** | 1,544 | |||||||||||
CANADIAN IMPERIAL BK OF COMM 3.45% 04/07/2027 | Corporate Bond 3.45% 4/07/27 | ** | 2,086 | |||||||||||
CANADIAN PAC RY CO 1.75% 12/02/2026 | Corporate 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 11/02/2027 | Corporate Bond 1.878% 11/02/27 | ** | 2,010 | |||||||||||
CAPITAL ONE FINANCIAL CORP SOFR 1.343%/VAR 12/06/24 | Corporate Bond 1.343% 12/06/24 | ** | 1,821 | |||||||||||
CAPITAL ONE FINANCIAL CORP SOFR 4.985%/VAR 07/24/26 | Corporate Bond 4.985% 7/24/26 | ** | 628 | |||||||||||
CAPITAL ONE MULTI-ASST EXEC TR 1.04% 11/15/2026 | Mortgage Backed Security 1.04% 11/15/26 | ** | 2,211 | |||||||||||
CAPITAL ONE MULTI-ASST EXEC TR 2.8% 03/15/2027 | Mortgage Backed Security 2.80% 3/15/27 | ** | 3,569 | |||||||||||
CAPITAL ONE MULTI-ASST EXEC TR 3.49% 05/15/2027 | Mortgage Backed Security 3.49% 5/15/27 | ** | 2,143 | |||||||||||
CAPITAL ONE MULTI-ASST EXEC TR 4.95% 10/15/2027 | Mortgage Backed Security 4.95% 10/15/27 | ** | 1,567 | |||||||||||
CAPITAL ONE BK (USA) NA 2.28%/VAR 01/28/2026 | Corporate Bond 2.28% 1/28/26 | ** | 1,340 | |||||||||||
CARMAX AUTO OWNER TR 2020-4 0.5% 08/15/2025 | Mortgage Backed Security 0.50% 8/15/25 | ** | 840 | |||||||||||
CHASE ISSUANCE TR 3.97% 09/15/2027 | Mortgage Backed Security 3.97% 9/15/27 | ** | 1,662 | |||||||||||
CHEVRON CORP NEW 1.141% 05/11/2023 | Corporate Bond 1.141% 5/11/23 | ** | 1,242 | |||||||||||
CITIGROUP INC 3.106%/VAR 04/08/2026 | Corporate Bond 3.106% 4/08/26 | ** | 1,621 | |||||||||||
CGCMT 13-GC11 A4 3.093% 04/46 | Mortgage Backed Security 3.093% 4/10/46 | ** | 192 | |||||||||||
CITIGROUP COML MTG TR 13-GC17 4.131% 11/10/2046 | Mortgage Backed Security 4.131% 11/10/46 | ** | 710 | |||||||||||
CITIGROUP COML MTG TR 2014-GC21 3.477% 05/10/2047 | Mortgage Backed Security 3.477% 5/10/47 | ** | 122 | |||||||||||
CITIGROUP COML MTG TR 2014-GC23 A3 3.356% 07/10/2047 | Mortgage Backed Security 3.356% 7/10/47 | ** | 788 | |||||||||||
CITIGROUP COML MTG TR 2016-GC36 AAB 3.368% 02/10/2049 | Mortgage Backed Security 3.368% 2/10/49 | ** | 460 | |||||||||||
CITIBANK NA 3.65% 01/23/2024 | Corporate Bond 3.65% 1/23/24 | ** | 1,754 | |||||||||||
CITIGROUP INC SOFR 2.014%/VAR 01/25/2026 | Corporate Bond 2.014% 1/25/26 | ** | 1,777 | |||||||||||
COMCAST CORP NEW 3.7% 04/15/2024 | Corporate Bond 3.70% 4/15/24 | ** | 1,489 | |||||||||||
COMCAST CORP NEW 3.95% 10/15/2025 | Corporate Bond 3.95% 10/15/25 | ** | 845 | |||||||||||
CONOCOPHILLIPS CO 2.4% 03/07/2025 | Corporate Bond 2.40% 3/07/25 | ** | 716 | |||||||||||
COREBRIDGE FINANCIAL INC 3.5% 04/04/2025 144A | Corporate Bond 3.50% 4/04/25 | ** | 199 | |||||||||||
COREBRIDGE FINANCIAL INC 3.65% 04/05/2027 144A | Corporate Bond 3.65% 4/05/27 | ** | 276 | |||||||||||
CREDIT SUISSE GRP AG 2.593%/VAR 09/11/2025 144A | Corporate Bond 2.593% 9/11/25 | ** | 1,147 | |||||||||||
CREDIT SUISSE GRP AG SOFR 1.305%/VAR 02/02/2027 14 | Corporate Bond 1.305% 2/02/27 | ** | 1,367 | |||||||||||
CREDIT SUISSE GRP AG 6.373%/VAR 07/15/2026 144A | Corporate Bond 6.373% 7/15/26 | ** | 1,060 | |||||||||||
CSAIL 2019-C15 COML MTG TR 3.4505% 03/15/2052 | Mortgage Backed Security 3.4505% 3/15/52 | ** | 883 | |||||||||||
DNB BANK ASA T5Y 1.535%/VAR 05/25/2027 144A | Corporate 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 144A | Corporate Bond 0.75% 3/01/24 | ** | 2,054 | |||||||||||
MERCEDES BENZ RETAIL SA 1.45% 03/02/2026 144A | Corporate Bond 1.45% 3/02/26 | ** | 1,290 | |||||||||||
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 1.625% 12/13/24 | Corporate Bond 1.625% 12/13/24 | ** | 592 | |||||||||||
DEERE & CO 2.75% 04/15/2025 | Corporate Bond 2.75% 4/15/25 | ** | 104 | |||||||||||
DEERE JOHN CAPITAL CORP 3.4% 06/06/2025 | Corporate Bond 3.40% 6/06/25 | ** | 1,132 | |||||||||||
DELL EQUIPMENT FINANCE TRUST 2021-1 0.43% 05/22/2026 | Mortgage Backed Security 0.43% 5/22/26 | ** | 805 | |||||||||||
DELL EQUIPMENT FINANCE TRUST 2020-2 0.57% 10/23/2023 | Mortgage Backed Security 0.57% 10/23/23 | ** | 404 | |||||||||||
DEUTSCHE BANK AG NEW YORK BNCH 2.222%/VAR 09/18/24 | Corporate Bond 2.222% 9/18/24 | ** | 1,080 | |||||||||||
DEUTSCHE BANK AG NEW YORK BNCH 2.129%/VAR 11/24/26 | Corporate Bond 2.129% 11/24/26 | ** | 1,123 | |||||||||||
DEUTSCHE BANK AG NEW YORK BNCH 1.447%/VAR 04/01/25 | Corporate Bond 1.447% 4/01/25 | ** | 1,322 | |||||||||||
DEUTSCHE BANK AG NEW YORK BNCH 0.898% 05/28/2024 | Corporate Bond 0.898% 5/28/24 | ** | 558 | |||||||||||
DEUTSCHE BANK AG NEW YORK BNCH 2.311%/VAR 11/16/2027 | Corporate Bond 2.311% 11/16/27 | ** | 1,183 | |||||||||||
DISCOVER CARD EXECUTION NT TR 0.58% 09/15/2026 | Mortgage Backed Security 0.58% 9/15/26 | ** | 1,824 | |||||||||||
DISCOVER CARD EXECUTION NT TR 1.96% 02/15/2027 | Mortgage Backed Security 1.96% 2/15/27 | ** | 1,154 | |||||||||||
DISCOVER CARD EXECUTION NT TR 3.32% 05/15/2027 | Mortgage Backed Security 3.32% 5/15/27 | ** | 1,753 | |||||||||||
DISCOVER CARD EXECUTION NT TR 3.56% 07/15/2027 | Mortgage Backed Security 3.56% 7/15/27 | ** | 1,661 | |||||||||||
DISCOVER CARD EXECUTION NT TR 5.03% 10/15/2027 | Mortgage Backed Security 5.03% 10/15/27 | ** | 1,556 | |||||||||||
DNB BANK ASA 1.605/VAR 03/30/2028 144A | Corporate Bond 1.605% 3/30/28 | ** | 1,566 | |||||||||||
DOLLAR GEN CORP NEW 4.625% 11/01/2027 | Corporate Bond 4.625% 11/01/27 | ** | 1,233 | |||||||||||
EASTERN ENERGY GAS HOLDINGS LLC 2.5% 11/15/2024 | Corporate Bond 2.50% 11/15/24 | ** | 297 | |||||||||||
DUKE ENERGY CORP NEW 4.3% 03/15/2028 | Corporate Bond 4.30% 3/15/28 | ** | 1,042 | |||||||||||
ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+70.1 11 | Mortgage Backed Security 5.02% 11/15/38 | ** | 1,142 | |||||||||||
ERP OPERATING LP 3.375% 06/01/2025 | Corporate Bond 3.375% 6/01/25 | ** | 713 | |||||||||||
EDISON INTERNATIONAL 2.95% 03/15/2023 | Corporate Bond 2.95% 3/15/23 | ** | 276 | |||||||||||
ENBRIDGE INC 2.15% 02/16/2024 | Corporate Bond 2.15% 2/16/24 | ** | 282 | |||||||||||
ENBRIDGE INC 2.5% 02/14/2025 | Corporate Bond 2.50% 2/14/25 | ** | 289 | |||||||||||
EQUINOR ASA 1.75% 01/22/2026 | Corporate Bond 1.75% 1/22/26 | ** | 258 | |||||||||||
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12/26 | Corporate Bond 1.70% 11/12/26 | ** | 1,063 | |||||||||||
EXELON CORP 2.75% 03/15/2027 | Corporate Bond 2.75% 3/15/27 | ** | 136 | |||||||||||
FHLG 5.50% 3/34 #G01665 | Government 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 #G05815 | Government Bond 5.50% 7/01/35 | ** | 25 | |||||||||||
FHLG 15YR 3% 05/01/2033#G16550 | Government Bond 3.00% 5/01/33 | ** | 610 | |||||||||||
FHLG 20YR 3.5% 06/01/2032#C91456 | Government Bond 3.50% 6/01/32 | ** | 425 | |||||||||||
FHLG 15YR 2.5% 12/01/2031#SB0093 | Government Bond 2.50% 12/01/31 | ** | 959 | |||||||||||
FHLG 15YR 3% 02/01/2034#SB0179 | Government Bond 3.00% 2/01/34 | ** | 941 | |||||||||||
FHLG 15YR 3% 03/01/2033#SB0181 | Government Bond 3.00% 3/01/33 | ** | 1,767 | |||||||||||
FHLG 15YR 3.5% 04/01/2034#SB0378 | Government Bond 3.50% 4/01/34 | ** | 780 | |||||||||||
FHLG 5.50% 5/34 #Z40042 | Government Bond 5.50% 5/01/34 | ** | 289 | |||||||||||
FHLG 20YR 3% 11/01/2033#G30872 | Government Bond 3.00% 11/01/33 | ** | 650 | |||||||||||
FHLG 20YR 3.5% 07/01/2032#G31067 | Government Bond 3.50% 7/01/32 | ** | 277 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2012-149 DA 1.75% 01/25/43 | Mortgage Backed Security 1.75% 1/25/43 | ** | 69 | |||||||||||
FNR 2013-16 GP 3% 1/1/33 | Mortgage Backed Security 3.00% 3/25/33 | ** | 131 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 1.85% 05/25/2033 | Mortgage Backed Security 1.85% 5/25/33 | ** | 478 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 3.0% 06/25/2043 | Mortgage Backed Security 3.00% 6/25/43 | ** | 374 | |||||||||||
FNR 2015-49 LE 3% 07/45 | Mortgage Backed Security 3.00% 7/25/45 | ** | 379 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 3.0% 04/25/2044 | Mortgage Backed Security 3.00% 4/25/44 | ** | 191 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045 | Mortgage Backed Security 2.50% 5/25/45 | ** | 772 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2015-28 JE 3.0% 05/45 | Mortgage Backed Security 3.00% 5/25/45 | ** | 552 | |||||||||||
FNR 2015-42 LE 3.0% 06/25/45 | Mortgage Backed Security 3.00% 6/25/45 | ** | 493 | |||||||||||
FNR 2015-54 GA 2.5% 07/25/2045 | Mortgage Backed Security 2.50% 7/25/45 | ** | 324 | |||||||||||
FNR 2016-26 CG 3% 05/46 | Mortgage Backed Security 3.00% 5/25/46 | ** | 988 | |||||||||||
FNR 2016-19 AH 3% 04/46 | Mortgage Backed Security 3.00% 4/25/46 | ** | 366 | |||||||||||
FNR 2016-27 HK 3% 01/25/2041 | Mortgage Backed Security 3.00% 1/25/41 | ** | 535 | |||||||||||
FNR 2016-27 KG 3% 01/40 | Mortgage Backed Security 3.00% 1/25/40 | ** | 248 | |||||||||||
FNR 2016-37 BK 3% 06/25/46 | Mortgage Backed Security 3.00% 6/25/46 | ** | 1,075 | |||||||||||
FNR 2016-34 GH 3% 06/46 | Mortgage Backed Security 3.00% 6/25/46 | ** | 946 | |||||||||||
FEDERAL NATL MTG AS GTD RE PTT 2016-105 PA 3.5% 04/45 | Mortgage Backed Security 3.50% 4/25/45 | ** | 392 | |||||||||||
FNR 2016-100 P 3.5% 11/44 | Mortgage Backed Security 3.50% 11/25/44 | ** | 611 | |||||||||||
FNR 2017-20 AP 3.5% 03/25/2045 | Mortgage Backed Security 3.50% 3/25/45 | ** | 889 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/45 | Mortgage Backed Security 3.50% 12/25/45 | ** | 743 | |||||||||||
FANNIE MAE 2017-74 PA 3.5% 11/25/2045 | Mortgage Backed Security 3.50% 11/25/45 | ** | 718 | |||||||||||
FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047 | Mortgage Backed Security 3.00% 1/25/47 | ** | 827 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/47 | Mortgage Backed Security 3.00% 2/25/47 | ** | 1,268 | |||||||||||
FNR 2018-16 NB 3.25% 12/25/2044 | Mortgage Backed Security 3.25% 12/25/44 | ** | 155 | |||||||||||
FEDERAL NATL MTG AS GTD RE PTT 2018-11 LA 3.5% 07/45 | Mortgage Backed Security 3.50% 7/25/45 | ** | 545 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/2046 | Mortgage 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% 10/25/2044 | Mortgage Backed Security 3.50% 10/25/44 | ** | 642 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048 | Mortgage Backed Security 3.00% 3/25/48 | ** | 1,638 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2019-14 DA 4% 03/25/48 | Mortgage Backed Security 4.00% 3/25/48 | ** | 364 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 4% 11/25/2048 | Mortgage Backed Security 4.00% 11/25/48 | ** | 419 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25/39 | Mortgage Backed Security 3.00% 7/25/39 | ** | 952 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2.5% 10/25/2039 | Mortgage Backed Security 2.50% 10/25/39 | ** | 482 | |||||||||||
FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035 | Mortgage Backed Security 2.00% 6/25/35 | ** | 1,124 | |||||||||||
FNMA 5.50% 11/34 #310105 | Mortgage Backed Security 5.50% 11/01/34 | ** | 206 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 4135 AB 1.75% 06/15/42 | Mortgage Backed Security 1.75% 6/15/42 | ** | 55 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 3.0% 05/15/2045 | Mortgage Backed Security 3.00% 5/15/45 | ** | 315 | |||||||||||
FREDDIE MAC 4656 PA 3.5% 10/15/2045 | Mortgage Backed Security 3.50% 10/15/45 | ** | 537 | |||||||||||
FHR 4683 EA 2.5% 05/47 | Mortgage Backed Security 2.50% 5/15/47 | ** | 926 | |||||||||||
FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046 | Mortgage Backed Security 3.50% 2/15/46 | ** | 912 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT K727 A2 2.946% 07/24 | Government Bond 2.946% 7/25/24 | ** | 1,479 | |||||||||||
FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046 | Mortgage Backed Security 3.00% 2/15/46 | ** | 899 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 4847 CA 3.5% 11/15/45 | Mortgage Backed Security 3.50% 11/15/45 | ** | 389 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 4% 07/15/2047 | Mortgage Backed Security 4.00% 7/15/47 | ** | 599 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 2019-4872 AB 4% 08/47 | Mortgage Backed Security 4.00% 8/15/47 | ** | 575 | |||||||||||
FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039 | Mortgage Backed Security 3.00% 7/25/39 | ** | 744 | |||||||||||
* | FIDELITY SHORT TERM CASH FUND | Fid Inst Cash Port: MM Fund Class 1 SHS F/N/A | ** | 4,271 | ||||||||||
FREDDIE MAC REMICS 3% 10/25/2048 | Mortgage Backed Security 3.00% 10/25/48 | ** | 764 | |||||||||||
FNMA 6.50% 7/32 #545759 | Mortgage Backed Security 6.50% 7/01/32 | ** | 12 | |||||||||||
FNMA 6.50% 7/32 #545762 | Mortgage Backed Security 6.50% 7/01/32 | ** | 3 | |||||||||||
FNMA 20YR 2.5% 01/01/2033#AL2982 | Mortgage Backed Security 2.50% 1/01/33 | ** | 152 | |||||||||||
FNMA 20YR 2.5% 01/01/2033#AL2974 | Mortgage Backed Security 2.50% 1/01/33 | ** | 191 | |||||||||||
FNMA 20YR 2.5% 01/01/2033#AL2975 | Mortgage Backed Security 2.50% 1/01/33 | ** | 224 | |||||||||||
FNMA 20YR 2.5% 01/01/2033#AL2976 | Mortgage Backed Security 2.50% 1/01/33 | ** | 120 | |||||||||||
FNMA 15YR 4.5% 11/01/2025#AL8242 | Mortgage Backed Security 4.50% 11/01/25 | ** | 50 | |||||||||||
FNMA 15YR 2.5% 10/01/2031#AS8010 | Mortgage Backed Security 2.50% 10/01/31 | ** | 432 | |||||||||||
FHR 3415 PC 5% 12/37 | Mortgage Backed Security 5.00% 12/15/37 | ** | 31 | |||||||||||
FEDERAL NAT MTG ASN GTD REM 2011-26 PA 4.5% 04/25/41 | Mortgage Backed Security 4.50% 4/25/41 | ** | 262 | |||||||||||
FNMA 6.50% 12/32 #735415 | Mortgage Backed Security 6.50% 12/01/32 | ** | 5 | |||||||||||
FNMA 6.50% 7/35 #745092 | Mortgage Backed Security 6.50% 7/01/35 | ** | 5 | |||||||||||
FNMA 15YR 3% 02/01/2033#BM5108 | Mortgage 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#BM5109 | Mortgage Backed Security 3.00% 12/01/32 | ** | 2,310 | |||||||||||
FNMA 15YR 3.5% 02/01/2035#FM0065 | Mortgage Backed Security 3.50% 2/01/35 | ** | 844 | |||||||||||
FNMA 20YR 4.5% 03/01/2039#FM1774 | Mortgage Backed Security 4.50% 3/01/39 | ** | 119 | |||||||||||
FNMA 20YR 4.5% 06/01/2039#FM1045 | Mortgage Backed Security 4.50% 6/01/39 | ** | 58 | |||||||||||
FNMA 20YR 4.5% 08/01/2039#FM1353 | Mortgage Backed Security 4.50% 8/01/39 | ** | 151 | |||||||||||
FNMA 30YR 4.5% 09/01/2049#FM1534 | Mortgage Backed Security 4.50% 9/01/49 | ** | 939 | |||||||||||
FNMA 15YR 3.5% 09/01/2034#FM1577 | Mortgage Backed Security 3.50% 9/01/34 | ** | 760 | |||||||||||
FNMA 15YR 3.5% 09/01/2034#FM1578 | Mortgage Backed Security 3.50% 9/01/34 | ** | 338 | |||||||||||
FNMA 15YR 3.5% 10/01/2034#FM1579 | Mortgage Backed Security 3.50% 10/01/34 | ** | 205 | |||||||||||
FNMA 15YR 4% 03/01/2034#FM2867 | Mortgage Backed Security 4.00% 3/01/34 | ** | 2,276 | |||||||||||
FNMA 15YR 4% 02/01/2034#FM3001 | Mortgage Backed Security 4.00% 2/01/34 | ** | 1,013 | |||||||||||
FNMA 20YR 3% 12/01/2040#FM4710 | Mortgage Backed Security 3.00% 3/01/40 | ** | 1,116 | |||||||||||
FNMA 20YR 3% 12/01/2040#FM4711 | Mortgage Backed Security 3.00% 3/01/40 | ** | 1,365 | |||||||||||
FNMA 6.50% 8/36 #888034 | Mortgage Backed Security 6.50% 8/01/36 | ** | 7 | |||||||||||
FNMA 6.50% 8/36 #888544 | Mortgage Backed Security 6.50% 8/01/36 | ** | 36 | |||||||||||
FNMA 20YR 3.00% 11/32 #MA1237 | Mortgage Backed Security 3.00% 11/01/32 | ** | 1,498 | |||||||||||
FNMA 20YR 3% 07/01/2036#MA2672 | Mortgage Backed Security 3.00% 7/01/36 | ** | 1,901 | |||||||||||
FNMA 20YR 4% 04/01/2038#MA3337 | Mortgage Backed Security 4.00% 4/01/38 | ** | 760 | |||||||||||
FNMA 6.50% 12/35 #AD0723 | Mortgage Backed Security 6.50% 12/01/35 | ** | 43 | |||||||||||
FNMA 6.50% 8/36 #AE0746 | Mortgage Backed Security 6.50% 8/01/36 | ** | 29 | |||||||||||
FLORIDA PWR & LT CO 2.85% 04/01/2025 | Corporate Bond 2.85% 4/01/25 | ** | 368 | |||||||||||
FORD CR FLOORPLN MAST OWN TR A 0.7% 09/15/2025 | Mortgage Backed Security 0.70% 9/15/25 | ** | 1,580 | |||||||||||
FORD CR AUTO OWNER TR 2019-1 A 3.52% 07/15/2030 14 | Mortgage Backed Security 3.52% 7/15/30 | ** | 1,444 | |||||||||||
GMF FLOORPLAN OWNER REVOLVING TR 0.68% 08/15/2025 | Mortgage Backed Security 0.68% 8/15/25 | ** | 714 | |||||||||||
GMF FLOORPLAN OWNER REVOLVING TR 0.69% 10/15/2025 | Mortgage Backed Security 0.69% 10/15/25 | ** | 1,616 | |||||||||||
GS MTG SECS TR 2014-GC26 AAB 3.365% 11/10/2047 | Mortgage Backed Security 3.365% 11/10/47 | ** | 387 | |||||||||||
GS MTG SECS TR 2015-GC32 AAB 3.513% 07/10/2048 | Mortgage Backed Security 3.513% 7/10/48 | ** | 295 | |||||||||||
GS MTG SECS TR 2015-GC28 AAB 3.206% 02/10/2048 | Mortgage Backed Security 3.206% 2/10/48 | ** | 303 | |||||||||||
GS MTG SECS TR 2014-GC18 AAB 3.648% 01/10/2047 | Mortgage Backed Security 3.648% 1/10/47 | ** | 46 | |||||||||||
GS MTG SECS TR 2014-GC20 AAB 3.655% 04/10/2047 | Mortgage Backed Security 3.655% 4/10/47 | ** | 66 | |||||||||||
GSK CONSUMER HEALTHCARE CAPITAL UK PLC 3.125% 03/25 | Corporate Bond 3.125% 3/24/25 | ** | 1,823 | |||||||||||
GENERAL MTRS FINL CO INC 1.25% 01/08/2026 | Corporate Bond 1.25% 1/08/26 | ** | 1,543 | |||||||||||
GENERAL MTRS FINL CO INC 1.05% 03/08/2024 | Corporate Bond 1.05% 3/08/24 | ** | 459 | |||||||||||
GENERAL MTRS FINL CO INC 2.35% 02/26/2027 | Corporate Bond 2.35% 2/26/27 | ** | 705 | |||||||||||
GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028 | Corporate 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 08/23/2028 | Corporate Bond 4.482% 8/23/28 | ** | 1,364 | |||||||||||
GREAT-WEST LIFECO FIN 20 0.904% 08/12/2025 144A | Corporate Bond 0.904% 8/12/25 | ** | 671 | |||||||||||
GUARDIAN LIFE GLOBAL FUNDING 1.1% 06/23/2025 144A | Corporate Bond 1.10% 6/23/25 | ** | 1,348 | |||||||||||
GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144A | Corporate Bond 1.40% 7/06/27 | ** | 1,632 | |||||||||||
HSBC HOLDINGS PLC 3.95%/VAR 5/18/2024 | Corporate Bond 3.95% 5/18/24 | ** | 1,595 | |||||||||||
HSBC HOLDINGS PLC 3.803%/VAR 03/11/2025 | Corporate Bond 3.803% 3/11/25 | ** | 1,869 | |||||||||||
HSBC HOLDINGS PLC 2.251%/VAR 11/22/2027 | Corporate Bond 2.251% 11/22/27 | ** | 1,625 | |||||||||||
HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028 | Corporate Bond 5.21% 8/11/28 | ** | 1,013 | |||||||||||
WELLTOWER OP 4% 06/01/2025 | Corporate Bond 4.00% 6/01/25 | ** | 1,065 | |||||||||||
HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.5% 08/01/26 | Corporate Bond 3.50% 8/01/26 | ** | 157 | |||||||||||
HOME DEPOT INC 2.875% 04/15/2027 | Corporate Bond 2.875% 4/15/27 | ** | 658 | |||||||||||
HUNTINGTON BANCSHARES INC/OH 2.625% 08/06/2024 | Corporate Bond 2.625% 8/06/24 | ** | 1,269 | |||||||||||
HUNTINGTON BANCSHARES INC/OH 4.443%/VAR 08/04/2028 | Corporate Bond 4.443% 8/04/28 | ** | 802 | |||||||||||
HUNTINGTON NATL BK COLUMBUS OH 5.699%/VAR 11/18/2025 | Corporate Bond 5.699% 11/18/25 | ** | 1,428 | |||||||||||
HYUNDAI CAP AMER 1% 09/17/2024 144A | Corporate Bond 1.00% 9/17/24 | ** | 1,755 | |||||||||||
HYUNDAI AUTO RECEIVABLES TR 2020-C 0.38% 05/15/2025 | Mortgage Backed Security 0.38% 5/15/25 | ** | 1,017 | |||||||||||
IMPERIAL BRANDS FINANCE PLC 3.125% 07/26/2024 144A | Corporate Bond 3.125% 7/26/24 | ** | 1,406 | |||||||||||
ING GROEP NV SOFR 1.726%/VAR 04/01/2027 | Corporate Bond 1.726% 4/01/27 | ** | 775 | |||||||||||
INTERCONTINENTAL EXCHANGE INC 3.65% 05/23/2025 | Corporate Bond 3.65% 5/23/25 | ** | 1,034 | |||||||||||
INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027 | Corporate Bond 4.00% 9/15/27 | ** | 1,574 | |||||||||||
JP MORGAN CHASE COML MTG SECS TR 2013-C10 A5 3.1425 | Mortgage Backed Security 3.1425% 12/15/47 | ** | 247 | |||||||||||
JPMBB COML MTG SECS TR 2014-C22 3.8012% 09/15/2047 | Mortgage Backed Security 3.8012% 9/15/47 | ** | 657 | |||||||||||
JPMCC COML MTG SECS TR 2016-JP4 A2 2.984% 12/15/2049 | Mortgage Backed Security 2.984% 12/15/49 | ** | 87 | |||||||||||
JP Morgan Chase | Synthetic GIC - 1.722% (fair value to contract value) | ** | 7,932 | |||||||||||
JPMORGAN CHASE & CO 3.559%/VAR 04/23/24 | Corporate Bond 3.559% 4/23/24 | ** | 2,001 | |||||||||||
JPMORGAN CHASE & CO 4.023/VAR 12/05/2024 | Corporate Bond 4.023% 12/05/24 | ** | 721 | |||||||||||
JPMORGAN CHASE & CO 2.083/VAR 04/22/2026 | Corporate Bond 2.083% 4/22/26 | ** | 1,678 | |||||||||||
JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026 | Corporate Bond 1.045% 11/19/26 | ** | 1,493 | |||||||||||
JPMORGAN CHASE & CO 0.824/VAR 06/01/2025 | Corporate 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 09/22/2027 | Corporate Bond 1.47% 9/22/27 | ** | 1,714 | |||||||||||
JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028 | Corporate Bond 2.947% 2/24/28 | ** | 1,555 | |||||||||||
JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028 | Corporate Bond 4.851% 7/25/28 | ** | 1,394 | |||||||||||
KEYCORP 3.878%/VAR 05/23/2025 | Corporate Bond 3.878% 5/23/25 | ** | 582 | |||||||||||
KEYBANK NATL ASSN 4.15% 08/08/2025 | Corporate Bond 4.15% 8/08/25 | ** | 509 | |||||||||||
KINDER MORGAN ENERGY PTNRS LP 3.5% 09/01/2023 | Corporate Bond 3.50% 9/01/23 | ** | 850 | |||||||||||
LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.524 | Mortgage Backed Security 5.63% 5/15/39 | ** | 1,229 | |||||||||||
Lincoln Natl Life Ins Co | Synthetic GIC - 1.732% (fair value to contract value) | ** | 4,285 | |||||||||||
LLOYDS BANKING GROUP PLC 2.438%/VAR 02/05/2026 | Corporate Bond 2.438% 2/05/26 | ** | 626 | |||||||||||
LLOYDS TSB BANK T1Y 0.695%/VAR 05/11/2024 | Corporate Bond 0.695% 5/11/24 | ** | 1,360 | |||||||||||
LOWES COS INC 4.4% 09/08/2025 | Corporate Bond 4.40% 9/08/25 | ** | 838 | |||||||||||
MAGALLANES INC 3.638% 03/15/2025 144A | Corporate Bond 3.638% 3/15/25 | ** | 218 | |||||||||||
MAGALLANES INC 3.755% 03/15/2027 144A | Corporate Bond 3.755% 3/15/27 | ** | 404 | |||||||||||
MARSH & MCLENNAN COS INC 3.875% 03/15/2024 | Corporate Bond 3.875% 3/15/24 | ** | 667 | |||||||||||
Massachusetts Mutual | Synthetic GIC - 1.722% (fair value to contract value) | ** | 257 | |||||||||||
METROPOLITAN LIFE GLBL FDG I 0.9% 06/08/2023 144A | Corporate Bond 0.90% 6/08/23 | ** | 1,095 | |||||||||||
Metropolitan Life Inc Co | Synthetic GIC - 1.722% (fair value to contract value) | ** | 4,062 | |||||||||||
MITSUBISHI UFJ FIN GRP INC 2.193% 02/25/2025 | Corporate Bond 2.193% 2/25/25 | ** | 1,680 | |||||||||||
MITSUBISHI UFJ FIN GRP INC 1.412% 07/17/2025 | Corporate Bond 1.412% 7/17/25 | ** | 1,372 | |||||||||||
MITSUBISHI UFJ FIN GRP INC 0.953%/VAR 07/19/2025 | Corporate Bond 0.953% 7/19/25 | ** | 1,867 | |||||||||||
MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027 | Corporate Bond 1.64% 10/13/27 | ** | 2,092 | |||||||||||
MIZUHO FINL GROUP INC 0.849%/VAR 09/08/2024 | Corporate Bond 0.849% 9/08/24 | ** | 931 | |||||||||||
MIZUHO FINL GROUP INC 1.234%/VAR 5/22/2027 | Corporate Bond 1.234% 5/22/27 | ** | 1,822 | |||||||||||
MIZUHO FINL GROUP INC T1Y 2.651%/VAR 05/22/2026 | Corporate Bond 2.651% 5/22/26 | ** | 1,462 | |||||||||||
MOODYS CORP 3.75% 03/24/2025 | Corporate Bond 3.75% 3/24/25 | ** | 609 | |||||||||||
MSBAM 2015-C22 ASB 3.04% 04/15/48 | Mortgage Backed Security 3.04% 4/15/48 | ** | 157 | |||||||||||
MORGAN STANLEY VAR/2.72 07/22/2025 | Corporate Bond 2.72% 7/22/25 | ** | 1,075 | |||||||||||
MORGAN STANLEY 2.188%/VAR 04/28/2026 | Corporate Bond 2.188% 4/28/26 | ** | 1,306 | |||||||||||
MORGAN STANLEY 3.737%/VAR 04/24/2024 | Corporate Bond 3.737% 4/24/24 | ** | 1,610 | |||||||||||
MORGAN STANLEY 4.679%/VAR 07/17/2026 | Corporate Bond 4.679% 7/17/26 | ** | 1,080 | |||||||||||
MSBAM 2013-C13 ASB 3.557% 11/15/2046 | Mortgage 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 A | Mortgage Backed Security 3.48% 6/15/47 | ** | 234 | |||||||||||
MSBAM 2014-C17 ASB 3.477% 8/47 | Mortgage Backed Security 3.477% 8/15/47 | ** | 505 | |||||||||||
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2015-C21 A | Mortgage Backed Security 3.15% 3/15/48 | ** | 89 | |||||||||||
MSBAM 2016-C28 3.272% 01/15/49 | Mortgage Backed Security 3.272% 1/15/49 | ** | 320 | |||||||||||
MORGAN STANLEY CAP I TR 2019-MEAD 3.17% 11/10/2036 | Mortgage Backed Security 3.17% 11/10/36 | ** | 963 | |||||||||||
NTT FINANCE CORP 0.583% 03/01/2024 144A | Corporate Bond 0.583% 3/01/24 | ** | 834 | |||||||||||
NTT FINANCE CORP 1.162% 04/03/2026 144A | Corporate Bond 1.162% 4/03/26 | ** | 1,633 | |||||||||||
NATIONAL BANK OF CANADA 0.55/VAR 11/15/2024 | Corporate Bond 0.55% 11/15/24 | ** | 826 | |||||||||||
Nationwide Life Ins Co | Synthetic GIC - 1.732% (fair value to contract value) | ** | 5,992 | |||||||||||
NATWEST GRP PLC(UNGTD) 1.642/VAR 06/14/2027 | Corporate Bond 1.642% 6/14/27 | ** | 1,189 | |||||||||||
NATWEST MARKETS PLC 0.8% 08/12/2024 144A | Corporate Bond 0.80% 8/12/24 | ** | 983 | |||||||||||
NYC TFA (PIT) 2.85% 2/1/2024 | Municipal Bond 2.85% 2/01/24 | ** | 426 | |||||||||||
NYC TFA (PIT) 2.05% 8/1/2023 | Municipal Bond 2.05% 8/01/23 | ** | 462 | |||||||||||
NYS UDC 2.67% 3/15/2023 | Municipal Bond 2.67% 3/15/23 | ** | 1,090 | |||||||||||
NYS UDC 2.7% 3/15/2023 | Municipal Bond 2.70% 3/15/23 | ** | 1,858 | |||||||||||
NISOURCE INC 0.95% 08/15/2025 | Corporate Bond 0.95% 8/15/25 | ** | 574 | |||||||||||
OPG TR 2021-PORT 1ML+49.8 10/15/2036 144A | Mortgage Backed Security 4.80% 10/15/36 | ** | 1,280 | |||||||||||
ORACLE CORP 1.65% 03/25/2026 | Corporate Bond 1.65% 3/25/26 | ** | 678 | |||||||||||
OTIS WORLDWIDE CORP 2.056% 04/05/2025 | Corporate Bond 2.056% 4/05/25 | ** | 1,693 | |||||||||||
PNC FINANCIAL SERVICES GRP INC SOFR+ 12/02/2028 | Corporate Bond 5.35% 12/02/28 | ** | 952 | |||||||||||
PACIFIC LIFE GF II 1.2% 06/24/2025 144A | Corporate Bond 1.20% 6/24/25 | ** | 973 | |||||||||||
Pacific Life Ins Co | Synthetic GIC - 1.722% (fair value to contract value) | ** | 3,117 | |||||||||||
PARKER-HANNIFIN CORP 3.65% 06/15/2024 | Corporate Bond 3.65% 6/15/24 | ** | 1,431 | |||||||||||
PARKER-HANNIFIN CORP 4.25% 09/15/2027 | Corporate Bond 4.25% 9/15/27 | ** | 706 | |||||||||||
PAYPAL HLDGS INC 1.65% 06/01/2025 | Corporate Bond 1.65% 6/01/25 | ** | 489 | |||||||||||
PHILIP MORRIS INTL INC 2.875% 05/01/2024 | Corporate Bond 2.875% 5/01/24 | ** | 1,463 | |||||||||||
PHILIP MORRIS INTL INC 0.875% 05/01/2026 | Corporate Bond 0.875% 5/01/26 | ** | 841 | |||||||||||
PRICOA GLOBAL FDG I 2.4% 09/23/2024 144A | Corporate Bond 2.40% 9/23/24 | ** | 1,666 | |||||||||||
PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1 | Corporate Bond 3.218% 3/28/25 | ** | 414 | |||||||||||
Prudential Ins Co America | Synthetic GIC - 1.722% (fair value to contract value) | ** | 6,958 | |||||||||||
RABOBANK NEDERLAND COOP CENTL 1.98%/VAR 12/15/2027 | Corporate Bond 1.98% 12/15/27 | ** | 1,662 | |||||||||||
CITIZENS BANK NA 2.25% 04/28/2025 | Corporate Bond 2.25% 4/28/25 | ** | 1,229 | |||||||||||
REGIONS FINL CORP NEW 2.25% 05/18/2025 | Corporate 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 144A | Corporate Bond 2.00% 11/30/26 | ** | 649 | |||||||||||
ROGERS COMMUNICATIONS INC 3.2% 03/15/2027 144A | Corporate Bond 3.20% 3/15/27 | ** | 446 | |||||||||||
ROPER TECHNOLOGIES INC 1% 09/15/2025 | Corporate Bond 1.00% 9/15/25 | ** | 195 | |||||||||||
ROSS STORES INC 0.875% 04/15/2026 | Corporate Bond 0.875% 4/15/26 | ** | 1,377 | |||||||||||
ROYAL BANK OF CANADA 4.65% 01/27/2026 | Corporate Bond 4.65% 1/27/26 | ** | 821 | |||||||||||
ROYAL BK SCOTLND GRP PLC(UNGTD 4.519%/VAR 06/25/20 | Corporate Bond 4.519% 6/25/24 | ** | 1,962 | |||||||||||
ROYAL BANK OF CANADA 1.15% 06/10/2025 | Corporate Bond 1.15% 6/10/25 | ** | 1,328 | |||||||||||
S&P GLOBAL INC 2.45% 03/01/2027 144A | Corporate Bond 2.45% 3/01/27 | ** | 1,491 | |||||||||||
SSM HEALTH CARE CORP 3.688% 06/01/2023 | Corporate Bond 3.688% 6/01/23 | ** | 913 | |||||||||||
SREIT TR 2021-MFP 1ML+73.08 11/15/2038 144A | Mortgage Backed Security 5.05% 11/15/38 | ** | 775 | |||||||||||
SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028 | Corporate Bond 2.49% 1/06/28 | ** | 488 | |||||||||||
SANTANDER RETAIL AUTO LEASE TR 2020-B 0.57% 04/22/24 | Mortgage Backed Security 0.57% 4/22/24 | ** | 1,507 | |||||||||||
SANTANDER RETAIL AUTO LEASE TR 2021-A 0.51% 07/22/24 | Mortgage Backed Security 0.51% 7/22/24 | ** | 1,089 | |||||||||||
SEMPRA ENERGY 3.3% 04/01/2025 | Corporate Bond 3.30% 4/01/25 | ** | 695 | |||||||||||
7 ELEVEN INC 0.95% 02/10/2026 144A | Corporate Bond 0.95% 2/10/26 | ** | 534 | |||||||||||
7 ELEVEN INC 1.3% 02/10/2028 144A | Corporate Bond 1.30% 2/10/28 | ** | 633 | |||||||||||
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 0.65% 03/11/24 | Corporate Bond 0.65% 3/11/24 | ** | 1,240 | |||||||||||
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.2% 03/11/2026 | Corporate Bond 1.20% 3/11/26 | ** | 1,232 | |||||||||||
SIMON PROPERTY GROUP LP 2.75% 06/01/2023 | Corporate Bond 2.75% 6/01/23 | ** | 1,051 | |||||||||||
SOCIETE GENERALE FRANCE 2.625% 10/16/2024 144A | Corporate Bond 2.625% 10/16/24 | ** | 303 | |||||||||||
SOCIETE GENERALE FRANCE 1.488%/VAR 12/14/2026 144A | Corporate Bond 1.488% 12/14/26 | ** | 981 | |||||||||||
SOCIETE GENERALE FRANCE 1.792/VAR 06/09/2027 144A | Corporate Bond 1.792% 6/09/27 | ** | 1,192 | |||||||||||
SOCIETE GENERALE FRANCE 2.797%/VAR 01/19/2028 144A | Corporate Bond 2.797% 1/19/28 | ** | 1,686 | |||||||||||
SOUTHERN COMPANY 0.6% 02/26/2024 | Corporate Bond 0.60% 2/26/24 | ** | 742 | |||||||||||
State St BK & TR Co Boston | Synthetic GIC - 1.722% (fair value to contract value) | ** | 3,458 | |||||||||||
STATE STREET CORP 2.901%/VAR 03/30/2026 | Corporate Bond 2.901% 3/30/26 | ** | 74 | |||||||||||
SUMITOMO MITSUI FINL GRP INC 0.508% 01/12/2024 | Corporate Bond 0.508% 1/12/24 | ** | 197 | |||||||||||
SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026 | Corporate Bond 1.402% 9/17/26 | ** | 1,750 | |||||||||||
TORONTO DOMINION BANK 2.8% 03/10/2027 | Corporate 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 Life | Synthetic GIC - 1.722% (fair value to contract value) | ** | 6,314 | |||||||||||
TRUIST FINANCIAL CORP 4.26%/VAR 07/28/2026 | Corporate Bond 4.26% 7/28/26 | ** | 1,451 | |||||||||||
UBS GROUP AG 1.008%/VAR 07/30/2024 144A | Corporate Bond 1.008% 7/30/24 | ** | 1,070 | |||||||||||
UBS AG LON BRANCH 1.375% 01/13/2025 144A | Corporate Bond 1.375% 1/13/25 | ** | 1,290 | |||||||||||
USAA CAPITAL CORP 1.5% 05/01/2023 144A | Corporate Bond 1.50% 5/01/23 | ** | 271 | |||||||||||
US BANCORP DEL 1.45% 05/12/2025 | Corporate Bond 1.45% 5/12/25 | ** | 1,524 | |||||||||||
UST NOTES 1.375% 08/31/2023 | Government Bond 1.375% 8/31/23 | ** | 983 | |||||||||||
UST NOTES 2.375% 08/15/2024 | Government Bond 2.375% 8/15/24 | ** | 27,015 | |||||||||||
UST NOTES 0.375% 04/30/2025 | Government Bond 0.375% 4/30/25 | ** | 8,255 | |||||||||||
UST NOTES 0.75% 03/31/2026 | Government Bond 0.75% 3/31/26 | ** | 62,091 | |||||||||||
UST NOTES 0.25% 05/15/2024 | Government Bond 0.25% 5/15/24 | ** | 1,023 | |||||||||||
UST NOTES 0.625% 07/31/2026 | Government Bond 0.625% 7/31/26 | ** | 17,382 | |||||||||||
UST NOTES 0.625% 10/15/2024 | Government Bond 0.625% 10/15/24 | ** | 9,820 | |||||||||||
UST NOTES 1.25% 12/31/2026 | Government Bond 1.25% 12/31/26 | ** | 9,213 | |||||||||||
UST NOTES 1.125% 01/15/2025 | Government Bond 1.125% 1/15/25 | ** | 14,181 | |||||||||||
UST NOTES 2.75% 04/30/2027 | Government Bond 2.75% 4/30/27 | ** | 26,825 | |||||||||||
UST NOTES 2.625% 05/31/2027 | Government Bond 2.625% 5/31/27 | ** | 4,746 | |||||||||||
UST NOTES 3% 06/30/2024 | Government Bond 3.00% 6/30/24 | ** | 10,742 | |||||||||||
UST NOTES 2.75% 07/31/2027 | Government Bond 2.75% 7/31/27 | ** | 3,900 | |||||||||||
UST NOTES 3.125% 08/15/2025 | Government Bond 3.125% 8/15/25 | ** | 6,750 | |||||||||||
UST NOTES 3.5% 09/15/2025 | Government Bond 3.50% 9/15/25 | ** | 26,377 | |||||||||||
UST NOTES 4.125% 09/30/2027 | Government Bond 4.125% 9/30/27 | ** | 7,916 | |||||||||||
UST NOTES 4.125% 10/31/2027 | Government Bond 4.125% 10/31/27 | ** | 18,968 | |||||||||||
UST NOTES 4.125% 11/15/2032 | Government Bond 4.125% 11/15/32 | ** | 1,128 | |||||||||||
UST NOTES 4.5% 11/30/2024 | Government Bond 4.50% 11/30/24 | ** | 8,032 | |||||||||||
UST NOTES 3.875% 11/30/2029 | Government Bond 3.875% 11/30/29 | ** | 1,096 | |||||||||||
UST NOTES 3.875% 11/30/2027 | Government Bond 3.875% 11/30/27 | ** | 21,131 | |||||||||||
UST NOTES 4% 12/15/2025 | Government Bond 4.00% 12/15/25 | ** | 9,936 | |||||||||||
UNITEDHEALTH GROUP INC 3.7% 05/15/2027 | Corporate Bond 3.70% 5/15/27 | ** | 1,290 | |||||||||||
VENTAS RLTY LTD PARTNERSHIP 3.5% 04/15/2024 | Corporate Bond 3.50% 4/15/24 | ** | 657 | |||||||||||
VENTAS RLTY LTD PARTNERSHIP 2.65% 01/15/2025 | Corporate Bond 2.65% 1/15/25 | ** | 1,005 | |||||||||||
VERIZON COMMUNICATIONS INC 1.45% 03/20/2026 | Corporate Bond 1.45% 3/20/26 | ** | 553 | |||||||||||
VERIZON MASTER TRUST 2021-1 A 0.5% 05/20/2027 | Mortgage Backed Security 0.50% 5/20/27 | ** | 1,445 | |||||||||||
VERIZON MASTER TRUST 2021-1 A 0.99% 04/20/2028 | Mortgage Backed Security 0.99% 4/20/28 | ** | 2,135 | |||||||||||
VERIZON MASTER TRUST 3.72% 07/20/2027 | Mortgage Backed Security 3.72% 7/20/27 | ** | 863 | |||||||||||
VIRGINIA ELECTRIC AND POWER CO 3.75% 05/15/2027 | Corporate Bond 3.75% 5/15/27 | ** | 1,518 | |||||||||||
VOLKSWAGEN GROUP AMER FIN LLC 1.25% 11/24/2025 144 | Corporate Bond 1.25% 11/24/25 | ** | 1,893 |
31
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 | ||||||||||
VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144 | Corporate Bond 3.95% 6/06/25 | ** | 726 | |||||||||||
VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 144 | Corporate Bond 4.35% 6/08/27 | ** | 673 | |||||||||||
WFRBS COML MTG TR 2014-C20 ASB 3.638% 05/15/2047 | Mortgage Backed Security 3.638% 5/15/47 | ** | 114 | |||||||||||
WFRBS COML MTG TR 2014-C22 ASB 3.464% 09/15/2057 | Mortgage Backed Security 3.464% 9/15/57 | ** | 570 | |||||||||||
WFRBS COML MTG TR 2013-C16 A5 4.415% 09/15/2046 | Mortgage Backed Security 4.415% 9/15/46 | ** | 894 | |||||||||||
WFRBS COML MTG TR 2013-C16 3.963% 09/15/2046 | Mortgage Backed Security 3.963% 9/15/46 | ** | 42 | |||||||||||
WFRBS COML MTG TR 2014-C23 ASB 3.636% 10/15/2057 | Mortgage Backed Security 3.636% 10/15/57 | ** | 191 | |||||||||||
WELLS FARGO COML MTG TR 15-C27 ASB 3.278% 02/15/2048 | Mortgage Backed Security 3.278% 2/15/48 | ** | 412 | |||||||||||
WELLS FARGO & CO NEW 2.164%/VAR 02/11/2026 | Corporate Bond 2.164% 2/11/26 | ** | 1,731 | |||||||||||
WELLS FARGO & CO NEW 2.188/VAR 04/30/2026 | Corporate Bond 2.188% 4/30/26 | ** | 1,028 | |||||||||||
WELLS FARGO & CO NEW 1.654%/VAR 06/02/2024 | Corporate Bond 1.654% 6/02/24 | ** | 1,084 | |||||||||||
WELLS FARGO & CO NEW 3.526%/VAR 03/24/2028 | Corporate Bond 3.526% 3/24/28 | ** | 890 | |||||||||||
WELLS FARGO & CO NEW 4.808%/VAR 07/25/2028 | Corporate Bond 4.808% 7/25/28 | ** | 1,397 | |||||||||||
WELLTOWER OP 3.625% 03/15/2024 | Corporate Bond 3.625% 3/15/24 | ** | 1,167 | |||||||||||
Sub-total Managed Income Funds | 704,879 | |||||||||||||
Self-Directed Brokerage Account | Various shares | ** | 103,729 | |||||||||||
Total Investment Assets | $ | 3,034,595 | ||||||||||||
* | Participant Loans | Interest rates ranging 4.25% - 7.25% with maturity dates through December 2027 | $ | 45,943 |
* Represents a party-in-interest to the Plan.
** Historical cost is omitted because the investment is participant-directed.
32
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 22, 2023 | 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 |
33
Eastman Investment and Employee Stock Ownership Plan
Exhibit Index
Exhibit Number | Description | Sequential Page Number | ||||||
35 |
34