Document
eastmanlogoa06.jpg


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K/A
CURRENT REPORT

Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
February 27, 2017 (January 26, 2017)

EASTMAN CHEMICAL COMPANY
(Exact Name of Registrant as Specified in Its Charter)

 
 
 
 
 
Delaware
 
1-12626
 
62-1539359
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
 

 
 
 
200 South Wilcox Drive, Kingsport, TN
 
37662
(Address of Principal Executive Offices)
 
(Zip Code)

(423) 229-2000
(Registrant’s Telephone Number, Including Area Code)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
 
 
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
 
 
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
 
 
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



eastmanlogoa06.jpg


EASTMAN CHEMICAL COMPANY - EMN 
 
 

Item 2.02 Results of Operations and Financial Condition
 
On January 26, 2017 Eastman Chemical Company (the “Company”) publicly released its financial results for fourth quarter and full year 2016, and furnished the full text of the release as Exhibit 99.01 to the Current Report on Form 8-K (the “8-K”) that is amended by this Current Report on Form 8-K/A (this “8-K/A”). This 8-K/A is being furnished prior to and on the same date as filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “10-K”) to correct information contained in Exhibit 99.01 to the 8-K and to conform to information presented in the 10-K.

Subsequent to furnishing its financial results in the 8-K, the Company identified an omission of a plan provision from the actuarially calculated fourth quarter 2016 mark-to-market pension and other postretirement benefit plans loss, net disclosed in the 8-K. Correcting for this omission resulted in an increase in such amount to $67 million rather than the $46 million disclosed in the 8-K. Accordingly, certain of the financial results for fourth quarter and full year 2016 to be reported in the 10-K are different than those financial results disclosed in the 8-K as follows:
 
Fourth Quarter 2016
 
Twelve Months 2016
 
As Furnished
in the 8-K
 
As Corrected
 
As Furnished
in the 8-K
 
As Corrected
Cost of sales
$
1,683

 
$
1,698

 
$
6,643

 
$
6,658

Gross profit
505

 
490

 
2,365

 
2,350

Selling, general and administrative expenses
161

 
165

 
699

 
703

Research and development expenses
54

 
56

 
217

 
219

Operating earnings
273

 
252

 
1,404

 
1,383

Earnings before income taxes
134

 
113

 
1,070

 
1,049

Provision (benefit) for income taxes
4

 
(5
)
 
199

 
190

Net earnings
130

 
118

 
871

 
859

Net earnings attributable to Eastman
128

 
116

 
866

 
854

 
 
 
 
 
 
 
 
Basic earnings per share attributable to Eastman
$
0.88

 
$
0.79

 
$
5.88

 
$
5.80

Diluted earnings per share attributable to Eastman
$
0.87

 
$
0.79

 
$
5.84

 
$
5.75


Each of gross profit, operating earnings, earnings before income taxes, net earnings, and earnings per share excluding non-core items for fourth quarter and full year 2016 are unchanged in the 10-K from the 8-K because the mark-to-mark pension and other postretirement benefit plans loss, net is excluded from each earnings measure in both the 8-K and the 10-K.
         
This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.





eastmanlogoa06.jpg


EASTMAN CHEMICAL COMPANY - EMN 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
 
Eastman Chemical Company 
 
 
By:
/s/ Scott V. King
 
 
Scott V. King
 
 
Vice President, Corporate Controller and Chief Accounting Officer
 
 
 
Date: February 27, 2017