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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-1070
Olin Corporation
(Exact name of registrant as specified in its charter)
| | | | | |
Virginia | 13-1872319 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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190 Carondelet Plaza, | Suite 1530, | Clayton, | MO | 63105 |
(Address of principal executive offices) | (Zip Code) |
(314) 480-1400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class: | | Trading symbol: | | Name of each exchange on which registered: |
Common Stock, $1.00 par value per share | | OLN | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 30, 2024, 117,541,168 shares of the registrant’s common stock were outstanding.
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TABLE OF CONTENTS FOR FORM 10-Q | Page |
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Part I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Balance Sheets
($ in millions, except per share data)
(Unaudited) | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 182.1 | | | $ | 170.3 | | | $ | 161.1 | |
Receivables, net | 903.6 | | | 874.7 | | | 869.8 | |
Income taxes receivable | 17.7 | | | 15.3 | | | 32.8 | |
Inventories, net | 872.9 | | | 858.8 | | | 1,081.2 | |
Other current assets | 82.0 | | | 54.1 | | | 53.3 | |
Total current assets | 2,058.3 | | | 1,973.2 | | | 2,198.2 | |
Property, plant and equipment (less accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) | 2,395.1 | | | 2,519.6 | | | 2,550.6 | |
Operating lease assets, net | 321.2 | | | 344.7 | | | 335.7 | |
Deferred income taxes | 91.5 | | | 87.4 | | | 82.6 | |
Other assets | 1,144.8 | | | 1,118.5 | | | 1,108.6 | |
Intangible assets, net | 226.3 | | | 245.8 | | | 255.9 | |
Goodwill | 1,423.4 | | | 1,424.0 | | | 1,420.9 | |
Total assets | $ | 7,660.6 | | | $ | 7,713.2 | | | $ | 7,952.5 | |
Liabilities and Shareholders’ Equity | | | | | |
Current liabilities: | | | | | |
Current installments of long-term debt | $ | 121.8 | | | $ | 78.8 | | | $ | 9.0 | |
Accounts payable | 779.1 | | | 775.4 | | | 750.0 | |
Income taxes payable | 122.5 | | | 154.7 | | | 139.6 | |
Current operating lease liabilities | 67.1 | | | 69.3 | | | 70.2 | |
Accrued liabilities | 348.8 | | | 450.0 | | | 426.9 | |
Total current liabilities | 1,439.3 | | | 1,528.2 | | | 1,395.7 | |
Long-term debt | 2,789.1 | | | 2,591.3 | | | 2,717.3 | |
Operating lease liabilities | 261.0 | | | 283.1 | | | 273.6 | |
Accrued pension liability | 201.8 | | | 225.8 | | | 225.4 | |
Deferred income taxes | 467.9 | | | 476.2 | | | 505.9 | |
Other liabilities | 332.2 | | | 340.3 | | | 363.0 | |
Total liabilities | 5,491.3 | | | 5,444.9 | | | 5,480.9 | |
Commitments and contingencies | | | | | |
Shareholders’ equity: | | | | | |
Common stock, $1.00 par value per share: authorized, 240.0 shares; issued and outstanding, 117.5, 120.2 and 125.8 shares | 117.5 | | | 120.2 | | | 125.8 | |
Additional paid-in capital | — | | | 24.8 | | | 313.7 | |
Accumulated other comprehensive loss | (474.0) | | | (496.3) | | | (483.4) | |
Retained earnings | 2,492.6 | | | 2,583.7 | | | 2,475.9 | |
Olin Corporation’s shareholders’ equity | 2,136.1 | | | 2,232.4 | | | 2,432.0 | |
Noncontrolling interests | 33.2 | | | 35.9 | | | 39.6 | |
Total equity | 2,169.3 | | | 2,268.3 | | | 2,471.6 | |
Total liabilities and equity | $ | 7,660.6 | | | $ | 7,713.2 | | | $ | 7,952.5 | |
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Operations
($ in millions, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
Operating expenses: | | | | | | | |
Cost of goods sold | 1,406.2 | | | 1,392.6 | | | 2,834.2 | | | 2,834.3 | |
Selling and administrative | 94.6 | | | 101.2 | | | 196.5 | | | 213.0 | |
Restructuring charges | 6.8 | | | 19.2 | | | 15.1 | | | 80.1 | |
Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | |
Operating income | 136.4 | | | 216.7 | | | 233.7 | | | 447.1 | |
Interest expense | 46.6 | | | 45.3 | | | 91.2 | | | 87.7 | |
Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | |
Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | |
Income before taxes | 96.6 | | | 177.9 | | | 156.9 | | | 372.7 | |
Income tax provision | 24.3 | | | 33.2 | | | 36.8 | | | 74.0 | |
Net income | 72.3 | | | 144.7 | | | 120.1 | | | 298.7 | |
Net loss attributable to noncontrolling interests | (1.9) | | | (2.2) | | | (2.7) | | | (4.5) | |
Net income attributable to Olin Corporation | $ | 74.2 | | | $ | 146.9 | | | $ | 122.8 | | | $ | 303.2 | |
| | | | | | | |
Net income attributable to Olin Corporation per common share: | | | | | | | |
Basic | $ | 0.63 | | | $ | 1.15 | | | $ | 1.03 | | | $ | 2.35 | |
Diluted | $ | 0.62 | | | $ | 1.13 | | | $ | 1.01 | | | $ | 2.29 | |
Average common shares outstanding: | | | | | | | |
Basic | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | |
Diluted | 120.2 | | | 130.4 | | | 121.0 | | | 132.4 | |
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Comprehensive Income
($ in millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 72.3 | | | $ | 144.7 | | | $ | 120.1 | | | $ | 298.7 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation | (2.5) | | | (8.5) | | | (4.8) | | | (3.0) | |
Cash flow hedges | 16.8 | | | 7.4 | | | 24.5 | | | 14.8 | |
Pension and postretirement benefits | 1.4 | | | 0.4 | | | 2.6 | | | 0.7 | |
Total other comprehensive income (loss), net of tax | 15.7 | | | (0.7) | | | 22.3 | | | 12.5 | |
Comprehensive income | 88.0 | | | 144.0 | | 142.4 | | | 311.2 | |
Comprehensive loss attributable to noncontrolling interests | (1.9) | | | (2.2) | | | (2.7) | | | (4.5) | |
Comprehensive income attributable to Olin Corporation | $ | 89.9 | | | $ | 146.2 | | | $ | 145.1 | | | $ | 315.7 | |
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Shareholders’ Equity
($ in millions, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Common Stock | | | | | | | |
Balance at beginning of period | $ | 119.4 | | | $ | 129.3 | | | $ | 120.2 | | | $ | 132.3 | |
Common stock repurchased and retired | (1.9) | | | (3.5) | | | (3.9) | | | (7.1) | |
Common stock issued for: | | | | | | | |
Stock options exercised | — | | | — | | | 0.8 | | | 0.4 | |
Other transactions | — | | | — | | | 0.4 | | | 0.2 | |
Balance at end of period | $ | 117.5 | | | $ | 125.8 | | | $ | 117.5 | | | $ | 125.8 | |
Additional Paid-In Capital | | | | | | | |
Balance at beginning of period | $ | — | | | $ | 491.6 | | | $ | 24.8 | | | $ | 682.7 | |
Common stock repurchased and retired | (3.9) | | | (183.4) | | | (41.2) | | | (385.9) | |
Common stock issued for: | | | | | | | |
Stock options exercised | 1.9 | | | 0.7 | | | 20.9 | | | 11.5 | |
Other transactions | 0.1 | | | 0.1 | | | (4.2) | | | 1.5 | |
Stock-based compensation | 1.9 | | | 4.7 | | | (0.3) | | | 3.9 | |
Balance at end of period | $ | — | | | $ | 313.7 | | | $ | — | | | $ | 313.7 | |
Accumulated Other Comprehensive Loss | | | | | | | |
Balance at beginning of period | $ | (489.7) | | | $ | (482.7) | | | $ | (496.3) | | | $ | (495.9) | |
Other comprehensive income (loss) | 15.7 | | | (0.7) | | | 22.3 | | | 12.5 | |
Balance at end of period | $ | (474.0) | | | $ | (483.4) | | | $ | (474.0) | | | $ | (483.4) | |
Retained Earnings | | | | | | | |
Balance at beginning of period | $ | 2,542.3 | | | $ | 2,354.6 | | | $ | 2,583.7 | | | $ | 2,224.5 | |
Net income | 74.2 | | | 146.9 | | | 122.8 | | | 303.2 | |
Common stock dividends paid | (23.7) | | | (25.6) | | | (47.6) | | | (51.8) | |
Common stock repurchased and retired | (100.2) | | | — | | | (166.3) | | | — | |
Balance at end of period | $ | 2,492.6 | | | $ | 2,475.9 | | | $ | 2,492.6 | | | $ | 2,475.9 | |
Olin Corporation’s Shareholders’ Equity | $ | 2,136.1 | | | $ | 2,432.0 | | | $ | 2,136.1 | | | $ | 2,432.0 | |
| | | | | | | |
Noncontrolling Interests | | | | | | | |
Balance at beginning of period | $ | 35.1 | | | $ | 41.8 | | | $ | 35.9 | | | $ | — | |
Net loss | (1.9) | | | (2.2) | | | (2.7) | | | (4.5) | |
Contributions from noncontrolling interests | — | | | — | | | — | | | 44.1 | |
Balance at end of period | $ | 33.2 | | | $ | 39.6 | | | $ | 33.2 | | | $ | 39.6 | |
Total Equity | $ | 2,169.3 | | | $ | 2,471.6 | | | $ | 2,169.3 | | | $ | 2,471.6 | |
| | | | | | | |
Dividends declared per share of common stock | $ | 0.20 | | | $ | 0.20 | | | $ | 0.40 | | | $ | 0.40 | |
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Cash Flows
($ in millions)
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Operating Activities | | | |
Net income | $ | 120.1 | | | $ | 298.7 | |
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities: | | | |
Depreciation and amortization | 258.7 | | | 273.9 | |
Gains on disposition of property, plant and equipment | — | | | (27.0) | |
Stock-based compensation | 6.4 | | | 8.4 | |
Write-off of equipment and facility included in restructuring charges | — | | | 17.7 | |
Deferred income taxes | (23.3) | | | (27.7) | |
Qualified pension plan contributions | (0.8) | | | (1.5) | |
Qualified pension plan income | (11.7) | | | (9.9) | |
Change in assets and liabilities: | | | |
Receivables | (37.4) | | | 52.8 | |
Income taxes receivable/payable | (30.9) | | | 14.3 | |
Inventories | (19.3) | | | (137.9) | |
Other current assets | (14.9) | | | (1.8) | |
Accounts payable and accrued liabilities | (63.8) | | | (141.1) | |
Other assets | (18.2) | | | (13.4) | |
Other noncurrent liabilities | 2.7 | | | 43.1 | |
Other operating activities | 4.0 | | | (5.6) | |
Net operating activities | 171.6 | | | 343.0 | |
Investing Activities | | | |
Capital expenditures | (100.8) | | | (128.8) | |
Payments under other long-term supply contracts | (46.7) | | | (29.6) | |
Proceeds from disposition of property, plant and equipment | — | | | 28.8 | |
Other investing activities | (2.9) | | | (1.0) | |
Net investing activities | (150.4) | | | (130.6) | |
Financing Activities | | | |
Long-term debt: | | | |
Borrowings | 511.5 | | | 415.0 | |
Repayments | (272.6) | | | (271.3) | |
Common stock repurchased and retired | (211.4) | | | (393.0) | |
Stock options exercised | 21.7 | | | 11.9 | |
Employee taxes paid for share-based payment arrangements | (10.5) | | | — | |
Dividends paid | (47.6) | | | (51.8) | |
Contributions received from noncontrolling interests | — | | | 44.1 | |
Net financing activities | (8.9) | | | (245.1) | |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | | | (0.2) | |
Net increase (decrease) in cash and cash equivalents | 11.8 | | | (32.9) | |
Cash and cash equivalents, beginning of year | 170.3 | | | 194.0 | |
Cash and cash equivalents, end of period | $ | 182.1 | | | $ | 161.1 | |
| | | |
Cash paid for interest and income taxes: | | | |
Interest, net | $ | 89.6 | | | $ | 84.6 | |
Income taxes, net of refunds | 91.0 | | | 70.9 | |
Non-cash investing activities: | | | |
Decrease in capital expenditures included in accounts payable and accrued liabilities | 21.7 | | | 18.3 | |
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Notes to Condensed Financial Statements
(Unaudited)
NOTE 1. DESCRIPTION OF BUSINESS
Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and systems and growth products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets.
On January 10, 2023, Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd. (Mitsui), began operations. BWA is an independent global trader of Electrochemical Unit (ECU)-based derivatives, focused on globally traded caustic soda and ethylene dichloride. Olin holds 51% interest and exercises control in BWA and the joint venture is consolidated in our consolidated financial statements in our Chlor Alkali Products and Vinyls segment, with Mitsui’s 49% interest in BWA classified as noncontrolling interest. All intercompany accounts and transactions are eliminated in consolidation.
We have prepared the condensed financial statements included herein, without audit, pursuant to the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC). The preparation of the financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. In our opinion, these financial statements reflect all adjustments (consisting only of normal accruals), which are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, we believe that the disclosures are appropriate. We recommend that you read these condensed financial statements in conjunction with the financial statements, accounting policies and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023.
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
In March 2024, the SEC issued SEC Release No. 33-11042, Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. The final rule will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board of Directors and management oversee climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather events. The final rule follows a compliance phase-in timeline, with the first requirements required to be adopted with our fiscal year ending December 31, 2025, followed in later years by greenhouse gas-related requirements. On April 4, 2024, the SEC voluntarily stayed the implementation of these disclosure requirements; however, we are currently evaluating the impact of the final rule on our disclosures.
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-09 allows for adoption on a prospective or retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced segment expense disclosures on an interim and annual basis. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-07 requires adoption on a retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2024 and for interim periods beginning with our first quarter fiscal year 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures.
NOTE 3. ACQUISITIONS
On October 1, 2023, Olin acquired the assets of White Flyer Targets, LLC (White Flyer) from Reagent Diversified Holdings, Inc. for $63.5 million. The acquisition was financed with cash on hand. White Flyer designs, manufactures and sells recreational trap, skeet, international and sporting clay targets and has been included in Olin’s Winchester segment. We recorded the aggregate excess purchase price over identifiable net tangible and intangible assets acquired and liabilities assumed, which included a final allocation of $2.4 million of goodwill allocated to our Winchester segment and $4.5 million of intangible assets subject to amortization. The final total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $66.6 million and $10.0 million, respectively. The acquisition is not material, and therefore, supplemental pro forma financial information is not provided.
NOTE 4. RESTRUCTURING CHARGES
As a result of weak global resin demand and higher cost structures within the European region, we began a review of our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our strategic operating model. As part of this review, we announced operational cessations in the fourth quarter of 2022 and the first half of 2023 (collectively, Epoxy Optimization Plan).
On June 20, 2023, we announced we had made the decision to cease all remaining operations at our Gumi, South Korea facility, reduce epoxy resin capacity at our Freeport, TX facility, and reduce our sales and support staffing across Asia. These actions were substantially completed by December 31, 2023. On March 21, 2023, we announced we had made the decision to cease operations at our cumene facility in Terneuzen, Netherlands and solid epoxy resin production at our facilities in Gumi, South Korea and Guaruja, Brazil. The closures were completed in the first quarter 2023. During the fourth quarter of 2022, we committed to and completed a plan to close down one of our bisphenol production lines at our Stade, Germany site. We expect to incur additional restructuring charges through 2025 of approximately $15 million related to these actions.
During 2021, we announced that we had made the decision to permanently close our diaphragm-grade chlor alkali capacity, representing 400,000 tons, at our McIntosh, AL facility (McIntosh Plan). The closure was completed during the third quarter of 2022. We expect to incur additional restructuring charges through 2027 of approximately $20 million related to these actions.
On January 18, 2021, we announced we had made the decision to permanently close our trichloroethylene and anhydrous hydrogen chloride liquefaction facilities in Freeport, TX (collectively, Freeport 2021 Plan), which were completed in the fourth quarter of 2021. We expect to incur additional restructuring charges through 2025 of approximately $5 million related to these actions.
On December 11, 2019, we announced that we had made the decision to permanently close a chlor alkali plant with a capacity of 230,000 tons and our vinylidene chloride (VDC) production facility, both in Freeport, TX (collectively, Freeport 2019 Plan). The VDC facility and related chlor alkali plant were closed during the fourth quarter of 2020 and second quarter of 2021, respectively. We expect to incur additional restructuring charges through 2026 of approximately $15 million related to these actions.
Pretax restructuring charges related to these actions include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities. Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Pretax Restructuring Charges | ($ in millions) |
Epoxy Optimization Plan | $ | 5.8 | | | $ | 13.3 | | | $ | 9.3 | | | $ | 71.1 | |
McIntosh Plan | 0.1 | | | 2.5 | | | 2.0 | | | 3.9 | |
Freeport 2021 Plan | 0.3 | | | 1.4 | | | 0.7 | | | 2.1 | |
Freeport 2019 Plan | 0.6 | | | 2.0 | | | 3.1 | | | 3.0 | |
Total restructuring charges | $ | 6.8 | | | $ | 19.2 | | | $ | 15.1 | | | $ | 80.1 | |
The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Employee Severance and Related Benefit Costs | | Lease and Other Contract Termination Costs | | Facility Exit Costs | | Write-off of Equipment and Facility | | Total |
| ($ in millions) |
Balance at January 1, 2023 | $ | 9.4 | | | $ | 4.2 | | | $ | — | | | $ | — | | | $ | 13.6 | |
Restructuring charges: | | | | | | | | | |
First quarter | — | | | 39.7 | | | 8.4 | | | 12.8 | | | 60.9 | |
Second quarter | 3.3 | | | 1.7 | | | 9.3 | | | 4.9 | | | 19.2 | |
| | | | | | | | | |
Amounts utilized | (1.4) | | | (7.2) | | | (17.7) | | | (17.7) | | | (44.0) | |
Balance at June 30, 2023 | $ | 11.3 | | | $ | 38.4 | | | $ | — | | | $ | — | | | $ | 49.7 | |
| | | | | | | | | |
Balance at January 1, 2024 | $ | 10.8 | | | $ | 16.7 | | | $ | — | | | $ | — | | | $ | 27.5 | |
Restructuring charges: | | | | | | | | | |
First quarter | — | | | — | | | 8.3 | | | — | | | 8.3 | |
Second quarter | — | | | 1.7 | | | 5.1 | | | — | | | 6.8 | |
| | | | | | | | | |
Amounts utilized | (7.4) | | | (5.6) | | | (13.4) | | | — | | | (26.4) | |
Balance at June 30, 2024 | $ | 3.4 | | | $ | 12.8 | | | $ | — | | | $ | — | | | $ | 16.2 | |
The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Chlor Alkali Products and Vinyls | | | | Epoxy | | | | Total |
| | McIntosh Plan | | Freeport 2021 Plan | | Freeport 2019 Plan | | | | Epoxy Optimization Plan | | | |
| | ($ in millions) |
Write-off of equipment and facility | | $ | 2.7 | | | $ | — | | | $ | 58.9 | | | | | $ | 18.3 | | | | | $ | 79.9 | |
Employee severance and related benefit costs | | — | | | — | | | 2.1 | | | | | 15.8 | | | | | 17.9 | |
Facility exit costs | | 11.4 | | | 13.8 | | | 22.2 | | | | | 25.9 | | | | | 73.3 | |
| | | | | | | | | | | | | | |
Lease and other contract termination costs | | 6.4 | | | — | | | — | | | | | 30.8 | | | | | 37.2 | |
Total cumulative restructuring charges | | $ | 20.5 | | | $ | 13.8 | | | $ | 83.2 | | | | | $ | 90.8 | | | | | $ | 208.3 | |
As of June 30, 2024, we have incurred cash expenditures of $112.2 million and non-cash charges of $79.9 million related to these restructuring actions. The remaining balance of $16.2 million is expected to be paid out through 2027.
NOTE 5. EARNINGS PER SHARE
Basic and diluted net income attributable to Olin Corporation per share are computed by dividing net income attributable to Olin Corporation by the weighted-average number of common shares outstanding. Diluted net income attributable to Olin Corporation per share reflects the dilutive effect of stock-based compensation.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Computation of Net Income per Share | ($ in millions, except per share data) |
Net income attributable to Olin Corporation | $ | 74.2 | | | $ | 146.9 | | | $ | 122.8 | | | $ | 303.2 | |
Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | |
Basic net income attributable to Olin Corporation per share | $ | 0.63 | | | $ | 1.15 | | | $ | 1.03 | | | $ | 2.35 | |
Diluted shares: | | | | | | | |
Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | |
Stock-based compensation | 1.7 | | | 3.0 | | | 1.9 | | | 3.2 | |
Diluted shares | 120.2 | | | 130.4 | | | 121.0 | | | 132.4 | |
Diluted net income attributable to Olin Corporation per share | $ | 0.62 | | | $ | 1.13 | | | $ | 1.01 | | | $ | 2.29 | |
The computation of dilutive shares does not include 2.0 million shares for both the three and six months ended June 30, 2024 and 1.3 million shares for both the three and six months ended June 30, 2023 as their effect would have been anti-dilutive.
NOTE 6. ACCOUNTS RECEIVABLES
We maintain a $425.0 million Receivables Financing Agreement (Receivables Financing Agreement) that is scheduled to mature on October 14, 2025. Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the $1,550.0 million Senior Credit Facility. As of June 30, 2024, December 31, 2023 and June 30, 2023, we had $298.8 million, $328.5 million and $234.8 million, respectively, drawn under the agreement. As of June 30, 2024, $429.8 million of our trade receivables were pledged as collateral and we had $0.5 million additional borrowing capacity under the Receivables Financing Agreement, which was limited by our borrowing base.
Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our domestic subsidiaries may sell their accounts receivable up to a maximum of $175.5 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €22.0 million. We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows.
The following table summarizes the AR Facilities activity:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
AR Facilities | ($ in millions) |
Balance at beginning of year | $ | 63.3 | | | $ | 111.8 | |
Gross receivables sold | 375.0 | | | 532.6 | |
Payments received from customers on sold accounts | (376.9) | | | (567.2) | |
Balance at end of period | $ | 61.4 | | | $ | 77.2 | |
The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.1 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively, and $2.1 million and $2.5 million for the six months ended June 30, 2024 and 2023, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of June 30, 2024.
Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.6 million, $13.1 million and $13.0 million and other receivables of $91.1 million, $85.3 million and $81.7 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, which were included in receivables, net.
NOTE 7. INVENTORIES
Inventories consisted of the following:
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Inventories | ($ in millions) |
Supplies | $ | 151.8 | | | $ | 160.3 | | | $ | 145.1 | |
Raw materials | 195.3 | | | 171.1 | | | 181.6 | |
Work in process | 164.3 | | | 153.5 | | | 202.5 | |
Finished goods | 527.6 | | | 507.6 | | | 725.8 | |
Inventories excluding LIFO reserve | 1,039.0 | | | 992.5 | | | 1,255.0 | |
LIFO reserve | (166.1) | | | (133.7) | | | (173.8) | |
Inventories, net | $ | 872.9 | | | $ | 858.8 | | | $ | 1,081.2 | |
Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at June 30, 2024 reflect certain estimates relating to inventory quantities and costs at December 31, 2024. The replacement cost of our inventories would have been approximately $166.1 million, $133.7 million and $173.8 million higher than reported at June 30, 2024, December 31, 2023 and June 30, 2023, respectively.
NOTE 8. OTHER ASSETS
Included in other assets were the following:
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Other Assets | ($ in millions) |
Supply contracts | $ | 1,082.7 | | | $ | 1,061.8 | | | $ | 1,052.9 | |
Other | 62.1 | | | 56.7 | | | 55.7 | |
Other assets | $ | 1,144.8 | | | $ | 1,118.5 | | | $ | 1,108.6 | |
For the six months ended June 30, 2024 and 2023, payments of $46.7 million and $29.6 million, respectively, were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast.
Amortization expense of $18.3 million and $17.8 million for the three months ended June 30, 2024 and 2023, respectively, and amortization expense of $36.6 million and $35.6 million for the six months ended June 30, 2024 and 2023, respectively, was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows.
NOTE 9. GOODWILL AND INTANGIBLE ASSETS
Changes in the carrying value of goodwill were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Chlor Alkali Products and Vinyls | | Epoxy | | Winchester | | Total |
Goodwill | ($ in millions) |
Balance at January 1, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | |
| | | | | | | |
Foreign currency translation adjustment | — | | | — | | | — | | | — | |
Balance at June 30, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | |
Balance at January 1, 2024(1) | $ | 1,276.1 | | | $ | 145.2 | | | $ | 2.7 | | | $ | 1,424.0 | |
Acquisition activity | — | | | — | | | (0.3) | | | (0.3) | |
Foreign currency translation adjustment | (0.2) | | | (0.1) | | | — | | | (0.3) | |
Balance at June 30, 2024(1) | $ | 1,275.9 | | | $ | 145.1 | | | $ | 2.4 | | | $ | 1,423.4 | |
(1)Includes cumulative goodwill impairment of $557.6 million and $142.2 million in Chlor Alkali Products and Vinyls and Epoxy, respectively.
Intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
| Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net |
Intangible Assets | ($ in millions) |
Customers, customer contracts and relationships | $ | 669.4 | | | $ | (453.5) | | | $ | 215.9 | | | $ | 671.7 | | | $ | (437.5) | | | $ | 234.2 | | | $ | 670.5 | | | $ | (419.5) | | | $ | 251.0 | |
Trade names | 3.6 | | | (0.4) | | | 3.2 | | | 3.6 | | | (0.2) | | | 3.4 | | | — | | | — | | | — | |
Acquired technology | 94.1 | | | (91.1) | | | 3.0 | | | 94.4 | | | (90.4) | | | 4.0 | | | 93.2 | | | (89.4) | | | 3.8 | |
Other | 4.9 | | | (0.7) | | | 4.2 | | | 4.9 | | | (0.7) | | | 4.2 | | | 1.8 | | | (0.7) | | | 1.1 | |
Total intangible assets | $ | 772.0 | | | $ | (545.7) | | | $ | 226.3 | | | $ | 774.6 | | | $ | (528.8) | | | $ | 245.8 | | | $ | 765.5 | | | $ | (509.6) | | | $ | 255.9 | |
NOTE 10. DEBT
Long-term loans, notes and other financing obligations, consisted of the following:
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Financing Obligations | ($ in millions) |
Variable-rate Term Loan Facility, due 2027 | $ | 336.9 | | | $ | 341.3 | | | $ | 345.6 | |
Variable-rate Senior Revolving Credit Facility, due 2027 | 411.0 | | | 68.0 | | | 215.0 | |
Variable-rate Recovery Zone bonds, due 2024-2035 | 83.0 | | | 103.0 | | | 103.0 | |
Variable-rate Go Zone bonds, due 2024 | — | | | 50.0 | | | 50.0 | |
Variable-rate industrial development and environmental improvement obligations, due 2025 | 2.9 | | | 2.9 | | | 2.9 | |
9.50% senior notes, due 2025 | 108.6 | | | 108.6 | | | 108.6 | |
5.625% senior notes, due 2029 | 669.3 | | | 669.3 | | | 669.3 | |
5.125% senior notes, due 2027 | 500.0 | | | 500.0 | | | 500.0 | |
5.00% senior notes, due 2030 | 515.3 | | | 515.3 | | | 515.3 | |
Receivables Financing Agreement (See Note 6) | 298.8 | | | 328.5 | | | 234.8 | |
Finance lease obligations | — | | | — | | | 0.2 | |
Other: | | | | | |
Deferred debt issuance costs | (14.8) | | | (16.6) | | | (18.2) | |
Unamortized bond original issue discount | (0.1) | | | (0.2) | | | (0.2) | |
Total debt | 2,910.9 | | | 2,670.1 | | | 2,726.3 | |
Amounts due within one year | 121.8 | | | 78.8 | | | 9.0 | |
Total long-term debt | $ | 2,789.1 | | | $ | 2,591.3 | | | $ | 2,717.3 | |
During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included:
| | | | | | | | | | | | | | |
| | Long-term Debt Borrowings (Repayments) for the Six Months Ended |
| | June 30, 2024 | | June 30, 2023 |
Debt Instruments | | ($ in millions) |
Borrowings | | | | |
Senior Revolving Credit Facility | | $ | 465.0 | | | $ | 215.0 | |
Receivables Financing Agreement | | 46.5 | | | 200.0 | |
Total borrowings | | 511.5 | | | 415.0 | |
Repayments | | | | |
Variable-rate Go Zone bonds, due 2024 | | (50.0) | | | — | |
Variable-rate Recovery Zone bonds, due 2024 | | (20.0) | | | — | |
Term Loan Facility | | (4.4) | | | (4.4) | |
Senior Revolving Credit Facility | | (122.0) | | | — | |
Receivables Financing Agreement | | (76.2) | | | (265.2) | |
Finance leases | | — | | | (1.7) | |
Total repayments | | (272.6) | | | (271.3) | |
Long-term debt borrowings, net | | $ | 238.9 | | | $ | 143.7 | |
Senior Credit Facility
We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023, at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.
The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds.
We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2024, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of June 30, 2024, there were no covenants or other restrictions that limited our ability to borrow.
NOTE 11. PENSION PLANS AND RETIREMENT BENEFITS
We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Most of our domestic employees participate in defined contribution plans. However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices.
Our domestic qualified defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger, or transfer thereafter takes place, plan benefits would
automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements).
We also provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience.
| | | | | | | | | | | | | | | | | | | | | | | |
| Pension Benefits | | Other Postretirement Benefits |
| Three Months Ended June 30, | | Three Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Components of Net Periodic Benefit (Income) Cost | ($ in millions) |
Service cost | $ | 1.2 | | | $ | 1.4 | | | $ | 0.2 | | | $ | 0.2 | |
Interest cost | 25.5 | | | 26.4 | | | 0.5 | | | 0.4 | |
Expected return on plans’ assets | (33.8) | | | (32.7) | | | — | | | — | |
Amortization of prior service cost | (0.2) | | | (0.1) | | | — | | | 0.1 | |
Recognized actuarial loss | 1.8 | | | 0.3 | | | 0.3 | | | 0.2 | |
Net periodic benefit (income) cost | $ | (5.5) | | | $ | (4.7) | | | $ | 1.0 | | | $ | 0.9 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Pension Benefits | | Other Postretirement Benefits |
| Six Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Components of Net Periodic Benefit (Income) Cost | ($ in millions) |
Service cost | $ | 2.5 | | | $ | 2.8 | | | $ | 0.4 | | | $ | 0.4 | |
Interest cost | 50.6 | | | 52.7 | | | 0.9 | | | 0.9 | |
Expected return on plans’ assets | (67.7) | | | (65.6) | | | — | | | — | |
Amortization of prior service cost | (0.3) | | | (0.2) | | | — | | | 0.1 | |
Recognized actuarial loss | 3.3 | | | 0.6 | | | 0.5 | | | 0.4 | |
Net periodic benefit (income) cost | $ | (11.6) | | | $ | (9.7) | | | $ | 1.8 | | | $ | 1.8 | |
We made cash contributions to our international qualified defined benefit pension plans of $0.8 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively.
NOTE 12. INCOME TAXES
The effective tax rate for the three months ended June 30, 2024 included a net $0.6 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2024 of 25.8% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the three months ended June 30, 2023 included a net $12.0 million tax benefit, primarily associated with stock-based compensation, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2023 of 25.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.
The effective tax rate for the six months ended June 30, 2024 included a net $3.3 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2024 of 25.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2023 included a net $17.2 million tax benefit, primarily associated with stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign
jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2023 of 24.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.
In August 2022, the Inflation Reduction Act (the "IRA") was enacted and provides various beneficial credits for energy efficient related manufacturing, transportation and fuels, hydrogen/carbon recapture and renewable energy, which we are evaluating in regard to planned projects. We will continue to monitor the expected impacts of any new guidance on our filing positions and will record the impacts as discrete income tax expense adjustments in the period the guidance is finalized or becomes effective.
As of June 30, 2024, we had $51.2 million of gross unrecognized tax benefits, which would have a net $51.4 million impact on the effective tax rate, if recognized. As of June 30, 2023, we had $58.7 million of gross unrecognized tax benefits, of which $56.8 million would have impacted the effective tax rate, if recognized. The amounts of unrecognized tax benefits were as follows:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Unrecognized Tax Benefits | ($ in millions) |
Balance at beginning of year | $ | 50.3 | | | $ | 51.6 | |
Increases for prior year tax positions | 2.7 | | | 1.3 | |
Decreases for prior year tax positions | (0.4) | | | (0.3) | |
Increases for current year tax positions | 0.7 | | | 5.4 | |
Decreases due to tax settlements | (1.0) | | | — | |
Foreign currency translation adjustments | (1.1) | | | 0.7 | |
Balance at end of period | $ | 51.2 | | | $ | 58.7 | |
As of June 30, 2024, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $36.3 million over the next twelve months. The anticipated reduction primarily relates to expected settlements with tax authorities and the expiration of federal, state and foreign statutes of limitation.
We operate globally and file income tax returns in numerous jurisdictions. Our tax returns are subject to examination by various federal, state and local tax authorities. Additionally, examinations are ongoing in various states and foreign jurisdictions. We believe we have adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position.
For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:
| | | | | |
| Tax Years |
U.S. federal income tax | 2020 - 2023 |
U.S. state income tax | 2012 - 2023 |
Canadian federal income tax | 2017 - 2023 |
Brazil | 2017 - 2023 |
Germany | 2015 - 2023 |
China | 2014 - 2023 |
The Netherlands | 2017 - 2023 |
NOTE 13. CONTRIBUTING EMPLOYEE OWNERSHIP PLAN
The Contributing Employee Ownership Plan (CEOP) is a defined contribution plan available to essentially all domestic employees. We provide a contribution to an individual retirement contribution account (Company Contributions) maintained with the CEOP equal to an amount between 5.0% and 7.5% of the employee’s eligible compensation. Employees generally vest in the value of the Company Contribution according to a schedule based on service. Participants vest 50% after 2 years of service and 100% after 3 years of service.
We also match a percentage of our employees CEOP contributions (Company Match), which are invested in the same investment allocation as the employee’s contributions. Employees immediately vest in company matching contributions.
Our contributions to the CEOP were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
CEOP Expense | ($ in millions) |
Company Contribution | $ | 8.8 | | | $ | 8.6 | | | $ | 19.4 | | | $ | 20.3 | |
Company Match | 3.7 | | | 3.7 | | | 7.3 | | | 7.4 | |
Total expense | $ | 12.5 | | | $ | 12.3 | | | $ | 26.7 | | | $ | 27.7 | |
NOTE 14. STOCK-BASED COMPENSATION
Stock-based compensation granted includes stock options, performance share awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Stock Compensation Expense | ($ in millions) |
Stock-based compensation | $ | 7.6 | | | $ | 8.3 | | | $ | 13.2 | | | $ | 12.8 | |
Mark-to-market adjustments | (7.6) | | | (1.6) | | | (5.4) | | | (0.1) | |
Total expense | $ | — | | | $ | 6.7 | | | $ | 7.8 | | | $ | 12.7 | |
Stock Options
The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:
| | | | | | | | | | | |
Grant Date Assumptions - Stock Options | 2024 | | 2023 |
Dividend yield | 1.50 | % | | 1.32 | % |
Risk-free interest rate | 4.35 | % | | 4.07 | % |
Expected volatility of Olin common stock | 47 | % | | 47 | % |
Expected life (years) | 7.0 | | 7.0 |
Weighted-average grant fair value (per option) | $ | 24.79 | | $ | 28.74 |
Weighted-average exercise price | $ | 53.43 | | $ | 60.55 |
Stock options granted | 601,157 | | 562,124 |
Dividend yield was based on our current dividend yield as of the option grant date. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns.
Performance Shares
Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts for performance share awards are based on two criteria: (1) 50% of the award is based on Olin’s total shareholder returns (TSR) over the applicable three-year performance cycle in relation to the TSR over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants and (2) 50% of the award is based on Olin’s net income over the applicable three-year performance cycle in relation to the net income goal for such period as set by the Compensation Committee of Olin’s Board of Directors. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed.
The fair value of each performance share award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
| | | | | | | | | | | |
Grant Date Assumptions - Performance Shares | 2024 | | 2023 |
Risk-free interest rate | 4.53 | % | | 4.46 | % |
Expected volatility of Olin common stock | 41 | % | | 52 | % |
Expected average volatility of peer companies | 37 | % | | 42 | % |
Average correlation coefficient of peer companies | 0.40 | | 0.51 |
Expected life (years) | 3.0 | | 3.0 |
Grant date fair value (TSR-based award) | $ | 72.80 | | $ | 86.98 |
Grant date fair value (net income-based award) | $ | 54.07 | | $ | 60.55 |
Performance share awards granted | 180,714 | | 161,474 |
The risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the performance share awards. The expected volatility of Olin common stock and peer companies was based on historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies. Expected life of the performance share award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns.
NOTE 15. SHAREHOLDERS’ EQUITY
On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion (the 2022 Repurchase Authorization). This program will terminate upon the purchase of $2.0 billion of common stock.
For the six months ended June 30, 2024 and 2023, 3.9 million and 7.1 million shares, respectively, of common stock were repurchased and retired at a total value of $211.4 million and $393.0 million, respectively. As of June 30, 2024, 23.2 million shares of common stock have been repurchased and retired at a total value of $1,213.0 million under the 2022 Repurchase Authorization program, and $787.0 million of common stock remained authorized to be repurchased under the program.
We issued 0.8 million and 0.4 million shares representing stock options exercised for the six months ended June 30, 2024 and 2023, respectively, with a total value of $21.7 million and $11.9 million, respectively.
The following table represents the activity included in accumulated other comprehensive loss:
| | | | | | | | | | | | | | | | | | | | | | | |
| Foreign Currency Translation | | Cash Flow Hedges | | Pension and Postretirement Benefits | | Total |
Accumulated Other Comprehensive Loss | ($ in millions) |
Balance at January 1, 2023 | $ | (38.6) | | | $ | (32.5) | | | $ | (424.8) | | | $ | (495.9) | |
Unrealized gains (losses) | | | | | | | |
First quarter | 5.5 | | | (20.8) | | | — | | | (15.3) | |
Second quarter | (8.5) | | | (10.7) | | | — | | | (19.2) | |
| | | | | | | |
Reclassification adjustments of losses into income | | | | | | | |
First quarter | — | | | 30.7 | | | 0.4 | | | 31.1 | |
Second quarter | — | | | 20.5 | | | 0.5 | | | 21.0 | |
| | | | | | | |
Tax provision | | | | | | | |
First quarter | — | | | (2.5) | | | (0.1) | | | (2.6) | |
Second quarter | — | | | (2.4) | | | (0.1) | | | (2.5) | |
| | | | | | | |
Net change | (3.0) | | | 14.8 | | | 0.7 | | | 12.5 | |
Balance at June 30, 2023 | $ | (41.6) | | | $ | (17.7) | | | $ | (424.1) | | | $ | (483.4) | |
| | | | | | | |
Balance at January 1, 2024 | $ | (39.7) | | | $ | (18.4) | | | $ | (438.2) | | | $ | (496.3) | |
Unrealized (losses) gains | | | | | | | |
First quarter | (2.3) | | | (3.0) | | | — | | | (5.3) | |
Second quarter | (2.5) | | | 17.1 | | | — | | | 14.6 | |
| | | | | | | |
Reclassification adjustments of losses into income | | | | | | | |
First quarter | — | | | 13.3 | | | 1.6 | | | 14.9 | |
Second quarter | — | | | 5.3 | | | 1.9 | | | 7.2 | |
| | | | | | | |
Tax provision | | | | | | | |
First quarter | — | | | (2.6) | | | (0.4) | | | (3.0) | |
Second quarter | — | | | (5.6) | | | (0.5) | | | (6.1) | |
| | | | | | | |
Net change | (4.8) | | | 24.5 | | | 2.6 | | | 22.3 | |
Balance at June 30, 2024 | $ | (44.5) | | | $ | 6.1 | | | $ | (435.6) | | | $ | (474.0) | |
Net income and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.
Net income and non-operating pension income included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss.
NOTE 16. SEGMENT INFORMATION
We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment. Sales are attributed to geographic areas based on customer location.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Segment Detail | ($ in millions) |
Sales | | | | | | | |
Chlor Alkali Products and Vinyls | $ | 920.3 | | | $ | 1,002.3 | | | $ | 1,804.9 | | | $ | 2,119.4 | |
Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | |
Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | |
Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
| | | | | | | |
Income before Taxes | | | | | | | |
Chlor Alkali Products and Vinyls | $ | 99.3 | | | $ | 180.1 | | | $ | 175.9 | | | $ | 426.0 | |
Epoxy | (3.0) | | | (0.5) | | | (14.8) | | | 20.9 | |
Winchester | 70.3 | | | 64.7 | | | 142.5 | | | 125.7 | |
Corporate/Other: | | | | | | | |
Environmental expense | (6.4) | | | (13.0) | | | (12.2) | | | (16.2) | |
Other corporate and unallocated costs | (17.0) | | | (22.4) | | | (42.8) | | | (56.7) | |
Restructuring charges | (6.8) | | | (19.2) | | | (15.1) | | | (80.1) | |
Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | |
Interest expense | (46.6) | | | (45.3) | | | (91.2) | | | (87.7) | |
Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | |
Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | |
Income before taxes | $ | 96.6 | | | $ | 177.9 | | | $ | 156.9 | | | $ | 372.7 | |
Other operating income for both the three and six months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Segment Sales by Geography | ($ in millions) |
Chlor Alkali Products and Vinyls | | | | | | | |
United States | $ | 671.5 | | | $ | 652.3 | | | $ | 1,307.1 | | | $ | 1,418.8 | |
Europe | 45.0 | | | 45.0 | | | 80.8 | | | 117.4 | |
Other foreign | 203.8 | | | 305.0 | | | 417.0 | | | 583.2 | |
Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | |
Epoxy | | | | | | | |
United States | 166.8 | | | 148.8 | | | 338.1 | | | 300.4 | |
Europe | 74.9 | | | 77.4 | | | 164.2 | | | 174.0 | |
Other foreign | 76.0 | | | 107.6 | | | 156.7 | | | 220.1 | |
Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | |
Winchester | | | | | | | |
United States | 373.6 | | | 325.3 | | | 755.7 | | | 655.2 | |
Europe | 7.4 | | | 15.8 | | | 14.3 | | | 23.6 | |
Other foreign | 25.0 | | | 25.5 | | | 45.4 | | | 54.3 | |
Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | |
Total | | | | | | | |
United States | 1,211.9 | | | 1,126.4 | | | 2,400.9 | | | 2,374.4 | |
Europe | 127.3 | | | 138.2 | | | 259.3 | | | 315.0 | |
Other foreign | 304.8 | | | 438.1 | | | 619.1 | | | 857.6 | |
Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Segment Sales by Product Line | ($ in millions) |
Chlor Alkali Products and Vinyls | | | | | | | |
Caustic soda | $ | 376.8 | | | $ | 454.9 | | | $ | 732.5 | | | $ | 1,001.7 | |
Chlorine, chlorine-derivatives and other products | 543.5 | | | 547.4 | | | 1,072.4 | | | 1,117.7 | |
Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | |
Epoxy | | | | | | | |
Aromatics and allylics | 128.3 | | | 128.7 | | | 283.2 | | | 271.0 | |
Epoxy resins | 189.4 | | | 205.1 | | | 375.8 | | | 423.5 | |
Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | |
Winchester | | | | | | | |
Commercial | 222.0 | | | 199.4 | | | 464.8 | | | 399.9 | |
Military and law enforcement(1) | 184.0 | | | 167.2 | | | 350.6 | | | 333.2 | |
Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | |
Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
(1) For the three months ended June 30, 2024 and 2023, revenue recognized over time represented $37.8 million and $26.1 million, respectively, and for the six months ended June 30, 2024 and 2023, revenue recognized over time represented $57.6 million and $48.8 million, respectively, associated with governmental contracts within our Winchester business.
NOTE 17. ENVIRONMENTAL
We are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.3 million, $153.6 million and $151.8 million at June 30, 2024,
December 31, 2023 and June 30, 2023, respectively, of which $123.3 million, $121.6 million and $126.8 million, respectively, were classified as other noncurrent liabilities.
Environmental provisions charged to income, which are included in costs of goods sold, were $6.4 million and $13.0 million for the three months ended June 30, 2024 and 2023, respectively, and $12.2 million and $16.2 million for the six months ended June 30, 2024 and 2023, respectively.
Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other Potentially Responsible Parties (PRPs), our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs. It is possible that some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably to us, which could materially adversely affect our financial position or results of operations.
NOTE 18. COMMITMENTS AND CONTINGENCIES
We, and our subsidiaries, are defendants in various legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities. As of June 30, 2024, December 31, 2023 and June 30, 2023, our condensed balance sheets included accrued liabilities for these other legal actions of $12.5 million, $14.2 million and $15.9 million, respectively. These liabilities do not include costs associated with legal representation. Based on our analysis, and considering the inherent uncertainties associated with litigation, we do not believe that it is reasonably possible that these legal actions will materially adversely affect our financial position, cash flows or results of operations.
During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency. In certain instances, such as environmental projects, we are responsible for managing the cleanup and remediation of an environmental site. There exists the possibility of recovering a portion of these costs from other parties. We account for gain contingencies in accordance with the provisions of ASC 450 “Contingencies” and, therefore, do not record gain contingencies and recognize income until it is earned and realizable.
NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS
We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 “Derivatives and Hedging” (ASC 815) requires an entity to recognize all derivatives as either assets or liabilities in the condensed balance sheets and measure those instruments at fair value. In accordance with ASC 815, we designate derivative contracts as cash flow hedges of forecasted purchases of commodities and forecasted interest payments related to variable-rate borrowings and designate certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes.
Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year.
We actively manage currency exposures that are associated with net monetary asset positions, currency purchases and sales commitments denominated in foreign currencies and foreign currency denominated assets and liabilities created in the normal course of business. We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations. All of the currency derivatives expire within one year and are for U.S. dollar (USD) equivalents. The counterparties to the forward contracts are large financial institutions; however, the risk of loss to us in the event of nonperformance by a counterparty could be significant to our financial position or results of operations. We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency:
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Notional Value - Foreign Currency | ($ in millions) |
Buy | $ | 5.3 | | | $ | 21.0 | | | $ | 10.9 | |
Sell | 157.0 | | | 140.2 | | | 126.1 | |
Cash Flow Hedges
For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized in earnings.
We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Notional Value - Commodity | ($ in millions) |
Natural gas | $ | 47.1 | | | $ | 63.2 | | | $ | 79.3 | |
Ethane | 24.1 | | | 26.4 | | | 25.0 | |
Metals | 136.9 | | | 101.4 | | | 139.8 | |
Total notional | $ | 208.1 | | | $ | 191.0 | | | $ | 244.1 | |
As of June 30, 2024, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association, Toronto Dominion Bank and Bank of America Corporation, all of which are major financial institutions.
We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process. At June 30, 2024, we had open derivative contract positions through 2028. If all open futures contracts had been settled on June 30, 2024, we would have recognized a pretax gain of $8.0 million.
If commodity prices were to remain at June 30, 2024 levels, approximately $1.5 million of deferred gains, net of tax, would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur.
Fair Value Hedges
We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged items (fixed-rate borrowings) in the same line item, interest expense, as the offsetting loss or gain on the related interest rate swaps. There were no outstanding interest rate swaps at June 30, 2024, December 31, 2023 and June 30, 2024.
Financial Statement Impacts
We present our derivative assets and liabilities in our condensed balance sheets on a net basis whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk.
The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets:
| | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
| Balance Sheet Location | ($ in millions) |
Current Assets | | | | | | |
Commodity contracts | Other current assets | $ | 14.9 | | | $ | 2.1 | | | $ | 0.2 | |
Foreign currency contracts | Other current assets | — | | | — | | | 0.1 | |
Noncurrent Assets | | | | | | |
Commodity contracts | Other assets | 6.0 | | | 3.2 | | | 3.2 | |
Total derivative assets(1) | | $ | 20.9 | | | $ | 5.3 | | | $ | 3.5 | |
| | | | | | |
Current Liabilities | | | | | | |
Commodity contracts | Accrued liabilities | $ | 12.9 | | | $ | 29.4 | | | $ | 22.1 | |
Foreign currency contracts | Accrued liabilities | (3.8) | | | 2.5 | | | 0.7 | |
Noncurrent Liabilities | | | | | | |
Commodity contracts | Other liabilities | — | | | 0.5 | | | 5.1 | |
Total derivative liabilities(1) | | $ | 9.1 | | | $ | 32.4 | | | $ | 27.9 | |
(1) Does not include the impact of cash collateral received from or provided to counterparties.
The following table summarizes the effects of derivative instruments on our condensed statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Amount of Gain (Loss) for the |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Location of Gain (Loss) | | ($ in millions) |
Cash Flow Hedges | | | | | | | | | |
Commodity contracts | Other comprehensive income (loss) | | $ | 17.1 | | | $ | (10.7) | | | $ | 14.1 | | | $ | (31.5) | |
Commodity contracts | Cost of goods sold | | (5.3) | | | (20.5) | | | (18.6) | | | (51.2) | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Not Designated as Hedging Instruments | | | | | | | | |
Commodity contracts | Cost of goods sold | | — | | | — | | | — | | | (0.6) | |
Foreign exchange contracts | Selling and administrative | | 8.7 | | | (11.8) | | | 9.5 | | | (13.2) | |
Credit Risk and Collateral
By using derivative instruments, we are exposed to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value gain in a derivative. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes us, thus creating a repayment risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, assume no repayment risk. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. We monitor our positions and the credit ratings of our counterparties, and we do not anticipate non-performance by the counterparties.
Based on the agreements with our various counterparties, cash collateral is required to be provided when the net fair value of the derivatives, with the counterparty, exceeds a specific threshold. If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability. As of June 30, 2024, December 31, 2023 and June 30, 2023, this threshold was not exceeded. In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements.
NOTE 20. FAIR VALUE MEASUREMENTS
Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived
from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.
Assets and liabilities recorded at fair value in the condensed balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 “Fair Value Measurement” (ASC 820), and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
We are required to separately disclose assets and liabilities measured at fair value on a recurring basis, from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis are intangible assets and goodwill, which are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred.
Commodity Contracts
We use commodity derivative contracts for certain raw materials and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations. Commodity contract financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for commodities. All commodity financial instruments were valued as a Level 2 under the fair value measurements hierarchy.
Foreign Currency Contracts
We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies. Foreign currency contract financial instruments were valued primarily based on relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for currencies. All foreign currency contract financial instruments were valued as a Level 2 under the fair value measurements hierarchy.
Financial Instruments
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated fair values due to the short-term maturities of these instruments. Since our long-term debt instruments may not be actively traded, the inputs used to measure the fair value of our long-term debt are based on current market rates for debt of similar risk and maturities and is classified as Level 2 in the fair value measurement hierarchy. As of June 30, 2024, December 31, 2023 and June 30, 2023, the fair value measurements of debt were $2,717.3 million, $2,626.2 million and $2,661.1 million, respectively.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820. There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2024, December 31, 2023 or June 30, 2023.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
BUSINESS BACKGROUND
Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products
and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and systems and growth products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets.
EXECUTIVE SUMMARY
Overview
Net income for the three and six months ended June 30, 2024 was $74.2 million and $122.8 million, respectively, compared to $146.9 million and $303.2 million, for the prior year periods, respectively. The decrease of $72.7 million and $180.4 million, respectively, in net income from the prior year periods was primarily due to a decline in operating results across our chemicals business segments, partially offset by improved operating results from our Winchester segment. Net income for both the three and six months ended June 30, 2023 also reflects a gain of $27.0 million for the sale of our domestic private trucking fleet and operations. Diluted net income per share was $0.62 and $1.01 for the three and six months ended June 30, 2024, respectively, compared to $1.13 and $2.29 in the prior year periods, respectively, a decrease of $0.51 and $1.28 per share, or 45% and 56%, respectively.
Chlor Alkali Products and Vinyls reported segment income was $99.3 million and $175.9 million for the three and six months ended June 30, 2024, respectively. Chlor Alkali Products and Vinyls segment results were lower than the comparable prior year periods due to lower caustic soda pricing, partially offset by lower costs associated with product purchased from other parties and lower raw material and operating costs.
Epoxy reported a segment loss of $3.0 million and $14.8 million for the three and six months ended June 30, 2024, respectively. Epoxy segment results were lower than the comparable prior year periods primarily due to lower product pricing, partially offset by increased volumes.
Winchester reported segment income of $70.3 million and $142.5 million for the three and six months ended June 30, 2024, respectively. Winchester segment results were higher than the comparable prior year periods due to higher sales volumes, which included White Flyer results, partially offset by lower product pricing.
Liquidity and Share Repurchases
During the six months ended June 30, 2024, we repurchased and retired 3.9 million shares of common stock at a total value of $211.4 million. As of June 30, 2024, we had $787.0 million of remaining authorized common stock to be repurchased under our 2022 Repurchase Authorization Program.
During the six months ended June 30, 2024, we had net borrowings of $238.9 million with $343.0 million borrowed under our Senior Revolving Credit Facility, which was utilized to repay $70.0 million of tax-exempt variable-rate bonds and $29.7 million under our Receivables Financing Agreement.
Other Items
On July 10, 2024, we announced a temporary disruption of operations at our Freeport, TX, facility as a result of Hurricane Beryl. In response to this disruption, we declared a system-wide Force Majeure for our Chlor Alkali Products & Vinyls products and aromatics shipments for our Epoxy segment. This disruption is a result of hurricane-related damage to Olin facilities in Freeport, TX, impacting Olin’s normal production and logistics capabilities including access to power, raw materials, and other essential feedstocks and services. During July 2024, we safely returned many Freeport, TX plants to operation. Wind damage to ancillary equipment has prevented some assets from returning to operation. Once this critical equipment is restored, those remaining assets, including our vinyl chloride monomer and phenol/acetone plants, will be restarted. We expect our third quarter 2024 Chemical businesses’ results to be reduced by approximately $100 million due to incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales.
Epoxy segment results in 2024 continue to be impacted by significant exports out of Asia into the European and North American markets, negatively impacting pricing and volumes. On April 3, 2024, we announced the filing of anti-dumping and countervailing duty petitions against China, India, South Korea, Taiwan and Thailand with the U.S. Department of Commerce and the U.S. International Trade Commission relating to certain epoxy resins, as part of the U.S. Epoxy Resin Producers Ad Hoc Coalition. The petitions were filed in response to large volumes of low-priced imports of epoxy resins into the U.S. from the subject countries over the past three years that have injured U.S. domestic epoxy resin producers.
On July 1, 2024, we announced the initiation of an anti-dumping proceeding by the European Commission against China, the Republic of Korea, Taiwan and Thailand concerning low-priced imports of epoxy resins into the European Union (EU), as a result of a complaint lodged by the Ad Hoc Coalition of Epoxy Resin Producers. The complaint alleges that
exporting producers in the four targeted countries have injured the European epoxy resin producers by selling their products on the EU market at unfairly low prices that significantly undercut the prices of European producers.
During 2024, the U.S. Army awarded Winchester a contract for the construction of the Next Generation Squad Weapon (NGSW) manufacturing facility at Lake City Army Ammunition Plant. The project will be the first new manufacturing plant built at the Lake City facility in decades. The new manufacturing facility will provide safe, reliable, and advanced NGSW ammunition to the U.S. warfighter. Winchester will manage all aspects of the government-funded construction project, which commenced in the second quarter of 2024.
CONSOLIDATED RESULTS OF OPERATIONS
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| ($ in millions, except per share data) |
Sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
Cost of goods sold | 1,406.2 | | | 1,392.6 | | | 2,834.2 | | | 2,834.3 | |
Gross margin | 237.8 | | | 310.1 | | | 445.1 | | | 712.7 | |
Selling and administrative | 94.6 | | | 101.2 | | | 196.5 | | | 213.0 | |
Restructuring charges | 6.8 | | | 19.2 | | | 15.1 | | | 80.1 | |
Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | |
Operating income | 136.4 | | | 216.7 | | | 233.7 | | | 447.1 | |
Interest expense | 46.6 | | | 45.3 | | | 91.2 | | | 87.7 | |
Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | |
Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | |
Income before taxes | 96.6 | | | 177.9 | | | 156.9 | | | 372.7 | |
Income tax provision | 24.3 | | | 33.2 | | | 36.8 | | | 74.0 | |
Net income | $ | 72.3 | | | $ | 144.7 | | | 120.1 | | | 298.7 | |
Net loss attributable to noncontrolling interests | (1.9) | | | (2.2) | | | (2.7) | | | (4.5) | |
Net income attributable to Olin Corporation | $ | 74.2 | | | $ | 146.9 | | | $ | 122.8 | | | $ | 303.2 | |
| | | | | | | |
Net income attributable to Olin Corporation per common share: | | | | | | | |
Basic | $ | 0.63 | | | $ | 1.15 | | | $ | 1.03 | | | $ | 2.35 | |
Diluted | $ | 0.62 | | | $ | 1.13 | | | $ | 1.01 | | | $ | 2.29 | |
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Sales for the three months ended June 30, 2024 were $1,644.0 million compared to $1,702.7 million in the same period last year, a decrease of $58.7 million, or 3%. Chlor Alkali Products and Vinyls sales decreased by $82.0 million primarily due to lower caustic soda pricing, partially offset by increased volumes which were primarily associated with products purchased from other parties. Epoxy sales decreased by $16.1 million, primarily due to lower product pricing, partially offset by increased sales volumes. Winchester sales increased by $39.4 million, primarily due to second quarter 2024 sales from White Flyer and increased sales to international military customers.
Gross margin decreased $72.3 million for the three months ended June 30, 2024 compared to the prior year. Chlor Alkali Products and Vinyls gross margin decreased by $77.8 million primarily due to lower caustic soda pricing. Epoxy gross margin decreased by $4.4 million primarily due to lower product pricing, partially offset by increased volumes. Winchester gross margin increased by $2.9 million primarily due to higher sales volumes, including White Flyer, partially offset by lower product pricing. Gross margin as a percentage of sales decreased to 14% in 2024 from 18% in 2023, across all segments.
Selling and administrative expenses for the three months ended June 30, 2024 were $94.6 million, a decrease of $6.6 million from the prior year. The decrease was primarily due to lower stock-based compensation expense of $6.7 million, which includes mark-to-market adjustments. Selling and administrative expenses as a percentage of sales was 6% for both the three months ended June 30, 2024 and 2023.
Restructuring charges for the three months ended June 30, 2024 and 2023 were $6.8 million and $19.2 million, respectively. The decrease in charges was primarily due to a decline in charges associated with our 2023 actions to reconfigure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, which resulted in pretax restructuring charges of $5.8 million and $13.3 million for the three months ended June 30, 2024 and 2023, respectively.
Other operating income for the three months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations.
Interest expense increased by $1.3 million for the three months ended June 30, 2024 from the prior year, primarily due to higher average interest rates.
Non-operating pension income includes all components of pension and other postretirement net periodic benefit (income) cost, other than service costs. Non-operating pension income was higher for the three months ended June 30, 2024 primarily due to a decrease in the discount rate used to determine interest costs, partially offset by higher actuarial losses recognized to income.
The effective tax rate for the three months ended June 30, 2024 included a net $0.6 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2024 of 25.8% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the three months ended June 30, 2023 included a net $12.0 million tax benefit, primarily associated with stock-based compensation and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2023 of 25.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Sales for the six months ended June 30, 2024 were $3,279.3 million compared to $3,547.0 million in the same period last year, a decrease of $267.7 million, or 8%. Chlor Alkali Products and Vinyls sales decreased by $314.5 million primarily due to lower caustic soda pricing, partially offset by increased sales volumes associated with product purchased from other parties. Epoxy sales decreased by $35.5 million, primarily due to lower product pricing, partially offset by increased sales volumes. Winchester sales increased by $82.3 million, primarily due to 2024 sales from White Flyer, higher commercial ammunition sales volumes, and increased sales to international military customers.
Gross margin decreased $267.6 million for the six months ended June 30, 2024 compared to the prior year. Chlor Alkali Products and Vinyls gross margin decreased by $243.2 million primarily due to lower caustic soda pricing, partially offset by lower costs. Epoxy gross margin decreased by $39.9 million primarily due to lower product pricing, partially offset by increased volumes. Winchester gross margin increased by $11.0 million primarily due to higher sales volume, including White Flyer, partially offset by lower product pricing. Gross margin as a percentage of sales decreased to 14% in 2024 from 20% in 2023, across all segments.
Selling and administration expenses for the six months ended June 30, 2024 were $196.5 million, a decrease of $16.5 million from the prior year. The decrease was primarily due to lower stock-based compensation expense of $4.9 million, which includes mark-to-market adjustments, lower costs of $4.8 million associated with consulting and contract services and a favorable foreign currency impact of $3.8 million. Selling and administration expenses as a percentage of sales was 6% for both the six months ended June 30, 2024 and 2023.
Restructuring charges for the six months ended June 30, 2024 and 2023 were $15.1 million and $80.1 million, respectively. The decrease in charges was primarily due to a decline in charges associated with our 2023 actions to reconfigure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, which resulted in pretax restructuring charges of $9.3 million and $71.1 million for the six months ended June 30, 2024 and 2023, respectively.
Other operating income for the six months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations.
Interest expense increased by $3.5 million for the six months ended June 30, 2024 from the prior year primarily due to higher average interest rates.
Non-operating pension income includes all components of pension and other postretirement net periodic benefit (income) cost, other than service costs. Non-operating pension income was higher for the six months ended June 30, 2024 primarily due to a decrease in the discount rate used to determine interest costs, partially offset by higher actuarial losses recognized to income.
The effective tax rate for the six months ended June 30, 2024 included a net $3.3 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2024 of 25.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2023 included a net $17.2 million tax benefit, primarily associated with stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2023 of 24.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.
SEGMENT RESULTS
We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Segment Detail | ($ in millions) |
Sales | | | | | | | |
Chlor Alkali Products and Vinyls | $ | 920.3 | | | $ | 1,002.3 | | | $ | 1,804.9 | | | $ | 2,119.4 | |
Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | |
Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | |
Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
| | | | | | | |
Income before taxes | | | | | | | |
Chlor Alkali Products and Vinyls | $ | 99.3 | | | $ | 180.1 | | | $ | 175.9 | | | $ | 426.0 | |
Epoxy | (3.0) | | | (0.5) | | | (14.8) | | | 20.9 | |
Winchester | 70.3 | | | 64.7 | | | 142.5 | | | 125.7 | |
Corporate/other: | | | | | | | |
Environmental expense | (6.4) | | | (13.0) | | | (12.2) | | | (16.2) | |
Other corporate and unallocated costs | (17.0) | | | (22.4) | | | (42.8) | | | (56.7) | |
Restructuring charges | (6.8) | | | (19.2) | | | (15.1) | | | (80.1) | |
Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | |
Interest expense | (46.6) | | | (45.3) | | | (91.2) | | | (87.7) | |
Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | |
Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | |
Income before taxes | $ | 96.6 | | | $ | 177.9 | | | $ | 156.9 | | | $ | 372.7 | |
Chlor Alkali Products and Vinyls
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Chlor Alkali Products and Vinyls sales for the three months ended June 30, 2024 were $920.3 million compared to $1,002.3 million for the same period in 2023, a decrease of $82.0 million, or 8%. The sales decrease was primarily due to
lower caustic soda pricing, partially offset by increased volumes which were primarily associated with products purchased from other parties.
Chlor Alkali Products and Vinyls segment income was $99.3 million for the three months ended June 30, 2024 compared to $180.1 million for the same period in 2023. The decrease in segment results of $80.8 million was primarily due to lower caustic soda pricing ($243.4 million), partially offset by lower raw material and operating costs ($85.7 million), lower costs associated with product purchased from other parties ($40.5 million) and increased volumes ($36.4 million). Chlor Alkali Products and Vinyls second quarter 2023 segment results were negatively impacted by the maintenance turnaround and subsequent operating issues with the vinyl chloride monomer plant at the Freeport, TX facility, resulting in higher costs and reduced profit from lost sales. Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $105.8 million and $113.3 million for the three months ended June 30, 2024 and 2023, respectively.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Chlor Alkali Products and Vinyls sales for the six months ended June 30, 2024 were $1,804.9 million compared to $2,119.4 million for the same period in 2023, a decrease of $314.5 million, or 15%. The sales decrease was primarily due to lower caustic soda pricing, partially offset by increased sales volumes associated with products purchased from other parties.
Chlor Alkali Products and Vinyls segment income was $175.9 million for the six months ended June 30, 2024 compared to $426.0 million for the same period in 2023. The decrease in segment results of $250.1 million was primarily due to lower caustic soda pricing ($396.6 million), and an unfavorable product mix ($82.7 million), partially offset by lower costs associated with products purchased from other parties ($117.7 million) and lower raw material and operating costs ($111.5 million). Chlor Alkali Products and Vinyls second quarter 2023 segment results were negatively impacted by the maintenance turnaround and subsequent operating issues with the vinyl chloride monomer plant at the Freeport, TX facility, resulting in higher costs and reduced profit from lost sales. Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $212.6 million and $227.7 million for the six months ended June 30, 2024 and 2023, respectively.
Epoxy
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Epoxy sales for the three months ended June 30, 2024 were $317.7 million compared to $333.8 million for the same period in 2023, a decrease of $16.1 million, or 5%. The sales decrease was primarily due to lower product prices ($35.5 million) and an unfavorable effect of foreign currency translation ($1.9 million), partially offset by increased sales volumes ($21.3 million).
Epoxy segment loss was $3.0 million for the three months ended June 30, 2024 compared to segment loss of $0.5 million for the same period in 2023. The decrease in segment results of $2.5 million was primarily due to lower product prices ($35.5 million), which continue to be impacted by significant exports out of Asia into Europe and North America markets, partially offset by increased volumes and improved product mix ($25.1 million) and lower raw material and operating costs ($7.9 million). A significant percentage of our Euro denominated sales are of products manufactured within Europe. As a result, the impact of foreign currency translation on revenue is primarily offset by the impact of foreign currency translation on raw materials and manufacturing costs also denominated in Euros. Epoxy segment results included depreciation and amortization expense of $13.4 million and $15.2 million for the three months ended June 30, 2024 and 2023, respectively.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Epoxy sales for the six months ended June 30, 2024 were $659.0 million compared to $694.5 million for the same period in 2023, a decrease of $35.5 million, or 5%. The sales decrease was primarily due to lower product prices ($133.6 million) and an unfavorable effect of foreign currency translation ($2.4 million), partially offset by increased sales volumes ($100.5 million).
Epoxy segment loss was $14.8 million for the six months ended June 30, 2024 compared to segment income of $20.9 million for the same period in 2023. The decrease in segment results of $35.7 million was primarily due to lower product prices ($133.6 million), which continues to be impacted by significant exports out of Asia into the European and North American markets, partially offset by increased volumes and improved product mix ($83.5 million) and lower raw material and operating costs ($14.4 million). A significant percentage of our Euro denominated sales are of products manufactured within Europe. As a result, the impact of foreign currency translation on revenue is primarily offset by the impact of foreign currency translation on raw materials and manufacturing costs also denominated in Euros. Epoxy segment results included depreciation and amortization expense of $26.9 million and $29.7 million for the six months ended June 30, 2024 and 2023, respectively.
Winchester
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Winchester sales were $406.0 million for the three months ended June 30, 2024 compared to $366.6 million for the same period in 2023, an increase of $39.4 million, or 11%. The increase was due to higher sales to commercial customers ($22.6 million), higher sales to domestic and international military customers ($20.5 million), partially offset by lower sales to law enforcement agencies ($3.7 million). Commercial sales were primarily impacted by 2024 sales from White Flyer, partially offset by lower ammunition volumes. The increase in sales to military customers was due to international military sales more than doubling in 2024 compared to 2023.
Winchester segment income was $70.3 million for the three months ended June 30, 2024 compared to $64.7 million for the same period in 2023, an increase of $5.6 million. The increase in segment results was due to higher sales volumes ($11.7 million), which includes White Flyer, partially offset by higher commodity and operating costs ($3.6 million) and lower product pricing ($2.5 million). Winchester segment income included depreciation and amortization expense of $8.3 million and $6.3 million for the three months ended June 30, 2024 and 2023, respectively.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Winchester sales were $815.4 million for the six months ended June 30, 2024 compared to $733.1 million for the same period in 2023, an increase of $82.3 million, or 11%. The increase was due to higher sales to commercial customers ($64.9 million), higher sales to domestic and international military customers ($26.6 million), partially offset by lower sales to law enforcement agencies ($9.2 million). Commercial sales were primarily impacted by 2024 sales from White Flyer and increased ammunition volumes. The increase in sales to military customers was primarily due to international military sales increasing 165% compared to 2023.
Winchester segment income was $142.5 million for the six months ended June 30, 2024 compared to $125.7 million for the same period in 2023, an increase of $16.8 million. The increase in segment results was due to higher sales volumes ($23.0 million), which includes White Flyer, and lower commodity and operating costs ($0.4 million), partially offset by lower product pricing ($6.6 million). Winchester segment income included depreciation and amortization expense of $16.2 million and $12.5 million for the six months ended June 30, 2024 and 2023, respectively.
Corporate/Other
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
For the three months ended June 30, 2024, charges to income for environmental investigatory and remedial activities were $6.4 million compared to $13.0 million for the three months ended June 30, 2023. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites.
For the three months ended June 30, 2024, other corporate and unallocated costs were $17.0 million compared to $22.4 million for the three months ended June 30, 2023, a decrease of $5.4 million. The decrease was primarily due to lower variable incentive compensation costs ($2.1 million), which includes mark-to-market adjustments on stock-based compensation expense, lower legal and legal-related settlement expenses ($1.3 million) and a favorable foreign currency impact ($1.3 million).
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
For the six months ended June 30, 2024, charges to income for environmental investigatory and remedial activities were $12.2 million compared to $16.2 million for the six months ended June 30, 2023. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites.
For the six months ended June 30, 2024, other corporate and unallocated costs were $42.8 million compared to $56.7 million for the six months ended June 30, 2023, a decrease of $13.9 million. The decrease was primarily due to lower variable incentive compensation costs ($6.6 million), which includes mark-to-market adjustments on stock-based compensation expense, a favorable foreign currency impact ($3.8 million) and lower legal and legal-related settlement expenses ($2.1 million).
Restructurings
In connection with the previously announced Epoxy Optimization Plan, for the three months ended June 30, 2024 and 2023, we recorded restructuring charges of $5.8 million and $13.3 million, respectively, and for the six month ended June 30, 2024 and 2023, we recorded restructuring charges of $9.3 million and $71.1 million, respectively. We expect to incur additional restructuring charges through 2025 of approximately $15 million related to these actions.
For the three months ended June 30, 2024 and 2023, we incurred charges of $1.0 million and $5.9 million, respectively, and for the six month ended June 30, 2024 and 2023, we incurred charges of $5.8 million and $9.0 million, respectively, associated with other previously disclosed restructuring plans. We expect to incur additional restructuring charges through 2027 of approximately $40 million related to these actions. Discussion on our restructuring activity, including a description of each plan, is referenced under Item 1, within Note 4, “Restructuring Charges.” Pretax restructuring charges related to our actions include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities.
OUTLOOK
In the second quarter 2024, we saw sequential improvement in our Chemical businesses. As a result of the temporary disruption of operations at our Freeport, TX, facility from Hurricane Beryl, we expect our third quarter 2024 Chemical businesses’ results to be reduced by approximately $100 million due to incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales. Before considering the effects of Hurricane Beryl, we had anticipated our Chemical businesses’ third quarter 2024 results to be comparable to second quarter 2024.
In the second quarter 2024, our Winchester business achieved significant military growth, offset by lower commercial ammunition volumes and increased costs. We expect our Winchester business third quarter results to improve from second quarter levels with seasonally stronger commercial ammunition demand and continued military growth.
Other corporate and unallocated costs in 2024 are expected to be comparable with the $106.3 million in 2023.
During 2024, we anticipate environmental expenses in the $25 million to $35 million range, compared to $23.7 million in 2023.
We expect non-operating pension income in 2024 to be similar to the $24.0 million in 2023. Based on our plan assumptions and estimates, we will not be required to make any cash contributions to our domestic qualified defined benefit pension plan in 2024. We have several international qualified defined benefit pension plans for which we anticipate cash contributions of less than $5 million in 2024.
In 2024, we currently expect our capital spending to be in the $225 million range, including $10 million of additional capital associated with Hurricane Beryl, and we expect to make payments under other long-term supply contracts of approximately $50 million for energy modernization on the U.S. Gulf Coast. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.
We currently believe the 2024 effective tax rate will be in the 25% to 30% range and our cash tax rate to be in the 30% range.
ENVIRONMENTAL MATTERS
Environmental provisions charged to income, which are included in costs of goods sold, were $6.4 million and $13.0 million for the three months ended June 30, 2024 and 2023, respectively, and were $12.2 million and $16.2 million for the six month ended June 30, 2024 and 2023, respectively.
The following table summarizes the environmental liability activity:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Environmental Liabilities | ($ in millions) |
Balance at beginning of year | $ | 153.6 | | | $ | 146.6 | |
Charges to income | 12.2 | | | 16.2 | |
Remedial and investigatory spending | (10.5) | | | (11.0) | |
| | | |
Balance at end of period | $ | 155.3 | | | $ | 151.8 | |
Environmental investigatory and remediation activities spending was associated with former waste disposal sites and past manufacturing operations. Spending in 2024 for investigatory and remedial efforts, the timing of which is subject to regulatory approvals and other uncertainties, is estimated to be approximately $30 million. Cash outlays for remedial and investigatory activities associated with former waste disposal sites and past manufacturing operations were not charged to income, but instead, were charged to reserves established for such costs identified and expensed to income in prior periods. Associated costs of investigatory and remedial activities are provided for in accordance with generally accepted accounting principles governing probability and the ability to reasonably estimate future costs. Our ability to estimate future costs depends
on whether our investigatory and remedial activities are in preliminary or advanced stages. With respect to unasserted claims, we accrue liabilities for costs that, in our experience, we expect to incur to protect our interests against those unasserted claims. Our accrued liabilities for unasserted claims amounted to $11.7 million at June 30, 2024. With respect to asserted claims, we accrue liabilities based on remedial investigation, feasibility study, remedial action and operation, maintenance and monitoring (OM&M) expenses that, in our experience, we expect to incur in connection with the asserted claims. Required site OM&M expenses are estimated and accrued in their entirety for required periods not exceeding 30 years, which reasonably approximates the typical duration of long-term site OM&M. Charges to income for investigatory and remedial efforts may be material to our operating results in 2024.
The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.3 million, $153.6 million and $151.8 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, of which $123.3 million, $121.6 million and $126.8 million, respectively, were classified as other noncurrent liabilities. These amounts do not take into account any discounting of future expenditures or any consideration of insurance recoveries or advances in technology. These liabilities are reassessed periodically to determine if environmental circumstances have changed and/or remediation efforts and our estimate of related costs have changed. As a result of these reassessments, future charges to income may be made for additional liabilities.
Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other Potentially Responsible Parties (PRPs), our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs. It is possible that some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably to us, which could materially adversely affect our financial position or results of operations.
LEGAL MATTERS AND CONTINGENCIES
Discussion of legal matters and contingencies can be referred to under Item 1, within Note 18, “Commitments and Contingencies.”
LIQUIDITY AND CAPITAL RESOURCES
Cash Flow Data
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Provided by (Used for) | ($ in millions) |
Net operating activities | $ | 171.6 | | | $ | 343.0 | |
Capital expenditures | (100.8) | | | (128.8) | |
Payments under other long-term supply contracts | (46.7) | | | (29.6) | |
Proceeds from disposition of property, plant and equipment | — | | | 28.8 | |
Net investing activities | (150.4) | | | (130.6) | |
Long-term debt borrowings, net | 238.9 | | | 143.7 | |
Common stock repurchased and retired | (211.4) | | | (393.0) | |
Stock options exercised | 21.7 | | | 11.9 | |
Dividends paid | (47.6) | | | (51.8) | |
Contributions received from noncontrolling interests | — | | | 44.1 | |
Net financing activities | (8.9) | | | (245.1) | |
Operating Activities
For the six months ended June 30, 2024, cash provided by operating activities decreased by $171.4 million from the six months ended June 30, 2023, primarily due to a decrease in operating results, partially offset by a smaller increase in working capital compared with the prior year. For the six months ended June 30, 2024, working capital increased $166.3 million compared to an increase of $213.7 million for the six months ended June 30, 2023. Inventories increased by $19.3 million from December 31, 2023, which reflects normal seasonal growth, partially offset by inventory reduction efforts over the last year. Accounts payable and accrued liabilities decreased $63.8 million from December 31, 2023, primarily as a result of timing of payments during the first half of 2024.
Investing Activities
Capital spending was $100.8 million for the six months ended June 30, 2024 compared to $128.8 million for the comparable period in 2023. Our capital spending forecast represents normal capital spending to maintain our current operating facilities. For the full year 2024, we expect our capital spending to be in the $225 million range, including $10 million of additional capital associated with Hurricane Beryl. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.
For the six months ended June 30, 2024, payments under other long-term supply contracts was $46.7 million for energy modernization on the U.S. Gulf Coast. We expect to make payments for the full year 2024 of approximately $50 million.
For the six months ended June 30, 2023, we received $28.5 million of cash proceeds for the sale of our domestic private trucking fleet and operations.
Financing Activities
For the six months ended June 30, 2024, we had long-term debt borrowings, net of repayments of $238.9 million. For the six months ended June 30, 2023, we had long-term debt borrowings, net of repayments of $143.7 million.
For the six months ended June 30, 2024 and 2023, 3.9 million and 7.1 million shares, respectively, of common stock were repurchased and retired at a total value of $211.4 million and $393.0 million, respectively.
We issued 0.8 million and 0.4 million shares representing stock options exercised for the six months ended June 30, 2024 and 2023, respectively, with a total value of $21.7 million and $11.9 million, respectively. For the six months ended June 30, 2024, we withheld and paid $10.5 million for employee taxes on share-based payment arrangements.
For the six months ended June 30, 2023, we received $44.1 million of cash contributions from noncontrolling interests for BWA.
The percent of total debt to total capitalization increased to 57.3% as of June 30, 2024 from 54.1% as of December 31, 2023, primarily as a result of a higher level of debt outstanding, partially offset by lower shareholders’ equity, primarily due to common stock repurchases, partially offset by our operating results.
In the first and second quarters of 2024 and 2023, we paid a quarterly dividend of $0.20 per share. Dividends paid for the six months ended June 30, 2024 and 2023, were $47.6 million and $51.8 million, respectively. On July 24th, 2024, our Board of Directors declared a dividend of $0.20 per share on our common stock, payable on September 13th, 2024, to shareholders of record on August 8th, 2024.
The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial condition, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
Liquidity and Other Financing Arrangements
Our principal sources of liquidity are from cash and cash equivalents, cash flow from operations and borrowings under our Senior Revolving Credit Facility, Receivables Financing Agreement (as defined below) and AR Facilities (as defined below). Additionally, we believe that we have access to the high-yield debt and equity markets.
We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023 at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.
The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds.
We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2024, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate
the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of June 30, 2024, there were no covenants or other restrictions that limited our ability to borrow.
We believe, based on current and projected levels of cash flow from our operations, together with our cash and cash equivalents on hand and the availability to borrow under our Senior Revolving Credit Facility and AR Facilities, we have sufficient liquidity to meet our short-term and long-term needs to make required payments of interest on our debt, fund our operating needs, working capital and our capital expenditure requirements, and comply with the financial ratios in our debt agreements.
On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion. This program will terminate upon the purchase of $2.0 billion of common stock.
For the six months ended June 30, 2024, 3.9 million shares of common stock have been repurchased and retired at a total value of $211.4 million. As of June 30, 2024, 23.2 million shares of common stock have been repurchased and retired at a total value of $1,213.0 million under the 2022 Repurchase Authorization program, and $787.0 million of common stock remained authorized to be repurchased under the program.
We maintain a $425.0 million Receivables Financing Agreement (Receivables Financing Agreement) that is scheduled to mature on October 14, 2025. Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the Senior Credit Facility. As of June 30, 2024, December 31, 2023 and June 30, 2023, we had $298.8 million, $328.5 million and $234.8 million, respectively, drawn under the agreement. As of June 30, 2024, $429.8 million of our trade receivables were pledged as collateral and we had $0.5 million additional borrowing capacity under the Receivables Financing Agreement, which was limited by our borrowing base.
Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our domestic subsidiaries may sell their accounts receivable up to a maximum of $175.5 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €22.0 million. We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows.
The following table summarizes the AR facilities activity:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
AR Facilities | ($ in millions) |
Balance at beginning of period | $ | 63.3 | | | $ | 111.8 | |
Gross receivables sold | 375.0 | | | 532.6 | |
Payments received from customers on sold accounts | (376.9) | | | (567.2) | |
Balance at end of period | $ | 61.4 | | | $ | 77.2 | |
The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.1 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively, and $2.1 million and $2.5 million for the six months ended June 30, 2024 and 2023, respectively. The agreements are without recourse and therefore no recourse liability has been recorded as of June 30, 2024.
At June 30, 2024, we had total letters of credit of $135.2 million outstanding, of which $0.4 million were issued under our Senior Revolving Credit Facility. The letters of credit were used to support certain long-term debt obligations, workers compensation insurance policies, plant closure and post-closure obligations, international payment obligations and international pension funding requirements.
Our current debt structure is used to fund our business operations. As of June 30, 2024, we had long-term borrowings, including the current installment, of $2,910.9 million, of which $1,132.6 million were at variable rates. Included within long-term borrowings on the condensed balance sheets were deferred debt issuance costs and unamortized bond original issue discount of $14.9 million as of June 30, 2024. Commitments from banks under our Senior Revolving Credit Facility and AR Facilities are additional sources of liquidity.
We have registered an undetermined amount of securities with the SEC, so that, from time-to-time we may issue debt securities, preferred stock and/or common stock and associated warrants in the public market under that registration statement.
Credit Ratings
We receive ratings from three independent credit rating agencies: Fitch Ratings (Fitch), Moody's Investor Service (Moody's) and Standard & Poor's (S&P). The following table summarizes our credit ratings as of June 30, 2024:
| | | | | | | | | | | | | | |
Credit Rating Agency | | Long-term Rating | | Outlook |
Fitch Ratings | | BBB- | | Stable |
Moody’s Investors Service | | Ba1 | | Stable |
Standard & Poor’s | | BB+ | | Positive |
On June 24, 2024, Moody’s affirmed Olin’s Ba1 rating and stable outlook. On March 14, 2024, Fitch affirmed Olin’s BBB- rating and stable outlook. On April 30, 2023, S&P affirmed Olin’s BB+ rating and positive outlook.
Contractual Obligations
Purchasing commitments are utilized in our normal course of business for our projected needs. We have supply contracts with various third parties for certain raw materials including ethylene, electricity, propylene and benzene. These agreements are maintained through long-term cost based contracts that provide us with a reliable supply of key raw materials. There have been no material changes in our contractual obligations and commitments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 other than those which occur in the ordinary course of business.
New Accounting Pronouncements
Discussion of new accounting pronouncements can be referred to under Item 1, within Note 2, “Recent Accounting Pronouncements.”
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks.
Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. As of June 30, 2024, we maintained open positions on commodity contracts with a notional value totaling $208.1 million ($191.0 million at December 31, 2023 and $244.1 million at June 30, 2023). Assuming a hypothetical 10% increase in commodity prices which are currently hedged, as of June 30, 2024, we would experience a $20.8 million ($19.1 million at December 31, 2023 and $24.4 million at June 30, 2023) increase in our cost of inventory purchased, which would be substantially offset by a corresponding increase in the value of related hedging instruments.
We transact business in various foreign currencies other than the USD which exposes us to movements in exchange rates which may impact revenue and expenses, assets and liabilities and cash flows. Our significant foreign currency exposure is denominated with European currencies, primarily the Euro, although exposures also exist in other currencies of Asia Pacific, Latin America, Middle East and Africa. For all derivative positions, we evaluated the effects of a 10% shift in exchange rates between those currencies and the USD, holding all other assumptions constant. Unfavorable currency movements of 10%
would negatively affect the fair values of the derivatives held to hedge currency exposures by $15.2 million. These unfavorable changes would generally have been offset by favorable changes in the values of the underlying exposures.
We are exposed to changes in interest rates primarily as a result of our investing and financing activities. Our current debt structure is used to fund business operations, and commitments from banks under our Senior Revolving Credit Facility and AR Facilities are additional sources of liquidity. As of June 30, 2024, December 31, 2023 and June 30, 2023, we had long-term borrowings, including current installments and finance lease obligations, of $2,910.9 million, $2,670.1 million and $2,726.3 million, respectively, of which $1,132.6 million, $893.7 million and $951.3 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, were issued at variable rates. Included within long-term borrowings on the condensed balance sheets were deferred debt issuance costs and unamortized bond original issue discount.
Assuming no changes in the $1,132.6 million of variable-rate debt levels from June 30, 2024, we estimate that a hypothetical change of 100-basis points in the secured overnight financing rate (SOFR) would impact annual interest expense by $11.3 million.
If the actual changes in commodities, foreign currency, or interest pricing is substantially different than expected, the net impact of commodity risk, foreign currency risk, or interest rate risk on our cash flow may be materially different than that disclosed above.
We do not enter into any derivative financial instruments for speculative purposes.
Item 4. CONTROLS AND PROCEDURES
Our Chief Executive Officer and our Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were effective to ensure that information Olin is required to disclose in the reports that it files or submits with the SEC under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and to ensure that information we are required to disclose in such reports is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q includes forward-looking statements. These statements relate to analyses and other information that are based on management’s beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this quarterly report on Form 10-Q that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words “anticipate,” “intend,” “may,” “expect,” “believe,” “should,” “plan,” “outlook,” “project,” “estimate,” “forecast,” “optimistic,” “target,” and variations of such words and similar expressions in this quarterly report to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s common stock. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:
Business, Industry and Operational Risks
•sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;
•declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;
•unsuccessful execution of our strategic operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;
•failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;
•failure to control costs and inflation impacts or failure to achieve targeted cost reductions;
•our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
•the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;
•exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;
•availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
•the failure or an interruption, including cyber-attacks, of our information technology systems;
•our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
•risks associated with our international sales and operations, including economic, political or regulatory changes;
•our indebtedness and debt service obligations;
•weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;
•adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
•the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;
•our long-range plan assumptions not being realized causing a non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
•changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;
•new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;
•unexpected outcomes from legal or regulatory claims and proceedings;
•costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;
•various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and
•failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability.
All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.
Part II — OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Discussion of legal matters and contingencies can be referred to under Item 1, within Note 18, “Commitments and Contingencies.”
Item 1A. RISK FACTORS
Not Applicable.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a) Not Applicable.
(b) Not Applicable.
(c) Issuer Purchases of Equity Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares (or Units) Purchased(1) | | Average Price Paid per Share (or Unit)(2) | | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | | Maximum Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |
April 1-30, 2024 | | 630,920 | | | $ | 55.49 | | | 630,920 | | | | |
May 1-31, 2024 | | 813,819 | | | $ | 54.54 | | | 813,819 | | | | |
June 1-30, 2024 | | 511,741 | | | $ | 50.10 | | | 511,741 | | | | |
Total | | | | | | | | $ | 786,969,451 | | (1) |
(1)On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion (the 2022 Repurchase Authorization). This program will terminate upon the purchase of $2.0 billion of common stock. Through June 30, 2024, 23,183,616 shares of common stock had been repurchased and retired at a total value of $1,213.0 million and $787.0 million of common stock remained available for purchase under the 2022 Repurchase Authorization program.
(2)Average price paid per share includes transaction costs including commissions and fees paid to acquire the shares and excludes costs accrued associated with 1% excise tax on the fair market value of stock repurchases.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
Item 4. MINE SAFETY DISCLOSURES
Not Applicable.
Item 5. OTHER INFORMATION
(a) Not Applicable.
(b) Not Applicable.
(c) During the three months ended June 30, 2024, no director or officer of Olin adopted, terminated or modified a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.
Item 6. EXHIBITS
| | | | | | | | |
Exhibit | | Exhibit Description |
10.1 | | |
10.2 | | |
31.1 | | |
31.2 | | |
32 | | |
101.INS | | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document) |
101.SCH | | XBRL Taxonomy Extension Schema Document |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
104 | | Cover Page Interactive Data File (embedded in the Exhibit 101 Interactive Data Files) |
* Previously filed as indicated and incorporated herein by reference. Exhibits incorporated by reference are located in SEC file No. 1-1070 unless otherwise indicated.
† Indicated management contract or compensatory arrangement.
SIGNATURES
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 thereunto duly authorized.
| | | | | | | | |
| OLIN CORPORATION |
| (Registrant) |
| | |
| By: | /s/ Todd A. Slater |
| Senior Vice President and Chief Financial Officer (Authorized Officer) |
Date: July 26, 2024
Exhibit 10.1
Olin
190 Carondelet Plaza, Suite 1530
Clayton, MO 63105-3443
May 13, 2024
Patrick Schumacher
3520 Southwestern Blvd
Dallas, TX 75225
Re: Employment Separation by Mutual Consent
Dear Patrick,
This letter is to confirm the mutual agreement between you and Olin Corporation (“Olin”) regarding your separation from employment with Olin effective September 1, 2024 (“Separation Date”) and is also intended to be a brief summary of your benefits available after the separation.
Employment Separation Date and Accrued, Unused Vacation Pay:
Your last day of active employment will be August 31, 2024. Your accrued, unused 2024 vacation will be paid as a lump sum as soon as administratively feasible after termination in accordance with normal payroll practices. Your employment record will reflect termination, mutual consent effective September 1, 2024.
Healthcare Programs
If you are enrolled in Olin’s healthcare coverage (medical, dental and vision plans), your coverage will continue through September 30, 2024, at active employee rates in accordance with the terms of the applicable plan documents.
Following the Separation Date, you will receive a COBRA election notice that describes your eligibility for, and rights related to COBRA coverage, and that, if you want to participate in COBRA, you must elect that coverage within the time frame provided in the COBRA election notice.
Coverage under your company-provided benefits will end as outlined in Exhibit A.
Separation Benefits:
If you sign and do not revoke the attached “Separation Agreement and General Release” (the “Release”) within the time period provided, you will also be eligible for the following “Separation Benefits” as identified in the Severance Plan for Section 16(b) Officers for the period of September 1, 2024 through August 31, 2025 “Severance Period”:
•Executive Severance. You will receive severance equal to twelve (12) months of your current base salary ($660,000) + your 2024 Target Bonus ($540,000). For you this amount is equal to $1,200,000 and will be paid out to you in equal monthly installments in accordance with Olin’s normal payroll practices. All such payments shall be subject to tax withholdings required by applicable law and other standard payroll deductions.
•2024 Short Term Incentive Program (STIP) Target Payment. You will receive a pro-rated payout under the Short-Term Incentive Program (STIP) based on your active employment
through August 31, 2024. This payment will be made at the same time as other participants receive STIP payments, anticipated to be in early March 2025. All applicable taxes and withholdings will be applied.
•Long-Term Incentive Programs. For all vested options, you will have one (1) year from the Separation Date in which to exercise.
o2022 Grant – 10,100 Performance Shares. Assuming the company’s performance results in a payout, you will be eligible to receive a payout based on the number of months worked during the performance period (32 of 36 months). The payout will be paid in cash and be paid out at the same time as other performance share payouts for the 2022 grant (typically early March 2025).
o2023 Grant – 9,084 Performance Shares. Assuming the company’s performance results in a payout, you will be eligible to receive a payout based on the number of months worked during the performance period (20 months). The payout will be paid in cash and be paid out at the same time as other performance share payouts for the 2023 grant (typically early March 2026)
oAll other unvested options and performance shares will be forfeited.
•Healthcare Programs. For the identified Severance Period, you (and your dependents) will be eligible to continue to receive coverage on the same basis as similarly situated active employees under all Olin medical, dental, vision and life insurance plans, assuming you (and your dependents) are currently participating in those plans.
•Outplacement. You will be entitled at Olin’s expense to outplacement counseling and associated services in accordance with Olin’s customary practice with respect to senior executives who have been terminated other than for Cause. The outplacement services will be provided for a period of 12 months beginning on the 60th day after the Separation Date.
Other Benefits:
Please review the attached Appendix A for information on certain other benefit and compensation plans in which you may be eligible for benefits. Eligibility for benefits (if any) under these plans is not dependent on execution of the attached Release.
Note that all payments and benefits described in this communication shall be subject to tax withholdings required by applicable law and other standard payroll deductions. You are responsible for all taxes, interest, and penalties that may be imposed with respect to the payments and benefits contemplated by this communication.
Patents and Confidential Information:
You should be aware that the Employment Agreement Relating to Intellectual Property (including inventions, patents, and confidential information) which you signed on November 20, 2021, shall continue to remain in effect according to its terms.
If you have any questions, please contact me at 314-480-1478.
Sincerely,
/s/ Valerie A. Peters
Vice President, Human Resources
Olin Corporation
I, Patrick Schumacher, acknowledge and agree that the separation details as outlined in this separation letter align with my understanding of the conditions of my separation from Olin Corporation.
/s/ Patrick Schumacher____________
Signature
5/15/2024____________________
Date
Appendix A
The information provided below is for convenience purposes but is no guarantee that you are eligible for benefits or any certain level of benefits under any Plan. The summary below is intended to be a very brief overview of the Plans identified and may not cover all Olin benefit plans for which you are eligible. For avoidance of doubt, benefits (if any) provided under the below Plans do not constitute Separation Benefits.
Insurance and Disability Benefits:
The following benefits end on your last day worked (or as otherwise indicated below):
•All Life Insurance Coverages
oCompany Paid Life Insurance – continues through Separation Date (with signed release will continue through Severance Period)
oBusiness Travel Accident Insurance - ends on last day worked
oSupplemental Life Insurance – continues through Separation Date
oAccidental Death & Dismemberment Insurance – continues through Separation Date
oAny location specific death benefit policies – ends on last day worked
•Short Term Disability Benefits – ends on last day worked
•Long Term Disability Benefits -- ends earlier of last day worked or notice of Separation
Olin Corporation Contributing Employee Ownership Plan (the “CEOP”):
Contributions to the CEOP, also known as Olin’s 401(k) plan, both those made by you and by Olin, will end with your last regularly scheduled paycheck as an active employee. Contributions to the CEOP will not be made on any Separation Benefits including severance payments. You may contact VOYA Financials (“Voya”), the CEOP recordkeeper, directly by calling the toll-free number for the CEOP, 1-888- 685-OLIN or by accessing your CEOP account on-line at http://olin.voya.com. Voya can provide you with information regarding the various withdrawal and distribution options available.
If you currently have an outstanding CEOP loan, you should contact VOYA regarding repayment of the loan through automatic clearing house (ACH) electronic payment or a lump sum payment. Deductions for CEOP loan payments will discontinue with your final regularly scheduled paycheck as an active employee. CEOP loan payments will not be deducted from any Separation Benefits. You may repay the CEOP loan in full at any time during the 60 days following your last day of work, however the original term of the CEOP loan cannot be extended and interest will continue to accrue and be added to your loan balance. If the CEOP loan is not repaid in full or electronic ACH payments commenced within 60 days of your termination of employment, the CEOP loan will be in default and will be treated as a distribution from the CEOP subject to taxation (including a possible 10% penalty tax for early distribution). Contact VOYA at 1-888- 685-OLIN (http://olin.voya.com) for additional information on CEOP loans.
Employee contributions and employer matching contributions are immediately vested in your CEOP account. Vesting of the retirement account contribution made by Olin to your CEOP account is generally based upon your years of service with Olin. Additional information on vesting and other aspects of the CEOP can be found on the VOYA website (http://olin.voya.com).
It is recommended that you consult with a qualified tax and financial advisor regarding your participation (if any) in the CEOP, including with respect to any withdrawals, loans, and distributions under the CEOP.
In the event of any discrepancy between the information in this communication (or any other written or oral communication) and the legal plan document that governs Olin retirement, health, benefit or compensation or any other plan referenced herein (collectively referred to as the “Plans”), the applicable legal plan document (as interpreted by the applicable plan administrator) of a Plan will control in all cases. As always, Olin reserves the right to amend, change, or terminate any Plan at any time in its sole discretion (including, without limitation, to any group of employees including retirees). You may want to consult with a qualified financial and/or tax advisor regarding your participation under any Plan.
Exhibit 10.2
Separation Agreement and General Release
This Separation Agreement and General Release (“Agreement”) sets forth the understanding between Olin Corporation and its subsidiaries and affiliated companies (“Olin”) and you, Patrick Schumacher, regarding your separation from employment.
1.Employment Separation. Your last day of employment with Olin will be August 31, 2024 (the “Separation Date”). In accordance with normal Olin payroll procedures, you will receive, at or after the Separation Date, your final paycheck and any accrued, unused vacation leave, less all applicable withholdings and deductions, including but not limited to any overpayments made to you by Olin in any form.
2.Release Agreement Benefits. In return for your signing this Agreement, and in exchange for and subject to the promises, representations, warranties, and covenants contained herein and in the release set forth in Section 4, and subject to your compliance with the terms of this Agreement, Olin shall provide you with the “Separation Benefits” as described in the attached letter dated May 13, 2024 (the “Letter”). Such Separation Benefits shall be provided following the Effective Date of this Agreement in the time and manner described in the Letter, subject to the terms and conditions of the applicable Plan (as defined in the Letter) underlying such Separation Benefits.
You acknowledge that the Separation Benefits represent something of value beyond what you are entitled to receive in the absence of this Agreement. If you are re-hired by Olin at a time when you are receiving the Separation Benefits, the Separation Benefits will cease upon your date of re-hire and any remaining Separation Benefits will be forfeited. The cessation and forfeiture of any Separation Benefits as a result of your re-hire will not affect the validity or enforceability of any other provisions of this Agreement.
3.Non-Admission. This Agreement does not constitute and is not to be construed as an admission or evidence of any wrongdoing of any kind whatsoever on the part of you or any Released Party, as defined in Section 4, and shall not be offered or used for that purpose.
4.Waiver and Release of Claims. You, on behalf of yourself, your heirs, executors, administrators, trustees, legal representatives, successors, and assigns, hereby irrevocably and unconditionally waive, release, and forever discharge Olin, its past, present and future affiliates and related entities, parent and subsidiary corporations, divisions, shareholders, employee benefit plans and/or pension plans or funds, predecessors, successors and assigns, and its and their past, present or future officers, directors, trustees, fiduciaries, administrators, employees, agents, representatives, shareholders, predecessors, successors and assigns, (hereinafter “Released Parties”), from any and all claims and causes of action which you have, had, or may have against the Released Parties, whether or not known to you, based upon, arising from, or relating to any and all acts, events, and omissions occurring on or prior to the date you sign this Agreement. The claims being waived and released include, but are not limited to:
a.Any and all claims arising from or relating to your recruitment, hire, employment, or separation from employment with Olin;
b.Any and all claims for monetary damages, wages, severance pay, vacation pay, sick pay, bonuses, commissions, or other compensation and benefits;
c.Any and all claims of discrimination, harassment, or retaliation based on race, color, national origin, age, religion, veteran status, sex, disability, or other characteristic or conduct protected under any applicable federal, state or local laws and regulations;
d.Any and all claims of wrongful discharge, emotional distress, defamation, misrepresentation, fraud, detrimental reliance, breach of contractual obligations, promissory estoppel, negligence, unlawful retaliation or reprisal, including but not limited to claims for wrongful and/or constructive discharge based on public policy;
e.Any and all claims arising under: (i) Title VII of the Civil Rights Act of 1964, as amended; (ii) the Civil Rights Act of 1866, 1871, 1991, including Sections 1981-1988; (iii) the Americans with Disabilities Act, as amended; (iv) if you are or will be age 40 or over on the Effective Date, the Age Discrimination in Employment Act (“ADEA”), as amended by the Older Workers Benefit Protection Act (“OWBPA”); (v) the Genetic Information Nondiscrimination Act; (vi) the Worker Adjustment and Retraining Notification Act; (vii) the Sarbanes-Oxley and Dodd-Frank Acts; (viii) the Employee Retirement Income Security Act (“ERISA”) (including claims brought individually and on behalf an employee benefit plan governed by ERISA); (ix) the Family and Medical Leave Act; (x) the National Labor Relations Act; (xi) the Labor-Management Relations Act; (xii) the Fair Credit Reporting Act; (xiii) the Rehabilitation Act of 1973; (xiv) the Worker Adjustment and Retraining Notification Act; (xv) Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002; (xvi) the Genetic Information Nondiscrimination Act of 2008; (xvii) the Immigration Reform Control Act; (xviii) the Occupational Safety and Health Act; (xix) the Uniformed Services Employment and Reemployment Rights Act; (xx) the Vietnam Era Veterans Readjustment Act of 1974; (xxi) the Equal Pay Act; (xxii) any claims arising under analogous state laws or local ordinances or regulations; and (xxiii) any other applicable federal, state, or local law or regulation, in all cases except to the extent that such claims cannot be waived as a matter of law;
f.Any and all claims in contract, tort, public policy, or common law;
g.Any and all claims based on any employment agreement or unvested benefits plan; and
h.Any and all claims for costs or attorneys’ fees.
5.Release of Unknown Claims. In waiving and releasing any and all claims against the Released Parties, whether or not now known to you, you understand that this means that, if you later discover facts different from, or in addition to, those facts currently known by you, or believed by you to be true, the waivers and releases of this Agreement will remain effective in all respects—despite such different or additional facts and your later discovery of such facts, even if you would not have agreed to this Agreement if you had prior knowledge of such facts.
6.Pending Claims. You represent and warrant that no liens, claims, demands, subrogated interests, or causes of action of any nature or character exist or have been asserted arising from or related to the claims being waived and released in this Agreement. You represent that neither you nor any person acting on your behalf has filed or caused to be filed any lawsuit, complaint, or charge against any of the Released Parties in any court, any municipal, state, district, or federal agency, or any other tribunal.
7.Exceptions for Claims Not Being Waived or Released. The only claims that you are not waiving and releasing under this Agreement are claims you may have for:
a.Unemployment benefits, workers’ compensation benefits, state disability benefits, and/or paid family leave insurance benefits pursuant to the terms of applicable state law);
b.Any benefit entitlements that are vested as of the Separation Date pursuant to the terms of an Employer-sponsored benefit plan governed by ERISA (i.e., benefits that cannot be forfeited or denied under ERISA);
c.Violation of any federal, state or local statutory and/or public policy right or entitlement that, by applicable law, is not waivable;
d.Any wrongful act or omission occurring after the date you sign this Agreement;
e.Any claim under the Fair Labor Standards Act or claim for health insurance benefits under COBRA;
f.Any claim you may have to challenge the knowing and voluntary nature of this Agreement under the ADEA and/or OWBPA;
g.Protections against retaliation under the Taxpayer First Act, 26 U.S.C. § 2623(d);
h.Or any other claim, as determined by a Court of competent jurisdiction, that cannot be waived as a matter of law.
8.Government Agency Claims Exception. Nothing in this Agreement restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or filing a claim or charge or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including, but not limited to, the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, any state or local governing authority or agency or entity, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. However, to the maximum extent permitted by law, you are waiving your right to receive any individual monetary relief from Olin or any others covered by the Waiver and Release resulting from such claims or conduct, regardless of whether you or another party has filed them, and in the event you obtain such monetary relief, Olin will be entitled to an offset for the payments made pursuant to this Agreement. This Agreement does not limit your right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law. You do not need the prior authorization of Olin to engage in conduct protected by this Section, and you do not need to notify Olin that you have engaged in such conduct.
9.Defend Trade Secrets Act of 2016 Notice. Pursuant to the Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b), and any other applicable law, nothing in this Agreement shall prevent you from, or expose you to criminal or civil liability under federal or state trade secret law for (i) directly or indirectly sharing any trade secrets of Olin or other Confidential Information (except information protected by Olin’s attorney-client or work product privilege) in confidence with law enforcement, an attorney, or with any federal, state, or local government agencies, regulators, or officials for the purpose of investigating, reporting, or otherwise complaining of a suspected violation of law,
whether in response to a subpoena or otherwise, without notice to Olin, or (ii) disclosing Olin’s trade secrets in a filing in connection with a legal claim, provided that the filing is made under seal. Further, nothing shall prevent you from (A) sharing this Agreement or other information related hereto with your attorney; (B) sharing information about this Agreement with your spouse, accountant, or financial advisor so long as you ensure that such parties maintain the strict confidentiality of this Agreement; or (C) apprising any future employer or other person or entity to which you provide services of your continuing obligations to Olin.
10.Consideration and Revocation Periods.
a.You are being given at least twenty-one (21) days from the receipt of this Agreement to consider signing this Agreement;
b.If you knowingly and voluntarily choose to do so, you may accept the terms of the Agreement before the twenty-one (21) day consideration period has expired;
c.Any changes made to this Agreement in accordance with the provisions set forth herein, whether material or immaterial, will not restart the running of the twenty-one (21) day period; and
d.You have seven (7) days following the date you execute this Agreement to revoke it. Any revocation of the Agreement must be in writing, and delivered to and received by Valerie A. Peters, Vice President, Human Resources, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105 or vapeters@olin.com. prior to the expiration of the seven (7) day revocation period. The Agreement will become irrevocable on the 8th day after it is signed, the (“Effective Date”), if not revoked within this 7-day period; and
e.For employees who are or will be over age 40 or over on the Effective Date, you expressly acknowledge and agree that, among the matters waived in this Agreement are any and all rights or claims for age discrimination arising under the ADEA which have arisen on or before the date of execution of this Agreement.
11.Non-Disclosure; Confidentiality. You acknowledge that you have received and had access to information from the Released Parties regarding, among other things, their respective properties, products, and trade secrets. All such information and all notes, analyses, compilations, studies, forecasts, interpretations, or other documents prepared by the Released Parties or any of their affiliated companies are referred to herein as “Confidential Information,” whether furnished orally or in written form. You agree that: (1) except as required by law or otherwise provided in this Agreement, you will keep confidential, and not disclose or reveal to any person, any and all Confidential Information; (2) you will not use Confidential Information for any purpose; and (3) if any person or entity to whom disclosure has not been authorized in writing by the Released Parties requests, subpoenas, or otherwise seeks to obtain any Confidential Information within your possession, custody, or control, and to the extent permitted by applicable law, you will immediately inform Olin before taking any action or making any decision in connection with such request or subpoena and, at Olin’s request and expense, take such measures as Olin may deem necessary or appropriate to resist disclosure of such Confidential Information, and, if disclosure is required, limit disclosure only to such information required to be disclosed.
You additionally agree to keep confidential information related to employees, compensation, personnel, and human resources policies and practices of the Released Parties, the consideration paid hereunder, all negotiations related to this Agreement, and
the facts and allegations of all matters resolved by this Agreement. These items are and shall be deemed Confidential Information, and shall not be disclosed by you or your counsel to any person or entity without the prior written consent of Olin, except if required by law, and to your accountants, attorneys, and immediate family, provided that, to the maximum extent permitted by applicable law, such individuals agree to maintain the confidentiality of this Agreement.
12.Non-Disparagement. You will not make disparaging, defamatory, or false statements, in any form or respect, with regard to Olin, its officers, directors, agents, employees, any other Released Parties, or Olin’s products, services, operations, or prospects.
13.Legal Cooperation. You agree that you will reasonably cooperate with the Released Parties in the defense or prosecution of any threatened, pending, or future claim, dispute, litigation, arbitration, investigation, or other legal proceeding (collectively, “claims or actions”) that relates to any events or occurrences that occurred during your employment with Olin and/or about which you may have knowledge or information by virtue of your employment with Olin. Your reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available for telephone conferences with Olin’s outside counsel, members of Olin’s law department and/or other Olin personnel, being available for interviews, depositions and/or to act as a witness on behalf of the Released Parties, and responding to any inquiries about such claims or actions. You further agree to reasonably and truthfully cooperate with the Released Parties in connection with any investigation or review by any federal, state, or local regulatory authority relating to events or occurrences that transpired while you were employed with Olin and of which you have relevant knowledge. Subject to Olin’s prior approval, Olin will promptly pay (or promptly reimburse) you (a) for any and all reasonable out-of-pocket expenses incurred by you in connection with such cooperation, and (b) a reasonable hourly rate determined by Olin for all time that you provided pursuant to this Section to the extent that your expected cooperation will be in excess of 10 hours. You understand that you are not being compensated for the substance of your testimony, but only for your time and expenses associated with your cooperation hereunder, including preparing for and providing testimony. Olin expects that you will provide truthful and accurate testimony. Your compensation does not in any way depend on the content of your testimony or the outcome of any claims or actions on which you are cooperating with the Released Parties. If your cooperation with Olin following the Separation Date involves fewer than 80 hours of your time, you agree that the benefits in Section 2 provide sufficient compensation for such time.
14.Return of Property and Documents. You represent and warrant that you have returned, or will immediately return, to Olin all Olin property (including, without limitation, any and all Olin identification cards, card key passes, corporate credit cards, corporate phone cards, files, memoranda, reports, keys, laptops, iPads, software, and other electronic, digital, or computer means of storage, and all copies or such information and property). Without limiting the generality of the foregoing, you agree that you will permit Olin to inspect all computer hardware, software, electronic devices, storage (including, but not limited to, cloud storage), and email accounts owned by you or which are in your direct or indirect possession, custody, or control, for any and all data and information from, concerning, or belonging to the Released Parties, whether or not created by you, and then to copy and permanently delete or destroy in an irreversible manner such data and information. You also acknowledge that you are in possession of all of your property that you had at Olin’s premises and that Olin is not in possession of any of your property.
15.CALIFORNIA EMPLOYEES ONLY:
a.California Civil Code Section 1542 Waiver. The parties acknowledge and agree that all of their rights under Section 1542 of the Civil Code of California or any other state equivalent, if any, are hereby expressly waived. Section 1542 reads as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
Notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of all claims, the parties expressly acknowledge that the releases contained in this Agreement is intended to include in its effect, without limitations, all claims which the parties do not know or suspect to exist in their favor at the time of execution hereof, and that the releases contained in this Agreement contemplate the extinguishment of such claims.
b.California Government Code 12964.5 Exception. Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.
c.California Labor Code Section 2872. Pursuant to California Labor Code Section 2872, Olin hereby notifies you that Section 15 and any other provision on the ownership of inventions does not apply to any inventions that satisfy all of the following conditions: (a) an invention that you developed entirely on your own time without using Olin’s equipment, supplies, facilities, or trade secret information; and (b) an invention that does not either (i) relate at the time of conception or reduction to practice of the invention to Olin’s business, or actual or demonstrably anticipated research or development of Olin, or (ii) result from any work performed by you or Olin.
16.“Blue Penciling”. If any provision of this Agreement is determined to be unenforceable as a matter of governing law, an arbitrator or reviewing court of appropriate jurisdiction shall have the authority to “blue pencil” or otherwise modify such provision so as to render it enforceable while maintaining the parties’ original intent to the maximum extent possible. For purposes of this Agreement, the connectives “and,” “or,” and “and/or” shall be construed either disjunctively or conjunctively as necessary to bring within the scope of a sentence or clause all subject matter that might otherwise be construed to be outside of its scope.
17.Tax Matters. All payments and benefits made pursuant to this Agreement shall be subject to tax withholdings required by applicable law and other standard payroll deductions. You are responsible for any and all taxes, interest, and penalties that may be imposed with respect to the payments and benefits made pursuant to this Agreement, and nothing herein shall be construed as a guarantee of any particular tax treatment for such payments and benefits. The intent of the parties is that payments and benefits made pursuant to this Agreement be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder, and all notices, rulings and other guidance issued by the Internal Revenue Service interpreting the same (collectively, “Section 409A”) so as to avoid the additional tax
and penalty interest provisions contained therein and, accordingly, to the maximum extent permitted under Section 409A, this Agreement (including any payment timing described in Section 2, the Letter and any applicable Plan) shall be interpreted to maintain exemption from or compliance with its requirements. Notwithstanding the foregoing, in no event whatsoever shall Olin be liable for any tax, interest or penalties that may be imposed on you by Section 409A or any damages for failing to comply with Section 409A.
18.Choice of Law. The terms of this Agreement and all rights and obligations of the parties thereto including its enforcement shall be interpreted and governed by the laws of the state of Missouri.
19.Modification of Agreement. No provisions of this Agreement may be modified, altered, waived or discharged unless such modification, alteration, waiver or discharge is agreed to in writing and signed by the parties hereto.
20.Entire Agreement; Headings. This Agreement sets forth the entire agreement between the parties hereto, and any and all prior and contemporaneous agreements, discussions or understandings between the parties pertaining to the subject matter hereof have been and are merged into and superseded by this Agreement, provided, however, that this Agreement does not supersede or affect the parties’ agreements relating to trade secrets, confidential information, copyrights and other intellectual property, non-competition, non-solicitation and the like, or the terms of any agreement or benefits plan attached to this Agreement or expressly incorporated herein, which shall remain in full force and effect in accordance with their terms.
21.Counterparts. This Agreement may be executed in separate counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.
22.Beneficiaries, Successors, and Assigns. This Agreement shall be binding on the executors, heirs, administrators, successors, and assigns of you and the successors and assigns of Olin. The Released Parties are intended third-party beneficiaries of the releases contained in this Agreement.
YOU ARE ADVISED TO CONSULT WITH YOUR OWN ATTORNEY BEFORE SIGNING THIS AGREEMENT SO YOU FULLY UNDERSTAND THE TERMS AND LEGAL CONSEQUENCES OF THIS AGREEMENT.
BY SIGNING BELOW, YOU AFFIRM THAT YOU HAVE READ THIS DOCUMENT AND UNDERSTAND ALL OF ITS TERMS INCLUDING THE FULL AND FINAL RELEASE OF CLAIMS SET FORTH ABOVE, AND YOU HAVE HAD AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. YOU SIGN YOUR NAME VOLUNTARILY AND WITH A FULL UNDERSTANDING OF ITS LEGAL CONSEQUENCES. YOU HEREBY ACCEPT AND AGREE TO ALL OF THE TERMS OF THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.
Olin Corporation
By: /s/ Patrick Schumacher By: /s/ Valerie Peters
Patrick Schumacher
Name: Valerie A. Peters
Title: Vice President, Human Resources
Dated: 5/15/2024 Dated: 5/15/2024
Exhibit 31.1
CERTIFICATIONS
I, Kenneth Lane, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Olin Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: | July 26, 2024 | /s/ Kenneth Lane |
| | Kenneth Lane |
| | President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATIONS
I, Todd A. Slater, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Olin Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: | July 26, 2024 | /s/ Todd A. Slater |
| | Todd A. Slater |
| | Senior Vice President and Chief Financial Officer |
Exhibit 32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Olin Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, Kenneth Lane, President and Chief Executive Officer and I, Todd A. Slater, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge: (1) the Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its Staff upon request.
| | | | | |
| |
/s/ Kenneth Lane |
Kenneth Lane |
President and Chief Executive Officer |
| |
Dated: | July 26, 2024 |
| |
/s/ Todd A. Slater |
Todd A. Slater |
Senior Vice President and Chief Financial Officer |
| |
Dated: | July 26, 2024 |
v3.24.2
Document And Entity Information
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Jun. 30, 2024
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Olin Corporation
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v3.24.2
Condensed Balance Sheets - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
|
Cash and cash equivalents |
$ 182.1
|
$ 170.3
|
$ 161.1
|
Receivables, net |
903.6
|
874.7
|
869.8
|
Income taxes receivable |
17.7
|
15.3
|
32.8
|
Inventories, net |
872.9
|
858.8
|
1,081.2
|
Other current assets |
82.0
|
54.1
|
53.3
|
Total current assets |
2,058.3
|
1,973.2
|
2,198.2
|
Property, plant and equipment (less accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) |
2,395.1
|
2,519.6
|
2,550.6
|
Operating lease assets, net |
321.2
|
344.7
|
335.7
|
Deferred income taxes |
91.5
|
87.4
|
82.6
|
Other assets |
1,144.8
|
1,118.5
|
1,108.6
|
Intangible assets, net |
226.3
|
245.8
|
255.9
|
Goodwill |
1,423.4
|
1,424.0
|
1,420.9
|
Total assets |
7,660.6
|
7,713.2
|
7,952.5
|
Current liabilities: |
|
|
|
Current installments of long-term debt |
121.8
|
78.8
|
9.0
|
Accounts payable |
779.1
|
775.4
|
750.0
|
Income taxes payable |
122.5
|
154.7
|
139.6
|
Current operating lease liabilities |
67.1
|
69.3
|
70.2
|
Accrued liabilities |
348.8
|
450.0
|
426.9
|
Total current liabilities |
1,439.3
|
1,528.2
|
1,395.7
|
Long-term debt |
2,789.1
|
2,591.3
|
2,717.3
|
Operating lease liabilities |
261.0
|
283.1
|
273.6
|
Accrued pension liability |
201.8
|
225.8
|
225.4
|
Deferred income taxes |
467.9
|
476.2
|
505.9
|
Other liabilities |
332.2
|
340.3
|
363.0
|
Total liabilities |
5,491.3
|
5,444.9
|
5,480.9
|
Commitments and contingencies |
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, $1.00 par value per share: authorized, 240.0 shares; issued and outstanding, 117.5, 120.2 and 125.8 shares |
117.5
|
120.2
|
125.8
|
Additional paid-in capital |
0.0
|
24.8
|
313.7
|
Accumulated other comprehensive loss |
(474.0)
|
(496.3)
|
(483.4)
|
Retained earnings |
2,492.6
|
2,583.7
|
2,475.9
|
Olin Corporation’s shareholders’ equity |
2,136.1
|
2,232.4
|
2,432.0
|
Noncontrolling interests |
33.2
|
35.9
|
39.6
|
Total equity |
2,169.3
|
2,268.3
|
2,471.6
|
Total liabilities and equity |
$ 7,660.6
|
$ 7,713.2
|
$ 7,952.5
|
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v3.24.2
Condensed Balance Sheets Parenthetical - USD ($) shares in Millions, $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Assets |
|
|
|
Accumulated depreciation |
$ 5,009.8
|
$ 4,826.4
|
$ 4,636.9
|
Shareholders' equity: |
|
|
|
Common stock, par value |
$ 1.00
|
$ 1.00
|
$ 1.00
|
Common stock, authorized (in shares) |
240.0
|
240.0
|
240.0
|
Common stock, issued |
117.5
|
120.2
|
125.8
|
Common stock, outstanding |
117.5
|
120.2
|
125.8
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.2
Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Sales |
$ 1,644.0
|
$ 1,702.7
|
$ 3,279.3
|
$ 3,547.0
|
Operating expenses: |
|
|
|
|
Cost of goods sold |
1,406.2
|
1,392.6
|
2,834.2
|
2,834.3
|
Selling and administrative |
94.6
|
101.2
|
196.5
|
213.0
|
Restructuring charges |
6.8
|
19.2
|
15.1
|
80.1
|
Other operating income |
0.0
|
27.0
|
0.2
|
27.5
|
Operating income |
136.4
|
216.7
|
233.7
|
447.1
|
Interest expense |
46.6
|
45.3
|
91.2
|
87.7
|
Interest income |
0.9
|
1.1
|
1.7
|
2.2
|
Non-operating pension income |
5.9
|
5.4
|
12.7
|
11.1
|
Income before taxes |
96.6
|
177.9
|
156.9
|
372.7
|
Income tax provision |
24.3
|
33.2
|
36.8
|
74.0
|
Net income |
72.3
|
144.7
|
120.1
|
298.7
|
Net loss attributable to noncontrolling interests |
(1.9)
|
(2.2)
|
(2.7)
|
(4.5)
|
Net income attributable to Olin Corporation |
$ 74.2
|
$ 146.9
|
$ 122.8
|
$ 303.2
|
Net income attributable to Olin Corporation per common share: |
|
|
|
|
Basic |
$ 0.63
|
$ 1.15
|
$ 1.03
|
$ 2.35
|
Diluted |
$ 0.62
|
$ 1.13
|
$ 1.01
|
$ 2.29
|
Average common shares outstanding: |
|
|
|
|
Basic |
118.5
|
127.4
|
119.1
|
129.2
|
Diluted |
120.2
|
130.4
|
121.0
|
132.4
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.2
Condensed Statements of Shareholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2022 |
|
$ 132.3
|
$ 682.7
|
$ (495.9)
|
$ 2,224.5
|
|
Common stock repurchased and retired |
$ (393.0)
|
(7.1)
|
(385.9)
|
|
0.0
|
|
Stock Issued During Period, Value, Stock Options Exercised |
11.9
|
0.4
|
11.5
|
|
|
|
Common stock issued for other transactions |
|
0.2
|
1.5
|
|
|
|
Stock-based compensation |
|
|
3.9
|
|
|
|
Other comprehensive income (loss) |
12.5
|
|
|
12.5
|
|
|
Common stock dividends paid |
|
|
|
|
(51.8)
|
|
Balance at end of period at Jun. 30, 2023 |
2,432.0
|
$ 125.8
|
313.7
|
(483.4)
|
2,475.9
|
|
Net income attributable to Olin Corporation |
303.2
|
|
|
|
303.2
|
|
Balance at beginning of period at Dec. 31, 2022 |
|
|
|
|
|
$ 0.0
|
Net loss attributable to noncontrolling interests |
(4.5)
|
|
|
|
|
(4.5)
|
Contributions received from noncontrolling interests |
44.1
|
|
|
|
|
44.1
|
Balance at end of period at Jun. 30, 2023 |
39.6
|
|
|
|
|
39.6
|
Dividends declared per share of common stock |
|
$ 0.40
|
|
|
|
|
Balance at beginning of period at Mar. 31, 2023 |
|
$ 129.3
|
491.6
|
(482.7)
|
2,354.6
|
|
Common stock repurchased and retired |
|
(3.5)
|
(183.4)
|
|
0.0
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
0.0
|
0.7
|
|
|
|
Common stock issued for other transactions |
|
0.0
|
0.1
|
|
|
|
Stock-based compensation |
|
|
4.7
|
|
|
|
Other comprehensive income (loss) |
(0.7)
|
|
|
(0.7)
|
|
|
Common stock dividends paid |
|
|
|
|
(25.6)
|
|
Balance at end of period at Jun. 30, 2023 |
2,432.0
|
$ 125.8
|
313.7
|
(483.4)
|
2,475.9
|
|
Net income attributable to Olin Corporation |
146.9
|
|
|
|
146.9
|
|
Balance at beginning of period at Mar. 31, 2023 |
|
|
|
|
|
41.8
|
Net loss attributable to noncontrolling interests |
(2.2)
|
|
|
|
|
(2.2)
|
Contributions received from noncontrolling interests |
|
|
|
|
|
0.0
|
Balance at end of period at Jun. 30, 2023 |
39.6
|
|
|
|
|
39.6
|
Dividends declared per share of common stock |
|
$ 0.20
|
|
|
|
|
Total equity |
2,471.6
|
|
|
|
|
|
Total equity |
2,268.3
|
|
|
|
|
|
Balance at beginning of period at Dec. 31, 2023 |
2,232.4
|
$ 120.2
|
24.8
|
(496.3)
|
2,583.7
|
|
Common stock repurchased and retired |
(211.4)
|
(3.9)
|
(41.2)
|
|
(166.3)
|
|
Stock Issued During Period, Value, Stock Options Exercised |
21.7
|
0.8
|
20.9
|
|
|
|
Common stock issued for other transactions |
|
0.4
|
(4.2)
|
|
|
|
Stock-based compensation |
|
|
(0.3)
|
|
|
|
Other comprehensive income (loss) |
22.3
|
|
|
22.3
|
|
|
Common stock dividends paid |
|
|
|
|
(47.6)
|
|
Balance at end of period at Jun. 30, 2024 |
2,136.1
|
$ 117.5
|
0.0
|
(474.0)
|
2,492.6
|
|
Net income attributable to Olin Corporation |
122.8
|
|
|
|
122.8
|
|
Balance at beginning of period at Dec. 31, 2023 |
35.9
|
|
|
|
|
35.9
|
Net loss attributable to noncontrolling interests |
(2.7)
|
|
|
|
|
(2.7)
|
Contributions received from noncontrolling interests |
0.0
|
|
|
|
|
0.0
|
Balance at end of period at Jun. 30, 2024 |
33.2
|
|
|
|
|
33.2
|
Dividends declared per share of common stock |
|
$ 0.40
|
|
|
|
|
Balance at beginning of period at Mar. 31, 2024 |
|
$ 119.4
|
0.0
|
(489.7)
|
2,542.3
|
|
Common stock repurchased and retired |
|
(1.9)
|
(3.9)
|
|
(100.2)
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
0.0
|
1.9
|
|
|
|
Common stock issued for other transactions |
|
0.0
|
0.1
|
|
|
|
Stock-based compensation |
|
|
1.9
|
|
|
|
Other comprehensive income (loss) |
15.7
|
|
|
15.7
|
|
|
Common stock dividends paid |
|
|
|
|
(23.7)
|
|
Balance at end of period at Jun. 30, 2024 |
2,136.1
|
$ 117.5
|
$ 0.0
|
$ (474.0)
|
2,492.6
|
|
Net income attributable to Olin Corporation |
74.2
|
|
|
|
$ 74.2
|
|
Balance at beginning of period at Mar. 31, 2024 |
|
|
|
|
|
35.1
|
Net loss attributable to noncontrolling interests |
(1.9)
|
|
|
|
|
(1.9)
|
Contributions received from noncontrolling interests |
|
|
|
|
|
0.0
|
Balance at end of period at Jun. 30, 2024 |
33.2
|
|
|
|
|
$ 33.2
|
Dividends declared per share of common stock |
|
$ 0.20
|
|
|
|
|
Total equity |
$ 2,169.3
|
|
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.2
DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF BUSINESS |
NOTE 1. DESCRIPTION OF BUSINESS Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and systems and growth products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets. On January 10, 2023, Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd. (Mitsui), began operations. BWA is an independent global trader of Electrochemical Unit (ECU)-based derivatives, focused on globally traded caustic soda and ethylene dichloride. Olin holds 51% interest and exercises control in BWA and the joint venture is consolidated in our consolidated financial statements in our Chlor Alkali Products and Vinyls segment, with Mitsui’s 49% interest in BWA classified as noncontrolling interest. All intercompany accounts and transactions are eliminated in consolidation. We have prepared the condensed financial statements included herein, without audit, pursuant to the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC). The preparation of the financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. In our opinion, these financial statements reflect all adjustments (consisting only of normal accruals), which are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, we believe that the disclosures are appropriate. We recommend that you read these condensed financial statements in conjunction with the financial statements, accounting policies and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023.
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v3.24.2
RECENT ACCOUNTING PRONOUNCEMENTS
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Standards Update and Change in Accounting Principle [Abstract] |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2024, the SEC issued SEC Release No. 33-11042, Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. The final rule will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board of Directors and management oversee climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather events. The final rule follows a compliance phase-in timeline, with the first requirements required to be adopted with our fiscal year ending December 31, 2025, followed in later years by greenhouse gas-related requirements. On April 4, 2024, the SEC voluntarily stayed the implementation of these disclosure requirements; however, we are currently evaluating the impact of the final rule on our disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-09 allows for adoption on a prospective or retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced segment expense disclosures on an interim and annual basis. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-07 requires adoption on a retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2024 and for interim periods beginning with our first quarter fiscal year 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures.
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v3.24.2
ACQUISITIONS
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination and Asset Acquisition [Abstract] |
|
Business Combination Disclosure [Text Block] |
NOTE 3. ACQUISITIONS On October 1, 2023, Olin acquired the assets of White Flyer Targets, LLC (White Flyer) from Reagent Diversified Holdings, Inc. for $63.5 million. The acquisition was financed with cash on hand. White Flyer designs, manufactures and sells recreational trap, skeet, international and sporting clay targets and has been included in Olin’s Winchester segment. We recorded the aggregate excess purchase price over identifiable net tangible and intangible assets acquired and liabilities assumed, which included a final allocation of $2.4 million of goodwill allocated to our Winchester segment and $4.5 million of intangible assets subject to amortization. The final total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $66.6 million and $10.0 million, respectively. The acquisition is not material, and therefore, supplemental pro forma financial information is not provided.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.24.2
RESTRUCTURING CHARGES
|
6 Months Ended |
Jun. 30, 2024 |
Restructuring and Related Activities [Abstract] |
|
RESTRUCTURING CHARGES |
NOTE 4. RESTRUCTURING CHARGES As a result of weak global resin demand and higher cost structures within the European region, we began a review of our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our strategic operating model. As part of this review, we announced operational cessations in the fourth quarter of 2022 and the first half of 2023 (collectively, Epoxy Optimization Plan). On June 20, 2023, we announced we had made the decision to cease all remaining operations at our Gumi, South Korea facility, reduce epoxy resin capacity at our Freeport, TX facility, and reduce our sales and support staffing across Asia. These actions were substantially completed by December 31, 2023. On March 21, 2023, we announced we had made the decision to cease operations at our cumene facility in Terneuzen, Netherlands and solid epoxy resin production at our facilities in Gumi, South Korea and Guaruja, Brazil. The closures were completed in the first quarter 2023. During the fourth quarter of 2022, we committed to and completed a plan to close down one of our bisphenol production lines at our Stade, Germany site. We expect to incur additional restructuring charges through 2025 of approximately $15 million related to these actions. During 2021, we announced that we had made the decision to permanently close our diaphragm-grade chlor alkali capacity, representing 400,000 tons, at our McIntosh, AL facility (McIntosh Plan). The closure was completed during the third quarter of 2022. We expect to incur additional restructuring charges through 2027 of approximately $20 million related to these actions. On January 18, 2021, we announced we had made the decision to permanently close our trichloroethylene and anhydrous hydrogen chloride liquefaction facilities in Freeport, TX (collectively, Freeport 2021 Plan), which were completed in the fourth quarter of 2021. We expect to incur additional restructuring charges through 2025 of approximately $5 million related to these actions. On December 11, 2019, we announced that we had made the decision to permanently close a chlor alkali plant with a capacity of 230,000 tons and our vinylidene chloride (VDC) production facility, both in Freeport, TX (collectively, Freeport 2019 Plan). The VDC facility and related chlor alkali plant were closed during the fourth quarter of 2020 and second quarter of 2021, respectively. We expect to incur additional restructuring charges through 2026 of approximately $15 million related to these actions. Pretax restructuring charges related to these actions include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities. Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Pretax Restructuring Charges | ($ in millions) | Epoxy Optimization Plan | $ | 5.8 | | | $ | 13.3 | | | $ | 9.3 | | | $ | 71.1 | | McIntosh Plan | 0.1 | | | 2.5 | | | 2.0 | | | 3.9 | | Freeport 2021 Plan | 0.3 | | | 1.4 | | | 0.7 | | | 2.1 | | Freeport 2019 Plan | 0.6 | | | 2.0 | | | 3.1 | | | 3.0 | | Total restructuring charges | $ | 6.8 | | | $ | 19.2 | | | $ | 15.1 | | | $ | 80.1 | |
The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Employee Severance and Related Benefit Costs | | Lease and Other Contract Termination Costs | | Facility Exit Costs | | Write-off of Equipment and Facility | | Total | | ($ in millions) | Balance at January 1, 2023 | $ | 9.4 | | | $ | 4.2 | | | $ | — | | | $ | — | | | $ | 13.6 | | Restructuring charges: | | | | | | | | | | First quarter | — | | | 39.7 | | | 8.4 | | | 12.8 | | | 60.9 | | Second quarter | 3.3 | | | 1.7 | | | 9.3 | | | 4.9 | | | 19.2 | | | | | | | | | | | | Amounts utilized | (1.4) | | | (7.2) | | | (17.7) | | | (17.7) | | | (44.0) | | Balance at June 30, 2023 | $ | 11.3 | | | $ | 38.4 | | | $ | — | | | $ | — | | | $ | 49.7 | | | | | | | | | | | | Balance at January 1, 2024 | $ | 10.8 | | | $ | 16.7 | | | $ | — | | | $ | — | | | $ | 27.5 | | Restructuring charges: | | | | | | | | | | First quarter | — | | | — | | | 8.3 | | | — | | | 8.3 | | Second quarter | — | | | 1.7 | | | 5.1 | | | — | | | 6.8 | | | | | | | | | | | | Amounts utilized | (7.4) | | | (5.6) | | | (13.4) | | | — | | | (26.4) | | Balance at June 30, 2024 | $ | 3.4 | | | $ | 12.8 | | | $ | — | | | $ | — | | | $ | 16.2 | |
The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Chlor Alkali Products and Vinyls | | | | Epoxy | | | | Total | | | McIntosh Plan | | Freeport 2021 Plan | | Freeport 2019 Plan | | | | Epoxy Optimization Plan | | | | | | ($ in millions) | Write-off of equipment and facility | | $ | 2.7 | | | $ | — | | | $ | 58.9 | | | | | $ | 18.3 | | | | | $ | 79.9 | | Employee severance and related benefit costs | | — | | | — | | | 2.1 | | | | | 15.8 | | | | | 17.9 | | Facility exit costs | | 11.4 | | | 13.8 | | | 22.2 | | | | | 25.9 | | | | | 73.3 | | | | | | | | | | | | | | | | | Lease and other contract termination costs | | 6.4 | | | — | | | — | | | | | 30.8 | | | | | 37.2 | | Total cumulative restructuring charges | | $ | 20.5 | | | $ | 13.8 | | | $ | 83.2 | | | | | $ | 90.8 | | | | | $ | 208.3 | |
As of June 30, 2024, we have incurred cash expenditures of $112.2 million and non-cash charges of $79.9 million related to these restructuring actions. The remaining balance of $16.2 million is expected to be paid out through 2027.
|
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.24.2
EARNINGS PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
EARNINGS PER SHARE |
NOTE 5. EARNINGS PER SHARE Basic and diluted net income attributable to Olin Corporation per share are computed by dividing net income attributable to Olin Corporation by the weighted-average number of common shares outstanding. Diluted net income attributable to Olin Corporation per share reflects the dilutive effect of stock-based compensation. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Computation of Net Income per Share | ($ in millions, except per share data) | Net income attributable to Olin Corporation | $ | 74.2 | | | $ | 146.9 | | | $ | 122.8 | | | $ | 303.2 | | Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | | Basic net income attributable to Olin Corporation per share | $ | 0.63 | | | $ | 1.15 | | | $ | 1.03 | | | $ | 2.35 | | Diluted shares: | | | | | | | | Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | | Stock-based compensation | 1.7 | | | 3.0 | | | 1.9 | | | 3.2 | | Diluted shares | 120.2 | | | 130.4 | | | 121.0 | | | 132.4 | | Diluted net income attributable to Olin Corporation per share | $ | 0.62 | | | $ | 1.13 | | | $ | 1.01 | | | $ | 2.29 | |
The computation of dilutive shares does not include 2.0 million shares for both the three and six months ended June 30, 2024 and 1.3 million shares for both the three and six months ended June 30, 2023 as their effect would have been anti-dilutive.
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v3.24.2
ACCOUNTS RECEIVABLES
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
ACCOUNTS RECEIVABLE |
NOTE 6. ACCOUNTS RECEIVABLES We maintain a $425.0 million Receivables Financing Agreement (Receivables Financing Agreement) that is scheduled to mature on October 14, 2025. Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the $1,550.0 million Senior Credit Facility. As of June 30, 2024, December 31, 2023 and June 30, 2023, we had $298.8 million, $328.5 million and $234.8 million, respectively, drawn under the agreement. As of June 30, 2024, $429.8 million of our trade receivables were pledged as collateral and we had $0.5 million additional borrowing capacity under the Receivables Financing Agreement, which was limited by our borrowing base. Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our domestic subsidiaries may sell their accounts receivable up to a maximum of $175.5 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €22.0 million. We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows. The following table summarizes the AR Facilities activity: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | AR Facilities | ($ in millions) | Balance at beginning of year | $ | 63.3 | | | $ | 111.8 | | Gross receivables sold | 375.0 | | | 532.6 | | Payments received from customers on sold accounts | (376.9) | | | (567.2) | | Balance at end of period | $ | 61.4 | | | $ | 77.2 | |
The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.1 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively, and $2.1 million and $2.5 million for the six months ended June 30, 2024 and 2023, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of June 30, 2024. Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.6 million, $13.1 million and $13.0 million and other receivables of $91.1 million, $85.3 million and $81.7 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, which were included in receivables, net.
|
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.2
INVENTORIES
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE 7. INVENTORIES Inventories consisted of the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Inventories | ($ in millions) | Supplies | $ | 151.8 | | | $ | 160.3 | | | $ | 145.1 | | Raw materials | 195.3 | | | 171.1 | | | 181.6 | | Work in process | 164.3 | | | 153.5 | | | 202.5 | | Finished goods | 527.6 | | | 507.6 | | | 725.8 | | Inventories excluding LIFO reserve | 1,039.0 | | | 992.5 | | | 1,255.0 | | LIFO reserve | (166.1) | | | (133.7) | | | (173.8) | | Inventories, net | $ | 872.9 | | | $ | 858.8 | | | $ | 1,081.2 | |
Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at June 30, 2024 reflect certain estimates relating to inventory quantities and costs at December 31, 2024. The replacement cost of our inventories would have been approximately $166.1 million, $133.7 million and $173.8 million higher than reported at June 30, 2024, December 31, 2023 and June 30, 2023, respectively.
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v3.24.2
OTHER ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Other Assets [Abstract] |
|
OTHER ASSETS |
NOTE 8. OTHER ASSETS Included in other assets were the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Other Assets | ($ in millions) | Supply contracts | $ | 1,082.7 | | | $ | 1,061.8 | | | $ | 1,052.9 | | Other | 62.1 | | | 56.7 | | | 55.7 | | Other assets | $ | 1,144.8 | | | $ | 1,118.5 | | | $ | 1,108.6 | |
For the six months ended June 30, 2024 and 2023, payments of $46.7 million and $29.6 million, respectively, were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $18.3 million and $17.8 million for the three months ended June 30, 2024 and 2023, respectively, and amortization expense of $36.6 million and $35.6 million for the six months ended June 30, 2024 and 2023, respectively, was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows.
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v3.24.2
GOODWILL AND INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLES |
NOTE 9. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying value of goodwill were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Chlor Alkali Products and Vinyls | | Epoxy | | Winchester | | Total | Goodwill | ($ in millions) | Balance at January 1, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | | | | | | | | | | Foreign currency translation adjustment | — | | | — | | | — | | | — | | Balance at June 30, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | | Balance at January 1, 2024(1) | $ | 1,276.1 | | | $ | 145.2 | | | $ | 2.7 | | | $ | 1,424.0 | | Acquisition activity | — | | | — | | | (0.3) | | | (0.3) | | Foreign currency translation adjustment | (0.2) | | | (0.1) | | | — | | | (0.3) | | Balance at June 30, 2024(1) | $ | 1,275.9 | | | $ | 145.1 | | | $ | 2.4 | | | $ | 1,423.4 | |
(1)Includes cumulative goodwill impairment of $557.6 million and $142.2 million in Chlor Alkali Products and Vinyls and Epoxy, respectively. Intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | | Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net | Intangible Assets | ($ in millions) | Customers, customer contracts and relationships | $ | 669.4 | | | $ | (453.5) | | | $ | 215.9 | | | $ | 671.7 | | | $ | (437.5) | | | $ | 234.2 | | | $ | 670.5 | | | $ | (419.5) | | | $ | 251.0 | | Trade names | 3.6 | | | (0.4) | | | 3.2 | | | 3.6 | | | (0.2) | | | 3.4 | | | — | | | — | | | — | | Acquired technology | 94.1 | | | (91.1) | | | 3.0 | | | 94.4 | | | (90.4) | | | 4.0 | | | 93.2 | | | (89.4) | | | 3.8 | | Other | 4.9 | | | (0.7) | | | 4.2 | | | 4.9 | | | (0.7) | | | 4.2 | | | 1.8 | | | (0.7) | | | 1.1 | | Total intangible assets | $ | 772.0 | | | $ | (545.7) | | | $ | 226.3 | | | $ | 774.6 | | | $ | (528.8) | | | $ | 245.8 | | | $ | 765.5 | | | $ | (509.6) | | | $ | 255.9 | |
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v3.24.2
DEBT
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE 10. DEBT Long-term loans, notes and other financing obligations, consisted of the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Financing Obligations | ($ in millions) | Variable-rate Term Loan Facility, due 2027 | $ | 336.9 | | | $ | 341.3 | | | $ | 345.6 | | Variable-rate Senior Revolving Credit Facility, due 2027 | 411.0 | | | 68.0 | | | 215.0 | | Variable-rate Recovery Zone bonds, due 2024-2035 | 83.0 | | | 103.0 | | | 103.0 | | Variable-rate Go Zone bonds, due 2024 | — | | | 50.0 | | | 50.0 | | Variable-rate industrial development and environmental improvement obligations, due 2025 | 2.9 | | | 2.9 | | | 2.9 | | 9.50% senior notes, due 2025 | 108.6 | | | 108.6 | | | 108.6 | | 5.625% senior notes, due 2029 | 669.3 | | | 669.3 | | | 669.3 | | 5.125% senior notes, due 2027 | 500.0 | | | 500.0 | | | 500.0 | | 5.00% senior notes, due 2030 | 515.3 | | | 515.3 | | | 515.3 | | Receivables Financing Agreement (See Note 6) | 298.8 | | | 328.5 | | | 234.8 | | Finance lease obligations | — | | | — | | | 0.2 | | Other: | | | | | | Deferred debt issuance costs | (14.8) | | | (16.6) | | | (18.2) | | Unamortized bond original issue discount | (0.1) | | | (0.2) | | | (0.2) | | Total debt | 2,910.9 | | | 2,670.1 | | | 2,726.3 | | Amounts due within one year | 121.8 | | | 78.8 | | | 9.0 | | Total long-term debt | $ | 2,789.1 | | | $ | 2,591.3 | | | $ | 2,717.3 | |
During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included: | | | | | | | | | | | | | | | | | Long-term Debt Borrowings (Repayments) for the Six Months Ended | | | June 30, 2024 | | June 30, 2023 | Debt Instruments | | ($ in millions) | Borrowings | | | | | Senior Revolving Credit Facility | | $ | 465.0 | | | $ | 215.0 | | Receivables Financing Agreement | | 46.5 | | | 200.0 | | Total borrowings | | 511.5 | | | 415.0 | | Repayments | | | | | Variable-rate Go Zone bonds, due 2024 | | (50.0) | | | — | | Variable-rate Recovery Zone bonds, due 2024 | | (20.0) | | | — | | Term Loan Facility | | (4.4) | | | (4.4) | | Senior Revolving Credit Facility | | (122.0) | | | — | | Receivables Financing Agreement | | (76.2) | | | (265.2) | | Finance leases | | — | | | (1.7) | | Total repayments | | (272.6) | | | (271.3) | | Long-term debt borrowings, net | | $ | 238.9 | | | $ | 143.7 | |
Senior Credit Facility We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023, at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027. The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2024, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of June 30, 2024, there were no covenants or other restrictions that limited our ability to borrow.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2
PENSION PLANS AND RETIREMENT BENEFITS
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
PENSION PLANS AND RETIREMENT BENEFITS |
NOTE 11. PENSION PLANS AND RETIREMENT BENEFITS We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Most of our domestic employees participate in defined contribution plans. However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices. Our domestic qualified defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger, or transfer thereafter takes place, plan benefits would automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements). We also provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience. | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | Three Months Ended June 30, | | Three Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Components of Net Periodic Benefit (Income) Cost | ($ in millions) | Service cost | $ | 1.2 | | | $ | 1.4 | | | $ | 0.2 | | | $ | 0.2 | | Interest cost | 25.5 | | | 26.4 | | | 0.5 | | | 0.4 | | Expected return on plans’ assets | (33.8) | | | (32.7) | | | — | | | — | | Amortization of prior service cost | (0.2) | | | (0.1) | | | — | | | 0.1 | | Recognized actuarial loss | 1.8 | | | 0.3 | | | 0.3 | | | 0.2 | | Net periodic benefit (income) cost | $ | (5.5) | | | $ | (4.7) | | | $ | 1.0 | | | $ | 0.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | Six Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Components of Net Periodic Benefit (Income) Cost | ($ in millions) | Service cost | $ | 2.5 | | | $ | 2.8 | | | $ | 0.4 | | | $ | 0.4 | | Interest cost | 50.6 | | | 52.7 | | | 0.9 | | | 0.9 | | Expected return on plans’ assets | (67.7) | | | (65.6) | | | — | | | — | | Amortization of prior service cost | (0.3) | | | (0.2) | | | — | | | 0.1 | | Recognized actuarial loss | 3.3 | | | 0.6 | | | 0.5 | | | 0.4 | | Net periodic benefit (income) cost | $ | (11.6) | | | $ | (9.7) | | | $ | 1.8 | | | $ | 1.8 | |
We made cash contributions to our international qualified defined benefit pension plans of $0.8 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively.
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v3.24.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 12. INCOME TAXES The effective tax rate for the three months ended June 30, 2024 included a net $0.6 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2024 of 25.8% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the three months ended June 30, 2023 included a net $12.0 million tax benefit, primarily associated with stock-based compensation, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2023 of 25.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2024 included a net $3.3 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2024 of 25.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2023 included a net $17.2 million tax benefit, primarily associated with stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2023 of 24.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. In August 2022, the Inflation Reduction Act (the "IRA") was enacted and provides various beneficial credits for energy efficient related manufacturing, transportation and fuels, hydrogen/carbon recapture and renewable energy, which we are evaluating in regard to planned projects. We will continue to monitor the expected impacts of any new guidance on our filing positions and will record the impacts as discrete income tax expense adjustments in the period the guidance is finalized or becomes effective. As of June 30, 2024, we had $51.2 million of gross unrecognized tax benefits, which would have a net $51.4 million impact on the effective tax rate, if recognized. As of June 30, 2023, we had $58.7 million of gross unrecognized tax benefits, of which $56.8 million would have impacted the effective tax rate, if recognized. The amounts of unrecognized tax benefits were as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Unrecognized Tax Benefits | ($ in millions) | Balance at beginning of year | $ | 50.3 | | | $ | 51.6 | | Increases for prior year tax positions | 2.7 | | | 1.3 | | Decreases for prior year tax positions | (0.4) | | | (0.3) | | Increases for current year tax positions | 0.7 | | | 5.4 | | Decreases due to tax settlements | (1.0) | | | — | | Foreign currency translation adjustments | (1.1) | | | 0.7 | | Balance at end of period | $ | 51.2 | | | $ | 58.7 | |
As of June 30, 2024, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $36.3 million over the next twelve months. The anticipated reduction primarily relates to expected settlements with tax authorities and the expiration of federal, state and foreign statutes of limitation. We operate globally and file income tax returns in numerous jurisdictions. Our tax returns are subject to examination by various federal, state and local tax authorities. Additionally, examinations are ongoing in various states and foreign jurisdictions. We believe we have adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position. For our primary tax jurisdictions, the tax years that remain subject to examination are as follows: | | | | | | | Tax Years | U.S. federal income tax | 2020 - 2023 | U.S. state income tax | 2012 - 2023 | Canadian federal income tax | 2017 - 2023 | Brazil | 2017 - 2023 | Germany | 2015 - 2023 | China | 2014 - 2023 | The Netherlands | 2017 - 2023 |
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.2
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN |
NOTE 13. CONTRIBUTING EMPLOYEE OWNERSHIP PLAN The Contributing Employee Ownership Plan (CEOP) is a defined contribution plan available to essentially all domestic employees. We provide a contribution to an individual retirement contribution account (Company Contributions) maintained with the CEOP equal to an amount between 5.0% and 7.5% of the employee’s eligible compensation. Employees generally vest in the value of the Company Contribution according to a schedule based on service. Participants vest 50% after 2 years of service and 100% after 3 years of service. We also match a percentage of our employees CEOP contributions (Company Match), which are invested in the same investment allocation as the employee’s contributions. Employees immediately vest in company matching contributions. Our contributions to the CEOP were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | CEOP Expense | ($ in millions) | Company Contribution | $ | 8.8 | | | $ | 8.6 | | | $ | 19.4 | | | $ | 20.3 | | Company Match | 3.7 | | | 3.7 | | | 7.3 | | | 7.4 | | Total expense | $ | 12.5 | | | $ | 12.3 | | | $ | 26.7 | | | $ | 27.7 | |
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- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.24.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE 14. STOCK-BASED COMPENSATION Stock-based compensation granted includes stock options, performance share awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Stock Compensation Expense | ($ in millions) | Stock-based compensation | $ | 7.6 | | | $ | 8.3 | | | $ | 13.2 | | | $ | 12.8 | | Mark-to-market adjustments | (7.6) | | | (1.6) | | | (5.4) | | | (0.1) | | Total expense | $ | — | | | $ | 6.7 | | | $ | 7.8 | | | $ | 12.7 | |
Stock Options The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | | | | | | | | | | | | Grant Date Assumptions - Stock Options | 2024 | | 2023 | Dividend yield | 1.50 | % | | 1.32 | % | Risk-free interest rate | 4.35 | % | | 4.07 | % | Expected volatility of Olin common stock | 47 | % | | 47 | % | Expected life (years) | 7.0 | | 7.0 | Weighted-average grant fair value (per option) | $ | 24.79 | | $ | 28.74 | Weighted-average exercise price | $ | 53.43 | | $ | 60.55 | Stock options granted | 601,157 | | 562,124 |
Dividend yield was based on our current dividend yield as of the option grant date. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns. Performance Shares Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts for performance share awards are based on two criteria: (1) 50% of the award is based on Olin’s total shareholder returns (TSR) over the applicable three-year performance cycle in relation to the TSR over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants and (2) 50% of the award is based on Olin’s net income over the applicable three-year performance cycle in relation to the net income goal for such period as set by the Compensation Committee of Olin’s Board of Directors. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed. The fair value of each performance share award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions: | | | | | | | | | | | | Grant Date Assumptions - Performance Shares | 2024 | | 2023 | Risk-free interest rate | 4.53 | % | | 4.46 | % | Expected volatility of Olin common stock | 41 | % | | 52 | % | Expected average volatility of peer companies | 37 | % | | 42 | % | Average correlation coefficient of peer companies | 0.40 | | 0.51 | Expected life (years) | 3.0 | | 3.0 | Grant date fair value (TSR-based award) | $ | 72.80 | | $ | 86.98 | Grant date fair value (net income-based award) | $ | 54.07 | | $ | 60.55 | Performance share awards granted | 180,714 | | 161,474 |
The risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the performance share awards. The expected volatility of Olin common stock and peer companies was based on historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies. Expected life of the performance share award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2
SHAREHOLDERS' EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
SHAREHOLDERS' EQUITY |
NOTE 15. SHAREHOLDERS’ EQUITY On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion (the 2022 Repurchase Authorization). This program will terminate upon the purchase of $2.0 billion of common stock. For the six months ended June 30, 2024 and 2023, 3.9 million and 7.1 million shares, respectively, of common stock were repurchased and retired at a total value of $211.4 million and $393.0 million, respectively. As of June 30, 2024, 23.2 million shares of common stock have been repurchased and retired at a total value of $1,213.0 million under the 2022 Repurchase Authorization program, and $787.0 million of common stock remained authorized to be repurchased under the program. We issued 0.8 million and 0.4 million shares representing stock options exercised for the six months ended June 30, 2024 and 2023, respectively, with a total value of $21.7 million and $11.9 million, respectively. The following table represents the activity included in accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation | | Cash Flow Hedges | | Pension and Postretirement Benefits | | Total | Accumulated Other Comprehensive Loss | ($ in millions) | Balance at January 1, 2023 | $ | (38.6) | | | $ | (32.5) | | | $ | (424.8) | | | $ | (495.9) | | Unrealized gains (losses) | | | | | | | | First quarter | 5.5 | | | (20.8) | | | — | | | (15.3) | | Second quarter | (8.5) | | | (10.7) | | | — | | | (19.2) | | | | | | | | | | Reclassification adjustments of losses into income | | | | | | | | First quarter | — | | | 30.7 | | | 0.4 | | | 31.1 | | Second quarter | — | | | 20.5 | | | 0.5 | | | 21.0 | | | | | | | | | | Tax provision | | | | | | | | First quarter | — | | | (2.5) | | | (0.1) | | | (2.6) | | Second quarter | — | | | (2.4) | | | (0.1) | | | (2.5) | | | | | | | | | | Net change | (3.0) | | | 14.8 | | | 0.7 | | | 12.5 | | Balance at June 30, 2023 | $ | (41.6) | | | $ | (17.7) | | | $ | (424.1) | | | $ | (483.4) | | | | | | | | | | Balance at January 1, 2024 | $ | (39.7) | | | $ | (18.4) | | | $ | (438.2) | | | $ | (496.3) | | Unrealized (losses) gains | | | | | | | | First quarter | (2.3) | | | (3.0) | | | — | | | (5.3) | | Second quarter | (2.5) | | | 17.1 | | | — | | | 14.6 | | | | | | | | | | Reclassification adjustments of losses into income | | | | | | | | First quarter | — | | | 13.3 | | | 1.6 | | | 14.9 | | Second quarter | — | | | 5.3 | | | 1.9 | | | 7.2 | | | | | | | | | | Tax provision | | | | | | | | First quarter | — | | | (2.6) | | | (0.4) | | | (3.0) | | Second quarter | — | | | (5.6) | | | (0.5) | | | (6.1) | | | | | | | | | | Net change | (4.8) | | | 24.5 | | | 2.6 | | | 22.3 | | Balance at June 30, 2024 | $ | (44.5) | | | $ | 6.1 | | | $ | (435.6) | | | $ | (474.0) | |
Net income and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss. Net income and non-operating pension income included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss.
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v3.24.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
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SEGMENT INFORMATION |
NOTE 16. SEGMENT INFORMATION We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment. Sales are attributed to geographic areas based on customer location. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Detail | ($ in millions) | Sales | | | | | | | | Chlor Alkali Products and Vinyls | $ | 920.3 | | | $ | 1,002.3 | | | $ | 1,804.9 | | | $ | 2,119.4 | | Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | | | | | | | | | | Income before Taxes | | | | | | | | Chlor Alkali Products and Vinyls | $ | 99.3 | | | $ | 180.1 | | | $ | 175.9 | | | $ | 426.0 | | Epoxy | (3.0) | | | (0.5) | | | (14.8) | | | 20.9 | | Winchester | 70.3 | | | 64.7 | | | 142.5 | | | 125.7 | | Corporate/Other: | | | | | | | | Environmental expense | (6.4) | | | (13.0) | | | (12.2) | | | (16.2) | | Other corporate and unallocated costs | (17.0) | | | (22.4) | | | (42.8) | | | (56.7) | | Restructuring charges | (6.8) | | | (19.2) | | | (15.1) | | | (80.1) | | Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | | Interest expense | (46.6) | | | (45.3) | | | (91.2) | | | (87.7) | | Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | | Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | | Income before taxes | $ | 96.6 | | | $ | 177.9 | | | $ | 156.9 | | | $ | 372.7 | |
Other operating income for both the three and six months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Sales by Geography | ($ in millions) | Chlor Alkali Products and Vinyls | | | | | | | | United States | $ | 671.5 | | | $ | 652.3 | | | $ | 1,307.1 | | | $ | 1,418.8 | | Europe | 45.0 | | | 45.0 | | | 80.8 | | | 117.4 | | Other foreign | 203.8 | | | 305.0 | | | 417.0 | | | 583.2 | | Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | | Epoxy | | | | | | | | United States | 166.8 | | | 148.8 | | | 338.1 | | | 300.4 | | Europe | 74.9 | | | 77.4 | | | 164.2 | | | 174.0 | | Other foreign | 76.0 | | | 107.6 | | | 156.7 | | | 220.1 | | Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | | | | | | | | United States | 373.6 | | | 325.3 | | | 755.7 | | | 655.2 | | Europe | 7.4 | | | 15.8 | | | 14.3 | | | 23.6 | | Other foreign | 25.0 | | | 25.5 | | | 45.4 | | | 54.3 | | Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total | | | | | | | | United States | 1,211.9 | | | 1,126.4 | | | 2,400.9 | | | 2,374.4 | | Europe | 127.3 | | | 138.2 | | | 259.3 | | | 315.0 | | Other foreign | 304.8 | | | 438.1 | | | 619.1 | | | 857.6 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Sales by Product Line | ($ in millions) | Chlor Alkali Products and Vinyls | | | | | | | | Caustic soda | $ | 376.8 | | | $ | 454.9 | | | $ | 732.5 | | | $ | 1,001.7 | | Chlorine, chlorine-derivatives and other products | 543.5 | | | 547.4 | | | 1,072.4 | | | 1,117.7 | | Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | | Epoxy | | | | | | | | Aromatics and allylics | 128.3 | | | 128.7 | | | 283.2 | | | 271.0 | | Epoxy resins | 189.4 | | | 205.1 | | | 375.8 | | | 423.5 | | Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | | | | | | | | Commercial | 222.0 | | | 199.4 | | | 464.8 | | | 399.9 | | Military and law enforcement(1) | 184.0 | | | 167.2 | | | 350.6 | | | 333.2 | | Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
(1) For the three months ended June 30, 2024 and 2023, revenue recognized over time represented $37.8 million and $26.1 million, respectively, and for the six months ended June 30, 2024 and 2023, revenue recognized over time represented $57.6 million and $48.8 million, respectively, associated with governmental contracts within our Winchester business.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2
ENVIRONMENTAL
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6 Months Ended |
Jun. 30, 2024 |
Environmental Remediation Obligations [Abstract] |
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ENVIRONMENTAL |
NOTE 17. ENVIRONMENTAL We are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.3 million, $153.6 million and $151.8 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, of which $123.3 million, $121.6 million and $126.8 million, respectively, were classified as other noncurrent liabilities. Environmental provisions charged to income, which are included in costs of goods sold, were $6.4 million and $13.0 million for the three months ended June 30, 2024 and 2023, respectively, and $12.2 million and $16.2 million for the six months ended June 30, 2024 and 2023, respectively. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other Potentially Responsible Parties (PRPs), our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs. It is possible that some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably to us, which could materially adversely affect our financial position or results of operations.
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- DefinitionThe entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.
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v3.24.2
COMMITMENTS AND CONTINGENCIES
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6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
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COMMITMENTS AND CONTINGENCIES |
NOTE 18. COMMITMENTS AND CONTINGENCIES We, and our subsidiaries, are defendants in various legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities. As of June 30, 2024, December 31, 2023 and June 30, 2023, our condensed balance sheets included accrued liabilities for these other legal actions of $12.5 million, $14.2 million and $15.9 million, respectively. These liabilities do not include costs associated with legal representation. Based on our analysis, and considering the inherent uncertainties associated with litigation, we do not believe that it is reasonably possible that these legal actions will materially adversely affect our financial position, cash flows or results of operations. During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency. In certain instances, such as environmental projects, we are responsible for managing the cleanup and remediation of an environmental site. There exists the possibility of recovering a portion of these costs from other parties. We account for gain contingencies in accordance with the provisions of ASC 450 “Contingencies” and, therefore, do not record gain contingencies and recognize income until it is earned and realizable.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2
DERIVATIVE FINANCIAL INSTRUMENTS
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6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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DERIVATIVE FINANCIAL INSTRUMENTS |
NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 “Derivatives and Hedging” (ASC 815) requires an entity to recognize all derivatives as either assets or liabilities in the condensed balance sheets and measure those instruments at fair value. In accordance with ASC 815, we designate derivative contracts as cash flow hedges of forecasted purchases of commodities and forecasted interest payments related to variable-rate borrowings and designate certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes. Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year. We actively manage currency exposures that are associated with net monetary asset positions, currency purchases and sales commitments denominated in foreign currencies and foreign currency denominated assets and liabilities created in the normal course of business. We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations. All of the currency derivatives expire within one year and are for U.S. dollar (USD) equivalents. The counterparties to the forward contracts are large financial institutions; however, the risk of loss to us in the event of nonperformance by a counterparty could be significant to our financial position or results of operations. We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Notional Value - Foreign Currency | ($ in millions) | Buy | $ | 5.3 | | | $ | 21.0 | | | $ | 10.9 | | Sell | 157.0 | | | 140.2 | | | 126.1 | |
Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized in earnings. We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Notional Value - Commodity | ($ in millions) | Natural gas | $ | 47.1 | | | $ | 63.2 | | | $ | 79.3 | | Ethane | 24.1 | | | 26.4 | | | 25.0 | | Metals | 136.9 | | | 101.4 | | | 139.8 | | Total notional | $ | 208.1 | | | $ | 191.0 | | | $ | 244.1 | |
As of June 30, 2024, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association, Toronto Dominion Bank and Bank of America Corporation, all of which are major financial institutions. We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process. At June 30, 2024, we had open derivative contract positions through 2028. If all open futures contracts had been settled on June 30, 2024, we would have recognized a pretax gain of $8.0 million. If commodity prices were to remain at June 30, 2024 levels, approximately $1.5 million of deferred gains, net of tax, would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur. Fair Value Hedges We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged items (fixed-rate borrowings) in the same line item, interest expense, as the offsetting loss or gain on the related interest rate swaps. There were no outstanding interest rate swaps at June 30, 2024, December 31, 2023 and June 30, 2024. Financial Statement Impacts We present our derivative assets and liabilities in our condensed balance sheets on a net basis whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk. The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | | Balance Sheet Location | ($ in millions) | Current Assets | | | | | | | Commodity contracts | Other current assets | $ | 14.9 | | | $ | 2.1 | | | $ | 0.2 | | Foreign currency contracts | Other current assets | — | | | — | | | 0.1 | | Noncurrent Assets | | | | | | | Commodity contracts | Other assets | 6.0 | | | 3.2 | | | 3.2 | | Total derivative assets(1) | | $ | 20.9 | | | $ | 5.3 | | | $ | 3.5 | | | | | | | | | Current Liabilities | | | | | | | Commodity contracts | Accrued liabilities | $ | 12.9 | | | $ | 29.4 | | | $ | 22.1 | | Foreign currency contracts | Accrued liabilities | (3.8) | | | 2.5 | | | 0.7 | | Noncurrent Liabilities | | | | | | | Commodity contracts | Other liabilities | — | | | 0.5 | | | 5.1 | | Total derivative liabilities(1) | | $ | 9.1 | | | $ | 32.4 | | | $ | 27.9 | |
(1) Does not include the impact of cash collateral received from or provided to counterparties.
The following table summarizes the effects of derivative instruments on our condensed statements of operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) for the | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Location of Gain (Loss) | | ($ in millions) | Cash Flow Hedges | | | | | | | | | | Commodity contracts | Other comprehensive income (loss) | | $ | 17.1 | | | $ | (10.7) | | | $ | 14.1 | | | $ | (31.5) | | Commodity contracts | Cost of goods sold | | (5.3) | | | (20.5) | | | (18.6) | | | (51.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Not Designated as Hedging Instruments | | | | | | | | | Commodity contracts | Cost of goods sold | | — | | | — | | | — | | | (0.6) | | Foreign exchange contracts | Selling and administrative | | 8.7 | | | (11.8) | | | 9.5 | | | (13.2) | |
Credit Risk and Collateral By using derivative instruments, we are exposed to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value gain in a derivative. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes us, thus creating a repayment risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, assume no repayment risk. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. We monitor our positions and the credit ratings of our counterparties, and we do not anticipate non-performance by the counterparties. Based on the agreements with our various counterparties, cash collateral is required to be provided when the net fair value of the derivatives, with the counterparty, exceeds a specific threshold. If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability. As of June 30, 2024, December 31, 2023 and June 30, 2023, this threshold was not exceeded. In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.24.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE 20. FAIR VALUE MEASUREMENTS Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities recorded at fair value in the condensed balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 “Fair Value Measurement” (ASC 820), and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We are required to separately disclose assets and liabilities measured at fair value on a recurring basis, from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis are intangible assets and goodwill, which are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Commodity Contracts We use commodity derivative contracts for certain raw materials and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations. Commodity contract financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for commodities. All commodity financial instruments were valued as a Level 2 under the fair value measurements hierarchy. Foreign Currency Contracts We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies. Foreign currency contract financial instruments were valued primarily based on relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for currencies. All foreign currency contract financial instruments were valued as a Level 2 under the fair value measurements hierarchy. Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated fair values due to the short-term maturities of these instruments. Since our long-term debt instruments may not be actively traded, the inputs used to measure the fair value of our long-term debt are based on current market rates for debt of similar risk and maturities and is classified as Level 2 in the fair value measurement hierarchy. As of June 30, 2024, December 31, 2023 and June 30, 2023, the fair value measurements of debt were $2,717.3 million, $2,626.2 million and $2,661.1 million, respectively. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820. There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2024, December 31, 2023 or June 30, 2023.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
RESTRUCTURING CHARGES (Tables)
|
6 Months Ended |
55 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2024 |
Restructuring and Related Activities [Abstract] |
|
|
Schedule of Restructuring Reserve by Type of Cost |
The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Employee Severance and Related Benefit Costs | | Lease and Other Contract Termination Costs | | Facility Exit Costs | | Write-off of Equipment and Facility | | Total | | ($ in millions) | Balance at January 1, 2023 | $ | 9.4 | | | $ | 4.2 | | | $ | — | | | $ | — | | | $ | 13.6 | | Restructuring charges: | | | | | | | | | | First quarter | — | | | 39.7 | | | 8.4 | | | 12.8 | | | 60.9 | | Second quarter | 3.3 | | | 1.7 | | | 9.3 | | | 4.9 | | | 19.2 | | | | | | | | | | | | Amounts utilized | (1.4) | | | (7.2) | | | (17.7) | | | (17.7) | | | (44.0) | | Balance at June 30, 2023 | $ | 11.3 | | | $ | 38.4 | | | $ | — | | | $ | — | | | $ | 49.7 | | | | | | | | | | | | Balance at January 1, 2024 | $ | 10.8 | | | $ | 16.7 | | | $ | — | | | $ | — | | | $ | 27.5 | | Restructuring charges: | | | | | | | | | | First quarter | — | | | — | | | 8.3 | | | — | | | 8.3 | | Second quarter | — | | | 1.7 | | | 5.1 | | | — | | | 6.8 | | | | | | | | | | | | Amounts utilized | (7.4) | | | (5.6) | | | (13.4) | | | — | | | (26.4) | | Balance at June 30, 2024 | $ | 3.4 | | | $ | 12.8 | | | $ | — | | | $ | — | | | $ | 16.2 | |
|
|
Cumulative Restructuring Charges by Type and Plan |
Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Pretax Restructuring Charges | ($ in millions) | Epoxy Optimization Plan | $ | 5.8 | | | $ | 13.3 | | | $ | 9.3 | | | $ | 71.1 | | McIntosh Plan | 0.1 | | | 2.5 | | | 2.0 | | | 3.9 | | Freeport 2021 Plan | 0.3 | | | 1.4 | | | 0.7 | | | 2.1 | | Freeport 2019 Plan | 0.6 | | | 2.0 | | | 3.1 | | | 3.0 | | Total restructuring charges | $ | 6.8 | | | $ | 19.2 | | | $ | 15.1 | | | $ | 80.1 | |
|
The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Chlor Alkali Products and Vinyls | | | | Epoxy | | | | Total | | | McIntosh Plan | | Freeport 2021 Plan | | Freeport 2019 Plan | | | | Epoxy Optimization Plan | | | | | | ($ in millions) | Write-off of equipment and facility | | $ | 2.7 | | | $ | — | | | $ | 58.9 | | | | | $ | 18.3 | | | | | $ | 79.9 | | Employee severance and related benefit costs | | — | | | — | | | 2.1 | | | | | 15.8 | | | | | 17.9 | | Facility exit costs | | 11.4 | | | 13.8 | | | 22.2 | | | | | 25.9 | | | | | 73.3 | | | | | | | | | | | | | | | | | Lease and other contract termination costs | | 6.4 | | | — | | | — | | | | | 30.8 | | | | | 37.2 | | Total cumulative restructuring charges | | $ | 20.5 | | | $ | 13.8 | | | $ | 83.2 | | | | | $ | 90.8 | | | | | $ | 208.3 | |
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v3.24.2
EARNINGS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Basic and Diluted Earnings Per Share Table |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Computation of Net Income per Share | ($ in millions, except per share data) | Net income attributable to Olin Corporation | $ | 74.2 | | | $ | 146.9 | | | $ | 122.8 | | | $ | 303.2 | | Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | | Basic net income attributable to Olin Corporation per share | $ | 0.63 | | | $ | 1.15 | | | $ | 1.03 | | | $ | 2.35 | | Diluted shares: | | | | | | | | Basic shares | 118.5 | | | 127.4 | | | 119.1 | | | 129.2 | | Stock-based compensation | 1.7 | | | 3.0 | | | 1.9 | | | 3.2 | | Diluted shares | 120.2 | | | 130.4 | | | 121.0 | | | 132.4 | | Diluted net income attributable to Olin Corporation per share | $ | 0.62 | | | $ | 1.13 | | | $ | 1.01 | | | $ | 2.29 | |
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v3.24.2
ACCOUNTS RECEIVABLES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
AR Facilities |
The following table summarizes the AR Facilities activity: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | AR Facilities | ($ in millions) | Balance at beginning of year | $ | 63.3 | | | $ | 111.8 | | Gross receivables sold | 375.0 | | | 532.6 | | Payments received from customers on sold accounts | (376.9) | | | (567.2) | | Balance at end of period | $ | 61.4 | | | $ | 77.2 | |
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v3.24.2
INVENTORIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories Table |
Inventories consisted of the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Inventories | ($ in millions) | Supplies | $ | 151.8 | | | $ | 160.3 | | | $ | 145.1 | | Raw materials | 195.3 | | | 171.1 | | | 181.6 | | Work in process | 164.3 | | | 153.5 | | | 202.5 | | Finished goods | 527.6 | | | 507.6 | | | 725.8 | | Inventories excluding LIFO reserve | 1,039.0 | | | 992.5 | | | 1,255.0 | | LIFO reserve | (166.1) | | | (133.7) | | | (173.8) | | Inventories, net | $ | 872.9 | | | $ | 858.8 | | | $ | 1,081.2 | |
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v3.24.2
OTHER ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Other Assets [Abstract] |
|
Schedule of Other Assets |
Included in other assets were the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Other Assets | ($ in millions) | Supply contracts | $ | 1,082.7 | | | $ | 1,061.8 | | | $ | 1,052.9 | | Other | 62.1 | | | 56.7 | | | 55.7 | | Other assets | $ | 1,144.8 | | | $ | 1,118.5 | | | $ | 1,108.6 | |
For the six months ended June 30, 2024 and 2023, payments of $46.7 million and $29.6 million, respectively, were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $18.3 million and $17.8 million for the three months ended June 30, 2024 and 2023, respectively, and amortization expense of $36.6 million and $35.6 million for the six months ended June 30, 2024 and 2023, respectively, was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows.
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v3.24.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
Changes in the carrying value of goodwill were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Chlor Alkali Products and Vinyls | | Epoxy | | Winchester | | Total | Goodwill | ($ in millions) | Balance at January 1, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | | | | | | | | | | Foreign currency translation adjustment | — | | | — | | | — | | | — | | Balance at June 30, 2023(1) | $ | 1,275.8 | | | $ | 145.1 | | | $ | — | | | $ | 1,420.9 | | Balance at January 1, 2024(1) | $ | 1,276.1 | | | $ | 145.2 | | | $ | 2.7 | | | $ | 1,424.0 | | Acquisition activity | — | | | — | | | (0.3) | | | (0.3) | | Foreign currency translation adjustment | (0.2) | | | (0.1) | | | — | | | (0.3) | | Balance at June 30, 2024(1) | $ | 1,275.9 | | | $ | 145.1 | | | $ | 2.4 | | | $ | 1,423.4 | |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | | Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net | | Gross Amount | | Accumulated Amortization | | Net | Intangible Assets | ($ in millions) | Customers, customer contracts and relationships | $ | 669.4 | | | $ | (453.5) | | | $ | 215.9 | | | $ | 671.7 | | | $ | (437.5) | | | $ | 234.2 | | | $ | 670.5 | | | $ | (419.5) | | | $ | 251.0 | | Trade names | 3.6 | | | (0.4) | | | 3.2 | | | 3.6 | | | (0.2) | | | 3.4 | | | — | | | — | | | — | | Acquired technology | 94.1 | | | (91.1) | | | 3.0 | | | 94.4 | | | (90.4) | | | 4.0 | | | 93.2 | | | (89.4) | | | 3.8 | | Other | 4.9 | | | (0.7) | | | 4.2 | | | 4.9 | | | (0.7) | | | 4.2 | | | 1.8 | | | (0.7) | | | 1.1 | | Total intangible assets | $ | 772.0 | | | $ | (545.7) | | | $ | 226.3 | | | $ | 774.6 | | | $ | (528.8) | | | $ | 245.8 | | | $ | 765.5 | | | $ | (509.6) | | | $ | 255.9 | |
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v3.24.2
DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-Term Debt Instruments |
Long-term loans, notes and other financing obligations, consisted of the following: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Financing Obligations | ($ in millions) | Variable-rate Term Loan Facility, due 2027 | $ | 336.9 | | | $ | 341.3 | | | $ | 345.6 | | Variable-rate Senior Revolving Credit Facility, due 2027 | 411.0 | | | 68.0 | | | 215.0 | | Variable-rate Recovery Zone bonds, due 2024-2035 | 83.0 | | | 103.0 | | | 103.0 | | Variable-rate Go Zone bonds, due 2024 | — | | | 50.0 | | | 50.0 | | Variable-rate industrial development and environmental improvement obligations, due 2025 | 2.9 | | | 2.9 | | | 2.9 | | 9.50% senior notes, due 2025 | 108.6 | | | 108.6 | | | 108.6 | | 5.625% senior notes, due 2029 | 669.3 | | | 669.3 | | | 669.3 | | 5.125% senior notes, due 2027 | 500.0 | | | 500.0 | | | 500.0 | | 5.00% senior notes, due 2030 | 515.3 | | | 515.3 | | | 515.3 | | Receivables Financing Agreement (See Note 6) | 298.8 | | | 328.5 | | | 234.8 | | Finance lease obligations | — | | | — | | | 0.2 | | Other: | | | | | | Deferred debt issuance costs | (14.8) | | | (16.6) | | | (18.2) | | Unamortized bond original issue discount | (0.1) | | | (0.2) | | | (0.2) | | Total debt | 2,910.9 | | | 2,670.1 | | | 2,726.3 | | Amounts due within one year | 121.8 | | | 78.8 | | | 9.0 | | Total long-term debt | $ | 2,789.1 | | | $ | 2,591.3 | | | $ | 2,717.3 | |
|
Schedule of Debt |
During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included: | | | | | | | | | | | | | | | | | Long-term Debt Borrowings (Repayments) for the Six Months Ended | | | June 30, 2024 | | June 30, 2023 | Debt Instruments | | ($ in millions) | Borrowings | | | | | Senior Revolving Credit Facility | | $ | 465.0 | | | $ | 215.0 | | Receivables Financing Agreement | | 46.5 | | | 200.0 | | Total borrowings | | 511.5 | | | 415.0 | | Repayments | | | | | Variable-rate Go Zone bonds, due 2024 | | (50.0) | | | — | | Variable-rate Recovery Zone bonds, due 2024 | | (20.0) | | | — | | Term Loan Facility | | (4.4) | | | (4.4) | | Senior Revolving Credit Facility | | (122.0) | | | — | | Receivables Financing Agreement | | (76.2) | | | (265.2) | | Finance leases | | — | | | (1.7) | | Total repayments | | (272.6) | | | (271.3) | | Long-term debt borrowings, net | | $ | 238.9 | | | $ | 143.7 | |
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v3.24.2
PENSION PLANS AND RETIREMENT BENEFITS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Components of Net Periodic Benefit (Income) Cost |
| | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | Three Months Ended June 30, | | Three Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Components of Net Periodic Benefit (Income) Cost | ($ in millions) | Service cost | $ | 1.2 | | | $ | 1.4 | | | $ | 0.2 | | | $ | 0.2 | | Interest cost | 25.5 | | | 26.4 | | | 0.5 | | | 0.4 | | Expected return on plans’ assets | (33.8) | | | (32.7) | | | — | | | — | | Amortization of prior service cost | (0.2) | | | (0.1) | | | — | | | 0.1 | | Recognized actuarial loss | 1.8 | | | 0.3 | | | 0.3 | | | 0.2 | | Net periodic benefit (income) cost | $ | (5.5) | | | $ | (4.7) | | | $ | 1.0 | | | $ | 0.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | Six Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Components of Net Periodic Benefit (Income) Cost | ($ in millions) | Service cost | $ | 2.5 | | | $ | 2.8 | | | $ | 0.4 | | | $ | 0.4 | | Interest cost | 50.6 | | | 52.7 | | | 0.9 | | | 0.9 | | Expected return on plans’ assets | (67.7) | | | (65.6) | | | — | | | — | | Amortization of prior service cost | (0.3) | | | (0.2) | | | — | | | 0.1 | | Recognized actuarial loss | 3.3 | | | 0.6 | | | 0.5 | | | 0.4 | | Net periodic benefit (income) cost | $ | (11.6) | | | $ | (9.7) | | | $ | 1.8 | | | $ | 1.8 | |
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v3.24.2
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Unrecognized Tax Benefits |
The amounts of unrecognized tax benefits were as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Unrecognized Tax Benefits | ($ in millions) | Balance at beginning of year | $ | 50.3 | | | $ | 51.6 | | Increases for prior year tax positions | 2.7 | | | 1.3 | | Decreases for prior year tax positions | (0.4) | | | (0.3) | | Increases for current year tax positions | 0.7 | | | 5.4 | | Decreases due to tax settlements | (1.0) | | | — | | Foreign currency translation adjustments | (1.1) | | | 0.7 | | Balance at end of period | $ | 51.2 | | | $ | 58.7 | |
|
Tax Returns Subject to Examination |
For our primary tax jurisdictions, the tax years that remain subject to examination are as follows: | | | | | | | Tax Years | U.S. federal income tax | 2020 - 2023 | U.S. state income tax | 2012 - 2023 | Canadian federal income tax | 2017 - 2023 | Brazil | 2017 - 2023 | Germany | 2015 - 2023 | China | 2014 - 2023 | The Netherlands | 2017 - 2023 |
|
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v3.24.2
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Compensation Related Costs [Abstract] |
|
Defined Contribution Plan Disclosures |
Our contributions to the CEOP were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | CEOP Expense | ($ in millions) | Company Contribution | $ | 8.8 | | | $ | 8.6 | | | $ | 19.4 | | | $ | 20.3 | | Company Match | 3.7 | | | 3.7 | | | 7.3 | | | 7.4 | | Total expense | $ | 12.5 | | | $ | 12.3 | | | $ | 26.7 | | | $ | 27.7 | |
|
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- DefinitionTabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans.
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v3.24.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-based compensation expense |
Stock-based compensation expense was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Stock Compensation Expense | ($ in millions) | Stock-based compensation | $ | 7.6 | | | $ | 8.3 | | | $ | 13.2 | | | $ | 12.8 | | Mark-to-market adjustments | (7.6) | | | (1.6) | | | (5.4) | | | (0.1) | | Total expense | $ | — | | | $ | 6.7 | | | $ | 7.8 | | | $ | 12.7 | |
|
Schedule of fair value of stock options granted valuation assumptions |
The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | | | | | | | | | | | | Grant Date Assumptions - Stock Options | 2024 | | 2023 | Dividend yield | 1.50 | % | | 1.32 | % | Risk-free interest rate | 4.35 | % | | 4.07 | % | Expected volatility of Olin common stock | 47 | % | | 47 | % | Expected life (years) | 7.0 | | 7.0 | Weighted-average grant fair value (per option) | $ | 24.79 | | $ | 28.74 | Weighted-average exercise price | $ | 53.43 | | $ | 60.55 | Stock options granted | 601,157 | | 562,124 |
|
Schedule of fair value of performance share awards granted valuation assumptions |
The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions: | | | | | | | | | | | | Grant Date Assumptions - Performance Shares | 2024 | | 2023 | Risk-free interest rate | 4.53 | % | | 4.46 | % | Expected volatility of Olin common stock | 41 | % | | 52 | % | Expected average volatility of peer companies | 37 | % | | 42 | % | Average correlation coefficient of peer companies | 0.40 | | 0.51 | Expected life (years) | 3.0 | | 3.0 | Grant date fair value (TSR-based award) | $ | 72.80 | | $ | 86.98 | Grant date fair value (net income-based award) | $ | 54.07 | | $ | 60.55 | Performance share awards granted | 180,714 | | 161,474 |
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v3.24.2
SHAREHOLDERS' EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
Activity included in accumulated other comprehensive loss table |
The following table represents the activity included in accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation | | Cash Flow Hedges | | Pension and Postretirement Benefits | | Total | Accumulated Other Comprehensive Loss | ($ in millions) | Balance at January 1, 2023 | $ | (38.6) | | | $ | (32.5) | | | $ | (424.8) | | | $ | (495.9) | | Unrealized gains (losses) | | | | | | | | First quarter | 5.5 | | | (20.8) | | | — | | | (15.3) | | Second quarter | (8.5) | | | (10.7) | | | — | | | (19.2) | | | | | | | | | | Reclassification adjustments of losses into income | | | | | | | | First quarter | — | | | 30.7 | | | 0.4 | | | 31.1 | | Second quarter | — | | | 20.5 | | | 0.5 | | | 21.0 | | | | | | | | | | Tax provision | | | | | | | | First quarter | — | | | (2.5) | | | (0.1) | | | (2.6) | | Second quarter | — | | | (2.4) | | | (0.1) | | | (2.5) | | | | | | | | | | Net change | (3.0) | | | 14.8 | | | 0.7 | | | 12.5 | | Balance at June 30, 2023 | $ | (41.6) | | | $ | (17.7) | | | $ | (424.1) | | | $ | (483.4) | | | | | | | | | | Balance at January 1, 2024 | $ | (39.7) | | | $ | (18.4) | | | $ | (438.2) | | | $ | (496.3) | | Unrealized (losses) gains | | | | | | | | First quarter | (2.3) | | | (3.0) | | | — | | | (5.3) | | Second quarter | (2.5) | | | 17.1 | | | — | | | 14.6 | | | | | | | | | | Reclassification adjustments of losses into income | | | | | | | | First quarter | — | | | 13.3 | | | 1.6 | | | 14.9 | | Second quarter | — | | | 5.3 | | | 1.9 | | | 7.2 | | | | | | | | | | Tax provision | | | | | | | | First quarter | — | | | (2.6) | | | (0.4) | | | (3.0) | | Second quarter | — | | | (5.6) | | | (0.5) | | | (6.1) | | | | | | | | | | Net change | (4.8) | | | 24.5 | | | 2.6 | | | 22.3 | | Balance at June 30, 2024 | $ | (44.5) | | | $ | 6.1 | | | $ | (435.6) | | | $ | (474.0) | |
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v3.24.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Detail | ($ in millions) | Sales | | | | | | | | Chlor Alkali Products and Vinyls | $ | 920.3 | | | $ | 1,002.3 | | | $ | 1,804.9 | | | $ | 2,119.4 | | Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | | | | | | | | | | Income before Taxes | | | | | | | | Chlor Alkali Products and Vinyls | $ | 99.3 | | | $ | 180.1 | | | $ | 175.9 | | | $ | 426.0 | | Epoxy | (3.0) | | | (0.5) | | | (14.8) | | | 20.9 | | Winchester | 70.3 | | | 64.7 | | | 142.5 | | | 125.7 | | Corporate/Other: | | | | | | | | Environmental expense | (6.4) | | | (13.0) | | | (12.2) | | | (16.2) | | Other corporate and unallocated costs | (17.0) | | | (22.4) | | | (42.8) | | | (56.7) | | Restructuring charges | (6.8) | | | (19.2) | | | (15.1) | | | (80.1) | | Other operating income | — | | | 27.0 | | | 0.2 | | | 27.5 | | Interest expense | (46.6) | | | (45.3) | | | (91.2) | | | (87.7) | | Interest income | 0.9 | | | 1.1 | | | 1.7 | | | 2.2 | | Non-operating pension income | 5.9 | | | 5.4 | | | 12.7 | | | 11.1 | | Income before taxes | $ | 96.6 | | | $ | 177.9 | | | $ | 156.9 | | | $ | 372.7 | |
Other operating income for both the three and six months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations.
|
Disaggregation of Revenue |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Sales by Geography | ($ in millions) | Chlor Alkali Products and Vinyls | | | | | | | | United States | $ | 671.5 | | | $ | 652.3 | | | $ | 1,307.1 | | | $ | 1,418.8 | | Europe | 45.0 | | | 45.0 | | | 80.8 | | | 117.4 | | Other foreign | 203.8 | | | 305.0 | | | 417.0 | | | 583.2 | | Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | | Epoxy | | | | | | | | United States | 166.8 | | | 148.8 | | | 338.1 | | | 300.4 | | Europe | 74.9 | | | 77.4 | | | 164.2 | | | 174.0 | | Other foreign | 76.0 | | | 107.6 | | | 156.7 | | | 220.1 | | Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | | | | | | | | United States | 373.6 | | | 325.3 | | | 755.7 | | | 655.2 | | Europe | 7.4 | | | 15.8 | | | 14.3 | | | 23.6 | | Other foreign | 25.0 | | | 25.5 | | | 45.4 | | | 54.3 | | Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total | | | | | | | | United States | 1,211.9 | | | 1,126.4 | | | 2,400.9 | | | 2,374.4 | | Europe | 127.3 | | | 138.2 | | | 259.3 | | | 315.0 | | Other foreign | 304.8 | | | 438.1 | | | 619.1 | | | 857.6 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Segment Sales by Product Line | ($ in millions) | Chlor Alkali Products and Vinyls | | | | | | | | Caustic soda | $ | 376.8 | | | $ | 454.9 | | | $ | 732.5 | | | $ | 1,001.7 | | Chlorine, chlorine-derivatives and other products | 543.5 | | | 547.4 | | | 1,072.4 | | | 1,117.7 | | Total Chlor Alkali Products and Vinyls | 920.3 | | | 1,002.3 | | | 1,804.9 | | | 2,119.4 | | Epoxy | | | | | | | | Aromatics and allylics | 128.3 | | | 128.7 | | | 283.2 | | | 271.0 | | Epoxy resins | 189.4 | | | 205.1 | | | 375.8 | | | 423.5 | | Total Epoxy | 317.7 | | | 333.8 | | | 659.0 | | | 694.5 | | Winchester | | | | | | | | Commercial | 222.0 | | | 199.4 | | | 464.8 | | | 399.9 | | Military and law enforcement(1) | 184.0 | | | 167.2 | | | 350.6 | | | 333.2 | | Total Winchester | 406.0 | | | 366.6 | | | 815.4 | | | 733.1 | | Total sales | $ | 1,644.0 | | | $ | 1,702.7 | | | $ | 3,279.3 | | | $ | 3,547.0 | |
(1) For the three months ended June 30, 2024 and 2023, revenue recognized over time represented $37.8 million and $26.1 million, respectively, and for the six months ended June 30, 2024 and 2023, revenue recognized over time represented $57.6 million and $48.8 million, respectively, associated with governmental contracts within our Winchester business.
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v3.24.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Open Forward Foreign Currency Contract |
We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Notional Value - Foreign Currency | ($ in millions) | Buy | $ | 5.3 | | | $ | 21.0 | | | $ | 10.9 | | Sell | 157.0 | | | 140.2 | | | 126.1 | |
|
Schedule of derivative instruments |
We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | Notional Value - Commodity | ($ in millions) | Natural gas | $ | 47.1 | | | $ | 63.2 | | | $ | 79.3 | | Ethane | 24.1 | | | 26.4 | | | 25.0 | | Metals | 136.9 | | | 101.4 | | | 139.8 | | Total notional | $ | 208.1 | | | $ | 191.0 | | | $ | 244.1 | |
|
Summary of location and fair value of derivative instruments on condensed balance sheets |
The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 | | Balance Sheet Location | ($ in millions) | Current Assets | | | | | | | Commodity contracts | Other current assets | $ | 14.9 | | | $ | 2.1 | | | $ | 0.2 | | Foreign currency contracts | Other current assets | — | | | — | | | 0.1 | | Noncurrent Assets | | | | | | | Commodity contracts | Other assets | 6.0 | | | 3.2 | | | 3.2 | | Total derivative assets(1) | | $ | 20.9 | | | $ | 5.3 | | | $ | 3.5 | | | | | | | | | Current Liabilities | | | | | | | Commodity contracts | Accrued liabilities | $ | 12.9 | | | $ | 29.4 | | | $ | 22.1 | | Foreign currency contracts | Accrued liabilities | (3.8) | | | 2.5 | | | 0.7 | | Noncurrent Liabilities | | | | | | | Commodity contracts | Other liabilities | — | | | 0.5 | | | 5.1 | | Total derivative liabilities(1) | | $ | 9.1 | | | $ | 32.4 | | | $ | 27.9 | |
(1) Does not include the impact of cash collateral received from or provided to counterparties.
|
Summary of effects of derivative instruments on condensed statements of income |
The following table summarizes the effects of derivative instruments on our condensed statements of operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) for the | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Location of Gain (Loss) | | ($ in millions) | Cash Flow Hedges | | | | | | | | | | Commodity contracts | Other comprehensive income (loss) | | $ | 17.1 | | | $ | (10.7) | | | $ | 14.1 | | | $ | (31.5) | | Commodity contracts | Cost of goods sold | | (5.3) | | | (20.5) | | | (18.6) | | | (51.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Not Designated as Hedging Instruments | | | | | | | | | Commodity contracts | Cost of goods sold | | — | | | — | | | — | | | (0.6) | | Foreign exchange contracts | Selling and administrative | | 8.7 | | | (11.8) | | | 9.5 | | | (13.2) | |
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v3.24.2
DESCRIPTION OF BUSINESS (Details)
|
Jan. 10, 2023 |
Olin Corporation |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Subsidiary, Ownership Percentage, Parent |
51.00%
|
Noncontrolling Interest [Line Items] |
|
Subsidiary, Ownership Percentage, Parent |
51.00%
|
Mitsui |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Subsidiary, Ownership Percentage, Noncontrolling Owner |
49.00%
|
Noncontrolling Interest [Line Items] |
|
Subsidiary, Ownership Percentage, Noncontrolling Owner |
49.00%
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v3.24.2
ACQUISITIONS (Details) - White Flyer [Member] $ in Millions |
Oct. 01, 2023
USD ($)
|
Asset Acquisition [Line Items] |
|
Payments to Acquire Businesses, Net of Cash Acquired |
$ 63.5
|
Business Acquisition, Goodwill, Expected Tax Deductible Amount |
2.4
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill |
4.5
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets |
66.6
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities |
$ 10.0
|
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v3.24.2
RESTRUCTURING CHARGES (Details 1) $ in Millions |
3 Months Ended |
6 Months Ended |
40 Months Ended |
41 Months Ended |
55 Months Ended |
99 Months Ended |
|
|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Oct. 21, 2021
T
|
Dec. 11, 2019
T
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
$ 6.8
|
$ 8.3
|
$ 19.2
|
$ 60.9
|
$ 15.1
|
$ 80.1
|
|
|
|
$ 208.3
|
|
|
Inception to date Amounts Utilized (cash) |
|
|
|
|
|
|
|
|
|
112.2
|
|
|
Inception to date Amounts Utilized (non-cash) |
|
|
|
|
|
|
|
|
|
79.9
|
|
|
Epoxy Optimization Plan | Epoxy |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
5.8
|
|
13.3
|
|
9.3
|
71.1
|
|
|
|
90.8
|
|
|
Additional restructuring and related expected cost |
15.0
|
|
|
|
15.0
|
|
$ 15.0
|
$ 15.0
|
$ 15.0
|
15.0
|
|
|
McIntosh Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.1
|
|
2.5
|
|
2.0
|
3.9
|
20.5
|
|
|
|
|
|
Additional restructuring and related expected cost |
20.0
|
|
|
|
20.0
|
|
20.0
|
20.0
|
20.0
|
20.0
|
|
|
McIntosh Restructuring Capacity Reduction | T |
|
|
|
|
|
|
|
|
|
|
400,000
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.3
|
|
1.4
|
|
0.7
|
2.1
|
|
13.8
|
|
|
|
|
Additional restructuring and related expected cost |
5.0
|
|
|
|
5.0
|
|
5.0
|
5.0
|
5.0
|
5.0
|
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.6
|
|
$ 2.0
|
|
3.1
|
$ 3.0
|
|
|
83.2
|
|
|
|
Additional restructuring and related expected cost |
$ 15.0
|
|
|
|
$ 15.0
|
|
$ 15.0
|
$ 15.0
|
$ 15.0
|
$ 15.0
|
|
|
Freeport Chlor Alkali Capacity Reduction | T |
|
|
|
|
|
|
|
|
|
|
|
230,000
|
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v3.24.2
RESTRUCTURING CHARGES (Details 3) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
40 Months Ended |
41 Months Ended |
55 Months Ended |
99 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
$ 6.8
|
$ 8.3
|
$ 19.2
|
$ 60.9
|
$ 15.1
|
$ 80.1
|
|
|
|
$ 208.3
|
Employee severance and related benefit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.0
|
0.0
|
3.3
|
0.0
|
|
|
|
|
|
17.9
|
Lease and other contract termination costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
1.7
|
0.0
|
1.7
|
39.7
|
|
|
|
|
|
37.2
|
Facility exit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
5.1
|
8.3
|
9.3
|
8.4
|
|
|
|
|
|
73.3
|
Write-off of equipment and facility |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.0
|
$ 0.0
|
4.9
|
$ 12.8
|
|
|
|
|
|
79.9
|
McIntosh Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.1
|
|
2.5
|
|
2.0
|
3.9
|
$ 20.5
|
|
|
|
McIntosh Plan | Chlor Alkali Products and Vinyls | Employee severance and related benefit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
0.0
|
|
|
|
McIntosh Plan | Chlor Alkali Products and Vinyls | Lease and other contract termination costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
6.4
|
|
|
|
McIntosh Plan | Chlor Alkali Products and Vinyls | Facility exit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
11.4
|
|
|
|
McIntosh Plan | Chlor Alkali Products and Vinyls | Write-off of equipment and facility |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
$ 2.7
|
|
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.3
|
|
1.4
|
|
0.7
|
2.1
|
|
$ 13.8
|
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls | Employee severance and related benefit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
0.0
|
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls | Lease and other contract termination costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
0.0
|
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls | Facility exit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
13.8
|
|
|
Freeport 2021 Plan | Chlor Alkali Products and Vinyls | Write-off of equipment and facility |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
$ 0.0
|
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
0.6
|
|
2.0
|
|
3.1
|
3.0
|
|
|
$ 83.2
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls | Employee severance and related benefit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
2.1
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls | Lease and other contract termination costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
0.0
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls | Facility exit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
22.2
|
|
Freeport 2019 Plan | Chlor Alkali Products and Vinyls | Write-off of equipment and facility |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
$ 58.9
|
|
Epoxy Optimization Plan | Epoxy |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
$ 5.8
|
|
$ 13.3
|
|
$ 9.3
|
$ 71.1
|
|
|
|
90.8
|
Epoxy Optimization Plan | Epoxy | Employee severance and related benefit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
15.8
|
Epoxy Optimization Plan | Epoxy | Lease and other contract termination costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
30.8
|
Epoxy Optimization Plan | Epoxy | Facility exit costs |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
25.9
|
Epoxy Optimization Plan | Epoxy | Write-off of equipment and facility |
|
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
$ 18.3
|
X |
- DefinitionAmount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.
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v3.24.2
ACCOUNTS RECEIVABLES (Details) € in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
|
|
|
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Oct. 11, 2022
USD ($)
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
2022 Senior Credit Facility |
$ 1,550.0
|
|
$ 1,550.0
|
|
|
|
|
|
Receivables Financing Agreement Outstanding Balance |
298.8
|
$ 234.8
|
298.8
|
$ 234.8
|
|
$ 328.5
|
|
|
AR Facilities, Amount Outstanding to be Serviced |
61.4
|
77.2
|
61.4
|
77.2
|
|
63.3
|
$ 111.8
|
|
AR Facilities, Gross receivables sold |
|
|
375.0
|
532.6
|
|
|
|
|
AR Facilities, Payments received from customers on sold accounts |
|
|
(376.9)
|
(567.2)
|
|
|
|
|
AR Facilities, Interest Expense |
1.1
|
1.3
|
2.1
|
2.5
|
|
|
|
|
AR Facilities, Recourse Liability |
0.0
|
0.0
|
0.0
|
0.0
|
|
0.0
|
|
|
Allowance for Doubtful Accounts |
12.6
|
13.0
|
12.6
|
13.0
|
|
13.1
|
|
|
Other Receivables |
91.1
|
81.7
|
91.1
|
81.7
|
|
85.3
|
|
|
United States |
|
|
|
|
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
AR Facilities, Maximum Outstanding Sales |
175.5
|
|
175.5
|
|
|
|
|
|
Foreign |
|
|
|
|
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
AR Facilities, Maximum Outstanding Sales | € |
|
|
|
|
€ 22.0
|
|
|
|
Receivables Financing Agreement |
|
|
|
|
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
Receivables Financing Agreement Maximum Borrowing Capacity |
|
|
|
|
|
|
|
$ 425.0
|
Receivables Financing Agreement Outstanding Balance |
298.8
|
$ 234.8
|
298.8
|
$ 234.8
|
|
$ 328.5
|
|
|
Trade Receivables Pledged as Collateral for Secured Borrowings |
429.8
|
|
429.8
|
|
|
|
|
|
Receivables Financing Agreement Available Borrowing Capacity |
$ 0.5
|
|
$ 0.5
|
|
|
|
|
|
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v3.24.2
OTHER ASSETS (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Other Assets [Abstract] |
|
|
|
|
|
Supply contracts |
$ 1,082.7
|
$ 1,052.9
|
$ 1,082.7
|
$ 1,052.9
|
$ 1,061.8
|
Other |
62.1
|
55.7
|
62.1
|
55.7
|
56.7
|
Other assets |
1,144.8
|
1,108.6
|
1,144.8
|
1,108.6
|
$ 1,118.5
|
Payments under other long-term supply contracts |
|
|
46.7
|
29.6
|
|
Amortization of Supply Contracts |
$ 18.3
|
$ 17.8
|
$ 36.6
|
$ 35.6
|
|
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v3.24.2
GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($) $ in Millions |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Goodwill [Line Items] |
|
|
|
|
|
Goodwill |
$ 1,423.4
|
$ 1,420.9
|
|
$ 1,424.0
|
$ 1,420.9
|
Goodwill, Purchase Accounting Adjustments |
(0.3)
|
|
|
|
|
Goodwill, Foreign Currency Translation Gain (Loss) |
(0.3)
|
0.0
|
|
|
|
Chlor Alkali Products and Vinyls |
|
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
|
Goodwill |
1,275.9
|
1,275.8
|
|
1,276.1
|
1,275.8
|
Goodwill, Purchase Accounting Adjustments |
0.0
|
|
|
|
|
Goodwill, Foreign Currency Translation Gain (Loss) |
(0.2)
|
0.0
|
|
|
|
Goodwill, Impairment Loss |
|
|
$ 557.6
|
|
|
Epoxy |
|
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
|
Goodwill |
145.1
|
145.1
|
|
145.2
|
145.1
|
Goodwill, Purchase Accounting Adjustments |
0.0
|
|
|
|
|
Goodwill, Foreign Currency Translation Gain (Loss) |
(0.1)
|
0.0
|
|
|
|
Goodwill, Impairment Loss |
|
|
$ 142.2
|
|
|
Winchester |
|
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
|
Goodwill |
2.4
|
0.0
|
|
$ 2.7
|
$ 0.0
|
Goodwill, Purchase Accounting Adjustments |
(0.3)
|
|
|
|
|
Goodwill, Foreign Currency Translation Gain (Loss) |
$ 0.0
|
$ 0.0
|
|
|
|
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v3.24.2
GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] |
|
|
|
Finite-Lived Intangible Assets, Gross |
$ 772.0
|
$ 774.6
|
$ 765.5
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(545.7)
|
(528.8)
|
(509.6)
|
Finite-Lived Intangible Assets, Net |
226.3
|
245.8
|
255.9
|
Customers, customer contracts and relationships |
|
|
|
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] |
|
|
|
Finite-Lived Intangible Assets, Gross |
669.4
|
671.7
|
670.5
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(453.5)
|
(437.5)
|
(419.5)
|
Finite-Lived Intangible Assets, Net |
215.9
|
234.2
|
251.0
|
Trade names |
|
|
|
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] |
|
|
|
Finite-Lived Intangible Assets, Gross |
3.6
|
3.6
|
0.0
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(0.4)
|
(0.2)
|
0.0
|
Finite-Lived Intangible Assets, Net |
3.2
|
3.4
|
0.0
|
Acquired technology |
|
|
|
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] |
|
|
|
Finite-Lived Intangible Assets, Gross |
94.1
|
94.4
|
93.2
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(91.1)
|
(90.4)
|
(89.4)
|
Finite-Lived Intangible Assets, Net |
3.0
|
4.0
|
3.8
|
Other |
|
|
|
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] |
|
|
|
Finite-Lived Intangible Assets, Gross |
4.9
|
4.9
|
1.8
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(0.7)
|
(0.7)
|
(0.7)
|
Finite-Lived Intangible Assets, Net |
$ 4.2
|
$ 4.2
|
$ 1.1
|
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v3.24.2
DEBT (Details 1) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Debt Instrument [Line Items] |
|
|
|
Receivables Financing Agreement Outstanding Balance |
$ 298.8
|
$ 328.5
|
$ 234.8
|
Supplier Finance Program, Obligation |
0.0
|
0.0
|
0.2
|
Debt Issuance Costs, Noncurrent, Net |
(14.8)
|
(16.6)
|
(18.2)
|
Debt Instrument, Unamortized Discount |
(0.1)
|
(0.2)
|
(0.2)
|
Debt, Long-Term and Short-Term, Combined Amount |
2,910.9
|
2,670.1
|
2,726.3
|
Increase (Decrease) in Notes Receivable, Current |
121.8
|
78.8
|
9.0
|
Long-Term Debt |
2,789.1
|
2,591.3
|
2,717.3
|
Variable-rate Term Loan [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
336.9
|
341.3
|
345.6
|
Variable-rate Senior Revolving Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
411.0
|
68.0
|
215.0
|
Variable-rate Recovery Zone bonds |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
83.0
|
103.0
|
103.0
|
Variable-rate Go Zone bonds |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
0.0
|
50.0
|
50.0
|
Variable-rate industrial and environmental obligations |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
2.9
|
2.9
|
2.9
|
9.5% senior note |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
$ 108.6
|
$ 108.6
|
$ 108.6
|
Debt Instrument, Interest Rate, Stated Percentage |
9.50%
|
9.50%
|
9.50%
|
5.625% senior note |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
$ 669.3
|
$ 669.3
|
$ 669.3
|
Debt Instrument, Interest Rate, Stated Percentage |
5.625%
|
5.625%
|
5.625%
|
5.125% senior note |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
$ 500.0
|
$ 500.0
|
$ 500.0
|
Debt Instrument, Interest Rate, Stated Percentage |
5.125%
|
5.125%
|
5.125%
|
5.00% senior note |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Notes Payable |
$ 515.3
|
$ 515.3
|
$ 515.3
|
Debt Instrument, Interest Rate, Stated Percentage |
5.00%
|
5.00%
|
5.00%
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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v3.24.2
Debt (Details 2) - USD ($) $ in Millions |
|
6 Months Ended |
|
Oct. 11, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
Proceeds from Issuance of Debt |
|
$ 511.5
|
$ 415.0
|
|
Long-term Debt Repayments |
|
(272.6)
|
(271.3)
|
|
Proceeds from (Repayments of) Debt |
|
238.9
|
143.7
|
|
2022 Senior Credit Facility |
|
1,550.0
|
|
|
Quarterly Required Principal Payment Percent Through 2024 |
0.625%
|
|
|
|
Quarterly Required Principal Payment Percent After 2024 |
1.25%
|
|
|
|
Repayments |
|
(272.6)
|
(271.3)
|
|
Senior Revolving Credit Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Proceeds from Issuance of Debt |
|
465.0
|
215.0
|
|
Long-term Debt Repayments |
|
(122.0)
|
0.0
|
|
Repayments |
|
(122.0)
|
0.0
|
|
Receivables Financing Agreement |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Proceeds from Issuance of Debt |
|
46.5
|
200.0
|
|
Long-term Debt Repayments |
|
(76.2)
|
(265.2)
|
|
Repayments |
|
(76.2)
|
(265.2)
|
|
Variable-rate Go Zone bonds |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt Repayments |
|
(50.0)
|
0.0
|
|
Notes Payable |
|
0.0
|
50.0
|
$ 50.0
|
Repayments |
|
(50.0)
|
0.0
|
|
Variable-rate Recovery Zone bonds |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt Repayments |
|
(20.0)
|
0.0
|
|
Notes Payable |
|
83.0
|
103.0
|
$ 103.0
|
Repayments |
|
(20.0)
|
0.0
|
|
Senior Term Loan |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt Repayments |
|
(4.4)
|
(4.4)
|
|
Repayments |
|
(4.4)
|
(4.4)
|
|
Finance Leases |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt Repayments |
|
0.0
|
(1.7)
|
|
Repayments |
|
0.0
|
$ (1.7)
|
|
$1,550.0 Million Secured Credit Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
2022 Senior Credit Facility |
$ 1,550.0
|
|
|
|
Notes Payable |
|
411.0
|
|
|
350.0 Million Term Loan Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Term Loan Facility, Maximum Borrowing Capacity |
350.0
|
|
|
|
$1,200.0 million Senior Revolving Credit Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Senior Revolving Credit Facility, Maximum Borrowing Capacity |
$ 1,200.0
|
|
|
|
Letters of Credit Outstanding, Amount |
|
100.0
|
|
|
Senior Revolving Credit Facility, Remaining Borrowing Capacity |
|
788.6
|
|
|
Letters of Credit Issued Under Senior Revolving Credit Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Letters of Credit Outstanding, Amount |
|
$ 0.4
|
|
|
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v3.24.2
INCOME TAXES (Details 1) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Effective Tax Rate, Discrete Items, net benefit (expense) |
$ 0.6
|
$ 12.0
|
$ 3.3
|
$ 17.2
|
Effective Tax Rate, Discrete Items, net Percent |
25.80%
|
25.40%
|
25.60%
|
24.50%
|
Statutory Federal Tax Rate |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
Impact on the effective tax rate, if recognized |
$ 51.4
|
$ 56.8
|
$ 51.4
|
$ 56.8
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] |
|
|
|
|
Balance at beginning of year |
|
|
50.3
|
51.6
|
Increases for prior year tax positions |
|
|
2.7
|
1.3
|
Decreases for prior year tax positions |
|
|
0.4
|
0.3
|
Increases for current year tax positions |
|
|
0.7
|
5.4
|
Decreases due to tax settlements |
|
|
(1.0)
|
0.0
|
Foreign currency translation adjustments |
|
|
1.1
|
0.7
|
Balance at end of period |
51.2
|
$ 58.7
|
51.2
|
$ 58.7
|
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit |
$ 36.3
|
|
$ 36.3
|
|
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v3.24.2
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Defined Contribution Plan Disclosure [Line Items] |
|
|
|
|
Contributing Employee Ownership Plan Initial Vesting Period Vested Percentage - After 2 Years |
|
|
50.00%
|
|
Contributing Employee Ownership Plan Vesting Period - 2 Years |
|
|
2 years
|
|
Contributing Employee Ownership Plan Initial Vesting Period Vested Percentage - After 3 Years |
|
|
100.00%
|
|
Contributing Employee Ownership Plan Vesting Period - 3 Years |
|
|
3 years
|
|
Defined Contribution Plan Employer Contribution of Eligible Compensation |
$ 8,800,000
|
$ 8,600,000
|
$ 19,400,000
|
$ 20,300,000
|
Employer matching contributions to employee ownership plan |
3,700,000
|
3,700,000
|
7,300,000
|
7,400,000
|
Total CEOP Expense |
$ 12,500,000
|
$ 12,300,000
|
$ 26,700,000
|
$ 27,700,000
|
Minimum |
|
|
|
|
Defined Contribution Plan Disclosure [Line Items] |
|
|
|
|
Contribution To Individual Retirement Account Percentage Of Employees Eligible Compensation |
5.00%
|
|
5.00%
|
|
Maximum |
|
|
|
|
Defined Contribution Plan Disclosure [Line Items] |
|
|
|
|
Contribution To Individual Retirement Account Percentage Of Employees Eligible Compensation |
7.50%
|
|
7.50%
|
|
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v3.24.2
SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jul. 28, 2022 |
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
Stock Repurchased and Retired During Period, Value |
|
|
|
|
$ 211.4
|
$ 393.0
|
|
Stock options exercised, Shares |
|
|
|
|
800,000
|
400,000
|
|
Stock options exercised, Value |
|
|
|
|
$ 21.7
|
$ 11.9
|
|
Foreign Currency Translation |
|
|
|
|
|
|
|
Beginning balance |
|
$ (39.7)
|
|
$ (38.6)
|
(39.7)
|
(38.6)
|
|
Unrealized (losses) gains |
$ (2.5)
|
(2.3)
|
$ (8.5)
|
5.5
|
|
|
|
Reclassification adjustments of losses (gains) into income |
0.0
|
0.0
|
0.0
|
0.0
|
|
|
|
Tax benefit (provision) |
0.0
|
0.0
|
0.0
|
0.0
|
|
|
|
Net change |
|
|
|
|
(4.8)
|
(3.0)
|
|
Ending Balance |
(44.5)
|
|
(41.6)
|
|
(44.5)
|
(41.6)
|
|
Cash Flow Hedges |
|
|
|
|
|
|
|
Beginning balance |
|
(18.4)
|
|
(32.5)
|
(18.4)
|
(32.5)
|
|
Unrealized (losses) gains |
17.1
|
(3.0)
|
(10.7)
|
(20.8)
|
|
|
|
Reclassification adjustments of losses (gains) into income |
5.3
|
13.3
|
20.5
|
30.7
|
|
|
|
Tax benefit (provision) |
(5.6)
|
(2.6)
|
(2.4)
|
(2.5)
|
|
|
|
Net change |
16.8
|
|
7.4
|
|
24.5
|
14.8
|
|
Ending balance |
6.1
|
|
(17.7)
|
|
6.1
|
(17.7)
|
|
Pension and Postretirement Benefits |
|
|
|
|
|
|
|
Beginning balance |
|
(438.2)
|
|
(424.8)
|
(438.2)
|
(424.8)
|
|
Unrealized (losses) gains |
0.0
|
0.0
|
0.0
|
0.0
|
|
|
|
Reclassification adjustments of losses (gains) into income |
1.9
|
1.6
|
0.5
|
0.4
|
|
|
|
Tax benefit (provision) |
(0.5)
|
(0.4)
|
(0.1)
|
(0.1)
|
|
|
|
Net change |
|
|
|
|
2.6
|
0.7
|
|
Ending balance |
(435.6)
|
|
(424.1)
|
|
(435.6)
|
(424.1)
|
|
Total |
|
|
|
|
|
|
|
Beginning balance |
|
(496.3)
|
|
(495.9)
|
(496.3)
|
(495.9)
|
|
Unrealized (losses) gains |
14.6
|
(5.3)
|
(19.2)
|
(15.3)
|
|
|
|
Reclassification adjustments of losses (gains) into income |
7.2
|
14.9
|
21.0
|
31.1
|
|
|
|
Tax benefit (provision) |
(6.1)
|
$ (3.0)
|
(2.5)
|
$ (2.6)
|
|
|
|
Net change |
|
|
|
|
22.3
|
12.5
|
|
Ending balance |
(474.0)
|
|
$ (483.4)
|
|
$ (474.0)
|
$ (483.4)
|
|
Common Stock |
|
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
Stock Repurchased and Retired During Period, Shares |
|
|
|
|
3,900,000
|
7,100,000
|
|
Common Stock | 2022 Share Repurchase Program |
|
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
Authorized share repurchase program (in dollars) |
|
|
|
|
|
|
$ 2,000.0
|
Stock Repurchased and Retired During Period, Shares |
|
|
|
|
23,200,000
|
|
|
Stock Repurchased and Retired During Period, Value |
|
|
|
|
$ 1,213.0
|
|
|
Remaining authorized repurchase amount (in dollars) |
$ 787.0
|
|
|
|
$ 787.0
|
|
|
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v3.24.2
SEGMENT INFORMATION (Details 1) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
99 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Sales [Abstract] |
|
|
|
|
|
|
|
Sales |
$ 1,644.0
|
|
$ 1,702.7
|
|
$ 3,279.3
|
$ 3,547.0
|
|
Income before Taxes |
|
|
|
|
|
|
|
Income (loss) before taxes |
96.6
|
|
177.9
|
|
156.9
|
372.7
|
|
Corporate/Other: |
|
|
|
|
|
|
|
Environmental expense |
6.4
|
|
13.0
|
|
12.2
|
16.2
|
|
Restructuring charges |
(6.8)
|
$ (8.3)
|
(19.2)
|
$ (60.9)
|
(15.1)
|
(80.1)
|
$ (208.3)
|
Other operating income |
0.0
|
|
27.0
|
|
0.2
|
27.5
|
|
Interest expense |
(46.6)
|
|
(45.3)
|
|
(91.2)
|
(87.7)
|
|
Interest income |
0.9
|
|
1.1
|
|
1.7
|
2.2
|
|
Non-operating pension income |
5.9
|
|
5.4
|
|
12.7
|
11.1
|
|
Gain on Sale of Domestic Private Trucking Fleet and Operations |
|
|
27.0
|
|
|
27.0
|
|
Corporate/other |
|
|
|
|
|
|
|
Corporate/Other: |
|
|
|
|
|
|
|
Environmental expense |
6.4
|
|
13.0
|
|
12.2
|
16.2
|
|
Other corporate and unallocated costs |
(17.0)
|
|
(22.4)
|
|
(42.8)
|
(56.7)
|
|
Restructuring charges |
(6.8)
|
|
(19.2)
|
|
(15.1)
|
(80.1)
|
|
Chlor Alkali Products and Vinyls |
|
|
|
|
|
|
|
Sales [Abstract] |
|
|
|
|
|
|
|
Sales |
920.3
|
|
1,002.3
|
|
1,804.9
|
2,119.4
|
|
Income before Taxes |
|
|
|
|
|
|
|
Income (loss) before taxes |
99.3
|
|
180.1
|
|
175.9
|
426.0
|
|
Epoxy |
|
|
|
|
|
|
|
Sales [Abstract] |
|
|
|
|
|
|
|
Sales |
317.7
|
|
333.8
|
|
659.0
|
694.5
|
|
Income before Taxes |
|
|
|
|
|
|
|
Income (loss) before taxes |
(3.0)
|
|
(0.5)
|
|
(14.8)
|
20.9
|
|
Winchester |
|
|
|
|
|
|
|
Sales [Abstract] |
|
|
|
|
|
|
|
Sales |
406.0
|
|
366.6
|
|
815.4
|
733.1
|
|
Income before Taxes |
|
|
|
|
|
|
|
Income (loss) before taxes |
$ 70.3
|
|
$ 64.7
|
|
$ 142.5
|
$ 125.7
|
|
X |
- DefinitionGain on Sale of Domestic Private Trucking Fleet and Operations
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v3.24.2
SEGMENT INFORMATION (Details 2) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 1,644.0
|
$ 1,702.7
|
$ 3,279.3
|
$ 3,547.0
|
United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
1,211.9
|
1,126.4
|
2,400.9
|
2,374.4
|
Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
127.3
|
138.2
|
259.3
|
315.0
|
Other foreign |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
304.8
|
438.1
|
619.1
|
857.6
|
Chlor Alkali Products and Vinyls |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
920.3
|
1,002.3
|
1,804.9
|
2,119.4
|
Chlor Alkali Products and Vinyls | United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
671.5
|
652.3
|
1,307.1
|
1,418.8
|
Chlor Alkali Products and Vinyls | Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
45.0
|
45.0
|
80.8
|
117.4
|
Chlor Alkali Products and Vinyls | Other foreign |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
203.8
|
305.0
|
417.0
|
583.2
|
Epoxy |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
317.7
|
333.8
|
659.0
|
694.5
|
Epoxy | United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
166.8
|
148.8
|
338.1
|
300.4
|
Epoxy | Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
74.9
|
77.4
|
164.2
|
174.0
|
Epoxy | Other foreign |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
76.0
|
107.6
|
156.7
|
220.1
|
Winchester |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
406.0
|
366.6
|
815.4
|
733.1
|
Winchester | United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
373.6
|
325.3
|
755.7
|
655.2
|
Winchester | Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
7.4
|
15.8
|
14.3
|
23.6
|
Winchester | Other foreign |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 25.0
|
$ 25.5
|
$ 45.4
|
$ 54.3
|
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v3.24.2
SEGMENT INFORMATION (Details 3) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 1,644.0
|
$ 1,702.7
|
$ 3,279.3
|
$ 3,547.0
|
Transferred over Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
37.8
|
26.1
|
57.6
|
48.8
|
Chlor Alkali Products and Vinyls |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
920.3
|
1,002.3
|
1,804.9
|
2,119.4
|
Chlor Alkali Products and Vinyls | Caustic soda |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
376.8
|
454.9
|
732.5
|
1,001.7
|
Chlor Alkali Products and Vinyls | Chlorine, chlorine-derivatives and other co-products |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
543.5
|
547.4
|
1,072.4
|
1,117.7
|
Epoxy |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
317.7
|
333.8
|
659.0
|
694.5
|
Epoxy | Aromatics and allylics |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
128.3
|
128.7
|
283.2
|
271.0
|
Epoxy | Epoxy resins |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
189.4
|
205.1
|
375.8
|
423.5
|
Winchester |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
406.0
|
366.6
|
815.4
|
733.1
|
Winchester | Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
222.0
|
199.4
|
464.8
|
399.9
|
Winchester | Military and law enforcement |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 184.0
|
$ 167.2
|
$ 350.6
|
$ 333.2
|
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v3.24.2
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Derivatives, Fair Value [Line Items] |
|
|
|
Asset derivatives |
$ (20.9)
|
$ (5.3)
|
$ (3.5)
|
Liability derivatives |
(9.1)
|
(32.4)
|
(27.9)
|
Commodity Contracts Gains | Designated as Hedging Instrument | Other Current Assets |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Asset derivatives |
(14.9)
|
(2.1)
|
(0.2)
|
Commodity Contracts Gains | Designated as Hedging Instrument | Other Assets |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Asset derivatives |
(6.0)
|
(3.2)
|
(3.2)
|
Foreign Exchange Contract Gain | Not Designated as Hedging Instrument | Other Current Assets |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Asset derivatives |
0.0
|
0.0
|
(0.1)
|
Commodity Contracts Losses | Designated as Hedging Instrument | Accrued Liabilities |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Liability derivatives |
(12.9)
|
(29.4)
|
(22.1)
|
Commodity Contracts Losses | Designated as Hedging Instrument | Other Liabilities |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Liability derivatives |
0.0
|
(0.5)
|
(5.1)
|
Foreign Exchange Contract Loss | Not Designated as Hedging Instrument | Accrued Liabilities |
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
Liability derivatives |
$ 3.8
|
$ (2.5)
|
$ (0.7)
|
X |
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v3.24.2
DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax |
$ 17.1
|
$ (3.0)
|
$ (10.7)
|
$ (20.8)
|
|
|
Commodity Contract | Cost of goods sold | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Amount of Gain (Loss) for the |
0.0
|
|
0.0
|
|
$ 0.0
|
$ (0.6)
|
Commodity Contract | Cash Flow Hedging |
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax |
17.1
|
|
(10.7)
|
|
|
|
Commodity Contract | Cash Flow Hedging | Other comprehensive income (loss) |
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax |
|
|
|
|
14.1
|
(31.5)
|
Commodity Contract | Cash Flow Hedging | Cost of goods sold |
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
(5.3)
|
|
(20.5)
|
|
(18.6)
|
(51.2)
|
Foreign Exchange Contract | Selling and administrative | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
Amount of Gain (Loss) for the |
$ 8.7
|
|
$ (11.8)
|
|
$ 9.5
|
$ (13.2)
|
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