DEBT (Tables)

12 Months Ended

Dec. 31, 2011

DEBT [Abstract]

Schedule of long-term debt

Long-Term Debt

	December 31,
	2011		2010
Notes payable:	($ in millions)
Variable-rate Go Zone bonds, due 2024 (1.78% and 1.76% at December 31, 2011 and 2010, respectively)	$	50.0	$	14.0
Variable-rate Recovery Zone bonds, due 2024-2035 (1.78% and 1.76% at December 31, 2011 and 2010, respectively)		103.0		103.0
9.125%, due 2011 (includes interest rate swaps of $2.8 million in 2010)		-		77.8
6.5%, due 2013		11.4		11.4
6.75%, due 2016 (includes interest rate swaps of $10.5 million and $4.6 million in 2011 and 2010, respectively)		135.5		129.6
8.875%, due 2019 (includes unamortized discount of $1.0 million in 2011 and $1.1 million in 2010)		149.0		148.9
7.23%, SunBelt Notes due 2012-2017 (includes unamortized fair value premium of $1.6 million and interest rate swaps of $1.9 million in 2011)		76.6		-
Industrial development and environmental improvement obligations at a fixed interest rate of 6.625%, due 2017-2025 (includes interest rate swaps of $0.3 million in 2011 and $0.7 million in 2010)		10.9		11.3
Total debt		536.4		496.0
Amounts due within one year		12.2		77.8
Total long-term debt	$	524.2	$	418.2

Swap activity related to certain debt obligations

The following table reflects the swap activity related to certain debt obligations:

Underlying Debt Instrument	Swap Amount		Date of Swap	December 31, 2011
		($ in millions)		Olin Pays Floating Rate:
6.75%, due 2016	$	65.0	March 2010	3.75-4.75	%(a)
6.75%, due 2016	$	60.0	March 2010	3.75-4.75	%(a)
7.23%, SunBelt Notes	$	73.1	May 2011	5.5-6.5	%(a)
Industrial development obligation at a fixed interest rate of 6.625% due 2017	$	7.7	March 2002	0.81	%
				Olin Receives Floating Rate:
6.75%, due 2016	$	65.0	October 2011	3.75-4.75	%(a)
6.75%, due 2016	$	60.0	October 2011	3.75-4.75	%(a)

(a) Actual rate is set in arrears.  We project the rate will fall within the range shown.