NOTE 21. SEGMENT INFORMATION

We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income and income taxes, and includes the operating results of non-consolidated affiliates. Consistent with the guidance in ASC 280 “Segment Reporting,” we have determined it is appropriate to include the operating results of non-consolidated affiliates in the relevant segment financial results. 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 used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment. Sales and profits are recognized in the Chlor Alkali Products and Vinyls segment for all caustic soda generated and sold by Olin.



	Years ended December 31,
	2018			2017			2016
Sales:	($ in millions)
Chlor Alkali Products and Vinyls	$	3,986.7		$	3,500.8		$	2,999.3
Epoxy	2,303.1			2,086.4			1,822.0
Winchester	656.3			681.2			729.3
Total sales	$	6,946.1		$	6,268.4		$	5,550.6
Income (loss) before taxes:
Chlor Alkali Products and Vinyls	$	637.1		$	405.8		$	224.9
Epoxy	52.8			(11.8		)	15.4
Winchester	38.4			72.4			120.9
Corporate/Other:
Environmental income (expense)	103.7			(8.5		)	(9.2		)
Other corporate and unallocated costs	(158.3		)	(112.4		)	(91.4		)
Restructuring charges	(21.9		)	(37.6		)	(112.9		)
Acquisition-related costs	(1.0		)	(12.8		)	(48.8		)
Other operating income	6.4			3.3			10.6
Interest expense	(243.2		)	(217.4		)	(191.9		)
Interest income	1.6			1.8			3.4
Non-operating pension income	21.7			34.4			44.8
Income (loss) before taxes	$	437.3		$	117.2		$	(34.2	)
Earnings (losses) of non-consolidated affiliates:
Chlor Alkali Products and Vinyls	$	(19.7	)	$	1.8		$	1.7
Depreciation and amortization expense:
Chlor Alkali Products and Vinyls	$	473.1		$	432.2		$	418.1
Epoxy	102.4			94.3			90.0
Winchester	20.0			19.5			18.5
Corporate/Other	5.9			12.9			6.9
Total depreciation and amortization expense	$	601.4		$	558.9		$	533.5
Capital spending:
Chlor Alkali Products and Vinyls	$	259.9		$	209.5		$	195.1
Epoxy	36.3			37.9			45.4
Winchester	14.7			22.5			19.5
Corporate/Other	74.3			24.4			18.0
Total capital spending	$	385.2		$	294.3		$	278.0

Segment assets include only those assets which are directly identifiable to an operating segment. Assets of the corporate/other segment include primarily such items as cash and cash equivalents, deferred taxes and other assets.



	December 31,
	2018		2017
Assets:	($ in millions)
Chlor Alkali Products and Vinyls	$	6,837.2	$	7,008.0
Epoxy	1,521.9		1,597.1
Winchester	399.9		425.2
Corporate/Other	238.4		188.0
Total assets	$	8,997.4	$	9,218.3

Investments—affiliated companies (at equity):
Chlor Alkali Products and Vinyls	$	8.8	$	28.5

Long-lived assets are attributed to geographic areas based on asset location and sales are attributed to geographic areas based on customer location.



	December 31,
	2018		2017
Long-lived assets:	($ in millions)
United States	$	3,147.6	$	3,211.9
Foreign	334.5		363.9
Total long-lived assets	$	3,482.1	$	3,575.8



	Year Ended
	December 31, 2018
	Chlor Alkali Products and Vinyls		Epoxy		Winchester		Total
Sales:	($ in millions)
United States	$	2,610.7	$	742.7	$	591.0	$	3,944.4
Europe	181.8		991.1		11.0		1,183.9
Other foreign	1,194.2		569.3		54.3		1,817.8
Total Sales	$	3,986.7	$	2,303.1	$	656.3	$	6,946.1



	Year Ended
	December 31, 2017
	Chlor Alkali Products and Vinyls		Epoxy		Winchester		Total
Sales:	($ in millions)
United States	$	2,294.4	$	646.5	$	615.2	$	3,556.1
Europe	130.1		940.8		11.6		1,082.5
Other foreign	1,076.3		499.1		54.4		1,629.8
Total Sales	$	3,500.8	$	2,086.4	$	681.2	$	6,268.4



	Year Ended
	December 31, 2016
	Chlor Alkali Products and Vinyls		Epoxy		Winchester		Total
Sales:	($ in millions)
United States	$	2,161.3	$	532.4	$	661.5	$	3,355.2
Europe	121.3		787.6		15.0		923.9
Other foreign	716.7		502.0		52.8		1,271.5
Total Sales	$	2,999.3	$	1,822.0	$	729.3	$	5,550.6



	Years ended December 31,
	2018		2017		2016
Sales:	($ in millions)
Chlor Alkali Products and Vinyls
Caustic soda	$	2,198.6	$	1,904.3	$	1,479.3
Chlorine, chlorine derivatives and other co-products	1,788.1		1,596.5		1,520.0
Total Chlor Alkali Products and Vinyls	3,986.7		3,500.8		2,999.3
Epoxy
Aromatics and allylics	1,145.7		1,051.1		844.4
Epoxy resins	1,157.4		1,035.3		977.6
Total Epoxy	2,303.1		2,086.4		1,822.0
Winchester
Commercial	427.6		471.0		559.7
Military and law enforcement	228.7		210.2		169.6
Total Winchester	656.3		681.2		729.3
Total Sales	$	6,946.1	$	6,268.4	$	5,550.6