(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | |||||
Title of each class | Trading Symbol | Name of each exchange on which registered | |||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
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. |
(d) Exhibit No. | Exhibit |
99.1 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
OLIN CORPORATION | |||
By: | /s/ Eric A. Blanchard | ||
Name: | Eric A. Blanchard | ||
Title: | Vice President, General Counsel and Secretary |
• | Net income of $44.2 million and adjusted EBITDA of $292.9 million |
• | Full year 2019 net income forecast of $30 million to $59 million |
• | Adjusted EBITDA 2019 forecast of $930 million to $980 million |
• | 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, such as ammunition, vinyls, urethanes, and pulp and paper, and the migration by United States customers to foreign locations; |
• | the cyclical nature of our operating results, particularly declines in average selling prices in the chlor alkali industry 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; |
• | our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation; |
• | higher-than-expected raw material, energy, transportation, and/or logistics costs; |
• | failure to control costs or to achieve targeted cost reductions; |
• | new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; |
• | the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; |
• | complications resulting from our multiple enterprise resource planning systems and the conversion to a new system; |
• | changes in, or failure to comply with, legislation or government regulations or policies; |
• | the failure or an interruption of our information technology systems; |
• | economic and industry downturns that result in diminished product demand and excess manufacturing capacity in any of our segments and that, in many cases, result in lower selling prices and profits; |
• | the effects of any declines in global equity markets on asset values and any declines in interest rates used to value the liabilities in our pension plan; |
• | unexpected litigation outcomes; |
• | adverse changes in international markets, including economic, political or regulatory changes; |
• | weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility; |
• | failure to attract, retain and motivate key employees; |
• | our substantial amount of indebtedness and significant debt service obligations; |
• | costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings; |
• | our long range plan assumptions not being realized causing a non-cash impairment charge of long-lived assets; and |
• | adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Sales | $ | 1,576.6 | $ | 1,872.4 | $ | 4,722.9 | $ | 5,311.1 | ||||||||
Operating Expenses: | ||||||||||||||||
Cost of Goods Sold(b) | 1,357.6 | 1,441.7 | 4,168.6 | 4,431.1 | ||||||||||||
Selling and Administration | 110.8 | 110.8 | 314.8 | 321.6 | ||||||||||||
Restructuring Charges | 4.9 | 3.3 | 12.7 | 13.7 | ||||||||||||
Acquisition-related Costs | — | 0.4 | — | 1.0 | ||||||||||||
Other Operating Income (Expense)(c) | 0.1 | (1.7 | ) | 0.3 | 6.4 | |||||||||||
Operating Income | 103.4 | 314.5 | 227.1 | 550.1 | ||||||||||||
Earnings (Losses) of Non-consolidated Affiliates(d) | — | 0.4 | — | (20.2 | ) | |||||||||||
Interest Expense | 63.9 | 59.2 | 179.2 | 184.0 | ||||||||||||
Interest Income | 0.2 | 0.3 | 0.7 | 1.1 | ||||||||||||
Non-operating Pension Income | 4.1 | 5.4 | 12.2 | 16.2 | ||||||||||||
Other Income(e) | — | — | 11.2 | — | ||||||||||||
Income before Taxes | 43.8 | 261.4 | 72.0 | 363.2 | ||||||||||||
Income Tax (Benefit) Provision | (0.4 | ) | 66.3 | 6.1 | 88.6 | |||||||||||
Net Income | $ | 44.2 | $ | 195.1 | $ | 65.9 | $ | 274.6 | ||||||||
Net Income Per Common Share: | ||||||||||||||||
Basic | $ | 0.27 | $ | 1.17 | $ | 0.40 | $ | 1.64 | ||||||||
Diluted | $ | 0.27 | $ | 1.16 | $ | 0.40 | $ | 1.63 | ||||||||
Dividends Per Common Share | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | ||||||||
Average Common Shares Outstanding - Basic | 161.9 | 167.0 | 163.7 | 167.1 | ||||||||||||
Average Common Shares Outstanding - Diluted | 162.8 | 168.6 | 164.5 | 168.9 |
(a) | Unaudited. |
(b) | Cost of goods sold for both the three and nine months ended September 30, 2018 included pretax insurance recoveries for environmental costs incurred and expensed in prior periods of $110.0 million. |
(c) | Other operating income (expense) for both the three and nine months ended September 30, 2018 included a $1.7 million loss on the sale of land. Other operating income (expense) for the nine months ended September 30, 2018 also included an $8.0 million insurance recovery associated with a second quarter 2017 business interruption at our Freeport, Texas vinyl chloride monomer facility. |
(d) | Earnings (losses) of non-consolidated affiliates for the nine months ended September 30, 2018 reflect a $21.5 million non-cash impairment charge recorded during the second quarter. |
(e) | Other income for the nine months ended September 30, 2019 included a gain of $11.2 million on the sale of our equity interest in a non-consolidated affiliate. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Sales: | ||||||||||||||||
Chlor Alkali Products and Vinyls | $ | 876.3 | $ | 1,051.1 | $ | 2,657.7 | $ | 3,005.9 | ||||||||
Epoxy | 511.6 | 647.3 | 1,554.4 | 1,794.4 | ||||||||||||
Winchester | 188.7 | 174.0 | 510.8 | 510.8 | ||||||||||||
Total Sales | $ | 1,576.6 | $ | 1,872.4 | $ | 4,722.9 | $ | 5,311.1 | ||||||||
Income (Loss) before Taxes: | ||||||||||||||||
Chlor Alkali Products and Vinyls(b) | $ | 112.7 | $ | 210.8 | $ | 303.8 | $ | 490.7 | ||||||||
Epoxy | 24.2 | 31.1 | 38.6 | 33.8 | ||||||||||||
Winchester | 13.9 | 10.3 | 33.1 | 34.1 | ||||||||||||
Corporate/Other: | ||||||||||||||||
Environmental Income (Expense)(c) | 0.8 | 110.8 | (18.2 | ) | 104.1 | |||||||||||
Other Corporate and Unallocated Costs(d) | (43.4 | ) | (42.7 | ) | (117.8 | ) | (124.5 | ) | ||||||||
Restructuring Charges | (4.9 | ) | (3.3 | ) | (12.7 | ) | (13.7 | ) | ||||||||
Acquisition-related Costs | — | (0.4 | ) | — | (1.0 | ) | ||||||||||
Other Operating Income (Expense)(e) | 0.1 | (1.7 | ) | 0.3 | 6.4 | |||||||||||
Interest Expense | (63.9 | ) | (59.2 | ) | (179.2 | ) | (184.0 | ) | ||||||||
Interest Income | 0.2 | 0.3 | 0.7 | 1.1 | ||||||||||||
Non-operating Pension Income | 4.1 | 5.4 | 12.2 | 16.2 | ||||||||||||
Other Income(f) | — | — | 11.2 | — | ||||||||||||
Income before Taxes | $ | 43.8 | $ | 261.4 | $ | 72.0 | $ | 363.2 |
(a) | Unaudited. |
(b) | Earnings (losses) of non-consolidated affiliates are included in the Chlor Alkali Products and Vinyls segment results consistent with management’s monitoring of the operating segments. The earnings of non-consolidated affiliates were $0.4 million for the three months ended September 30, 2018. The losses of non-consolidated affiliates were $20.2 million for the nine months ended September 30, 2018, which reflect a $21.5 million non-cash impairment charge recorded during the second quarter of 2018. |
(c) | Environmental income (expense) for nine months ended September 30, 2019 included $4.8 million of an environmental insurance-related settlement gain. Environmental income (expense) for both the three and nine months ended September 30, 2018 included pretax insurance recoveries for environmental costs incurred and expensed in prior periods of $110.0 million. |
(d) | Other corporate and unallocated costs included charges of $24.5 million and $7.5 million for the three months ended September 30, 2019 and 2018, respectively, and $60.1 million and $25.5 million for the nine months ended September 30, 2019 and 2018, respectively, associated with the implementation of new enterprise resource planning, manufacturing, and engineering systems, and related infrastructure costs. |
(e) | Other operating income (expense) for both the three and nine months ended September 30, 2018 included a $1.7 million loss on the sale of land. Other operating income (expense) for the nine months ended September 30, 2018 also included an $8.0 million insurance recovery associated with a second quarter 2017 business interruption at our Freeport, Texas vinyl chloride monomer facility. |
(f) | Other income for the nine months ended September 30, 2019 included a gain of $11.2 million on the sale of our equity interest in a non-consolidated affiliate. |
September 30, | December 31, | September 30, | ||||||||||
(In millions, except per share data) | 2019 | 2018 | 2018 | |||||||||
Assets: | ||||||||||||
Cash & Cash Equivalents | $ | 177.4 | $ | 178.8 | $ | 156.7 | ||||||
Accounts Receivable, Net | 849.9 | 776.3 | 1,009.2 | |||||||||
Income Taxes Receivable | 17.5 | 5.9 | 12.8 | |||||||||
Inventories, Net | 700.7 | 711.4 | 724.4 | |||||||||
Other Current Assets | 24.1 | 35.0 | 35.2 | |||||||||
Total Current Assets | 1,769.6 | 1,707.4 | 1,938.3 | |||||||||
Property, Plant and Equipment (Less Accumulated Depreciation of $3,112.4, $2,781.0 and $2.651.2) | 3,367.0 | 3,482.1 | 3,456.7 | |||||||||
Operating Lease Assets, Net | 314.6 | — | — | |||||||||
Deferred Income Taxes | 30.3 | 26.3 | 24.8 | |||||||||
Other Assets | 1,170.1 | 1,150.4 | 1,159.6 | |||||||||
Intangibles, Net | 461.9 | 511.6 | 528.3 | |||||||||
Goodwill | 2,119.1 | 2,119.6 | 2,119.6 | |||||||||
Total Assets | $ | 9,232.6 | $ | 8,997.4 | $ | 9,227.3 | ||||||
Liabilities and Shareholders’ Equity: | ||||||||||||
Current Installments of Long-term Debt | $ | 1.1 | $ | 125.9 | $ | 0.9 | ||||||
Accounts Payable | 647.7 | 636.5 | 709.4 | |||||||||
Income Taxes Payable | 9.8 | 22.6 | 22.1 | |||||||||
Current Operating Lease Liabilities | 71.2 | — | — | |||||||||
Accrued Liabilities | 347.4 | 333.3 | 341.3 | |||||||||
Total Current Liabilities | 1,077.2 | 1,118.3 | 1,073.7 | |||||||||
Long-term Debt | 3,339.0 | 3,104.4 | 3,336.4 | |||||||||
Operating Lease Liabilities | 248.2 | — | — | |||||||||
Accrued Pension Liability | 622.4 | 674.3 | 589.6 | |||||||||
Deferred Income Taxes | 515.5 | 518.9 | 548.6 | |||||||||
Other Liabilities | 765.6 | 749.3 | 756.1 | |||||||||
Total Liabilities | 6,567.9 | 6,165.2 | 6,304.4 | |||||||||
Commitments and Contingencies | ||||||||||||
Shareholders’ Equity: | ||||||||||||
Common Stock, $1 Par Value Per Share, Authorized 240.0 Shares: Issued and Outstanding 159.7 Shares (165.3 and 166.8 in 2018) | 159.7 | 165.3 | 166.8 | |||||||||
Additional Paid-in Capital | 2,128.6 | 2,247.4 | 2,276.9 | |||||||||
Accumulated Other Comprehensive Loss | (672.7 | ) | (651.0 | ) | (571.3 | ) | ||||||
Retained Earnings | 1,049.1 | 1,070.5 | 1,050.5 | |||||||||
Total Shareholders’ Equity | 2,664.7 | 2,832.2 | 2,922.9 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 9,232.6 | $ | 8,997.4 | $ | 9,227.3 |
(a) | Unaudited. |
Nine Months Ended September 30, | ||||||||
(In millions) | 2019 | 2018 | ||||||
Operating Activities: | ||||||||
Net Income | $ | 65.9 | $ | 274.6 | ||||
Gain on Disposition of Non-consolidated Affiliate | (11.2 | ) | — | |||||
Losses of Non-consolidated Affiliates | — | 20.2 | ||||||
Losses on Disposition of Property, Plant & Equipment | — | 1.9 | ||||||
Stock-based Compensation | 8.9 | 9.2 | ||||||
Depreciation and Amortization | 460.3 | 451.0 | ||||||
Deferred Income Taxes | (11.0 | ) | 44.0 | |||||
Qualified Pension Plan Contributions | (13.2 | ) | (1.3 | ) | ||||
Qualified Pension Plan Income | (6.9 | ) | (11.1 | ) | ||||
Changes in: | ||||||||
Receivables | (77.4 | ) | (280.1 | ) | ||||
Income Taxes Receivable/Payable | (24.1 | ) | 17.1 | |||||
Inventories | 2.5 | (44.5 | ) | |||||
Other Current Assets | 4.9 | 4.5 | ||||||
Accounts Payable and Accrued Liabilities | 14.2 | 110.1 | ||||||
Other Assets | (4.8 | ) | (2.0 | ) | ||||
Other Noncurrent Liabilities | 12.9 | (3.8 | ) | |||||
Other Operating Activities | (4.4 | ) | (3.5 | ) | ||||
Net Operating Activities | 416.6 | 586.3 | ||||||
Investing Activities: | ||||||||
Capital Expenditures | (271.8 | ) | (274.5 | ) | ||||
Proceeds from Disposition of Property, Plant and Equipment | — | 2.9 | ||||||
Proceeds from Disposition of Non-consolidated Affiliate | 20.0 | — | ||||||
Net Investing Activities | (251.8 | ) | (271.6 | ) | ||||
Financing Activities: | ||||||||
Long-term Debt Borrowings (Repayments), Net | 80.9 | (253.7 | ) | |||||
Common Stock Repurchased and Retired | (135.6 | ) | (16.8 | ) | ||||
Stock Options Exercised | 1.5 | 3.2 | ||||||
Dividends Paid | (98.5 | ) | (100.3 | ) | ||||
Debt Issuance Costs | (14.4 | ) | (8.5 | ) | ||||
Net Financing Activities | (166.1 | ) | (376.1 | ) | ||||
Net Decrease in Cash and Cash Equivalents | (1.3 | ) | (61.4 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.1 | ) | (0.3 | ) | ||||
Cash and Cash Equivalents, Beginning of Period | 178.8 | 218.4 | ||||||
Cash and Cash Equivalents, End of Period | $ | 177.4 | $ | 156.7 |
(a) | Unaudited. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Reconciliation of Net Income to Adjusted EBITDA: | ||||||||||||||||
Net Income | $ | 44.2 | $ | 195.1 | $ | 65.9 | $ | 274.6 | ||||||||
Add Back: | ||||||||||||||||
Interest Expense | 63.9 | 59.2 | 179.2 | 184.0 | ||||||||||||
Interest Income | (0.2 | ) | (0.3 | ) | (0.7 | ) | (1.1 | ) | ||||||||
Income Tax (Benefit) Provision | (0.4 | ) | 66.3 | 6.1 | 88.6 | |||||||||||
Depreciation and Amortization | 156.0 | 153.6 | 460.3 | 451.0 | ||||||||||||
EBITDA | 263.5 | 473.9 | 710.8 | 997.1 | ||||||||||||
Add Back: | ||||||||||||||||
Restructuring Charges | 4.9 | 3.3 | 12.7 | 13.7 | ||||||||||||
Acquisition-related Costs | — | 0.4 | — | 1.0 | ||||||||||||
Environmental Recoveries, Net(b) | — | (88.5 | ) | (4.8 | ) | (88.5 | ) | |||||||||
Information Technology Integration Project(c) | 24.5 | 7.5 | 60.1 | 25.5 | ||||||||||||
Certain Non-recurring Items(d) | — | 1.7 | (11.2 | ) | 15.2 | |||||||||||
Adjusted EBITDA | $ | 292.9 | $ | 398.3 | $ | 767.6 | $ | 964.0 |
(a) | Unaudited. |
(b) | Environmental recoveries, net for the nine months ended September 30, 2019 included $4.8 million of an environmental insurance-related settlement. Environmental recoveries, net for both the three and nine months ended September 30, 2018 included insurance recoveries for environmental costs incurred and expensed in prior periods of $110.0 million. The recoveries are reduced by $21.5 million of legal costs incurred during the nine months ended September 30, 2018 associated with the environmental recovery actions. |
(c) | Information technology integration project charges for the three and nine months ended September 30, 2019 and 2018 were associated with the implementation of new enterprise resource planning, manufacturing, and engineering systems, and related infrastructure costs. |
(d) | Certain non-recurring items for the nine months ended September 30, 2019 included a gain of $11.2 million on the sale of our equity interest in a non-consolidated affiliate. Certain non-recurring items for both the three and nine months ended September 30, 2018 included a $1.7 million loss on the sale of land. For the nine months ended September 30, 2018, certain non-recurring items also included a $21.5 million non-cash impairment charge associated with our investment in non-consolidated affiliates and an $8.0 million insurance recovery associated with a second quarter 2017 business interruption at our Freeport, Texas vinyl chloride monomer facility. |
Full-Year Ended December 31, 2019 | ||||||||
(In millions) | Low | High | ||||||
Reconciliation of Net Income to Adjusted EBITDA: | ||||||||
Net Income | $ | 30 | $ | 59 | ||||
Add Back: | ||||||||
Interest Expense, Net(b) | 240 | 240 | ||||||
Income Tax Benefit(c) | (21 | ) | — | |||||
Depreciation and Amortization(d) | 600 | 600 | ||||||
EBITDA | 849 | 899 | ||||||
Add Back: | ||||||||
Restructuring Charges | 17 | 17 | ||||||
Environmental Recoveries, Net(e) | (5 | ) | (5 | ) | ||||
Information Technology Integration Project(f) | 80 | 80 | ||||||
Certain Non-recurring Items(g) | (11 | ) | (11 | ) | ||||
Adjusted EBITDA | $ | 930 | $ | 980 |
(a) | Full year 2019 outlook. |
(b) | Interest expense, net is estimated based on Olin’s current capital structure and assuming current interest rates. Full year 2019 interest expense includes $17 million of accretion expense related to the 2020 ethylene payment discount. |
(c) | Estimated using the book effective tax rate of 42% before discrete benefits of approximately $25 million. |
(d) | The full-year ended December 31, 2019 represents the mid-point of management’s annual depreciation and amortization estimate range of $590 million to $610 million. |
(e) | Environmental recoveries, net includes $4.8 million of an environmental insurance-related settlement gain. |
(f) | Estimated information technology integration project charges are associated with the implementation of new enterprise resource planning, manufacturing, and engineering systems, and related infrastructure costs. |
(g) | Certain non-recurring items for the full-year ended December 31, 2019 includes a gain of $11.2 million on the sale of our equity interest in a non-consolidated affiliate. |
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Document and Entity Information |
Oct. 31, 2019 |
---|---|
Cover page. | |
Entity Registrant Name | OLIN CORPORATION |
Entity Central Index Key | 0000074303 |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2019 |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 1-1070 |
Entity Tax Identification Number | 13-1872319 |
Entity Address, Address Line One | 190 Carondelet Plaza, |
Entity Address, Address Line Two | Suite 1530 |
Entity Address, City or Town | Clayton, |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63105 |
City Area Code | 314 |
Local Phone Number | 480-1400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 par value per share |
Trading Symbol | OLN |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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