OTHER ASSETS

3 Months Ended

Mar. 31, 2020

NOTE 6. OTHER ASSETS

Included in other assets were the following:



	March 31, 2020		December 31, 2019		March 31, 2019
	($ in millions)
Supply contracts	$	1,103.2	$	1,112.6	$	1,090.1
Other	102.1		56.5		41.3
Other assets	$	1,205.3	$	1,169.1	$	1,131.4

On January 1, 2019, we sold our 9.1% limited partnership interest in Bay Gas Storage Company, Ltd. (Bay Gas) for $20.0 million. The sale closed on February 7, 2019 which resulted in a gain of $11.2 million for the three months ended March 31, 2019 which was recorded to other income in the condensed statements of operations.

On October 5, 2015 (the Closing Date), we completed the acquisition (the Acquisition) from The Dow Chemical Company (Dow) of its U.S. Chlor Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses (collectively, the Acquired Business). In connection with the Acquisition, Olin and Dow entered into arrangements for the long-term supply of ethylene by Dow to Olin, pursuant to which, among other things, Olin made upfront payments in order to receive ethylene at producer economics and for certain reservation fees and for the option to obtain additional ethylene at producer economics. During 2016, we exercised one of the options to reserve additional ethylene at producer economics. During 2017, an additional payment of $209.4 million was made in connection with this option which increased the value of the long-term asset.

Amortization expense of $9.4 million for both the three months ended March 31, 2020 and 2019 was recognized within cost of goods sold related to these supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows. The long-term supply contracts are monitored for impairment each reporting period.

On February 27, 2017, we exercised the remaining option to reserve additional ethylene at producer economics from Dow. In connection with the exercise of this option, we also secured a long-term customer arrangement. As a result, an additional payment will be made to Dow that is not to exceed $493 million on or about the fourth quarter of 2020. Olin has recognized a long-term asset and other liability of $439.9 million, which represented the present value of the additional

estimated payment. The discounted amount of $52.7 million will be recorded as interest expense through the fourth quarter of 2020. For both the three months ended March 31, 2020 and 2019, $4.0 million of interest expense was recorded for accretion on the 2020 payment discount. The liability balance as of March 31, 2020 of $480.8 million was reclassified to accrued liabilities from other liabilities on the condensed balance sheet.