OTHER ASSETS

9 Months Ended

Sep. 30, 2020

NOTE 6. OTHER ASSETS

Included in other assets were the following:



	September 30, 2020		December 31, 2019		September 30, 2019
	($ in millions)
Supply contracts	$	1,129.7	$	1,112.6	$	1,122.0
Other	47.3		56.5		48.1
Other assets	$	1,177.0	$	1,169.1	$	1,170.1

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 nine months ended September 30, 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.

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 was made to Dow of $461.0 million during the second quarter of 2020. The original liability was discounted and recorded at present value as of March 31, 2017. The discount amount of $40.9 million was recorded as interest expense from inception through March 31, 2020. For the three months ended September 30, 2019, $4.4 million, and for the nine months ended September 30, 2020 and 2019, $4.0 million and $12.6 million, respectively, of interest expense was recorded for accretion on the 2020 payment liability discount.

Amortization expense of $9.4 million for both the three months ended September 30, 2020 and 2019 and $28.2 million for both the nine months ended September 30, 2020 and 2019 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. The long-term supply contracts are monitored for impairment each reporting period.

During the nine months ended September 30, 2020, a payment of $75.8 million was made associated with the resolution of a dispute over the allocation to Olin of certain capital costs incurred at our Plaquemine, LA site after the Closing Date of the Acquisition.