GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying value of goodwill were as follows:


	Chlor Alkali Products and Vinyls		Epoxy		Total
	($ in millions)
Balance at January 1, 2020	$	1,832.7	$	287.0	$	2,119.7
Goodwill impairment	(557.6)		(142.2)		(699.8)
Foreign currency translation adjustment	0.2		—		0.2
Balance at September 30, 2020	$	1,275.3	$	144.8	$	1,420.1
Balance at January 1, 2021	$	1,275.3	$	144.9	$	1,420.2
Foreign currency translation adjustment	0.1		—		0.1
Balance at September 30, 2021	$	1,275.4	$	144.9	$	1,420.3

During the three months ended September 30, 2020, we identified a triggering event associated with a sustained significant overall decrease in our stock price. As a result, we performed an updated quantitative goodwill impairment test during the third quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting

units. As a further indicator that each reporting unit had been valued appropriately using a discounted cash flow model, the aggregate fair value of all reporting units was reconciled to the total market value of Olin. Due to the sustained decline in our stock price, the decrease in the value of our reporting units reflected a market participant’s perceived risk in the valuation implied by the sustained reduction in our stock price. As a result of this assessment, the carrying values of our Chlor Alkali Products and Vinyls and Epoxy reporting units exceeded the fair values which resulted in pre-tax goodwill impairment charges of $557.6 million and $142.2 million, respectively. The goodwill impairment charge was calculated as the amount that the carrying value of the reporting unit, including any goodwill, exceeded its fair value and therefore the carrying value of our reporting units was equal their fair value upon completion of the goodwill impairment test.

Intangible assets consisted of the following:


	September 30, 2021						December 31, 2020						September 30, 2020
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
	($ in millions)
Customers, customer contracts and relationships	$	676.1	$	(347.8)	$	328.3	$	681.0	$	(312.5)	$	368.5	$	676.5	$	(299.2)	$	377.3
Trade name	—		—		—		—		—		—		7.1		(7.1)		—
Acquired technology	94.2		(75.1)		19.1		95.0		(65.3)		29.7		87.7		(61.3)		26.4
Other	1.8		(0.7)		1.1		1.8		(0.6)		1.2		1.8		(0.6)		1.2
Total intangible assets	$	772.1	$	(423.6)	$	348.5	$	777.8	$	(378.4)	$	399.4	$	773.1	$	(368.2)	$	404.9