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ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Asset retirement obligation activity
The activities of our asset retirement obligations were as follows:
December 31,
20212020
($ in millions)
Beginning balance$65.0 $63.7 
Accretion3.2 3.4 
Spending(8.1)(4.1)
Foreign currency translation adjustments— 0.1 
Adjustments10.1 1.9 
Ending balance$70.2 $65.0 
Schedule of assumptions for the Black-Scholes option pricing model
The fair value of each option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following assumptions:
202120202019
Dividend yield2.76 %4.60 %3.05 %
Risk-free interest rate0.94 %1.44 %2.51 %
Expected volatility44 %36 %34 %
Expected life (years)6.06.06.0
Weighted-average grant fair value (per option)$9.91 $3.64 $6.76 
Weighted-average exercise price$28.99 $17.33 $26.26 
Shares granted1,154,700 2,663,100 1,578,200 
Schedule of Share Based Payment Award, Performance Share Awards, Valuation Assumptions The fair value of each performance stock award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
Grant date2021
Risk-free interest rate0.23 %
Expected volatility of Olin common stock55 %
Expected average volatility of peer companies50 %
Average correlation coefficient of peer companies0.50
Expected life (years)3.0
Grant date fair value (TSR based award)$39.96 
Grant date fair value (net income based award)$28.99 
Awards granted248,700