QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class: | Trading symbol: | Name of each exchange on which registered: | ||||||||||||
TABLE OF CONTENTS FOR FORM 10-Q | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Receivables, net | |||||||||||||||||
Income taxes receivable | |||||||||||||||||
Inventories, net | |||||||||||||||||
Other current assets | |||||||||||||||||
Total current assets | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) | |||||||||||||||||
Operating lease assets, net | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Other assets | |||||||||||||||||
Intangible assets, net | |||||||||||||||||
Goodwill | |||||||||||||||||
Total assets | $ | $ | $ | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current installments of long-term debt | $ | $ | $ | ||||||||||||||
Accounts payable | |||||||||||||||||
Income taxes payable | |||||||||||||||||
Current operating lease liabilities | |||||||||||||||||
Accrued liabilities | |||||||||||||||||
Total current liabilities | |||||||||||||||||
Long-term debt | |||||||||||||||||
Operating lease liabilities | |||||||||||||||||
Accrued pension liability | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Other liabilities | |||||||||||||||||
Total liabilities | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common stock, $1.00 par value per share: authorized, 240.0 shares; issued and outstanding, 117.5, 120.2 and 125.8 shares | |||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||
Retained earnings | |||||||||||||||||
Olin Corporation’s shareholders’ equity | |||||||||||||||||
Noncontrolling interests | |||||||||||||||||
Total equity | |||||||||||||||||
Total liabilities and equity | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Selling and administrative | |||||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Non-operating pension income | |||||||||||||||||||||||
Income before taxes | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Olin Corporation | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to Olin Corporation per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | |||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to Olin Corporation | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | ( | |||||||||||||||||||
Common stock issued for: | |||||||||||||||||||||||
Stock options exercised | |||||||||||||||||||||||
Other transactions | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | ( | |||||||||||||||||||
Common stock issued for: | |||||||||||||||||||||||
Stock options exercised | |||||||||||||||||||||||
Other transactions | ( | ||||||||||||||||||||||
Stock-based compensation | ( | ||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Common stock dividends paid | ( | ( | ( | ( | |||||||||||||||||||
Common stock repurchased and retired | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Olin Corporation’s Shareholders’ Equity | $ | $ | $ | $ | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Contributions from noncontrolling interests | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Total Equity | $ | $ | $ | $ | |||||||||||||||||||
Dividends declared per share of common stock | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gains on disposition of property, plant and equipment | ( | ||||||||||
Stock-based compensation | |||||||||||
Write-off of equipment and facility included in restructuring charges | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Qualified pension plan contributions | ( | ( | |||||||||
Qualified pension plan income | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Income taxes receivable/payable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Other current assets | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Other noncurrent liabilities | |||||||||||
Other operating activities | ( | ||||||||||
Net operating activities | |||||||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Payments under other long-term supply contracts | ( | ( | |||||||||
Proceeds from disposition of property, plant and equipment | |||||||||||
Other investing activities | ( | ( | |||||||||
Net investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Long-term debt: | |||||||||||
Borrowings | |||||||||||
Repayments | ( | ( | |||||||||
Common stock repurchased and retired | ( | ( | |||||||||
Stock options exercised | |||||||||||
Employee taxes paid for share-based payment arrangements | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Contributions received from noncontrolling interests | |||||||||||
Net financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of year | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash paid for interest and income taxes: | |||||||||||
Interest, net | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
Non-cash investing activities: | |||||||||||
Decrease in capital expenditures included in accounts payable and accrued liabilities |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Pretax Restructuring Charges | ($ in millions) | ||||||||||||||||||||||
Epoxy Optimization Plan | $ | $ | $ | $ | |||||||||||||||||||
McIntosh Plan | |||||||||||||||||||||||
Freeport 2021 Plan | |||||||||||||||||||||||
Freeport 2019 Plan | |||||||||||||||||||||||
Total restructuring charges | $ | $ | $ | $ |
Employee Severance and Related Benefit Costs | Lease and Other Contract Termination Costs | Facility Exit Costs | Write-off of Equipment and Facility | Total | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Restructuring charges: | |||||||||||||||||||||||||||||
First quarter | |||||||||||||||||||||||||||||
Second quarter | |||||||||||||||||||||||||||||
Amounts utilized | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Balance at January 1, 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Restructuring charges: | |||||||||||||||||||||||||||||
First quarter | |||||||||||||||||||||||||||||
Second quarter | |||||||||||||||||||||||||||||
Amounts utilized | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ |
Chlor Alkali Products and Vinyls | Epoxy | Total | |||||||||||||||||||||||||||
McIntosh Plan | Freeport 2021 Plan | Freeport 2019 Plan | Epoxy Optimization Plan | ||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Write-off of equipment and facility | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Employee severance and related benefit costs | |||||||||||||||||||||||||||||
Facility exit costs | |||||||||||||||||||||||||||||
Lease and other contract termination costs | |||||||||||||||||||||||||||||
Total cumulative restructuring charges | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Computation of Net Income per Share | ($ in millions, except per share data) | ||||||||||||||||||||||
Net income attributable to Olin Corporation | $ | $ | $ | $ | |||||||||||||||||||
Basic shares | |||||||||||||||||||||||
Basic net income attributable to Olin Corporation per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted shares: | |||||||||||||||||||||||
Basic shares | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Diluted shares | |||||||||||||||||||||||
Diluted net income attributable to Olin Corporation per share | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
AR Facilities | ($ in millions) | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Gross receivables sold | |||||||||||
Payments received from customers on sold accounts | ( | ( | |||||||||
Balance at end of period | $ | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Inventories | ($ in millions) | ||||||||||||||||
Supplies | $ | $ | $ | ||||||||||||||
Raw materials | |||||||||||||||||
Work in process | |||||||||||||||||
Finished goods | |||||||||||||||||
Inventories excluding LIFO reserve | |||||||||||||||||
LIFO reserve | ( | ( | ( | ||||||||||||||
Inventories, net | $ | $ | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Other Assets | ($ in millions) | ||||||||||||||||
Supply contracts | $ | $ | $ | ||||||||||||||
Other | |||||||||||||||||
Other assets | $ | $ | $ |
Chlor Alkali Products and Vinyls | Epoxy | Winchester | Total | ||||||||||||||||||||
Goodwill | ($ in millions) | ||||||||||||||||||||||
Balance at January 1, 2023(1) | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation adjustment | |||||||||||||||||||||||
Balance at June 30, 2023(1) | $ | $ | $ | $ | |||||||||||||||||||
Balance at January 1, 2024(1) | $ | $ | $ | $ | |||||||||||||||||||
Acquisition activity | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ||||||||||||||||||||
Balance at June 30, 2024(1) | $ | $ | $ | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers, customer contracts and relationships | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired technology | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Financing Obligations | ($ in millions) | ||||||||||||||||
Variable-rate Term Loan Facility, due 2027 | $ | $ | $ | ||||||||||||||
Variable-rate Senior Revolving Credit Facility, due 2027 | |||||||||||||||||
Variable-rate Recovery Zone bonds, due 2024-2035 | |||||||||||||||||
Variable-rate Go Zone bonds, due 2024 | |||||||||||||||||
Variable-rate industrial development and environmental improvement obligations, due 2025 | |||||||||||||||||
9.50% senior notes, due 2025 | |||||||||||||||||
5.625% senior notes, due 2029 | |||||||||||||||||
5.125% senior notes, due 2027 | |||||||||||||||||
5.00% senior notes, due 2030 | |||||||||||||||||
Receivables Financing Agreement (See Note 6) | |||||||||||||||||
Finance lease obligations | |||||||||||||||||
Other: | |||||||||||||||||
Deferred debt issuance costs | ( | ( | ( | ||||||||||||||
Unamortized bond original issue discount | ( | ( | ( | ||||||||||||||
Total debt | |||||||||||||||||
Amounts due within one year | |||||||||||||||||
Total long-term debt | $ | $ | $ |
Long-term Debt Borrowings (Repayments) for the Six Months Ended | ||||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||||
Debt Instruments | ($ in millions) | |||||||||||||
Borrowings | ||||||||||||||
Senior Revolving Credit Facility | $ | $ | ||||||||||||
Receivables Financing Agreement | ||||||||||||||
Total borrowings | ||||||||||||||
Repayments | ||||||||||||||
Variable-rate Go Zone bonds, due 2024 | ( | |||||||||||||
Variable-rate Recovery Zone bonds, due 2024 | ( | |||||||||||||
Term Loan Facility | ( | ( | ||||||||||||
Senior Revolving Credit Facility | ( | |||||||||||||
Receivables Financing Agreement | ( | ( | ||||||||||||
Finance leases | ( | |||||||||||||
Total repayments | ( | ( | ||||||||||||
Long-term debt borrowings, net | $ | $ |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost | ($ in millions) | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plans’ assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Recognized actuarial loss | |||||||||||||||||||||||
Net periodic benefit (income) cost | $ | ( | $ | ( | $ | $ |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost | ($ in millions) | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plans’ assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Recognized actuarial loss | |||||||||||||||||||||||
Net periodic benefit (income) cost | $ | ( | $ | ( | $ | $ |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Unrecognized Tax Benefits | ($ in millions) | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Increases for prior year tax positions | |||||||||||
Decreases for prior year tax positions | ( | ( | |||||||||
Increases for current year tax positions | |||||||||||
Decreases due to tax settlements | ( | ||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Balance at end of period | $ | $ |
Tax Years | |||||
U.S. federal income tax | 2020 - 2023 | ||||
U.S. state income tax | 2012 - 2023 | ||||
Canadian federal income tax | 2017 - 2023 | ||||
Brazil | 2017 - 2023 | ||||
Germany | 2015 - 2023 | ||||
China | 2014 - 2023 | ||||
The Netherlands | 2017 - 2023 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
CEOP Expense | ($ in millions) | ||||||||||||||||||||||
Company Contribution | $ | $ | $ | $ | |||||||||||||||||||
Company Match | |||||||||||||||||||||||
Total expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Stock Compensation Expense | ($ in millions) | ||||||||||||||||||||||
Stock-based compensation | $ | $ | $ | $ | |||||||||||||||||||
Mark-to-market adjustments | ( | ( | ( | ( | |||||||||||||||||||
Total expense | $ | $ | $ | $ |
Grant Date Assumptions - Stock Options | 2024 | 2023 | |||||||||
Dividend yield | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Expected volatility of Olin common stock | % | % | |||||||||
Expected life (years) | |||||||||||
Weighted-average grant fair value (per option) | $ | $ | |||||||||
Weighted-average exercise price | $ | $ | |||||||||
Stock options granted |
Grant Date Assumptions - Performance Shares | 2024 | 2023 | |||||||||
Risk-free interest rate | % | % | |||||||||
Expected volatility of Olin common stock | % | % | |||||||||
Expected average volatility of peer companies | % | % | |||||||||
Average correlation coefficient of peer companies | |||||||||||
Expected life (years) | |||||||||||
Grant date fair value (TSR-based award) | $ | $ | |||||||||
Grant date fair value (net income-based award) | $ | $ | |||||||||
Performance share awards granted |
Foreign Currency Translation | Cash Flow Hedges | Pension and Postretirement Benefits | Total | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ($ in millions) | ||||||||||||||||||||||
Balance at January 1, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Unrealized gains (losses) | |||||||||||||||||||||||
First quarter | ( | ( | |||||||||||||||||||||
Second quarter | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustments of losses into income | |||||||||||||||||||||||
First quarter | |||||||||||||||||||||||
Second quarter | |||||||||||||||||||||||
Tax provision | |||||||||||||||||||||||
First quarter | ( | ( | ( | ||||||||||||||||||||
Second quarter | ( | ( | ( | ||||||||||||||||||||
Net change | ( | ||||||||||||||||||||||
Balance at June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Balance at January 1, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Unrealized (losses) gains | |||||||||||||||||||||||
First quarter | ( | ( | ( | ||||||||||||||||||||
Second quarter | ( | ||||||||||||||||||||||
Reclassification adjustments of losses into income | |||||||||||||||||||||||
First quarter | |||||||||||||||||||||||
Second quarter | |||||||||||||||||||||||
Tax provision | |||||||||||||||||||||||
First quarter | ( | ( | ( | ||||||||||||||||||||
Second quarter | ( | ( | ( | ||||||||||||||||||||
Net change | ( | ||||||||||||||||||||||
Balance at June 30, 2024 | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Segment Detail | ($ in millions) | ||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Chlor Alkali Products and Vinyls | $ | $ | $ | $ | |||||||||||||||||||
Epoxy | |||||||||||||||||||||||
Winchester | |||||||||||||||||||||||
Total sales | $ | $ | $ | $ | |||||||||||||||||||
Income before Taxes | |||||||||||||||||||||||
Chlor Alkali Products and Vinyls | $ | $ | $ | $ | |||||||||||||||||||
Epoxy | ( | ( | ( | ||||||||||||||||||||
Winchester | |||||||||||||||||||||||
Corporate/Other: | |||||||||||||||||||||||
Environmental expense | ( | ( | ( | ( | |||||||||||||||||||
Other corporate and unallocated costs | ( | ( | ( | ( | |||||||||||||||||||
Restructuring charges | ( | ( | ( | ( | |||||||||||||||||||
Other operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Non-operating pension income | |||||||||||||||||||||||
Income before taxes | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Segment Sales by Geography | ($ in millions) | ||||||||||||||||||||||
Chlor Alkali Products and Vinyls | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Other foreign | |||||||||||||||||||||||
Total Chlor Alkali Products and Vinyls | |||||||||||||||||||||||
Epoxy | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Other foreign | |||||||||||||||||||||||
Total Epoxy | |||||||||||||||||||||||
Winchester | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Other foreign | |||||||||||||||||||||||
Total Winchester | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Other foreign | |||||||||||||||||||||||
Total sales | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Segment Sales by Product Line | ($ in millions) | ||||||||||||||||||||||
Chlor Alkali Products and Vinyls | |||||||||||||||||||||||
Caustic soda | $ | $ | $ | $ | |||||||||||||||||||
Chlorine, chlorine-derivatives and other products | |||||||||||||||||||||||
Total Chlor Alkali Products and Vinyls | |||||||||||||||||||||||
Epoxy | |||||||||||||||||||||||
Aromatics and allylics | |||||||||||||||||||||||
Epoxy resins | |||||||||||||||||||||||
Total Epoxy | |||||||||||||||||||||||
Winchester | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Military and law enforcement(1) | |||||||||||||||||||||||
Total Winchester | |||||||||||||||||||||||
Total sales | $ | $ | $ | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Notional Value - Foreign Currency | ($ in millions) | ||||||||||||||||
Buy | $ | $ | $ | ||||||||||||||
Sell |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||
Notional Value - Commodity | ($ in millions) | ||||||||||||||||
Natural gas | $ | $ | $ | ||||||||||||||
Ethane | |||||||||||||||||
Metals | |||||||||||||||||
Total notional | $ | $ | $ |
June 30, 2024 | December 31, 2023 | June 30, 2023 | ||||||||||||||||||
Balance Sheet Location | ($ in millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Commodity contracts | Other current assets | $ | $ | $ | ||||||||||||||||
Foreign currency contracts | Other current assets | |||||||||||||||||||
Noncurrent Assets | ||||||||||||||||||||
Commodity contracts | Other assets | |||||||||||||||||||
Total derivative assets(1) | $ | $ | $ | |||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Commodity contracts | Accrued liabilities | $ | $ | $ | ||||||||||||||||
Foreign currency contracts | Accrued liabilities | ( | ||||||||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||
Commodity contracts | Other liabilities | |||||||||||||||||||
Total derivative liabilities(1) | $ | $ | $ |
Amount of Gain (Loss) for the | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Location of Gain (Loss) | ($ in millions) | ||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Commodity contracts | Other comprehensive income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Commodity contracts | Cost of goods sold | ( | ( | ( | ( | ||||||||||||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Commodity contracts | Cost of goods sold | ( | |||||||||||||||||||||||||||
Foreign exchange contracts | Selling and administrative | ( | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||
Sales | $ | 1,644.0 | $ | 1,702.7 | $ | 3,279.3 | $ | 3,547.0 | |||||||||||||||
Cost of goods sold | 1,406.2 | 1,392.6 | 2,834.2 | 2,834.3 | |||||||||||||||||||
Gross margin | 237.8 | 310.1 | 445.1 | 712.7 | |||||||||||||||||||
Selling and administrative | 94.6 | 101.2 | 196.5 | 213.0 | |||||||||||||||||||
Restructuring charges | 6.8 | 19.2 | 15.1 | 80.1 | |||||||||||||||||||
Other operating income | — | 27.0 | 0.2 | 27.5 | |||||||||||||||||||
Operating income | 136.4 | 216.7 | 233.7 | 447.1 | |||||||||||||||||||
Interest expense | 46.6 | 45.3 | 91.2 | 87.7 | |||||||||||||||||||
Interest income | 0.9 | 1.1 | 1.7 | 2.2 | |||||||||||||||||||
Non-operating pension income | 5.9 | 5.4 | 12.7 | 11.1 | |||||||||||||||||||
Income before taxes | 96.6 | 177.9 | 156.9 | 372.7 | |||||||||||||||||||
Income tax provision | 24.3 | 33.2 | 36.8 | 74.0 | |||||||||||||||||||
Net income | $ | 72.3 | $ | 144.7 | 120.1 | 298.7 | |||||||||||||||||
Net loss attributable to noncontrolling interests | (1.9) | (2.2) | (2.7) | (4.5) | |||||||||||||||||||
Net income attributable to Olin Corporation | $ | 74.2 | $ | 146.9 | $ | 122.8 | $ | 303.2 | |||||||||||||||
Net income attributable to Olin Corporation per common share: | |||||||||||||||||||||||
Basic | $ | 0.63 | $ | 1.15 | $ | 1.03 | $ | 2.35 | |||||||||||||||
Diluted | $ | 0.62 | $ | 1.13 | $ | 1.01 | $ | 2.29 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Segment Detail | ($ in millions) | ||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Chlor Alkali Products and Vinyls | $ | 920.3 | $ | 1,002.3 | $ | 1,804.9 | $ | 2,119.4 | |||||||||||||||
Epoxy | 317.7 | 333.8 | 659.0 | 694.5 | |||||||||||||||||||
Winchester | 406.0 | 366.6 | 815.4 | 733.1 | |||||||||||||||||||
Total sales | $ | 1,644.0 | $ | 1,702.7 | $ | 3,279.3 | $ | 3,547.0 | |||||||||||||||
Income before taxes | |||||||||||||||||||||||
Chlor Alkali Products and Vinyls | $ | 99.3 | $ | 180.1 | $ | 175.9 | $ | 426.0 | |||||||||||||||
Epoxy | (3.0) | (0.5) | (14.8) | 20.9 | |||||||||||||||||||
Winchester | 70.3 | 64.7 | 142.5 | 125.7 | |||||||||||||||||||
Corporate/other: | |||||||||||||||||||||||
Environmental expense | (6.4) | (13.0) | (12.2) | (16.2) | |||||||||||||||||||
Other corporate and unallocated costs | (17.0) | (22.4) | (42.8) | (56.7) | |||||||||||||||||||
Restructuring charges | (6.8) | (19.2) | (15.1) | (80.1) | |||||||||||||||||||
Other operating income | — | 27.0 | 0.2 | 27.5 | |||||||||||||||||||
Interest expense | (46.6) | (45.3) | (91.2) | (87.7) | |||||||||||||||||||
Interest income | 0.9 | 1.1 | 1.7 | 2.2 | |||||||||||||||||||
Non-operating pension income | 5.9 | 5.4 | 12.7 | 11.1 | |||||||||||||||||||
Income before taxes | $ | 96.6 | $ | 177.9 | $ | 156.9 | $ | 372.7 |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Environmental Liabilities | ($ in millions) | ||||||||||
Balance at beginning of year | $ | 153.6 | $ | 146.6 | |||||||
Charges to income | 12.2 | 16.2 | |||||||||
Remedial and investigatory spending | (10.5) | (11.0) | |||||||||
Balance at end of period | $ | 155.3 | $ | 151.8 |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Provided by (Used for) | ($ in millions) | ||||||||||
Net operating activities | $ | 171.6 | $ | 343.0 | |||||||
Capital expenditures | (100.8) | (128.8) | |||||||||
Payments under other long-term supply contracts | (46.7) | (29.6) | |||||||||
Proceeds from disposition of property, plant and equipment | — | 28.8 | |||||||||
Net investing activities | (150.4) | (130.6) | |||||||||
Long-term debt borrowings, net | 238.9 | 143.7 | |||||||||
Common stock repurchased and retired | (211.4) | (393.0) | |||||||||
Stock options exercised | 21.7 | 11.9 | |||||||||
Dividends paid | (47.6) | (51.8) | |||||||||
Contributions received from noncontrolling interests | — | 44.1 | |||||||||
Net financing activities | (8.9) | (245.1) |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
AR Facilities | ($ in millions) | ||||||||||
Balance at beginning of period | $ | 63.3 | $ | 111.8 | |||||||
Gross receivables sold | 375.0 | 532.6 | |||||||||
Payments received from customers on sold accounts | (376.9) | (567.2) | |||||||||
Balance at end of period | $ | 61.4 | $ | 77.2 |
Credit Rating Agency | Long-term Rating | Outlook | ||||||||||||
Fitch Ratings | BBB- | Stable | ||||||||||||
Moody’s Investors Service | Ba1 | Stable | ||||||||||||
Standard & Poor’s | BB+ | Positive |
Period | Total Number of Shares (or Units) Purchased(1) | Average Price Paid per Share (or Unit)(2) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
April 1-30, 2024 | 630,920 | $ | 55.49 | 630,920 | |||||||||||||||||||||||||
May 1-31, 2024 | 813,819 | $ | 54.54 | 813,819 | |||||||||||||||||||||||||
June 1-30, 2024 | 511,741 | $ | 50.10 | 511,741 | |||||||||||||||||||||||||
Total | $ | 786,969,451 | (1) |
Exhibit | Exhibit Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document) | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded in the Exhibit 101 Interactive Data Files) |
OLIN CORPORATION | ||||||||
(Registrant) | ||||||||
By: | /s/ Todd A. Slater | |||||||
Senior Vice President and Chief Financial Officer (Authorized Officer) |
1 | Page |
2 | Page |
3 | Page |
4 | Page |
5 | Page |
Date: | July 26, 2024 | /s/ Kenneth Lane | ||||||
Kenneth Lane | ||||||||
President and Chief Executive Officer |
Date: | July 26, 2024 | /s/ Todd A. Slater | ||||||
Todd A. Slater | ||||||||
Senior Vice President and Chief Financial Officer |
/s/ Kenneth Lane | |||||
Kenneth Lane | |||||
President and Chief Executive Officer | |||||
Dated: | July 26, 2024 | ||||
/s/ Todd A. Slater | |||||
Todd A. Slater | |||||
Senior Vice President and Chief Financial Officer | |||||
Dated: | July 26, 2024 |
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Condensed Balance Sheets Parenthetical - USD ($) shares in Millions, $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Assets | |||
Accumulated depreciation | $ 5,009.8 | $ 4,826.4 | $ 4,636.9 |
Shareholders' equity: | |||
Common stock, par value | $ 1.00 | $ 1.00 | $ 1.00 |
Common stock, authorized (in shares) | 240.0 | 240.0 | 240.0 |
Common stock, issued | 117.5 | 120.2 | 125.8 |
Common stock, outstanding | 117.5 | 120.2 | 125.8 |
Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Income Statement [Abstract] | ||||
Sales | $ 1,644.0 | $ 1,702.7 | $ 3,279.3 | $ 3,547.0 |
Operating expenses: | ||||
Cost of goods sold | 1,406.2 | 1,392.6 | 2,834.2 | 2,834.3 |
Selling and administrative | 94.6 | 101.2 | 196.5 | 213.0 |
Restructuring charges | 6.8 | 19.2 | 15.1 | 80.1 |
Other operating income | 0.0 | 27.0 | 0.2 | 27.5 |
Operating income | 136.4 | 216.7 | 233.7 | 447.1 |
Interest expense | 46.6 | 45.3 | 91.2 | 87.7 |
Interest income | 0.9 | 1.1 | 1.7 | 2.2 |
Non-operating pension income | 5.9 | 5.4 | 12.7 | 11.1 |
Income before taxes | 96.6 | 177.9 | 156.9 | 372.7 |
Income tax provision | 24.3 | 33.2 | 36.8 | 74.0 |
Net income | 72.3 | 144.7 | 120.1 | 298.7 |
Net loss attributable to noncontrolling interests | (1.9) | (2.2) | (2.7) | (4.5) |
Net income attributable to Olin Corporation | $ 74.2 | $ 146.9 | $ 122.8 | $ 303.2 |
Net income attributable to Olin Corporation per common share: | ||||
Basic | $ 0.63 | $ 1.15 | $ 1.03 | $ 2.35 |
Diluted | $ 0.62 | $ 1.13 | $ 1.01 | $ 2.29 |
Average common shares outstanding: | ||||
Basic | 118.5 | 127.4 | 119.1 | 129.2 |
Diluted | 120.2 | 130.4 | 121.0 | 132.4 |
Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 72.3 | $ 144.7 | $ 120.1 | $ 298.7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (2.5) | (8.5) | (4.8) | (3.0) |
Cash flow hedges | 16.8 | 7.4 | 24.5 | 14.8 |
Pension and postretirement benefits | 1.4 | 0.4 | 2.6 | 0.7 |
Total other comprehensive income (loss), net of tax | 15.7 | (0.7) | 22.3 | 12.5 |
Comprehensive income | 88.0 | 144.0 | 142.4 | 311.2 |
Comprehensive loss attributable to noncontrolling interests | (1.9) | (2.2) | (2.7) | (4.5) |
Comprehensive income attributable to Olin Corporation | $ 89.9 | $ 146.2 | $ 145.1 | $ 315.7 |
DESCRIPTION OF BUSINESS |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1. DESCRIPTION OF BUSINESS Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and systems and growth products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets. On January 10, 2023, Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd. (Mitsui), began operations. BWA is an independent global trader of Electrochemical Unit (ECU)-based derivatives, focused on globally traded caustic soda and ethylene dichloride. Olin holds 51% interest and exercises control in BWA and the joint venture is consolidated in our consolidated financial statements in our Chlor Alkali Products and Vinyls segment, with Mitsui’s 49% interest in BWA classified as noncontrolling interest. All intercompany accounts and transactions are eliminated in consolidation. We have prepared the condensed financial statements included herein, without audit, pursuant to the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC). The preparation of the financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. In our opinion, these financial statements reflect all adjustments (consisting only of normal accruals), which are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, we believe that the disclosures are appropriate. We recommend that you read these condensed financial statements in conjunction with the financial statements, accounting policies and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023.
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RECENT ACCOUNTING PRONOUNCEMENTS |
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Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2024, the SEC issued SEC Release No. 33-11042, Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. The final rule will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board of Directors and management oversee climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather events. The final rule follows a compliance phase-in timeline, with the first requirements required to be adopted with our fiscal year ending December 31, 2025, followed in later years by greenhouse gas-related requirements. On April 4, 2024, the SEC voluntarily stayed the implementation of these disclosure requirements; however, we are currently evaluating the impact of the final rule on our disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-09 allows for adoption on a prospective or retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced segment expense disclosures on an interim and annual basis. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with the option to early adopt at any time before the effective date. ASU 2023-07 requires adoption on a retrospective basis. We will adopt this standard beginning with our fiscal year ending December 31, 2024 and for interim periods beginning with our first quarter fiscal year 2025. We are currently evaluating the impact of the standard on our consolidated financial statements and disclosures.
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ACQUISITIONS |
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Jun. 30, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3. ACQUISITIONS On October 1, 2023, Olin acquired the assets of White Flyer Targets, LLC (White Flyer) from Reagent Diversified Holdings, Inc. for $63.5 million. The acquisition was financed with cash on hand. White Flyer designs, manufactures and sells recreational trap, skeet, international and sporting clay targets and has been included in Olin’s Winchester segment. We recorded the aggregate excess purchase price over identifiable net tangible and intangible assets acquired and liabilities assumed, which included a final allocation of $2.4 million of goodwill allocated to our Winchester segment and $4.5 million of intangible assets subject to amortization. The final total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $66.6 million and $10.0 million, respectively. The acquisition is not material, and therefore, supplemental pro forma financial information is not provided.
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RESTRUCTURING CHARGES |
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RESTRUCTURING CHARGES | NOTE 4. RESTRUCTURING CHARGES As a result of weak global resin demand and higher cost structures within the European region, we began a review of our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our strategic operating model. As part of this review, we announced operational cessations in the fourth quarter of 2022 and the first half of 2023 (collectively, Epoxy Optimization Plan). On June 20, 2023, we announced we had made the decision to cease all remaining operations at our Gumi, South Korea facility, reduce epoxy resin capacity at our Freeport, TX facility, and reduce our sales and support staffing across Asia. These actions were substantially completed by December 31, 2023. On March 21, 2023, we announced we had made the decision to cease operations at our cumene facility in Terneuzen, Netherlands and solid epoxy resin production at our facilities in Gumi, South Korea and Guaruja, Brazil. The closures were completed in the first quarter 2023. During the fourth quarter of 2022, we committed to and completed a plan to close down one of our bisphenol production lines at our Stade, Germany site. We expect to incur additional restructuring charges through 2025 of approximately $15 million related to these actions. During 2021, we announced that we had made the decision to permanently close our diaphragm-grade chlor alkali capacity, representing 400,000 tons, at our McIntosh, AL facility (McIntosh Plan). The closure was completed during the third quarter of 2022. We expect to incur additional restructuring charges through 2027 of approximately $20 million related to these actions. On January 18, 2021, we announced we had made the decision to permanently close our trichloroethylene and anhydrous hydrogen chloride liquefaction facilities in Freeport, TX (collectively, Freeport 2021 Plan), which were completed in the fourth quarter of 2021. We expect to incur additional restructuring charges through 2025 of approximately $5 million related to these actions. On December 11, 2019, we announced that we had made the decision to permanently close a chlor alkali plant with a capacity of 230,000 tons and our vinylidene chloride (VDC) production facility, both in Freeport, TX (collectively, Freeport 2019 Plan). The VDC facility and related chlor alkali plant were closed during the fourth quarter of 2020 and second quarter of 2021, respectively. We expect to incur additional restructuring charges through 2026 of approximately $15 million related to these actions. Pretax restructuring charges related to these actions include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities. Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows:
The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023:
The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024:
As of June 30, 2024, we have incurred cash expenditures of $112.2 million and non-cash charges of $79.9 million related to these restructuring actions. The remaining balance of $16.2 million is expected to be paid out through 2027.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | NOTE 5. EARNINGS PER SHARE Basic and diluted net income attributable to Olin Corporation per share are computed by dividing net income attributable to Olin Corporation by the weighted-average number of common shares outstanding. Diluted net income attributable to Olin Corporation per share reflects the dilutive effect of stock-based compensation.
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ACCOUNTS RECEIVABLES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE | NOTE 6. ACCOUNTS RECEIVABLES We maintain a $425.0 million Receivables Financing Agreement (Receivables Financing Agreement) that is scheduled to mature on October 14, 2025. Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the $1,550.0 million Senior Credit Facility. As of June 30, 2024, December 31, 2023 and June 30, 2023, we had $298.8 million, $328.5 million and $234.8 million, respectively, drawn under the agreement. As of June 30, 2024, $429.8 million of our trade receivables were pledged as collateral and we had $0.5 million additional borrowing capacity under the Receivables Financing Agreement, which was limited by our borrowing base. Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our domestic subsidiaries may sell their accounts receivable up to a maximum of $175.5 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €22.0 million. We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows. The following table summarizes the AR Facilities activity:
The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.1 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively, and $2.1 million and $2.5 million for the six months ended June 30, 2024 and 2023, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of June 30, 2024. Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.6 million, $13.1 million and $13.0 million and other receivables of $91.1 million, $85.3 million and $81.7 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, which were included in receivables, net.
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INVENTORIES |
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INVENTORIES | NOTE 7. INVENTORIES Inventories consisted of the following:
Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at June 30, 2024 reflect certain estimates relating to inventory quantities and costs at December 31, 2024. The replacement cost of our inventories would have been approximately $166.1 million, $133.7 million and $173.8 million higher than reported at June 30, 2024, December 31, 2023 and June 30, 2023, respectively.
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OTHER ASSETS |
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OTHER ASSETS | NOTE 8. OTHER ASSETS Included in other assets were the following:
For the six months ended June 30, 2024 and 2023, payments of $46.7 million and $29.6 million, respectively, were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $18.3 million and $17.8 million for the three months ended June 30, 2024 and 2023, respectively, and amortization expense of $36.6 million and $35.6 million for the six months ended June 30, 2024 and 2023, respectively, 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.
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLES | NOTE 9. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying value of goodwill were as follows:
(1)Includes cumulative goodwill impairment of $557.6 million and $142.2 million in Chlor Alkali Products and Vinyls and Epoxy, respectively. Intangible assets consisted of the following:
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DEBT |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | NOTE 10. DEBT Long-term loans, notes and other financing obligations, consisted of the following:
During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included:
Senior Credit Facility We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023, at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027. The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2024, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of June 30, 2024, there were no covenants or other restrictions that limited our ability to borrow.
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PENSION PLANS AND RETIREMENT BENEFITS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION PLANS AND RETIREMENT BENEFITS | NOTE 11. PENSION PLANS AND RETIREMENT BENEFITS We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Most of our domestic employees participate in defined contribution plans. However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices. Our domestic qualified defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger, or transfer thereafter takes place, plan benefits would automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements). We also provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience.
We made cash contributions to our international qualified defined benefit pension plans of $0.8 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively.
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | NOTE 12. INCOME TAXES The effective tax rate for the three months ended June 30, 2024 included a net $0.6 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2024 of 25.8% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the three months ended June 30, 2023 included a net $12.0 million tax benefit, primarily associated with stock-based compensation, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended June 30, 2023 of 25.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2024 included a net $3.3 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2024 of 25.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2023 included a net $17.2 million tax benefit, primarily associated with stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2023 of 24.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. In August 2022, the Inflation Reduction Act (the "IRA") was enacted and provides various beneficial credits for energy efficient related manufacturing, transportation and fuels, hydrogen/carbon recapture and renewable energy, which we are evaluating in regard to planned projects. We will continue to monitor the expected impacts of any new guidance on our filing positions and will record the impacts as discrete income tax expense adjustments in the period the guidance is finalized or becomes effective. As of June 30, 2024, we had $51.2 million of gross unrecognized tax benefits, which would have a net $51.4 million impact on the effective tax rate, if recognized. As of June 30, 2023, we had $58.7 million of gross unrecognized tax benefits, of which $56.8 million would have impacted the effective tax rate, if recognized. The amounts of unrecognized tax benefits were as follows:
As of June 30, 2024, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $36.3 million over the next twelve months. The anticipated reduction primarily relates to expected settlements with tax authorities and the expiration of federal, state and foreign statutes of limitation. We operate globally and file income tax returns in numerous jurisdictions. Our tax returns are subject to examination by various federal, state and local tax authorities. Additionally, examinations are ongoing in various states and foreign jurisdictions. We believe we have adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position. For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:
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CONTRIBUTING EMPLOYEE OWNERSHIP PLAN |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN | NOTE 13. CONTRIBUTING EMPLOYEE OWNERSHIP PLAN The Contributing Employee Ownership Plan (CEOP) is a defined contribution plan available to essentially all domestic employees. We provide a contribution to an individual retirement contribution account (Company Contributions) maintained with the CEOP equal to an amount between 5.0% and 7.5% of the employee’s eligible compensation. Employees generally vest in the value of the Company Contribution according to a schedule based on service. Participants vest 50% after 2 years of service and 100% after 3 years of service. We also match a percentage of our employees CEOP contributions (Company Match), which are invested in the same investment allocation as the employee’s contributions. Employees immediately vest in company matching contributions. Our contributions to the CEOP were as follows:
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STOCK-BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | NOTE 14. STOCK-BASED COMPENSATION Stock-based compensation granted includes stock options, performance share awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows:
Stock Options The fair value of each stock 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 weighted-average assumptions:
Dividend yield was based on our current dividend yield as of the option grant date. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns. Performance Shares Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts for performance share awards are based on two criteria: (1) 50% of the award is based on Olin’s total shareholder returns (TSR) over the applicable three-year performance cycle in relation to the TSR over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants and (2) 50% of the award is based on Olin’s net income over the applicable three-year performance cycle in relation to the net income goal for such period as set by the Compensation Committee of Olin’s Board of Directors. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed. The fair value of each performance share award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
The risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the performance share awards. The expected volatility of Olin common stock and peer companies was based on historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies. Expected life of the performance share award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns.
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SHAREHOLDERS' EQUITY |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | NOTE 15. SHAREHOLDERS’ EQUITY On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion (the 2022 Repurchase Authorization). This program will terminate upon the purchase of $2.0 billion of common stock. For the six months ended June 30, 2024 and 2023, 3.9 million and 7.1 million shares, respectively, of common stock were repurchased and retired at a total value of $211.4 million and $393.0 million, respectively. As of June 30, 2024, 23.2 million shares of common stock have been repurchased and retired at a total value of $1,213.0 million under the 2022 Repurchase Authorization program, and $787.0 million of common stock remained authorized to be repurchased under the program. We issued 0.8 million and 0.4 million shares representing stock options exercised for the six months ended June 30, 2024 and 2023, respectively, with a total value of $21.7 million and $11.9 million, respectively. The following table represents the activity included in accumulated other comprehensive loss:
Net income and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss. Net income and non-operating pension income included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | NOTE 16. SEGMENT INFORMATION We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment. Sales are attributed to geographic areas based on customer location.
Other operating income for both the three and six months ended June 30, 2023 included a gain of $27.0 million for the sale of our domestic private trucking fleet and operations.
(1) For the three months ended June 30, 2024 and 2023, revenue recognized over time represented $37.8 million and $26.1 million, respectively, and for the six months ended June 30, 2024 and 2023, revenue recognized over time represented $57.6 million and $48.8 million, respectively, associated with governmental contracts within our Winchester business.
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ENVIRONMENTAL |
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Jun. 30, 2024 | |
Environmental Remediation Obligations [Abstract] | |
ENVIRONMENTAL | NOTE 17. ENVIRONMENTAL We are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.3 million, $153.6 million and $151.8 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, of which $123.3 million, $121.6 million and $126.8 million, respectively, were classified as other noncurrent liabilities. Environmental provisions charged to income, which are included in costs of goods sold, were $6.4 million and $13.0 million for the three months ended June 30, 2024 and 2023, respectively, and $12.2 million and $16.2 million for the six months ended June 30, 2024 and 2023, respectively. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other Potentially Responsible Parties (PRPs), our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs. It is possible that some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably to us, which could materially adversely affect our financial position or results of operations.
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COMMITMENTS AND CONTINGENCIES |
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Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18. COMMITMENTS AND CONTINGENCIES We, and our subsidiaries, are defendants in various legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities. As of June 30, 2024, December 31, 2023 and June 30, 2023, our condensed balance sheets included accrued liabilities for these other legal actions of $12.5 million, $14.2 million and $15.9 million, respectively. These liabilities do not include costs associated with legal representation. Based on our analysis, and considering the inherent uncertainties associated with litigation, we do not believe that it is reasonably possible that these legal actions will materially adversely affect our financial position, cash flows or results of operations. During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency. In certain instances, such as environmental projects, we are responsible for managing the cleanup and remediation of an environmental site. There exists the possibility of recovering a portion of these costs from other parties. We account for gain contingencies in accordance with the provisions of ASC 450 “Contingencies” and, therefore, do not record gain contingencies and recognize income until it is earned and realizable.
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DERIVATIVE FINANCIAL INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 “Derivatives and Hedging” (ASC 815) requires an entity to recognize all derivatives as either assets or liabilities in the condensed balance sheets and measure those instruments at fair value. In accordance with ASC 815, we designate derivative contracts as cash flow hedges of forecasted purchases of commodities and forecasted interest payments related to variable-rate borrowings and designate certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes. Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year. We actively manage currency exposures that are associated with net monetary asset positions, currency purchases and sales commitments denominated in foreign currencies and foreign currency denominated assets and liabilities created in the normal course of business. We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations. All of the currency derivatives expire within one year and are for U.S. dollar (USD) equivalents. The counterparties to the forward contracts are large financial institutions; however, the risk of loss to us in the event of nonperformance by a counterparty could be significant to our financial position or results of operations. We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency:
Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized in earnings. We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:
As of June 30, 2024, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association, Toronto Dominion Bank and Bank of America Corporation, all of which are major financial institutions. We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process. At June 30, 2024, we had open derivative contract positions through 2028. If all open futures contracts had been settled on June 30, 2024, we would have recognized a pretax gain of $8.0 million. If commodity prices were to remain at June 30, 2024 levels, approximately $1.5 million of deferred gains, net of tax, would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur. Fair Value Hedges We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged items (fixed-rate borrowings) in the same line item, interest expense, as the offsetting loss or gain on the related interest rate swaps. There were no outstanding interest rate swaps at June 30, 2024, December 31, 2023 and June 30, 2024. Financial Statement Impacts We present our derivative assets and liabilities in our condensed balance sheets on a net basis whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk. The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets:
(1) Does not include the impact of cash collateral received from or provided to counterparties. The following table summarizes the effects of derivative instruments on our condensed statements of operations:
Credit Risk and Collateral By using derivative instruments, we are exposed to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value gain in a derivative. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes us, thus creating a repayment risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, assume no repayment risk. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. We monitor our positions and the credit ratings of our counterparties, and we do not anticipate non-performance by the counterparties. Based on the agreements with our various counterparties, cash collateral is required to be provided when the net fair value of the derivatives, with the counterparty, exceeds a specific threshold. If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability. As of June 30, 2024, December 31, 2023 and June 30, 2023, this threshold was not exceeded. In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements.
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FAIR VALUE MEASUREMENTS |
6 Months Ended |
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Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 20. FAIR VALUE MEASUREMENTS Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities recorded at fair value in the condensed balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 “Fair Value Measurement” (ASC 820), and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We are required to separately disclose assets and liabilities measured at fair value on a recurring basis, from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis are intangible assets and goodwill, which are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Commodity Contracts We use commodity derivative contracts for certain raw materials and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations. Commodity contract financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for commodities. All commodity financial instruments were valued as a Level 2 under the fair value measurements hierarchy. Foreign Currency Contracts We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies. Foreign currency contract financial instruments were valued primarily based on relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for currencies. All foreign currency contract financial instruments were valued as a Level 2 under the fair value measurements hierarchy. Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated fair values due to the short-term maturities of these instruments. Since our long-term debt instruments may not be actively traded, the inputs used to measure the fair value of our long-term debt are based on current market rates for debt of similar risk and maturities and is classified as Level 2 in the fair value measurement hierarchy. As of June 30, 2024, December 31, 2023 and June 30, 2023, the fair value measurements of debt were $2,717.3 million, $2,626.2 million and $2,661.1 million, respectively. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820. There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2024, December 31, 2023 or June 30, 2023.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 30, 2024 |
Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||
Pay vs Performance Disclosure, Table | Pay vs Performance Disclosure | |
Net (loss) income | $ 120.1 | $ 298.7 |
Insider Trading Arrangements |
6 Months Ended |
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Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
RESTRUCTURING CHARGES (Tables) |
6 Months Ended | 55 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023:
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Cumulative Restructuring Charges by Type and Plan | Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows:
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The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024:
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EARNINGS PER SHARE (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share Table |
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ACCOUNTS RECEIVABLES (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AR Facilities | The following table summarizes the AR Facilities activity:
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INVENTORIES (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories Table | Inventories consisted of the following:
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OTHER ASSETS (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Included in other assets were the following:
For the six months ended June 30, 2024 and 2023, payments of $46.7 million and $29.6 million, respectively, were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $18.3 million and $17.8 million for the three months ended June 30, 2024 and 2023, respectively, and amortization expense of $36.6 million and $35.6 million for the six months ended June 30, 2024 and 2023, respectively, 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.
|
GOODWILL AND INTANGIBLE ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying value of goodwill were as follows:
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Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following:
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DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | Long-term loans, notes and other financing obligations, consisted of the following:
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Schedule of Debt | During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included:
|
PENSION PLANS AND RETIREMENT BENEFITS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost |
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INCOME TAXES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | The amounts of unrecognized tax benefits were as follows:
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Tax Returns Subject to Examination | For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:
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CONTRIBUTING EMPLOYEE OWNERSHIP PLAN (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plan Disclosures | Our contributions to the CEOP were as follows:
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STOCK-BASED COMPENSATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense was as follows:
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Schedule of fair value of stock options granted valuation assumptions | The fair value of each stock 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 weighted-average assumptions:
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Schedule of fair value of performance share awards granted valuation assumptions | The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
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SHAREHOLDERS' EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity included in accumulated other comprehensive loss table | The following table represents the activity included in accumulated other comprehensive loss:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
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Disaggregation of Revenue |
(1) For the three months ended June 30, 2024 and 2023, revenue recognized over time represented $37.8 million and $26.1 million, respectively, and for the six months ended June 30, 2024 and 2023, revenue recognized over time represented $57.6 million and $48.8 million, respectively, associated with governmental contracts within our Winchester business.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open Forward Foreign Currency Contract | We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency:
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Schedule of derivative instruments | We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:
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Summary of location and fair value of derivative instruments on condensed balance sheets | The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets:
(1) Does not include the impact of cash collateral received from or provided to counterparties.
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Summary of effects of derivative instruments on condensed statements of income | The following table summarizes the effects of derivative instruments on our condensed statements of operations:
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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Earnings Per Share [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ 120.1 | $ 298.7 | ||
Net loss attributable to noncontrolling interests | $ (1.9) | $ (2.2) | (2.7) | (4.5) |
Net income attributable to Olin Corporation | $ 74.2 | $ 146.9 | $ 122.8 | $ 303.2 |
Basic shares | 118.5 | 127.4 | 119.1 | 129.2 |
Basic net income attributable to Olin Corporation per share | $ 0.63 | $ 1.15 | $ 1.03 | $ 2.35 |
Earnings Per Share, Diluted [Abstract] | ||||
Basic shares | 118.5 | 127.4 | 119.1 | 129.2 |
Stock-based compensation | 1.7 | 3.0 | 1.9 | 3.2 |
Diluted shares | 120.2 | 130.4 | 121.0 | 132.4 |
Diluted net income attributable to Olin Corporation per share | $ 0.62 | $ 1.13 | $ 1.01 | $ 2.29 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 2.0 | 1.3 | 2.0 | 1.3 |
INVENTORIES (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Supplies | $ 151.8 | $ 160.3 | $ 145.1 |
Raw materials | 195.3 | 171.1 | 181.6 |
Work in process | 164.3 | 153.5 | 202.5 |
Finished goods | 527.6 | 507.6 | 725.8 |
Inventories excluding LIFO reserve | 1,039.0 | 992.5 | 1,255.0 |
LIFO reserve | (166.1) | (133.7) | (173.8) |
Inventories, net | $ 872.9 | $ 858.8 | $ 1,081.2 |
OTHER ASSETS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Other Assets [Abstract] | |||||
Supply contracts | $ 1,082.7 | $ 1,052.9 | $ 1,082.7 | $ 1,052.9 | $ 1,061.8 |
Other | 62.1 | 55.7 | 62.1 | 55.7 | 56.7 |
Other assets | 1,144.8 | 1,108.6 | 1,144.8 | 1,108.6 | $ 1,118.5 |
Payments under other long-term supply contracts | 46.7 | 29.6 | |||
Amortization of Supply Contracts | $ 18.3 | $ 17.8 | $ 36.6 | $ 35.6 |
GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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Goodwill [Line Items] | |||||
Goodwill | $ 1,423.4 | $ 1,420.9 | $ 1,424.0 | $ 1,420.9 | |
Goodwill, Purchase Accounting Adjustments | (0.3) | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (0.3) | 0.0 | |||
Chlor Alkali Products and Vinyls | |||||
Goodwill [Line Items] | |||||
Goodwill | 1,275.9 | 1,275.8 | 1,276.1 | 1,275.8 | |
Goodwill, Purchase Accounting Adjustments | 0.0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (0.2) | 0.0 | |||
Goodwill, Impairment Loss | $ 557.6 | ||||
Epoxy | |||||
Goodwill [Line Items] | |||||
Goodwill | 145.1 | 145.1 | 145.2 | 145.1 | |
Goodwill, Purchase Accounting Adjustments | 0.0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (0.1) | 0.0 | |||
Goodwill, Impairment Loss | $ 142.2 | ||||
Winchester | |||||
Goodwill [Line Items] | |||||
Goodwill | 2.4 | 0.0 | $ 2.7 | $ 0.0 | |
Goodwill, Purchase Accounting Adjustments | (0.3) | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 0.0 | $ 0.0 |
PENSION PLANS AND RETIREMENT BENEFITS (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Pension Benefits | ||||
Service cost | $ 1.2 | $ 1.4 | $ 2.5 | $ 2.8 |
Interest cost | 25.5 | 26.4 | 50.6 | 52.7 |
Expected return on plans’ assets | (33.8) | (32.7) | (67.7) | (65.6) |
Amortization of prior service cost | (0.2) | (0.1) | (0.3) | (0.2) |
Recognized actuarial loss | 1.8 | 0.3 | 3.3 | 0.6 |
Net periodic benefit (income) cost | (5.5) | (4.7) | (11.6) | (9.7) |
Other Postretirement Benefits | ||||
Service cost | 0.2 | 0.2 | 0.4 | 0.4 |
Interest cost | 0.5 | 0.4 | 0.9 | 0.9 |
Expected return on plans’ assets | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost | 0.0 | 0.1 | 0.0 | 0.1 |
Recognized actuarial loss | 0.3 | 0.2 | 0.5 | 0.4 |
Net periodic benefit (income) cost | $ 1.0 | $ 0.9 | $ 1.8 | $ 1.8 |
INCOME TAXES (Details 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Income Tax Disclosure [Abstract] | ||||
Effective Tax Rate, Discrete Items, net benefit (expense) | $ 0.6 | $ 12.0 | $ 3.3 | $ 17.2 |
Effective Tax Rate, Discrete Items, net Percent | 25.80% | 25.40% | 25.60% | 24.50% |
Statutory Federal Tax Rate | 21.00% | 21.00% | 21.00% | 21.00% |
Impact on the effective tax rate, if recognized | $ 51.4 | $ 56.8 | $ 51.4 | $ 56.8 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||||
Balance at beginning of year | 50.3 | 51.6 | ||
Increases for prior year tax positions | 2.7 | 1.3 | ||
Decreases for prior year tax positions | 0.4 | 0.3 | ||
Increases for current year tax positions | 0.7 | 5.4 | ||
Decreases due to tax settlements | (1.0) | 0.0 | ||
Foreign currency translation adjustments | 1.1 | 0.7 | ||
Balance at end of period | 51.2 | $ 58.7 | 51.2 | $ 58.7 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 36.3 | $ 36.3 |
STOCK-BASED COMPENSATION (Details 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation | $ 7.6 | $ 8.3 | $ 13.2 | $ 12.8 |
Mark-to-market adjustments | (7.6) | (1.6) | (5.4) | (0.1) |
Total expense | $ 0.0 | $ 6.7 | $ 7.8 | $ 12.7 |
SEGMENT INFORMATION (Details 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 99 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
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Sales [Abstract] | |||||||
Sales | $ 1,644.0 | $ 1,702.7 | $ 3,279.3 | $ 3,547.0 | |||
Income before Taxes | |||||||
Income (loss) before taxes | 96.6 | 177.9 | 156.9 | 372.7 | |||
Corporate/Other: | |||||||
Environmental expense | 6.4 | 13.0 | 12.2 | 16.2 | |||
Restructuring charges | (6.8) | $ (8.3) | (19.2) | $ (60.9) | (15.1) | (80.1) | $ (208.3) |
Other operating income | 0.0 | 27.0 | 0.2 | 27.5 | |||
Interest expense | (46.6) | (45.3) | (91.2) | (87.7) | |||
Interest income | 0.9 | 1.1 | 1.7 | 2.2 | |||
Non-operating pension income | 5.9 | 5.4 | 12.7 | 11.1 | |||
Gain on Sale of Domestic Private Trucking Fleet and Operations | 27.0 | 27.0 | |||||
Corporate/other | |||||||
Corporate/Other: | |||||||
Environmental expense | 6.4 | 13.0 | 12.2 | 16.2 | |||
Other corporate and unallocated costs | (17.0) | (22.4) | (42.8) | (56.7) | |||
Restructuring charges | (6.8) | (19.2) | (15.1) | (80.1) | |||
Chlor Alkali Products and Vinyls | |||||||
Sales [Abstract] | |||||||
Sales | 920.3 | 1,002.3 | 1,804.9 | 2,119.4 | |||
Income before Taxes | |||||||
Income (loss) before taxes | 99.3 | 180.1 | 175.9 | 426.0 | |||
Epoxy | |||||||
Sales [Abstract] | |||||||
Sales | 317.7 | 333.8 | 659.0 | 694.5 | |||
Income before Taxes | |||||||
Income (loss) before taxes | (3.0) | (0.5) | (14.8) | 20.9 | |||
Winchester | |||||||
Sales [Abstract] | |||||||
Sales | 406.0 | 366.6 | 815.4 | 733.1 | |||
Income before Taxes | |||||||
Income (loss) before taxes | $ 70.3 | $ 64.7 | $ 142.5 | $ 125.7 |
ENVIRONMENTAL (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Environmental Remediation Obligations [Abstract] | |||||
Reserves for future environmental expenditures - total | $ 155.3 | $ 151.8 | $ 155.3 | $ 151.8 | $ 153.6 |
Reserves for future environmental expenditures - noncurrent | 123.3 | 126.8 | 123.3 | 126.8 | $ 121.6 |
Environmental Remediation Expense | $ 6.4 | $ 13.0 | $ 12.2 | $ 16.2 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | |||
Legal action accrued liabilities | $ 12.5 | $ 14.2 | $ 15.9 |
DERIVATIVE FINANCIAL INSTRUMENTS (Details Textuals) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
|
Derivative [Line Items] | |||
Notional amount | $ 208.1 | $ 191.0 | $ 244.1 |
Forward Contracts Buy | |||
Derivative [Line Items] | |||
Notional amount | 5.3 | 21.0 | 10.9 |
Forward Contracts Sell | |||
Derivative [Line Items] | |||
Notional amount | 157.0 | $ 140.2 | $ 126.1 |
Commodity Contract | |||
Derivative [Line Items] | |||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | 8.0 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1.5 |
DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Derivative [Line Items] | |||
Notional amount | $ 208.1 | $ 191.0 | $ 244.1 |
Forward Contracts Buy | |||
Derivative [Line Items] | |||
Notional amount | 5.3 | 21.0 | 10.9 |
Forward Contracts Sell | |||
Derivative [Line Items] | |||
Notional amount | 157.0 | 140.2 | 126.1 |
Natural Gas Commodity Forward Contracts | |||
Derivative [Line Items] | |||
Notional amount | 47.1 | 63.2 | 79.3 |
Ethane Commodity Forward Contracts | |||
Derivative [Line Items] | |||
Notional amount | 24.1 | 26.4 | 25.0 |
Metals Commodity Forward Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 136.9 | $ 101.4 | $ 139.8 |
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Fair Value Disclosures [Abstract] | |||
Long-term Debt, Fair Value | $ 2,717.3 | $ 2,626.2 | $ 2,661.1 |
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