Date: 10/22/2021 Form: 10-Q - Quarterly Report
Download Pdf document  Download Word document  Download Excel tables  Download XBRL files (zip)  XBRL Data Viewer Print Show file list Zoom in Zoom out






Close
0000074303false12/312021Q33,997.23,719.83,602.41.001.001.00240.0240.0240.0159.4158157.9159.4158157.9150.0125.0125.0557.6142.2699.8557.6142.2699.80.110.30.110.320172020201220202013202020152020201520202014202020152020699.800000743032021-01-012021-09-30xbrli:shares00000743032021-09-30iso4217:USD00000743032020-12-3100000743032020-09-30iso4217:USDxbrli:shares00000743032021-07-012021-09-3000000743032020-07-012020-09-3000000743032020-01-012020-09-300000074303us-gaap:CommonStockMember2021-06-300000074303us-gaap:CommonStockMember2020-06-300000074303us-gaap:CommonStockMember2020-12-310000074303us-gaap:CommonStockMember2019-12-310000074303us-gaap:CommonStockMember2021-07-012021-09-300000074303us-gaap:CommonStockMember2020-07-012020-09-300000074303us-gaap:CommonStockMember2021-01-012021-09-300000074303us-gaap:CommonStockMember2020-01-012020-09-300000074303us-gaap:CommonStockMember2021-09-300000074303us-gaap:CommonStockMember2020-09-300000074303us-gaap:AdditionalPaidInCapitalMember2021-06-300000074303us-gaap:AdditionalPaidInCapitalMember2020-06-300000074303us-gaap:AdditionalPaidInCapitalMember2020-12-310000074303us-gaap:AdditionalPaidInCapitalMember2019-12-310000074303us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000074303us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000074303us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300000074303us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000074303us-gaap:AdditionalPaidInCapitalMember2021-09-300000074303us-gaap:AdditionalPaidInCapitalMember2020-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000074303us-gaap:RetainedEarningsMember2021-06-300000074303us-gaap:RetainedEarningsMember2020-06-300000074303us-gaap:RetainedEarningsMember2020-12-310000074303us-gaap:RetainedEarningsMember2019-12-310000074303us-gaap:RetainedEarningsMember2021-07-012021-09-300000074303us-gaap:RetainedEarningsMember2020-07-012020-09-300000074303us-gaap:RetainedEarningsMember2021-01-012021-09-300000074303us-gaap:RetainedEarningsMember2020-01-012020-09-300000074303us-gaap:RetainedEarningsMember2021-09-300000074303us-gaap:RetainedEarningsMember2020-09-3000000743032019-12-310000074303oln:ProductivityPlanMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300000074303oln:ProductivityPlanMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300000074303oln:ProductivityPlanMemberus-gaap:CorporateAndOtherMember2021-09-30xbrli:pure0000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:PlaquemineRestructuringPlanMember2021-05-18utr:T0000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:PlaquemineRestructuringPlanMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMember2021-03-150000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2021PlanMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2021PlanMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2021PlanMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2019-12-110000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2016-03-210000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2021-09-300000074303us-gaap:EmployeeSeveranceMember2019-12-310000074303us-gaap:ContractTerminationMember2019-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2019-12-310000074303us-gaap:EmployeeSeveranceMember2020-01-012020-03-310000074303us-gaap:ContractTerminationMember2020-01-012020-03-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-01-012020-03-3100000743032020-01-012020-03-310000074303us-gaap:EmployeeSeveranceMember2020-04-012020-06-300000074303us-gaap:ContractTerminationMember2020-04-012020-06-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-04-012020-06-3000000743032020-04-012020-06-300000074303us-gaap:EmployeeSeveranceMember2020-07-012020-09-300000074303us-gaap:ContractTerminationMember2020-07-012020-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-07-012020-09-300000074303us-gaap:EmployeeSeveranceMember2020-01-012020-09-300000074303us-gaap:ContractTerminationMember2020-01-012020-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-01-012020-09-300000074303us-gaap:EmployeeSeveranceMember2020-09-300000074303us-gaap:ContractTerminationMember2020-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-09-300000074303us-gaap:EmployeeSeveranceMember2020-12-310000074303us-gaap:ContractTerminationMember2020-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2020-12-310000074303us-gaap:EmployeeSeveranceMember2021-01-012021-03-310000074303us-gaap:ContractTerminationMember2021-01-012021-03-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-01-012021-03-3100000743032021-01-012021-03-310000074303us-gaap:EmployeeSeveranceMember2021-04-012021-06-300000074303us-gaap:ContractTerminationMember2021-04-012021-06-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-04-012021-06-3000000743032021-04-012021-06-300000074303us-gaap:EmployeeSeveranceMember2021-07-012021-09-300000074303us-gaap:ContractTerminationMember2021-07-012021-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-07-012021-09-300000074303us-gaap:EmployeeSeveranceMember2021-01-012021-09-300000074303us-gaap:ContractTerminationMember2021-01-012021-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-01-012021-09-300000074303us-gaap:EmployeeSeveranceMember2021-09-300000074303us-gaap:ContractTerminationMember2021-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:WriteoffofEquipmentandFacilityMemberoln:McIntoshPlanMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:WriteoffofEquipmentandFacilityMemberoln:Freeport2021PlanMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:WriteoffofEquipmentandFacilityMemberoln:Freeport2019PlanMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMemberoln:WriteoffofEquipmentandFacilityMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberoln:WriteoffofEquipmentandFacilityMemberus-gaap:CorporateAndOtherMember2021-04-012021-09-300000074303oln:WriteoffofEquipmentandFacilityMember2016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMemberus-gaap:EmployeeSeveranceMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2021PlanMemberus-gaap:EmployeeSeveranceMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMemberus-gaap:EmployeeSeveranceMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMemberus-gaap:EmployeeSeveranceMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberus-gaap:CorporateAndOtherMemberus-gaap:EmployeeSeveranceMember2021-04-012021-09-300000074303us-gaap:EmployeeSeveranceMember2016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:FacilityExitCostsAssetRetirementObligationsMemberoln:McIntoshPlanMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:FacilityExitCostsAssetRetirementObligationsMemberoln:Freeport2021PlanMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:FacilityExitCostsAssetRetirementObligationsMemberoln:Freeport2019PlanMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMemberoln:FacilityExitCostsAssetRetirementObligationsMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberoln:FacilityExitCostsAssetRetirementObligationsMemberus-gaap:CorporateAndOtherMember2021-04-012021-09-300000074303oln:FacilityExitCostsAssetRetirementObligationsMember2016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:EmployeeRelocationCostMemberoln:McIntoshPlanMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:EmployeeRelocationCostMemberoln:Freeport2021PlanMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:EmployeeRelocationCostMemberoln:Freeport2019PlanMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMemberoln:EmployeeRelocationCostMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberoln:EmployeeRelocationCostMemberus-gaap:CorporateAndOtherMember2021-04-012021-09-300000074303oln:EmployeeRelocationCostMember2016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberus-gaap:ContractTerminationMemberoln:McIntoshPlanMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberus-gaap:ContractTerminationMemberoln:Freeport2021PlanMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberus-gaap:ContractTerminationMemberoln:Freeport2019PlanMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMemberus-gaap:ContractTerminationMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberus-gaap:ContractTerminationMemberus-gaap:CorporateAndOtherMember2021-04-012021-09-300000074303us-gaap:ContractTerminationMember2016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:McIntoshPlanMember2021-03-152021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2021PlanMember2021-01-182021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:Freeport2019PlanMember2019-12-112021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorAlkali2016PlanMember2016-03-212021-09-300000074303oln:ProductivityPlanMemberus-gaap:CorporateAndOtherMember2021-04-012021-09-3000000743032016-03-212021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberus-gaap:SubsequentEventMemberoln:McIntoshPlanMember2021-10-210000074303oln:ReceivablesFinancingAgreementMember2020-04-230000074303oln:ReceivablesFinancingAgreementMember2021-09-280000074303oln:ReceivablesFinancingAgreementMember2020-03-270000074303oln:A16500MillionSeniorCreditFacilityMember2021-02-240000074303oln:ReceivablesFinancingAgreementMember2021-09-300000074303country:US2021-09-30iso4217:EUR0000074303oln:ForeignMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-310000074303oln:EpoxySegmentMember2019-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2020-01-012020-09-300000074303oln:EpoxySegmentMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2020-09-300000074303oln:EpoxySegmentMember2020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2020-12-310000074303oln:EpoxySegmentMember2020-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-012021-09-300000074303oln:EpoxySegmentMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2021-09-300000074303oln:EpoxySegmentMember2021-09-300000074303us-gaap:CustomerRelationshipsMember2021-09-300000074303us-gaap:CustomerRelationshipsMember2020-12-310000074303us-gaap:CustomerRelationshipsMember2020-09-300000074303us-gaap:TradeNamesMember2021-09-300000074303us-gaap:TradeNamesMember2020-12-310000074303us-gaap:TradeNamesMember2020-09-300000074303us-gaap:DevelopedTechnologyRightsMember2021-09-300000074303us-gaap:DevelopedTechnologyRightsMember2020-12-310000074303us-gaap:DevelopedTechnologyRightsMember2020-09-300000074303us-gaap:OtherIntangibleAssetsMember2021-09-300000074303us-gaap:OtherIntangibleAssetsMember2020-12-310000074303us-gaap:OtherIntangibleAssetsMember2020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2020-07-012020-09-300000074303oln:EpoxySegmentMember2020-07-012020-09-300000074303us-gaap:CommonClassAMemberoln:A2018ShareRepurchaseProgramMember2018-04-260000074303us-gaap:CommonClassAMemberoln:A2018ShareRepurchaseProgramMember2021-01-012021-09-300000074303us-gaap:CommonClassAMemberoln:A2018ShareRepurchaseProgramMember2020-01-012020-09-300000074303us-gaap:CommonClassAMemberoln:A2018ShareRepurchaseProgramMember2018-04-262021-09-300000074303us-gaap:CommonClassAMemberoln:A2018ShareRepurchaseProgramMember2021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2021-07-012021-09-300000074303oln:EpoxySegmentMember2021-07-012021-09-300000074303oln:WinchesterSegmentMember2021-07-012021-09-300000074303oln:WinchesterSegmentMember2020-07-012020-09-300000074303oln:WinchesterSegmentMember2021-01-012021-09-300000074303oln:WinchesterSegmentMember2020-01-012020-09-300000074303us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000074303us-gaap:CorporateNonSegmentMember2020-07-012020-09-300000074303us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000074303us-gaap:CorporateNonSegmentMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembercountry:US2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembercountry:US2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembercountry:US2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembercountry:US2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembersrt:EuropeMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembersrt:EuropeMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembersrt:EuropeMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMembersrt:EuropeMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:OtherforeignMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:OtherforeignMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:OtherforeignMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:OtherforeignMember2020-01-012020-09-300000074303oln:EpoxySegmentMembercountry:US2021-07-012021-09-300000074303oln:EpoxySegmentMembercountry:US2020-07-012020-09-300000074303oln:EpoxySegmentMembercountry:US2021-01-012021-09-300000074303oln:EpoxySegmentMembercountry:US2020-01-012020-09-300000074303srt:EuropeMemberoln:EpoxySegmentMember2021-07-012021-09-300000074303srt:EuropeMemberoln:EpoxySegmentMember2020-07-012020-09-300000074303srt:EuropeMemberoln:EpoxySegmentMember2021-01-012021-09-300000074303srt:EuropeMemberoln:EpoxySegmentMember2020-01-012020-09-300000074303oln:OtherforeignMemberoln:EpoxySegmentMember2021-07-012021-09-300000074303oln:OtherforeignMemberoln:EpoxySegmentMember2020-07-012020-09-300000074303oln:OtherforeignMemberoln:EpoxySegmentMember2021-01-012021-09-300000074303oln:OtherforeignMemberoln:EpoxySegmentMember2020-01-012020-09-300000074303country:USoln:WinchesterSegmentMember2021-07-012021-09-300000074303country:USoln:WinchesterSegmentMember2020-07-012020-09-300000074303country:USoln:WinchesterSegmentMember2021-01-012021-09-300000074303country:USoln:WinchesterSegmentMember2020-01-012020-09-300000074303srt:EuropeMemberoln:WinchesterSegmentMember2021-07-012021-09-300000074303srt:EuropeMemberoln:WinchesterSegmentMember2020-07-012020-09-300000074303srt:EuropeMemberoln:WinchesterSegmentMember2021-01-012021-09-300000074303srt:EuropeMemberoln:WinchesterSegmentMember2020-01-012020-09-300000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2021-07-012021-09-300000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2020-07-012020-09-300000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2021-01-012021-09-300000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2020-01-012020-09-300000074303country:US2021-07-012021-09-300000074303country:US2020-07-012020-09-300000074303country:US2021-01-012021-09-300000074303country:US2020-01-012020-09-300000074303srt:EuropeMember2021-07-012021-09-300000074303srt:EuropeMember2020-07-012020-09-300000074303srt:EuropeMember2021-01-012021-09-300000074303srt:EuropeMember2020-01-012020-09-300000074303oln:OtherforeignMember2021-07-012021-09-300000074303oln:OtherforeignMember2020-07-012020-09-300000074303oln:OtherforeignMember2021-01-012021-09-300000074303oln:OtherforeignMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:CausticsodaMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:CausticsodaMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:CausticsodaMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:CausticsodaMember2020-01-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorinechlorinederivativesandothercoproductsMember2021-07-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorinechlorinederivativesandothercoproductsMember2020-07-012020-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorinechlorinederivativesandothercoproductsMember2021-01-012021-09-300000074303oln:ChlorAlkaliProductsandVinylsSegmentMemberoln:ChlorinechlorinederivativesandothercoproductsMember2020-01-012020-09-300000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2021-07-012021-09-300000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2020-07-012020-09-300000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2021-01-012021-09-300000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2020-01-012020-09-300000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2021-07-012021-09-300000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2020-07-012020-09-300000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2021-01-012021-09-300000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2020-01-012020-09-300000074303oln:WinchesterSegmentMemberoln:CommercialMember2021-07-012021-09-300000074303oln:WinchesterSegmentMemberoln:CommercialMember2020-07-012020-09-300000074303oln:WinchesterSegmentMemberoln:CommercialMember2021-01-012021-09-300000074303oln:WinchesterSegmentMemberoln:CommercialMember2020-01-012020-09-300000074303oln:WinchesterSegmentMemberoln:MilitaryandlawenforcementMember2021-07-012021-09-300000074303oln:WinchesterSegmentMemberoln:MilitaryandlawenforcementMember2020-07-012020-09-300000074303oln:WinchesterSegmentMemberoln:MilitaryandlawenforcementMember2021-01-012021-09-300000074303oln:WinchesterSegmentMemberoln:MilitaryandlawenforcementMember2020-01-012020-09-300000074303oln:BlackSholesOptionPricingModelMember2021-01-012021-09-300000074303oln:MonteCarloSimulationModelMember2021-01-012021-09-300000074303oln:SeniorTermLoansMember2021-01-012021-09-300000074303oln:ReceivablesFinancingAgreementMember2021-01-012021-09-300000074303oln:A1000SeniorNotesDue2025Member2021-01-012021-09-300000074303oln:A1000SeniorNotesDue2025Member2021-07-012021-09-300000074303oln:A975SeniorNotesDue2023Member2021-01-012021-09-300000074303oln:A975SeniorNotesDue2023Member2021-07-012021-09-300000074303oln:A5625SeniorNotesDue2029Member2021-01-012021-09-300000074303oln:A5625SeniorNotesDue2029Member2021-07-012021-09-300000074303oln:A500SeniorNotesDue2030Member2021-01-012021-09-300000074303oln:A500SeniorNotesDue2030Member2021-07-012021-09-300000074303oln:SeniorTermLoansMember2021-07-012021-09-300000074303oln:ReceivablesFinancingAgreementMember2021-07-012021-09-300000074303oln:FinanceLeasesMember2021-01-012021-09-300000074303oln:FinanceLeasesMember2021-07-012021-09-300000074303oln:A1300MillionSeniorCreditFacilityMember2020-05-080000074303oln:A3150MillionSeniorDelayedDrawTermLoanMember2021-02-240000074303oln:A5000MillionSeniorTermLoanMember2021-02-240000074303oln:A8000MillionSeniorRevolvingCreditFacilityMember2021-02-240000074303oln:A3150MillionSeniorDelayedDrawTermLoanMember2021-03-302021-03-300000074303oln:A1000SeniorNotesDue2025Member2021-03-310000074303oln:A8000MillionSeniorRevolvingCreditFacilityMember2021-09-300000074303srt:MinimumMember2021-09-300000074303srt:MaximumMember2021-09-3000000743032020-01-012020-12-310000074303srt:MaximumMember2021-01-012021-01-010000074303us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300000074303us-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-09-300000074303us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300000074303us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-300000074303us-gaap:QualifiedPlanMemberus-gaap:ForeignPlanMember2021-01-012021-09-300000074303us-gaap:QualifiedPlanMemberus-gaap:ForeignPlanMember2020-01-012020-09-300000074303us-gaap:InternalRevenueServiceIRSMembersrt:MinimumMembercountry:US2021-01-012021-09-300000074303srt:MaximumMemberus-gaap:InternalRevenueServiceIRSMembercountry:US2021-01-012021-09-300000074303srt:MinimumMembercountry:USus-gaap:StateAndLocalJurisdictionMember2021-01-012021-09-300000074303srt:MaximumMembercountry:USus-gaap:StateAndLocalJurisdictionMember2021-01-012021-09-300000074303country:CAsrt:MinimumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303country:CAsrt:MaximumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303country:BRsrt:MinimumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303country:BRsrt:MaximumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303country:DEsrt:MinimumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303country:DEsrt:MaximumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303srt:MinimumMemberus-gaap:ForeignCountryMembercountry:CN2021-01-012021-09-300000074303srt:MaximumMemberus-gaap:ForeignCountryMembercountry:CN2021-01-012021-09-300000074303country:NLsrt:MinimumMemberus-gaap:ForeignCountryMember2021-01-012021-09-300000074303srt:MaximumMembercountry:NLus-gaap:ForeignCountryMember2021-01-012021-09-300000074303oln:ForwardContractsBuyMember2021-09-300000074303oln:ForwardContractsSellMember2021-09-300000074303oln:ForwardContractsBuyMember2020-12-310000074303oln:ForwardContractsSellMember2020-12-310000074303oln:ForwardContractsBuyMember2020-09-300000074303oln:ForwardContractsSellMember2020-09-300000074303oln:NaturalGasCommodityForwardContractsMember2021-09-300000074303oln:NaturalGasCommodityForwardContractsMember2020-12-310000074303oln:NaturalGasCommodityForwardContractsMember2020-09-300000074303srt:NaturalGasLiquidsReservesMember2021-09-300000074303srt:NaturalGasLiquidsReservesMember2020-12-310000074303srt:NaturalGasLiquidsReservesMember2020-09-300000074303oln:MetalsCommodityForwardContractsMember2021-09-300000074303oln:MetalsCommodityForwardContractsMember2020-12-310000074303oln:MetalsCommodityForwardContractsMember2020-09-300000074303us-gaap:CommodityContractMember2021-09-300000074303us-gaap:CommodityContractMember2021-01-012021-09-300000074303us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2020-07-012020-09-300000074303us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-09-300000074303us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2020-01-012020-09-300000074303oln:CommodityContractsGainsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303oln:CommodityContractsGainsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303oln:CommodityContractsGainsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303oln:CommodityContractsLossesMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303oln:CommodityContractsLossesMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303oln:CommodityContractsLossesMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-09-300000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2020-12-310000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2020-09-300000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:OtherCurrentAssetsMember2021-09-300000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:OtherCurrentAssetsMember2020-12-310000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:OtherCurrentAssetsMember2020-09-300000074303us-gaap:OtherCurrentAssetsMember2021-09-300000074303us-gaap:OtherCurrentAssetsMember2020-12-310000074303us-gaap:OtherCurrentAssetsMember2020-09-300000074303oln:CommodityContractsGainsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-09-300000074303oln:CommodityContractsGainsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-12-310000074303oln:CommodityContractsGainsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-09-300000074303oln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-09-300000074303oln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-12-310000074303oln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-09-300000074303us-gaap:OtherAssetsMember2021-09-300000074303us-gaap:OtherAssetsMember2020-12-310000074303us-gaap:OtherAssetsMember2020-09-300000074303us-gaap:AccruedLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303us-gaap:AccruedLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303us-gaap:AccruedLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303oln:CommodityContractsGainsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303oln:CommodityContractsGainsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303oln:CommodityContractsGainsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:AccruedLiabilitiesMember2021-09-300000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:AccruedLiabilitiesMember2020-12-310000074303us-gaap:NondesignatedMemberoln:ForeignExchangeContractLossMemberus-gaap:AccruedLiabilitiesMember2020-09-300000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2021-09-300000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2020-12-310000074303oln:ForeignExchangeContractGainMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2020-09-300000074303us-gaap:AccruedLiabilitiesMember2021-09-300000074303us-gaap:AccruedLiabilitiesMember2020-12-310000074303us-gaap:AccruedLiabilitiesMember2020-09-300000074303us-gaap:OtherLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303us-gaap:OtherLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303us-gaap:OtherLiabilitiesMemberoln:CommodityContractsLossesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303oln:CommodityContractsGainsMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300000074303oln:CommodityContractsGainsMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000074303oln:CommodityContractsGainsMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300000074303us-gaap:OtherLiabilitiesMember2021-09-300000074303us-gaap:OtherLiabilitiesMember2020-12-310000074303us-gaap:OtherLiabilitiesMember2020-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-07-012021-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-07-012020-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-01-012021-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-01-012020-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-07-012021-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-07-012020-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-09-300000074303us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-01-012020-09-300000074303us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2021-07-012021-09-300000074303us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-07-012021-09-300000074303us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-07-012020-09-300000074303us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-01-012021-09-300000074303us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-01-012020-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2021-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2021-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2021-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2021-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2021-09-300000074303us-gaap:ForeignExchangeContractMember2021-09-300000074303us-gaap:FairValueInputsLevel1Member2021-09-300000074303us-gaap:FairValueInputsLevel2Member2021-09-300000074303us-gaap:FairValueInputsLevel3Member2021-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2020-12-310000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2020-12-310000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2020-12-310000074303us-gaap:CommodityContractMember2020-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2020-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2020-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2020-12-310000074303us-gaap:ForeignExchangeContractMember2020-12-310000074303us-gaap:FairValueInputsLevel1Member2020-12-310000074303us-gaap:FairValueInputsLevel2Member2020-12-310000074303us-gaap:FairValueInputsLevel3Member2020-12-310000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2020-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2020-09-300000074303us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2020-09-300000074303us-gaap:CommodityContractMember2020-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2020-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2020-09-300000074303us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2020-09-300000074303us-gaap:ForeignExchangeContractMember2020-09-300000074303us-gaap:FairValueInputsLevel1Member2020-09-300000074303us-gaap:FairValueInputsLevel2Member2020-09-300000074303us-gaap:FairValueInputsLevel3Member2020-09-300000074303us-gaap:FairValueMeasurementsNonrecurringMember2020-09-300000074303us-gaap:FairValueMeasurementsNonrecurringMember2021-09-300000074303us-gaap:FairValueMeasurementsNonrecurringMember2020-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
XQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 1-1070
oln-20210930_g1.jpg
Olin Corporation
(Exact name of registrant as specified in its charter)
Virginia13-1872319
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
190 Carondelet Plaza,Suite 1530,Clayton,MO63105
(Address of principal executive offices)(Zip Code)
(314) 480-1400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading symbol:Name of each exchange on which registered:
Common Stock, $1.00 par value per shareOLNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes X No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes X No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,” "accelerated filer,” "smaller reporting company,” and "emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer X Accelerated filer  Non-accelerated filer  Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No X

As of September 30, 2021, 159,377,460 shares of the registrant’s common stock were outstanding.
1

Table of Contents
TABLE OF CONTENTS FOR FORM 10-QPage
Item 1.
Item 2.
     Segment Results
     Outlook
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
Part I — Financial Information

Item 1.  Financial Statements.

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Balance Sheets
(In millions, except per share data)
(Unaudited)
 September 30, 2021December 31, 2020September 30, 2020
Assets   
Current assets:   
Cash and cash equivalents$306.1 $189.7 $282.7 
Receivables, net1,041.7 770.9 714.9 
Income taxes receivable3.0 15.1 22.0 
Inventories, net826.8 674.7 608.4 
Other current assets127.7 66.7 44.5 
Total current assets2,305.3 1,717.1 1,672.5 
Property, plant and equipment (less accumulated depreciation of $3,997.2, $3,719.8 and $3,602.4)2,934.5 3,171.0 3,179.8 
Operating lease assets, net386.8 360.7 376.0 
Deferred income taxes104.9 11.2 36.3 
Other assets1,152.4 1,191.3 1,177.0 
Intangible assets, net348.5 399.4 404.9 
Goodwill1,420.3 1,420.2 1,420.1 
Total assets$8,652.7 $8,270.9 $8,266.6 
Liabilities and Shareholders’ Equity  
Current liabilities:  
Current installments of long-term debt$201.1 $26.3 $1.2 
Accounts payable811.7 729.2 614.7 
Income taxes payable62.1 10.7 14.2 
Current operating lease liabilities78.1 74.7 76.2 
Accrued liabilities434.0 358.0 335.8 
Total current liabilities1,587.0 1,198.9 1,042.1 
Long-term debt2,823.5 3,837.5 3,959.5 
Operating lease liabilities314.7 291.6 305.0 
Accrued pension liability654.2 733.3 766.5 
Deferred income taxes526.8 443.2 410.9 
Other liabilities358.6 315.6 313.5 
Total liabilities6,264.8 6,820.1 6,797.5 
Commitments and contingencies
Shareholders’ equity:  
Common stock, $1.00 par value per share:  authorized, 240.0 shares; issued and outstanding, 159.4, 158.0 and 157.9 shares159.4 158.0 157.9 
Additional paid-in capital2,133.1 2,137.8 2,129.9 
Accumulated other comprehensive loss(643.8)(689.9)(728.2)
Retained earnings (accumulated deficit)739.2 (155.1)(90.5)
Total shareholders’ equity2,387.9 1,450.8 1,469.1 
Total liabilities and shareholders’ equity$8,652.7 $8,270.9 $8,266.6 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
3

Table of Contents
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Operations
(In millions, except per share data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Sales$2,340.1 $1,437.6 $6,480.2 $4,103.9 
Operating expenses:  
Cost of goods sold1,679.8 1,307.4 4,815.8 3,917.3 
Selling and administration107.2 112.7 314.7 309.1 
Restructuring charges3.6 1.3 24.5 4.7 
Goodwill impairment 699.8  699.8 
Other operating expense0.5 0.2  0.1 
Operating income (loss)549.0 (683.8)1,325.2 (827.1)
Interest expense54.0 74.6 204.4 207.1 
Interest income0.1 0.1 0.2 0.4 
Non-operating pension income9.2 4.9 26.7 14.4 
Income (loss) before taxes504.3 (753.4)1,147.7 (1,019.4)
Income tax provision (benefit)113.6 (16.6)157.6 (82.5)
Net income (loss)$390.7 $(736.8)$990.1 $(936.9)
Net income (loss) per common share:  
Basic$2.44 $(4.67)$6.21 $(5.94)
Diluted$2.38 $(4.67)$6.07 $(5.94)
Average common shares outstanding:
Basic160.1 157.9 159.4 157.8 
Diluted163.9 157.9 163.0 157.8 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
4

Table of Contents
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income (loss)$390.7 $(736.8)$990.1 $(936.9)
Other comprehensive income, net of tax:  
Foreign currency translation adjustments, net(14.0)17.0 (23.0)16.2 
Unrealized gains on derivative contracts, net13.8 19.8 37.1 31.9 
Amortization of prior service costs and actuarial losses, net10.7 8.9 32.0 27.1 
Total other comprehensive income, net of tax10.5 45.7 46.1 75.2 
Comprehensive income (loss)$401.2 $(691.1)$1,036.2 $(861.7)

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
5

Table of Contents
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Shareholders’ Equity
(In millions, except per share data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Common Stock
Balance at beginning of period$160.5 $157.9 $158.0 $157.7 
Common stock repurchased and retired(1.5) (1.5) 
Common stock issued for:
Stock options exercised0.4  2.8  
Other transactions  0.1 0.2 
Balance at end of period$159.4 $157.9 $159.4 $157.9 
Additional Paid-In Capital
Balance at beginning of period$2,187.9 $2,127.0 $2,137.8 $2,122.1 
Common stock repurchased and retired(66.8) (66.8) 
Common stock issued for:
Stock options exercised7.7  55.5 0.5 
Other transactions0.5  3.1 3.1 
Stock-based compensation3.8 2.9 3.5 4.2 
Balance at end of period$2,133.1 $2,129.9 $2,133.1 $2,129.9 
Accumulated Other Comprehensive Loss
Balance at beginning of period$(654.3)$(773.9)$(689.9)$(803.4)
Other comprehensive income10.5 45.7 46.1 75.2 
Balance at end of period$(643.8)$(728.2)$(643.8)$(728.2)
Retained Earnings (Accumulated Deficit)
Balance at beginning of period$380.6 $677.9 $(155.1)$941.1 
Net income (loss)390.7 (736.8)990.1 (936.9)
Common stock dividends paid(32.1)(31.6)(95.8)(94.7)
Balance at end of period$739.2 $(90.5)$739.2 $(90.5)
Total Shareholders’ Equity$2,387.9 $1,469.1 $2,387.9 $1,469.1 
Dividends declared per share of common stock$0.20 $0.20 $0.60 $0.60 
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.





6

Table of Contents
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Cash Flows
(In millions)
(Unaudited)
 Nine Months Ended September 30,
 20212020
Operating Activities  
Net income (loss)$990.1 $(936.9)
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used for) operating activities: 
Goodwill impairment
 699.8 
Stock-based compensation
5.0 7.1 
Loss on debt extinguishment47.6  
Depreciation and amortization
432.4 425.1 
Deferred income taxes
(25.2)(61.6)
Qualified pension plan contributions
(1.0)(1.3)
Qualified pension plan income
(20.8)(8.7)
Change in:
 
Receivables(291.6)57.0 
Income taxes receivable/payable64.8 (14.0)
Inventories(161.8)90.5 
Other current assets18.4 (7.2)
Accounts payable and accrued liabilities157.9 52.9 
Other assets(9.2)(4.1)
Other noncurrent liabilities41.3 0.9 
Other operating activities
3.8 5.8 
Net operating activities1,251.7 305.3 
Investing Activities 
Capital expenditures(135.8)(223.3)
Payments under ethylene long-term supply contracts (461.0)
Payments under other long-term supply contracts (75.8)
Net investing activities(135.8)(760.1)
Financing Activities  
Long-term debt:
Borrowings390.0 1,212.5 
Repayments(1,241.1)(591.8)
Debt early redemption premiums(37.7) 
Common stock repurchased and retired(68.3) 
Stock options exercised58.3 0.5 
Dividends paid(95.8)(94.7)
Debt issuance costs(3.8)(9.9)
Net financing activities(998.4)516.6 
Effect of exchange rate changes on cash and cash equivalents(1.1) 
Net increase in cash and cash equivalents116.4 61.8 
Cash and cash equivalents, beginning of year189.7 220.9 
Cash and cash equivalents, end of period$306.1 $282.7 
Cash paid (received) for interest and income taxes: 
Interest, net$218.2 $179.3 
Income taxes, net of refunds$104.5 $(2.5)
Non-cash investing activities: 
Decrease in capital expenditures included in accounts payable and accrued liabilities$29.8 $46.2 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
7

Table of Contents
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Notes to Condensed Financial Statements
(Unaudited)

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 manufacturer concentrated in three business segments:  Chlor Alkali Products and Vinyls, Epoxy and Winchester.  The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene, 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, bisphenol, cumene and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

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, 2020. Certain reclassifications were made to prior year amounts to conform to the 2021 presentation.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04) which creates a new topic, Accounting Standards Codification (ASC) 848 "Reference Rate Reform.”  Subsequent to the issuance of ASU 2020-04, ASC 848 was amended by ASU 2021-01, "Scope” which amended and clarified the application and scope of the aforementioned update. This update provides optional guidance to ease the potential accounting burden associated with transition away from reference rates that are expected to be discontinued when financial institutions are no longer required to report information that is currently used to determine the London Interbank Offered Rate (LIBOR) and other reference rates.  This update allows companies to treat contract amendments to existing contracts for the purpose of establishing a new reference rate as continuations of those contracts without additional analysis, as long as the modification was made to establish a new reference rate.  This update applies prospectively to contract modifications.  The optional guidance was effective on March 12, 2020 and can be adopted beginning January 1, 2020 or any date thereafter until December 31, 2022, at which time the optional guidance can no longer be applied to contract amendments to existing contracts. We adopted the provisions of this update on January 1, 2020 and will apply this guidance prospectively to contract modifications that are entered into for the purpose of establishing a new reference rate.  The adoption of this update did not have a material impact on our consolidated financial statements.

NOTE 3. RESTRUCTURING CHARGES

We committed to a productivity initiative to align the organization with our new operating model and improve efficiencies (collectively, Productivity Plan). These actions and related activities were completed during the second quarter of 2021. For the three and nine months ended September 30, 2021, we recorded pretax restructuring charges of $0.2 million and $10.3 million, respectively, for employee severance and related benefit costs related to these actions. We do not expect to incur additional restructuring charges related to these actions.

On May 18, 2021, we announced that we had made the decision to permanently close approximately 20% of our diaphragm-grade chlor alkali capacity, representing 225,000 tons, at our Plaquemine, LA facility (Plaquemine Plan). The closure was completed in the second quarter of 2021. We expect to incur restructuring charges through 2022 of approximately $2 million related to this action.

8

Table of Contents
On March 15, 2021, we announced that we had made the decision to permanently close approximately 50% of our diaphragm-grade chlor alkali capacity, representing 200,000 tons, at our McIntosh, AL facility (McIntosh Plan). The closure was completed in the first quarter of 2021. For the three and nine months ended September 30, 2021, we recorded pretax restructuring charges of $0.4 million and $5.2 million, respectively, for lease and other contract termination costs related to this action. We expect to incur additional restructuring charges through 2022 of approximately $2 million related to this action.

On January 18, 2021, we announced that we had made the decision to permanently close our trichloroethylene and anhydrous hydrogen chloride liquefaction facilities in Freeport, TX (collectively, Freeport 2021 Plan), before the end of 2021. For the three and nine months ended September 30, 2021, we recorded pretax restructuring charges of $1.6 million and $5.7 million, respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2023 of approximately $25 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 fourth quarter of 2020 and second quarter of 2021, respectively.  For the three months ended September 30, 2021 and 2020, we recorded pretax restructuring charges of $1.0 million and $0.3 million, respectively, for facility exit costs related to these actions. For the nine months ended September 30, 2021 and 2020, we recorded pretax restructuring charges of $2.2 million and $0.8 million, respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2025 of approximately $45 million related to these actions.

On March 21, 2016, we announced that we had made the decision to close a combined total of 433,000 tons of chlor alkali capacity across three separate locations (collectively, Chlor Alkali 2016 Plan). Associated with this action, we have permanently closed our Henderson, NV chlor alkali plant with 153,000 tons of capacity and have reconfigured the site to manufacture bleach and distribute caustic soda and hydrochloric acid. Also, the capacity of our Niagara Falls, NY chlor alkali plant has been reduced from 300,000 tons to 240,000 tons and the chlor alkali capacity at our Freeport, TX facility was reduced by 220,000 tons. This 220,000 ton reduction was entirely from diaphragm cell capacity. For the three months ended September 30, 2021 and 2020, we recorded pretax restructuring charges of $0.4 million and $1.0 million, respectively, for facility exit costs and lease and other contract termination costs related to these actions. For the nine months ended September 30, 2021 and 2020, we recorded pretax restructuring charges of $1.1 million and $3.9 million, respectively, for facility exit costs, employee severance and related benefit costs and lease and other contract termination costs related to these actions. We expect to incur additional restructuring charges through 2021 of approximately $1 million related to these capacity reductions.
9

Table of Contents

The following table summarizes the 2021 and 2020 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of September 30, 2021 and 2020:
 Employee severance and related benefit costsLease and other contract termination costsFacility exit costsTotal
 ($ in millions)
Balance at January 1, 2020$ $3.1 $ $3.1 
Restructuring charges:
First quarter0.1 0.1 1.5 1.7 
Second quarter  1.7 1.7 
  Third quarter 0.3 1.0 1.3 
Amounts utilized(0.1)(1.0)(4.2)(5.3)
Balance at September 30, 2020$ $2.5 $ $2.5 
Balance at January 1, 2021$1.8 $1.7 $ $3.5 
Restructuring charges:
First quarter 4.6 2.3 6.9 
Second quarter10.1 0.5 3.4 14.0 
  Third quarter0.2 0.5 2.9 3.6 
Amounts utilized(3.5)(1.3)(8.6)(13.4)
Balance at September 30, 2021$8.6 $6.0 $ $14.6 

The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through September 30, 2021:
Chlor Alkali Products and VinylsCorporate/otherTotal
 McIntosh PlanFreeport 2021 PlanFreeport 2019 PlanChlor Alkali 2016 PlanProductivity Plan
 ($ in millions)
Write-off of equipment and facility$ $ $58.9 $78.1 $ $137.0 
Employee severance and related benefit costs  2.1 6.7 10.3 19.1 
Facility exit costs 5.7 3.9 52.7  62.3 
Employee relocation costs   1.7  1.7 
Lease and other contract termination costs5.2   42.6  47.8 
Total cumulative restructuring charges$5.2 $5.7 $64.9 $181.8 $10.3 $267.9 

As of September 30, 2021, we have incurred cash expenditures of $115.6 million and non-cash charges of $137.7 million related to these restructuring actions. The remaining balance of $14.6 million is expected to be paid out through 2031.

Subsequent Event

On October 21, 2021, we announced that we had made a decision to permanently cease operations of the remaining 50% of our diaphragm-grade chlor alkali capacity, representing 200,000 tons, at our McIntosh, AL facility. The closure is expected to be completed by the end of the third quarter of 2022. As a result of this action, we expect to incur approximately $40 million of pretax restructuring costs, none of which is expected to be incurred in 2021. We currently estimate these restructuring costs will primarily consist of facility exit costs to be paid in cash through 2025.

10

Table of Contents
NOTE 4. ACCOUNTS RECEIVABLES

During 2021, we amended our existing $250.0 million Receivables Financing Agreement which expanded the borrowing capacity to $300.0 million (Receivables Financing Agreement) and extended the maturity to September 28, 2024. The Receivables Financing Agreement includes a minimum borrowing requirement of 50% of the facility limit or available borrowing capacity, whichever is less. The administrative agent for our Receivables Financing Agreement is PNC Bank, National Association.  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 $1,615.0 million senior credit facility. As of September 30, 2021, $542.0 million of our trade receivables were pledged as collateral. As of September 30, 2021, we had $150.0 million drawn with $150.0 million of additional borrowing capacity available under the Receivables Financing Agreement. As of both December 31, 2020 and September 30, 2020, we had $125.0 million drawn under the Receivables Financing Agreement.

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 $229.0 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €40.4 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:

September 30,
20212020
($ in millions)
Balance at beginning of year$48.8 $63.1 
     Gross receivables sold687.5 614.9 
     Payments received from customers on sold accounts(645.6)(584.9)
Balance at end of period$90.7 $93.1 

The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $0.3 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and $1.0 million and $1.2 million for the nine months ended September 30, 2021 and 2020, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of September 30, 2021, December 31, 2020 or September 30, 2020.

Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.2 million, $12.3 million and $12.1 million and other receivables of $68.1 million, $62.4 million and $73.9 million at September 30, 2021, December 31, 2020 and September 30, 2020, respectively, which were included in receivables, net.
 
NOTE 5. INVENTORIES

Inventories consisted of the following:
 September 30, 2021December 31,
2020
September 30, 2020
 ($ in millions)
Supplies$115.5 $113.8 $107.6 
Raw materials158.5 116.3 86.4 
Work in process156.3 133.2 96.3 
Finished goods492.2 359.6 363.8 
Inventories excluding LIFO reserve922.5 722.9 654.1 
LIFO reserve(95.7)(48.2)(45.7)
Inventories, net$826.8 $674.7 $608.4 

11

Table of Contents
Inventories are valued at the lower of cost and net realizable value. For U.S. inventories, inventory costs are determined principally by the last-in, first-out (LIFO) method of inventory accounting while for international inventories, inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting. Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts). Elements of costs in inventories included raw materials, direct labor and manufacturing overhead. Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at September 30, 2021 reflect certain estimates relating to inventory quantities and costs at December 31, 2021. The replacement cost of our inventories would have been approximately $95.7 million, $48.2 million and $45.7 million higher than reported at September 30, 2021, December 31, 2020 and September 30, 2020, respectively.

NOTE 6. OTHER ASSETS

Included in other assets were the following:
September 30, 2021December 31, 2020September 30, 2020
($ in millions)
Supply contracts$1,076.8 $1,122.9 $1,129.7 
Other75.6 68.4 47.3 
Other assets
$1,152.4 $1,191.3 $1,177.0 

We have entered into various arrangements for the long-term supply of ethylene and electricity. A payment of $461.0 million was made during the second quarter of 2020 associated with a previously executed option to reserve additional ethylene at producer economics from The Dow Chemical Company (Dow). The original liability was discounted and recorded at present value as of March 31, 2017. For the nine months ended September 30, 2020, $4.0 million of interest expense was recorded for accretion on the 2020 payment liability discount.

During the nine months ended September 30, 2020, a payment of $75.8 million was made associated with the resolution of a dispute over the allocation to Olin of certain capital costs incurred at our Plaquemine, LA site after the October 5, 2015 closing date of the acquisition from Dow.

Amortization expense of $17.3 million and $11.3 million for the three months ended September 30, 2021 and 2020, respectively, and amortization expense of $52.1 million and $44.6 million for the nine months ended September 30, 2021 and 2020, 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. The long-term supply contracts are monitored for impairment each reporting period.

NOTE 7. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying value of goodwill were as follows:

Chlor Alkali Products and VinylsEpoxyTotal
($ in millions)
Balance at January 1, 2020$1,832.7 $287.0 $2,119.7 
Goodwill impairment(557.6)(142.2)(699.8)
Foreign currency translation adjustment0.2  0.2 
Balance at September 30, 2020$1,275.3 $144.8 $1,420.1 
Balance at January 1, 2021$1,275.3 $144.9 $1,420.2 
Foreign currency translation adjustment0.1  0.1 
Balance at September 30, 2021$1,275.4 $144.9 $1,420.3 

During the three months ended September 30, 2020, we identified a triggering event associated with a sustained significant overall decrease in our stock price. As a result, we performed an updated quantitative goodwill impairment test during the third quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting
12

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

Intangible assets consisted of the following:

September 30, 2021December 31, 2020September 30, 2020
Gross AmountAccumulated AmortizationNetGross AmountAccumulated AmortizationNetGross AmountAccumulated AmortizationNet
($ in millions)
Customers, customer contracts and relationships
$676.1 $(347.8)$328.3 $681.0 $(312.5)$368.5 $676.5 $(299.2)$377.3 
Trade name      7.1 (7.1) 
Acquired technology
94.2 (75.1)19.1 95.0 (65.3)29.7 87.7 (61.3)26.4 
Other1.8 (0.7)1.1 1.8 (0.6)1.2 1.8 (0.6)1.2 
Total intangible assets
$772.1 $(423.6)$348.5 $777.8 $(378.4)$399.4 $773.1 $(368.2)$404.9