UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

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

Olin Corporation

(Exact name of registrant as specified in its charter)

Virginia	13-1872319
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

190 Carondelet Plaza,	Suite 1530,	Clayton,	MO	63105
(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 share	OLN	New 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 ☒ 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 ☒ 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 ☒ 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 ☒

As of March 31, 2023, 129,275,037 shares of the registrant’s common stock were outstanding.

1

TABLE OF CONTENTS FOR FORM 10-Q		Page
Part I — Financial Information		3
Item 1.	Financial Statements	3
	Condensed Balance Sheets	3
	Condensed Statements of Operations	4
	Condensed Statements of Comprehensive Income (Loss)	5
	Condensed Statements of Shareholders’ Equity	6
	Condensed Statements of Cash Flows	7
	Notes to Condensed Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
	Business Background	26
	Executive Summary	27
	Consolidated Results of Operations	28
	Segment Results	29
	Outlook	31
	Environmental Matters	31
	Legal Matters and Contingencies	32
	Liquidity and Capital Resources	32
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	35
Item 4.	Controls and Procedures	36
	Cautionary Statement Regarding Forward-Looking Statements	37
Part II — Other Information		39
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
SIGNATURES		41

2

Part I — Financial Information

Item 1.  Financial Statements.

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Condensed Balance Sheets

(In millions, except per share data)

(Unaudited)

	March 31, 2023		December 31, 2022		March 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	176.0	$	194.0	$	197.9
Receivables, net	932.1		924.6		1,181.2
Income taxes receivable	29.7		43.2		1.2
Inventories, net	1,089.9		941.9		909.2
Other current assets	70.5		52.7		148.9
Total current assets	2,298.2		2,156.4		2,438.4
Property, plant and equipment (less accumulated depreciation of $4,536.5, $4,413.1 and $4,182.0)	2,606.7		2,674.1		2,827.0
Operating lease assets, net	346.8		356.0		362.5
Deferred income taxes	67.3		60.5		95.3
Other assets	1,104.7		1,102.5		1,116.3
Intangible assets, net	264.8		273.8		314.5
Goodwill	1,420.9		1,420.9		1,420.7
Total assets	$	8,109.4	$	8,044.2	$	8,574.7
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	9.6	$	9.7	$	201.2
Accounts payable	817.1		837.7		791.5
Income taxes payable	109.1		133.4		184.9
Current operating lease liabilities	72.1		71.8		75.4
Accrued liabilities	427.2		508.8		382.1
Total current liabilities	1,435.1		1,561.4		1,635.1
Long-term debt	2,764.6		2,571.0		2,578.9
Operating lease liabilities	282.8		292.5		293.7
Accrued pension liability	230.4		234.5		355.9
Deferred income taxes	505.0		507.3		577.2
Other liabilities	356.9		333.9		348.0
Total liabilities	5,574.8		5,500.6		5,788.8
Commitments and contingencies
Shareholders’ equity:
Common stock, $1.00 par value per share:  authorized, 240.0 shares; issued and outstanding, 129.3, 132.3 and 151.8 shares	129.3		132.3		151.8
Additional paid-in capital	491.6		682.7		1,719.3
Accumulated other comprehensive loss	(482.7)		(495.9)		(461.2)
Retained earnings	2,354.6		2,224.5		1,376.0
Olin Corporation’s shareholders’ equity	2,492.8		2,543.6		2,785.9
Noncontrolling interests	41.8		—		—
Total equity	2,534.6		2,543.6		2,785.9
Total liabilities and equity	$	8,109.4	$	8,044.2	$	8,574.7

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

3

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Condensed Statements of Operations

(In millions, except per share data)

(Unaudited)

	Three Months Ended March 31,
	2023		2022
Sales	$	1,844.3	$	2,461.4
Operating expenses:
Cost of goods sold	1,441.7		1,807.5
Selling and administration	111.8		104.3
Restructuring charges	60.9		3.1
Other operating income	0.5		—
Operating income	230.4		546.5
Interest expense	42.4		32.9
Interest income	1.1		0.4
Non-operating pension income	5.7		9.6
Income before taxes	194.8		523.6
Income tax provision	40.8		130.6
Net income	$	154.0	$	393.0
Net loss attributable to noncontrolling interests	(2.3)		—
Net income attributable to Olin Corporation	$	156.3	$	393.0
Net income attributable to Olin Corporation per common share:
Basic	$	1.19	$	2.54
Diluted	$	1.16	$	2.48
Average common shares outstanding:
Basic	131.0		154.7
Diluted	134.4		158.6

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

4

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Condensed Statements of Comprehensive Income (Loss)

(In millions)

(Unaudited)

	Three Months Ended March 31,
	2023		2022
Net income	$	154.0	$	393.0
Other comprehensive income, net of tax:
Foreign currency translation adjustments	5.5		(10.5)
Unrealized gains on derivative contracts, net	7.4		30.7
Amortization of prior service costs and actuarial losses, net	0.3		6.6
Total other comprehensive income, net of tax	13.2		26.8
Comprehensive income	167.2		419.8
Comprehensive loss attributable to noncontrolling interests	(2.3)		—
Comprehensive income attributable to Olin Corporation	$	169.5	$	419.8

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

5

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Condensed Statements of Shareholders’ Equity

(In millions, except per share data)

(Unaudited)

	Three Months Ended March 31,
	2023		2022
Common Stock
Balance at beginning of period	$	132.3	$	156.8
Common stock repurchased and retired	(3.6)		(5.2)
Common stock issued for:
Stock options exercised	0.4		0.2
Other transactions	0.2		—
Balance at end of period	$	129.3	$	151.8
Additional Paid-In Capital
Balance at beginning of period	$	682.7	$	1,969.6
Common stock repurchased and retired	(202.5)		(258.0)
Common stock issued for:
Stock options exercised	10.8		5.0
Other transactions	1.4		2.2
Stock-based compensation	(0.8)		0.5
Balance at end of period	$	491.6	$	1,719.3
Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(495.9)	$	(488.0)
Other comprehensive income	13.2		26.8
Balance at end of period	$	(482.7)	$	(461.2)
Retained Earnings
Balance at beginning of period	$	2,224.5	$	1,013.8
Net income	156.3		393.0
Common stock dividends paid	(26.2)		(30.8)
Balance at end of period	$	2,354.6	$	1,376.0
Olin Corporation’s Shareholders’ Equity	$	2,492.8	$	2,785.9
Noncontrolling Interests
Balance at beginning of period	$	—	$	—
Net loss	(2.3)		—
Contributions from noncontrolling interests	44.1		—
Balance at end of period	$	41.8	$	—
Total Equity	$	2,534.6	$	2,785.9
Dividends declared per share of common stock	$	0.20	$	0.20

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

6

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Condensed Statements of Cash Flows

(In millions)

(Unaudited)

	Three Months Ended March 31,
	2023		2022
Operating Activities
Net income	$	154.0	$	393.0
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities:
Stock-based compensation	3.7		3.1
Depreciation and amortization	137.1		151.7
Deferred income taxes	(11.0)		7.9
Write-off of equipment and facility included in restructuring charges	12.8		—
Qualified pension plan contributions	(0.8)		(0.4)
Qualified pension plan income	(5.1)		(8.0)
Change in:
Receivables	(4.5)		(85.6)
Income taxes receivable/payable	(11.9)		88.0
Inventories	(146.0)		(45.0)
Other current assets	(15.9)		(20.3)
Accounts payable and accrued liabilities	(66.1)		(132.6)
Other assets	(10.5)		(0.8)
Other noncurrent liabilities	6.0		2.8
Other operating activities	(4.3)		(0.3)
Net operating activities	37.5		353.5
Investing Activities
Capital expenditures	(61.4)		(47.3)
Payments under other long-term supply contracts	(9.3)		—
Other investing activities	(0.4)		—
Net investing activities	(71.1)		(47.3)
Financing Activities
Long-term debt:
Borrowings	290.0		65.0
Repayments	(97.4)		(65.2)
Common stock repurchased and retired	(206.1)		(263.2)
Stock options exercised	11.2		5.2
Dividends paid	(26.2)		(30.8)
Contributions received from noncontrolling interests	44.1		—
Net financing activities	15.6		(289.0)
Effect of exchange rate changes on cash and cash equivalents	—		0.2
Net (decrease) increase in cash and cash equivalents	(18.0)		17.4
Cash and cash equivalents, beginning of year	194.0		180.5
Cash and cash equivalents, end of period	$	176.0	$	197.9
Cash paid for interest and income taxes:
Interest, net	$	60.7	$	53.5
Income taxes, net of refunds	$	52.8	$	20.0
Non-cash investing activities:
Decrease in capital expenditures included in accounts payable and accrued liabilities	$	9.8	$	11.4

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

7

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 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, and industrial cartridges.

On January 10, 2023, Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd. (Mitsui), began operations after receiving all necessary regulatory approvals. BWA is an independent global trader of ECU-based derivatives, focused on globally traded caustic soda and ethylene dichloride (EDC). Olin holds 51% interest and exercises control in BWA and the joint venture is consolidated in our consolidated financial statements 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, 2022.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

We do not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying condensed financial statements.

NOTE 3. 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 quarter of 2023 (collectively, Epoxy Optimization Plan).

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 (BisA) production lines at our Stade, Germany site. For the three months ended March 31, 2023, we recorded pretax restructuring charges of $55.9 million for contract termination costs, the write-off of equipment and facility costs and facility exit costs related to the first quarter 2023 cessations. For the three months ended March 31, 2023, we recorded additional pretax restructuring charges of $1.9 million for facility exit costs related to the fourth quarter 2022 BisA closure. We expect to incur additional restructuring charges through 2026 of approximately $30 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 third

8

quarter of 2022. For the three months ended March 31, 2023 and 2022, we recorded pretax restructuring charges of $1.4 million and $0.9 million, respectively, for write-off of equipment and facility costs, lease and other contract termination costs and for facility exit costs related to this action. We expect to incur additional restructuring charges through 2027 of approximately $30 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. For the three months ended March 31, 2023 and 2022, we recorded pretax restructuring charges of $0.7 million and $0.3 million, respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2024 of approximately $15 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. For the three months ended March 31, 2023 and 2022, we recorded pretax restructuring charges of $1.0 million and $1.7 million, respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2026 of approximately $30 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). For the three months ended March 31, 2022, we recorded pretax restructuring charges of $0.2 million for facility exit costs and lease and other contract termination costs related to these actions. We do not expect to incur additional restructuring charges related to these capacity reductions.

The following table summarizes the 2023 and 2022 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of March 31, 2023 and 2022:

	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, 2022	$	6.9	$	5.4	$	—	$	—	$	12.3
Restructuring charges	—		0.1		2.6		0.4		3.1
Amounts utilized	(2.0)		(0.2)		(2.6)		(0.4)		(5.2)
Balance at March 31, 2022	$	4.9	$	5.3	$	—	$	—	$	10.2
Balance at January 1, 2023	$	9.4	$	4.2	$	—	$	—	$	13.6
Restructuring charges	—		39.7		8.4		12.8		60.9
Amounts utilized	(0.7)		(3.5)		(8.4)		(12.8)		(25.4)
Balance at March 31, 2023	$	8.7	$	40.4	$	—	$	—	$	49.1

9

The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through March 31, 2023:

	Chlor Alkali Products and Vinyls								Epoxy		Corporate/other		Total
	McIntosh Plan		Freeport 2021 Plan		Freeport 2019 Plan		Chlor Alkali 2016 Plan		Epoxy Optimization Plan		Productivity Plan
	($ in millions)
Write-off of equipment and facility	$	2.7	$	—	$	58.9	$	78.1	$	13.4	$	—	$	153.1
Employee severance and related benefit costs	—		—		2.1		6.7		7.4		10.3		26.5
Facility exit costs	6.2		9.8		12.6		53.2		5.8		—		87.6
Employee relocation costs	—		—		—		1.7		—		—		1.7
Lease and other contract termination costs	6.4		—		—		43.0		39.2		—		88.6
Total cumulative restructuring charges	$	15.3	$	9.8	$	73.6	$	182.7	$	65.8	$	10.3	$	357.5

As of March 31, 2023, we have incurred cash expenditures of $155.3 million and non-cash charges of $153.1 million related to these restructuring actions. The remaining balance of $49.1 million is expected to be paid out through 2028.

NOTE 4. 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 March 31, 2023, December 31, 2022 and March 31, 2022, we had $355.0 million, $300.0 million and $300.0 million, respectively, drawn under the agreement. As of March 31, 2023, $569.0 million of our trade receivables were pledged as collateral and we had $70.0 million of additional borrowing capacity 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 $207.7 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €42.9 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:

	March 31,
	2023		2022
	($ in millions)
Balance at beginning of year	$	111.8	$	83.3
Gross receivables sold	252.3		281.4
Payments received from customers on sold accounts	(287.0)		(266.8)
Balance at end of period	$	77.1	$	97.9

The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.2 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of March 31, 2023, December 31, 2022 or March 31, 2022.

Our condensed balance sheets included an allowance for doubtful accounts receivables of $13.1 million, $12.6 million and $15.2 million and other receivables of $67.7 million, $71.6 million and $65.6 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively, which were included in receivables, net.

10

NOTE 5. INVENTORIES

Inventories consisted of the following:

	March 31, 2023		December 31, 2022		March 31, 2022
	($ in millions)
Supplies	$	140.0	$	137.6	$	131.4
Raw materials	193.5		201.2		189.4
Work in process	211.4		199.6		175.2
Finished goods	721.8		559.3		557.3
Inventories excluding LIFO reserve	1,266.7		1,097.7		1,053.3
LIFO reserve	(176.8)		(155.8)		(144.1)
Inventories, net	$	1,089.9	$	941.9	$	909.2

Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at March 31, 2023 reflect certain estimates relating to inventory quantities and costs at December 31, 2023. The replacement cost of our inventories would have been approximately $176.8 million, $155.8 million and $144.1 million higher than reported at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

NOTE 6. OTHER ASSETS

Included in other assets were the following:

	March 31, 2023		December 31, 2022		March 31, 2022
	($ in millions)
Supply contracts	$	1,045.4	$	1,048.0	$	1,044.6
Other	59.3		54.5		71.7
Other assets	$	1,104.7	$	1,102.5	$	1,116.3

Amortization expense of $17.6 million for both the three months ended March 31, 2023 and 2022, 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.

11

NOTE 7. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying value of goodwill were as follows:

	Chlor Alkali Products and Vinyls		Epoxy		Total
	($ in millions)
Balance at January 1, 2022	$	1,275.6	$	145.0	$	1,420.6
Foreign currency translation adjustment	0.1		—		0.1
Balance at March 31, 2022	$	1,275.7	$	145.0	$	1,420.7
Balance at January 1, 2023	$	1,275.8	$	145.1	$	1,420.9
Foreign currency translation adjustment	—		—		—
Balance at March 31, 2023	$	1,275.8	$	145.1	$	1,420.9

Intangible assets consisted of the following:

	March 31, 2023						December 31, 2022						March 31, 2022
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
	($ in millions)
Customers, customer contracts and relationships	$	670.2	$	(410.7)	$	259.5	$	669.1	$	(401.2)	$	267.9	$	672.0	$	(371.4)	$	300.6
Acquired technology	93.1		(88.9)		4.2		93.1		(88.3)		4.8		93.5		(80.7)		12.8
Other	1.8		(0.7)		1.1		1.8		(0.7)		1.1		1.8		(0.7)		1.1
Total intangible assets	$	765.1	$	(500.3)	$	264.8	$	764.0	$	(490.2)	$	273.8	$	767.3	$	(452.8)	$	314.5

NOTE 8. 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.

	Three Months Ended March 31,
	2023		2022
Computation of Net Income per Share	(In millions, except per share data)
Net income	$	154.0	$	393.0
Net loss attributable to noncontrolling interests	(2.3)		—
Net income attributable to Olin Corporation	$	156.3	$	393.0
Basic shares	131.0		154.7
Basic net income attributable to Olin Corporation per share	$	1.19	$	2.54
Diluted shares:
Basic shares	131.0		154.7
Stock-based compensation	3.4		3.9
Diluted shares	134.4		158.6
Diluted net income attributable to Olin Corporation per share	$	1.16	$	2.48

The computation of dilutive shares does not include 1.4 million and 0.8 million shares for the three months ended March 31, 2023 and 2022, respectively, as their effect would have been anti-dilutive.

12

NOTE 9. 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 $146.7 million, $146.6 million and $149.5 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively, of which $121.7 million, $121.6 million and $124.5 million, respectively, were classified as other noncurrent liabilities.

Environmental provisions charged to income, which are included in costs of goods sold, were $3.2 million and $5.6 million for the three months ended March 31, 2023 and 2022, 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.

NOTE 10. COMMITMENTS AND CONTINGENCIES

Olin, K.A. Steel Chemicals (a wholly owned subsidiary of Olin) and other caustic soda producers were named as defendants in six purported class action civil lawsuits filed March 22, 25 and 26, 2019 and April 12, 2019 in the U.S. District Court for the Western District of New York. Those cases were consolidated on May 22, 2019; the claims in the consolidated “Direct Purchaser” lawsuit, as modified, are on behalf of the respective named plaintiffs and a putative class comprised of all persons and entities who purchased certain types of caustic soda in the U.S. directly from one or more of the defendants, their parents, predecessors, subsidiaries or affiliates at any time on or after October 1, 2015 through December 31, 2018. Olin, K.A. Steel Chemicals and other caustic soda producers were also named as defendants in two purported class action civil lawsuits filed July 25 and 29, 2019 in the U.S. District Court for the Western District of New York on behalf of the respective named plaintiffs and a putative class comprised of all persons and entities who purchased caustic soda in the U.S. indirectly from distributors at any time on or after October 1, 2015. Those cases were consolidated and a consolidated, amended complaint in the “Indirect Purchaser” lawsuit was filed on August 23, 2021. The other current defendants in the Direct Purchaser and Indirect Purchaser lawsuits are Occidental Chemical Corporation d/b/a OxyChem, Westlake Chemical Corporation, Shin-Etsu Chemical Co., Ltd., and Formosa Plastics Corporation, U.S.A. The Direct Purchaser and Indirect Purchaser lawsuits allege the defendants conspired to fix, raise, maintain and stabilize the price of caustic soda, restrict domestic (U.S.) supply of caustic soda and allocate caustic soda customers. Plaintiffs seek damages and injunctive relief.

Olin, K.A. Steel Chemical, Olin Canada ULC, 3229897 Nova Scotia Co. (wholly owned subsidiaries of Olin) and other alleged caustic soda producers were named as defendants in a proposed class action civil lawsuit filed on October 7, 2020 in the Quebec Superior Court (Province of Quebec) on behalf of the respective named plaintiff and a putative class comprised of all Canadian persons and entities who, between October 1, 2015 and the date of the eventual class action certification, directly or indirectly purchased caustic soda or products containing caustic soda, produced by one or more of the defendants. Olin, K.A. Steel Chemical, Olin Canada ULC, 3229897 Nova Scotia Co. and other alleged caustic soda producers were also named as defendants in a proposed class action civil lawsuit filed November 13, 2020 in the Federal Court of Canada on behalf of the respective named plaintiff and a putative class comprised of all legal persons in Canada who, at any time on or after October 1, 2015 to the present, directly or indirectly purchased caustic soda. The other defendants named in the two Canadian lawsuits are Occidental Petroleum Corporation, Occidental Chemical Corporation, Oxy Canada Sales, Inc., Westlake Chemical Corporation, Axiall Canada, Inc., Shin-Etsu Chemical Co., Ltd., Shintech Incorporated, Formosa Plastics Corporation, and Formosa Plastics Corporation, U.S.A. The lawsuits allege the defendants conspired to fix, raise, maintain control, and stabilize the price of caustic soda, divide and allocate markets, sales, customers and territories, fix, maintain, control, prevent, restrict, lessen or eliminate production and supply of caustic soda, and agree to idle capacity of production and/or refrain from increasing their production capacity. Plaintiffs seek damages, including punitive damages.

We believe we have meritorious legal positions and will continue to represent our interests vigorously in the above matters. Any losses related to these matters are not currently estimable because of unresolved questions of fact and law, but if resolved unfavorably to Olin, could have a material adverse effect on our financial position, cash flows or results of operations.

13

We, and our subsidiaries, are defendants in various other legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities. As of March 31, 2023, December 31, 2022 and March 31, 2022, our condensed balance sheets included accrued liabilities for these other legal actions of $14.1 million, $14.4 million and $13.5 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 other 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.

NOTE 11. 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 three months ended March 31, 2023 and 2022, 3.6 million and 5.2 million shares, respectively, of common stock were repurchased and retired at a total value of $206.1 million and $263.2 million, respectively. As of March 31, 2023, 9.6 million shares of common stock have been repurchased and retired at a total value of $502.8 million under the 2022 Repurchase Authorization program, and $1,497.2 million of common stock remained authorized to be repurchased under the program.

We issued 0.4 million and 0.2 million shares representing stock options exercised for the three months ended March 31, 2023 and 2022, respectively, with a total value of $11.2 million and $5.2 million, respectively.

The following table represents the activity included in accumulated other comprehensive loss:

	Foreign Currency Translation Adjustment		Unrealized (Losses) Gains on Derivative Contracts (net of taxes)		Pension and Other Postretirement Benefits (net of taxes)		Accumulated Other Comprehensive Loss
	($ in millions)
Balance at January 1, 2022	$	(10.9)	$	22.8	$	(499.9)	$	(488.0)
Unrealized (losses) gains	(10.5)		52.8		—		42.3
Reclassification adjustments of (gains) losses into income	—		(12.4)		8.9		(3.5)
Tax provision	—		(9.7)		(2.3)		(12.0)
Net change	(10.5)		30.7		6.6		26.8
Balance at March 31, 2022	$	(21.4)	$	53.5	$	(493.3)	$	(461.2)
Balance at January 1, 2023	$	(38.6)	$	(32.5)	$	(424.8)	$	(495.9)
Unrealized gains (losses)	5.5		(20.8)		—		(15.3)
Reclassification adjustments of losses into income	—		30.7		0.4		31.1
Tax provision	—		(2.5)		(0.1)		(2.6)
Net change	5.5		7.4		0.3		13.2
Balance at March 31, 2023	$	(33.1)	$	(25.1)	$	(424.5)	$	(482.7)

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.

14

NOTE 12. 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.

	Three Months Ended March 31,
	2023		2022
Sales:	($ in millions)
Chlor Alkali Products and Vinyls	$	1,117.1	$	1,245.2
Epoxy	360.7		789.5
Winchester	366.5		426.7
Total sales	$	1,844.3	$	2,461.4
Income before taxes:
Chlor Alkali Products and Vinyls	$	245.9	$	328.6
Epoxy	21.4		138.0
Winchester	61.0		118.9
Corporate/other:
Environmental expense	(3.2)		(5.6)
Other corporate and unallocated costs	(34.3)		(30.3)
Restructuring charges	(60.9)		(3.1)
Other operating income	0.5		—
Interest expense	(42.4)		(32.9)
Interest income